Page 67 - Nirmala Sitharaman

Inflation within tolerance, taking steps to check price rise: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said the inflation has come down within the tolerance band as a result of the steps taken by the government to check price rise, especially in perishable commodities. Replying to a question in the Rajya Sabha, Sitharaman said Bhabha Atomic Research Centre (BARC) is working with the government on de-humidification of onions through Gamma Rays to give it a longer shelf life. "The government is seized of the difficulties, which arise due to shortage of perishable goods, which are not grown in India. The committee sits and reviews periodically, and the efforts have shown on the ground that inflation is now within the tolerable band," she said. India's retail inflation has declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of 2023. The retail inflation is now stable and within the notified tolerance band of 2 per cent to 6 per cent. The minister said that in order to check the volatil

Leveraging research

India needs to push R&D expenditure

Paytm CEO meets Union FM Sitharaman, discusses ongoing challenges: Report

The company, earlier said that it filed a specific clarification on Sunday, categorically denying any investigation by the Enforcement Directorate on OCL, our associates, and our management

India's Interim Budget represents responsible fiscal management: USISPF

Commending Finance Minister Nirmala Sitharaman for her consistency and focus on growth in her interim Budget, a US-based India-centric business advocacy group has said that it represents a welcome statement of responsible fiscal management in an election year. The US-India Strategic and Partnership Forum (USISPF) also commend the government's continued focus on the trinity of infrastructure, inclusive growth, and fiscal prudence in line with growing US-India commercial ties. The interim Budget was presented on February 1 by Sitharaman. As an interim, pre-election budget with no major policy pronouncements, it represents a welcome statement of responsible fiscal management in an election year, the USISPF said in a statement. General elections are expected to be held in India between April and May. According to budget projections, the fiscal deficit for the upcoming financial year (2025) will narrow to 5.1 per cent and GDP growth will remain between 6-7 per cent GDP. On the expendi

LS to discuss Interim Budget; FM Sitharaman to move Finance Bill 2024

Union Finance Minister Nirmala Sitharaman is scheduled to move The Finance Bill, 2024 for its consideration and passage in the Lok Sabha on Tuesday

Claims Centre not releasing funds 'politically-vitiated narrative': FM

Union Finance Minister Nirmala Sitharaman on Monday came down heavily on allegations that the Centre is withholding funds meant for non-BJP governed states, saying it is a "politically-vitiated narrative" that "vested interests" are happy to go about saying. Replying to a question by Congress leader Adhir Ranjan Chowdhury in the Lok Sabha on the Karnataka government's claim that the Centre is not releasing funds due to it, Sitharaman said such a situation cannot happen as the "system is well placed" and the central government works according to recommendations of the Finance Commission. "This apprehension that some states are being discriminated against is a politically-vitiated narrative which, I am sorry to say, vested interests are happy to go about saying," she said during Question Hour. Sitharaman added that no Union finance minister can play with the Finance Commission's recommendations. "This is just not a possibility that any finance minister can intervene to say that 'I do

Best of BS Opinion: Bilateral agreements, Dealing with Uncle Sam & more

Here is the best of Business Standard's opinion pieces for today

Interim Budget: Govt allocates Rs 1.18 trillion for Jammu and Kashmir

Finance Minister Nirmala Sitharaman on Monday proposed an interim Budget of Rs 1.18 lakh crore for fiscal 2024-25 for the Union Territory of Jammu & Kashmir. The interim Budget envisages a fiscal deficit of Rs 20,760 crore and a 7.5 per cent growth in gross state domestic product (GSDP). The capital expenditure for the fiscal has been proposed at Rs 38,566 crore, which is 14.64 per cent of the GSDP, as per the interim Budget tabled by Sitharaman in Parliament. The revenue receipts for the next fiscal stood at Rs 97,861 crore. According to Sitharaman, the crucial reforms undertaken in 2019 enabled "path-breaking" measures by the Union Territory Government to decentralise governance structure, promote inclusive development, upscale revenue generation and step up infrastructure development. "The Government is maintaining law and order to ensure security while simultaneously implementing initiatives for economic and social development. The Government has adopted a policy of zero ...

Various measures taken to reduce debt burden, strengthen economy: FM

To bring down the debt burden, the government has taken various measures like increasing the tax revenue buoyancy, enhancing the public expenditure effectiveness, commitment to reducing fiscal deficit and augmenting the productive efficiency, Finance Minister Nirmala Sitharaman said on Monday. In addition to strengthening the financial system, the government has more than doubled its effective capital expenditure from Rs 6.57 lakh crore in 2020-21 to Rs 13.71 lakh crore and Rs 14.97 lakh crore in 2023-24 (BE) and 2024-25 (BE), respectively, to crowd in private investments, she said in the Lok Sabha. The government's emphasis on increasing capital expenditure will not only boost the investments, but also return a higher GDP growth to lower the debt burden, she said. Simultaneously, she said, the state governments have been incentivised to increase their capital spending through measures like 50-year interest-free capex loans and front-loading of tax devolution instalments. Various .

Govt seeks LS approval for net additional spending of Rs 78,673 cr in FY25

The government on Monday sought Lok Sabha's approval for a net additional spending of Rs 78,673 crore in the current financial year. The second batch of supplementary demands for grants for 2023-24 fiscal was tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman. The supplementary demands for grants includes a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore. The proposal involves net cash outgo aggregating to Rs 78,672.92 crore, said the document tabled in the Lok Sabha.

Need more 'SBI-sized' banks: Nirmala Sitharaman on India's economic push

Experts suggest that given the economic size of India and its acceleration towards being the third largest economy, at least a couple of banks of global size are required to facilitate the growth

Qualitative improvement

Higher capex will improve growth prospects

Economic reforms implemented 'despite the odds', says FM Sitharaman

Rating agencies must take note of the country's transparent fiscal consolidation path, FM says

Govt working on scheme to help middle-class buy homes: Manoj Joshi

The government is "working on a scheme" to help middle-class people purchase or construct their own houses, Housing and Urban Affairs Secretary Manoj Joshi on Friday said, as he stressed that real estate has a critical role in the country becoming USD 30 trillion economy by 2047. Inaugurating the real estate association NAREDCO's National Convention, he said real estate is the most critical factor in India becoming a developed nation and reaching a USD 30 trillion economy. Joshi stressed that building urban infrastructure and urban housing would be key to economic growth. The government has been focusing a lot on urban planning in the last few years, he said, adding that states are being given incentives to make reforms in urban planning. A lot of states have undertaken reforms, the secretary said, and highlighted good work done in Gujarat in this area. Referring to the budget announcement that the government will launch a scheme to help the middle class in acquiring homes, Joshi

It's not interim Budget, but 'antim' Budget of BJP govt at Centre: Mamata

West Bengal Chief Minister Mamata Banerjee on Friday dubbed the interim budget for 2024-25 as the antim (last) budget of the BJP government at the Centre, indicating that the saffron party will taste defeat in the Lok Sabha polls this year. Banerjee made the remark during a dharna in Kolkata, which began earlier in the day to demand the state's "dues" from the Centre for various social welfare schemes. "It is not an interim budget, but the 'antim' budget, she asserted. Union Finance Minister Nirmala Sitharaman had tabled the interim budget on Thursday. The chief minister also said her government has submitted utilisation certificates regarding the usage of central funds since 2011, when the TMC assumed power in the state for the first time. Why should we take responsibility for what happened before we came to power, during the Left rule?" she said.

Interim Budget 2024-25: Striking a middle path

Such prudence also seems to have influenced the Finance Minister's fiscal consolidation efforts

I-T dept will erase petty tax demands on its own, says CBDT chairman

The income tax department will "erase" petty tax demands pending against about 80 lakh taxpayers on its own and issue a "speaking order" explaining the process to be followed, CBDT chairman Nitin Gupta said Friday, a day after the measure was proposed in the interim Budget. Union Finance Minister Nirmala Sitharaman had on Thursday declared the government's proposal to withdraw outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years 2010-11 to 2014-15. This was being done, she said, as part of an effort to improve ease of living and ease of doing business for citizens. The finance minister added that there were "a large number" of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years. "We will erase these demands, we will extinguish such a demand from the

Fiscal deficit target of 5.1% ambitious but achievable: Finance secretary

Finance Secretary T V Somanathan has said the government's resolve to bring down the fiscal deficit by 70 basis points to 5.1 per cent in 2024-25 is ambitious but achievable in view of the tax buoyancy and expenditure management. Finance Minister Nirmala Sitharaman in the interim Budget presented on Thursday refrained from announcing any populist measures but significantly trimmed the fiscal deficit to 5.1 per cent of the Gross Domestic Product (GDP) next fiscal and 4.5 per cent in FY26. "So it is ambitious but it is also realistic. There are three pillars on which this is based. One is we have assumed growth in tax revenue about 11.5 per cent. I think that's a very realistic assumption," Somanathan told PTI Videos in an interview. Besides, he said, the government has projected a slight increase in non-tax revenue from a high base during the current financial year. On the expenditure side, he said, "Capex has increased 11.1 per cent... the revenue expenditure we believe is ...

LIVE: Budget will fuel progress, empower people, says Shree Cement MD

Union Budget 2024 Live Updates: Catch all the latest updates here

Budget announcements to boost India's innovation-led economy: DPIIT secy

Announcements in the interim Budget 2024-25 with regard to deep-tech and startups will significantly help boost India's innovation-led economy, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said on Friday. Singh said the 11 per cent increase in capital expenditure (capex) to Rs 11.11 lakh crore for the next financial year, and the provision to provide Rs 75,000 crore as interest-free loan for 50 years to support reforms by states, will help further improve the country's logistics efficiency, connectivity and cut down the logistics cost. Provisions related to research and development "hopefully trigger some greater private sector investments in R&D. Announcement of a new scheme for strengthening deep-tech technologies is good for startups also... It will give a boost to India's increasingly becoming an innovation led economy," Singh told PTI. Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on ...