Page 39 - Nirmala Sitharaman

Union Budget 2024: Parliament approves Appropriation Bill, Finance Bill

Parliamentary approval for the Budget 2024-25 was completed on Thursday with the Rajya Sabha returning the relevant legislations to the Lok Sabha after Finance Minister Nirmala Sitharaman's spirited reply to the debate emphasising Budget was aimed at promoting investments and creating jobs. The Rajya Sabha returned the Appropriation Bill and the Finance Bill to the Lok Sabha, thus completing the budgetary exercise for 2024-25. The Jammu and Kashmir Appropriation Bill too was returned to the Lower House. Earlier, these bills were approved by the Lok Sabha. Sitharaman presented the Budget in the Lok Sabha on July 23. It was her seventh Budget. Replying to the discussions in the Upper House, the minister said the Union Budget balances different overriding imperatives, including growth, employment, capital expenditure, and fiscal consolidation. "In a nutshell, the Union Budget this year balances several overriding imperatives, growth, employment generation, capital investment, and fis

We have courage to change: FM Nirmala Sitharaman on LTCG amendment

The original LTCG regime proposed on July 23 Budget, removed the indexation benefit, sparking concerns over real estate transactions

Flexible fiscal targets

India needs a sustainable and clear framework

Opposition's walkout on GST issue a 'face-saver', says FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday criticised the opposition parties for their walkout from the Lok Sabha after their amendment to withdraw GST levy on medical and life insurance premiums was not taken up and said they did so as a "face-saver" after she addressed all their issues in her speech. Speaking to reporters in Parliament House Complex, Sitharaman said the GST Council, which is a constitutional body, can take up any matter related to the GST and such an amendment could not be moved in Parliament as demanded by the opposition parties. "They were given appropriate response to all their issues. They were looking for a face-saver and picked on this to stage a walkout. It was an afterthought," she said. RSP member N K Premchandran had moved the amendment during the passage of the Finance Bill, seeking removal of 18 per cent GST on medical and life insurance premiums. Normal procedure of the House is that the amendment is circulated only if it is admitted, he told .

FM proposes amendments to LTCG tax provision on immovable properties

Finance Minister Nirmala Sitharaman on Wednesday said the contentious LTCG tax proposal on real estate is being amended to give option to taxpayers to compute tax liability under the old system or at reduced rates without indexation, and pay the lower of the two. Replying to a debate on the Finance Bill, Finance Minister Nirmala Sitharaman said the rollover benefit will be available to taxpayers who buy new immovable property utilising the capital gains on the sale of old property. The Budget 2024-25 proposal to remove indexation benefit in calculation of long term capital gains on sale of immovable properties evoked sharp criticism from various corners, including opposition parties and tax professionals. The Budget, presented on July 23, had proposed a lower 12.5 per cent rate of LTCG tax, down from 20 per cent, while doing away with the indexation benefit. The major amendment in the Bill relates to restoration of indexation benefit on sale of properties bought prior to July 23, .

FM Sitharaman tables Appropriation (No 2) Bill 2024 in Rajya Sabha

Finance Minister Nirmala Sitharaman on Wednesday introduced the Appropriation (No 2) Bill 2024 in the Rajya Sabha which authorises certain sums out of the Consolidated Fund of India for services in 2024-25. Sitharamam also introduced the Jammu and Kashmir Appropriation (No.3) Bill, 2024 in the Upper House. The Lok Sabha passed the two legislations last week. Initiating the discussion on the bills, Digvijaya Singh of Congress stated that the focus of the government should be on reducing the disparity between rich and poor, tackling price rise and generating employment. Attacking the government, he said that for the last decade the government has just worked for the benefit of big corporations. He stated that household savings have come down in the country signalling that poverty is on the rise. He said that while price increase is there, earnings remain at the same level as was the case 10 years ago. "The number of billionaires has risen the most during the Modi government. Poor h

Indian energy cos lag in R&D, innovation metrics compared to global peers

India's leading energy companies do not fare better than global firms on R&D intensity, proportion of employees with a PhD degree, and patents per billion dollar revenue, according to FAST India

FM Nirmala Sitharaman, PSB chiefs likely to talk NPAs and cybersecurity

Finance Minister Nirmala Sitharaman will hold the review meet on August 19

No need to keep minimum balance in Jan Dhan, basic savings accounts: FM

Finance Minister Nirmala Sitharaman on Tuesday said there is no need to maintain minimum balance in Jan Dhan as well as basic savings accounts, and banks impose penalties only in cases where customers fail to maintain a requisite amount in their accounts. The minister was replying to a question in Rajya Sabha during Question Hour regarding public sector banks collecting about Rs 8,500 crore in penalty from customers for non-maintenance of minimum balance in accounts in five years. "Since the member is talking about banks collecting money for basic minimum balance which is not there in the account, that does not apply to PM Jan Dhan accounts and basic accounts of the poor people. It is only for others whose minimum balance is expected to be at a certain level," Sitharaman said. It emerged in a written reply to a question in the Lok Sabha that public sector banks collected around Rs 8,500 crore under this head in five years starting FY 2019-20. Minister of State for Finance Pankaj ..

NPAs of PSBs on Mudra loans declined to 3.4% in FY24: FM Sitharaman

Sitharaman addressed questions regarding NPA associated with Mudra loans, highlighting a significant reduction in NPA rates over the past few years

SFIO carrying out detailed probe into Sahara group companies: FM Sitharaman

The Serious Fraud Investigation Office (SFIO) is carrying out a detailed probe into the matter related to the Sahara group companies and further action will be taken after its report, Union Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. To a query on why all investors of the Sahara group companies have not come forward to claim refunds, Sitharaman said the entire affairs of the Sahara group are being monitored by the Supreme Court and the government is acting as per the directives of the apex court. "It is true that only small investors have come forward to claim the refunds. The SFIO is investigating the entire matter. It is also looking into why all the investors have not come forward to claim the refunds and where are they," she said during Question Hour. The minister said after the detailed analysis of the SFIO the whole picture will be cleared and action could be taken. She said there were 3.7 crore investors in the Sahara group companies and so far 19,65

FinMin asks state-owned general insurers to focus on profitable businesses

The finance ministry has asked state-owned general insurance companies to focus on profitable businesses and not to chase top-line but aim for improving profitability. The government has recently infused Rs 7,250 crore in installments in three public sector general insurance companies -- National Insurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company. "We have been monitoring performance of state-owned general insurance companies and as a result they have started looking up. So, we will watch their performance this year," Financial Services Secretary Vivek Joshi told PTI. Hopefully, he said, these companies may not require any further capital infusion, which is why the Budget has not made any provision. These three general insurance companies have improved their financial performance significantly, he said. For instance, he said, Oriental Insurance has earned Rs 18 crore profit in FY24 as against a loss of Rs 5,000 crore a year ago, while

Finance Minister Nirmala Sitharaman to address RBI board on August 10

Finance Minister Nirmala Sitharaman is scheduled to address the Reserve Bank of India's central board on August 10 and highlight key points of the Budget FY25, including the fiscal consolidation roadmap. The post-budget meeting has been scheduled for August 10 where the finance minister will address the board members and talk about announcements made in the Budget 2024-25 that strike a fine balance between growth, employment, and fiscal prudence, sources said. It is customary for the finance minister to address the Reserve Bank of India board after the budget. Unveiling the Budget on July 23 in the Lok Sabha, Sitharaman said the total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore, respectively, for 2024-25. The net tax receipts are estimated at Rs 25.83 lakh crore, she said, adding that the fiscal deficit is estimated at 4.9 per cent of the GDP. The gross and net market borrowings through dated securities dur

After 'derailment min' jibe, Vaishnaw says focus is on railways, not reels

Ashwini Vaishnaw's strong response came after Congress MP Gaurav Gogoi criticised him for not taking moral responsibility for train accidents and called him the 'derailment minister'

Abolish tax on life, health insurance premiums: Gadkari writes to FM

Gadkari said in his letter that he is writing to the finance minister following a memorandum from the Nagpur Divisional Life Insurance Corporation Employees Union

Budget a fine balance, takes care of all segments, says FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said the Union Budget strikes a fine balance between growth, employment, and fiscal consolidation, and promotes cooperative federalism. Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26. Sitharaman, also a former defence minister, said the Agniveer Scheme to recruit people in the age group of 17.5 to 21 years, is aimed at keeping the armed forces fit, young and battle-ready. The minister, who presented her seventh Union Budget, also said the economic document proposes unflinching support for cooperative federalism. "I would like to underline that our unflinching commitment to cooperative federalism. The total resources proposed to be transferred to the states in 2024-25 are estimated at Rs 22.91 lakh crore. This actually entails an increase of R

Budget with BS: 'We are in one of the biggest market booms', says Motilal Oswal's Raamdeo Agrawal

Latest updates: Catch all the updates on the analysis of the Union Budget for FY25 here

Budget 2024: Capital gains tax, climate change key concerns of Generation Z

Budget 2024: Young India is keen to hear announcements related to skill development for the youth, steps taken to counter climate change and reforms in the capital gains tax structure

Agniveer scheme will keep our forces battle-ready, young: FM Sitharaman

During the Budget discussion in Rajya Sabha, Finance Minister Nirmala Sitharaman slammed the Opposition for attempting to "politicise" Agniveer scheme

Parliament updates: Budget proposes unflinching support to cooperative federalism, says FM in RS

Lok Sabha and Rajya Sabha news updates: Here are the latest updates on the developments in the Parliament