Page 79 - Nirmala Sitharaman

Intergovt coop essential to crack masterminds behind smuggling network: FM

Finance Minister Nirmala Sitharaman on Monday stressed on the need for intergovernmental cooperation to crack the masterminds behind smuggling networks and take steps to deter illicit trade. Speaking at the Global Conference on Cooperation in Enforcement Matters organised by the Directorate of Revenue Intelligence, Sitharaman said that customs authorities should share information among themselves to curb the network of illicit trade and efforts should be made to ensure that information shared is "actionable". Sitharaman also said that the nature of smuggled or illegally traded goods has not changed over the last 50-60 years and it continues to be precious metals, narcotics, precious reserves from forest or marine life. "So largely the goods which are illegally traded remain the same. There are no newer areas on which the customs authorities are baffled. If this is the way it is showing a trend over the decade, by now most of us should be fairly informed of who are the forces behind

Finance ministry's expenditure management to keep space for global crises

The pre-budget discussions are expected to conclude on November 14

Weekend Bites: More trouble in IT paradise, RBI's plans, and taxing expats

In which we munch over the week's platter of news and views

Food should not become instrument in war, says FM Nirmala Sitharaman

The finance minister urged countries across the world to consider regional balance in sourcing their food supplies, especially staple, and essential products

Businesses need to factor in impact of terror while making investments: FM

Finance Minister Nirmala Sitharaman on Friday said businesses will have to factor in the impact of global terror while making investment decisions. Addressing the Kautilya Economic Conclave 2023, she said terrorism is impacting the entire globe and no region is spared. With that level of risk or uncertainty coming into business decision-making, investments will face uncertainty and high risk permanently, she said. "Businesses can no longer be just attracted by policies or by the openness of an economy. The risk that investors and businesses will have to factor into their decision-making is going to be strongly influenced by the impact of global terror," she said. On globalisation, she said there is pessimism about it and there is talk of re-globalisation... how strategic blocks are reshaping itself. "Who is grouping with whom, who has left the Group and who and who is remaining outside of all these groups or forming new groups. So re-globalisation but with different shades and col

Govt to ensure that debt burden not passed on to future generation: FM

Finance Minister Nirmala Sitharman on Friday said the government is mindful of the fiscal deficit management and will ensure the burden of servicing debt is not passed on to next generation. Addressing the Kautilya Economic Conclave 2023 here, she said the government is looking at the ways in which it can bring down the overall debt. "We are conscious of matters related to macro economic stability of the country and responsibility with which we deal with our fiscal and also the fiscal management and so for every decisions that we take today, we are conscious of what burden is going to leave for the next generations," she said. It is very easy to be profligate and burden the coming generations with the debt that you will be sitting with, she said. "We are conscious of the debt of government of India. Compared to many others, it might not be as high as it is, but even then, we are consciously looking at experiments in different parts of the world," she said. She said the government

Jan-Dhan scheme biggest instrument of financial inclusion: FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday said the Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched in 2014, has emerged as the biggest instrument of bringing financial inclusion in the country. Delivering the inaugural address at Kautilya Economic Conclave 2023, the minister said benefits under more than 50 government schemes are being directly transferred into the beneficiaries' bank accounts, and PMJDY has played an important role. She also said when the scheme was launched, a certain section of people had made "snide" remarks saying public sector banks would be under pressure as these are zero balance accounts. However, these accounts have a balance of more than Rs 2 lakh crore, Sitharaman said. In her address she also spoke elaborately on climate financing and challenges associated with it. The minister also said that multilateral institutions including Multilateral Development Banks (MDBs) have become less effective in the current global situation. Sitharaman also ...

India needs its own P&I entity for maritime, says FM Nirmala Sitharaman

Addressing the Global Maritime India Summit 2023, the finance minister said that such an entity would provide greater strategic flexibility to India's shipping operations

Capabilities, legal systems needed for arbitration on maritime sector

Finance Minister Nirmala Sitharaman on Thursday called for developing capabilities and legal systems, so that the country can have an international arbitration centre for the maritime sector. Addressing the final day of the three-day global maritime summit here, the minister said, while there are many Indians working in international arbitration centres in London or Singapore or Dubai, they are all just helping the senior lawyers there and not leading a case. This needs to change and can change, she said. But there is a need to improve and strengthen our arbitration processes and laws so that they meet global standards, the minister said, adding that "when we have developed a system for this we can also have an arbitration centre". On the need to improve financing to the maritime sector, she admitted that despite having a strong balance sheet, banks are not very enthused about funding this sector, largely due to higher risks this sector is associated with. Sitharaman said she is i

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

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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 .