Page 3 - Finance Minister

Police files culpable homicide case in death of finance ministry official

Police have registered a case of culpable homicide after a senior finance ministry official died when his motorcycle was hit by a luxury sports utility vehicle near the Delhi Cantonment metro station a day earlier, an official said on Monday. Deputy Secretary in the Department of Economic Affairs, Navjot Singh (52), a resident of Hari Nagar, was killed in the accident on Sunday afternoon, while his wife sustained serious injuries. The couple was returning home after visiting the Bangla Sahib Gurdwara. The BMW, which was being driven by a woman with her husband by her side, who were also injured in the incident. According to police, the couple, residents of Gurugram, are in the business of manufacturing leather saddles, seats, covers, belts and other products. They have been admitted to a hospital and their statements are yet to be recorded, police said. According to a Delhi Police official, the case has been registered under Bharatiya Nyaya Sanhita sections sections 281 (rash driv

Insurance Amendment Bill likely in Winter session, says FM Sitharaman

Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, is likely to be introduced in Parliament in the upcoming Winter session, Finance Minister Nirmala Sitharaman has said. The winter session of Parliament generally commences in the second half of November and concludes before Christmas. "I hope to", she told PTI when asked if the bill to further liberalise FDI in the insurance sector can be introduced in Parliament in the upcoming Winter session. The finance minister, in this year's Budget speech, proposed to raise the foreign investment limit to 100 per cent from the existing 74 per cent in the insurance sector as part of new-generation financial sector reforms. "This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified," she had said. So far, the insurance sector has attracted Rs 82,000 crore throug

GST reforms: Taxation can't be an emotional decision, says FM Sitharaman

Days after the big-bang GST reform announcement, FM Nirmala Sitharaman, at her North Block office on Saturday, spoke at length on a range of issues in an hourlong interaction with Business Standard

Govt keeping 'good watch' on rupee as several currencies fall, says FM

Finance Minister Nirmala Sitharaman has said that the government is keeping a 'good watch' on exchange rates, stressing that besides rupee several other currencies have depreciated against the US dollar. "The rupee slide is largely against the dollar, not against any other currencies. That's also because of the way globally, the dollar has strengthened," she said when asked if the slide of rupee against greenback is a concern. "This is not the case only with rupee versus dollar, it's the case with many other currencies versus the dollar. So we are keeping a good watch on this," she told PTI in an interview. The rupee plummeted to a record low and closed at 88.27 against dollar after touching an intra-day low of 88.38 on Friday. The fall came amid concerns over US tariffs, while intervention by the Reserve Bank of India through state-run banks helped limit further losses. The steep tariff of 50 per cent imposed by the US on Indian goods took effect on August 27. The tariffs - among

Sitharaman thanks state FMs for support in implementing GST overhaul

Finance Minister Nirmala Sitharaman hailed the GST Council's unanimous decision to cut tax rates, thanking state finance ministers for prioritising public relief over revenue concerns

FinMin likely to host two-day PSB Manthan with PSU bank leadership

The Finance Ministry is likely to hold a two-day PSB Manthan to brainstorm with the top leadership of public sector banks and unlock next-generation reforms, while continuing with the EASE journey, according to sources. The two-day brainstorming session, beginning September 12, would see participation of top management of public sector banks (PSBs), they added. The last such Manthan was held in April 2022, with the entire leadership of PSBs under the guidance of the Department of Financial Services (DFS) to take Enhanced Access & Service Excellence (EASE) reforms to the next level. EASE is based on the recommendations made by PSB Whole Time Directors (WTDs) and senior executives in 'PSB Manthan' held in November 2017. In the last manthan, six working groups were formed to look into the functioning of public sector banks (PSBs) and suggest ways to improve customer service, digitisation, HR incentives, corporate governance and collaboration. The latest round of PSB Manthan would be

Oppn-ruled states meet ahead of GST Council, seek revenue loss compensation

Finance ministers of opposition-ruled states on Wednesday met ahead of the crucial GST Council meeting, and decided to seek compensation for revenue loss incurred by all states following the implementation of GST rate rejig. Eight opposition-ruled states -- Himachal Pradesh, Jharkhand, Karnataka, Kerala, Punjab, Tamil Nadu, Telangana and West Bengal-- had met last week to decide on how their revenues could be protected once the 12 and 28 per cent slabs are removed. Jharkhand Finance Minister Radha Krishna Kishore said his state will suffer a Rs 2,000 crore revenue loss if the Centre's GST reform proposal of reducing the number of slabs is implemented. "If the Centre agrees to compensate us for whatever loss we would incur, turn we have no issues in approving the agenda before the Council. I don't think the issue will come up for voting, as in a federal structure, it is the responsibility of the Centre to compensate states for revenue loss," Kishore told reporters here after the ...

Finance ministry to kick-start FY27 Budget making exercise from October 9

The finance ministry will kick-start the exercise to prepare the annual budget for 2026-27 from October 9 in the backdrop of geopolitical uncertainties and the steep US tariff of 50 per cent imposed on shipments from India. The budget for the next year will have to address issues of boosting demand, job creation and putting the economy on a sustained 8 per cent-plus growth path. The government estimates the Indian economy to grow in the range of 6.3-6.8 per cent during the current financial year. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence from October 9, 2025," according to the Budget Circular (2026-27) of the Department of Economic Affairs. "Financial advisers should ensure that the necessary details required in the appendices I to VII are properly entered...before or latest by October 3, 2025. Hard copies of the data in the specified formats should be submitted for cross-verification," the circular added. The Budget Estimates for 2026-27 will be ...

Next gen GST reforms will set economy open and transparent: Sitharaman

The next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday . She was speaking at the 120th Foundation Day celebrations of Tamil Nadu-based City Union Bank, where President Droupadi Murmu was the chief guest. Sitharaman said Prime Minister Narendra Modi recently announced the creation of a Task Force for next generation reforms with a clearer mandate to simplify regulations, lower compliance costs and also build a more enabling ecosystems for startups, Micro, Small and Medium enterprises and entrepreneurs. "Complementing this, the planned roll out of the next generation GST reforms with the planned Council meeting tomorrow and day after, will set an economy absolutely open and transparent in the coming months and with further reduction in compliance burden, making it easier for small businesses to thrive" Sitharaman said.

LIC presents dividend cheque of ₹7,324 crore to Finance Minister for FY25

Life Insurance Corporation of India (LIC) on Friday said it has paid a dividend cheque of Rs 7,324.34 crore to Finance Minister Nirmala Sitharaman for the 2024-25 financial year. The dividend was approved by LIC in its annual general meeting held on August 26, 2025, the state-owned insurance firm said in a statement. The dividend cheque was presented to the Finance Minister by LIC CEO and MD R Doraiswamy in the presence of Department of Financial Services Secretary M Nagaraju and Joint Secretary Parshant Kumar Goyal, along with senior officials of the insurance company. LIC had an asset base of Rs 56.23 lakh crore as of March 31, 2025. It continues to be the market leader in the Indian Life Insurance market, it added.

FM Sitharaman meets Qatar trade minister to strengthen bilateral trade

Finance Minister Nirmala Sitharaman on Thursday met Minister of State for Foreign Trade Affairs of Qatar Ahmed bin Mohammed Al-Sayed and discussed bilateral trade and investment, among others. During the discussion, Sitharaman highlighted the transformative steps taken by India to attract foreign investments in the last decade. "Both the Ministers reiterated the commitment to enhance bilateral trade and investment relations under the 'strategic partnership' between India and Qatar," the finance ministry said in a post on X. The Qatari delegation conveyed that they see good opportunities for investments in India, given India's economic growth and technological development. Separately, Minister of State for Finance Pankaj Chaudhary participated in a bilateral meeting with Ahmad bin Mohammed Al-Sayed, Minister of State for Foreign Trade of the State of Qatar, and his accompanying delegation. "This historic bilateral engagement witnessed in-depth discussions aimed at opening new avenu

FM pledges support, vows to safeguard traders' interests amid US tariffs

Finance Minister Nirmala Sitharaman on Thursday assured an exporters' delegation that the government stands firmly with them in this challenging time and is committed to addressing their concerns, while exploring every possible avenue to safeguard their interests amidst high US tariffs, FIEO said in a statement. The assurance was given to a delegation of the Federation of Indian Export Organisations (FIEO) led by its President S C Ralhan. They apprised her of the challenges faced by Indian exporters due to the recent escalation of tariffs imposed by the United States. During the interaction, Ralhan said he highlighted the immediate concerns of the exporting community, particularly the adverse impact of higher tariffs on market access, competitiveness, and employment generation. He underscored the need for quick and calibrated policy measures to mitigate the strain on India's exporters, who have been key drivers of growth and job creation. "The Finance Minister reassured the delegat

More than 560 mn Jan Dhan accounts opened in last 11 years: Sitharaman

She stated that PMJDY has been one of the major channels for delivering benefits under various schemes

GST reforms: FMCG distributors write to FM, flag supply-chain risks

Request for guidelines for smooth transition

FM Sitharaman briefs GST GoMs on need for sweeping tax reforms

Finance Minister Nirmala Sitharaman on Wednesday presented to GoMs from states her government's plans for sweeping reforms in the GST regime that involves slashing tax rates and easing compliance burden for businesses. The GoMs on rate rationalisation, insurance taxation and compensation cess will over two days deliberate on the Centre's 'next-gen' GST reforms under which tax will be levied at 5 and 18 per cent rates. A special 40 per cent rate has been proposed on 5-7 items, including sin goods. GST is currently levied at 5, 12, 18 and 28 per cent. While food and essential items are either at nil or 5 per cent rate, luxury and demerit goods are in 28 per cent slab, with a cess on top of it. The finance minister's address to the GoMs was for about 20 minutes during which she elaborated on the Centre's proposal, a source said. She explained the necessity for GST reforms to the states, the source added. The group of ministers (GoM) on compensation cess was set up to decide on the ..

FM Sitharaman to attend GoM meeting on Aug 20, explain next-gen GST reforms

Finance Minister Nirmala Sitharaman will attend a crucial meeting of a state ministerial panel on August 20 to put forth the Centre's proposal for sweeping GST reforms that will slash tax rates and lead to reduction in prices of common use items. The two-day meeting of the Group of Ministers (GoM) on GST rate rationalisation is scheduled on August 20-21 here, sources said. The meet will deliberate on the Centre's proposal for GST reforms of reducing the number of tax slabs in Goods and Services Tax (GST) to two -- 5 and 18 per cent, and a 40 per cent special rate on a select few items. Sources said apart from the rate rationalisation panel, the two-day meeting would be attended by members from GoMs on compensation cess and also health and life insurance. "The idea is to put forth the Centre's view point behind the GST reform proposal. Although the Centre is not a member of the GoM, Union Finance Minister's presence and her address will give the GoM a better understanding of the ide

As many as 409 firms operating from IFSC GIFT City: FM informs Parliament

As many as 409 companies are operating in Gujarat International Finance Tec City - International Financial Services Centre (GIFT IFSC) as on July 31, 2025, Parliament was informed on Monday. "Between October 1, 2020 and July 31, 2025, the number of such companies has grown from 82 to 409. Further, banking, asset management and other financial ecosystems have been included and enabled in GIFT IFSC," Finance Minister Nirmala Sitharaman said in a written reply in the Lok Sabha. Over the last 5 years, the government has provided several progressive policy measures for development of GIFT IFSC, such as - setting up of International Financial Services Centres Authority (IFSCA) as a unified statutory regulator for development and regulation of International Financial Services Centres (IFSCs) in India, she said. To further enhance ease of doing business in GIFT IFSC, the government has also delegated powers of Development Commissioner under the Special Economic Zones (SEZ) Act, 2005 to ...

Simple language, lucid, says FM as Parliament passes Income Tax Bill, 2025

Opposition members staged a walkout in the Rajya Sabha during the discussion, mirroring their protest in the Lok Sabha on Monday

LIVE: LS passes Income-Tax (No 2) Bill and Taxation Laws (Amendment) Bill

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FM Sitharaman withdraws Income Tax Bill, revised draft to be tabled Aug 11

Finance minister will submit a revised version of the I-T Bill, incorporating most of the Select Committee's recommendations