Page 107 - Nirmala Sitharaman

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

Nirmala Sitharaman to address revenue intelligence officers on Monday

Finance Minister Nirmala Sitharaman will on Monday address Revenue Intelligence officers at the DRI foundation day event in the national capital. The Directorate of Revenue Intelligence (DRI) is celebrating its 65th Founding Day on December 5-6 this year, a finance ministry statement said on Sunday. A meeting of the 'Regional Customs Enforcement Meeting (RCEM)' for effectively engaging with partner Customs organisations and international agencies like World Customs Organisation (WCO), Interpol for enforcement related issues would also be organised during the event. This year, 22 Customs administrations covering the Asia-Pacific region along with WCO, Interpol, UN Office on Drugs and Crime (UNODC) and Regional Intelligence Liaison Office Asia Pacific (RILO AP) have been invited to the event. Sitharaman will inaugurate the 2-day event along with Union Minister of State for Finance Pankaj Chaudhary, the statement said. The 'Smuggling in India Report 2021-22' would be released by ...

RSS leaders urge Centre to restore old pension scheme, raise import duty

The demand was made during Union Finance Minister Nirmala Sitharaman's meeting with RSS leaders that took place between Nov 21 and Nov 29

Just when things look…: Beware the surprise that catches you unprepared

As the system emerges from the Covid trauma and India shifts its sights to long-term targets, attention must turn to the underlying weaknesses that may scupper ambitious aspirations, writes T N Ninan

Private consumption edges up in Q2; infra investment almost flat

PFCE, a proxy for household and private sector consumption, was 61.6% of nominal GDP in Q2FY23, as against 61.1% in the previous quarter and 59.5 per cent a year ago

FM Nirmala Sitharaman confident of strong growth, low inflation in 2023

Sitharaman declined to describe specifics from the letter, but added that the government's top three priorities for 2023 will be "growth, health and education."

Budget 2023: How the finance ministry can kill many birds with one stone

The govt should shift all welfare spending into the capital spending account and call it an investment in social capital

Why do states want a bigger share of GST?

Finance ministers of some states have demanded a 10 percentage point jump in their share of revenue from GST collections. What is behind this demand? What will be its impact if implemented?

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Budget 2023-24: Stay on fiscal glide path, economists advise FM Sitharaman

The Finance Ministry was also urged to continue with long term loans to states to support their capex programs, and give them more leeway to spend, in order to boost growth

Cut in tax, schemes to generate jobs among demands in pre-Budget meet

Cut income tax for individuals, bring programmes to generate employment, increase spending to boost the economy and incentives for certain industries were the common pleas made in the pre-Budget meetings that Finance Minister Nirmala Sitharaman held with stakeholders. Sitharaman held eight rounds of discussions starting with India Inc on November 21 and ending with a round of consultation with economists on Monday. The Budget 2023-24 would be tabled in Parliament on February 1. The representatives of the stakeholder groups made a number of suggestions for the forthcoming budget that included a mechanism for green certification to help MSMEs, an urban employment guarantee programme to boost employment generation, and rationalisation of income tax, the finance ministry said. Schemes for improving domestic supply chains, reduction of taxes on electric vehicles, the introduction of EV policy, measures to promote India as a hub for green hydrogen, a portable social benefit for children,

10 major trade unions boycott pre-budget meeting with Sitharaman

Ten major trade unions of the country, including the AITUC, INTUC, and AIUTUC among others, boycotted their pre-budget consultations with Union Finance Minister citing lack of proper time given

Going truly federal: Why states should be allowed to levy an income tax

We need to ask why, in India, income tax is levied only by the Centre while in many other federations, the constituent units also levy it

Union Budget 2023-24: Centre invites suggestions, Dec 10 last date

For the union budget 2023-24, which will be unveiled in February next year, the finance ministry has requested public ideas and comments

Trade unions threaten to boycott pre-budget meeting with Sitharaman

10 trade unions of the country in a letter to Nirmala Sitharaman have threatened to boycott their pre-budget meeting scheduled for Nov 28, protesting lack of proper time to put forward their demands

Work to combat climate change, boost millet production: FM urges startups

Union Finance Minister Nirmala Sitharaman on Saturday appealed to startups to touch upon less glamorous areas including climate change, millet production and improving the condition of farmers. Addressing a national level summit to promote startups, Sitharaman emphasised more on climate change and asked the startups to find a solution to combat it as that will have a bearing on the agriculture pattern in the country. "Of course defence production, renewable energy, nuclear, satellites, space technologies, they are all there. You have already touched upon those areas. I am asking you to touch upon some of those less glamorous areas as well," Sitharaman told the gathering here. "My appeal is, more and more innovations coming from the startups for dealing with climate and climate change is going to be absolutely precious," the Finance Minister said. She asked the startups to work towards improving conditions of farmers, urban dwellers and give a solution through millets for healthy ..

Naveen Patnaik urges Sitharaman to withdraw 18% GST on Kendu leaf

Odisha Chief Minister Naveen Patnaik on Saturday urged the Centre to withdraw GST being imposed on kendu leaf trade in the interest of livelihoods of about eight lakh poor people. Patnaik dashed a letter to Union Finance Minister Nirmala Sitharaman, barely three days after announcing a special package for the welfare of kendu leaf pluckers. "Imposition of GST (18%) on kendu leaves is adversely affecting the trade. As a result, it affects the livelihoods of Kendu leaf pluckers, binders, and seasonal workers and the implementation of social security and welfare schemes for them," Patnaik said in the letter. The CM said kendu leaf, a minor forest produce (MFP), is the financial backbone of about eight lakh leaf pluckers, binders, and seasonal workers of Odisha and they mostly belong to the tribal community and poorest of the poor of the society. He said tribals collect the leaves as part of their right defined under the Scheduled Tribals and Other Traditional Forest Dwellers (Recognit