Nirmala Sitharaman

Sitharaman defends govt on Neet row, says Congress 'exploiting issue'

FM Nirmala Sitharaman said the government's response ensured arrests, a timely re-examination and prompt declaration of results, allowing students to move ahead with admissions.

Value of rupee market-determined with no specific level or band: Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said the rupee's value against the US dollar is market-determined and there is no target or specific band for the domestic currency. "The government closely tracks the trends in key economic parameters, including exchange rate movements, along with their implications for economic growth and fiscal stability. These issues are discussed at various fora at various levels of the government," she said in a written reply in the Rajya Sabha. On Tuesday, the rupee pared initial losses and settled 12 paise higher at 96.24 (provisional). Traders attribute the recovery to RBI's intervention. Sitharaman said the value of the rupee is market-determined, with no target or specific level or band, and RBI regularly monitors the foreign exchange market and intervenes in situations of excess volatility. Further, the RBI monitors key developments across the globe which may have an impact on the USD-INR exchange rate, she said. Various measures have been

FCNR(B) inflows trail expectations as rupee comes under fresh pressure

The rupee weakened as initial FCNR(B) deposit inflows fell short of market expectations, though analysts said it was too early to assess the success of the RBI's measures

India asks state-owned banks to step up foreign currency deposits

The Centre has asked state-run banks to intensify efforts to mobilise NRI deposits as policymakers seek to strengthen foreign exchange reserves

FM asks banks to step up NRI outreach as FCNR(B) mobilisation gathers pace

Lenders report encouraging response from Singapore, HK, Gulf, UK, US; ECB inflows seen picking up in Q3 FY27

FM Sitharaman to meet PSB chiefs to review foreign currency deposit drive

Finance Minister Nirmala Sitharaman will meet the heads of public sector banks (PSBs) on Monday to review the progress of the foreign currency deposit mobilisation campaign being undertaken by the lenders. In a bid to attract foreign currency deposits by Non-Resident Indians, Overseas Citizens of India, and Persons of Indian Origin, the Reserve Bank of India last month withdrew, till September 30, interest rate ceiling on fresh Foreign Currency Non-Resident (Bank) deposits of 3-5 years' maturity. The move came at a time when FCNR(B) deposit inflows weakened sharply, with net inflows dropping to just USD 946 million in FY26 from USD 7.1 billion in FY25. The Finance Minister will chair the meeting of chiefs of PSBs and financial institutions, including IDBI Bank, on mobilisation of FCNR(B) deposits, Overseas Foreign Currency Bonds and External Commercial Borrowings on July 13, sources said. Under the new arrangement, the RBI is offering a concessional foreign exchange swap facility

FM Nirmala Sitharaman to meet heads of public sector banks on Monday

Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on Monday to review progress of foreign currency deposit mobilisation excercise being undertaken by them. In a bid to attract foreign currency deposits by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs), the Reserve Bank of India last month withdrew, till September 30, interest rate ceiling on fresh Foreign Currency Non-Resident (Bank) deposits of 3-5 years' maturity. The move came at a time when FCNR(B) deposit inflows weakened sharply, with net inflows dropping to just USD 946 million in FY26 from USD 7.1 billion in FY25. The Finance Minister will chair a meeting of public sector banks and financial institutions, including IDBI Bank, on mobilisation of FCNR(B) deposits, Overseas Foreign Currency Bonds and External Commercial Borrowings on July 13, sources said. Under the new arrangement, the RBI is offering a concessional foreign exchange

FM Sitharaman, CEA urge GCCs to move up the value chain as AI threat looms

Nirmala Sitharaman urged GCCs to move up the value chain, while the CEA warned AI could erode India's cost advantage if firms fail to innovate

FM Sitharaman asks toy makers to aim for a quarter of global market by 2032

Finance Minister Nirmala Sitharaman urged the Indian toy industry to target a quarter of the global toy market, citing government support and quality measures to boost manufacturing and exports

Middle class growth engine of India, 500 cities to be economic hubs: FM

Finance Minister Nirmala Sitharaman on Friday described the middle class as the growth engine of India and said nearly 500 cities are poised to emerge as the country's next centres of economic activity. Participating in a panel discussion on 'How to promote the rise of a new middle class' at the Rencontres Economiques d'Aix-en-Provence, a major economic forum of France, Sitharaman said 31 per cent of India's population is middle class as of today. Since India opened its economy, the middle class is growing at an annual rate of 6.3 per cent, she noted. "We think 93 per cent of all spending in India will be because of the middle class or the slightly affluent consumers...and again, this middle class is not concentrated in our metropolitan cities...India's model has resulted in the development in such a way that the middle class is present not just in big cities but they are on the contrary in these tier two, tier three cities," the finance minister said. The distribution of wealth is

Sitharaman invites French firms to partner in India's Viksit Bharat journey

Finance Minister Nirmala Sitharaman invited French businesses and investors to partner with India in its journey towards Viksit Bharat 2047, emphasising the need to strengthen the India-France Strategic Partnership and work towards shared prosperity for both countries. Addressing an India-France Business Roundtable in Paris on Thursday, she urged French investors to explore partnerships in healthcare, pharmaceuticals and biotechnology by leveraging the two countries' complementary strengths in life sciences, vaccines, active pharmaceutical ingredients (APIs), clinical research, precision medicine and digital health to build resilient healthcare value chains. The minister also highlighted India's clean energy transition, including the target of achieving 500 GW of non-fossil fuel capacity by 2030, the National Green Hydrogen Mission and Production Linked Incentive (PLI) schemes, saying these initiatives offer significant investment opportunities in renewable energy, green hydrogen, ..

Sitharaman begins four-day France visit to deepen economic, strategic ties

The finance minister will co-chair the India-France Economic and Financial Dialogue, meet business leaders and participate in a global economic forum during her four-day visit

States should use borrowings for asset creation, not handouts: FM

Union Finance Minister Nirmala Sitharaman on Thursday emphasised that state governments must channel their borrowed funds into long-term capital expenditure, such as schools and hospitals, rather than relying heavily on revenue expenditure like cash distributions when financial resources are tight. Addressing the media, Sitharaman underscored that taking loans to create public infrastructure yields a positive economic impact and generates employment for the next 50 to 60 years. "Borrowing is not the issue, but what you do with the borrowed money matters. Are you creating assets? Is it bringing education, industries, or increasing employment? That should be the focus," she said, noting that states are permitted to borrow up to three per cent of their Gross State Domestic Product (GSDP). Sitharaman, who is on a two-day visit to Tamil Nadu and Puducherry, attended Maha Kumbabhishekam of Sri Upanishad Brahmendra Mutt in Kancheepuram on Thursday. Later in the day, she is scheduled to ..

Amid fiscal worries, govt puts PSU share sales on fast track to raise funds

As part of the stake-sale drive, an OFS in LIC is also likely to be launched "very soon"

Centre orders corrective measures after Jitu Munda incident in Odisha

The response from the Centre came in the wake of a letter written by Patnaik to Union Finance Minister Nirmala Sitharaman on May 2 seeking exemplary action against officials of the bank

Northeast has potential to become India's next growth engine: Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday said the Northeast has the potential to become India's next engine of growth by leveraging its strengths in sustainable agriculture and premium organic produce. She also asserted that Meghalaya is uniquely positioned to lead because of the trust it commands in global markets. Inaugurating the Northeast's largest organic spice processing plant of the Eastern Ri-Bhoi Organic Farmer Producer Company Ltd here, Sitharaman said, "The future of agriculture increasingly belongs not to those who produce the most, but to those who produce the best -- cleaner, more traceable, more trusted and more premium." "When Meghalaya's farmers rise, the Northeast rises. And when the Northeast rises, India's growth acquires a new engine," she said, congratulating the Meghalaya government, women collectives and entrepreneurs for driving the state's organic farming movement forward. Emphasising Meghalaya's competitive advantage, the finance minister said

Turning the tide: India must address fundamental gaps in external account

Easing West Asia tensions may stabilise India's external accounts, but policymakers must focus on boosting FDI, exports and long-term capital inflows

More measures on anvil to attract global flows, says FM Sitharaman

Sitharaman says govt working to make investments more attractive

Centre taking more steps to attract foreign capital, says FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday indicated that there will be more steps to attract foreign capital into the Indian market. Speaking at the Hero Mindmine Summit 2026, Sitharaman said measures taken by the government to exempt withholding tax on interest and capital gains tax made by foreign investors in G-secs will be the first step towards drawing foreign capital back. "Certainly, that's not the end of story, there will be more. We recognise we need more foreign capital to come in," Sitharaman said. The RBI on June 5 had allowed banks to access the RBI's swap facility for Foreign Currency Non-Resident (Bank) (FCNR(B)), deposits with maturities ranging from 3-5 years till September 30. The facility would allow banks to swap US dollar deposits with the RBI, and manage currency risks. Also, to shore up foreign capital inflows include a concessional forex swap facility to encourage PSUs to raise external commercial borrowings (ECBs) until September 30. Sitharaman said un

Time for lenders to rethink MSME credit beyond collateral-based models

Financial institutions must pivot towards cashflow tracking and unified digital networks to unlock funding for small businesses