Page 5 - Nirmala Sitharaman

Centre orders corrective measures after Jitu Munda incident in Odisha

The response from the Centre came in the wake of a letter written by Patnaik to Union Finance Minister Nirmala Sitharaman on May 2 seeking exemplary action against officials of the bank

Northeast has potential to become India's next growth engine: Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday said the Northeast has the potential to become India's next engine of growth by leveraging its strengths in sustainable agriculture and premium organic produce. She also asserted that Meghalaya is uniquely positioned to lead because of the trust it commands in global markets. Inaugurating the Northeast's largest organic spice processing plant of the Eastern Ri-Bhoi Organic Farmer Producer Company Ltd here, Sitharaman said, "The future of agriculture increasingly belongs not to those who produce the most, but to those who produce the best -- cleaner, more traceable, more trusted and more premium." "When Meghalaya's farmers rise, the Northeast rises. And when the Northeast rises, India's growth acquires a new engine," she said, congratulating the Meghalaya government, women collectives and entrepreneurs for driving the state's organic farming movement forward. Emphasising Meghalaya's competitive advantage, the finance minister said

Turning the tide: India must address fundamental gaps in external account

Easing West Asia tensions may stabilise India's external accounts, but policymakers must focus on boosting FDI, exports and long-term capital inflows

More measures on anvil to attract global flows, says FM Sitharaman

Sitharaman says govt working to make investments more attractive

Centre taking more steps to attract foreign capital, says FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday indicated that there will be more steps to attract foreign capital into the Indian market. Speaking at the Hero Mindmine Summit 2026, Sitharaman said measures taken by the government to exempt withholding tax on interest and capital gains tax made by foreign investors in G-secs will be the first step towards drawing foreign capital back. "Certainly, that's not the end of story, there will be more. We recognise we need more foreign capital to come in," Sitharaman said. The RBI on June 5 had allowed banks to access the RBI's swap facility for Foreign Currency Non-Resident (Bank) (FCNR(B)), deposits with maturities ranging from 3-5 years till September 30. The facility would allow banks to swap US dollar deposits with the RBI, and manage currency risks. Also, to shore up foreign capital inflows include a concessional forex swap facility to encourage PSUs to raise external commercial borrowings (ECBs) until September 30. Sitharaman said un

Time for lenders to rethink MSME credit beyond collateral-based models

Financial institutions must pivot towards cashflow tracking and unified digital networks to unlock funding for small businesses

FM says Rahul Gandhi undermines India's gains, rejects looming crisis claim

At a BJP event, the finance minister said Rahul Gandhi was using Lok Sabha speeches to decry India's progress even during crises such as Covid-19 and West Asia

Fertiliser subsidy bill likely to double to ₹3.4 trillion in FY27

Rising global fertiliser prices and support extended to oil retailers are squeezing fiscal space, though the government says its capital expenditure plans remain unchanged

FM Sitharaman to review flagship schemes, RRBs in West Bengal: Report

Finance Minister Nirmala Sitharaman will soon review the implementation of various flagship schemes, including Jan Dhan, Mudra and PM Vishwakarma, with public sector banks and regional rural banks in West Bengal, government sources said. Last month, BJP came to power with a landslide victory in West Bengal replacing Trinamool Congress, which had ruled the state for 15 years. West Bengal Chief Minister Suvendu Adhikari had met Sitharaman in New Delhi on Monday. The sources said Sitharaman will also review the Special Assistance to States for Capital Investment (SASCI) scheme to strengthen capital infrastructure in Bengal. She will assess the saturation drive of various flagship schemes like PMJDY, Mudra, PM Vishwakarma and Kisan Credit Card in Bengal. The minister will also review the RRBs in the state, sources said, adding credit offtake will also be discussed in the meeting. This would help the state contribute to India's growth journey in industrial development, expanding ...

Over 580 mn Jan Dhan accounts bring crores of Indian into banking system: FM

Finance Minister Nirmala Sitharaman on Monday said that over 58 crore Jan Dhan accounts have brought crores of Indians into the formal banking system. The Jan Dhan scheme has ensured that benefits under welfare schemes, low-cost insurance, and pensions reach without leakages, the Finance Minister's office said in a post on X. "Garib Kalyan is Hon'ble PM Shri @narendramodi's guarantee of dignity, opportunity and empowerment for every Indian," she said. India has stood out globally in its fight against poverty and deprivation, she added. Launched on August 28, 2014, Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the world's largest financial inclusion initiatives. Fifty-six per cent of the PMJDY account holders are women, while 67 per cent of accounts are opened in rural and semi-urban areas. As much as Rs 45 lakh crore was transferred directly to beneficiary accounts through Direct Benefit Transfer (DBT). Ninety-four per cent of India's adult population has a bank account ...

India needs fiscal space, not just subsidies, to weather crises

If India had created more fiscal space in the three good years following the end of the Covid crisis in 2022-23, it would have more options to deal with the current one

Tax rebates: FY26 provisional expenditure, revenue show need for a rethink

The provisional expenditure and revenue numbers for 2025-26 underline the need for reviewing tax rebates

FM Sitharaman forgot fourth F - falling private investment: Congress

The Congress on Tuesday said Finance Minister Nirmala Sitharaman had forgotten the "all-important fourth F" -- falling rates of private investment -- while calling for greater focus on the "3Fs" of fuel, fertiliser, and forex. Congress general secretary in charge of communications, Jairam Ramesh, said winning elections through large-scale manipulation of electoral rolls is one thing, but recognising what really ails the economy with humility and sobriety and taking remedial actions is an entirely different matter. "The FM has said that the 3Fs -- Fuel, Fertilisers, and Forex -- are matters of great concern. But she forgets the all-important fourth F: Falling rates of private investment that have been in evidence these past few years," Ramesh said on X. He pointed out that net FDI inflows have declined, while private corporate investment as a percentage of GDP has fallen to half of its pre-2014 peak. Indian businesses are seeking more predictable and profitable ventures abroad, and .

FM Nirmala Sitharaman flags 3 Fs: Fuel, fertiliser, foreign exchange

Says West Asia crisis bringing several uncertainties for businesses, common people

FM Nirmala Sitharaman pitches customised credit models for MSMEs

FM Nirmala Sitharaman urged SIDBI and banks to adopt customised, cash-flow-based lending instead of standardised credit products for MSMEs

India offers talent, growth opportunities via GIFT city: FM Sitharaman

Union Finance Minister Nirmala Sitharaman said here on Friday that India offers a unique combination of scale, technology, talent and growth opportunities through GIFT City in Gujarat. She chaired a high-level review meeting on GIFT City (Gujarat International Finance Tec-City) and its evolving international financial services ecosystem. GIFT City is India's first operational smart city and International Financial Services Centre (IFSC) located in Gujarat capital Gandhinagar. In her address after the review meeting, Sitharaman said the progress achieved here so far is encouraging, and continued coordination among stakeholders will further strengthen its role in India's growth journey towards Viksit Bharat @2047. Sitharaman highlighted GIFT City's strategic importance in deepening India's integration with global financial markets and facilitating international capital flows into the country supported by globally benchmarked institutional frameworks, regulatory agility and supportive

Sitharaman, US envoy Gor discuss deepening India-US economic partnership

The finance minister and US Ambassador Sergio Gor discussed fintech collaboration, investment opportunities and bilateral economic ties amid ongoing trade negotiations

Congress should stop being 'obstructionists', says FM Nirmala Sitharaman

Responsible Opposition does not engage in fear-mongering, says FM Sitharaman

PMJJBY, PMSBY settle claims worth ₹25,160 cr since their launch in 2015: FM

Jansuraksha schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana have settled claims of about Rs 25,160 crore since their launch in 2015, Finance Minister Nirmala Sitharaman said on Saturday. Jan Suraksha schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) envisioned to extend affordable financial protection to all, particularly the under-served and vulnerable sections of society, were launched by Prime Minister Narendra Modi on May 9, 2015. These flagship schemes, which completed 11 years, aim to broaden the insurance and pension landscape by shielding citizens against life's uncertainties and fostering long-term financial resilience. Citing data on the 11th anniversaries of the Jan Suraksha Schemes, Sitharaman said that over 27 crore, 58 crore and 9 crore enrolments have been done under PMJJBY, PMSBY and APY, respectively. On PMJJBY, she said the scheme has ...

FM Sitharaman hints at Covid-like fertiliser subsidy for farmers

Finance Minister signals fertiliser prices may not be passed on to farmers despite rising global costs, as subsidy burden mounts amid West Asia tensions