Page 32 - Finance Minister

Finance Minister interacts with Bangladesh PM Sheikh Hasina at G20 dinner

Bangladesh PM, who arrived in India on Friday, held a bilateral talk with her Indian counterpart Narendra Modi in New Delhi on the same day

Indian G20 presidency has walked the talk on MDBs, inclusion: FM Sitharaman

Expert group report on MDB reforms, IMF-FSB synthesis note on crypto to be taken up in next finance track meeting in Marrakesh

FM holds meeting with US Treasury Secretary, discusses G20 priorities

Finance Minister Nirmala Sitharaman on Friday held a bilateral meeting with US Treasury Secretary Janet Yellen and discussed G20 priorities. The bilateral meeting took place a day ahead of the G20 Leadership Summit beginning on Saturday here. "FM Smt. @nsitharaman and Secretary Ms. @SecYellen discussed key #G20 priorities and bilateral cooperation between the two democracies to address pressing global economic and financial issues," the finance ministry said in a post on X (formerly Twitter). Yellen on Thursday had said Russia's war against Ukraine has led to the needless loss of lives and stands in direct contradiction to everything the G20 stands for. "We will rally our partners to maintain our collective economic support for Ukraine as well as impose severe costs on Russia," she had said in a post on X on Thursday. "As @POTUS said last year, India is one of America's indispensable partners. This will be my 4th visit to India in 10 months and our ties are stronger than ever. ...

28% GST on deposit refunds issued by online gaming portals, casinos

Once a given amount is deposited with the platform, tax will be imposed on the whole amount, irrespective of the part of the deposit returned to the player at a later point

ITR filings increased threefold in each tax bracket: FM Sitharaman

Taxable workforce will be 85.3% by 2047 against 22.5% now

Discussions on global framework to regulate crypto underway: FM Sitharaman

Sitharaman added that cryptocurrencies can not be regulated efficiently without the cooperation of all countries

The war on inflation: Many ways to skin a cat, but which is most effective

Reserve Bank of India (RBI) maintained status quo in its policy rate for the third time in a row in August

Pak caretaker FM rules out relief in power bills, says no space for subsidy

"Please manage your expectations," she said apparently after engagements with International Monetary Fund over government's desire for some programme relaxations to provide relief in power bills

Focus on digital capability upgrade, FM Sitharaman tells rural banks

The Centre has a 50 per cent stake in RRBs while sponsor banks and state governments own 35 per cent and 15 per cent, respectively

Would rather play India story than talk about developments in China: FM

Finance Minister Nirmala Sitharaman on Friday said she would "rather play the India story" rather than talk about developments in China which is witnessing an economic slowdown. She made the remarks at the B20 Summit in the national capital while responding to a question on the impact of slowdown in China on India and the rest of the world. Acknowledging that developments in China is a matter of concern for all, she said "I would rather play the India story". "While I'll keep a watch on the developments happening in China, I am more focused on India's moment, on the opportunities that exist in India, the skills, and the work culture where the young are revving to go forward and prove themselves. So, we should speak for India's strengths and not for the suffering of somebody else," the minister said. The B20 Summit is being organised ahead of the G20 Summit next month. "I am presenting India for the strength it has now. Particularly with the young population, which is a skilled Eng

Govt aiming to make India global hub for green hydrogen: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the government is aiming to make India a global hub for production, utilisation and export of green hydrogen. Speaking at the launch of HSBC India's strategic partnerships towards enabling innovation in Green Hydrogen, the minister said the government is focused on driving green growth through a range of green reforms. The initiative, she said will provide a roadmap towards reducing carbon intensity in the economy and enable the creation of green job opportunities. "Green hydrogen has a pivotal role to play as we counter climate change and work towards enabling a low-carbon and self-reliant economy. We're aiming to make India a global hub for production, utilisation and export of green hydrogen," Sitharaman said, as per an HSBC release. HSBC India has partnered with IIT Bombay and Shakti Sustainable Energy Foundation (SSEF) to pursue technological advancements to make green hydrogen more efficient, cost-effective, and ...

Inflation may stay elevated in coming months, says finance ministry

The government's continued emphasis on capital expenditure is expected to drive growth in the coming years, the finance ministry said in its monthly economic review for the month of July

Path to Viksit Bharat: FM Sitharaman for optimum resource utilisation

Sitharaman is chairing a three-day Chintan Shivir of the Ministry of Finance from 20-22 August 2023 at Tent City in Kevadiya

Govt saves Rs 2.73 trn in last 9 years by adopting DBT: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the government has saved Rs 2.73 lakh crore of taxpayers' money in the last nine years by adopting Direct Benefit Transfer (DBT) to send money to targeted beneficiaries and weeding out bogus accounts. It has helped plug leakages and better targeting of genuine and deserving beneficiaries of the government scheme, she said at an event organised by NGO Disha Bharat. Talking about various initiatives taken by the government, Sitharaman said, "Efficiency in governance in the last nine years has improved the possibilities for more money available for, let us say, education and health because we adopted DBT". With DBT in place, pension, money for work, interest subvention and LPG gas subsidy transfer are being credited to Aadhaar-verified bank accounts of deserving beneficiaries, and all bogus accounts have been weeded out, she noted. "Since 2014, by gradually increasing the number of schemes under DBT, we have saved Rs 2.73 lakh crore..

FM Sitharaman exhorts int'l community to help debt-saddled countries

Union Finance Minister Nirmala Sitharaman on Friday pitched for greater coordination among the international community to address the challenges faced by debt-saddled low and mid-income countries. Addressing a seminar on the global economy organised as part of the finance track of India's G-20 presidency, Sitharaman said such a move can help shield vulnerable populations from economic hardships. "The international community must collaborate and find stronger ways to coordinate debt restructuring, for low-income and vulnerable middle-income countries facing debt distress," the finance minister said in a video address. She said as part of the Indian presidency of the top economies' grouping, the country has placed great importance on the management of global debt vulnerabilities because of its commitment to be the voice of the global south. The finance minister said the G-20 finance track has discussed the issue of debt challenges in vulnerable economies which present "significant ..

G20: FM calls for global efforts to restructure poor countries' debt

Finance minister Nirmala Sitharaman on Friday called for concerted global efforts led by rich nations to help indebted countries deleverage at a time when multilaterism is the most potent challenge. Addressing online a G20 session, organised by the finance ministry and the Reserve Bank here, ahead of the grouping's summit next month in New Delhi, she said multilaterism faces the biggest challenge in recent years. "We haven't seen such enormous challenges in recent years at all". She added that New Delhi has ensured that so far the geopolitical differences do not supersede international cooperation which is the core mandate of the G20 grouping and the summit. The Indian presidency of the G20 has placed great importance on the management of global debt vulnerabilities that many nations are facing today. It's time the international community collaborate and find stronger ways to coordinate in debt restructuring efforts for low-income and vulnerable middle-income countries facing debt .

No-confidence motion: India in unique position of optimism, says FM

Importing pulses, tomatoes from neighbouring nations to help manage price rise

Improve CASA ratio, leverage account aggregator framework: FM to RRBs

During the meeting, discussions revolved around financial performance of RRBs

FinMin approves Maharatna status for Oil India, ONGC Videsh gets Navratna

The Finance Ministry has approved the upgradation of Oil India Ltd to the category of 'Maharatna', a move which will impart enhanced powers to the OIL board while taking financial decisions. Post the upgrade, the state-run oil major has become India's 13th Maharatna Central Public Sector Enterprises (CPSE). "Finance Minister approved upgradation of Oil India Ltd (OIL) to Maharatna CPSE. OIL will be the 13th Maharatna amongst the CPSEs. OIL is a M/o Petroleum & Natural Gas CPSE with annual turnover of Rs 41,039 crore and net profit of Rs 9,854 crore for the Year 2022-23," the Department of Public Enterprises said in a post on Twitter, now branded as X. In another post, the Department of Public Enterprises shared: "Finance Minister has approved the upgradation of ONGC Videsh Ltd (OVL) to Navratna CPSE. OVL will be 14th Navratna amongst the CPSEs. It is a M/o Petroleum & Natural Gas CPSE with annual turnover of Rs 11,676 crore and net profit of Rs 1,700 crore for the Year ...

11 World Bank officials meet Finance Minister Sitharaman in New Delhi

The Executive Directors of the world bank shared their key takeaways with Union Finance Minister Nirmala Sitharaman from their visits to Mumbai, Ahmedabad and Lucknow