Page 43 - Nirmala Sitharaman

'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

Drive safe or pay more: Delhi LG's plan to link traffic fines to insurance

In his letter, Delhi LG V K Saxena has recommended a tiered insurance premium system that would directly reflect the driving habits of individual motorists

FM asks AIIB to assist low-income countries to avail financial resources

Finance Minister Nirmala Sitharaman on Wednesday said AIIB should continue to focus on a client-centric approach and facilitate member countries, particularly low-income countries to avail financial resources through technical assistance. She urged Asian Infrastructure Investment Bank (AIIB) during a meeting with its president Jin Liqun ahead of the 9th Annual Meeting of Board of Governors in Samarkand (Uzbekistan). The finance minister appreciated AIIB's rapid growth in lending operations in a short span of nine years. "The Union Finance Minister suggested that @AIIB_Official should continue strengthening its client centric approach and facilitate member countries, particularly Low-Income Countries to avail financial resources through technical assistance and other non-financial services," the ministry said in a post on X. India being the second largest shareholder and the largest client, the AIIB President appreciated India's contributions to the governance and overall growth of

No way victim shaming was done: FM Sitharaman on row over EY remark

The finance minister said that she had specifically mentioned that after clearing a demanding and rigorous examination such as CA, the stress on her was unbearable

Sitharaman to visit Uzbekistan from Sept 24 to 28, attend AIIB annual meet

Finance Minister Nirmala Sitharaman will attend the 9th Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank (AIIB) scheduled in Samarkand, and hold bilateral meetings with her counterparts from Uzbekistan, Qatar, China, and AIIB President. She will embark on an official visit to Uzbekistan from September 24 to 28, the finance ministry said in a release. The Annual Meeting of Board of Governors of AIIB is scheduled on September 25 and 26. The annual meeting witnesses participation of delegations from around 80 countries, and other international organisations. "In the Annual Meeting of AIIB, the Union Finance Minister will attend as the Indian Governor to the AIIB. India is the second largest shareholder of the bank. The multilateral discussions centred around a broad spectrum of important global issues relevant to the development agenda," the finance ministry said. As part of the official visit, she is expected to call on Shavkat Mirziyoyev, President of ...

Left, Congress in Kerala attack Sitharaman over remark on EY employee death

The ruling CPI(M) and the opposition Congress in Kerala on Monday lashed out at Union Finance Minister Nirmala Sitharaman over her statement on the recent death of a young CA professional employed with audit major EY, and demanded her apology. Anna Sebastian Perayil, who cracked the tough Chartered Accountant exam in 2023 and worked at Ernst and Young, Pune office for four months, died in July. According to a letter her mother wrote to the EY India Chairman, Perayil was overworked with a "backbreaking" load as a new employee that affected her "physically, emotionally, and mentally". In an event held at Chennai on Saturday, Sitharaman had in an apparent reference to the incident, said families should teach the children to handle pressure through divinity. "What should families teach--whatever you study and the job you do, you should have the inner strength to handle that pressure and this can be achieved through divinity only. "Believe in God, we need to have God's grace. Seek God,

India on right track to become Viksit Bharat by 2047: FM Sitharaman

The country was on the right track towards Viksit Bharat 2047 and institutional capacity building would play a key role in that, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said here on Sunday. Viksit Bharat 2047 is the NDA government's roadmap to make the country a developed nation by 2047, when India celebrates its centenary of achieving independence. The FM said the Centre has left no stone unturned towards enhancing self-sufficiency in defence capabilities. "We will also need to look after our banks, overall infrastructure, health of the companies in the market and prioritising the digitisation of the Indian economy," she said at the Pondy Lit Fest. "So if you are looking at what the future entails for India and how we are going to reach the destination of Viksit Bharat 2047, we are on the right track in that. We have prioritised our national security. " she said. Sitharaman said the Centre never compromised spending on Defence although the earlier regime

Avail finance ministry's services to boost business: FM to fisherfolks

Urging the fishing community to avail the benefits offered through the Kisan credit card, Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said it would help boost their trade. At a BJP membership drive here, Sitharaman said members of the fishing community who's applications were rejected by banks and financial institutions, may approach her for redressal. Prime Minister Narendra Modi felt the need for a separate department to address the issues related to fisheries and therefore, a dedicated department has been set up, she said in her address. "There are a lot of schemes for the welfare of the fishermen and they can avail term loan facilities to grow their businesses." Pointing out that a dedicated Kisan Credit Card was launched by the Centre to serve farmers' community, PM Modi suggested that a similar mechanism be developed to serve those who have been traditionally engaged in ocean farming along India's coastline for several years, Sitharaman said. "It

Govt to kick off FY26 Budget making exercise from 2nd week of next month

The finance ministry will commence the exercise to prepare the annual budget for 2025-26 from the second week of next month in the backdrop of the Indian economy recording 7 per cent growth rate for the fourth consecutive year. The budget for the next financial year would focus on reforms to be pushed to further accelerate growth momentum and measures to generate jobs and boost demand in the economy. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2024. Financial Advisers shall ensure that necessary details...are properly entered in UBIS (Union Budget Information System) before/latest by October 7, 2024," Budget circular 2025-26 issued by the Department of Economic Affairs said. Hard copies of the data in the specified formats should be submitted for cross-verification, it said. It will be the second budget of the Modi 3.0 government and 8th straight Budget for Finance Minister Nirmala Sitharaman, a rare distinction in Indian ...

FM reviews housing and urban affairs ministry capex with focus on PMAY

Finance Minister Nirmala Sitharaman on Friday reviewed the capex plan of the Ministry of Housing and Urban Affairs and emphasized on the need for timely and efficient utilisation of these funds. A key focus of the discussions during the meeting was the Pradhan Mantri Awas Yojana (Urban) scheme, which plays a crucial role in providing affordable housing. "Union Finance Minister Smt. @nsitharaman underscored the importance of accelerating progress under this scheme to meet the housing needs of urban India," the finance ministry said in a post on X. This meeting was part of a series of ongoing reviews with Ministries and Departments that have significant capex allocations in the Union Budget. For the financial year 2024-25, a budgetary allocation of Rs 28,628 crore has been earmarked for capital expenditure. During the meeting, the Finance Minister emphasized the need for timely and efficient utilisation of these funds, the ministry said. Sitharaman also impressed upon the officials

Banks to play key role in making India developed nation: FM Sitharaman

She said that banks cannot have a digital system that gets hacked somewhere, compromising the entire system and the trust placed in it

Banks to play major role in making India developed by 2047: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the banking sector will have to play a crucial role in driving the agenda of making India a developed nation or Viksit Bharat by 2047. The Finance Minister was speaking at an event here to mark the 90th Foundation Day of the Bank of Maharashtra, a public sector lender. "Banks will have to play a crucial role in driving the agenda set by the Prime Minister and by your role, we are going to give greater momentum to achieving this dream," she said. Sitharaman said banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs, bring unbanked population under the ambit of formal banking channels, and help increase insurance penetration. She noted that technology is changing the banking landscape as it provides a secure and easy-to-navigate digital banking experience to all customers. However, she added that "you (banks) cannot have a digital system which somewhere

India's economic growth stands out globally, says FM Nirmala Sitharaman

The scheme is an extension of the already existing NPS to children. In the last 10 years, NPS has gained 1.86 crore subscribers, with Assets Under Management (AUM) of Rs 13 trillion

Sitharaman launches NPS Vatsalya, parents can open pension a/c for children

Finance Minister Nirmala Sitharaman on Tuesday launched the NPS Vatsalya scheme, which will allow parents to save for their children's future by investing in a pension account. Parents can subscribe to NPS Vatsalya online or visiting a bank or post office. The minimum contribution to open Vatsalya account is Rs 1,000. Subscribers will have to contribute Rs 1,000 annually thereafter. The guidelines for withdrawal from NPS accounts are being finalised. Launching the scheme, Sitharaman said NPS has generated very competitive returns and offers the option to people to save while ensuring future income. NPS Vatsalya is an extension of the already existing NPS to children. In the last 10 years, NPS has 1.86 crore subscribers with an Asset Under Management (AUM) of Rs 13 lakh crore. Children below the age of 18 years can open NPS Vatsalya account, which will automatically get converted to regular NPS account on completion of 18 years of age. Pension will come from the account only upon

Govt removes windfall tax on crude oil to nil: What does it mean?

The union government has reduced the windfall tax on crude oil to zero. What does that mean? Watch the video to find out.

India gets an 'A' for its focus on solving the malnutrition problem: Bill Gates

Bill Gates, chairman of the Gates Foundation, has stated that India receives an “A” for its focus on solving the malnutrition problem

FM reviews Railway Ministry's capex plan, asks to expedite 'Kavach' system

Finance Minister Nirmala Sitharaman on Tuesday reviewed the capex plan of the Railways Ministry and asked officials to focus on safety and convenience of commuters. Sitharaman also told the officials to expedite the implementation of Kavach system (India's indigenous Automatic Train Protection (ATP) system) in a phased manner and meet the allocated capex target in the stipulated timeframe. MoR officials informed the Minister that Kavach-related works are currently in progress in over 3000RKm (route km) on the Delhi-Howrah and Delhi-Mumbai sections. "Underlining the focus of the government on providing 'ease of living' for citizens, Sitharaman urged the officials of the Ministry of Railways to focus on capacity augmentation, safety and commuter convenience, including doubling and electrification of existing railway tracks and also laying of new railway lines across the country as per the capex outlay provisioned in the Union Budget," a finance ministry statement said. Sitharaman als