Page 8 - Finance Minister

In ChatGPT era, Chhattisgarh FM presents 100-page handwritten Budget

In an age where even court rulings are drafted using AI-powered chatbots, Chhattisgarh's Finance Minister OP Choudhary showcased his personal dedication by presenting a 100-page handwritten budget in Hindi, reflecting his hands-on approach and commitment to the budget preparation process. Choudhary, a former IAS who quit service to join politics as he saw it as a bigger medium to serve the public, literally burnt midnight oil, hardly sleeping for a couple of hours in the days leading to the March 4 presentation of the Budget for the fiscal year starting April 1 in the Chhattisgarh assembly. The rare act that displayed a sense of ownership and dedication to the state's financial planning and goals stood out, especially since most budget documents are typically prepared by a team of officials or typed out on computers. "I was writing my own (Budget) speech and I realised that a handwritten document expresses my feelings, my emotions, my vision, my commitment, and my attachment more. A

India eyes strong trade deal with US, aims to double trade: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said India is looking for a "good" trade agreement with the US to promote economic growth and ensure smooth supply chains. She also said that amid a growing global tariff war, India will have to move "smartly" to guard against possible dumping of goods from countries that are facing higher US tariffs. At the same time, India will protect the interests of domestic industries that rely on affordable imports. "In a broad sense, I think, both sides should have ambition for a good treaty, and nobody can fault that. Particularly for India, when you are looking at Viksit Bharat, you need to have good traction. Everybody is concerned about the growth numbers," she said at The Economic Times Awards. The minister said that a lot more steps are required to strengthen the country's exports across the board, wherever there is potential. "So, I am sure the commerce minister (Piyush Goyal) is quite seized of this, and he would take this (trade) ...

Very close to decision on reducing GST rates & slabs: Nirmala Sitharaman

Speaking on the ongoing efforts to simplify the GST structure, Nirmala Sitharaman said, 'We are very close to closing in on a final call on the reduction in GST rates and slabs'

Indian banks must continue to innovate, boost efficiency: Finance Minister

The finance minister virtually inaugurated 70 branches across India, 501 women customer service points, coinciding with the International Women's Day

FM launches digital footprint-based credit assessment model for MSMEs

The Finance Ministry statement further noted that the benefits to MSMEs by use of this model includes submission of application from anywhere through online mode, reduced paperwork and branch visit

Centre, Kerala govt clash over pending ASHA workers' incentive funds

Talking to reporters in Kollam, Balagopal said that the Centre had yet to release Rs 100 crore in pending payments

Govt to initiate action to realise Rs 1.36 trn pending dues: J'khand FM

The Jharkhand government will initiate legal action to realise its "Rs 1.36 lakh crore dues" pending with the Centre, Finance Minister Radhakrishna Kishore informed the assembly on Monday. Kishore made the assertion while presenting the state budget of Rs 1.45 lakh crore in the House. Earlier, during Question Hour, Excise Minister Yogendra Prasad, however, said that a joint committee has been formed comprising representatives of the Centre and the state to evaluate the exact outstanding amount. The state government has been claiming for several years that the Centre owes Rs 1.36 lakh crore to the state in lieu of coal mined by entities such as Coal India Ltd. "A joint committee of the Centre and the state has been formed on March 1 this year. The panel will assess the state's claim of Rs 1.36 lakh crore coal dues and verify the outstanding in every head. We will realise the amount as per the committee report," Prasad said in the assembly in reply to a query. The government's reply

Sitharaman urges civil accounts officers to simplify Govt's annual accounts

Finance Minister Nirmala Sitharaman on Saturday asked civil accounts services officials to work towards making the government's annual accounts more approachable and user-friendly. Addressing the 49th Civil Accounts Day event here, Sitharaman lauded the Indian Civil Accounts Service (ICAS) officers, led by the Controller General of Accounts (CGA) for the "silent technological revolution" in which states are finding a lot more ease of operation and ease of getting their government business done by adopting the public financial management system (PFMS). "I would also like you to examine, in consultation with the CAG, whether it would be possible to make the annual accounts more approachable and user-friendly and allow citizens to analyse easily and generate customisable and simpler reports," Sitharaman said. She said that since a lot of digital integration has already taken place with the states, more research can be carried out based on the data set available with the CGA. "If you're

Global order won't be determined by developed nations: FM Sitharaman

Finance Minister Nirmala Sitharaman spoke on the theme 'The Great Reset: India in a New World Order' at BS Manthan

We have lost our credibility, need urgent economic reforms: Pak FM

Finance Minister Muhammad Aurangzeb said on Thursday that Pakistan had lost its credibility as the country struggled to achieve economic stability. He was speaking at a Senate climate change committee meeting, where he discussed the country's climate financing challenges and its negotiations with international lenders, The Express Tribune newspaper reported. We have lost our credibility as a country, Aurangzeb stated, adding that urgent economic reforms were necessary to restore the trust. He revealed that the Asian Development Bank (ADB) had committed USD 500 million, while Pakistan expects to secure USD 1 billion from the International Monetary Fund (IMF) next week. The government is also working on issuing green panda bonds to attract further investment, he said. The green panda bonds are issued in Chinese yuan by a foreign entity and the proceeds from these are used for green projects or assets. Aurangzeb also announced a major shift in tax policy, stating that the Finance ..

Kharge slams Modi govt, calls Sitharaman's 'good returns' claim ironic

Congress president Mallikarjun Kharge on Tuesday termed as ironical the claim of Finance Minister Nirmala Sitharaman that the Indian economy is giving good returns, and said a "visionless" Modi government has tanked the economy and ruined the lives of Indians. "Nothing can be more ironical than Modi Sarkar's FM saying that our Economy is delivering 'Good Returns', he said in a post on X. Kharge said Rs 45 lakh crore has been wiped out from the Indian stock markets so far in 2025 and Nifty 50 firms have shown the worst quarterly profit growth in five years. "Foreign Investors have sold over Rs 1.56 lakh crore of stocks since October last year, including nearly Rs 1 lakh crore in 2025 itself, which has led to wiping out wealth of small and medium investors," the Congress chief said. "Rupee at 87, means Trade Deficit is sky-high. Imports have risen by 62.21 percent in the last 5 years. The Modi Government's Trade policy is disastrous for India," he said. Drawing a comparison, Kharge

Govt, RBI working together to control inflation and drive growth: FM

Union Finance Minister Nirmala Sitharaman on Monday said the government and Reserve Bank are working in "sync" to control inflation and in turn boost growth. Speaking to reporters here, the finance minister said inflation cooled to nearly 4 per cent, and attributed this outcome as a factor which helped the Reserve Bank cut interest rates first time in over four years when it slashed the repo rate by 25 basis point this month. "Inflation-related management of supplies and also the monetary policy is working in sync in order to favour the growth cycle," the FM said. She said that inflation management also includes work on aspects relating to imported inflation. Meanwhile, Sitharaman handed over keys to homebuyers from select projects in the Mumbai Metropolitan Region (MMR), whose long-stressed residential projects have been completed under the "Special Window for Affordable and Mid-Income Housing (SWAMIH I) Investment Fund". The milestone marks the completion of 50,000 homes, as per

Govt, RBI keeping vigil on rupee fluctuation: FM Sitharaman in Rajya Sabha

The FM said that the value of the Indian rupee is influenced by various factors such as the index of the dollar, trends in capital flows, interest rates, and crude price movements

FM replies to Jaya Bachchan: Tax on movie tickets reduced from 28% to 18%

Responding to questions raised by MP and former actor Jaya Bachchan's about the film industry, Finance Minister Nirmala Sitharaman said entertainment tax has been streamlined under the GST regime

No state has been ignored: Nirmala Sitharaman defends Budget in Rajya Sabha

Finance Minister Nirmala Sitharaman counters Opposition claims that the Budget favoured BJP-ruled states, especially poll-bound Bihar

FM presents new I-T Bill in LS, to be reviewed by a standing committee

The Income Tax Bill 2025 will undergo review by a standing committee before being sent back to the government for approval. Thus it will some time for it to be passed in the Parliament

Masterclass in deflecting blame: KC Venugopal slams FM's Budget reply

In his X post, he said Sitharaman's reply was more about political point-scoring than addressing the concerns raised by the opposition

Govt using almost entire borrowings in FY26 towards capex: FM Sitharaman

The government is using almost the entire borrowing in 2025-26 towards financing capital expenditure, Finance Minister Nirmala Sitharaman said on Tuesday. She said the effective capital expenditure in FY'26 is Rs 15.48 lakh crore, which is 4.3 per cent of GDP. The fiscal deficit target is 4.4 per cent of the GDP for next fiscal. "It indicates that the government is using almost the entire borrowed resources for financing effective capital expenditure. So the borrowings are not going for revenue expenditure or committed expenditure, or any of those kinds. It's going only for creating capital assets. So, in effect, the government intends to use about 99 per cent of borrowed sources to finance effective capital expenditure in the upcoming year," she said in the Lok Sabha. Replying to a discussion on General Budget 2025-26, Sitharaman said the Budget has come in a time of immense uncertainties, changes in the global macro-economic environment, stagnating global growth and sticky ...

Due diligence of IDBI Bank's qualified bidders underway: MoS Finance

The due diligence of qualified bidders for IDBI Bank, which is up for privatisation, is underway, Minister of State for Finance Pankaj Chaudhary said on Monday. The government, along with LIC, is selling nearly 61 per cent stake in IDBI Bank. This includes a 30.48 per cent stake of the Government of India and 30.24 per cent of LIC. In January 2023, the Department of Investment and Public Asset Management (DIPAM) received multiple Expressions of Interest (EoI) for buying stake in IDBI Bank. "After security clearance by Ministry of Home Affairs (MHA) and fit and proper evaluation by the Reserve Bank of India (RBI), the due diligence by the qualified bidders is being done," Chaudhary said in a written reply in the Lok Sabha. After the required clearances, investors would get access to the data room and a due diligence process will be initiated. At present, the government holds 45.48 per cent in IDBI Bank, while LIC's shareholding is 49.24 per cent. To a question on whether the gover

Action against banks, NBFCs if they violate gold auction norms: Sitharaman

Finance Minister Nirmala Sitharaman on Monday said action will be taken in case there are violations of well laid down processes for auctioning of gold by banks and NBFCs when a borrower fails to pay the gold loan. During Question Hour in Lok Sabha, she said Non Banking Financial Companies (NBFCs) and Scheduled Commercial Banks (SCBs) are guided by similar rules. There are very well laid down and tight processes in place for auctioning of gold by NBFCs and banks in case a borrower fails to pay the gold loan. These processes are followed by NBFCs and banks, she told Lok Sabha. There is a process for giving enough number of notices to bank account holders to say their servicing is not up to the mark. In the eventuality of a borrower not coming back to pay, the bank or NBFC will be forced to go for an auction, the minister said. Sitharaman stressed that even while going for an auction, there are very well laid out procedures and tight processes. "... if these processes are violated,