Page 111 - Nirmala Sitharaman

India calls for collective prevention of aggravating risks: FM Sitharaman

: Union Finance Minister Nirmala Sitharaman on Thursday called for collective responsibility to prevent the risks from aggravating. Sitharaman said that India's efforts will be to encourage conversations that recognise our inter-dependencies, our shared wisdom, and our collective aspiration for a safe, peaceful and prosperous world. Today's global economy faces a confluence of challenges and it is our collective responsibility to prevent the risks from aggravating, the finance minister said in her speech during the closing session of the G-20 finance ministers and central bank governors here being held on the sidelines of the annual meetings of the International Monetary Fund and the World Bank. India will head the annual rotating presidency of G-20 next year. In her remarks, the finance minister said that India views the hosting of the G20 Presidency as an opportunity as well as a responsibility. Rebuilding trust in multilateralism is at the core of India's thinking, she told her

The process involved in preparing the Union Budget: An explainer

All of this culminates on February 1, when the Cabinet approves the budget, the Finance Minister presents it to the President, then proceeds to Lok Sabha, where she rises at 11 am to begin her speech

In US, FM calls for infra investments, simple international taxation rules

Finance Minister Nirmala Sitharaman on Thursday emphasised on infrastructure investments and simplification of international taxation rules

India maintained post-pandemic economic growth momentum, says Sitharaman

Nirmala Sitharaman said that India has maintained accelerated growth momentum, after the contraction in 2020, by balancing the immediate needs of the economy with long-term structural reforms

India looking forward to expanding cooperation: Sitharaman tells Bhutan FM

Nirmala Sitharaman met her Bhutan counterpart Lyonpo Namgay Tshering in Washington and expressed India's wish to expand bilateral cooperation between the two countries including hydropower, Covid

Sitharaman holds talks with Saudi, Netherlands, S Korea, Japan counterparts

Union Finance Minister Nirmala Sitharaman on Wednesday held bilateral meetings with her counterparts from Japan, Saudi Arabia, the Netherlands, and South Korea as part of the Indian efforts to strengthen its economic ties with major countries of the world. Being held on the sidelines of the annual meeting of the International Monetary Fund (IMF) and the World Bank, the finance minister, in addition to bilateral issues, discussed with them some of the major economic challenges being faced by the world, prominently the energy crisis and inflation in the wake of the Ukrainian war, debt sustainability, and climate change. India's emergence as a bright spot during the current global downturn and some of its successful policies such as digitisation and direct cash transfer were appreciated by her counterparts. The finance minister used the occasion to get feedback from these leaders as to what role India could play next year as the chair of the G-20 group of countries. During her meeting

Finance Minister Sitharaman to host breakfast for G20 counterparts

Union Finance Minister Nirmala Sitharaman will here on Thursday host a breakfast for her counterparts from G-20 countries on the sidelines of the annual meeting of the International Monetary Fund and the World Bank. Founded in 1999, G-20 is a grouping of 19 major world economies along with the European Union. India will assume the annual presidency of G-20 countries in December this year. Indonesia is currently heading the G-20 presidency. US Treasury Secretary Janet Yellen along with finance ministers of other G-20 countries have confirmed to attend the breakfast meeting being hosted by Sitharaman at the headquarters of the International Monetary Fund here. Sitharaman with this meeting intends to set the pace and scope for India's presidency for the next year and also establish a personal relationship with all of her counterparts from the G-20 countries. At a time when the world is facing recession and there is large-scale inflation, the role that G-20 has in steering the global

Budget focus is to maintain growth, tame inflation: FM Nirmala Sitharaman

The minister is in Washington DC to the annual meetings of World Bank and International Monetary Fund, as well as the G-20 Finance Ministers and Central Bank Governors meetings

US-India relationship critical, says Janet Yellen in meet with Sitharaman

US Treasury Secretary Janet Yellen on Tuesday said that the India-America relationship is critical to address the world's global economic challenges.After her bilateral meeting with Finance Minister Nirmala Sitharaman on Tuesday evening, Secretary Janet Yellen announced that she would travel to India next month to attend the ninth edition of the US-India Economic and Financial Partnership."Finance Minister Sitharaman, I am pleased to welcome you back to the Treasury Department today. The US-India relationship is critical to addressing the world's most important global economic challenges. I am glad to announce today that in November ahead of the G20 meetings, I will take my first trip to India as Treasury Secretary, to attend the US-India Economic and Financial Partnership, our ninth Partnership meeting," Yellen said as quoted by the statement released by US Department of the Treasury.Underlining the importance of the economic ties between the two countries, the US Treasury Secretary

Singapore, UAE to accept RuPay payment mechanism: Nirmala Sitharaman

Nirmala Sitharaman said that Singapore and UAE have shown interest to accept the RuPay payment system acceptable in their countries

Sitharaman in US discusses global macroeconomic situation with Yellen

Union Finance Minister Nirmala Sitharaman on Tuesday in a meeting with her American counterpart Treasury Secretary Janet Yellen discussed a range of issues, including bilateral relationships, the global situation as well as India's upcoming G-20 Presidency. The two leaders discussed the current global macroeconomic situation among other issues of mutual interest, the Finance Ministry said after the meeting. The two ministers also discussed various issues of significance with a view towards India's upcoming G-20 Presidency. Sitharaman during the meeting invited Yellen to India to attend the US-India Economic and Financial Partnership meeting in New Delhi on November 11. This will be her first visit to India as Treasury Secretary. Describing it as a substantive meeting India's Ambassador to the US, Taranjit Singh Sandhu, said: Deepening bilateral economic partnership and cooperation in multilateral forums discussed.

India in talks with different nations to make Rupay acceptable: Sitharaman

India is talking to different countries to make Rupay acceptable in their nations, Union Finance Minister Nirmala Sitharaman said on Tuesday. Not just that, the UPI (Unified Payments Interface), the BHIM app, and NCPI (the National Payments Corporation of India) are all now being worked in such a way that their systems in their respective country, however, robust or otherwise can talk to our system and the inter-operability itself will give strength for Indians expertise in those countries, she said. We are working together with several countries, Sitharaman said in response to a question from an Indian student at the University of Maryland, who wanted to have the UPI in the United States as well. Sitharaman made the remarks at the prestigious Brookings Institute think-tank during a fireside chat with eminent economist Eshwar Prasad. I'm a student at the University of Maryland here. I am really proud of our UPI system in India. I just wanted to ask, what do you think are the future

Ready to talk with startups to address their concerns: Sitharaman

The government is ready to talk with the startups who are contemplating moving overseas and address their issues as much as it can to help them stay in India, Union Finance Minister Nirmala Sitharaman said on Tuesday. Prime Minister Narendra Modi, she told a think-tank here, has himself engaged with startups and the government's policies have created an enabling environment as a result of which there are more than 100 unicorns in India. I have engaged, the Prime Minister with the startups to know what they want from India. And we kept as much as possible addressing their concerns. Now as a result of which, not purely as a result of which, but also because of which, you saw your Unicorns coming to reach 100 in number within the year of 2020 and 2021, she said in response to a question at the prestigious Brookings Institute think-tank. I've heard this from others as well. They (startups) are moving to Singapore, they're moving to the UAE. Well, if they want to talk to the Government o

Next budget will have to be carefully structured to maintain growth: FM

The next annual budget of India will have to be very carefully structured to sustain the country's growth momentum, Union Finance Minister Nirmala Sitharaman said on Tuesday, noting that it will also address inflation concerns. Visiting Washington DC to attend the annual meeting of the International Monetary Fund and the World Bank, the finance minister was responding to a question on the next year's budget at a fire-side chat with eminent economist Eshwar Prasad at the prestigious Brookings Institute. Specifics (of the next budget) may be difficult at this stage because it's a bit too early. But broadly, the growth priorities will be kept absolutely on the top. Even as I speak about the concerns that inflation brings before me. So, inflation concerns will have to be addressed. But then how would you manage growth would be the natural question, Sitharaman said. India's next annual budget is scheduled to be presented by Sitharaman before the Parliament next February and preparations

G20 has great potential to work towards global good: Finance Minister

Ahead of India taking over the annual presidency of G-20 coming December, Union Finance Minister Nirmala Sitharaman on Tuesday said the grouping of the top 20 economies of the world has great potential to work towards the global public good. G-20 has a great potential to work towards global goods. When I say public goods, will also have to be made far more strengthened. India stack, for instance, can become a global stack. Efficient cross-border payments and cheaper remittances are all the benefits which we can derive out of it, Sitharaman told a think-tank here. Responding to a question during a fireside chat with eminent Indian American economist Eshwar Prasad at the prestigious Brookings Institute, Sitharaman said these are some of the areas in which she would want the G-20 to work together. We love to work together with them and get some good outcomes, she said. Observing that India is taking the G-20 presidency from Indonesia at challenging times, Sitharaman said India has been

Energy rate, availability among short-term challenges for India: Sitharaman

Energy prices and availability are among the biggest problems facing the Indian economy in the near future, Finance Minister Nirmala Sitharaman said

Sitharaman says India's growth rate to be around 7% this financial year

Amidst reports of a global recession and downgrading of growth rates of almost all major economies, Finance Minister Nirmala Sitharaman on Tuesday exuded confidence on India's relative and absolute growth performance in the rest of the decade and forecast the country's growth rate to be around 7 per cent this financial year. Addressing a gathering here, Sitharaman said India's foundation for the ongoing successful recovery from the pandemic was laid when Prime Minister Narendra Modi took office in 2014. "I am aware that growth forecasts around the world are being revised lower. We expect India's growth rate to be around 7 per cent this financial year. More importantly, I am confident of India's relative and absolute growth performance in the rest of the decade, she said. The minister, however, observed that the Indian economy is not exempt from the impact of swirling global currents. No economy is, she said. After the unprecedented shock of the pandemic, came the conflict in Europ

Advanced nations must take responsibility for global spillover: Sitharaman

Cautioning the West against imposing sanctions on countries, Union Finance Minister Nirmala Sitharaman on Tuesday said in the near-term, advanced nations must take responsibility for the "global spillover" of their political and economic policy decisions. Sitharaman arrived here earlier in the day to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. The finance minister during her five-day visit will also hold a bilateral meeting with US Treasury Secretary Janet Yellen. "That international cooperation is needed more than ever is to state the obvious," she said in her prepared speech at the Brookings Institute think-tank. In the near-term, advanced nations must take responsibility for the global spillover of their political and economic policy decisions and put in place safety nets rather than impose sanctions on nations who are merely fulfilling their moral and democratic obligations for their people, Sitharaman said. Sitharaman's remarks assum

FM Sitharaman on US visit from today; to attend IMF-WB annual meetings

Union Finance Minister Nirmala Sitharaman will arrive here on Tuesday to attend an important meeting of the International Monetary Fund and the World Bank. The finance minister during her visit will also hold a bilateral meeting with US Treasury Secretary Janet Yellen. Sitharaman upon her arrival will participate in a fireside chat on "India's Economic Prospects and Role in the World Economy" at the prestigious Brookings Institute think-tank and soon after hold a bilateral meeting with Yellen at the Department of Treasury. At an official dinner hosted by India's Ambassador to the US Taranjit Singh Sandhu, nearly 30 senior representatives of the US Administration, World Bank, IMF, and CEOs of the private sector are expected to participate. In addition to her one-on-one meeting with the IMF Managing Director Kristalina Georgieva and World Bank President David Malpass, the finance minister is scheduled to have bilateral meetings with countries like Japan, South Korea, Saudi Arabia, ..

FM Sitharaman to leave for US to attend IMF-World Bank, G-20 meetings

The finance minister will also have a one-on-one meeting with Janet Yellen