Finance Minister

Will achieve 56.1% debt-to-GDP ratio in FY26: FM Nirmala Sitharaman

The finance minister also assured that there was no shortage of fertiliser in the country, whether imported or domestically produced, and there was enough buffer available for the upcoming rabi season

States should improve tax base, prevent revenue leakages: MoS finance

States have been provided financial assistance of Rs 4,24,227 crore since 2020-21 under the Scheme of Special Assistance to States for Capital Expenditure and Investment

Simplification of customs will be next big reform, says FM Sitharaman

Ahead of Budget 2026, Finance Minister Nirmala Sitharaman on Saturday said the simplification of customs would be the next big reform agenda for the government. During the current financial year, the government undertook reforms such as rate rationalisation and simplification of the income tax and Goods and Services Tax (GST) in a bid to boost consumption by providing more cash in the hands of the common man. "We need a complete overhaul of customs... we need to have customs simplified for people to feel that it is not cumbersome to comply... need to make it more transparent," Sitharaman said while speaking at the HT Leadership Summit here. There is a need to bring the virtues of income tax to the customs side in terms of transparency, she said, adding that the proposed reforms will be comprehensive and entail customs duty rate rationalisation. The announcements to this effect can be made in the upcoming Budget, likely to be presented on February 1. "We have brought down customs d

States to get share of new health-security cess through schemes: Sitharaman

Finance Minister Nirmala Sitharaman said the proposed Health and National Security Cess is expected to act as a deterrent to pan masala consumption and will not be levied on essential commodities

'Tobacco levy neither a new tax nor a cess': FM Nirmala Sitharaman

While the minister said the Centre had surrendered its power to levy excise duty on tobacco in 2017, excise duty did continue after GST - though at a nominal level

FM flags global tax risks from digitisation, new financial products

At Global Forum, India urges stronger transparency, confidentiality systems to tackle evolving financial structures

Digitalisation, financial products call for global tax info exchange: FM

Finance Minister Nirmala Sitharaman on Tuesday said with the growing digitalisation of the economy and emergence of new financial products, countries globally will have to cooperate with timely exchange of information, while ensuring fairness and public trust in the tax system. Speaking at the 18th Global Forum Plenary meeting, Sitharaman said technological tools like artificial intelligence, along with judgement, should be used to ensure that tax information exchanged among jurisdictions leads to measurable outcomes. The Global Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework comprising 170 jurisdictions. It monitors and peer reviews the implementation of international standards on transparency and information exchange. Stating that confidentiality and cybersecurity must be maintained with great care, the minister called for joint attention and cooperation to the new challenges arising from the digitalisation of the economy, emergence o

Govt seeks Lok Sabha nod for ₹41,455 crore extra expenditure in FY26

The government on Monday sought Parliament's nod for net additional spending of Rs 41,455 crore in the current fiscal, which includes over Rs 18,000 crore expenditure towards fertiliser subsidy. Finance Minister Nirmala Sitharaman tabled the first batch of Supplementary Demands for Grants for 2025-26 in the Lok Sabha. It seeks Parliament's approval for a gross additional expenditure of Rs 1.32 lakh crore. This includes proposals with a net cash outgo of Rs 41,455.39 crore and gross additional expenditure, matched by savings of the Ministries/Departments of Rs 90,812 crore. As per the Supplementary, approval of Parliament is being sought for spending Rs 18,525 crore on fertiliser and related subsidies, and about Rs 9,500 crore by the Petroleum Ministry to compensate oil marketing companies for under-recoveries.

Jul-Sep quarter GDP growth shows strength of Indian economy: FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday said the September quarter GDP print of 8.2 per cent shows that reforms and fiscal consolidation drove the Indian economy's robust growth and momentum. "Various high-frequency indicators also point to continued economic momentum and broad-based consumption growth," she said in a social media post. The economy grew by a higher-than-expected 8.2 per cent, a six-quarter high, as increased factory production in anticipation of a consumption boost from the GST rate cut helped offset deceleration in farm output, according to official data. "The GDP estimates released today shows the robust economic growth and momentum of the Indian economy. With a Real GDP growth rate of 8.2 per cent for Q2 - FY 2025-26 (July-Sept), India is the world's fastest growing major economy," Sitharaman wrote on 'X'. In the current financial year, real GDP has registered an 8 per cent growth rate in the first half of fiscal 2025-26. "The growth has been driven by ..

MCA should strive to be futuristic to serve stakeholders: FM Sitharaman

FM asked the Corporate Affairs Ministry to modernise systems, enhance transparency and ensure time-bound services as she reviewed Regional Directorates and the Registrar of Companies

FinMin to meet PSB chiefs to review Q2 results, govt schemes' progress

The finance ministry has called a meeting of heads of public sector banks (PSBs) on Wednesday to review the second-quarter and half yearly financial performance. The meeting is scheduled to be chaired by Financial Services Secretary M Nagaraju. This is the first meeting after Finance Minister Nirmala Sitharaman last week said the country needs big and world-class banks, and discussions are on with the Reserve Bank and lenders in this regard. "Government is looking at this and work has already commenced. We are discussing with the RBI. We are discussing with banks," she had said. The review meeting on November 12 with public sector banks will also deliberate on progress made on flagship schemes of the government besides their financial numbers, sources said. Public sector banks posted a record cumulative profit of Rs 49,456 crore in the second quarter of the current fiscal, reflecting a 9 per cent year-on-year growth despite two lenders reporting a decline. All 12 public sector ba

Pre-Budget meetings with govt: Economists urge FM to push capex pedal

Some experts flagged that state governments' debt has become unsustainable

FM Nirmala Sitharaman meets leading economists ahead of FY27 Budget

Ahead of the Union Budget 2026-27, Finance Minister Nirmala Sitharaman on Monday met leading economists to elicit their views on the forthcoming Budget. Those present at the meeting include Sajjid Chinoy, Neelkanth Misra, Dharmakirti Joshi, Ridham Desai, Sonal Varma and Indira Rajaraman. "Union Minister for Finance & Corporate Affairs Smt @nsitharaman chairs the first Pre-Budget Consultation with leading economists in connection with the upcoming Union Budget 2026-27, in New Delhi, today," the Ministry of Finance said in a social media post on X. "The meeting was also attended by Secretary, Department of Economic Affairs (DEA) @FinMinIndia; and Chief Economic Adviser, Government of India, besides senior officers from the DEA," it added. Sitharaman is likely to present the Budget on February 1. She will present the Budget in the backdrop of geopolitical uncertainties and the steep US tariff of 50 per cent imposed on shipments from India. The Budget for the next fiscal year will .

Sitharaman lays foundation for Assam's first tech, vocational university

Union Finance Minister Nirmala Sitharaman on Saturday laid the foundation stone for Assam's first university focussed on technical and vocational education and training. The 'Swahid Kanaklata Barua State University' is being built at a cost of Rs 415 crore at Bholaguri in Gohpur in Biswanath district. The university will come up in a total area of 241 acres, with a built-up area of 7 lakh sq ft. It will feature academic blocks for 2,000 students, hostels for 1,620 students, residential quarters, guest house and a student facility centre. The university will offer courses in various technology domains, including artificial intelligence and machine learning, cybersecurity, blockchain, drone and navigation technology, quantum computing, brain computer interface, internet of things, and smart cities and smart environments. The Union minister has been on a two-day visit to the state since Friday.

Bank privatisation won't hurt financial inclusion or national interest: FM

Finance Minister Nirmala Sitharaman on Tuesday allayed apprehension that privatisation of state-owned banks would hurt financial inclusion and national interest. She said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned. Addressing the student at the Diamond Jubilee Valedictory Lecture at Delhi School of Economics (DSE), University of Delhi here, she said that nationalisation did help in pushing priority sector lending and government programmes but government control made public sector banks unprofessional. Despite 50 years of nationalisation, the objectives that were not entirely achieved, she said, adding, "after... we professionalised the banks, those objectives are still being beautifully achieved. "So, this perception that when you try to make them professional, and if you want to privatise them, which is a Cabinet decision, that objective of reaching to all people, taking banking to everybody will be lost...

India to soon become world's third-largest economy: FM Sitharaman

Finance Minister Nirmala Sitharaman said India has grown from the 10th to the 5th-largest economy since 2014 and is on track to become the third-largest in the world soon

FM Sitharaman starts Bhutan tour to strengthen bilateral economic ties

According to a press statement, the visit, scheduled from October 30 to November 2, 2025, underscores India's enduring partnership with Bhutan, built on mutual trust, respect, and shared goals

Economy accelerated in Q2FY26, momentum to sustain: Finance Ministry

The review also flagged the rise in long-term sovereign bond yields of major economies and said this could undermine the hedging role such bonds typically play in the financial markets

Increase agricultural credit to meet rural India's demands: FM to banks

Union Finance Minister Nirmala Sitharaman has urged rural banks to increase agricultural credit disbursement to meet the growing demand of new rural India, while reviewing the business performance of Karnataka Grameena Bank (KaGB) here. According to an official statement, Sitharaman chaired the meeting, attended by Department of Financial Services (DFS) Secretary M Nagaraju, NABARD Chairman Shaji K V, and other senior officials from the finance ministry on Thursday. During the review, Sitharaman assessed key indicators, including credit growth, NPAs (Non-Performing Assets), financial inclusion, and the implementation of government-sponsored schemes by KaGB. She advised the bank to increase its share in ground-level agriculture credit disbursement, with special focus on emerging areas of the economy. Sitharaman also directed all stakeholders to take steps to realise the potential of allied agricultural activities in the region. KaGB and Canara Bank should work closely with state ..

Nirmala Sitharaman reviews KaGB, focuses on FPO and MSME lending

Finance Minister reviews Karnataka Grameena Bank's performance in Ballari, calling for greater focus on rural lending, MSME support, and FPO financing for inclusive growth