Page 34 - Nirmala Sitharaman

Can't accept FDI blindly, need safeguards, says FM Nirmala Sitharaman

Sitharaman said that to achieve the rate of growth India is aiming for, the country may need $100 billion to meet investment requirements, whereas the current figure stands between $70-80 billion

IMF should introspect, ensure they don't have mission drift: Sitharaman

'Expectations pinned on multilateral institutions are being frittered away because no solutions are coming out of them'

India to retain investment curbs from border nations: FM Sitharaman

In 2020, India stepped up vetting and security clearances in its scrutiny of investments from companies based in neighbouring countries, but did not specifically mention any nations

Focus on Infra, investment to make India developed by 2047: FM Sitharaman

Infrastructure, investment, innovation and inclusiveness are the four key focus areas for the Narendra Modi government to make India a developed nation by 2047, Union Finance Minister Nirmala Sitharaman said on Tuesday. She made the remarks during an interaction with the students of the Wharton School of the University of Pennsylvania. The minister arrived here on Tuesday afternoon to attend the annual meetings of the International Monetary Fund and the World Bank. She drove from New York to Washington DC with a stopover at the University of Pennsylvania. "In the year when we will be celebrating 100 years of Independence from British rule, that is 2047, we want to be and we aspire to be a developed country," Sitharaman told the students. To achieve that, the government has identified four key areas -- infrastructure, investment, innovation and inclusiveness, the finance minister said. "The first is infrastructure, whether it is physical such as bridges and ports or digital which i

India's main challenge is skills gap for young: FM Nirmala Sitharaman

Sitharaman will head to Washington, DC, for the Annual Meetings of IMF and the World Bank, as well as the G20 Finance Ministers and Central Bank Governors meetings and other high-level discussions

India well positioned to capitalise on growth opportunities: FM Sitharaman

The global economic environment may present challenges but India is well positioned to capitalise on new growth opportunities, Finance Minister Nirmala Sitharaman has said, underlining that as nations re-evaluate their supply chains, India hopes to become a key partner for many countries seeking to diversify their sources of goods and services. Sitharaman made these remarks on Monday while delivering a special lecture on India's Economic Resilience and Prospects Amidst A Challenging and Uncertain Global Environment' at Columbia University here. She said that India is looking towards boosting domestic capacities, and building resilience against external shocks. While the past decades saw global growth led by broad multilateral trade, the coming years, I think, will likely be defined by strategic economic partnerships and India is very well poised to take advantage of this transition. She said that the global economic environment may present challenges, but India is well positioned t

FM Sitharaman highlights India's process, governance reforms for investors

Various pension funds and other institutional investors and fund managers across the US attended the Roundtable at the New York Stock Exchange

GST rate rationalisation recommendations may yield Rs 22,000 cr surplus

At present, the average GST rate is around 12.2 per cent, which is below the revenue-neutral rate of 15.3 per cent, spurring the need for discussions on rate rationalisation

125,000 openings listed by companies under PM Internship Scheme: Report

Companies have listed 1.25 lakh internship opportunities so far for candidates under the PM Internship Scheme, according to sources. The dedicated portal for the scheme went live for registration by candidates at 5 pm on October 12. The sources in the know on Saturday said that so far 250 top companies have been registered under the scheme and 1.25 lakh internship offers have been made by companies. The scheme's pilot project had envisaged providing 1.25 lakh internship opportunities to the candidates. The internships are set to commence on December 2. Those in the age group of 21-24 years are eligible to apply for the scheme, which is being implemented by the corporate affairs ministry through the portal 'www.pminternship.mca.gov.in'. Under the scheme, an intern will get a monthly financial assistance of Rs 5,000 for 12 months and a one-time grant of Rs 6,000. The initial cost of the scheme's pilot project is estimated at Rs 800 crore. Announced by Finance Minister Nirmala Sith

FM Sitharaman meets Mexican minister on backdrop of bilateral trade summit

During the meet, Finance minister commended the strong performance of the Mexican economy in the last six years following prudent fiscal policies

Sitharaman invites Mexican firms to collaborate with startups, institutions

Discussions focused on boosting cooperation in technology and innovation, with the goal of expanding collaboration between the two countries

FM Sitharaman to start US, Mexico visit from today; IMF, WB meets on agenda

The finance minister will also take part in G20 Finance Ministers and Central Bank Governors meetings, in addition to bilateral meetings with various countries and organisations

SUV makers hit with Rs 10,000 cr tax notices: Row over GST cess explained

The GST authorities have sent notices to most automakers for the alleged non-payment of the SUV sales cess between the financial years 2018 and 2022

PM internship scheme looks to bridge gap in employability: FM Sitharaman

Overall, over 91,000 opportunities have been posted on the internship portal, and 155,000 applicants have registered to apply

NITI Aayog raises asset monetisation target for FY25 to Rs 1.9 trn

Govt may still miss the Rs 6 trillion NMP target

CBAM unilateral and arbitrary, will hurt Indian industry: FM Sitharaman

According to the European Union, CBAM is a tool to put a fair price on the carbon emitted during production of carbon-intensive goods entering the trade bloc

Indian regulators have done world-class job, increased transparency: FM

Underlining that she is not against questioning or critiquing regulators, Sitharaman said there is a need to be "extremely conscious" about contributions made by them as well

India-UAE investment treaty implemented from Aug 31, 2024: FM Sitharaman

The government on Monday said bilateral investment treaty (BIT) signed between India and the UAE has been enforced from August 31 this year. The BIT was signed on February 13 this year at Abu Dhabi, UAE, and it entered into force with effect from August 31, 2024, the finance ministry said. Enforcement of this pact with the UAE gives continuity of investment protection to investors of both the countries, as the earlier Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and the UAE signed in December 2013 expired on September 12 this year. As per the treaty, the UAE investors must have to exhaust domestic remedies (for at least three years) before commencing arbitration under the BIT. The time period earlier was five years. The other key features of the pact included provisions of closed asset-based definition of investment with coverage of portfolio investment; treatment of investment with obligation for no denial of justice, no fundamental breach of due .

India to further strengthen fintech support to Bhutan: FM Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said India will further strengthen its fintech support to Bhutan as UPI and RuPay cards gain traction in the neighbouring nation. During the bilateral meeting with her Bhutanese counterpart Lyonpo Lekey Dorji here, Finance Minister Nirmala Sitharaman conveyed greetings to the King of Bhutan, the members of the Royal Family and to the people of Bhutan. The Union Finance Minister acknowledged the support of Bhutan as a testament to the enduring partnership and shared commitment to growth and prosperity, the Finance Ministry said in a post on X. "FM Smt. @nsitharaman noted the wide acceptance of BHIM #UPI and #Rupay cards in Bhutan and reaffirmed India's commitment to further strengthen #FinTechConnectivity between India and Bhutan," she said. Dorji is here to attend the Kautilya Economic Conclave.

Centre to fund 65% of Chennai metro Phase-2 project: FM Nirmala Sitharaman

The central government will finance 65 per cent of the estimated cost of Chennai Metro Phase-2 project, which will add up to over Rs 41,000 crore, the finance ministry said on Saturday. The Union Cabinet on Thursday approved a proposal to construct three corridors under the Chennai Metro Rail project phase-2 involving a total estimated cost of Rs 63,246 crore. The Centre's share adds up to over Rs 41,000 crore. In a statement, the finance ministry said the central government will finance almost 65 per cent of the estimated cost of Chennai Metro Phase 2. This will include the entire required loan of Rs 33,593 crore, besides the equity and subordinate debt of Rs 7,425 crore. The balance 35 per cent of the estimated cost will be financed by the state government. "The loans taken from multilateral and bilateral development agencies will be treated as the loans to the central government and will be provided directly to Chennai Metro Rail Ltd (CMRL) from the Central Government's budget