Page 116 - Nirmala Sitharaman

FM Sitharaman stresses on timely completion of IMF 16th quota review

Finance minister Nirmala Sitharaman on Wednesday underlined the need for timely conclusion of 16th General Review of Quotas (GRQ) to provide greater say to developing economies in the International Monetary Fund. As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in the voting rights of emerging countries in line with their relative positions in the world economy. Sitharaman made the comments during her meeting with MD of IMF Kristalina Georgieva who is visiting the country to discuss India's upcoming G20 presidency and IMF's support to India for the presidency. "FM Smt. @nsitharaman emphasised the importance of timely conclusion of 16th General Review of Quotas GRQ) in a way that addresses inequity and imbalances in the global economy," the finance minister said in a series of tweets. Georgieva agreed with Sitharaman that for the IMF to remain relevant, it i

IMF chief says India 'a bright spot' in an uncertain global economy

Both the leaders shared concerns on key downside risks to the global economy and the cross-border effects due to the geopolitical situation and tighter financial conditions

Job creation, wealth distribution priority over inflation: FM Sitharaman

The finance minister said if India and the United States joined efforts in growing their respective economies, they might be the engines of global growth within the next two decades

Top headlines:Adani to build 3 giga factories; FM says inflation manageable

Business Standard brings to you top headlines for the evening

Inflation has eased to manageable level, says Finance Minister Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said the country's economic growth remains a priority for the government, as inflation has come down to a manageable level. Job creation and equitable distribution of wealth remain the other focus areas, she said at India Ideas Summit here. "Some of course are red-lettered (priorities), some may not be. Red-lettered ones would of course be jobs, equitable wealth distribution and making sure India is moving on the path of growth. "In that sense inflation is not red-lettered. I hope it doesn't surprise many of you. We have shown that in the past couple of months that we were able to bring it to a manageable level," she said at the event. According to official data, retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank's comfort level of 6 per cent for the seventh consecutive month. The Consumer Price Index (CPI) based retail inflation was at 7.01 per cent in June and 5.

India's digital revolution offers investment opportunities to US, says FM

India's digital revolution offered investment opportunities for the United States, the South Asian country's finance minister said on Wednesday

Low rate regime: Why corporation tax is a hit but not personal tax?

While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response

Top Headlines: Roadmap to advance economy, 100 mn demat accounts, and more

The country's demat account tally topped the 100 million-mark for the first time, in August. Over 2.2 million new accounts were opened last month

Working on road map to advanced economy, says FM Nirmala Sitharaman

Sitharaman said the principal focus would be equitable distribution of wealth so that India grows to become an advanced economy by 2047

India's external debt rises 8.2% to $620.7 bn till Mar 2022: FinMin report

While 53.2% of the debt was denominated in the US dollar, Indian rupee-denominated debt, estimated at 31.2%t, was the second largest, as per the status report released by FinMin

Windfall tax on petroleum products, crude not ad hoc: FM Sitharaman

Finance minister Nirmala Sitharaman on Monday said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry. Addressing an event organized online, the minister said it is unfair to call windfall tax as ad hoc, because the tax rate and its resetting are done in complete consultations with the industry. "The very idea was implemented after taking the industry into full confidence," she said at a function organized by Elara Capital. "When we suggested the idea we had told the industry that the tax rate will be reviewed every 15 days and we have been doing that," Sitharaman said. On bond inclusion in global index, the minister said many things have changed since the pandemic, especially in terms of inflows. Mostly, fund inflows have not been as expected, which of course is mostly due to the pandemic, she said, adding "however, I expect a logical conclusion to this sooner." On whether the government is planning to increase th

Top headlines: Liz Truss new UK PM; windfall tax not ad hoc, says FM

Sitharaman said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry

'Every Indian has debt of Rs 1.25 lakh': KTR reacts to FM's Telangana jibe

His tweet was apparently in response to Union Finance Minister Nirmala Sitharaman's statement that every child born in Telangana carries a debt of Rs.1.25 lakh

Sitharaman bullish on double-digit GDP growth, says nation on strong wicket

Hoping for a double-digit growth in GDP in this financial year, Union Finance Minister Nirmala Sitharaman on Saturday said the nation is on a strong wicket when compared to others, and is responsive in terms of extending hand-holding to the required sections. Speaking to media persons here, she quoted reports saying the country has zero per cent chance of slipping into recession. "I hope for (double-digit growth). We will work for it... So if you're not on the verge of recession, it also gives me the confidence that if you are constantly responsive in terms of the sections which need hand-holding, in terms of the boost that we have to give to the economy..." she said when asked if she expects double-digit growth in the gross domestic product (GDP) for the year. Recent figures released by the Centre indicated that the nation clocked 13.5 per cent growth in GDP in the first quarter of the current financial year. It was 20.1 per cent a year ago. Sitharaman further said some may argue

Centre spent Rs 5 trillion on MGNREGA scheme in 8 years: FM Sitharaman

The Centre has spent Rs 5 lakh crore on MGNREGA scheme during the past eight years, out of which 20 per cent was spent during the COVID-19 pandemic, Union Finance Minister Nirmala Sitharaman has said. Speaking to reports in Kamareddy district of Telangana on Thursday, she said the state was given Rs 20,000 crore under the the Mahatma Gandhi National Rural Employment Guarantee scheme in the past eight years. "During the past eight years, Telangana received Rs 20,000 crore under MGNREGA. During the same period all over the country Rs 5 lakh crore has been spent, out of which more than 20 per cent was spent in 2020-21 during COVID-19 pandemic," she said replying to a query. The important issue in this is survey teams will come (to any state) if there are any complaints that the money was not spent accordingly or there are any remarks in the audit report. Referring to the allegations that survey teams are being sent to curtail the scheme, she said the survey teams will come to correc

Every child born in Telangana carries Rs 1.25 lakh debt: FM Sitharaman

Union Finance Minister Nirmala Sitharaman came down heavily on Telangana's TRS government for raising debts beyond FRBM limits and claimed that every child born in the state carries Rs 1.25 lakh debt

FM Sitharaman to review state of economy at FSDC meeting on Sep 15

Finance Minister Nirmala Sitharaman will review the state of the economy amid global and domestic challenges at a meeting of the Financial Stability and Development Council (FSDC), scheduled on September 15. The 26th meeting of the high-level panel to be held in Mumbai will be attended by all financial sectoral regulators, including RBI Governor Shaktikanta Das, sources said. The FSDC is the apex body of sectoral regulators, headed by the Union finance minister. The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs, according to the sources. The council would also discuss measures required for further development of the financial sector and to achieve inclusive economic growth with macroeconomic stability, they said. As per the RBI estimate, the country's GDP is expected to witness a growth of 7.2 per cent in the current financial year amid elevated retail inflation at 6.7 per cent.

As freebies debate rages, a look at states' contingent liabilities

The net borrowing ceiling of states is mandated by the FRBM Act. However, the upper limit of what their contingent liabilities can be is set by states' own legislative bodies

Digital currency: The govt would do well not to get carried away on CBDC

If financial inclusion is the goal of issuing CBDCs, it might not be worth it since UPI has been fairly successful in achieving it

Financial inclusion major step towards inclusive growth: FM Sitharaman

Financial inclusion is a major step towards inclusive growth which ensures the overall economic development of the marginalised sections of the society, Finance Minister Nirmala Sitharaman said on Sunday. The success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) since August 28, 2014 is reflected in terms of opening of over 46 crore bank accounts with deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67 per cent rural or semi-urban areas as well as 56 per cent of women Jan Dhan account holders, she said on the eighth anniversary of the flagship financial inclusion scheme. "Continuation of PMJDY beyond 2018 saw a marked shift in approach to meet challenges and requirements of the emerging FI (financial inclusion) landscape in the country. "There has been a shift in focus from 'every household' to 'every adult', with added emphasis on usage of accounts by enhancing Direct Benefit Transfer (DBT) flows through these accounts, promoting digital payments through the use