Page 31 - Finance Minister

Work in progress

Multilateral bank reforms will need more effort

FM Sitharaman urges private sector to come forward and support SDGs

Finance Minister Nirmala Sitharaman on Saturday urged the private sector to come forward and support the Sustainable Development Goals (SDGs) saying it is the collective responsibility of all stakeholders to participate and contribute in this endeavour. Speaking at an event organised on the sidelines of the IMF-World Bank Annual meetings at Marrakesh in Morocco, the minister exuded confidence that MDB reform process emanating from the G20 deliberations will prompt multilateral development banks (MDBs) to maximise investments into developing nations. The 17 SDGs adopted by United Nations member states in 2015 were aimed at addressing a wide range of social, economic, and environmental challenges by 2030, she said. "India under its Presidency has called upon all G20 members to collectively resolve to fully and effectively implement the 2030 Agenda and accelerate progress toward the SDGs, in a timely manner," Sitharaman said. Observing that the SDGs provide a shared blueprint for peac

No central team to be allowed to survey land for canal in Punjab: FM Cheema

No central team will be allowed to survey land for the SYL canal in Punjab, Finance Minister Harpal Singh Cheema said on Saturday. Cheema, who met reporters after a Cabinet meeting, was asked if the Punjab government had received any intimation about a likely central team visit to conduct a survey. "We have not received any information in this regard yet," the AAP leader said and added that if any central team arrives in the state, the Punjab government will strongly oppose the visit and not allow a survey. Cheema's response follows Shiromani Akali Dal leader Prem Singh Chandumajra claiming on Friday that central survey teams would arrive in Punjab on November 1. "We have learnt that central survey teams are expected to come to Punjab on November 1," Chandumajra had said. The Sutlej Yamuna Link (SYL) canal was conceptualised for effective allocation of water from the Ravi and the Beas rivers. The project envisages a 214-kilometre canal, of which a 122-kilometre stretch is to be ..

FM Sitharaman pitches for strong, quota-based and adequately resourced IMF

Finance Minister Nirmala Sitharaman on Saturday made a case for a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net and climate action. The 16th General Review of Quotas (GRQ) is expected to provide greater say to developing economies in the International Monetary Fund (IMF). As per an IMF resolution, the 16th GRQ should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in voting rights of emerging countries in line with their relative positions in the world economy. Participating in a breakfast meeting of the IMF Board of Governors on the theme of 'Dialogue on Policy Challenges' in Marrakesh, Morocco, Sitharaman expressed concerns with regard to slowdown in global growth. However, she said, India continues to be the fastest growing large economy with a growth of 7.8 per cent during the first quarter of 2023-24. With regard to escalating global debt vulnerabilities, she ...

World Bank needs headroom to help low-income countries, says G20

Addressing a press conference, Finance Minister Nirmala Sitharaman said the members appreciated the work of the Independent Expert Group (IEG) and welcomed the report

G20 ministerial for swift implementation of roadmap to deal with crypto

The G20 Roadmap on Crypto Assets adopted by the G20 Finance Ministers was spelt out in a Synthesis Paper prepared jointly by the International Monetary Fund (IMF) and Financial Stability Board (FSB)

FM Sitharaman stresses on need for IMF to remain well capitalised

Finance Minister Nirmala Sitharaman on Wednesday participated in a roundtable discussion on 'IMF policy priorities and how the institution should support its membership' and underlined the need for the institution to remain well-capitalised to meet future challenges. The roundtable was hosted by US Treasury Secretary Janet Yellen on the sidelines of the World Bank-IMF Annual Meetings in Marrakech, Morocco. Sitharaman spoke about IMF's mandate and lending policies, a strong, quota-based, and adequately resourced IMF, Poverty Reduction and Growth Trust (PRGT) Financing and IMF governance reforms, the finance ministry said in a statement. Sitharaman drew attention to India's G20 Presidency's focus on the importance of multilateralism to move towards coordinated and consensus-based solutions to global challenges. She highlighted that in line with the evolving needs of the membership, the IMF's primary focus needs to be macroeconomic surveillance and policy guidance, it said. She ...

Rededicate to better corporate governance: FM tells company secretaries

Finance Minister Nirmala Sitharaman on Wednesday urged company secretaries to rededicate themselves for better corporate governance, as India gears to become a developed nation by 2047. Addressing the 55th Foundation Day of the Institute of Company Secretaries of India (ICSI), the finance minister said it is time to "rededicate ourselves for and towards better corporate governance... we cannot see our value systems being diluted... corporate governance is an issue on which all of us are committed." Praising ICSI, she said, the high standard set by the institute is well recognised across the world. She appreciated the decision of the ICSI to waive off registration fee for Agniveer, defence personnel and families of martyrs for enrollment in company secretaries course. The other decision, to donate Rs 11 lakh for the education of daughters of martyrs, is also praiseworthy, she noted. The Finance Minister said the government has taken significant steps to promote ease of doing busine

Never imagined I will become Finance Minister: Nirmala Sitharaman

Union Minister Nirmala Sitharaman on Tuesday said she never imagined that she would become the country's Finance Minister and one should never forget there is 'some infinite grace' above all. The Finance and Corporate Affairs Minister, taking part in a series of events earlier in the day, gave away loans amounting to Rs 3,749 crore to over one lakh beneficiaries. "Did I imagine becoming Finance Minister of the country? No chance." Sitharaman said she had no political background and still one day she managed to do so (become a Minister). "I am being spiritual here. Instead of only praying to God, we should put in sincere efforts...But never forget that you cannot be there (reach your destination) without some infinite grace," she said. Sitharaman made these comments while addressing students at the PSG R Krishnammal College for Women here. "I remind myself during difficult times that there is some cosmic power to give that strength (to you). I always say that you (God) have brough

FinMin seeks expenditure proposals for supplementary demands for grants

Ahead of the winter session of Parliament, the finance ministry has sought expenditure proposals for the first batch of supplementary demands for grants from various ministries and departments. The first batch of supplementary demands for grants for 2023-24 is proposed to be placed before Parliament in the ensuing session, the ministry said in an office memorandum. The month-long winter session of Parliament usually begins in the last week of November. The cases that would be eligible to be incorporated under such demands include those where advances from the contingency fund of India have been granted. Besides, payments against court decree would be included as well as cases where the finance ministry has specifically advised moving of the supplementary demand in the winter session, it said. "While processing proposals for supplementary grants, the grant controlling authority must invariably identify savings within the grant so that the infructuous or inflated supplementary deman

Union govt extends tenure of CBDT Chairman Nitin Gupta by nine months

The Union government gave a nine-month extension in service "on contract basis" to CBDT Chairperson Nitin Gupta on Saturday, the day of his scheduled retirement. Gupta (60), a 1986-batch Indian Revenue Service (IRS) officer of the Income-tax department, was appointed the Central Board of Direct Taxes (CBDT) head in June last year. He was scheduled to retire on September 30. The government order said the Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Gupta as the CBDT Chairman on a contract basis, with effect from 1.10.2023 till 30.06.2024, or until further orders, whichever is earlier, in relaxation of the recruitment rules, on usual terms and conditions applicable to re-employed central government officers. The CBDT is the apex policy-making body for the Income-tax department. It is headed by a chairman and can have six members who are in the rank of special secretary.

GST Council meet on Oct 7, may review SGST amendments on online gaming

The GST Council, chaired by Union finance minister and comprising state ministers, will meet on October 7. "The 52nd meeting of the GST Council will be held on 7th October, 2023 at Vigyan Bhawan , New Delhi," the GST Council said in a post on X. In the previous meeting on August 2, the council had approved amendments to the Goods and Services Tax (GST) laws to provide clarity on the taxation of casinos, horse racing and online gaming. A 28 per Cent GST is levied on full face value of bets in the three supplies.

Finance Minister Sitharaman meets G20 expert group on strengthening of MDBs

Finance Minister Nirmala Sitharaman on Saturday met the G20 Independent Expert Group on strengthening of Multilateral Development Banks (MDBs). The G20 Independent Expert Group (IEG) is co-convened by former American treasury secretary Lawrence Summers and ex-chairman of the 15th Finance Commission N K Singh. The IEG set up by G20 India Presidency has focused on strengthening MDBs and delivered Volume 1 of its report which was acknowledged by G20 leaders in New Delhi Leaders Declaration earlier this month. "The #G20IEG members are currently in India working on Volume 2 of their report to be discussed in #G20 meetings scheduled to be held under the Indian Presidency in #Marrakech on sidelines of @IMFNews @WorldBank #AnnualMeetings," the finance ministry said in a post on X. The fourth and final Finance Ministers and Central Bank Governors (FMCBG) Meeting under India's G20 Presidency is taking place next month in Morocco. MDBs need to provide an additional USD 260 billion annually t

QUAD FMs reiterate commitment to free Indo-Pacific on UNGA 2023 sidelines

The QUAD Foreign ministers met for a follow-up on the Quad Leaders' Vision that was outlined in Hiroshima on May 20, 2023

Speed up digitisation to ensure better services in rural areas: FM to RRBs

Finance Minister Nirmala Sitharaman on Tuesday expressed concern over the slow progress of computerisation in Regional Rural Banks (RRBs) and urged them to speed up the process to strengthen credit delivery in rural areas. There is still a lot of work to do in digitising RRBs and cooperative banks, she said after launching the 'Kisan Rin Portal' and Weather Information Network Data Systems (WINDS) manual here. Cooperative banks are not equally endowed, and their financial health varies, she said, adding ramping up capacity in the sector is taking place under the Ministry of Cooperation headed by Home Minister Amit Shah. The cooperative bank digitisation would happen with the necessary speed, she said. However, she said, "I am more concerned about RRBs, their digitisation and computerisation. Therefore, if they didn't have it, extending phone bank facility...or internet banking facility...won't work out". A lot of work is still pending, and the Department of Financial Services is .

Govt to provide up to 8% interest subsidy for Vishwakarma Yojana: FM

Finance Minister Nirmala Sitharaman said the government will offer up to 8 per cent subsidy for loans given to artisans under the Vishwakarma Yojana launched by Prime Minister Narendra Modi on Sunday. The government has already made a provision of Rs 13,000 crore in the Budget 2023-24, she said during the launch event of the Yojana. Sharing the details of Vishwakarma Yojana, the finance minister said collateral-free loans to artisans would be provided at a very affordable interest rate of 5 per cent. The scheme covers 18 activities including carpenter, goldsmith, blacksmith, mason, stone sculpture, barber and boatmakers, she said, adding, the government will provide up to Rs 3 lakh loan. Initially, she said, Rs 1 lakh loan will be given and the beneficiary would be eligible for an additional Rs 2 lakh after repayment schedule of 18 months. The components of the scheme will include not only financial support but also access to advanced skill training, knowledge of modern digital ..

Auditors should embrace technology, contribute to nation building: FM

Observing that the next 25 years are 'critical' for India to achieve developed nation status, Union Minister Nirmala Sitharaman on Saturday appealed to auditors to embrace technology and educate smaller companies to grow. The Finance and Corporate Affairs Minister remarked that the country has progressed at many levels in the last 20-25 years and even the World Bank report has said India has achieved in the last decade what it could not be achieved in 60 years. "I am talking to veterans of this profession. You are one of the oldest registered bodies. I would think my meeting with you all is not just only to celebrate the 90 years, but also to say celebrating at a time when this profession has to take newer responsibilities," she said at the 90th-anniversary celebrations of The Society of Auditors here. Sitharaman pointed out that the practices of chartered accountants were going through a lot of change, globally and said that even some of the audience gathered at the venue had alrea

From FTA to FinTech: Highlights from India-UK Economic Financial Dialogue

Union Finance Minister Nirmala Sitharaman and UK's Chancellor of the Exchequer Jeremy Hunt discuss collaborations in financial services, infrastructure, and trade

Govt may relook at allowing Indian companies to list overseas: FM

Under current regulations, Indian firms are not allowed to list directly on overseas exchanges. They can only list on foreign exchanges through instruments such as depository receipts

Finmin, World Bank to work closely to create market structure from CSR

The World Bank and the finance ministry on Sunday agreed to work closely to create a market structure from the CSR demand side for maximising social impact. World Bank President Ajay Banga, who was in Delhi to attend the G20 Leaders' Summit, on Sunday met Finance Minister Nirmala Sitharaman. The two leaders during the bilateral meeting discussed the outcomes of G20 India Presidency, the evolution of the World Bank Group and their engagement with India through knowledge exchange and financial assistance for developmental projects, among other issues. "During the meeting, Mr. Banga agreed to work closely with the Department of Economic Affairs, Ministry of Finance @FinMinIndia to create a market structure from the Corporate Social Responsibility #CSR demand side for maximising social impact," the ministry said in a post on X. The finance minister stated that she looks forward to the leadership of the World Bank President in taking forward the recommendations on the triple agenda ...