Page 131 - Nirmala Sitharaman

Chinese banks seek FM's intervention in Reliance Infratel's resolution plan

Chinese banks have written to Finance Minister Nirmala Sitharaman on the delays in the implementation of the Resolution Plan for Reliance Infratel Limited.

FM Nirmala Sitharaman presents Rs 1.42-trn J&K Budget in Lok Sabha

Sitharaman also presented the supplementary demands for the year 2021-22 totalling Rs 18,860.32 crore for the Union Territory

Rs 54,604-crore ECLGS loans for FY22 guaranteed: Finance ministry

This is down from Rs 1.57 trillion worth of loans guaranteed in 2020-21

Finance ministry seeks nod for FY22 extra net spend of Rs 1.07 trillion

Some of the big items include Rs 14,902 crore for fertiliser subsidy and Rs 30,170 crore for credit-linked subsidy scheme houses for economically weaker sections

Govt planning mega LIC IPO by mid-May after markets calm down: Report

A market volatility index for India around 15 will be a comfortable level for the government to launch the IPO, says a source

Many states request GST compensation extension beyond 5 years: FM

Many states have requested extension of the compensation mechanism under the GST beyond June 2022, Finance Minister Nirmala Sitharaman said on Monday. Under the Goods and Services Tax (GST) law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16. The 5-year period ends in June 2022. The compensation amount to be paid from the compensation fund is arrived at by levying cess on top of the highest tax slab on luxury, demerit and sin goods. In a written reply in the Lok Sabha, Sitharaman said the central government is committed to giving GST compensation to states/UTs for 5 years as per the Constitutional provision. To a query whether the government has received proposals from state governments requesting extension of compensation mechanism for another five years in view of

CPI leader Binoy Viswam urges FM to reconsider EPFO rate slash

In a letter he wrote to the minister, Viswam accused the BJP-led government of showing its true colours just after the party secured electoral victories in four states

Digital economy to see exponential growth to $800 bn by 2030: FM

The total number of retail investor accounts has almost doubled, from about 45 million as of March 2016 to 88.2 million by March 31 2021, said Finance Minister Nirmala Sitharaman

FM Sitharaman discusses impact of rising commodity prices with IMF chief

Finance Minister Nirmala Sitharaman on Friday held a virtual meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva and discussed various issues, including the impact of rising commodity prices on world economy. They also had a discussion on the 16th General Review of Quotas scheduled to be completed by 2023 and the need to ensure that under-representation of emerging markets and developing economies is addressed. "FM Smt. @nsitharaman & Ms. @KGeorgieva, both expressed concern at diminishing focus & global supply of #Covid19 vaccines. FM highlighted India's achievement in successfully administering 1.79 bn doses while at the same time supplying 162.9 mn doses to countries in need," the finance ministry said in a series of tweets. They spoke about the issue of global supply chains being affected, commodity prices rising and the possible effects on the world economy, it added. "FM Smt. @nsitharaman and Ms. @KGeorgieva suggested that the key ...

FM Sitharaman invites Canadian pension funds to invest in infra projects

Finance Minister Nirmala Sitharaman on Friday invited Canadian pension funds to invest in the National Monetization Pipeline and National Infrastructure Pipeline. The finance minister exchanged views on cooperation for promoting bilateral investment and trade during a meeting with Mary Ng, Canadian Minister of International Trade, Export, Small Business & Economic Development. "FM @nsitharaman complimented Canada for housing some of the largest and most successful pension funds globally and welcomed the investments from Canada into India, including in National Monetization Pipeline #NMP and National Infrastructure Pipeline #NIP," the finance ministry said in a tweet.

Digital technology should reach every nook and corner of India: Sitharaman

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Thursday asserted here that the benefits of digital technology should reach every nook and corner of the country

GST compensation cess period already extended till March 2026: FM

The Union Minister was responding to a query on Karnataka Chief Minister Basavaraj Bommai's statement requesting the Centre to extend the GST compensation period, which ends in June.

Ukraine war will have impact on Indian economy: FM Nirmala Sitharaman

The ongoing Russia-Ukraine war will certainly have an impact on the Indian economy, Union Finance Minister Niramala Sitaraman said on Tuesday.

We see clear advantages in a central bank driven digital currency: FM

FM Nirmala Sitharaman on Tuesday said the 'Digital Rupee' is a conscious call taken in consultation with the RBI and the government sees clear advantages in a central bank driven digital currency

FM raises concern on rising oil prices; Puri says oil cos to decide on hike

India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices

Increased duty on imported goods to add fillip to self-reliance, says FM

Sitharaman said the Atma Nirbhar philosophy is a guiding principle but it is not blindly applied in a manner that it affected the Indian interests.

Matter of pride that India has a woman finance minister: PM Modi

PM Modi on Tuesday said it was a matter of pride that a large country like India has a woman finance minister who has presented a progressive Budget this year for Asia's third largest economy.

Industry has a role to play in reducing tax disputes, says FinMin

Two prominent policymakers - finance secretary TV Somanathan and revenue secretary Tarun Bajaj - said on Monday that the larger industry had a big role to play in reducing tax disputes

Sitharaman raps CBDT and CBIC for not addressing tax assessees grievances

Union Finance Minister Nirmala Sitharaman on Monday came down heavily on the tax boards for allegedly not responding to grievances of the tax assessees and directed their officials to reserve Saturdays to hold meetings with them. During the Budget Outreach Programme between Finance Ministry officials, the industry and trade bodies in Bengaluru, the General Manager and the Chief Financial Officer of the Karnataka Bank Muralidhar Krishna Rao posed a question seeking clarity on certain provisions of the GST Act and the direct tax deductions impacting the banking sector. Even before the officials responded, Sitharaman intervened and pulled up the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes & Customs (CBIC) officials. "I'm very curious to know if the CBIC and CBDT are here. Are you all engaging with your own assessees? The questions which are being asked here are not those questions where I want the secretaries of the Ministry of Finance sit here and ...

PM Narendra Modi to chair webinars on infrastructure, divestment

The objectives of these meetings will be to brainstorm with experts from the public and private sectors, academia and industry