Page 31 - Nirmala Sitharaman

Retailers urge FinMin and GST Council not to go for higher 35% tax rate

Indian Sellers Collective, an umbrella body of trade associations and sellers across the country, has urged the finance minister and the GST Council not to accept some of GST rate rationalisation suggestions, including the proposal for inclusion of a special rate of 35 per cent on some products. The sellers body is of the view that a fifth GST slab of 35 per cent on demerit goods such as aerated beverages, cigarettes and tobacco, and pricing-based rate structure will materially and fundamentally alter the country's GST framework with devastating outcomes. These recommendations violate both the letter and the spirit that it will be a 'good and simple tax', Indian Sellers Collective said in a statement on Thursday ahead of the 55th GST Council meeting to be held on December 21, 2024 at Jaisalmer, Rajasthan. "On the contrary, it will hurt the profit margins of the retailers, lead to compliance nightmares and fuel a parallel economy. This move will primarily benefit Chinese producers wh

Reducing debt burden priority for next decade, says FM Sitharaman

Sitharaman said that intergenerational debt is mounting on countries, and it is important for the government and industry to work together to manage debt at the national and sub-national levels

PSBs were UPA's ATM for cronies: FM Sitharaman hits out at Rahul Gandhi

Finance Minister Nirmala on Wednesday termed the allegation of Leader of Opposition (LoP) Rahul Gandhi against state-owned banks as an insult to the hardworking employees and to the citizens who benefit from a cleaner, stronger banking system. Gandhi has a penchant for making baseless statements and the fact is that high concentration of corporate credit and indiscriminate lending during UPA tenure had resulted in significant deterioration in the health of public sector banks, she said in a series of posts on X. Banking sector, especially Public Sector Banks (PSBs), have seen a remarkable turnaround under the leadership of Prime Minister Narendra Modi, she said. Earlier in the day, Gandhi after meeting a delegation from the All India Banking Officers Confederation accused the government of using public sector banks, the "lifelines of the masses", as an unlimited source of funds for their "fraudulent friends". "The Modi government has turned these lifelines of the masses into privat

FM counters Rahul on PSBs, says their turnaround has benefitted everyone

Gandhi alleged on X that the Narendra Modi government has turned PSBs ("lifelines of the masses") into private financiers for only the rich and powerful corporations

Industry must realign itself with political, strategic policies: Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said the industry will have to realign its policies keeping in mind political and strategic decisions of the country. Outlining the priorities of the economy for the next decade, Sitharaman also said attempts should be made to restore global calm and normalcy and noted that war or any form of disruption should be avoided. Sitharaman said the economy has to "clawback" more to regain its strength after the Covid pandemic and any skirmish or war will impact the supply chains and food value chains. "The world is facing challenges which are reflected in the economy," the Minister said at the CII Global Economic Policy Forum here. Talking about ways to tackle supply chain disruptions, Sitharaman said currently there is a need to blend economic priorities with politics and strategic needs. "When we talk about restoring supply chains to frictionless supply chains, let's not forget it's not just economics, it's more than that... We have to b

PM Narendra Modi launches LIC's 'Bima Sakhi Yojana' to empower women

LIC's Bima Sakhi Yojana to enrol 100,000 women in 12 months

May RBI grow even taller as institution of trust: Das' parting message

RBI Governor Shaktikanta Das, who will demit office later today, thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for their guidance and encouragement

Govt mulls bond issue for middle-class, rates could beat retail inflation

The new scheme, likely to be backed by Nabfid, aims to offer retail investors an alternative savings route to equity markets

Fiscal-monetary coordination at its best in last six years: Shaktikanta Das

Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank. "Immensely grateful to the Hon'ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts," he said in a post on X from his personal handle. Expressing gratitude to Finance Minister Nirmala Sitharaman for her constant support and backing, he said, fiscal-monetary coordination was at its best and helped to deal with multiple challenges during the last six years. He also thanked all the stakeholders in the financial sector and in the economy; expe

RBI Governor Das meets FM Sitharaman ahead of former's term coming to end

The meeting took place at the finance minister's North Block office. Sources said that the meeting lasted around 20 minutes and was considered customary following the MPC meeting

RBI Guv Das meets FM Sitharaman two days before end of his extended term

A day after presenting bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das on Saturday met Finance Minister Nirmala Sitharaman. The meeting comes just ahead of the extended term of incumbent RBI Governor coming to an end. Das's three-year extended term comes to an end on December 10. In 2021, the government had announced a three-year extension to Das's tenure, a month before his term came to an end. According to sources, Das called on the Finance Minister in the evening here. The career bureaucrat-turned-central banker, Das, was appointed the 25th RBI Governor on December 12, 2018, after the abrupt exit of Urjit Patel. With the three-year-extension granted to Das, he is already one of the longest serving RBI governors in its 90-year history. The RBI had on Friday opted for a status quo on the rates for the 11th consecutive time, amid growing calls to address the slowdown in GDP growth in the September quarter at 5.4 per cent. Das, while unveiling bi-monthly policy,

Farmers seek low taxes, doubling PM-KISAN amount in pre-budget meet with FM

Farmer representatives and agricultural stakeholders urged the government to provide cheaper long-term credit, implement lower taxes, and double the PM-KISAN income support during a comprehensive pre-budget consultation with Finance Minister Nirmala Sitharaman on Saturday. The two-hour meeting saw a detailed discussion of proposals, aimed at addressing multiple challenges in the agricultural sector, with key demands focusing on financial relief, market reforms, and strategic investments. Bharat Krishak Samaj Chairman Ajay Vir Jakhar emphasised the need for targeted interventions to boost agricultural productivity and farmer welfare. Primary demands included reducing interest rates on agricultural loans to as low as 1 per cent and increasing the annual PM-KISAN instalment from Rs 6,000 to Rs 12,000. Farmers' bodies also strongly advocated for zero-premium crop insurance for small farmers under the Pradhan Mantri Fasal Bima Yojana. Taxation reforms were a critical component of the .

Q2 GDP showing not a systemic slowdown, says FM Nirmala Sitharaman

India's growth slowed to a seven-quarter low of 5.4 per cent in the July-September period of FY25

Finance minister Sitharaman to begin pre-Budget consultation from Friday

Finance Minister Nirmala Sitharaman will start pre-Budget consultations with various stakeholders beginning Friday as part of Budget making exercise. The first meeting as part of this series will be held with eminent economists on December 6. Sitharaman, who will chair these meetings, will seek their inputs regarding upcoming Budget amid seven-quarter low GDP print of 5.4 per cent in second quarter of the current financial year. It will be followed by a meeting with farmer associations and agriculture economists and stakeholders in MSME sector on December 7, sources said. Union Budget 2025-26 is likely to be tabled in Parliament on February 1. This would be the eighth straight Budget of Sitharaman and second full budget of the Modi 3.0 government, which will give policy direction for achieving the goal of Viksit Bharat (developed India) by 2047. The pre-Budget consultations will end on December 30 with consultations with captains of Indian industry and players in the social secto

Sitharaman accuses 'Congress-led MVA govt' of delaying key projects

Union Finance Minister Nirmala Sitharaman on Wednesday accused the past "Congress-led government" of stalling key infrastructure projects in Maharashtra including the Mumbai-Ahmedabad bullet train and Mumbai Metro car shed in Aarey Colony. The previous Maha Vikas Aghadi (MVA) government of the Congress, undivided Nationalist Congress Party and undivided Shiv Sena also created hurdles when the Union government tried to resolve the issues plaguing Mumbai's suburban railway network, she claimed. Sitharaman was speaking at a meeting of the state BJP legislature party where Devendra Fadnavis was elected as its leader ahead of the swearing-in of the new BJP-led government. Sitharaman, along with Vijay Rupani, was present as a central observer. "Had the Congress-led government not been in power in Maharashtra during the MVA period, the Mumbai-Ahmedabad bullet train would have already commenced," she said. Sitharaman also questioned the delay in the Aarey car shed construction, part of the

LS passes banking laws amendment Bill allowing 4 nominees in bank accounts

The Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their accounts. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. The Bill piloted by Finance Minister Nirmala Sitharaman was approved by a voice vote. Replying to the debate on the Bill, Sitharaman said depositors will have the option of successive or simultaneous nomination facility, while locker holders will have only successive nomination. She also said that since 2014, the Government and the RBI have been extremely cautious, so that banks remain stable. "The intention is to keep our banks safe, stable, healthy, and after 10 years you are seeing the outcome," Sitharaman said. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in coopera

PSBs safe, stable, performed exceptionally well in recent years: Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said that the public sector banks are safe, stable and healthy and have performed "exceptionally well" in recent years earning Rs 85,520 crore profit in the first six months of the current fiscal. Replying to a debate on the Banking Laws (Amendment) Bill, 2024, the minister said that all the Public Sector Banks have turned profitable. The Bill, which amends the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, was later passed by the Lok Sabha by a voice vote. She further said that total bank branches of scheduled commercial banks have increased by 3,792 in a year to reach 16,55,001 in September 2024. Out of this 85,116 branches are of public sector banks. Stressing that the Indian banking system is critical to the growth of the ..

Maharashtra CM's name to be declared on eve of govt's swearing-in on Dec 4

Despite the Mahayuti alliance's resounding victory in the Maharashtra Assembly elections, more than a week has passed, and the alliance has yet to announce its next Chief Minister

Insurance premiums may drop if GST Council decides to reduce taxes: FM

Finance Minister Nirmala Sitharaman on Monday said the cost of insurance to the policy holder is expected to come down if the GST Council recommends a reduction in GST rate on health and life insurance policies. In a written reply in the Lok Sabha, she said the GST Council in its September 9 meeting had recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on life insurance and health insurance. "...The matter of review of GST rates on life and health insurance is pending before the GoM. If a recommendation for a reduction in GST rate is made by the GST Council, the cost of insurance to the policy holder is expected to come down on account of reduction in GST," she said. Sitharaman said this while replying to the question on whether GST reduction on health insurance will be a step towards making healthcare more equitable. To a query on how the government will ensure that insurance companies pass on the benefits of any GST reduct

Nirmala Sitharaman to move bill to amend banking laws in Lok Sabha tomorrow

Union Finance Minister Nirmala Sitharaman is expected to move the Banking Laws (Amendment) Bill, 2024 in the lower house of Parliament on Monday.As per the schedule issued by the secretariat, Sitharaman is expected to move the Bill further to amend the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, be taken into consideration and passing tomorrow in Lok Sabha.Union Railways Minister Ashqini Vaishnaw is also expected to move a bill further to amend the Railways Act, 1989, for consideration and passing, the schedule read.Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal is expected to introduce the Coastal Shipping Bill, 2024, in Lok Sabha on Monday.The Bill will seek to amend the law relating to regulation of coastal shipping, promote coasting trade and ...