Page 105 - Nirmala Sitharaman

Inflation to decline more; govt on track to meet fiscal deficit target: FM

Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said. As per the law, Monetary Policy Committee headed by RBI Governor has been given task of maintaining inflation at 4 per cent with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent. "We will bring it down further for the sake of common people," she quipped saying the issue is being raised by Congress during whose regime inflation was in double digit. Prime Minister Narendra Modi and his group of ministers are constantly watching and making periodic

Govt will further bring down inflation: FM Sitharaman in Lok Sabha

Finance Minister Nirmala Sitharaman on Wednesday assured the Lok Sabha that the government will take measures to further ease inflation, which has dipped below the RBI's upper tolerance level of 6 per cent. Retail inflation has moderated to an 11-month low of 5.8 per cent in November from 6.77 per cent in the previous month. "We will bring down further for the sake of common people," she said while replying to a discussion on the first batch of Supplementary Demands for Grants 2022-23 in the Lok Sabha. The government is constantly watching the price situation of essential commodities, she said. The finance minister made it clear that there is no fear of stagflation as India is one of the fastest-growing economies with low inflation levels. With regard to fiscal deficit, the finance minister said the government would be able to meet the fiscal deficit target of 6.4 per cent of the GDP for the current financial year. The government is committed to the path of fiscal consolidation,

GST Council likely to decide on decriminalisation, appellate tribunals

The GST Council, chaired by Finance Minister Nirmala Sitharaman, is likely to decide on a number of issues such as decriminalisation of GST offences, setting up of Goods and Services Tax Appellate Tribunals and tax evasion by pan masala and gutkha companies at its meeting on December 17. According to sources, the law committee of the GST Council, comprising tax officers from the Centre and states, in a report has suggested increasing the monetary threshold for launching prosecution for GST offences. The law committee has also suggested that the fee payable by taxpayer for compounding of GST offences be lowered with a view to improving ease of doing business. However, the issue of taxation of online gaming, casinos and horse racing is unlikely to be taken up by the GST Council on Saturday as the GoM on the matter is yet to submit its report. "Usually we need to give notice to members in the GST Council before tabling any agenda. Since the report has not yet been submitted, it is ...

Bulk of illicit drugs being smuggled into India through sea route: FM

Finance Minister Nirmala Sitharaman on Tuesday said a significant portion of drugs like heroin, cocaine, and hashish are being smuggled into the country through sea route. In a written reply to a question in the Rajya Sabha, the minister said as per inputs received from Narcotics Control Bureau (NCB), the main drugs smuggled through the sea route are heroin, cocaine, hashish and Amphetamine type Stimulants (ATS). "The percentage of these drugs smuggled through sea route vis a vis total seizures is significant, though their percentage varies from year to year," Sitharaman said. In the current year till November 30, of the 3,017kg heroin seized, 55 per cent or 1,664 kg was through sea route. Of the 122 kg cocaine seized, 84 per cent or 103kg was through sea route. In the case of hashis and ATS seized till November this year, 23 per cent and 30 per cent were being smuggled through the sea route. Sitharaman said various central law enforcement agencies and state police departments mon

Banks wrote off NPAs over 10 trillion in last five financial years: FM

Banks have written off bad loans worth Rs 10,09,511 crore during the last five financial years, finance minister Nirmala Sitharaman informed Parliament on Tuesday. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off, she said in a reply to Rajya Sabha. "Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefit and optimise capital, in accordance with RBI guidelines and policy approved by their boards. As per inputs received from RBI, Scheduled Commercial Banks (SCBs) wrote off an amount of Rs 10,09,511 crore during the last five financial years," she said. As borrowers of written-off loans continue to be liable for repayment and the process of recovery of dues from the borrower in written-off loan accounts continues, write-off does not benefit the borrower, she said. Banks continue

UPA's decision to provide CSR fund to govt relief fund in 2013: Sitharaman

The decision to provide corporate social responsibility (CSR) funds to various relief funds of the central government was taken by the previous UPA government in 2013, Finance Minister Nirmala Sitharamanon on Tuesday said in the Rajya Sabha. Sitharaman was responding to a supplementary query of (CPI-M) member V Sivadasan during the question hour that why CSR funds cannot be given to chief ministers' relief funds of state governments. "I heard the honourable member Sivadasan jee speak as to why it can be given to certain central government schemes and not be given for Chief Ministers' relief fund...(spending of CSR funds) was very much discussed and talked about during the UPA (United Progressive Alliance regime in) 2013 in this House saying CSR is part of the Companies Act and thought it fit that not to do (spend) it in favour of state chief ministers' relief fund," she said. So, that was part of what was decided in the previous government, she said, adding that we have not said tha

Budget 2023: How technology may help achieve the impossible trinity

Experts have requested FM Sitharaman for a cut in income tax rates, increase in expenditure, and fiscal consolidation

FM Sitharaman to introduce Appropriation Bills in Parliament today

Finance Minister Nirmala Sitharaman will introduce the Appropriation Bills 2022 in the Lok Sabha to seek nod for the payment and appropriation of amounts from the Consolidated Funds of India

Economy was in ICU but now India growing the fastest: FM Sitharaman

India is the fastest-growing economy under Prime Minister Narendra Modi but there are people in the Opposition who keep raising questions over the country's progress just out of jealousy, Finance Minister Nirmala Sitharaman said in Lok Sabha on Monday. The minister's remark came during the Question Hour after Congress member from Telangana A Revanth Reddy raised the issue of depreciation of the rupee against the dollar and sought to know from the government if it has any action plan to control the situation. The Congress MP from Telangana alleged that the Modi government has ruined the country's economy since 2014 and also referred to Prime Ministre Modi's remark made during the erstwhile Congress-led UPA regime that the rupee had gone into the ICU when it was valued at Rs 66 against a dollar. Replying to Reddy's question, Sitharaman said the Congress member, while referring to Modi's remarks on the value of the rupee against the dollar in the past, should have also spoken about th

GST claims of states to be cleared moment AG certificate is received: FM

Union Finance Minister Nirmala Sitharaman on Monday said GST claims of state governments will be cleared once she gets relevant papers along with a certificate from their respective accountant generals. She also said in Lok Sabha that the central government is committed to pay all Goods and Services Tax (GST) compensation to states and has been doing so continuously for the last five years. The respective accountant general (AG) has to provide a certificate that the particular state has to get this much of compensation, the finance minister said. "If there is a delay in the AG certified claim from states, obviously that (GST compensation) is pending. So, when the AG certificate along with the state's claim comes, at that moment the money will also get released," she said during the Question Hour. From the central government's side, it is up to date, and whatever money it gets as cess, is distributed among states, Sitharaman said. "We are up to date on all claims that came from sta

Never refer to anyone's caste and religion in House: warns LS speaker

Om Birla warned members against referring to anyone's caste and religion in the House after a Congress MP alleged that FM Nirmala Sitharaman made certain remarks about his proficiency in Hindi

Three-day G20 Finance Track led by India kicks off in Bengaluru on Tuesday

Meeting, from December 13-15, will be hosted jointly by FinMin and RBI; Sherpa Track meetings already on

Capex by CPSEs accelerates to 60% of annual target during Apr-Nov period

CPSEs are likely to achieve their target as they tend to rush up their spending in March quarter

FM to present statement on demands for grants for current fiscal in LS

She will also present a statement showing excess demands for grants for 2019-20 in the Lower House

FM Sitharaman, Kamala Harris among Forbes' 100 most powerful women

Union Finance Minister Nirmala Sitharaman and US Vice President Kamala Harris are among Forbes' 19th annual list of 'World's 100 Most Powerful Women' of 2022

Find gold import and smuggling link, says FM Nirmala Sitharaman

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

Ahead of budget, economists demand increase in social security pension

Ahead of the Union Budget 2023-24, 51 eminent economists have written to Finance Minister Nirmala Sitharaman and demanded an increase in social security pensions and an adequate provision for maternity benefits. The signatory of the letter includes Jean Drze (honorary professor, Delhi School of Economics), Pranab Bardhan (professor emeritus of economics, University of California Berkeley), R Nagaraj (professor of economics, IGIDR, Mumbai), Reetika Khera (professor of economics, IIT, Delhi), and Sukhadeo Thorat (professor emeritus, JNU), among others. "This is a follow-up to our letters of 20 December 2017 and 21 December 2018 (addressed to your predecessor, Shri Arun Jaitley), where we tried to flag two priorities for the next Union Budget: an increase in social security pensions, and adequate provision for maternity benefits. "Since both proposals were ignored, we are writing again, well in advance of the next Budget, with the same recommendations." the letter said. According to t

Go after big fish, nab global mafia in drug trafficking cases: Sitharaman

Finance Minister Nirmala Sitharaman on Monday asked enforcement agencies to go after 'big fish' and nab those global mafia who control the operation of sending 'mountains' of illegal drugs into the country. The minister asked revenue intelligence officers to engage more with their international counterparts to book 'big handlers' working behind the scene, and ensure that smugglers do not outsmart authorities. Revenue intelligence officers should strive to bring each case to its logical conclusion at the earliest possible time, she said, adding that smugglers would certainly leave a trail and that should be used to reach the main handlers who are actually behind the operation. "You would make sure that you would not allow the smuggler to be smarter than you all... There is a need for us to work hard and to make sure the logical conclusion is not only for the fellow who was caught with a small sachet or a kilogram of cocaine, but who is sending mountains of it into this country, who .

India seized 833 kg gold worth Rs 405 cr in FY22, highest from Myanmar

The highest amount of gold seized was of Myanmar origin, marking a significant shift from 2019-20, when the majority of it was from West Asia

FinMin rejects provision for tax benefits to SEZs under DESH Bill

Says proposed incentives would "create havoc" for units outside the zones