Nirmala Sitharaman

UPI MDR decision purely professional, no external pressure: FM Sitharaman

Finance Minister Nirmala Sitharaman has rejected as "absolutely baseless" allegations by the Opposition that the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on specified UPI transactions above Rs 2,000 was taken under external pressure, saying it was a professional decision by the payment ecosystem. Talking to PTI, Sitharaman said the decision was completely professional, and it was taken jointly by the National Payments Corporation of India (NPCI), payment banks and merchant banks, and not imposed by the government. She rubbished the Opposition's allegations that the government had yielded to foreign pressure, saying the MDR was not a tax and would not accrue to the government. "Absolutely baseless. And I totally deny it," she said when asked about Opposition allegations that the decision on Unified Payments Interface (UPI) MDR was taken under external pressure, particularly from the US. The Finance Minister said the Opposition was "searching for issues" and makin

UPI MDR is not a tax, won't mean extra cost for customers: FM Sitharaman

Finance Minister Nirmala Sitharaman has said the charge on specified merchant transactions above ₹2,000 will be borne within the payments ecosystem, while UPI payments by customers will remain free

Sitharaman calls for stronger Brics voice in global tax negotiations

Sitharaman said India has proposed working groups on international taxation and transfer pricing, and revenue statistics to deepen cooperation among Brics tax administrations

FM Nirmala Sitharaman for dialogue over litigation in business disputes

Finance Minister Nirmala Sitharaman called for greater trust and transparency, saying businesses should engage early with the government and regulators to resolve differences

Next consumption spurt hinges on wage growth: FM Nirmala Sitharaman

The next phase of consumption will be driven by upward mobility into brackets where discretionary spending accelerates, said Finance Minister Nirmala Sitharaman

Focus on scale, resilience, better governance: FM Sitharaman to India Inc

Finance Minister Nirmala Sitharaman on Tuesday asked Indian industry to focus not just on scale but also on building stronger, more resilient, and better-governed enterprises as the country works towards the goal of Viksit Bharat by 2047. Addressing an AIMA event here, Sitharaman said Indian industry needs to build institutions that combine scale with durability, higher quality, better governance and deeper technological capabilities. "India today has the scale of market, the entrepreneurial energy and the institutional capacity to aim much higher. Execution will determine how successfully we convert these strengths into lasting national capability," she said. The contribution of Indian management would be measured by the quality of enterprises and institutions being built today as the country moves toward Viksit Bharat by 2047, she noted. The minister urged industry to focus on creating companies that are not merely bigger, but better competitive, innovative, trusted and resilient

FinMin to hold state finance ministers conference on Viksit Bharat roadmap

The Finance Ministry will organise a two-day conference of finance ministers and finance secretaries of states and Union Territories with legislature here on September 18-19 to deliberate policy priorities for India's development journey towards Viksit Bharat. Finance Minister Nirmala Sitharaman will attend the conference, which will bring together several chief ministers and finance ministers of states along with senior state government officials, the ministry said in a statement. The conference, titled 'Financing India's Journey Towards Viksit Bharat', will focus on policy complementarities between the Centre and states, and seek to bring together academic research and practical policymaking to discuss financing requirements for India's development, it said. Department of Economic Affairs Secretary Anuradha Thakur will outline the objectives of the conference during the inaugural session, it said. The keynote address will be delivered by N K Singh, President and Life Trustee of t

Centre-state meet to discuss GST 2.0 impact, Viksit Bharat roadmap

The two-day conference will discuss GST 2.0, the macroeconomic outlook and financing for agricultural transformation, energy transition and Viksit Bharat

GST Council to take up process reforms at October 7 meeting: FM Sitharaman

Finance Minister Nirmala Sitharaman says the GST Council will discuss e-invoicing, input tax credit rules and other process reforms during its October 7 meeting

Sitharaman urges ITRAF to make tax research more visible in policy process

Union Finance Minister Nirmala Sitharaman on Wednesday urged the International Tax Research and Analysis Foundation (ITRAF) to make its independent tax policy research more visible and contribute directly to policymaking and public discourse. Addressing the Eighth International Tax Conference on 'New Age Taxation' organised by ITRAF here, Sitharaman said India had professionals and experts of the highest calibre in taxation but needed stronger institutional platforms to bring their expertise together and contribute to policy choices. "You have so far contributed quietly, and I would now urge you to contribute visibly, because I understand that the commentary you produce is of such high quality and it reaches the profession, but it should also reach the policy processes, and it should reach the public at large," she said. Sitharaman said ITRAF had brought together chief financial officers and tax heads of major technology companies, senior advocates, partners of leading professional

Tax policy debate must go beyond sectoral interests: FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Wednesday called for independent research on tax policy to become part of public discourse, saying tax professionals must look beyond sectoral interests and put the national interest first. Sitharaman was speaking at the Eighth International Tax Conference on 'New Age Taxation' here organised by the International Tax Research and Analysis Foundation. "A mature tax policy debate must go beyond sectoral considerations," she said, urging tax professionals to "rise above sectoral consideration and put nation first." Sitharaman said the government had deliberately rationalised provisions relating to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), raised thresholds and reduced unnecessary criminal consequences. On international taxation, the finance minister said India renegotiated its tax treaties with Mauritius, Singapore and Cyprus to restore its right to tax capital gains at source.

Gen Z, Gen Alpha generations must put nation first: FM Sitharaman

Calling upon the "Gen Z" and "Gen Alpha" generations to assume leadership and shoulder responsibility, Union minister Nirmala Sitharaman on Tuesday urged young graduates to put the nation first and ask what they can contribute to the country rather than asking what the country has done for them. Addressing the 36th convocation ceremony of Dr M G R Educational & Research Institute here, the finance minister said the country was ready to listen to the aspirations of the youth, but implored them to step forward with a deep sense of responsibility and civic duty. "Whether you call yourselves Gen Z or Gen Alpha, we are all ready to listen to what you have to say. But you must reflect on what is happening around you, what your role is, and what can be achieved for the country through you," Sitharaman said, invoking the famous ethos of asking what one can do for one's country. She exhorted the passing-out students to assume leadership in their respective spheres and never compromise on .

RBI Governor Sanjay Malhotra calls on Finance Minister Sitharaman

Reserve Bank of India Governor Sanjay Malhotra met Finance Minister Nirmala Sitharaman on Monday. "Sanjay Malhotra, Governor-@RBI calls on @nsitharaman," the office of the Finance Minister said in a post on X. The meeting comes weeks after India logged a record 7.8 per cent GDP growth in the first quarter of the current financial year despite global uncertainties. The next meeting of the Monetary Policy Committee (MPC), the RBI's rate-setting panel, is scheduled for October 5-7, 2026. In August, the central bank kept the short-term lending rate (repo) unchanged at 5.25 per cent for the fourth time in a row. The Reserve Bank should raise the benchmark interest rate by 25 basis points next month and again in December as a countermeasure to persistent external shocks, elevated crude oil prices and signs of broader inflationary pressures, an SBI research report said on Friday. "Just one month back, there were practically not much talks of rate hikes, and most (if not all) expected a

FM Sitharaman for AI safeguards to keep pace with rapid tech evolution

Finance Minister Nirmala Sitharaman calls for stronger AI safeguards, human oversight and regulatory coordination while warning against emerging systemic risks

India fastest-growing major economy, clocked 7.8% Q1 growth: FM Sitharaman

India recorded a "remarkable growth" of 7.8 per cent in the first quarter of fiscal year 2026-27 despite global disruptions, and against all odds, remains the fastest-growing major economy in the world, Finance Minister Nirmala Sitharaman said. Sitharaman on Wednesday participated in a high-level business roundtable with investors, organised by the Consulate General of India in New York in association with Bank of America, New York. Addressing investors, Sitharaman said that "despite global disruptions and against all odds, India continues to be the fastest-growing major economy in the world, recording a remarkable growth of 7.8 per cent in Q1 of FY 2026-27," the Finance Ministry said in a post on X. Sitharaman arrived here after participating in the G20 finance ministerial meeting in Asheville, North Carolina. Sitharaman added that with its strong reform orientation, India has also provided greater regulatory certainty through a range of reforms, including the Insolvency and ...

Sitharaman meets World Bank chief Ajay Banga, discuss deepening cooperation

Finance Minister Nirmala Sitharaman has met World Bank President Ajay Banga and discussed further strengthening the partnership between India and the international finance institution to deepen corporate, infrastructure and municipal bond markets. Sitharaman met Banga on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting, in Asheville, on Tuesday. The Union Finance Minister appreciated the World Bank Group's continued engagement with India and acknowledged the speedy processing of the Development Policy Financing (DPF) of USD 1.5 billion," a Finance Ministry statement said. It said Sitharaman appreciated the International Finance Corporation's (IFC) support to MSMEs through SIDBI, which was processed in record time and has had a positive impact on the MSME sector. "The two leaders discussed further strengthening the IndiaWorld Bank Group partnership, including exploring a larger role for MIGA (Multilateral Investment Guarantee Agency) in India to

India to sustain 7% growth in FY27 despite global headwinds: FM Sitharaman

Finance Minister Nirmala Sitharaman says India can maintain its growth momentum despite geopolitical uncertainties and supply-chain disruptions

Finance Ministry to commence exercise for Budget 2027-28 from Oct 12

The Finance Ministry will begin the exercise to prepare the Union Budget for 2027-28 from October 12 amid heightened global uncertainties and rising food and fuel prices. The Budget for the next financial year is expected to focus on the reform continuation exercise to further accelerate economic growth, along with measures to create jobs and boost domestic demand. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence from October 12, 2026. Financial Advisers shall ensure that necessary details...are properly entered in UBIS (Union Budget Information System) before/latest by October 6, 2026," Budget circular 2027-28 issued by the Department of Economic Affairs said. Hard copies of the data in the specified formats should be submitted for cross-verification, it said. It will be the fourth budget of the Modi 3.0 government and the 10th straight Budget for Finance Minister Nirmala Sitharaman, a rare distinction in Indian polity. The circular further said that pre-bud

Sitharaman invites global investors to manufacture, innovate in India

Finance Minister Nirmala Sitharaman invited global investors to set up manufacturing bases, and technology and innovation centres in India, urging them to leverage talent and opportunity to build for the world. Addressing a high-level Business Roundtable with leading investors and business leaders in Chicago on Friday, Sitharaman highlighted India's broad-based growth, reform momentum and expanding opportunities for long-term investment. Sitharaman emphasised that India's investment proposition rests not on any single sector, but on the convergence of scale, growth, talent, infrastructure, technology and sustained reform over the past decade. "The policy environment is increasingly focused on enabling businesses to invest, manufacture, innovate and expand," she said at the roundtable organised by India's Consulate General in Chicago in association with US-India Strategic Partnership Forum. The Finance Minister invited global partners to co-develop, co-produce and build for global .

India, Canada on track to reach $50 billion trade target by 2030: FM

The two countries are discussing a free trade agreement aimed at boosting bilateral trade, while also exploring a financial investment protection agreement