Page 24 - Finance Minister

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

National security compromised, leadership failed in 10 years of UPA: FM

Finance Minister Nirmala Sitharaman on Friday said national security was compromised, environmental clearances delayed and leadership failed during the previous Congress-led UPA government. Replying to a debate in Lok Sabha on the White Paper on India's economy and its impact on the lives of people, Sitharaman said the UPA government indulged in "glaring mismanagement" of the defence sector and its highlight was the Rs 3,600 crore AgustaWestland scam. "Critical shortage of ammunition & defence equipment was the main feature of 2014 when we inherited the economy. Bullet proof jackets were not available for our soldiers. Night vision goggles were not available," Sitharaman said. She said 'Jayanti Tax' during the UPA tenure delayed environment clearances for projects up to a year. The average time to clear projects increased to 316 days from 86 days between 2011 and 2014. She said 10 years of dedicated efforts of the Modi government have put the economy back on rails. "We correcte

2008 global financial crisis wasn't as serious as Covid-19: FM Sitharaman

A nearly 60-page White Paper was tabled in the Lok Sabha and Rajya Sabha by Sitharaman on Thursday

Former Prime Minister Manmohan Singh may soon retire from public life

Health issues have reportedly hindered the 91-year-old leader's ability to perform his parliamentary duties

NDA removed supply hitch, created infra: White Paper on Indian economy

Cites transparent allocation of public resources as a catalyst for public welfare

Rajasthan FM proposes Rs 1,000 cr for schools, colleges, hospitals

Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals and administrative buildings in assembly constituencies, recruitment to fill 70,000 posts were among the key announcements by Rajasthan Finance Minister Diya Kumari, who presented the state's interim Budget on Thursday. The other major announcement was Mukhyamantri Jal Swavlamban Abhiyan to create 5 lakh water harvesting structures in 20,000 villages over the next four years, for which a Rs 11,200 crore provision has been made. Kumari said the former government ignored several assembly constituencies. "The previous government did not approve any plan for many areas like Ladpura, Nasirabad, Siwana, Ahor, Dag, Malpura. Now, to ensure regional balance of development, Rs 1,000 crore has been announced for setting up and upgrading additional colleges, schools, hospitals, and administrative buildings," she said. The minister said a Detailed Project Report to expand Jaipur Metro from Sitapura to Ambabari wil

Paytm shares rise amid news reports of CEO meeting FM, RBI officials

Paytm's stock price ended the session at Rs 496.7 on Wednesday. Still, since January 31 - when the RBI ordered its payments bank division to stop accepting fresh deposits from March

We have been lot more prudent in managing fiscal deficit: FM Sitharaman

The FM also said that retail inflation had declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of April-December 2023

Inflation within tolerance, taking steps to check price rise: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said the inflation has come down within the tolerance band as a result of the steps taken by the government to check price rise, especially in perishable commodities. Replying to a question in the Rajya Sabha, Sitharaman said Bhabha Atomic Research Centre (BARC) is working with the government on de-humidification of onions through Gamma Rays to give it a longer shelf life. "The government is seized of the difficulties, which arise due to shortage of perishable goods, which are not grown in India. The committee sits and reviews periodically, and the efforts have shown on the ground that inflation is now within the tolerable band," she said. India's retail inflation has declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of 2023. The retail inflation is now stable and within the notified tolerance band of 2 per cent to 6 per cent. The minister said that in order to check the volatil

Leveraging research

India needs to push R&D expenditure

LS to discuss Interim Budget; FM Sitharaman to move Finance Bill 2024

Union Finance Minister Nirmala Sitharaman is scheduled to move The Finance Bill, 2024 for its consideration and passage in the Lok Sabha on Tuesday