Page 42 - Nirmala Sitharaman

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

Living standards to see steepest rise in coming decades: FM Sitharaman

The finance minister said that the effects of the last ten years of economic and structural reforms would manifest more thoroughly in the coming years, as the Covid shock fades from the economy

Living standards to see steepest rise in coming decades: FM Sitharaman

India will witness the steepest rise in living standards of the common man on the back of the government's initiatives and the efforts towards doubling per capita income in few years, Finance Minister Nirmala Sitharaman said on Friday. Addressing the 3rd edition of the Kautilya Economic Conclave, the minister stressed that inequality in India has declined with the Gini coefficient, a statistical tool to measure inequity, showing improvement in urban as well as rural areas. "I expect these improvements to continue as the effects of the last ten years of economic and structural reforms manifest more thoroughly in the data in the coming years as the Covid shock fades from the economy," Sitharaman said. The upcoming decades, the minister said, "will see the steepest rise in living standards for the common man, truly making it a period-defining era for an Indian to live in". "While it took us 75 years to reach a per capita income of USD 2,730, as per IMF projections, it will take only f

India's per capita to income to increase by $2,000 over 5 years: Sitharaman

Speaking at Kautilya Economic Conclave, Finance Minister Nirmala Sitharaman noted that while it took the country 75 years to achieve a per capita income of $2,730, the next leap will be much faster

In a first, PM Modi to address this year's Kautilya Economic Conclave

The Conclave will be inaugurated by Finance Minister Nirmala Sitharaman on October 4

Centralised portal for internship scheme set to go live on October 3

Candidates can send applications from October 12

Govt announces 3 new external members ahead of key RBI MPC meet

Govt appoints Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as new external members of RBI's Monetary Policy Committee

FM Sitharaman tells Arunachal govt to adopt cluster development approach

Union Finance Minister Nirmala Sitharaman on Tuesday advised the Arunachal Pradesh government to adopt the cluster development approach as a key strategy for enhancing productivity and competitiveness as well as capacity building of micro and small enterprises (MSEs) in the state. Addressing a credit outreach programme organised by the State Bank of India here, she said that Arunachal Pradesh does not have even a single cluster announced by the MSME ministry till date. "I request Chief Minister Pema Khandu to take up cluster development approach of the 20 GI-identified products in the state. In small places such clusters could be declared by the ministry and Small Industrial Development Bank of India (SIDBI) could be roped in to finance such enterprises," the Finance minister said. A cluster is a group of enterprises located within an identifiable and as far as practicable, contiguous area and producing same and similar products and services. The MSME ministry has adopted the clust

K'taka HC halts probe against FM Nirmala Sitharaman in electoral bonds case

The Karnataka High Court on Monday stayed the investigation into an FIR registered against Union Finance Minister Nirmala Sitharaman and others in the extortion case linked to the now-scrapped electoral bonds scheme. Justice M Nagaprasanna passed the interim order on a petition by BJP leader Nalin Kumar Kateel, who is named as the fourth accused in the FIR. The case registered by Bengaluru city police on September 28, followed a magistrate court's directive in response to a private complaint submitted by Adarsh R Iyer, co-president of the Janaadhikaara Sangharsha Parishath (JSP) relating to the now-scrapped electoral bonds scheme. According to police, an FIR was registered under IPC sections 384 (punishment for extortion), 120B (criminal conspiracy) and 34 (acts done by several persons in furtherance of common intention) against Sitharaman, ED officials, office-bearers of the BJP at state and national level, based on the order of a special court.

FM Sitharaman asks IT dept to analyse cases lost at HCs, SC to draw lessons

Union Finance Minister Nirmala Sitharaman has asked the Income Tax Department to "analyse" court cases the taxman lost over the last decade in order to draw lessons and ensure litigation disputes are eliminated, official sources said Monday. The minister has also asked the department to prepare a list of "expert" tax law advocates so that they can represent the I-T Department or the revenue side effectively at judicial forums including in insolvency cases before the National Company Law Tribunal (NCLT), the sources said. The decisions were taken during a meeting of the top brass of the tax department and its administrative authority, the Central Board of Direct Taxes (CBDT), held in Delhi last month. The principal chief commissioners and directors general of the I-T department apart from the CBDT chairman, members and officers were part of the meeting, they said. The sources told PTI that finance minister Sitharaman directed the CBDT to "audit" the cases won or lost by the departme

Increase share in ground-level agri credit: FM asks Northeast RRBs

Union Finance Minister Nirmala Sitharaman on Monday directed the Regional Rural Banks (RRBs) to increase their share in ground-level agriculture credit disbursement with a special focus on horticulture and allied agriculture activities like piggery, poultry, dairy and fisheries, officials said. Chairing a review meeting of the RRBs in the northeastern states at the civil secretariat here, Sitharaman urged the banks to put greater thrust on the identification of the right beneficiaries while sanctioning loans under various central schemes, they said. The meeting focused on business performance, upgrading digital technology services, and fostering business growth in allied agriculture and MSME clusters, they added. Among those present in the meeting were chairpersons of RRBs and sponsor banks, representatives of RBI, NABARD and SIDBI, and senior officers of all the northeastern states.

Karnataka court orders FIR against FM in case related to electoral bonds

A case was registered on Saturday against Union Finance Minister Nirmala Sitharaman and others on the directions of a court here, following a complaint relating to the now-scrapped electoral bonds scheme. Accorsing to police, an FIR was registered under sections 384 (punishment for extortion) and 120B (criminal conspiracy) read with 34 (acts done by several persons in furtherance of common intention) against Union Minister Nirmala Sitharaman, ED officials, office-bearers of the BJP at state and national level, based on the order of a special court. The complaint was lodged by Adarsh R Iyer, Co-President of 'Janaadhikaara Sangharsha Parishath' (JSP) alleging that the accused "committed extortion under the guise and garb of electoral bonds and benefitted to the tune of 8,000 and more crore of rupees." The complainant further alleged that Sitharaman through the clandestine aid and support of ED officials facilitated extortion of thousands of crores of rupees for the benefit of others .

I-T Act review: Govt to invite suggestions from industry next month

The government has proposed to invite suggestions on Income Tax Act, 1961, from the private sector and tax experts beginning October, as part of an exercise to simplify the direct tax law, sources said. In a meeting with industry chambers earlier this month, the government said that a functionality will be created in the Income Tax portal wherein suggestions could be made on different sections of the I-T Act with a view to simplifying the language and reducing litigation. Following the Budget announcement, the Central Board of Direct Taxes (CBDT) had set up an internal committee for a comprehensive review of the six- decade old direct tax law and make it concise, lucid, easy to read and understand. "In the meeting with industry associations, the revenue department suggested that the functionality be developed by the first week of October to give suggestions for reworking the income tax law," a source said. Another source said that the exercise is not to write a new tax law or a tax

'NEET' problem: 25% of India's youth not in education, employment, training

NEET, short for not in education, employment and training, globally 20.4% of youth fell into the NEET category in 2023

GoM on GST on health, life insurance premium to meet on October 19

The ministerial panel to decide on lowering goods and services tax (GST) on health and life insurance premiums will have its first meeting on October 19, officials said. Currently, 18 per cent GST is levied on insurance premiums and there have been demands to either exempt or reduce the tax. The GST Council in its meeting earlier this month decided to set up a 13-member GoM to decide on tax on health and life insurance premiums. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The panel includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu, and Telangana. The GoM has been mandated to submit its report to the Council by October-end. A final call by the council on taxation of insurance premiums is likely to be taken in the next meeting in November, based on the GoM report. "The GoM on GST on insurance will meet on October 19 in Delhi," the official said. The terms of re

FM asks AIIB to increase innovative financing, non-lending services

The finance minister was attending the Governors' Business Roundtable at the 9th Annual Meeting of the Board of Governors of AIIB in Samarkand, Uzbekistan

Welfare permit absent at EY, FM Sitharaman clarifies remark & more

Maharashtra’s labour department recently conducted a probe into the EY office at Pune that has been under scrutiny after its employee Anna Sebastian Perayil’s death. Watch the video to know the detail