Page 6 - Finance Minister

Finance Ministry calls for joint effort to cut backlog at debt tribunals

The Finance Ministry on Saturday urged all stakeholders to collaborate in reducing pendency of cases at debt recovery tribunals (DRTs) by establishing an effective recovery ecosystem. This would facilitate the redeployment of capital locked in cases pending before DRTs for productive use in the economy, the finance ministry said in a statement. During a colloquium of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) organised by the Department of Financial Services (DFS), the Ministry of Finance also discussed effective implementation of DRT Regulations, 2024 and prioritisation of high value cases in DRTs for optimal recovery. Justice S V N Bhatti, Judge of the Supreme Court of India, graced the meeting which was also attended by senior officers of the DFS, representatives of various public and private sector banks and Indian Banks' Association. DFS Secretary M Nagaraju highlighted various key initiatives taken by the

Expedite M&As that pose no competition threat: FM Sitharaman to CCI

Antitrust regulator must balance 'regulatory vigilance with a pro-growth mindset', says Nirmala Sitharaman

FM Nirmala Sitharaman to meet PSB chiefs on Thursday for annual review

Finance Minister to meet PSB chiefs to assess FY25 performance, inclusion scheme rollout, credit and deposit growth, and digital banking progress

AI regulation needs global cooperation, not isolated moves: Sitharaman

Speaking in Milan, Finance Minister Nirmala Sitharaman said a single-country approach to AI regulation risks failure as technology transcends national boundaries

Operation Sindoor: India shall never tolerate terrorism, says Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said 'Operation Sindoor' is a strong response by India's armed forces, showing the country shall never tolerate terrorism. Indian armed forces on early Wednesday carried out missile strikes on nine terror targets in Pakistan and Pakistan-Occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base in Muridke. The military strikes were conducted under 'Operation Sindoor' two weeks after the Pahalgam attack that killed 26 civilians. In a post on X, Sitharaman said under the leadership of Prime Minister Narendra Modi, India will ensure that every perpetrator of terror is pursued. "#OperationSindoor is a strong response by @adgpi, hitting at the terror hubs in Pakistan. India shall never tolerate terrorism," Sitharaman posted on X. The Minister is currently in Milan, Italy, to attend the annual meeting of the Asian Development Bank.

No Pakistan-related issues discussed: ADB on meeting with FM Sitharaman

Finance Ministry officials also said that there was no discussion on issues related to Pakistan with ADB President and the Italian Finance Minister

Despite global risks, Indian economy poised for steady growth: FinMin

With the right strategies in place, continued domestic reforms, and a strong focus on infrastructure development and job creation, the economy can demonstrate resilient growth despite global uncertainties, a finance ministry report said on Tuesday. India's long-term growth is driven by macroeconomic stability, a resilient external sector, declining fiscal deficit, easing inflation, improving employment prospects, and high consumption expenditure, the March edition of Monthly Economic Review released by Department of Economic Affairs said. Private capital formation holds the key to the sustainability of this favourable constellation, it said, adding that public policy and regulatory measures can both facilitate and nudge the private sector to do its part. Nevertheless, it said, while geopolitical uncertainties present challenges for India, too, they also offer an opportunity to strengthen its position in international trade and manufacturing by leveraging its comparative advantages i

Finmin plans to introduce Insurance Amendment Bill during monsoon session

The Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, may be introduced in Parliament in the upcoming monsoon session, sources said. The draft bill is ready and will be placed before Cabinet for its approval soon, sources said, adding, after Cabinet nod the Department of Financial Services under the finance ministry would begin the process for introduction of the Bill in the Parliament. The ministry hopes to table the Bill in Parliament during the upcoming monsoon session, sources said. Monsoon session of Parliament usually commences in July. Finance Minister Nirmala Sitharaman in this year's Budget speech proposed to raise the foreign investment limit to 100 per cent from 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 wil

FinMin authorises I4C to share info under PMLA to combat cyber frauds

The government has authorised Indian Cyber Crime Coordination Centre (I4C) to share and receive information from the Enforcement Directorate under the anti-money laundering law, a move aimed at detecting money trail and combating cyber frauds. Established under the home ministry, I4C is envisaged to act as the nodal point to curb cybercrime in the country. I4C focusses on improving coordination between various law enforcement agencies and the stakeholders, driving change in India's overall capability to tackle cybercrime. In a notification dated April 25, the Revenue Department under the Finance Ministry included I4C under Section 66 of the Prevention of Money Laundering Act (PMLA). This would help I4C to share and receive information from the Enforcement Directorate (ED) and other law enforcement agencies. Amid growing instances of cyber frauds targeting common man, this information sharing would help identify the masterminds behind such frauds which are mostly trans-national. Suc

Sitharaman cuts short US, Peru visit after Pahalgam terror attack

Following the terror attack in Jammu and Kashmir, Finance Minister Nirmala Sitharaman is cutting short her official visit to the US and Peru and will depart for India at the earliest, according to an official statement on Wednesday. Sitharaman arrived in the US on Sunday for a six-day visit, after which she was scheduled to travel to Peru for a five-day trip. "Union Minister for Finance and Corporate Affairs Smt. @nsitharaman is cutting short her official visit to the USA-Peru. She is taking the earliest available flight back to India to be with our people in this difficult and tragic time," the Finance Ministry said in a post on X. This comes as 26 people were killed after terrorists opened fire at a famed meadow near Kashmir's Pahalgam town on Tuesday. Most of those killed were tourists. Earlier, Prime Minister Narendra Modi, who was on an official visit to Saudi Arabia, also cut short his two-day visit and departed for New Delhi on Tuesday night, as the terror attack sent ...

We hope to sign first phase of bilateral pact with US by Oct: FM Sitharaman

Finance Minister Nirmala Sitharaman on Sunday said India is "actively engaging" with the new US administration and hopes to conclude the first tranche of the bilateral trade agreement "positively" by fall (September-October) this year. "We are one of the countries which is actively engaged with the new administration of the United States of America to see how best we can get a bilateral trade agreement done," he said during an interaction with the Indian diaspora here. Earlier this year, US President Donald Trump and Prime Minister Narendra Modi agreed to launch talks for a bilateral trade deal amid the lurking fear of reciprocal tariff being imposed by Washington. "Equally, the priority that we gave to engage with the government here is more than obviously seen with the Prime Minister himself visiting the United States in February. You had the Commerce and Trade Minister come. I have come here because I also have the IMF and World Bank meeting. "I am scheduled to meet the treasury

Nirmala Sitharaman arrives in San Francisco for five-day US visit

She will participate in an event featuring the Indian diaspora in San Francisco and interact with the Indian community settled there

Sitharaman to assess RRB consolidation as 'One state-one RRB' takes effect

Finance Minister Nirmala Sitharaman is likely to review the implementation and progress of 'One state-one RRB' on May 6. One state-one RRB will become a reality from May 1 with consolidation of 15 Regional Rural Banks across 11 states to achieve better operational efficiency and cost rationalisation. With this fourth round of consolidation of regional rural banks (RRBs), the number would reduce to 28 from the existing 43. According to sources, the Finance Minister is scheduled to hold a meeting with RRBs and review various issues including consolidation. RRBs in 11 states - Andhra Pradesh, Uttar Pradesh, West Bengal, Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan - are to be merged into one entity, for each of these to realise the goal of One state-one RRB. In Andhra Pradesh, Chaitanya Godavari Grameena Bank, Andhra Pragathi Grameena Bank, Saptagiri Grameena Bank and Andhra Pradesh Grameena Vikas Bank sponsored by Union Bank of ...

India to navigate global disruptions with policy agility: FM Sitharaman

Speaking at the 150th anniversary celebration of the BSE, Sitharaman acknowledged the risks posed by "tariff wars" but expressed confidence in India's resilient economy

FM Sitharaman invites Austrian firms to invest in emerging sectors in India

Finance Minister Nirmala Sitharaman on Friday urged Austrian companies to invest in India as it offers many opportunities in new and emerging sectors. Addressing the India-Austria business roundtable in the capital city Vienna, she said Austrian companies should harness many opportunities that India offers as the country has made tremendous progress as a result of the government's efforts in accelerating economic growth and equity as well as reforms to ensure the ease of doing business. "I also highlighted emerging opportunities in new and emerging sectors such as green hydrogen, electric vehicles, digital public infrastructure and innovation. India is an excellent gateway to Asia and the global south," she said. Overall, she said, the prospects for a stronger India-Austria, economic and commercial partnership are very bright. Stressing that India has the manufacturing base and scale, she said, several Austrian companies have set up capability centres in India to leverage the ...

India's domestic demand big magnet amid US trade tariffs, says Sitharaman

Finance Minister Nirmala Sitharaman said on Tuesday that the resilience of the economy and strength of domestic demand will continue to make India an engine of growth amid the rapidly evolving global trade landscape as a result of US tariffs. In an interaction entitled the Opportunities and challenges for India's quest to become a developed economy by 2047' at the High Commission of India in London, she asserted that the economy was well placed to capitalise on domestic efficiencies and competitiveness as it tackles global headwinds. The world has seen depressed growth for over several years; earlier, it was low interest for long and now it's going to be low growth for long, and that's not happy news for anybody, said Sitharaman, who is here on her first UK visit in her current Union Cabinet term. India has maintained its fastest growing economy tag continuously now for five years and we still think that momentum may moderate a bit, but it will still be India who will keep that grow

Nirmala Sitharaman arrives in London at start of six-day Europe tour

Finance Minister Nirmala Sitharaman arrived in London on Monday evening at the start of a six-day official tour of Europe from April 8-13, which will also cover Austria. The Ministry of Finance announced her arrival with a social media post after the Indian High Commissioner to the UK, Vikram Doraiswami, received the minister at Heathrow Airport. Sitharaman is scheduled to kick-start her UK visit with an in-conversation session at the High Commission of India in London in partnership with the London School of Economics (LSE) on Tuesday. This will be followed by the 13th Ministerial Round of the India-UK Economic and Financial Dialogue (EFD) with her UK counterpart, Chancellor Rachel Reeves, on Wednesday. Both leaders are expected to announce and launch various reports and new initiatives for further bilateral collaborations, according to an official pre-visit Indian government statement. The 13th EFD is a significant bilateral platform between the two countries that offers ...

'Laboured and tortuous': Chidambaram on Sitharaman's explanation on capex

Senior Congress leader P Chidambaram on Tuesday said Finance Minister Nirmala Sitharaman gave a "tortuous" explanation to his question about capital expenditure and asserted that the numbers "conclusively" proved that there was a "cut" in capex during 2024-25. Chidambaram said this in a statement late this evening while responding to the answers given by Sitharaman in the Rajya Sabha. The former finance minister said Sitharaman has given a "laboured and tortuous" explanation to a simple question on what was the budget estimate for capital expenditure in the 2024-25 budget and what is the estimate at the end of year. "There is a reduction (cut), and I asked in the Rajya Sabha what are the reasons for the cut? FM could have listed the reasons and it is for the people to decide whether the reasons are acceptable or not. "Instead, she has questioned the very comparison of BE and RE. I am astonished that the Hon'ble FM should say that comparison of BE and RE is 'flawed'. If BE and RE ar

Capex not cut, states got Rs 1.46 trn special assistance in FY25: FM

Sitharaman said that state governments have requested for continuing the scheme and enhancing the outlay for the scheme from time to time. In FY25, a total of Rs 1,53,673 crore was earmarked for this

India to scrap 6% equalisation levy on digital ads, leading to revenue loss

This decision, announced in the Finance Bill 2025-26, will benefit global tech companies like Google, Meta, and Amazon by reducing their tax burden and operational costs in India