Page 78 - Nirmala Sitharaman

FM Sitharaman urges private sector to come forward and support SDGs

Finance Minister Nirmala Sitharaman on Saturday urged the private sector to come forward and support the Sustainable Development Goals (SDGs) saying it is the collective responsibility of all stakeholders to participate and contribute in this endeavour. Speaking at an event organised on the sidelines of the IMF-World Bank Annual meetings at Marrakesh in Morocco, the minister exuded confidence that MDB reform process emanating from the G20 deliberations will prompt multilateral development banks (MDBs) to maximise investments into developing nations. The 17 SDGs adopted by United Nations member states in 2015 were aimed at addressing a wide range of social, economic, and environmental challenges by 2030, she said. "India under its Presidency has called upon all G20 members to collectively resolve to fully and effectively implement the 2030 Agenda and accelerate progress toward the SDGs, in a timely manner," Sitharaman said. Observing that the SDGs provide a shared blueprint for peac

FM Sitharaman pitches for strong, quota-based and adequately resourced IMF

Finance Minister Nirmala Sitharaman on Saturday made a case for a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net and climate action. The 16th General Review of Quotas (GRQ) is expected to provide greater say to developing economies in the International Monetary Fund (IMF). As per an IMF resolution, the 16th GRQ should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in voting rights of emerging countries in line with their relative positions in the world economy. Participating in a breakfast meeting of the IMF Board of Governors on the theme of 'Dialogue on Policy Challenges' in Marrakesh, Morocco, Sitharaman expressed concerns with regard to slowdown in global growth. However, she said, India continues to be the fastest growing large economy with a growth of 7.8 per cent during the first quarter of 2023-24. With regard to escalating global debt vulnerabilities, she ...

Govt looking at eligibility criteria for direct overseas listing of firms

The Corporate Affairs Ministry is looking at various aspects, including the possible eligibility criteria, to prepare the rules for direct overseas listing of Indian companies, a senior official said on Friday. Currently, overseas listings by local listed entities are carried out through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). The official said the ministry is in discussions with finance ministry as well as other stakeholders to finalise the rules for Indian companies to list overseas. Various aspects such as eligibility criteria are being discussed for permitting overseas listing. It is also being looked at whether both listed and unlisted domestic companies could be allowed to list abroad but things are under discussion, the official said. The provision is part of the companies law, which is being implemented by the corporate affairs ministry. For the direct overseas listing framework, an enabling provision would be made under the Companies Act,

Middle-East conflict raises fuel price concerns, says FM Sitharaman

Sitharaman is on an official visit to Marrakech, Morocco, to attend the IMF-World Bank Annual Meetings 2023

LIVE: Middle-East conflict raises fuel price concerns, says FM Sitharaman

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World Bank needs headroom to help low-income countries, says G20

Addressing a press conference, Finance Minister Nirmala Sitharaman said the members appreciated the work of the Independent Expert Group (IEG) and welcomed the report

Need to be realistic about pvt cap mobilisation: FM to World Bank

On the issue of domestic resource mobilisation, the finance minister suggested adopting a holistic approach to raising fiscal resources, which is not limited to taxation

FM Sitharaman meets Brazil's minister, discusses issues of mutual interest

The minister met with Brazil's economy minister Haddad Fernando on the sidelines of the fourth G20 Finance Ministers and Central Bank Governors meeting

India can contribute towards strengthening, diversifying supply chains: FM

Finance Minister Nirmala Sitharaman on Wednesday said India is well placed to contribute towards strengthening and diversifying supply chains. Speaking at the launch of 'Partnership for Resilient and Inclusive Supply-chain Enhancement' on the sidelines of the World Bank-IMF Annual Meetings in Marrakech, Morocco, Sitharaman said India is undertaking some of the most robust climate actions through its Nationally Determined Contributions (NDCs). This includes an ambitious programme for a transition to clean energy and the RISE partnership is completely in sync with India's domestic policy of prioritising Clean Energy. Highlighting the hard-earned consensus by the G20 India Presidency on the need to rapidly scale up renewable energy capacity, the finance minister said the Global Biofuels Alliance initiative launched by Prime Minister Narendra Modi, on the sidelines of the G20 Leaders Summit in New Delhi, is a positive step towards promoting global cooperation on sustainable biofuels and

IMF's focus has to be macroeconomic surveillance, policy guidance: FM

Finance and central bank deputies meeting to start discussions on key agenda

India keen to engage with IMF to purse G20 agenda on resource mobilisation

Finance Minister Nirmala Sitharaman on Wednesday expressed India's keenness to engage with IMF to work with developing countries in facilitating domestic resource mobilisation as endorsed by G20 leaders. Last month, G20 New Delhi Leaders' Declaration urged IMF and the World Bank, in coordination with other relevant international institutions, to support efforts at enhancing domestic resource mobilisation in emerging market and developing economies (EMDEs). During the meeting with International Monetary Fund (IMF) managing director Kristalina Georgieva on the sidelines of the Annual Meetings of IMF-WB, in Marrakech, Morocco, Sitharaman thanked IMF for support during the G20 India Presidency, including Digital Public Infrastructure (DPI) related work and promotion for tech-driven economic growth and productivity gains. She also appreciated IMF's role with regard to policy work for crypto assets and the related G20 roadmap for global coordination within and beyond G20 countries, the .

FM Sitharaman stresses on need for IMF to remain well capitalised

Finance Minister Nirmala Sitharaman on Wednesday participated in a roundtable discussion on 'IMF policy priorities and how the institution should support its membership' and underlined the need for the institution to remain well-capitalised to meet future challenges. The roundtable was hosted by US Treasury Secretary Janet Yellen on the sidelines of the World Bank-IMF Annual Meetings in Marrakech, Morocco. Sitharaman spoke about IMF's mandate and lending policies, a strong, quota-based, and adequately resourced IMF, Poverty Reduction and Growth Trust (PRGT) Financing and IMF governance reforms, the finance ministry said in a statement. Sitharaman drew attention to India's G20 Presidency's focus on the importance of multilateralism to move towards coordinated and consensus-based solutions to global challenges. She highlighted that in line with the evolving needs of the membership, the IMF's primary focus needs to be macroeconomic surveillance and policy guidance, it said. She ...

FM to attend World Bank-IMF meet, G20 FMBCBG in Morocco from Oct 11

Finance Minister Nirmala Sitharaman will embark on a six-day official visit on Tuesday to Marrakech, Morocco, to attend the World Bank-International Monetary Fund annual meet, along with the G20 FMCBG meeting. Besides, bilateral meetings with Indonesia, Morocco, Brazil, Switzerland, Germany and France are scheduled to take place on October 11-15, 2023, in Marrakech. The Indian delegation for the annual meetings will be led by the Finance Minister, and comprise officials from the Ministry of Finance and the Reserve Bank of India, an official statement said on Monday. During the visit, it said, Sitharaman and RBI Governor Shaktikanta Das will co-chair the fourth G20 Finance Ministers and Central Bank Governors (FMCBG) meeting. The G20 FMCBG meeting under India's presidency will witness the participation of 65 delegations from G20 countries, invitee countries, and international organisations in multilateral discussions centred around a broad spectrum of important global issues, it ...

G20 FMCBG meeting at Marrakesh: All eyes on MDB reform road map

On crypto assets, Lavasa said it may not be a major priority as there are several issues related to it that require acceptance

FM Nirmala Sitharaman meets MDBs ahead of Morocco summit next week

During the Leaders Summit in New Delhi, G20 Leaders emphasised the need for reforms to deliver better, bigger, and more effective MDBs

Corporate exits under C-PACE now in 100 days instead of 180 days: MCA secy

In her Budget speech last year, Finance Minister Nirmala Sitharaman had introduced the inception of C-PACE for the 2022-23 fiscal year

Rededicate to better corporate governance: FM tells company secretaries

Finance Minister Nirmala Sitharaman on Wednesday urged company secretaries to rededicate themselves for better corporate governance, as India gears to become a developed nation by 2047. Addressing the 55th Foundation Day of the Institute of Company Secretaries of India (ICSI), the finance minister said it is time to "rededicate ourselves for and towards better corporate governance... we cannot see our value systems being diluted... corporate governance is an issue on which all of us are committed." Praising ICSI, she said, the high standard set by the institute is well recognised across the world. She appreciated the decision of the ICSI to waive off registration fee for Agniveer, defence personnel and families of martyrs for enrollment in company secretaries course. The other decision, to donate Rs 11 lakh for the education of daughters of martyrs, is also praiseworthy, she noted. The Finance Minister said the government has taken significant steps to promote ease of doing busine

Never imagined I will become Finance Minister: Nirmala Sitharaman

Union Minister Nirmala Sitharaman on Tuesday said she never imagined that she would become the country's Finance Minister and one should never forget there is 'some infinite grace' above all. The Finance and Corporate Affairs Minister, taking part in a series of events earlier in the day, gave away loans amounting to Rs 3,749 crore to over one lakh beneficiaries. "Did I imagine becoming Finance Minister of the country? No chance." Sitharaman said she had no political background and still one day she managed to do so (become a Minister). "I am being spiritual here. Instead of only praying to God, we should put in sincere efforts...But never forget that you cannot be there (reach your destination) without some infinite grace," she said. Sitharaman made these comments while addressing students at the PSG R Krishnammal College for Women here. "I remind myself during difficult times that there is some cosmic power to give that strength (to you). I always say that you (God) have brough

AMC Repo Clearing gains ground, gets Rs 160 crore in past fortnight

Insiders revealed that this uptick in volume comes from the participation of one major bank and some mutual funds

TN BJP core committee to discuss AIADMK ties break up: Senior leader

The BJP, which was initially dazed over the AIADMK's decision to break up ties with it in Tamil Nadu, will discuss the issue and the other political developments at the party's core committee and executive committee meeting soon, a senior leader said on Thursday. Terming the Dravidian major's announcement to part ways with the BJP-led National Democratic Alliance as "unfortunate", BJP national co-incharge of Tamil Nadu Dr Ponguleti Sudhakar Reddy said the matter will be discussed at the party's state core committee and executive committee meeting soon. "I can't officially comment on the alliance. The Central leadership is watching the development in Tamil Nadu and they will take a call," Reddy told PTI. He however, remained tight slipped when asked if the party leadership has sought a "status report" on the AIADMK parting ways with the BJP, from Union Finance Minister Nirmala Sitharaman. Another senior leader in the BJP indicated that only those senior leaders already in touch with