Page 7 - Finance Minister

Finance ministry meets Moody's execs, makes case for ratings upgrade

Moody's said that Pakistan-India tensions, including the flare-up earlier in May, would weigh on Pakistan's growth more than on India's

FM flags drug menace as major national threat, seeks stronger DRI action

Nirmala Sitharaman says drug trafficking is the biggest threat to the nation, urging DRI to target criminal masterminds and coordinate with state police more effectively

Profits earned through ethical means create wealth for nation: FM

Finance Minister Nirmala Sitharaman on Saturday said the government led by Narendra Modi refers entrepreneurs as wealth creators as the profit earned by them through ethical ways help drive development goals. "Wealth creation in India has never been a taboo in India. We promoted wealth creation. We would want wealth creation. That is why entrepreneurs in India, under Prime Minister Modi, we refer them as wealth creators. They are not thieves," she said while addressing the National Commemorative Seminar on 60 years of Pandit Deendayal Upadhyaya Integral Humanism Lectures. Pandit Upadhyaya was one of the founding members of Jan Sangh from which the Bharatiya Janata Party (BJP) emerged in April 1980. "We would like to have profit created by genuine ethical practices, and that is what is going to create wealth for the nation. And once you have wealth, you give dignity of labor, you provide for education, you provide for skilling, and you lift the tempo and the spirit of the nation," sh

FinMin suggests RBI to give relief for borrowers under ₹2 lakh gold loan

In April, the RBI released draft norms mandating, among other requirements, that borrowers furnish proof of ownership for the gold used as collateral

Finance ministry seeks relaxation in RBI's new gold loan proposals

In April this year, the RBI had proposed tighter rules for monitoring and disbursement of gold loans, often used by low-income borrowers

Tech integration in Op Sindoor a global case study: FM Nirmala Sitharaman

The finance minister said on Thursday that tech-led coordination during Operation Sindoor marks a turning point in India's defence strategy

FM meets ADB President; seeks support for integrated rural prosperity

Finance Minister Nirmala Sitharaman on Thursday met Asian Development Bank (ADB) President Masato Kanda and sought enhanced support for integrated rural prosperity initiatives, including job creation. The discussions focused on shaping the partnership in line with Prime Minister Narendra Modi's vision for Viksit Bharat by 2047. The Indian delegation emphasised the 'Budget Plus' and 'Finance Plus' approach for driving systemic change and fostering innovation to align with India's 'reform, perform and transform' approach, while urging for agility in responding to emerging national priorities, the finance ministry said in a post on X. Stressing that the 'Antyodaya' principle which aims at ensuring development reaches the last person in society she asked ADB to support integrated rural prosperity measures. "She urged deeper ADB support for integrated rural prosperity measures, including creation of jobs and local entrepreneurship, and fostering innovation in agriculture, to transform

FM Nirmala Sitharaman signals policy aid to fintechs in Pine Labs visit

Sitharaman may visit more fintech companies and global capability centres across major cities

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