Page 81 - Nirmala Sitharaman

FinMin, MCA must strive for simplification of processes: Sitharaman

Ministries of Finance and Corporate Affairs should strive for simplification of processes with a focus on whole-of-the country approach to maximise delivery and engagement, Union Minister Nirmala Sitharaman said on Tuesday. Addressing the Chintan Shivir of the Finance Ministry and MCA, Sitharaman also emphasised the need to continuously reorient policy in the cultural context and to instil a sense of ownership in decision-making, to enhance effectiveness with efficiency. During the three-day Chintan Shivir of the Ministry of Finance and Ministry of Corporate Affairs, discussions were held by more than 100 senior officers of MoF and MCA on how to re-orient to achieve the Amrit Kaal goals. In a statement issued after the conclusion of the Chintan Shivir on Tuesday, Sitharaman advised the officers to optimally utilise the vast pool of resources and experience at disposal in the Government. The Finance Minister underlined mentoring of young generations to embellish efforts in the march

Path to Viksit Bharat: FM Sitharaman for optimum resource utilisation

Sitharaman is chairing a three-day Chintan Shivir of the Ministry of Finance from 20-22 August 2023 at Tent City in Kevadiya

Framework in works to make GIFT City global hub for accounting: Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said a comprehensive legal framework will soon be in place to enable accounting, auditing and taxation professionals to provide services from GIFT City, turning it into a global hub for accounting and financial back-office functions. Chairing a review meeting on the growth and development of GIFT-IFSC at Gujarat International Finance Tec-City (GIFT City), Sitharaman also emphasised using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) -- launched here in 2022 -- in ensuring disintermediation and efficient price discovery. She asked the Reserve Bank of India to pilot the import of tariff rate quota (TRQ) gold under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates through IIBX to pave the way for Indian banks efficiently using the IIBX platform, an official release stated. The Union minister exhorted both the International Financial Services Centres Authority (IFSC

NEP 2020 flexible, not imposed on states by Centre: FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday asserted that the National Education Policy (NEP) 2020 is flexible and is not imposed on states by the Centre. States can adopt the policy according to their requirements, she said at the launch event for Desia' and Kuwi' (tribal languages) primer books in Bhubaneswar, along with Union Education Minister Dharmendra Pradhan. NEP is a flexible policy. It is not something that the Centre decides and imposes on all the states. It is a broad framework and the states can adopt it according to their requirements, Sitharaman said. She said the NEP is a result of different people putting their minds together after extensive consultation. Sitharaman also said that when one learns, speaks and thinks in one's mother tongue, there's clarity of thought. That is why learning in the mother tongue is important. The central government is making all-out efforts for the education of tribal children. Speaking on the occasion, Pradhan said there are

Familiarise with newer global areas: FM Nirmala Sitharaman to CAs

On the use of technology and generative artificial intelligence, Sitharaman said: "The traditional image of accounting as a manual and tedious process is rapidly evolving; and for your good"

Sitharaman administers 'Panch Pran' pledge, honours martyr's family in Puri

Union Finance Minister Nirmala Sitharaman on Thursday administered the Panch Pran' pledge to a gathering during a programme at the Central Sanskrit University here and said every Indian should be free from the slavery mindset instilled by the British. India will be developed and self-reliant only if we follow the pledge, she said. "Prime Minister Narendra Modi has emphasised the need to eliminate any trace of colonial mindset," she said. Along with Sitharaman, the gathering at the varsity read out the Panch Pran resolve, "We pledge to make India developed and self-reliant by 2047, we pledge to remove any trace of colonial mindset, we pledge to celebrate our heritage, we pledge to strengthen unity and respect those who protect the country and we pledge to perform the duties of a citizen." Union Education Minister Dharmendra Pradhan, who also attended the event, said, "Modi has launched the 'Meri Mati, Mera Desh' campaign to honour our martyred bravehearts. I thank all of you for tak

FM Sitharaman invites JBIC for engagement with NIIF, EXIM Bank of India

Finance Minister Nirmala Sitharaman on Wednesday invited Japan Bank for International Cooperation (JBIC) for an active engagement with National Investment and Infrastructure Fund (NIIF), EXIM Bank of India and other financial institutions citing huge opportunity for investment in the country. During the meeting with JBIC Governor Hayashi Nobumitsu here, both exchanged views on JBIC's recent activities in India contributing towards Japan's investment target of five trillion yen over the next five years. "The Union Finance Minister observed that India has been ranked by the JBIC as one of the most attractive #investment destinations in recent years' survey of Japanese manufacturing companies and encouraged engagement of JBIC with Indian financial institutions such as Exim Bank @IndiaEximBank, NIIF and lending banks to leverage the strength and complementarities of both countries," the finance ministry said in a statement posted on X. Japan has agreed to provide 5 trillion yen in ...

DBT helps govt save Rs 2.73 trillion since 2014: FM Nirmala Sitharaman

After 1947, Sitharaman said, India depended on a growth formula derived from the centralised USSR model where everything was decided at the Centre and one size-fits all methodology was adopted

Govt saves Rs 2.73 trn in last 9 years by adopting DBT: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the government has saved Rs 2.73 lakh crore of taxpayers' money in the last nine years by adopting Direct Benefit Transfer (DBT) to send money to targeted beneficiaries and weeding out bogus accounts. It has helped plug leakages and better targeting of genuine and deserving beneficiaries of the government scheme, she said at an event organised by NGO Disha Bharat. Talking about various initiatives taken by the government, Sitharaman said, "Efficiency in governance in the last nine years has improved the possibilities for more money available for, let us say, education and health because we adopted DBT". With DBT in place, pension, money for work, interest subvention and LPG gas subsidy transfer are being credited to Aadhaar-verified bank accounts of deserving beneficiaries, and all bogus accounts have been weeded out, she noted. "Since 2014, by gradually increasing the number of schemes under DBT, we have saved Rs 2.73 lakh crore..

FM calls for concerted global efforts to restructure debt of poor nations

Sitharaman said G20 also stresses the criticality of debt vulnerability in low- and middle-income countries through an effective, comprehensive, and systematic approach

GST registration to be mandatory for gaming operators based overseas

Parliament passes two money Bills to levy 28% tax on online money gaming, casinos, horse racing

FM Sitharaman exhorts int'l community to help debt-saddled countries

Union Finance Minister Nirmala Sitharaman on Friday pitched for greater coordination among the international community to address the challenges faced by debt-saddled low and mid-income countries. Addressing a seminar on the global economy organised as part of the finance track of India's G-20 presidency, Sitharaman said such a move can help shield vulnerable populations from economic hardships. "The international community must collaborate and find stronger ways to coordinate debt restructuring, for low-income and vulnerable middle-income countries facing debt distress," the finance minister said in a video address. She said as part of the Indian presidency of the top economies' grouping, the country has placed great importance on the management of global debt vulnerabilities because of its commitment to be the voice of the global south. The finance minister said the G-20 finance track has discussed the issue of debt challenges in vulnerable economies which present "significant ..

G20: FM calls for global efforts to restructure poor countries' debt

Finance minister Nirmala Sitharaman on Friday called for concerted global efforts led by rich nations to help indebted countries deleverage at a time when multilaterism is the most potent challenge. Addressing online a G20 session, organised by the finance ministry and the Reserve Bank here, ahead of the grouping's summit next month in New Delhi, she said multilaterism faces the biggest challenge in recent years. "We haven't seen such enormous challenges in recent years at all". She added that New Delhi has ensured that so far the geopolitical differences do not supersede international cooperation which is the core mandate of the G20 grouping and the summit. The Indian presidency of the G20 has placed great importance on the management of global debt vulnerabilities that many nations are facing today. It's time the international community collaborate and find stronger ways to coordinate in debt restructuring efforts for low-income and vulnerable middle-income countries facing debt .

Our economy is fastest growing: FM Sitharaman during the no-trust debate

In just nine years, the economy rose and saw economic development due to the policies of BJP government,' Nirmala Sitharaman said in Lok Sabha

28% GST on casinos, online gaming, racing to up revenue collection: FM

Finance minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic & Extended Reality sector in India prepared by the Information and Broadcasting Ministry. In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28 per cent GST on Gross Gaming Revenue (GGR). Online gaming industry supplying actionable claims and some horse race clubs are currently paying GST at the rate of 18 per cent on platform fees/commission ranging from 5 to 20 per cent of the full face value, while some horse race clubs are paying 28 per cent on the full face value. Sitharaman said online gaming companies supplying actionable claims and some horse race clubs ..

28% GST on online gaming: How will new tax work for players and companies

GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase

11 World Bank officials meet Finance Minister Sitharaman in New Delhi

The Executive Directors of the world bank shared their key takeaways with Union Finance Minister Nirmala Sitharaman from their visits to Mumbai, Ahmedabad and Lucknow

Reforms since 2014 enabled decentralisation of planning: Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said reforms brought in India since 2014 have enabled decentralisation of planning in India. Addressing 11 Executive Directors (EDs) of the World Bank Group, representing 95 countries, she said that India is placing a focus on creating opportunities for the poor by empowering communities for equitable growth. EDs, who are on a visit to india, called on the finance minister. They shared their key takeaways with the minister after visiting Mumbai, Ahmedabad and Lucknow. They appreciated the fast-paced development across all sectors enabled by transformational reforms and private sector participation in India's ambition of becoming a developed country by 2047, the finance ministry said in a tweet. They also appreciated the success achieved by India, especially in digital technology and startups, with a focus on the delivery of public goods, including water, electricity, road infrastructure etc, it said. "The Finance Minister underlined

Karnataka CM meets PM, Union Ministers Rajnath Singh, Nirmala Sitharaman

Karnataka Chief Minister Siddaramaiah on Thursday met Prime Minister Narendra Modi in New Delhi. This was his first meeting with the PM, after the Congress came to power in the state under his leadership, following Assembly polls in May. According to the Chief Minister's office, Siddaramaiah met Modi at the Parliament building and held discussions. He also met Finance Minister Nirmala Sitharaman and Defence Minister Rajnath Singh, it said. Chief Minister's political secretary K Govindaraj and state's special representative in Delhi T B Jayachandra were present at these meetings. Siddaramaiah also called on Congress National President and Leader of Opposition in Rajya Sabha Mallikarjun Kharge and held discussions. On Wednesday, he participated in a meeting of state Congress leaders and Ministers with the central party leadership to discuss the party's strategy for the next Lok Sabha elections.

GST Council meet: 28% tax on online gaming from October 1, says Sitharaman

The Council will review the implementation of 28 per cent goods and services tax (GST) on online gaming, and casinos after six months