Nirmala Sitharaman
MSME important in realising vision of 2047: Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman emphasized the crucial role of MSMEs in achieving India's vision of becoming a developed nation by 2047. Highlighting their priority in the Union Budget, she discussed lending initiatives with MSME clusters in Udaipur. An MoU was signed to support the marble industry, reinforcing the sector's importance in job creation and economic growth.
Revoke 18% GST on health and life insurance premium: TMC to Nirmala Sitharaman
TMC leader Derek O'Brien has urged Finance Minister Nirmala Sitharaman to remove the 18% GST on health and life insurance premiums at the upcoming GST Council meeting. He argues that the tax is a burden on the middle class and may discourage people from buying or renewing insurance. O'Brien cited a February 2024 report from the Standing Committee on Finance recommending a reduction in GST rates to make insurance more affordable.
No 'hard approach' with taxpayers in initial stage, FM Nirmala Sitharaman tells officials
Finance Minister Nirmala Sitharaman advised tax officials to avoid taking a "hard approach" with taxpayers at the early stages and instead focus on resolving doubts to prevent grievances. At the launch of a new GST office in Udaipur, she emphasized better communication and sector-wise outreach to address tax issues effectively before they become major problems.
FM Nirmala Sitharaman leads high-level delegation in talks with Singapore President and Prime Minister
Union Finance Minister Nirmala Sitharaman met with Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong, accompanied by key Indian ministers. They discussed enhancing India-Singapore cooperation in digitalization, green initiatives, and skill development during the talks ahead of the India-Singapore Ministerial Roundtable. The leaders aimed to bolster their strategic partnership for mutual future growth.
FM Nirmala Sitharaman directs RRBs to leverage CASA ratio for credit growth
The minister emphasised on active outreach by RRB branches located in MSME clusters to ensure credit to small and micro enterprises, the statement noted, adding that she also highlighted that sponsor banks and RRBs must recognise the challenges that lie ahead, especially maintaining asset quality, expanding digital services and ensuring robust corporate governance.
Income-tax enforcement must be used as last step: FM Nirmala Sitharaman
"The (tax) department must exercise its powers judiciously ensuring that taxpayers and businesses are not subjected to unnecessary harassment. The authority vested in our officers is meant to ensure compliance and not to create fear," Sitharaman said at an event to celebrate 165th year of income tax in India. "Kindly ensure that the notices, letters or enquiries sent through email are so worded that they are simple and straightforward. Use enforcement measures as a last resort," she said while addressing income tax officers.
FM Nirmala Sitharaman attends RBI Board of Directors meeting
Union Finance Minister Nirmala Sitharaman attended a meeting with members of the Central Board of Directors of the Reserve Bank of India (RBI) on Saturday in New Delhi. The meeting took place after the Union Budget 2024-25 and subsequent passage of the finance bill in the Lok Sabha, along with some government-moved amendments.
FM Nirmala Sitharaman urges income tax department to simplify tax notices and avoid 'threatening tone'
During the 165th Income Tax day celebration, Finance Minister Nirmala Sitharaman encouraged the Income Tax department to foster a fair and friendly reputation among taxpayers. She highlighted the importance of simplifying the language used in tax notices to ensure they are easily understood by the public. Sitharaman also congratulated Indian taxpayers on their achievements.
FM Nirmala Sithraman LIVE: Celebration of the 165th year of Income Tax
Union Finance Minister Nirmala Sithraman addressed an event celebrating the 165th year of Income Tax at Plenary Hall, Vigyan Bhawan, Delhi, on August 21.FM Nirmala Sithraman LIVE: Celebration of the 165th year of Income Tax
Nirmala Sitharaman, Piyush Goyal, S Jaishankar, Ashwini Vaishnaw to participate in India-Singapore ministerial meet
Union ministers Nirmala Sitharaman, S Jaishankar, Piyush Goyal, and Ashwini Vaishnaw will attend the India-Singapore ministerial roundtable to enhance economic ties. Singapore has been a key foreign investment source for India and an important trade partner.
Nirmala Sitharaman replies to the discussion on the Finance Bill in Lok Sabha
Union Finance Minister Nirmala Sitharaman replied to the discussion on the Finance Bill in the Lok Sabha. The Lok Sabha began discussing the Finance Bill after the House passed the Appropriation Bill for the central government's expenditure for 2024-25 on Monday.Nirmala Sitharaman replies to the discussion on the Finance Bill in Lok Sabha
FM Sitharaman asks PSBs to push deposit drive by taking 'concerted efforts' following RBI's consistent warnings
Finance Minister Nirmala Sitharaman chaired a meeting in Delhi to review Public Sector Banks' performance. Discussions included areas like Deposit Mobilisation, Digital Payments, Cyber Security, and Access to Credit under Financial Inclusion. Sitharaman urged banks to focus on efficient customer service, rural outreach, and increasing credit flow for initiatives like PM Surya Ghar Muft Bijli Yojana. Collaboration against fraud and cyber risks was also emphasized, along with implementing new credit assessment models for MSMEs.
Nirmala Sitharaman urges banks to boost deposits as credit gap widens
Finance Minister Nirmala Sitharaman emphasized the need for banks to focus on increasing smaller, consistent deposits, which are crucial for the banking system, as concerns grow over the widening gap between deposits and credit. She highlighted that while deposits grew by 10.6% as of late July, credit expanded by 13.7%, creating potential liquidity issues. RBI Governor Shaktikanta Das supported this view and noted that banks should innovate deposit schemes to attract more funds.
FM Nirmala Sitharaman meets former FATF President T Raja Kumar ahead of ministerial roundtable with Singapore
Finance Minister Nirmala Sitharaman met former FATF President T Raja Kumar in Singapore, congratulating him for his successful tenure. They discussed past and future collaborations, highlighting India's role in combating financial crimes. The meeting coincided with the India-Singapore Ministerial Roundtable, emphasizing mutual economic cooperation and development.
Garment sector facing uncertainty due to Bangladesh crisis, normalcy may return soon: FM
Uncertainty looms over the Indian garment sector due to a political crisis in Bangladesh. Finance Minister Nirmala Sitharaman voiced hopes for a quick solution. Investments by India's textile industry are at stake, with Nobel laureate Muhammad Yunus heading an interim government after Sheikh Hasina's abrupt resignation.
Indian government gets Rs 5,091 crore dividend from IOC
The government has received about Rs 5,091 crore from Indian Oil Corp as dividend, the Department of Investment and Public Asset Management (DIPAM) said on Thursday.
LIC hands over Rs 3,662 cr dividend cheque to govt
LIC also paid an interim dividend of Rs 2,441.45 crore on March 1, 2024, thus totaling Rs 6,103.62 crore dividend paid to the Centre for the year 2023-24. LIC, which completed 68 years since its incorporation, has an asset base of over Rs 52.85 lakh crore.
Indian government gets Rs 3,662 crore as dividend from LIC
Life Insurance Corporation of India (LIC) has paid the Indian government a dividend of Rs 3,662.17 crore, its largest shareholder. This payment follows a final dividend declaration of Rs 6 per share for FY 2023-24, totaling Rs 6,103.62 crore for the year.
PMJDY integrates poor into economic mainstream: FM Sitharaman
PMJDY has completed a decade of implementation. "Universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment," Sitharaman said in her message on the 10th anniversary of PMJDY.
States are also cautious on GST rate cuts: FM Sitharaman
Finance Minister Nirmala Sitharaman remarked that states are cautious about implementing GST rate cuts, aiming to protect revenue without imposing additional burdens on people. Discussions on revising GST rates are expected to begin in the GST Council's meeting on September 9.
10 years of Jan Dhan Yojana: PM Modi, FM Sitharaman lauds financial inclusion scheme
After a decade since its launch, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has reached a milestone with a total of 53.13 crore accounts. Among these, 55.6 percent (29.56 crore) of the account holders are women and 66.6 percent (35.37 crore) accounts are in rural and semi-urban areas, according to a statement from the Ministry of Finance on Wednesday.
Centre wants to beat dues blues by strengthening processes to speed up NPA resolution
Separately, a set of amendments to the Insolvency and Bankruptcy Code (IBC) is being considered to fix any shortcomings in the law. "These reforms are aimed at expeditious loan recoveries, giving more legal backing to recovery tribunals, and addressing delay tactics by borrowers in the recovery process," said a government official aware of the developments.
UPS an 'improvement' over NPS: FM
Finance Minister Nirmala Sitharaman has introduced the Unified Pension Scheme (UPS) as an improvement over the National Pension Scheme (NPS), emphasizing it is not a return to the Old Pension Scheme (OPS). The UPS guarantees a monthly pension of 50% of the average basic pay for central government employees with a qualifying service of 25 years.
Embrace debt-to-GDP ratio, instead of rigid deficit targets
Debt-to-GDP ratio compares a country's debt with its productive capacity, sending policymakers more appropriate and incentive-compatible signals. When a government incurs a deficit during a period of economic slack and directs this spending towards growth-inducing capex, the resulting higher debt may lead to enhanced economic growth and productivity, ultimately improving the debt-to-GDP ratio in the long run.
Govt willing to hear cases of harassment for loan recovery: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman assured the Lok Sabha that the government is vigilantly monitoring for any borrower harassment during loan recovery. She noted a reduction in non-performing assets (NPAs) for state-run banks, down to 3.4% from higher rates in previous years.
UPS a new scheme, not rollback of NPS as claimed by Congress: Sitharaman
Finance Minister Nirmala Sitharaman defended the newly launched Unified Pension Scheme (UPS) against Congress accusations of misinformation, clarifying it is not a rollback but an improved pension scheme for government employees. The UPS guarantees 50 per cent of average basic pay over the last 12 months before retirement, addressing concerns over the National Pension System (NPS). The scheme requires employee contributions and aims to satisfy most government employees, with a focus on long-term benefits.
Three crore accounts to be opened under JanDhan in FY25: FM Sitharaman
A large number of normal saving bank accounts are also opened by banks. New measures like e-KYC and video KYC have made the account opening process paper-less, eliminating the need to visit a branch or banking correspondent for opening of bank account.
GST Council meet to discuss rate rationalisation on September 9, final decision later: FM
Finance Minister Nirmala Sitharaman announced that the upcoming GST council meeting will address the rationalisation of tax rates, including potential changes to taxes and slabs. The Group of Ministers recently discussed maintaining the existing GST slabs at 5, 12, 18, and 28 percent. The council will also consider the future of the compensation cess, which was extended till March 2026 to repay loans taken to compensate states for GST revenue loss.
Banks need to focus on their core business: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman in an interview with ET has emphasized that banks must refocus on their primary roles of mobilizing deposits and providing loans, especially amid concerns about slowing deposit growth. Sitharaman reiterated the need for banks to prioritize their core functions—mobilizing deposits and lending—while still being free to pursue other activities.
Finance Minister meets Singapore President & PM to accelerate bilateral pact
Nirmala Sitharaman met Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to strengthen bilateral ties. Accompanied by other Indian ministers, they discussed enhancing cooperation in digitalisation, skill development, sustainability, and other areas, ahead of Prime Minister Narendra Modi's expected visit next month.
FM Nirmala Sitharaman defends tax regime, calls on academics to apply for more patents
Finance Minister Nirmala Sitharaman, speaking at the convocation ceremony of the Indian Institute of Science Education and Research in Bhopal, defended India's current taxation regime. She emphasized that the government's pressing challenges and essential spending needs, particularly in research and development, prevent tax cuts. While acknowledging the desire for lower taxes, Sitharaman stressed that India's transition to renewable energy and self-reliance requires substantial resources. She urged academics to seek patents, highlighting the importance of commercializing innovations to benefit society, supported by the government's investment in scientific research.
Open to exploring more ways to increase India's collaboration with IMF: Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman discussed enhancing India's collaboration with the IMF in a meeting with Gita Gopinath, Deputy Managing Director of IMF. Gopinath praised India's fiscal policies and the strength of its economy. Sitharaman emphasized the value of their relationship and openness to more cooperative initiatives, benefiting both India and the global community.
FM Sitharaman to LoP Rahul: Begin charity at home, give reservation in Rajiv Gandhi Foundation
Finance Minister Sitharaman suggested to LoP Rahul Gandhi that he should start by implementing reservation policies within the Rajiv Gandhi Foundation before advocating for similar measures elsewhere during the discussion in Lok Sabha on July 30, 2024. Watch!FM Sitharaman to LoP Rahul: Begin charity at home, give reservation in Rajiv Gandhi Foundation
FM Sitharaman hits back at Rahul Gandhi over 'Desh Ka Halwa' remarks: 'Sanctity, sacrifices undermined by mockery'
During the Budget debate in the Lok Sabha, Finance Minister Nirmala Sitharaman responded to Rahul Gandhi's remark about the 'Halwa Ceremony' and expressed her disappointment. She emphasised the tradition of serving something sweet before starting any good work and questioned why it had become a photo event. She also pointed out that in 2013-14, Rahul Gandhi did not inquire about the representation of SCs and STs in the ministry.FM Sitharaman hits back at Rahul Gandhi over 'Desh Ka Halwa' remarks: 'Sanctity, sacrifices undermined by mockery'
Plan in works to put FPI & FDI rules on equal footing
Currently, an FPI or an investor group can hold only up to 10% equity in a listed company. More than 10% is allowed through FDI. The fungibility would allow individuals the freedom to freely manage investments. Even portfolio investors can pick up more than 10% stake in a company. Foreign investment is classified under different buckets and faces different regulations, said the official cited above.
Why Nirmala Sitharaman refused to rock the boat this Budget
Nirmala Sitharaman's budget concentrates on long-term growth via the Amritsar-Gaya Industrial Corridor, 4.9% fiscal deficit target, job creation, and state benefits. With RBI dividend and high taxes aiding skilling, FY22 capital expenditure rose by 42%, FY24 by 35.9%. The fiscal consolidation path remains crucial, aligning economic priorities with fiscal discipline.
Opposition's walkout on GST issue a 'face-saver': FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Wednesday criticised the opposition parties for their walkout from the Lok Sabha after their amendment to withdraw GST levy on medical and life insurance premiums was not taken up and said they did so as a "face-saver" after she addressed all their issues in her speech.Opposition's walkout on GST issue a 'face-saver': FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman to address RBI board on August 10
Finance Minister Nirmala Sitharaman would be accompanied by Minister of State for Finance Pankaj Chaudhary and Finance Secretary and Secretary, Department of Expenditure TV Somanathan.
Interest rates on deposits, lending are deregulated; banks free to decide rates: RBI Guv Shaktikanta Das
On August 10, FM Nirmala Sitharaman participated in a meeting with the members of the Central Board of Directors of RBI in New Delhi. RBI Governor Shaktikanta Das was also in attendance. During the meeting, the RBI governor emphasized that banks have the freedom to decide interest rates, emphasizing that interest rates on deposits and lending are deregulated. "Banks fix their deposit rates, and they fix their interest rates. The position of the situation could vary from bank to bank. I think our real interest rates have not been very volatile. They're fairly stable," RBI Governor said.Interest rates on deposits, lending are deregulated; banks free to decide rates: RBI Guv Shaktikanta Das
Insolvency cases over Rs 1000 cr hold 90% of recoverable value despite representing just 15% of total cases
Research showed that while just 15% of insolvency cases have claims over Rs 1,000 crore, they make up 90% of recoverable value. Specialized tribunals are being recommended to expedite high-value cases, and Finance Minister Nirmala Sitharaman proposed new NCLT benches to tackle these concerns and improve resolution times.
Sitharaman urges tax officials to prevent doubts from escalating into grievances
Union Finance Minister Nirmala Sitharaman on Friday urged officers of the Central Board of Indirect Taxes and Customs (CBIC) to proactively address doubts and concerns raised by the public and business community regarding taxes before they escalate into grievances.
FM Sitharaman speaks at inauguration of new GST Bhawan in Udaipur | Live
FM Sitharaman speaks at inauguration of new GST Bhawan in UdaipurFM Sitharaman speaks at inauguration of new GST Bhawan in Udaipur | Live
Finance Minister Nirmala Sitharaman takes "Harvard and Oxford" dig at Chidambaram
Finance Minister Nirmala Sitharaman criticised former Finance Minister P Chidambaram for his handling of inflation during the UPA government. She called out his "Harvard and Oxford education" and accused him of implementing reckless policies that led to high double-digit inflation between 2009 and 2013. She highlighted the mismanagement of the economy post the 2008 financial crisis and alleged interference in RBI affairs by the UPA regime.
Halwa an emotional, sentimental matter for Finance Ministry staff: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman defended the pre-budget Halwa ceremony, stressing its traditional and emotional importance for the Finance Ministry staff. She responded to Rahul Gandhi's criticisms about the absence of SC, ST, or OBC individuals, questioning why such concerns were not raised during the UPA era, and condemned the divisive nature of current criticisms.
Highlights from Finance Minister Nirmala Sitharaman's reply in Lok Sabha
Finance Minister Nirmala Sitharaman addressed questions in Lok Sabha, comparing UPA's FY14 expenditure to current spending and clarifying state budget allocations. She assured all states are funded, responded to criticisms of Adani and Ambani, and detailed PM Kisan disbursements. Sitharaman criticised Karnataka and West Bengal CMs for fund usage, emphasised inclusivity in the budget, and highlighted capex growth and sectoral allocations for development and employment.
India may let foreign investors raise capital in rupees to invest overseas, source says
India is considering allowing certain foreign investors to raise capital in rupees for investments in select countries, aiming to boost the global use of the Indian currency. This comes after Finance Minister Nirmala Sitharaman's July announcement to simplify foreign direct investment and overseas investment rules. The move targets nations of strategic interest to India, enabling capital raising in rupees. Legislative amendments to the Foreign Exchange Management Act will be required for implementation. Recently, India introduced changes to simplify cross-border share swaps to aid Indian businesses in their global expansion efforts.
Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties
On Wednesday, the Lok Sabha passed the Finance Bill 2024, which includes a major amendment to the long-term capital gains (LTCG) tax on real estate. Originally proposed to be reduced to 12.5% without indexation (which adjusts for inflation), Finance Minister Nirmala Sitharaman introduced an amendment allowing taxpayers to choose between the new 12.5% rate without indexation or the old 20% rate with indexation for properties bought before July 23, 2024.
Inter-ministerial group to draw up MSME scheme
Finance minister Nirmala Sitharaman had announced an MSME package in the budget that included a credit guarantee scheme to cover loans of up to Rs 100 crore by MSMEs for purchasing machinery and a guarantee fund for 'stressed MSMEs' or MSMEs in the 'special mention account' to prevent them from becoming non-performing assets (NPAs).
Next generation reforms to get policy wheels: Nirmala Sitharaman
Nirmala Sitharaman announced incentives-based reforms focusing on land, labour, capital, and entrepreneurship to boost productivity. An economic policy framework is forthcoming, with key collaborations with states. DK Pant supports the initiative. Last fiscal year saw 8.2% growth. IMF forecasts India as the fastest-growing major economy, growing twice the global average. Central bank forecasts 7%, Economic Survey predicts 6.5-7% FY25.
Review of Income Tax Act to be completed in given timeframe: CBDT Chairman
CBDT Chairman Ravi Agrawal stated that the review of the Income Tax Act of 1961 would be completed within six months, as announced by Finance Minister Nirmala Sitharaman. The goal is to simplify tax laws and reduce litigation. Notably, 72% of taxpayers have opted for the new regime for Income Tax Returns.
Encourage compliance rather than enforcement: Highlights from FM Sitharaman's Income Tax Day speech
Finance Minister Nirmala Sitharaman highlighted key points during her speech on Income Tax Day, emphasising the need for tax authorities to use simple language in notices and circulars for better understanding. She mentioned receiving 58.57 lakh ITRs from first-time taxpayers and plans for a new Tax Code to reduce litigation. Sitharaman stressed on a friendly approach to encourage compliance, improving transparency, and efficiency in tax processes.
Do your Budget tax memes bother FM Sitharaman? She takes some 'very seriously'
Budget 2024: Finance Minister Nirmala Sitharaman discussed the impact of social media attacks on her following the presentation of the Union Budget. Addressing online criticism and memes, she acknowledged the seriousness of some messages but said that she chooses to ignore "toxic" online messages. Sitharaman also highlighted the challenges of crafting budgets and said that Prime Minister Modi's support in the budget-making process remains unwavering.
IDBI Bank hikes FD rate to 7.85% for 444-day tenure
IDBI Bank has raised its fixed deposit rate to 7.85% for a 444-day tenure and 7.75% for a 375-day tenure to attract more deposits. This offer, valid until September 30, 2024, makes the Utsav Fixed Deposit more attractive for customers. Other tenures under this scheme include 7.70% for 700 days and 7.55% for 300 days.
Nuclear power: Build a small modular reactor policy
India's 24 nuclear power plants (NPPs) account for 8,080 MWe, which is 2.76 % of India's energy-generation mix. India aims to increase it from 8,180 MW to 22,480 MW by 2031. After India's long historical isolation from international nuclear trade until 2008, the ambition was to scale up and opt for larger-size NPPs.
Budget strikes right balance between fiscal prudence, stability; will boost growth: RBI Paper
The Reserve Bank of India (RBI) has praised the Union Budget 2024-25 for striking the right balance between fiscal prudence and macroeconomic stability, thereby strengthening the medium-term growth outlook. The budget aims to further strengthen macroeconomic stability and harness the potential in various sectors of the economy. The Union Budget 2024-25 narrows the fiscal deficit to 4.9%, reaffirming fiscal consolidation and aiming to maintain the Union government debt as a percentage of GDP on a declining path.
Urgent need to address USD 4 tn financing gap to accelerate progress on SDGs: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman highlighted the significant challenge of insufficient developmental finance impeding the progress of developing economies towards Sustainable Development Goals (SDGs), noting a USD 4 trillion annual financing gap. Speaking at the third Voice of Global South Summit, she emphasized the need for comprehensive reforms in multilateral development banks to mobilize necessary financial resources. Sitharaman also pointed to the importance of people-centric growth, timely response to financing requests, and engaging private capital through innovative financial instruments to accelerate development and poverty reduction.
FM Nirmala Sitharaman speaks on the Union Budget 2024 in Rajya Sabha | Live
FM Nirmala Sitharaman is likely to speak on the Union Budget 2024 at 4 p.m. on Wednesday, July 31st, in the Rajya Sabha.FM Nirmala Sitharaman speaks on the Union Budget 2024 in Rajya Sabha | Live
From JP tea stall to IMF: Gita Gopinath returns to Delhi School of Economics for 75th Anniversary
Gita Gopinath, IMF’s Deputy Managing Director, revisited Delhi School of Economics for its 75th anniversary, sharing nostalgic moments from her college days. During her visit, she discussed India's impressive growth rate and the need for enhanced job creation, tariff reductions, and tax reforms. Gopinath also emphasized the importance of broader structural reforms and better implementation of taxation policies.
FM Nirmala Sitharaman speaks on the Union Budget 2024 in Lok Sabha | Live
FM Nirmala Sitharaman is likely to speak on the Union Budget 2024 at 2 pm in the Lower House on Tuesday, July 30th.FM Nirmala Sitharaman speaks on the Union Budget 2024 in Lok Sabha | Live
FM Sitharaman bats for critical multilateral development banks reforms
Finance Minister Nirmala Sitharaman called for substantial reforms in multilateral development banks to secure additional funds for developing countries during the third Voice of Global South Summit. She stressed the need for swift and agile financing solutions and suggested fresh capital infusions. Highlighting a $4 trillion annual financing gap for sustainable development goals, Sitharaman urged for measures to optimize balance sheets and mobilize private capital. Emphasis was also placed on South-South cooperation to enhance development financing. An Independent Expert Group formed by the G20 was mentioned as part of ongoing reform efforts.
Union Budget presented for NDA allies, not for India; Maharashtra neglected: NCP (SP)
The NCP (SP) criticized the Union Budget presented by Finance Minister Nirmala Sitharaman, alleging that it primarily benefits NDA allies in the states of Bihar and Andhra Pradesh, neglecting Maharashtra. The Party's spokesperson Clyde Crasto accused the government of prioritizing certain states to maintain political support, suggesting that the budget was tailored to prevent the NDA government from collapsing.
Karnataka CM Siddaramaiah urges removal of Nirmala Sitharaman from Union Cabinet
Karnataka CM Siddaramaiah requested PM Modi to remove FM Nirmala Sitharaman, alleging her lack of budgetary knowledge and misleading statements on Karnataka's finances. He highlighted financial losses and discriminatory policies by the central government. The CM criticized the reduction in Karnataka's tax share and grants, questioning Sitharaman's competence and commitment to her home state.
Chandrababu Naidu in Delhi to push for early work on budget promises
Naidu met Prime Minister Narendra Modi, home minister Amit Shah and finance minister Nirmala Sitharaman on Saturday. Naidu, whose Telugu Desam Party (TDP) provides the vital numerical support of 16 MPs to National Democratic Alliance (NDA), is expected to raise the issue of Central support for Polavaram irrigation project and development of Amravati as state capital.
Union Budget 2024: Rs 3 lakh crore allocated for schemes benefitting women, girls
Finance Minister Nirmala Sitharaman announced an allocation of over Rs 3 lakh crore for schemes benefiting women and girls to promote women-led development and enhance their role in economic growth in the Union Budget for 2024-25. She also mentioned plans to establish working women hostels to boost their participation in the workforce.
"LoP will expose Nirmala Sitharaman's budget": Congress MP K Suresh
Congress MP K Suresh stated Rahul Gandhi will "expose" Finance Minister Nirmala Sitharaman's Union Budget 2024 in his Lok Sabha speech. Gandhi criticizes the budget for neglecting key issues and favoring Bihar and Andhra Pradesh. The Congress, part of the INDIA bloc, has no set strategy but will discuss it with allies.
Finance Minister Nirmala Sitharaman defends tax measures through Union Budget in Lok Sabha
Finance Minister Nirmala Sitharaman announced on Wednesday that recent amendments to the Finance Bill ensure no additional tax burden for long-term capital gains (LTCG) on real estate sales. Taxpayers can now choose between a 12.5% LTCG rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024.
Govt eases cross-border share swap rules to woo foreign money
India updated its foreign investment regulations to facilitate cross-border share swaps and exclude certain OCI investments from being considered as indirect foreign investment. The amendments aim to attract more investment, particularly in startups, and streamline rules, aligning them with other regulations and requiring government approval for FDIs from neighboring countries.
FM Nirmala Sitharaman: Word we gave post-Covid on fiscal glide path will have to be honoured
Industry was extensively consulted while designing the employment schemes announced in the budget and will be involved at the implementation stage as well, finance minister Nirmala Sitharaman said in an interview with Deepshikha Sikarwar, Vinay Pandey and Sruthijith KK. Edited excerpts:
Budget 2024: Post-Budget Conference by FM Nirmala Sitharaman | LIVE
Finance Minister Nirmala Sitharaman presented the first full-fledged Budget of Modi 3.0. Everyone, from India Inc. to the middle class and job seekers, has been keeping high hopes for this budget. Besides, some policy interventions could go a long way in providing impetus to the country's economic growth and also tackling the growing unemployment issue. Watch the post-budget conference by FM Nirmala Sitharaman.Budget 2024: Post-Budget Conference by FM Nirmala Sitharaman | LIVE
2024 Budget: FM Nirmala Sitharaman announces Critical Mineral mission
Budget 2024: Finance Minister Nirmala Sitharaman unveiled the Critical Mineral Mission in Budget 2024, focusing on domestic production, recycling, and overseas acquisition of critical minerals. The mission aims to address challenges of dependence on China for these minerals. Customs duty on key minerals reduced to support energy transition and strategic sectors.
Sebi proposes to ease compliance for non-convertible securities
The new rules mandate that quarterly financial results must be approved by the board of directors before submission. These results, when sent to the stock exchange, need the signature of either the chairperson, managing director, or a whole-time director. If none of these are available, any other director authorized by the board can sign the financial results.
Budget session of Parliament: Nirmala Sitharaman to move Finance Bill for consideration and passing in Lok Sabha
Finance Minister Nirmala Sitharaman is set to propose the Finance Bill for the 2024-2025 financial year in the Lok Sabha. The bill requires approval from both houses of parliament to become law. The Lok Sabha passed the Appropriation (No.2) Bill, 2024, authorizing nearly Rs 140 lakh crore for the central government's expenditure. The budget includes a hike in Standard Deduction to Rs 75,000, revisions to new tax regime slabs, and a rise in securities transaction tax in futures and options.
Can Nirmala Sitharaman blend good economics with shrewd politics?
As NDA 3.0 prepares for the upcoming budget, Finance Minister Nirmala Sitharaman faces the task of balancing economic growth with political demands. Strong economic indicators allow for potential tax relief for the middle class and increased welfare spending.
Nirmala Sitharaman set to make history with seventh consecutive Union Budget
Budget 2024: Finance Minister Nirmala Sitharaman will present her seventh paperless budget on July 22 during the Monsoon Session. Engaging with economists, MSMEs, trade unions, and the CII, the focus is on capital expenditure and employment growth. Farmers seek higher agriculture allocations. Six bills, including Bhartiya Vayuyan Vidheyak 2024 and the budget for Jammu and Kashmir, will be presented.
'Special allocations' made to Andhra Pradesh in Union Budget after five years: TDP
The Telugu Desam Party (TDP) praised the Union Budget for allocating Rs 15,000 crore to Andhra Pradesh for reconstruction, Polavaram Project, and industrial corridors. Finance Minister Nirmala Sitharaman highlighted the government's commitment to fulfill the Andhra Pradesh Reorganisation Act, 2014, including financial support for Polavaram Project and industrial development.
Budget 2024: FM Sitharaman announces Rs 1.5 lakh cr for agriculture and allied sector
In the Budget 2024-05 presented today, Finance minister Nirmala Sitharaman announced that new 109 high-yielding and climate-resilient varieties of 32 field and cultivation crops will be released for farmers in this financial year. The Budget laid out 9 priorities for the year ahead, one of them being productivity & resilience in agriculture. The govt will undertake comprehensive review of research to develop climate resilient seeds, Sitharaman announced. Besides, the govt in partnership with states will promote digital public infra for agriculture. In the next 2 years, one crore farmers will be initiated in natural farming, it was announced. Rs 2.66 lakh crore will be provided for rural development, the FM said.Budget 2024: FM Sitharaman announces Rs 1.5 lakh cr for agriculture and allied sector
Budget 2024 Highlights Updates: Nirmala Sitharaman lists 9 developmental priorities in 83-minute Budget speech
Budget 2024 Announcements, Union Budget Highlights News Updates: Read Latest Budget 2024 Live Updates here In her 83-minute Budget speech, Finance Minister Nirmala Sitharaman on Tuesday highlighted the nine priorities for creating ample opportunities, spanning from employment to energy security to next-generation reforms. Draped in an off-white coloured Mysore silk saree with a purple-golden border, Sitharaman opened her tablet PC that was wrapped in a red-coloured 'bahi-khata' style pouch and started the speech with "Hon'ble Speaker, I present the Budget for 2024-25". She said the people of India have reposed their faith in the government led by Prime Minister Narendra Modi and re-elected it for a historic third term under his leadership. "We are grateful for their support, faith and trust in our policies. We are determined to ensure that all Indians, regardless of religion, caste, gender and age, make substantial progress in realising their life goals and aspirations," the minister said. Referring to her interim budget presented in parliament in February, Sitharaman emphasised the need to focus on 4 major castes, namely 'Garib' (Poor), 'Mahilayen' (Women), 'Yuva' (Youth) and 'Annadata' (Farmer). For Annadata, "we announced higher minimum support prices a month ago for all major crops, delivering on the promise of at least a 50 per cent margin over costs. Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefitting more than 80 crore people", she said. On the full budget, she said it particularly focuses on employment, skilling, MSMEs, and the middle class. She announced that the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs 2 lakh crore. This year, Sitharaman said, the government has made a provision of Rs 1.48 lakh crore for education, employment and skilling. "The people have given a unique opportunity to our government to take the country on the path of strong development and all-round prosperity. "In the interim budget, we promised to present a detailed roadmap for our pursuit of ‘Viksit Bharat'. In line with the strategy set out in the interim budget, this budget envisages sustained efforts on nine priorities for generating ample opportunities for all," she said. The nine priorities are Productivity and resilience in Agriculture; Employment & Skilling; Inclusive Human Resource Development and Social Justice; Manufacturing & Services; Urban Development; Energy Security; Infrastructure; Innovation, Research & Development; and Next Generation Reforms. "Subsequent budgets will build on these, and add more priorities and actions," the minister said. The treasury benches welcomed the budgetary announcements by thumping their desks at least on 71 occasions during the 83-minute speech. The strongest disapproval from the opposition was reserved for Sitharaman's fulsome announcements for Bihar and Andhra Pradesh - two states where JD(U) and TDP respectively are crucial allies of the BJP-led NDA. Opposition members chanted slogans 'Sarkar ko bachane wala budget' and 'sarkar bachao', 'kursi bachao' budget as the finance minister read out a slew of measures for Bihar and Andhra Pradesh. On Tuesday, Sitharaman presented her seventh straight Budget, surpassing the record of former prime minister Morarji Desai. It was also the first Budget during Prime Minister Narendra Modi-led government's third term in office.
Sitharaman: Wish I could lower taxes to almost 'Nil', but India's challenges are severe
Finance Minister Nirmala Sitharaman expressed her wish to lower taxes to "almost nil", but acknowledged India's severe challenges. She made these remarks while addressing students at the 11th convocation of IISER Bhopal, highlighting India's significant investments in renewable energy despite the lack of promised international funds. Sitharaman emphasised the need for revenue generation, though not at the cost of burdening citizens.Sitharaman: Wish I could lower taxes to almost 'Nil', but India's challenges are severe
Food prices on the rise? Finance Minister Nirmala Sitharaman has a plan
Finance Minister Nirmala Sitharaman announced that the government had plans to tackle food inflation through enhanced storage and irradiation for perishables. Food inflation rose significantly year-on-year in June, driven by soaring prices, especially tomatoes. The government is striving to improve supply chain linkages and manage food prices effectively.
FM Nirmala Sitharaman clears air on the budget proposals that got everyone talking
In a detailed interview, the Finance minister discusses the moves made in Budget -- from politics to reforms and the broader economy.
GST Council set to meet on Sept 9, talks on rate rationalisation to kick off
As announced by finance minister Nirmala Sitharaman during the post-budget discussion in Parliament, the newly reconstituted group of ministers (GoM) on rate rationalisation will discuss the progress made by the earlier members on the issue. "There will be a presentation by the GoM irrespective of whether the report is draft... and then council will start the discussion on rate rationalisation in the next meeting," Sitharaman had said during the June 22 meeting.
Govt needs money to meet challenges, fund R&D, says Sitharaman
Finance Minister Nirmala Sitharaman defended India's taxation system at IISER Bhopal, emphasizing the need for resources to address national challenges and fund R&D. She urged scientists to advance renewable energy storage, citing the country’s self-funded transition away from fossil fuels. Sitharaman highlighted the government's investment in scientific research despite high taxes.
54th GST Council meeting to be held on September 9
The 54th GST Council meeting will be held on September 9, 2024. Meanwhile, July GST collections rose 10.3% to over Rs 1.82 lakh crore, the third-highest since the GST's inception. Net collections, after refunds of Rs 16,283 crore, reached over Rs 1.66 lakh crore, marking a 14.4% increase.
"Outrageous allegation," says Nirmala Sitharaman as opposition protest budget and labels it 'discriminatory'
The Finance Minister reacted after Leader of Opposition Mallikarjun Kharge made claims that the budget was discriminatory towards the states of the country.
Budget will spur job creation, boost investments in startups: Finance minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman stated that the budget proposals would boost job creation, invest in startups, and enhance economic growth. Speaking in Bengaluru, she highlighted the abolition of angel tax to support entrepreneurs. The budget also incentivizes job creation through internships and skilling programs. It assures funding for MSMEs during periods of stress. Sitharaman addressed opposition claims about state funding, noting significant financial allocations to Karnataka under Prime Minister Modi compared to the UPA period. The budget aims to leave more money with the middle class and focus on infrastructure development.
Former finmin official writes to FM Sitharaman seeking judicial probe into Hindenburg allegations
Former bureaucrat E A S Sarma has written to Finance Minister Nirmala Sitharaman, seeking a judicial probe into allegations of a conflict of interest preventing Sebi chairperson Madhabi Puri Buch from probing charges against the Adani group. Sarma called the allegations by US short-seller Hindenburg Research highly disturbing and demanded an independent agency to ascertain the factual accuracy of the accusations.
Old income tax regime to be discontinued? What Nirmala Sitharaman has to say
Finance Minister Nirmala Sitharaman, after presenting Budget 2024, stated that no final decision has been made on discontinuing the old income tax regime. She emphasized the goal of simplifying the tax system but noted that any changes will follow a comprehensive review. Over two-thirds of taxpayers have adopted the new regime, which offers lower rates but fewer exemptions.
