Page 56 - Nirmala Sitharaman

Deeptech startup policy in final stages, says DPIIT secretary RK Singh

The development is in line with ongoing governmental efforts to bolster innovation in the deeptech sector

FM meets ADB vice prez, urges to become partner in development agenda

Finance Minister Nirmala Sitharaman on Monday met Asian Development Bank's new Vice-President (market solutions) Bhargav Dasgupta and discussed ways to further the development agenda. "Both exchanged views on how @ADB_HQ may partner with India to further the development agenda. They also discussed harnessing ADB's convening power to crowd in other public and private sector institutions to participate in India's growth," the finance ministry said in a post on X. ADB in September 2023, appointed Dasgupta as VP for a period of three years. Prior to this, he was MD and CEO of ICICI Lombard General Insurance. Established in 1966, ADB is owned by 68 members 49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

India will become third top economy in few years, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said India currently needs economic freedom to achieve developed nation status by 2047 and assured that the country would move to the third spot in world economy from the current fifth position in the near future. Criticising those who compared India with China, Sitharaman said that certain things could not be replicated from them. "India should attain self sufficiency on economic matters. It should become an economic power. The country has come from 10th position to 5th in global rankings and a few years down the line we will achieve the third spot", Sitharaman said, after unveiling a bust of Mahatma Gandhi at Shrimati Indira Gandhi College here. Appealing to the students gathered at the venue to contribute to the progress of the nation, she said, "It is through the efforts of students like you that our country will become a developed nation by 2047." Referring to people talking about how China has progressed and comparisons wi

Need to learn lessons from electoral bonds scheme, says FM Sitharaman

Sitharaman observed that more people are investing directly in stock market. Finance minister noted stability of Indian stock market, advocating for it to operate independently

No link between ED raids and political donations to BJP: FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday denied any link between the functioning of investigative agencies, including ED raids, and electoral funding to the ruling party, saying these allegations are just assumptions. "What if the companies gave the money, and after that, we still went and knocked at their doors through ED (Enforcement Directorate). Is that a probability or not...It is an assumption that the ED went and knocked at their doors, and to save themselves they came up with funds. The second assumption is that are you sure that they have given (electoral bonds) to BJP. What if they probably gave to regional parties," she said while speaking at India Today Conclave. The finance minister's comments came a day after the Election Commission of India published a list of subscribers of the electoral bonds and funds mobilised by various political parties. The list provided by State Bank of India, the issuer of electoral bonds, was published after the order of the Supreme ...

Electoral bonds data: FM says party funding system needs transparency

Election Commission made public names of companies and individuals who had donated billions of rupees to political parties under the system that had kept their identities secret

NSE's social exchange listings swell to 5; FM Sitharaman hails fundraise

The market regulator last year reduced the minimum application size from Rs 2 lakh to Rs 10,000 and cut the minimum issue size from Rs 1 crore to Rs 50 lakh

Completion of projects hallmark of PM Modi's development model, says FM

Sitharaman claimed that prior to 2014, when the Modi government came to power at the Centre, foundations were laid but projects were not completed on time

IPR laws facilitator, not barrier in process of research & development: FM

Intellectual property rights (IPR) laws, the policy are all being given a certain push as research and development are happening in very big scale in India now because the environment is being made conducive for that purpose, Finance Minister Nirmala Sitharaman said on Saturday. "So, we are trying to make them (IPR laws) as a facilitator, booster, and not certainly a barrier in the process of R&D. We've taken quite a few steps and I singularly thank the prime minister for this particular policy, which after a lot of consultation has come up in 2016," she said. The law is a balance of protection for those who innovate, and the commercial propositions with which patents can be of use for the society, she said at the book launch event of Justice Prathiba M Singh on Patent Law. Sharing details of the law, Sitharaman said, eight different items which have something to do with intellectual property have all been brought together under one umbrella. Everything to do with the policy ...

Nation moving ahead with vision of women-led development: Sitharaman

Asserting that women empowerment has been a pivotal focus of the NDA government at the Centre, Union Finance Minister Nirmala Sitharaman on Tuesday said that India was moving ahead with the vision of women-led development under the leadership of Prime Minister Narendra Modi. She was speaking after inaugurating a credit outreach programme at the Jai Prakash University in Bihar's Saran district. "Our PM has done a lot for the empowerment of women in the country, be it providing them with gas cylinders under Ujjwala Yojana, constructing houses and toilets in villages or getting the Nari Shakti Vandan Adhiniyam passed in Parliament. Today, the entire world is accepting the fact that the women of India are progressing a lot under the leadership of Modi ji," she said. "Women empowerment has been a pivotal focus of the NDA government. The country is moving ahead with the vision of women-led development under the leadership of Modi ji," she said. Union Rural Development Minister Giriraj ..

FM Sitharaman calls for clarity on GST classification-related issues

CBIC gave a presentation that it has detected fake input tax credit claim of Rs 1.14 trillion from the year 2020 till date

Restoration of Hindu places of worship done in all fairness: Sitharaman

Finance Minister Nirmala Sitharaman on Monday defended restoration of Hindu places of worship saying they are being done in all fairness and backed by proof, and not an attempt to emotionalise anything. The construction of the three-storeyed Ram temple in Ayodhya is underway after the Supreme Court verdict came in favour of the temple in 2019. Earlier in January, Prime Minister Narendra Modi performed the 'Pran Pratishtha' of Ram Lalla idol as per prescribed rituals. "We need the right kind of storytelling, highlighting it and wherever necessary... so that the civilizational attempt to restore (temples) is done with fairness...we are not trying to emotionalise anything...emotion we have inside, but proof with which we go to the court should stand out for itself," Sitharaman said at a book release event here. Releasing a book titled 'Waiting for Shiva Unearthing the Truth of Kashi Gyan Vapi' written by Vikram Sampath, she said documentation has been an inherent part of the Hindu wa

Use tech to plug loopholes, improve taxpayer services: FM to GST officials

Finance Minister Nirmala Sitharaman on Monday asked GST officers to leverage technology to plug loopholes and provide better taxpayer services. Inaugurating the first-ever National Conference of Enforcement Chiefs of the State and Central GST Formations, Sitharaman advocated for sharing of the emerging best practices, emphasising the need for seamless coordination across states in the larger national interest. "The Union Finance Minister urged all the GST formations to leverage technology to plug the loopholes as well provide better taxpayer services," an official statement issued after the meeting said. She also stressed that clarity on the classification of related issues should be looked into at the earliest through appropriate channels. Sitharaman also exhorted the GST officials to engage with stakeholders to understand their concerns, enhance compliance, streamline processes, and work collaboratively towards making the tax system more transparent and efficient. In her address

National pension system added 21.5% fewer corporate subscribers in 2023

Saw 158,212 new subscribers last year compared to 201,517 during 2022

FM Sitharaman to inaugurate conference of GST enforcement chiefs on Monday

Finance Minister Nirmala Sitharaman will inaugurate on Monday a conference of enforcement chiefs of all state and central GST officers to tackle tax evasion. In the conference, Goods and Services Tax (GST) formations will deliberate on combating GST evasion, including examining current challenges and delving into successful methods adopted by central and state tax enforcement officers. It would also strategise on effective methods to combat fake invoicing, sharing best practices, fostering synergy, and leveraging technology and data. The conference will also balance ease of doing business and discuss striking a crucial equilibrium between facilitating a smooth business environment and implementing effective and deterrent enforcement measures. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman will inaugurate the one-day conference and also deliver the keynote address on March 4, a finance ministry statement said. Embracing the spirit of cooperative federalism as .

WTO: Fighting for rights of small fishermen, says FM Nirmala Sitharaman

The ongoing WTO 13th ministerial conference (MC13) in Abu Dhabi, which was supposed to end on February 29, has been extended by a day due to the logjam over key issues

Many countries negotiating to start rupee trade with India: Sitharaman

Finance Minister Nirmala Sitharaman on Friday said many countries are negotiating to start trade in rupee as the country's fundamentals are strong and the Indian unit has been "mostly stable" against most of the international currencies. Addressing the Pandit Hriday Nath Kunzru Memorial Lectures 2024 at JNU, Sitharaman also said India has opened up every sector for private investments and will extend fiscal and policy support to sunrise sectors like artificial intelligence, semiconductors and manufacturing using innovative tools. "Indian Rupee being mostly stable against most of the international currencies except for the US dollar, where it had volatility. But even in that case, compared to many other currencies, the Indian rupee has been far more stable even against the US dollar. "And therefore, you find countries today wanting to have trade relations built on rupee trade," said Sitharaman while addressing students and professors at her alma mater. "As a central university, JNU

AMC Repo Clearing sees trades of over Rs 10,000 crore in February

Fee waiver, more participation and increased order size result in surge

Direct Benefit Transfer worth Rs 34 trn facilitated by PFMS: FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday said Direct Benefit Transfer of Rs 34 lakh crore has been facilitated by the Public Financial Management System (PFMS) and asked accounts officers to further enhance efficiency and transparency of the system. In a written message to the Controller General of Accounts (CGA) and the Indian Civil Accounts Organisation (ICAO) on the occasion of the 48th Civil Accounts Day, Sitharaman said PFMS has been the cornerstone of establishing an efficient fund flow system alongside a robust payment and accounting network. PFMS is the management information system used by officers of the Indian Civil Accounts Service to maintain the accounts of the government. It is also used to transfer funds to beneficiary accounts of various government schemes via Direct Benefit Transfer (DBT). "The Direct Benefit Transfer mechanism, facilitated through PFMS, has led to the transfer of Rs 34 lakh crore from the government. This is a testament to the system's ...

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman

The MDR on UPI payments has been a longstanding demand from the fintech industry, asserting they don't generate revenue from such transactions