Finance Minister

FM Nirmala Sitharaman to meet heads of public sector banks on Monday

Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on Monday to review progress of foreign currency deposit mobilisation excercise being undertaken by them. In a bid to attract foreign currency deposits by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs), the Reserve Bank of India last month withdrew, till September 30, interest rate ceiling on fresh Foreign Currency Non-Resident (Bank) deposits of 3-5 years' maturity. The move came at a time when FCNR(B) deposit inflows weakened sharply, with net inflows dropping to just USD 946 million in FY26 from USD 7.1 billion in FY25. The Finance Minister will chair a meeting of public sector banks and financial institutions, including IDBI Bank, on mobilisation of FCNR(B) deposits, Overseas Foreign Currency Bonds and External Commercial Borrowings on July 13, sources said. Under the new arrangement, the RBI is offering a concessional foreign exchange

Middle class growth engine of India, 500 cities to be economic hubs: FM

Finance Minister Nirmala Sitharaman on Friday described the middle class as the growth engine of India and said nearly 500 cities are poised to emerge as the country's next centres of economic activity. Participating in a panel discussion on 'How to promote the rise of a new middle class' at the Rencontres Economiques d'Aix-en-Provence, a major economic forum of France, Sitharaman said 31 per cent of India's population is middle class as of today. Since India opened its economy, the middle class is growing at an annual rate of 6.3 per cent, she noted. "We think 93 per cent of all spending in India will be because of the middle class or the slightly affluent consumers...and again, this middle class is not concentrated in our metropolitan cities...India's model has resulted in the development in such a way that the middle class is present not just in big cities but they are on the contrary in these tier two, tier three cities," the finance minister said. The distribution of wealth is

Sitharaman invites French firms to partner in India's Viksit Bharat journey

Finance Minister Nirmala Sitharaman invited French businesses and investors to partner with India in its journey towards Viksit Bharat 2047, emphasising the need to strengthen the India-France Strategic Partnership and work towards shared prosperity for both countries. Addressing an India-France Business Roundtable in Paris on Thursday, she urged French investors to explore partnerships in healthcare, pharmaceuticals and biotechnology by leveraging the two countries' complementary strengths in life sciences, vaccines, active pharmaceutical ingredients (APIs), clinical research, precision medicine and digital health to build resilient healthcare value chains. The minister also highlighted India's clean energy transition, including the target of achieving 500 GW of non-fossil fuel capacity by 2030, the National Green Hydrogen Mission and Production Linked Incentive (PLI) schemes, saying these initiatives offer significant investment opportunities in renewable energy, green hydrogen, ..

Nine years of GST: How one tax reshaped India's indirect tax system

Nine years after replacing a maze of indirect taxes, GST has unified India's tax system, expanded the taxpayer base and digitised compliance, even as key reforms remain unfinished

Govt plans 'AI-against-AI' approach to strengthen digital public infra

Govt is considering deploying artificial intelligence to identify vulnerabilities and strengthen digital public infrastructure as concerns grow over advanced AI models' cybersecurity capabilities

PMJJBY, PMSBY settle claims worth ₹25,160 cr since their launch in 2015: FM

Jansuraksha schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana have settled claims of about Rs 25,160 crore since their launch in 2015, Finance Minister Nirmala Sitharaman said on Saturday. Jan Suraksha schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) envisioned to extend affordable financial protection to all, particularly the under-served and vulnerable sections of society, were launched by Prime Minister Narendra Modi on May 9, 2015. These flagship schemes, which completed 11 years, aim to broaden the insurance and pension landscape by shielding citizens against life's uncertainties and fostering long-term financial resilience. Citing data on the 11th anniversaries of the Jan Suraksha Schemes, Sitharaman said that over 27 crore, 58 crore and 9 crore enrolments have been done under PMJJBY, PMSBY and APY, respectively. On PMJJBY, she said the scheme has ...

Big dharam sankat: FM Nirmala Sitharaman on small savings rates

Finance Minister Nirmala Sitharaman highlights policy dilemma between protecting small savers and managing rising government borrowing costs amid shifting savings trends

India riding on reform express, reforms happening with clarity: Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said India is riding on the reform express and reforms are happening with conviction and clarity. Replying to the debate on Finance Bill 2026 in the Lok Sabha, Sitharaman said, "Reform is not happening out of compulsion, but out of conviction, with clarity, confidence and commitment. India is riding on the reform express under the leadership of Prime Minister Narendra Modi." She further said there is a trust-based tax administration that is being improved by reducing unnecessary hardship for honest taxpayers. The government has taken various steps to empower MSMEs, farmers, and cooperatives because they are at the heart of creation of employment for production and for the overall development of India, she said. This Finance bill aims to support them with very many measures that improve liquidity but also reduce the compliance burden and give them the opportunity to have greater contribution towards the larger economy, she ...

Govt to soon come out with revamped Stand-Up India scheme: Sitharaman

The government will soon come out with a modified Stand-Up India scheme to provide better benefits to SC/ST and women entrepreneurs looking to set up new projects, Finance Minister Nirmala Sitharaman said on Monday. Launched in 2016, the Stand-Up India scheme aimed to empower Scheduled Castes (SC), Scheduled Tribes (ST), and women entrepreneurs by facilitating bank loans for setting up new enterprises. The scheme expired on March 31, 2025. Replying to a supplementary question in the Lok Sabha, the Minister said the modified scheme will incorporate lessons learnt in implementation of the original Stand-Up India scheme. "With studies done by Niti Aayog and others, this scheme is being redrafted and sooner the Cabinet will be given a proposal with which we will launch a new scheme to continue with this Stand-Up which benefitted SC/ST and women all over the country," Sitharaman said. The scheme provided loans between Rs 10 lakh and Rs 1 crore at the lowest applicable rate of the bank f

Economic Stabilisation Fund to help India tackle global headwinds: FM

Finance Minister Nirmala Sitharaman said the proposed Economic Stabilisation Fund will create fiscal headroom for India to respond to global shocks such as supply chain disruptions and energy crises

Govt seeks Lok Sabha nod for ₹2.81 trn gross additional expenditure in FY26

The government on Tuesday sought Lok Sabha approval for gross additional expenditure of over Rs 2.81 lakh crore in current fiscal year. The second batch of Supplementary Demands for Grants was tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman. "Approval of Parliament is sought to authorise gross additional expenditure of Rs 2,81,289.26 crore. Of this, the proposals involving net cash outgo aggregate to Rs 2,01,142.96 crore and gross additional expenditure, matched by savings of the Ministries/Departments or by enhanced receipts/recoveries aggregates to Rs 80,145.71 crore," said the Supplementary Demands for Grants.

India's urban reset: What 16th FC report, Budget 2026-27 mean for cities

Record Finance Commission grants promise greater fiscal autonomy for cities, but sharp cuts in central schemes shift the burden of urban transformation to states and municipalities

FM Sitharaman, Pralhad Joshi lead key discussions as BS Manthan concludes

The day's sessions focused on food and energy security, digital markets regulation and the impact of AI on both industry and the creative economy, bringing the two-day summit to a close

Congress should regret AI Summit protest like Emergency: FM at BS Manthan

Speaking at the BS Manthan, Finance Minister Nirmala Sitharaman said that the demonstration by the Indian Youth Congress has shamed Indians and undermined the efforts of India's youth

BS Manthan: Sitharaman flags fund utilisation gap, cautious on China FDIs

FM Sitharaman says political choices affect fund usage, defends calibrated disinvestment, and reiterates cautious stance on Chinese investment and BITs while backing domestic reforms

Gold imports not alarming yet, FDI inflows a puzzle: FM Sitharaman

'Too soon to comment on US tariff twist, but India committed to forging more trade deals'

NMP 2.0 for FY26-30 launched: Govt aims ₹16.7 trn from asset monetisation

Private investment of Rs 5.8 trillion also included in the target

Banks need to focus on core biz, desist from misselling: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday came down heavily on banks resorting to mis-selling of financial products, including insurance, saying it is an offence under the Bharatiya Nyaya Sanhita (BNS). "Banks should concentrate on their core business... My pet peeve has always been .... you're spending more time on selling insurance when it is not required, and conveniently, it fell between two stools (of RBI and IRDAI)," Sitharaman told reporters after her customary post-Budget address to the Central Board of the RBI. On February 11, the RBI had issued draft guidelines on mis-selling, saying banks will have to refund the entire amount paid by the customer for purchase of the product or service and also compensate the customer for any loss arising due to mis-selling as per an approved policy. The public has been given time until March 4 to give feedback. The stricter norms on mis-selling will come into effect from July 1, the RBI had said. "I am glad that the RBI is coming up

PM Modi hails FM Sitharaman's Budget speech, calls it 'comprehensive'

Prime Minister Narendra Modi on Thursday lauded Finance Minister Nirmala Sitharaman's reply in Lok Sabha to the discussion on the Union Budget, saying she gave a comprehensive picture of how this year's budget will contribute to the nation's economic transformation. Sitharaman, in her speech, said the government has envisaged a total expenditure of Rs 53.47 lakh crore for the next financial year, up 7.7 per cent from the current fiscal ending March 31. In a post on X, Modi said, "In her speech in the Lok Sabha, Finance Minister Smt. Nirmala Sitharaman Ji gave a comprehensive picture of how this year's Budget will contribute to our nation's economic transformation. She emphasised Reform Express, the support to MSMEs, skilling, push to next-gen infrastructure, efforts to boost healthcare, education and more." The finance minister said the effective capital expenditure rises to Rs 17.1 lakh crore, which is 4.4 per cent of the GDP. Besides, she said, the government is following the fis

Capex outlay in Budget to be force multiplier for Viksit Bharat: FM

Sitharaman said since the FY27 Budget was the first Budget in the second quarter of the 21st Century, there has been some investments which will have bearing on the long term