Page 24 - Finance Minister

Tariffs not a permanent stance of our government: FM Nirmala Sitharaman

At Business Standard Manthan, Sitharaman said that in matters of economy, the differences between Centre and States must not arise on the grounds of politics

ED raids multiple Punjab locations in guava orchards compensation 'scam'

The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations in Punjab in connection with a money laundering case linked to an alleged guava orchards compensation "scam", official sources said. The ED case was registered after the federal agency took cognisance of a Punjab Vigilance Bureau FIR pertaining to alleged embezzlement of nearly Rs 137 crore released as compensation for guava orchards on land acquired by the Greater Mohali Area Development Authority (GMADA). The premises of some senior government officials and some private persons are being covered, the sources said. The Punjab Vigilance Bureau had arrested a number of people, including some horticulture department officials, in this case, they said.

Business Standard Manthan: All roads lead to Bharat Mandapam today

Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal & Railways and Telecom Minister Ashwini Vaishnaw among those who will discuss India's developed-nation roadmap at Business Standard

FM rubbishes K'taka's claim of injustice in fund's release from Centre

Union Finance Minister Nirmala Sitharaman on Sunday rubbished the Karnataka government's claim that the Centre was not releasing its due share of special grants' as recommended by the 15th Finance Commission. She denied that there was any recommendation by the Finance Commission. Karnataka government claims that Rs 5,495 crore special grant was not released to Karnataka and this is totally false. The Finance Commission did not in its final report recommend any such special grant, the Finance Minister claimed. Sitharaman's statement came a day after Karnataka filed a writ petition in the Supreme Court requesting a direction to the Centre to immediately release grants under the National Disaster Response Fund (NDRF) to the state, which is reeling under acute drought. In February, Karnataka Chief Minister Siddaramaiah, his deputy D K Shivakumar, Congress MLAs and other Congress leaders at the central level staged a demonstration in New Delhi alleging that the Centre was apathetic towa

FM meets ADB vice prez, urges to become partner in development agenda

Finance Minister Nirmala Sitharaman on Monday met Asian Development Bank's new Vice-President (market solutions) Bhargav Dasgupta and discussed ways to further the development agenda. "Both exchanged views on how @ADB_HQ may partner with India to further the development agenda. They also discussed harnessing ADB's convening power to crowd in other public and private sector institutions to participate in India's growth," the finance ministry said in a post on X. ADB in September 2023, appointed Dasgupta as VP for a period of three years. Prior to this, he was MD and CEO of ICICI Lombard General Insurance. Established in 1966, ADB is owned by 68 members 49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

All that glitters is not gold for Reserve Bank & FinMin

Rightly so. Since November 1962, there have been many attempts to monetise gold. It's finally happening, but we must look for sustainable growth

Need to learn lessons from electoral bonds scheme, says FM Sitharaman

Sitharaman observed that more people are investing directly in stock market. Finance minister noted stability of Indian stock market, advocating for it to operate independently

Electoral bonds data: FM says party funding system needs transparency

Election Commission made public names of companies and individuals who had donated billions of rupees to political parties under the system that had kept their identities secret

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 ...