Page 23 - Finance Minister

Completion of projects hallmark of PM Modi's development model, says FM

Sitharaman claimed that prior to 2014, when the Modi government came to power at the Centre, foundations were laid but projects were not completed on time

The North-South divide: The 'fiscal injustice' rhetoric is biased

It should not be forgotten that in the 1950s and 1960s, the North Indian states subsidised Southern and Western India as part of the cooperative model of nation-building

India's P&I club for coastal shipping likely to start on domestic waters

Overseas marine insurance covers amounts running into billions of dollars, which India's entity would not be able to undertake initially

20% of Budget is towards capex, says Delhi Finance Minister Atishi

She tells that the Centre by treating the Union Territory unfairly in devolution of central taxes was killing the goose that lays golden eggs

Use tech to plug loopholes, improve taxpayer services: FM to GST officials

Finance Minister Nirmala Sitharaman on Monday asked GST officers to leverage technology to plug loopholes and provide better taxpayer services. Inaugurating the first-ever National Conference of Enforcement Chiefs of the State and Central GST Formations, Sitharaman advocated for sharing of the emerging best practices, emphasising the need for seamless coordination across states in the larger national interest. "The Union Finance Minister urged all the GST formations to leverage technology to plug the loopholes as well provide better taxpayer services," an official statement issued after the meeting said. She also stressed that clarity on the classification of related issues should be looked into at the earliest through appropriate channels. Sitharaman also exhorted the GST officials to engage with stakeholders to understand their concerns, enhance compliance, streamline processes, and work collaboratively towards making the tax system more transparent and efficient. In her address

WTO: Fighting for rights of small fishermen, says FM Nirmala Sitharaman

The ongoing WTO 13th ministerial conference (MC13) in Abu Dhabi, which was supposed to end on February 29, has been extended by a day due to the logjam over key issues

Race for new Pakistan finance minister heats up ahead of IMF negotiations

Former four-time finance minister Ishaq Dar remains the top contender, according to two sources in his Pakistan Muslim League-Nawaz (PML-N) party

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman

The MDR on UPI payments has been a longstanding demand from the fintech industry, asserting they don't generate revenue from such transactions

Sitharaman asks India Inc to align with 'Viksit Bharat' @ 2047 vision

Finance Minister Nirmala Sitharaman on Tuesday exhorted Indian Inc to align itself with the goal of 'Viksit Bharat' by 2047, when India will complete 100 years of independence. Addressing a session on 'Viksit Bharat @ 2047: Viksit Bharat & industry', organised by Ficci, the minister also assured the industry that reforms will continue in the third term of the Prime Minister Narendra Modi-led government. The new government will be formed after the general elections due in April-May and the BJP is confident that Prime Minister Modi will return to power with a greater majority. Sitharaman said that India has moved up to become the fifth largest economy and is on the way to become the third largest global economy. The minister said that several reforms were undertaken by the government during the last 10 years and the trend will continue. She said that the reforms to be undertaken by the next Modi government will touch on factors of production.

FM Nirmala Sitharaman asks fintechs to blend innovation, compliance

Regulators told to hold monthly meetings with startups and fintech firms

FinMin asks depts to surrender unspent Budgetary allocation by March 8

Finance Ministry has asked other ministries and departments to surrender unspent Budgetary allocation for 2023-24 by March 8. The last date for accepting the Surrender of Savings anticipated in the grants for 2023-24 has been fixed as March 8, 2024, an office memorandum issued by the Department of Economic Affairs dated February 22 said. It is requested that the details of surrender of savings under each unit of appropriation may be sent to the Budget Division, Ministry of Finance by the said date in a specified format, it said. "The ministries/departments are also requested to furnish the details of excess or shortfall in recoveries, receipts if any, in the respective grants against the original estimates or recovery, while intimating the surrender of savings," it said.

Take more steps to curb unauthorised lending apps: FM to regulators

Finance Minister Nirmala Sitharaman on Wednesday asked financial sector regulators, including the Reserve Bank of India (RBI), to take further measures to check spread of unauthorised lending through online apps. Addressing the 28th meeting of the Financial Stability and Development Council (FSDC) here, Sitharaman also asked regulators to maintain constant vigil and be proactive towards detecting emerging financial stability risks, given the domestic and global macro-financial situation. The FSDC deliberated on issues related to macro financial stability and India's preparedness to deal with them, an official statement said after the meeting. The ongoing inter-regulatory issues were also discussed to support GIFT IFSC in its strategic role to become one of the world's premier international financial centres and perform its envisioned role of facilitating foreign capital and financial services for the domestic economy, it said. The FSDC discussed various issues related to the ...

Economic outlook appears bright, 7% GDP growth expected in FY25: FinMin

The outlook for the Indian economy appears 'bright' with GDP likely to clock 7 per cent growth rate next fiscal although the nation needs to keep a watch on global headwinds emanating from geopolitical tensions and volatility in international financial markets, a finance ministry report said on Tuesday. During the current financial year, the Indian economy is estimated to grow at 7.3 per cent. This would be the third year in the row when the GDP would grow in excess of 7 per cent. Driven by a better-than-expected performance in Q2 and above 7 per cent growth projection for FY24 (by Ministry of Statistics and Programme Implementation in its first advance estimates), many global agencies have revised India's growth projection in the upward direction, the Monthly Economic Review released by the finance ministry said. This reflects the resilience of the Indian economy to sustain its growth path amidst ongoing geopolitical headwinds, it said, adding, the measures announced in the Interim

Defence budget grows nominally, but fails to beat rising inflation

It covers spending on the so-called Central Armed Police Forces (CAPFs), which amount to over a million armed personnel under the Ministry of Home Affairs

FM Sitharaman meets 16th Finance Commission chairman Arvind Panagariya

Finance Minister Nirmala Sitharaman on Friday met 16th Finance Commission Chairman Arvind Panagariya. The meeting came within two days of the first meeting of the commission in which the members and the chairman discussed the terms of reference. Full-time members of the commission are former expenditure secretary Ajay Narayan Jha, retired bureaucrat Annie George Mathew, and Artha Global Executive Director Niranjan Rajadhyaksha, while SBI Group Chief Economic Advisor Soumya Kanti Ghosh is a part-time member. "Shri @APanagariya, Chairman - 16th Finance Commission, calls on Smt @nsitharaman," Sitharaman's office said in a post on X. The commission, chaired by former vice chairman of Niti Aayog Panagariya, will be assisted by Secretary Ritvik Ranjanam Pandey, two joint secretaries and one economic advisor, in its functioning. The government constituted the commission under the chairmanship of Panagariya on December 31, 2023. The panel would submit its report to the President by Octobe

Look for ways to stay relevant in digital era: FM Sitharaman to SPMCIL

The Finance Minister was addressing the 19th Foundation Day celebrations of the SPMCIL in virtual mode

FM Sitharaman launches 3 souvenir coins based on Ram temple theme

Finance Minister Nirmala Sitharaman on Thursday released three souvenir coins, including the one based on the theme of Ram Lalla and Ram Janmabhoomi Temple, Ayodhya. At the 19th foundation ceremony of state-owned Security Printing & Minting Corporation of India (SPMCIL), Sitharaman also released bi-metallic clad souvenir coin on Enlightenment of Lord Buddha (Limited Edition - Buddha & Stupa images are oxidised with Matte finish) and another on Greater one-horned Rhino (part of Endangered Animals of India series). Sitharaman lauded the efforts of SPMCIL for coming up with commemorative stamps and coins on Panchatantra theme which India has gifted during IMF-World Bank bilateral meetings. "The themes with which off late you are coming up with whether it's commemorative stamps or coins shows that you want to keep abreast of the developments around the world, environment concerns, concerns for divyang and also making it attractive enough to become items worthy of being gifted," ...

Introspect on adapting for India's path to a developed nation: FM to SPMCIL

Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to transform itself at a time when its core business of printing currencies is depleting because of India's transition to a digital economy. Addressing the foundation day of SPMCIL, Sitharaman said at a time when minting coins in a digital era has become slightly jaded, the corporation has kept itself relevant by coming out with commemorative coins which can be gifted as souvenirs. The commemorative stamps and coins produced by the organisation are reflective of India's branding, cultural and environment issues, she said. SPMCIL has set the standards in gold and silver refining, and since 2022-23, SPMCIL has refined 5,300 kg of seized gold. It has paid a dividend of Rs 533.77 crore for 2022-23. The core strengths of SPMCIL include manufacture of bank notes and coins, also commemorative coins, and security products like passport and non-judicial ..

CAIT members meet FM, demand deferment of I-T Act clause related to MSMEs

Representatives of traders' body CAIT on Wednesday met Finance Minister Nirmala Sitharaman and demanded that implementation of a clause in Income Tax Act related to MSMEs payment rule be deferred by a year to April 2025. In a release, Confederation of All India Traders (CAIT) said a delegation led by its Secretary General Praveen Khandelwal conveyed the traders' concerns to the finance minister and suggested a solution during the meeting. In its memorandum, CAIT welcomed the government's decision, highlighting the significance of ensuring timely payments to the MSME sector within 45 days to maintain uninterrupted cash flow for traders. However, given the "lack of clarity" surrounding the applicability of the law to traders and other related provisions, CAIT called for suspension of implementation of Section 43 (b)h of the Income Tax Act until sufficient clarification and information dissemination are achieved nationwide. "CAIT further appealed to the government to postpone the ...

Indian startup ecosystem welcomes MCA's performance review of CCI

The Finance and Corporate Affairs Minister, Nirmala Sitharaman, is likely to convene a meeting in this regard this month