Page 25 - Finance Minister

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

Claims Centre not releasing funds 'politically-vitiated narrative': FM

Union Finance Minister Nirmala Sitharaman on Monday came down heavily on allegations that the Centre is withholding funds meant for non-BJP governed states, saying it is a "politically-vitiated narrative" that "vested interests" are happy to go about saying. Replying to a question by Congress leader Adhir Ranjan Chowdhury in the Lok Sabha on the Karnataka government's claim that the Centre is not releasing funds due to it, Sitharaman said such a situation cannot happen as the "system is well placed" and the central government works according to recommendations of the Finance Commission. "This apprehension that some states are being discriminated against is a politically-vitiated narrative which, I am sorry to say, vested interests are happy to go about saying," she said during Question Hour. Sitharaman added that no Union finance minister can play with the Finance Commission's recommendations. "This is just not a possibility that any finance minister can intervene to say that 'I do

Govt seeks LS approval for net additional spending of Rs 78,673 cr in FY25

The government on Monday sought Lok Sabha's approval for a net additional spending of Rs 78,673 crore in the current financial year. The second batch of supplementary demands for grants for 2023-24 fiscal was tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman. The supplementary demands for grants includes a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore. The proposal involves net cash outgo aggregating to Rs 78,672.92 crore, said the document tabled in the Lok Sabha.

Interim Budget indicates the way forward

On the external sector, the Finance Minister said that geopolitically, global affairs are becoming more complex and challenging with wars and conflicts

Qualitative improvement

Higher capex will improve growth prospects

Interim Budget 2024-25: Striking a middle path

Such prudence also seems to have influenced the Finance Minister's fiscal consolidation efforts

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