Page 6 - Finance Minister

FM Sitharaman lists climate finance, crypto regulation as key G-20 agenda

Nirmala Sitharaman says India will push for the voice of developing and low-income nations

Technology helped to plug leakage in benefit transfer to poor: FM

Technology adoption by the government for the benefit transfer to targeted people has plugged leakages and ensured good governance, Finance Minister Nirmala Sitharaman has said. Delivering the NT Rama Rao Memorial Lecture on Friday, she said, "What Prime Minister (Narendra) Modi has done is by adopting technology he has contained the leaky bucket process. There are no leaks, the beneficiary who must get that money gets it". Technology has become a big instrument through which human folly and temptation are contained, she said at the Gandhi Institute of Technology and Management (GITAM). "Today, the way we have adopted technology is ensuring that benefits reach the common public, one of the goals of good governance has been achieved," a press release by GITAM quoted Sitharaman as saying. Earlier this month, the Prime Minister had said that the government has so far transferred Rs 25 lakh crore through direct benefit transfer (DBT). "I am not saying this is foolproof. Ingenuity will

Finance Minister says India's growth resilient despite exogenous threats

Finance Minister Nirmala Sitharaman Wednesday said that despite exogenous threats, India's well-targeted policy mix, accompanied by major structural reforms, have aided its growth to remain resilient

Kerala guv writes to CM Vijayan, wants finance minister Balagopal sacked

Kerala Governor Arif Mohammed Khan, in a letter to Chief Minister Pinarayi Vijayan on Wednesday, informed that he has "ceased to enjoy pleasure" in Finance Minister KN Balagopal

PSU general insurer employees irked with move to link pay with performance

Experts say the government's decision to link wage revision with performance could have been pivoted on the financial health of the four public-sector insurers

Risk to India's sovereign rating from external pressures limited: Fitch

Country relatively insulated from volatility due to limited reliance on external financing, says rating agency

Digital Banking Units to boost financial inclusion: All you need to know

Karnataka, Tamil Nadu, Uttar Pradesh, Odisha and Rajasthan will get four DBUs each, followed by Gujarat, Kerala, Madhya Pradesh, Maharashtra, Punjab, Sikkim and Telangana, with three DBUs each

UK's new finance minister Jeremy Hunt reverses all of Liz Truss' tax cuts

Britain's new Chancellor of the Exchequer, Jeremy Hunt, on Monday reversed entirely all of British Prime Minister Liz Truss' tax cuts and scaled back the expensive energy bills support in an emergency fiscal statement. Hunt's statement is an attempt to reassure the markets about the country's fiscal sustainability and calm the shockwaves of his predecessor's mini-budget last month. The finance minister said a 1 pence cut to income tax will be delayed "indefinitely" until the UK's finances improve, instead of being introduced in April 2023 as announced in predecessor Kwasi Kwarteng's mini-budget. The government's energy price guarantee will only be universal until April and not for two years as originally planned. The government has today decided to make further changes to the mini-budget, and to reduce unhelpful speculation about what they are, we've decided to announce these ahead of the medium-term fiscal plan, which happens in two weeks," Hunt said in a statement. After meeting

Credit Suisse to pay $495 mn to settle case linked to 2008 financial crisis

The Swiss bank said in a statement on Monday that it's "fully provisioned" for the payment, which will resolve claims tied to more than $10 billion in such securities

State-owned NBFCs looking to tap into India's first sovereign green bonds

The finance ministry is yet to confirm their participation and draw broad contours of the bond issuance

FM Sitharaman offers open source network India Stack to other countries

Separately on Thursday, at the G-20 meeting, Sitharaman called on her counterparts to work together from the current geopolitical risks from worsening

UK PM Liz Truss sacks finance minister Kwarteng: Here is what happened

Kwarteng recently said that he was 'absolutely, 100 per cent' confident that he would be in post in November despite rising rebellion

Budget focus is to maintain growth, tame inflation: FM Nirmala Sitharaman

The minister is in Washington DC to the annual meetings of World Bank and International Monetary Fund, as well as the G-20 Finance Ministers and Central Bank Governors meetings

Advanced nations must take responsibility for global spillover: Sitharaman

Cautioning the West against imposing sanctions on countries, Union Finance Minister Nirmala Sitharaman on Tuesday said in the near-term, advanced nations must take responsibility for the "global spillover" of their political and economic policy decisions. Sitharaman arrived here earlier in the day to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. The finance minister during her five-day visit will also hold a bilateral meeting with US Treasury Secretary Janet Yellen. "That international cooperation is needed more than ever is to state the obvious," she said in her prepared speech at the Brookings Institute think-tank. In the near-term, advanced nations must take responsibility for the global spillover of their political and economic policy decisions and put in place safety nets rather than impose sanctions on nations who are merely fulfilling their moral and democratic obligations for their people, Sitharaman said. Sitharaman's remarks assum

Finance Minister's video of buying vegetables evokes mixed reactions

Finance Minister Nirmala Sitharaman, in a video shared by her office, was seen buying vegetables during her day-long visit to Chennai

Expenditure under Centrally Sponsored Schemes up by 72.1% till FY22

11 states, UTs spent more than allocated share in FY21; but in FY23, Centre expects to save Rs 80,000 cr

Exporters call on FM Sitharaman to extend GST exemption on export freight

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

Inflation, external pressure priority over growth: Finance ministry

The MPC also cut its FY23 GDP growth forecast to 7 per cent from 7.2 per cent, with Governor Shaktikanta Das acknowledging that there were downside risks to economic growth

Invest in India story, MSME sector must be promoted: Goyal to industry

Goyal's comments come after Union Finance Minister, Nirmala Sitharaman, recently asked India Inc what is stopping them from investing

Boards of two Tata Motors finance companies to consider merger next week

Merger is part of Tata group plan to bring similar businesses under a single umbrella like Tata Steel's merger of seven subsidiaries with itself to consolidate its metals and mining businesses