Page 60 - Nirmala Sitharaman

India's fiscal deficit for FY24 likely to be better than expected

Govt capex for the last financial year also in line with projections, say sources

Jharkhand bearing brunt of migration, lawlessness, corruption: Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday alleged that Jharkhand was bearing the brunt of rampant corruption, migration and lawlessness, and a change in governance was the need of the hour in the state. Sitharaman, speaking at an event here, also said that allegations of step-motherly treatment towards Jharkhand were baseless. Eastern India can become the engine of growth for the country with the restoration of industries, she said. Jharkhand used to feature among the top five states in ease-of-doing business. But now, jungle raj' prevails here. The state will attract more investment if law and order improves... Change in governance is the need of the hour in Jharkhand, the minister said. The allegations (of the opposition) about step-motherly treatment towards the state by the prime minister are baseless... Jharkhand was allocated a record Rs 7,200 crore for rail projects in the 2024-25 budget, she added.

Net worth of CPSEs increased by 82% in 9 years, says finance minister

Sitharaman said the market capitalisation of 12 listed public sector banks (PSBs) has surged by 2.95 times in the past three years to Rs 16.12 trillion as of March 31, 2024

PSUs not in disarray, but thriving under Modi regime, says Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said PSUs have suffered under the Congress-led UPA government and previously neglected ones like, the Hindustan Aeronautics Limited (HAL), have seen a 'resurgence' under the Modi government. Rebutting allegations by the Congress party and its leader Rahul Gandhi that state-owned companies are in a disarray, Sitharaman said such claims are a textbook example of the pot calling the kettle black. In a post on X, the Minister said that under the Modi-government, public sector undertakings (PSUs) are thriving, benefiting significantly from the culture of professionalism infused in them along with increased operational freedom. PSUs have suffered under the Congress-led UPA government. PSUs that were previously neglected under the UPA government, such as Hindustan Aeronautics Limited, have seen a resurgence under the Modi government, she said. "Repeated claims from "the @INCIndia ecosystem and @RahulGandhi in particular that Public Sector .

GST helped states earn 24% more than the old regime: FM Sitharaman

She praised the new tax system for being pro-poor and beneficial to 4.4 million small taxpayers and micro, small and medium enterprises (MSMEs)

Govt adopted pro-poor approach in GST implementation: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the government has adopted "a pro-poor approach" while implementing Goods and Services Tax, and despite lower taxes rates the revenues as a percentage of GDP have reached the pre-GST level. In a post on X (formerly Twitter), Sitharaman said without GST, states' revenue from subsumed taxes from FY 2018-19 to 2023-24 would have been Rs 37.5 lakh crore. With GST, states' actual revenue amounted to Rs 46.56 lakh crore. "Despite the GST rate being less than the prescribed Revenue Neutral Rate and COVID-19 affecting the revenues, GST collections (as a percentage of GDP) have now reached the levels they were before GST (both net and gross). "This demonstrates that the Centre & States, collectively, through better tax administration, are able to collect the same revenue with a lower burden on our taxpayers," she said. GST, which was rolled out on July 1, 2017, had subsumed 17 taxes and 13 cesses into a 5-tier structure, thereby ...

FM Sitharaman swears in Justice (Retd) Mishra as 1st President of GSTAT

Finance Minister Nirmala Sitharaman on Monday administered the oath of office to Justice (Retd) Sanjaya Kumar Mishra as first President of the GST appellate tribunal (GSTAT). Mishra's appointment marks the beginning of the operationalisation of the GSTAT, a crucial body for resolving GST-related disputes. "Union Minister for Finance and Corporate Affairs Nirmala Sitharaman administered the oath of integrity and secrecy to Justice (Retd.) Sanjaya Kumar Mishra as the President of the GST Appellate Tribunal (GSTAT), in New Delhi, today," an official statement said. Mishra was a former Chief Justice of the Jharkhand High Court and was selected by a Search-cum-Selection Committee headed by the Chief Justice of India. The GSTAT is the Appellate Authority established under the Central Goods and Services Tax Act, 2017, to hear various appeals under the said Act and the respective State/Union Territories GST Acts against the orders of the first appellate authority. It consists of a princip

Global cues, tax clarification, Gift Nifty: Key triggers for Nifty on May 6

All you need to know before Sensex, Nifty opens for trade on Monday, May 06: Gift Nifty hints at gap-up open; FM dismisses buzz of changes in capital gains tax and Q4 results.

Economy will regress into 'fragile five' if Cong manifesto implemented: FM

If Congress' poll manifesto were to be implemented, the Indian economy currently ranked among the top five globally, would regress into the "fragile five", Union Finance Minister Nirmala Sitharaman said on Saturday. She claimed the Congress poll document is "more akin to a Muslim League document" and the BJP is duty-bound to question its import. Sitharaman's attack comes against the backdrop of the 'conducting an economic survey and x-ray of society' remarks made by Rahul Gandhi and the BJP's allegation that Congress is planning redistribution of wealth if voted to power. "It is the worst manifesto which is not in the interest of the nation," Sitharaman said. Speaking at a meeting with select journalists in Pune, the finance minister wondered whether the Congress has conducted the necessary financial planning to fulfil the assurances listed in its manifesto. "I know they are not coming to power, but I would still like to ask, even if the subject of the Congress manifesto were to b

FM's clarification on capital gains tax could see markets recover on Monday

Ambareesh Baliga, an independent market analyst believes the markets want 'more of the same' in terms of income tax-related policies - continuity amid a stable regime

Strong capex, domestic demand behind India's growth performance: IMF

Finance Minister Nirmala Sitharaman, in the interim budget, proposed to raise the capital expenditure target by 16.9 per cent to a record Rs 11.11 trillion for FY24-25

UPA tenure lost decade, India's growth not arithmetic inevitability: FM

Calling the ten years of UPA tenure India's lost decade because of bad policies and corruption, Sitharaman said growth in GDP does not happen automatically and requires a lot of effort

India needs stable govt to achieve goal of 'Viksit Bharat' by 2047: FM

Finance Minister Nirmala Sitharaman on Monday underscored the need for a stable government to achieve the goal of becoming Viksit Bharat by 2047. "Our Prime Minister has set a target that by 2047, we need to reach the destination of a developed India," she said while addressing students of GITAM University here. "We have to make efforts, so the GDP grows, and the benefits reach to all. GDP growth doesn't happen automatically; efforts are required at micro and macro levels and on the ground," she said. The image of the country is also important, along with the ranking of your GDP, she said, adding that all these factors matter, along with per capita income calculations. "Unless the GDP is widened, we are not going to be able to meet the demands of the economy. We need investment, services to grow, educational institutions, and money for people to buy houses, start businesses," she added. She also criticised former Finance Minister P Chidambaram for questioning the developmental pac

LS election phase 2: FM Sitharaman, Rahul Dravid among early voters

Polling was underway on Friday in 88 constituencies spread across 13 states and union territories in the second phase of the Lok Sabha polls, with Prime Minister Narendra Modi urging people to cast their votes in record numbers. Polling started at 7 am and will continue till 6 pm. Asserting that their vote is their voice, Modi especially told the youth and women voters to turn up at the polling booths in great numbers, and said a high voter turnout strengthens democracy. Congress president Mallikarjun Kharge also urged voters to come out and vote to protect democracy from the clutches of dictatorship. He also said that the Constitution should reverberate in their hearts before they push to voting button. In Kerala and Karnataka, long queues of voters were seen outside polling booths as soon as voting started. However, there were reports of EVM breakdowns in various booths across Kerala, delaying the election process in those places. Polling in underway at 20 Lok Sabha seats in .

Inheritance tax may nullify decade of progress, says FM as she casts vote

Sitharaman also said that the inheritance tax directly impacts the middle class and aspirational class

Congress plans to target middle class with inheritance tax: Sitharaman

Sam Pitroda argued that his remarks were merely a discussion on policies in the US and not a proposal for India

Chandrasekhar writes to FM over unpaid dues to Kerala's govt employees

Training guns at the CPI (M) government, Chandrashekhar stated that for several months, the salary of pensioners has not been paid by the Kerala government

Lot of people coming back to India to establish business: FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Monday said reverse migration had started as a lot of people are coming back to establish business here. According to her, reverse migration has started in which a lot of people, who have a global footprint, are finding businesses, professions and careers to be built in India. "Ideally, India should be a country which is worth for our grandchildren to stay and live and lead their lives and contribute for the country rather than run away from here because opportunities, job satisfaction, career enhancement, are better there and not here," the FM said during an interactive meet on Economy and The Vision for 'Amrit Kaal-2047.' The event was organised by the Institute of Chartered Accountants Of India, Southern India Regional Council here in Bengaluru. Sitharaman appealed to chartered accountants to bring more informal businesses on the formal side so that they can reap the benefits of the open world. According to her, small businesses pref

Govt aims to make India attractive for manufacturing, services: Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said the Centre has tailored policies to make India an attractive destination for manufacturing and services, and the aim was to produce not just for the domestic market but for exports as well. She was responding to a query on American tech billionaire Elon Musk postponing his meeting with Prime Minister Narendra Modi. "Policies have been made to attract investments. We want manufacturers and investors to come and produce not just for India but also for exports. We will try to attract manufacturers and investors through policies," she told reporters. Tesla CEO Musk on Saturday said his visit to India has been delayed due to the company's heavy obligations. "When big companies show interest to come to India, we will do everything to make it attractive for them to come and invest. In that process, if there is anything to discuss, we will certainly discuss. But whatever we have done, we have done it through policy," Sitharaman ...

BJP may bring back electoral bonds after 2024 elections: FM Sitharaman

Electoral bond issue: Finance Minister Sitharaman said electoral bonds could be reintroduced with improvements for transparency and stakeholder consultations if BJP came back to power after the ongoin