Page 13 - Finance Minister

FM Nirmala Sitharaman calls for deeper dialogue on global sovereign debt

At roundtable in Washington DC, she cautions against contingency financing instruments

IMF should introspect, ensure they don't have mission drift: Sitharaman

'Expectations pinned on multilateral institutions are being frittered away because no solutions are coming out of them'

India to retain investment curbs from border nations: FM Sitharaman

In 2020, India stepped up vetting and security clearances in its scrutiny of investments from companies based in neighbouring countries, but did not specifically mention any nations

Pakistan's FM Aurangzeb sees 'encouraging' reply from China debt talks

Pakistan is seeing a period of stability after securing a new $7 billion loan program from the IMF

India well positioned to capitalise on growth opportunities: FM Sitharaman

The global economic environment may present challenges but India is well positioned to capitalise on new growth opportunities, Finance Minister Nirmala Sitharaman has said, underlining that as nations re-evaluate their supply chains, India hopes to become a key partner for many countries seeking to diversify their sources of goods and services. Sitharaman made these remarks on Monday while delivering a special lecture on India's Economic Resilience and Prospects Amidst A Challenging and Uncertain Global Environment' at Columbia University here. She said that India is looking towards boosting domestic capacities, and building resilience against external shocks. While the past decades saw global growth led by broad multilateral trade, the coming years, I think, will likely be defined by strategic economic partnerships and India is very well poised to take advantage of this transition. She said that the global economic environment may present challenges, but India is well positioned t

FinMin seeks expenditure proposals for 1st supplementary demands for grant

The first batch of Supplementary Demands for Grants for 2020-21 is proposed to be placed before Parliament in the ensuing monsoon session, the Finance Ministry said in an office memorandum

FM Sitharaman to start US, Mexico visit from today; IMF, WB meets on agenda

The finance minister will also take part in G20 Finance Ministers and Central Bank Governors meetings, in addition to bilateral meetings with various countries and organisations

Centre considers seed funding to establish a shipping insurance entity

The finance ministry may undertake an amendment to the Insurance Act, which will allow mutual insurance associations

Indian regulators have done world-class job, increased transparency: FM

Underlining that she is not against questioning or critiquing regulators, Sitharaman said there is a need to be "extremely conscious" about contributions made by them as well

Centre to fund 65% of Chennai metro Phase-2 project: FM Nirmala Sitharaman

The central government will finance 65 per cent of the estimated cost of Chennai Metro Phase-2 project, which will add up to over Rs 41,000 crore, the finance ministry said on Saturday. The Union Cabinet on Thursday approved a proposal to construct three corridors under the Chennai Metro Rail project phase-2 involving a total estimated cost of Rs 63,246 crore. The Centre's share adds up to over Rs 41,000 crore. In a statement, the finance ministry said the central government will finance almost 65 per cent of the estimated cost of Chennai Metro Phase 2. This will include the entire required loan of Rs 33,593 crore, besides the equity and subordinate debt of Rs 7,425 crore. The balance 35 per cent of the estimated cost will be financed by the state government. "The loans taken from multilateral and bilateral development agencies will be treated as the loans to the central government and will be provided directly to Chennai Metro Rail Ltd (CMRL) from the Central Government's budget

Living standards to see steepest rise in coming decades: FM Sitharaman

The finance minister said that the effects of the last ten years of economic and structural reforms would manifest more thoroughly in the coming years, as the Covid shock fades from the economy

FM Sitharaman tells Arunachal govt to adopt cluster development approach

Union Finance Minister Nirmala Sitharaman on Tuesday advised the Arunachal Pradesh government to adopt the cluster development approach as a key strategy for enhancing productivity and competitiveness as well as capacity building of micro and small enterprises (MSEs) in the state. Addressing a credit outreach programme organised by the State Bank of India here, she said that Arunachal Pradesh does not have even a single cluster announced by the MSME ministry till date. "I request Chief Minister Pema Khandu to take up cluster development approach of the 20 GI-identified products in the state. In small places such clusters could be declared by the ministry and Small Industrial Development Bank of India (SIDBI) could be roped in to finance such enterprises," the Finance minister said. A cluster is a group of enterprises located within an identifiable and as far as practicable, contiguous area and producing same and similar products and services. The MSME ministry has adopted the clust

Karnataka court orders FIR against FM in case related to electoral bonds

A case was registered on Saturday against Union Finance Minister Nirmala Sitharaman and others on the directions of a court here, following a complaint relating to the now-scrapped electoral bonds scheme. Accorsing to police, an FIR was registered under sections 384 (punishment for extortion) and 120B (criminal conspiracy) read with 34 (acts done by several persons in furtherance of common intention) against Union Minister Nirmala Sitharaman, ED officials, office-bearers of the BJP at state and national level, based on the order of a special court. The complaint was lodged by Adarsh R Iyer, Co-President of 'Janaadhikaara Sangharsha Parishath' (JSP) alleging that the accused "committed extortion under the guise and garb of electoral bonds and benefitted to the tune of 8,000 and more crore of rupees." The complainant further alleged that Sitharaman through the clandestine aid and support of ED officials facilitated extortion of thousands of crores of rupees for the benefit of others .

FM asks AIIB to increase innovative financing, non-lending services

The finance minister was attending the Governors' Business Roundtable at the 9th Annual Meeting of the Board of Governors of AIIB in Samarkand, Uzbekistan

FM asks AIIB to assist low-income countries to avail financial resources

Finance Minister Nirmala Sitharaman on Wednesday said AIIB should continue to focus on a client-centric approach and facilitate member countries, particularly low-income countries to avail financial resources through technical assistance. She urged Asian Infrastructure Investment Bank (AIIB) during a meeting with its president Jin Liqun ahead of the 9th Annual Meeting of Board of Governors in Samarkand (Uzbekistan). The finance minister appreciated AIIB's rapid growth in lending operations in a short span of nine years. "The Union Finance Minister suggested that @AIIB_Official should continue strengthening its client centric approach and facilitate member countries, particularly Low-Income Countries to avail financial resources through technical assistance and other non-financial services," the ministry said in a post on X. India being the second largest shareholder and the largest client, the AIIB President appreciated India's contributions to the governance and overall growth of

Infosys GST demand notices: Relief in sight, 2 options on the table

Finance ministry may declare notices null and void or reduce tax liability

No way victim shaming was done: FM Sitharaman on row over EY remark

The finance minister said that she had specifically mentioned that after clearing a demanding and rigorous examination such as CA, the stress on her was unbearable

Sitharaman to visit Uzbekistan from Sept 24 to 28, attend AIIB annual meet

Finance Minister Nirmala Sitharaman will attend the 9th Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank (AIIB) scheduled in Samarkand, and hold bilateral meetings with her counterparts from Uzbekistan, Qatar, China, and AIIB President. She will embark on an official visit to Uzbekistan from September 24 to 28, the finance ministry said in a release. The Annual Meeting of Board of Governors of AIIB is scheduled on September 25 and 26. The annual meeting witnesses participation of delegations from around 80 countries, and other international organisations. "In the Annual Meeting of AIIB, the Union Finance Minister will attend as the Indian Governor to the AIIB. India is the second largest shareholder of the bank. The multilateral discussions centred around a broad spectrum of important global issues relevant to the development agenda," the finance ministry said. As part of the official visit, she is expected to call on Shavkat Mirziyoyev, President of ...

India on right track to become Viksit Bharat by 2047: FM Sitharaman

The country was on the right track towards Viksit Bharat 2047 and institutional capacity building would play a key role in that, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said here on Sunday. Viksit Bharat 2047 is the NDA government's roadmap to make the country a developed nation by 2047, when India celebrates its centenary of achieving independence. The FM said the Centre has left no stone unturned towards enhancing self-sufficiency in defence capabilities. "We will also need to look after our banks, overall infrastructure, health of the companies in the market and prioritising the digitisation of the Indian economy," she said at the Pondy Lit Fest. "So if you are looking at what the future entails for India and how we are going to reach the destination of Viksit Bharat 2047, we are on the right track in that. We have prioritised our national security. " she said. Sitharaman said the Centre never compromised spending on Defence although the earlier regime

Govt to kick off FY26 Budget making exercise from 2nd week of next month

The finance ministry will commence the exercise to prepare the annual budget for 2025-26 from the second week of next month in the backdrop of the Indian economy recording 7 per cent growth rate for the fourth consecutive year. The budget for the next financial year would focus on reforms to be pushed to further accelerate growth momentum and measures to generate jobs and boost demand in the economy. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2024. Financial Advisers shall ensure that necessary details...are properly entered in UBIS (Union Budget Information System) before/latest by October 7, 2024," Budget circular 2025-26 issued by the Department of Economic Affairs said. Hard copies of the data in the specified formats should be submitted for cross-verification, it said. It will be the second budget of the Modi 3.0 government and 8th straight Budget for Finance Minister Nirmala Sitharaman, a rare distinction in Indian ...