Page 10 - Finance Minister

G20 nations need to coordindate urgently for economic recovery: Sitharaman

Finance Minister Nirmala Sitharaman has said that there is an urgent need for coordinated action across countries to not only enable swift post-pandemic recovery but also to build resilience to future shocks as she attended the G20 Emerging Market Economies meeting here. Sitharaman shared her insights on the economic outlook, risks and near-term policy challenges for Emerging Market Economies (EMEs) such as food and energy security and tightening of global financial conditions, the Ministry of Finance said. The the G20 Emerging Market Economies meeting was organised by the IMF on the sidelines of the upcoming G20 Finance Ministers and Central Bank Governors meeting. The Finance Minister, discussing the future of work and debt vulnerabilities, said that there is an urgent need for coordinated action across countries to not only enable swift post-pandemic recovery but also to build resilience to future shocks. Union Finance Minister Smt. @nsitharaman & Shri @DasShaktikanta @RBI ...

Strong US-India relationship to strengthen global order: FM Sitharaman

Observing that the recent Indo Pacific Economic Framework (IPEF) is a fantastic thought which has come from the US, she said India is looking at it and will take a considered view

India headed for robust economic growth, says FM Sitharaman in US

Sitharaman is here to attend the annual spring meeting of the International Monetary Fund and the World Bank

GatiShakti, PLI scheme to offset global headwind, boost growth: FinMin

'Geopolitical conflicts and their consequent impact on food, fertiliser and crude oil pri­ces cast a cloud on the growth outlook globally'

Govt did not raise taxes to fund economic recovery, focused on capex: FM

Sitharaman said the Modi Government's belief in lowering taxes and reduction in corporate tax have started yielding results with corporate tax collection touching Rs 7.3 lakh crore so far this fiscal

Today's realities dictated interest rate cut on employee PF, says FM in RS

8.1% rate better than interest rate on small saving deposits, says FM in Rajya Sabha

Sebi chief Madhabi Puri Buch calls on FM Nirmala Sitharaman

Earlier, Buch had held a number of top positions in the private sector, including at ICICI Bank

Rs 54,604-crore ECLGS loans for FY22 guaranteed: Finance ministry

This is down from Rs 1.57 trillion worth of loans guaranteed in 2020-21

Many states request GST compensation extension beyond 5 years: FM

Many states have requested extension of the compensation mechanism under the GST beyond June 2022, Finance Minister Nirmala Sitharaman said on Monday. Under the Goods and Services Tax (GST) law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16. The 5-year period ends in June 2022. The compensation amount to be paid from the compensation fund is arrived at by levying cess on top of the highest tax slab on luxury, demerit and sin goods. In a written reply in the Lok Sabha, Sitharaman said the central government is committed to giving GST compensation to states/UTs for 5 years as per the Constitutional provision. To a query whether the government has received proposals from state governments requesting extension of compensation mechanism for another five years in view of

Digital economy to see exponential growth to $800 bn by 2030: FM

The total number of retail investor accounts has almost doubled, from about 45 million as of March 2016 to 88.2 million by March 31 2021, said Finance Minister Nirmala Sitharaman

E-Bill system will end 'rent seeking' in govt contracts: FM Sitharaman

Nirmala Sitharaman said the new Electronic Bill (e-Bill) processing system will stop any possible 'rent seeking' in the clearance of dues to contractors or suppliers of government departments.

IPR plays important role in strengthening growth, focus on development: FM

The Finance Minister mentioned that 28,000 patents were granted last year as opposed to 4,000 in 2013-2014 and last year also witnessed registration of 2.5 lakh trademarks and over 16,000 copyrights

Strong Centre-State relations essential for development: FM Sitharaman

Sitharaman mentioned managing the growing urbanisation to create stronger communities as one of the areas in which the Centre and states' coordination will be essential

FM Nirmala Sitharaman holds meeting with hospitality, tourism sectors

Finance Minister Nirmala Sitharaman on Friday held a meeting with representatives from travel, tourism and hospitality sectors to discuss various credit related issues with them. The meeting was also attended by senior finance ministry officials and heads of various public sector banks (PSBs). "Along with the FM, the meeting was also attended by MoS Finance Shri @DrBhagwatKarad; Finance Secretary; Secretaries for Financial Services, Economic Affairs & Revenue; chiefs of PSBs & IBA, besides senior officials from @FinMinIndia," the finance ministry said in a tweet. It is to be noted that Budget 2022-23 had proposed to open an additional Rs 50,000 crore window under the Emergency Credit Line Guarantee Scheme (ECLGS) to support hospitality and related services sector. "Hospitality and related services, especially those by micro and small enterprises, are yet to regain their pre-pandemic level of business. Considering these aspects, the ECLGS will be extended up to March 2023 and ..

On cryptocurrencies India is choosing to incrementally confuse

If the government decides to ban cryptocurrencies, it is going to have to fight an uphill battle as banning them will lead to a profusion of illegal ways in which people access them.

Maintain constant vigil on financial sector: FM Sitharaman to regulators

The Financial Stability and Development Council (FSDC) meeting attended by various financial sector regulators comes against the backdrop of rising tension between Russia and the US over Ukraine

Banks will have to be a lot more friendly while serving customers, says FM

Responding to a query on hassle-free loans to startups, she said performance in servicing loans under MUDRA and SVANIDHI has been very good

Did not expect this from Manmohan Singh, says FM Nirmala Sitharaman

Nirmala Sitharaman said Singh is remembered for having brought India to "fragile five" and rampant inflation during his term

NARCL to help reduce banking stress, kick-start credit cycle: RBI article

The cross-country evidence suggests that if the logistical and financial challenges are carefully navigated, experiments of centralised bad bank can have more hits than misses: RBI article

Loans to ABG Shipyard turned NPAs prior to 2014, says FM Sitharaman

Normally banks take 52-56 months of time to detect such cases and initiate follow-up actions, said Finance Minister Nirmala Sitharaman