Page 45 - Finance Minister

Today's realities dictated interest rate cut on employee PF, says FM in RS

8.1% rate better than interest rate on small saving deposits, says FM in Rajya Sabha

Sebi chief Madhabi Puri Buch calls on FM Nirmala Sitharaman

Earlier, Buch had held a number of top positions in the private sector, including at ICICI Bank

Rs 54,604-crore ECLGS loans for FY22 guaranteed: Finance ministry

This is down from Rs 1.57 trillion worth of loans guaranteed in 2020-21

Many states request GST compensation extension beyond 5 years: FM

Many states have requested extension of the compensation mechanism under the GST beyond June 2022, Finance Minister Nirmala Sitharaman said on Monday. Under the Goods and Services Tax (GST) law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16. The 5-year period ends in June 2022. The compensation amount to be paid from the compensation fund is arrived at by levying cess on top of the highest tax slab on luxury, demerit and sin goods. In a written reply in the Lok Sabha, Sitharaman said the central government is committed to giving GST compensation to states/UTs for 5 years as per the Constitutional provision. To a query whether the government has received proposals from state governments requesting extension of compensation mechanism for another five years in view of

Digital economy to see exponential growth to $800 bn by 2030: FM

The total number of retail investor accounts has almost doubled, from about 45 million as of March 2016 to 88.2 million by March 31 2021, said Finance Minister Nirmala Sitharaman

E-Bill system will end 'rent seeking' in govt contracts: FM Sitharaman

Nirmala Sitharaman said the new Electronic Bill (e-Bill) processing system will stop any possible 'rent seeking' in the clearance of dues to contractors or suppliers of government departments.

IPR plays important role in strengthening growth, focus on development: FM

The Finance Minister mentioned that 28,000 patents were granted last year as opposed to 4,000 in 2013-2014 and last year also witnessed registration of 2.5 lakh trademarks and over 16,000 copyrights

Strong Centre-State relations essential for development: FM Sitharaman

Sitharaman mentioned managing the growing urbanisation to create stronger communities as one of the areas in which the Centre and states' coordination will be essential

FM Nirmala Sitharaman holds meeting with hospitality, tourism sectors

Finance Minister Nirmala Sitharaman on Friday held a meeting with representatives from travel, tourism and hospitality sectors to discuss various credit related issues with them. The meeting was also attended by senior finance ministry officials and heads of various public sector banks (PSBs). "Along with the FM, the meeting was also attended by MoS Finance Shri @DrBhagwatKarad; Finance Secretary; Secretaries for Financial Services, Economic Affairs & Revenue; chiefs of PSBs & IBA, besides senior officials from @FinMinIndia," the finance ministry said in a tweet. It is to be noted that Budget 2022-23 had proposed to open an additional Rs 50,000 crore window under the Emergency Credit Line Guarantee Scheme (ECLGS) to support hospitality and related services sector. "Hospitality and related services, especially those by micro and small enterprises, are yet to regain their pre-pandemic level of business. Considering these aspects, the ECLGS will be extended up to March 2023 and ..

On cryptocurrencies India is choosing to incrementally confuse

If the government decides to ban cryptocurrencies, it is going to have to fight an uphill battle as banning them will lead to a profusion of illegal ways in which people access them.

Maintain constant vigil on financial sector: FM Sitharaman to regulators

The Financial Stability and Development Council (FSDC) meeting attended by various financial sector regulators comes against the backdrop of rising tension between Russia and the US over Ukraine

Banks will have to be a lot more friendly while serving customers, says FM

Responding to a query on hassle-free loans to startups, she said performance in servicing loans under MUDRA and SVANIDHI has been very good

Did not expect this from Manmohan Singh, says FM Nirmala Sitharaman

Nirmala Sitharaman said Singh is remembered for having brought India to "fragile five" and rampant inflation during his term

NARCL to help reduce banking stress, kick-start credit cycle: RBI article

The cross-country evidence suggests that if the logistical and financial challenges are carefully navigated, experiments of centralised bad bank can have more hits than misses: RBI article

Loans to ABG Shipyard turned NPAs prior to 2014, says FM Sitharaman

Normally banks take 52-56 months of time to detect such cases and initiate follow-up actions, said Finance Minister Nirmala Sitharaman

Discussions on with RBI over digital currency: Finance Minister Sitharaman

Sitharaman in her Budget speech on February 1 had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year

FM Nirmala Sitharaman condoles death of noted industrialist Rahul Bajaj

Under his stewardship, flagship firm Bajaj Auto saw its turnover growing to Rs 12,000 crore from just Rs 7.2 crore with the firm's scooters becoming the mainstay

Budget brings stability, inflation less than that during 2008 crisis: FM

There is no question of a slowdown or recession, said Sitharaman, as she cited an estimated 9.2 per cent GDP growth in the current fiscal year ending March 31

Internet connectivity in rural India growing at fast pace: Sitharaman

Rural internet user base is growing three times faster and is likely to surpass the urban user numbers soon, said Finance Minister Nirmala Sitharaman in the Rajya Sabha

You started privatisation in 1991: Sitharaman to Cong in Rajya Sabha

Congress initiated the privatisation process in 1991 and disinvestment of worth over Rs one lakh crore was made in 1991 and the following years, she said