Page 64 - Nirmala Sitharaman

Modi-govt focussed on innovation, tech development: Nirmala Sitharaman

She inaugurated the fifth campus of BITS Pilani in Mumbai, spread over 63 acres and with an investment of Rs 1,500 crore

FinMin asks depts to surrender unspent Budgetary allocation by March 8

Finance Ministry has asked other ministries and departments to surrender unspent Budgetary allocation for 2023-24 by March 8. The last date for accepting the Surrender of Savings anticipated in the grants for 2023-24 has been fixed as March 8, 2024, an office memorandum issued by the Department of Economic Affairs dated February 22 said. It is requested that the details of surrender of savings under each unit of appropriation may be sent to the Budget Division, Ministry of Finance by the said date in a specified format, it said. "The ministries/departments are also requested to furnish the details of excess or shortfall in recoveries, receipts if any, in the respective grants against the original estimates or recovery, while intimating the surrender of savings," it said.

India has moved to 5th spot from 10th in world in terms of economy: FM

Union Finance Minister Nirmala Sitharaman on Friday said under Prime Minister Narendra Modi's leadership, India has moved up to the fifth position from the 10th spot in the world in terms of economy. "In the next year and a half, we will be at the third position," she said, adding that the standard of living of the citizens is better in a country that has a strong economy and everyone benefits from it. The senior Bharatiya Janata Party (BJP) leader said this is the first government in the country that listens to people, then makes schemes and works to deliver the benefits of such schemes to people. "The BJP is such a party in which even the smallest worker can reach the highest position by working for the party," she said. Claiming that the INDIA opposition bloc has disintegrated, Sitharaman said nothing is achieved by taking photographs. "They (Congress leader Rahul Gandhi and Samajwadi Party chief Akhilesh Yadav) have nothing left to say to the public. Prime Minister Modi has a

FSDC meet discusses ways for simplification, digitisation of KYC process

Take more steps to curb illegal lending apps: FM

FM asks World Bank officials to lead G20 agenda of strengthening MDBs

FM also suggested the World Bank explore the possibility of implementing Infrastructure Investment Trusts in infrastructure sectors such as roadways

Paytm fiasco: FM Sitharaman to meet heads of fintech firms next week

Amid the ongoing problem faced by leading fintech player Paytm, Finance Minister Nirmala Sitharaman has decided to meet heads of financial technology companies next week to persuade them to strictly follow regulatory norms. Paytm Payments Bank Ltd, an entity promoted by One97 Communications Ltd, faced regulatory actions by the Reserve Bank for failure to comply with host of regulatory norms, including Know Your Customer (KYC) guidelines. According to sources, Sitharaman will be meeting CEOs of fintech companies next week to hear their concerns and problems. However, sources said, she will impress upon them the need to abide by regulatory norms as they are dealing with money of individuals. The meeting is expected to see participation from senior officials of Reserve Bank, finance ministry, Department for Promotion of Industry and Internal Trade, among others. Last week, the RBI advised customers as well as merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to othe

Finding the right policy for edible oil

The strategy mooted by the finance minister to attain atmanirbharta in edible oilseeds like mustard, groundnut, sesame, soybean, and sunflower involves research on high-yielding crop varieties

FM Sitharaman meets 16th Finance Commission chairman Arvind Panagariya

Finance Minister Nirmala Sitharaman on Friday met 16th Finance Commission Chairman Arvind Panagariya. The meeting came within two days of the first meeting of the commission in which the members and the chairman discussed the terms of reference. Full-time members of the commission are former expenditure secretary Ajay Narayan Jha, retired bureaucrat Annie George Mathew, and Artha Global Executive Director Niranjan Rajadhyaksha, while SBI Group Chief Economic Advisor Soumya Kanti Ghosh is a part-time member. "Shri @APanagariya, Chairman - 16th Finance Commission, calls on Smt @nsitharaman," Sitharaman's office said in a post on X. The commission, chaired by former vice chairman of Niti Aayog Panagariya, will be assisted by Secretary Ritvik Ranjanam Pandey, two joint secretaries and one economic advisor, in its functioning. The government constituted the commission under the chairmanship of Panagariya on December 31, 2023. The panel would submit its report to the President by Octobe

Look for ways to stay relevant in digital era: FM Sitharaman to SPMCIL

The Finance Minister was addressing the 19th Foundation Day celebrations of the SPMCIL in virtual mode

FM Sitharaman launches 3 souvenir coins based on Ram temple theme

Finance Minister Nirmala Sitharaman on Thursday released three souvenir coins, including the one based on the theme of Ram Lalla and Ram Janmabhoomi Temple, Ayodhya. At the 19th foundation ceremony of state-owned Security Printing & Minting Corporation of India (SPMCIL), Sitharaman also released bi-metallic clad souvenir coin on Enlightenment of Lord Buddha (Limited Edition - Buddha & Stupa images are oxidised with Matte finish) and another on Greater one-horned Rhino (part of Endangered Animals of India series). Sitharaman lauded the efforts of SPMCIL for coming up with commemorative stamps and coins on Panchatantra theme which India has gifted during IMF-World Bank bilateral meetings. "The themes with which off late you are coming up with whether it's commemorative stamps or coins shows that you want to keep abreast of the developments around the world, environment concerns, concerns for divyang and also making it attractive enough to become items worthy of being gifted," ...

CAIT members meet FM, demand deferment of I-T Act clause related to MSMEs

Representatives of traders' body CAIT on Wednesday met Finance Minister Nirmala Sitharaman and demanded that implementation of a clause in Income Tax Act related to MSMEs payment rule be deferred by a year to April 2025. In a release, Confederation of All India Traders (CAIT) said a delegation led by its Secretary General Praveen Khandelwal conveyed the traders' concerns to the finance minister and suggested a solution during the meeting. In its memorandum, CAIT welcomed the government's decision, highlighting the significance of ensuring timely payments to the MSME sector within 45 days to maintain uninterrupted cash flow for traders. However, given the "lack of clarity" surrounding the applicability of the law to traders and other related provisions, CAIT called for suspension of implementation of Section 43 (b)h of the Income Tax Act until sufficient clarification and information dissemination are achieved nationwide. "CAIT further appealed to the government to postpone the ...

FM Sitharaman to review state of economy at FSDC meeting on February 21

Finance Minister Nirmala Sitharaman is scheduled to review the state of the economy amid global challenges at a meeting of the Financial Stability and Development Council (FSDC) on February 21. The 28th meeting of the high-level panel to be held here will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das, sources said. This would be the first meeting of the FSDC after the passage of the Rs 47.6 lakh crore Budget for 2024-25, focussing on capital expenditure with an outlay of Rs 11.11 lakh crore. In the meeting, the Finance Minister will review the current global and domestic economic situation and financial stability issues. Sitharaman is likely to stress key priorities highlighted in the interim Budget, the way forward for various future policies and measures that the government has proposed to take in many sectors, sources said. Besides, the council may also review the progress of measures approved earlier for further development of the finan

FM Nirmala Sitharaman addresses Reserve Bank of India board of directors

The Board also reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility

Qualitative improvement

Higher capex will improve growth prospects

Congress mastered art of spoiling accomplishments: FM Sitharaman in RS

Finance Minister Nirmala Sitharaman on Saturday took a dig at the Congress saying the grand old party mastered the art of ruining accomplishments of the previous government as they did while managing inflation during the 10-year UPA regime. Replying to a short duration discussion on 'White Paper on Indian Economy' in the Rajya Sabha, she said there was mismanagement of the economy during 2004-2014 by the Congress-led UPA government. She said the Modi-led government toiled for 10 years to bring the economy back on track, taking India from 'Fragile Five' to 5th largest economy of the world. She said that India is soon going to become the world's third largest economy. Sitharaman said the inflation rate was below 4 per cent in the last year of Atal Bihari Vajpayee government, but it remained significantly high during the 10-year UPA regime. "Gur ko gobar karna inki mastery hai (Congress has mastery of ruining something that has been accomplished)," she said. The finance minister atta

Central govt is nervous, says Congress' Manish Tewari on 'White Paper'

Congress MP Manish Tewari referred to the 'White Paper ' presented on the Indian economy in Parliament by Centre as "nervousness", which he claimed was evident in the Union Finance Minister's response

White Paper record for posterity, a serious document: FM Sitharaman

She said the NDA government has the power and vision, which was lacking during the UPA's term

National security compromised, leadership failed in 10 years of UPA: FM

Finance Minister Nirmala Sitharaman on Friday said national security was compromised, environmental clearances delayed and leadership failed during the previous Congress-led UPA government. Replying to a debate in Lok Sabha on the White Paper on India's economy and its impact on the lives of people, Sitharaman said the UPA government indulged in "glaring mismanagement" of the defence sector and its highlight was the Rs 3,600 crore AgustaWestland scam. "Critical shortage of ammunition & defence equipment was the main feature of 2014 when we inherited the economy. Bullet proof jackets were not available for our soldiers. Night vision goggles were not available," Sitharaman said. She said 'Jayanti Tax' during the UPA tenure delayed environment clearances for projects up to a year. The average time to clear projects increased to 316 days from 86 days between 2011 and 2014. She said 10 years of dedicated efforts of the Modi government have put the economy back on rails. "We correcte

UPA put 'family first', left India in 'dire straits' in 2014: FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday lambasted the previous Congress-led UPA government for its mismanagement of the economy saying the party put "family first" and left the country in "dire straits" in 2014, but it is now lecturing the Modi government on handling the economy. Initiating the debate on the 'White Paper on Indian economy and its impact on the lives of people of India' in the Lok Sabha, Sitharaman said the Modi government put "nation-first", and took the economy from 'fragile five' to 'top five'. India is now on the way to become the third largest global economy, she said. Amid constant bickering by the Congress members, Sitharaman said the White Paper is for record of posterity and the youth should know what efforts Prime Minister Narendra Modi has put in to restore India's past glory. "Ten years of one government with some crisis and 10 years of a different government with a different crisis. The comparison shown in this 'White Paper' clearly says how if th

2008 global financial crisis wasn't as serious as Covid-19: FM Sitharaman

A nearly 60-page White Paper was tabled in the Lok Sabha and Rajya Sabha by Sitharaman on Thursday