Page 4 - Finance Minister

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

Catch all the latest news updates from around the world here

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

Flipkart executives meet ministers to discuss MSME push, India listing

CEO Kalyan Krishnamurthy and Rajneesh Kumar, chief corporate affairs officer, shared updates on digital commerce expansion, financial inclusion, and plans to redomicile ahead of a potential IPO

Nabard promotes 6,215 farmer producer organisations, says FM Sitharaman

National Bank for Agriculture and Rural Development (Nabard) has promoted the formation of 6,215 FPOs till date under various schemes, Parliament was informed on Monday. The major support provided to Farmer Producer Organisations (FPOs) includes formation of FPOs, capacity building, credit facilitation and market linkage support, financial literacy, etc, Finance Minister Nirmala Sitharaman said in Lok Sabha. In addition, she said, Nabard, in partnership with Small Farmers' Agri-Business Consortium (SFAC) and Open Network for Digital Commerce (ONDC), has conducted FPO Melas (TARANG-celebrating Collectivisation) at 50 locations across 24 states/UTs to demonstrate the products of FPOs/OFPOs to enable the marketing & branding of FPO products. She further said Nabard extends loan assistance to state governments for the creation of rural infrastructure through various funds, that is, Rural Infrastructure Development Fund (RIDF), Nabard Infrastructure Development Assistance (NIDA), Rural

Raising FDI in insurance aims to unlock sector's full potential: FM

Raising the FDI limit in insurance to 100 per cent will help the sector achieve its full potential by growing at 7.1 per cent per annum over the next 5 years, outpacing the global growth, Finance Minister Nirmala Sitharaman informed Parliament on Monday. The finance minister in Union Budget 2025-26 had proposed to raise the limit of foreign investment in insurance sector from the existing 74 per cent to 100 per cent. Raising the limit will eliminate the need for foreign investors to find Indian partners for the remaining 26 per cent, easing the process of setting up their operations in India, effectively increasing the number of insurers in the country, she said in a written reply to Lok Sabha. This will attract stable and sustained foreign investment, increase competition, facilitate technology transfer, and improve insurance penetration in the country, she said. The decision to increase FDI component in a particular insurance company is made by its promoters, depending upon vario

Over 31,500 govt employees opt for UPS till July 20, says FM Sitharaman

As many as 31,555 central government employees have opted for the Unified Pension Scheme (UPS) till July 20, and the last date to enrol under the scheme is September, Parliament was informed on Monday. In a written reply in the Lok Sabha, Finance Minister Nirmala Sitharaman said as on July 20, 2025, at least 7,253 claims have been received and out of which 4,978 claims have been processed for payment of benefits under UPS. From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for the central government employees. UPS will provide assured payouts to the employees. In reply to a separate question in the House, Minister of State for Finance Pankaj Chaudhary said, "as on July 20, 2025, 31,555 employees have opted UPS". Further, Sitharaman said based on the representations from employees and associations, the cut-off date to opt for UPS was extended for a period of three months up to September 30, 2025. "As per eligibility criteria,

A World in Flux: Sitharaman flags need to reshape institutions for present

At the launch of 'A World in Flux', Finance Minister Nirmala Sitharaman said multilateral institutions are now in limbo and stressed the urgent need to reshape them for today's rapidly evolving world

FM Sitharaman flays tax officials, says OGE issuance delays 'unpardonable'

On Income Tax Day, FM Nirmala Sitharaman urges decisive action on pending tax cases, refunds, and grievance redress, calling for accountability and timely implementation

Delhi to receive Rs 600 cr Central funds under special assistance scheme

Delhi Chief Minister Rekha Gupta said the funds will be used to accelerate development projects across the city

From educator to minister, FM Nirmala Sitharaman opens up on her journey

Finance Minister Nirmala Sitharaman, in a candid conversation in Shillong, reflects on her journey in education, personal values, North East development, and governance