Nirmala Sitharaman
Budget 2024 an opportunity for Nirmala Sitharaman to play some good shots
The Lok Sabha election results in India surprised many as they diverged from the exit polls. The focus now shifts to the Union Budget 2024, setting the economic tone for the future. All eyes will now be on Finance Minister Nirmala Sitharaman.
Budget 2024: Most Budget speeches to longest speech, Nirmala Sitharaman's records
Nirmala Sitharaman took charge as the Union Finance Minister, which means that she will present the Full Budget of this year. During the Interim Budget of 2024, Sitharaman equalled the record of Moraji Desai, by giving back-to-back six Budget speeches. This time, Sitharaman is set to break Desai's record with her seventh Budget speech. The Budget is set to be presented next month, according to report.
Budget 2024: FM Sitharaman chairs pre-budget meeting, take suggestions from States' FMs
Delhi: Union Finance Minister Nirmala Sitharaman chairs a pre-budget meeting with Finance Ministers of all States and Union Territories (with Legislature) to take suggestions for the upcoming Union Budget 2024-25.Budget 2024: FM Sitharaman chairs pre-budget meeting, take suggestions from States' FMs
53rd GST Council Meeting: Press Conference by FM Nirmala Sitharaman | Live
GST Council Meet 2024: Union Finance Minister Nirmala Sitharaman holds a press conference. The next GST Council meeting will be post-budget session.53rd GST Council Meeting: Press Conference by FM Nirmala Sitharaman | Live
Finance Minister Nirmala Sitharaman chairs fifth pre-budget consultation with MSME representatives
Union Minister Nirmala Sitharaman chaired the fifth Pre-Budget Consultation in New Delhi, focusing on inputs from the MSME sector for the forthcoming General Budget 2024-25.
Pre-budget meeting with Sitharaman: Economists suggest continuing capital expenditure, controlling fiscal deficit
Finance Minister Nirmala Sitharaman chaired the first pre-budget meeting with leading economists in Delhi on Wednesday as part of pre-budget consultations for the General Budget 2024-25. The discussions focused on critical issues such as boosting capital expenditure and reducing the fiscal deficit. "Several top economists across the nation attended this meeting and gave their suggestions over the budget...," Ashwani Mahajan, an Economist said.Pre-budget meeting with Sitharaman: Economists suggest continuing capital expenditure, controlling fiscal deficit
Nirmala Sitharaman assumes charge of Finance Ministry, to ensure 'ease of living'
Nirmala Sitharaman took charge of Finance Ministry for her second consecutive term and isset to present FY '25 Budget defining Modi 3.0 government's priorities. She was greeted by officials upon reaching office. Her previous tasks included base corporate tax cut, managing economy during Covid-19, and fiscal consolidation. Sitharaman, born in Madurai, pursued economics before entering politics.
Nirmala Sitharaman to hold pre-budget meeting with industry chambers on June 20
Finance Minister Nirmala Sitharaman to hold pre-budget consultations with industry chambers on June 20 for the 2024-25 fiscal budget presentation in July.
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
Nirmala Sitharaman: Feisty defender of Modi govt to filling big shoes
As a staunch defender of the Modi government's economic policies and executor, Nirmala Sitharaman created a record when she was appointed as the first female Raksha Mantri, or Defence Minister, in 2017. Prior to that, she was industry and commerce minister.
Bank Unions write to Finance Minister for merger of RRBs with Sponsor Banks
The merger of Regional Rural Banks with Sponsor Banks, as demanded by bank unions, aims to enhance efficiency, viability, and sustainability in the banking sector. This strategic move will not only improve employee skills and governance but also mobilize deposits, streamline credit delivery, and benefit the rural population significantly.
Intention of Centre to levy GST on petrol, diesel; states will have to decide on rate: FM Nirmala Sitharaman
Sitharaman mentioned the ongoing taxation of petrol and diesel through excise duty and VAT, urging states to collaborate in the GST Council to decide on the tax rate.
Modi's Cabinet: Nirmala Sitharaman retains finance ministry for second consecutive term
Nirmala Sitharaman on Monday was re-appointed as the finance minister of India for a second consecutive term in Prime Minister Narendra Modi-led cabinet.
ET Graphics: What India Inc expects from Nirmala Sitharaman in July's full Budget
Budget expectations: Finance Minister Nirmala Sitharaman is set to initiate consultations starting Wednesday for the upcoming full budget of the new government, scheduled for presentation in July. India Inc has proposed a series of reforms, including medium-term measures, aimed at propelling the economy towards higher growth, fostering employment generation, stimulating private investments, and ensuring macroeconomic stability.
Budget 2024 will see many historic economic policies, will be a futuristic one: President Murmu at Parliament
In her address to Parliament, President Droupadi Murmu announced that the upcoming Union Budget will introduce historic economic policies and reforms at an accelerated pace. Highlighting India's contribution of 15% to the global economy, she emphasized that this budget will reflect the government's long-term policies and futuristic vision. Finance Minister Nirmala Sitharaman is set to present this Union Budget in July 2024.
Make in India, the next season India planning a Budget day release
India has launched several initiatives to attract investments to the country, presenting itself as an alternative manufacturing destination to companies seeking a China+1 supply chain shift. The IT hardware and mobile phone programmes have seen success. The Centre is hopeful of a similar shift in other sectors as well and there is a view that PLI plus a lower corporate tax rate will offer investors a competitive return on investment.
Who will present Budget 2024 and how is it prepared?
Union Budget 2024: Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget since 2019, joining a distinguished group of finance ministers who have delivered at least five consecutive Union Budgets. This year's budget will be the first full budget presented as part of Modi 3.0, with a notable shift to a paperless format. The budget-making process typically begins in September, over six months before the presentation date, generally on February 1. The Finance Ministry issues budget-related circulars to various entities, including states, Union Territories, Union Ministries, Defense forces, government departments, and autonomous bodies.
Budget 2024 preparations begin; when will Finance Minister Nirmala Sitharaman present it?
The preparation for the Union Budget 2024-25 has commenced. Yesterday, Finance Minister Nirmala Sitharaman took charge of the Finance Ministry and held a meeting with senior officials. FM directed the officials to initiate the budget preparation process, emphasizing the need for meticulous planning and comprehensive analysis.
What needs to be on returning Finance Minister Nirmala Sitharaman’s to-do list
Back as FM, Sitharaman’s new challenges include economic costs of climate change, low job creation & tepid private investment
Budget 2024: 25% share by Indian liners could save $50 billion annually, says FIEO
Key export-related demands included creating an Indian shipping line, duty cuts, and extending credit schemes. Nasscom pushed for favorable policies like transfer pricing rules and deep tech clarity, with officials present to address concerns.
Gems, jewellery exporters seek import duty cut on gold, silver, platinum bars to 4 pc in Budget
Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperation agreement".
Budget 2024: What is a Budget? Why is it important? When is Budget 2024?
According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget keeps the account of the government's finances for the fiscal year that runs from April 1 to March 31.
RSS-affiliate union seeks extension of mandatory work under MGNREGA to 200 days in pre-Budget meet
BUDGET EXPECTATION: In its pre-budget meeting with the finance minister Nirmala Sitharaman on Monday, BMS general secretary Ravindra Himte demanded increasing the minimum pension under the Employees’ Pension Scheme (EPS), 1995 from Rs 1,000 to Rs 5,000 while enhancing of honorarium of scheme workers, especially for Asha, Aanganwadi, Mid-day Meal and National Health Mission workers, the central trade union said in a statement issued on Tuesday.
'Unemployment is not a problem': Arvind Panagariya's prescription to FM Nirmala Sitharaman ahead of Budget
Arvind Panagariya believes India's job challenge lies in reallocating capital to labor-intensive sectors rather than creating jobs. He emphasizes that too much capital is tied up in industries like machinery and pharmaceuticals that don't hire many workers. Panagariya suggests redirecting capital to sectors that generate more jobs per investment, stressing the upcoming budget as a critical policy statement.
Finance Ministry calls meeting with PSBs to review financial inclusion schemes ahead of budget
Finance ministry has scheduled a meeting on Tuesday with heads of state-owned banks and financial institutions. The purpose of the meeting is to review the progress of the government's key financial inclusion schemes, including the Jan Dhan Yojana, Jan Suraksha Yojana, and Mudra Yojana, ahead of the budget.
Pre-Budget meet: Exporters to seek support measures to boost exports
Exporters are set to discuss fiscal support measures with Finance Minister Nirmala Sitharaman on Tuesday aiming to boost India's exports to USD 2 trillion by 2030. This goal encompasses both goods and services, reflecting a marked increase from the current USD 778 billion in 2023-24.
2014, 2019 and now 2024: Nirmala Sitharaman takes oath as Union minister in PM Modi cabinet
In the 2014 cabinet, she served as the Minister of State for Finance and Corporate Affairs and later the Minister for Commerce and Industry with Independent Charge. In 2017, she was appointed as the Union Defence Minister.
Nirmala Sitharaman among 7 women part of new council of ministers; Irani, Lekhi dropped
Seven women, including two in the Cabinet, join the new council of ministers in the 18th Lok Sabha. The dissolved 10-woman ministers' council saw the exclusion of Smriti Irani and others. Nirmala Sitharaman and Annpurna Devi are among the new ministers.
Budget FY25: Central trade unions call for scrapping of four Labour Codes and the new pension scheme
In their pre-budget meeting with finance minister Nirmala Sitharaman on Monday, the joint platform of 10 central trade unions, barring the Bhartiya Mazdoor Sangh, suggested government to enhance resource mobilization through enhanced corporate tax and wealth tax, raise the ceiling limit for the income tax rebate for the salaried class, set up the social security fund and fill up all the existing vacancies in the central government departments and public sector undertakings with regular employment while doing away with contract jobs.
Flour, TV, refrigerator, LPG become cheaper: PM Modi says GST resulted in 'significant savings' for poor, common man
Prime Minister Narendra Modi lauded the impact of Goods and Services Tax (GST) during its seven-year tenure, highlighting its role in improving the lives of 140 crore Indians. He noted GST's reduction in taxes on essential household items like flour and detergent, enhancing affordability for the common man.
Nirmala Sitharaman returns as Finance Minister with analysts' votes in favour of Modi's faith in her
Modi's new cabinet: Indian Prime Minister Narendra Modi's decision to reappoint Nirmala Sitharaman as the country's finance minister signals policy continuity, reassuring market analysts. With a focus on infrastructure and fiscal discipline, Sitharaman faces the challenge of managing fiscal demands in a coalition government. Analysts predict a continued emphasis on infrastructure spending and adherence to fiscal conservatism.
Narendra Modi, Cabinet take oath: Check Team Modi 3.0
Prime Minister Narendra Modi took the oath of office for the third time on Sunday. The ceremony was administered by President Droupadi Murmu at Rashtrapati Bhavan in Delhi.
Broader & lasting growth, jobs top FM Nirmala Sitharaman's to-do list
Finance Minister Nirmala Sitharaman released two tax devolution instalments totaling ₹1,39,751 crore to 28 states for development and capital spending.
Pre-swearing-in meeting: BJP leaders, allies meet Modi ahead of oath-taking ceremony
Amidst anticipation surrounding Prime Minister Narendra Modi's new Union Council of Ministers, the Bharatiya Janata Party (BJP) is poised to welcome several new faces into the government. As the swearing-in ceremony approaches, here's a glimpse into the potential lineup and the dynamics at play:
Tamil Nadu Hooch Tragedy: 'When Dalits are dying…', FM Sitharaman slams Rahul Gandhi’s 'silence'
Lambasting INDIA bloc over hooch tragedy in Tamil Nadu’s Kallakurichi, Finance Minister Nirmala Sitharaman on June 23 targeted Congress and Rahul Gandhi’s silence. Speaking about the tragedy the Finance Minister of India said, “More than 200 people are still in hospital in a critical stage. 56 people have died and most of them are from the scheduled caste... I condemn the incident. I am shocked that the Congress has not uttered a word against this. In a state where licensed liquor is available from shops run by the government called ‘Tasmak’. Despite that, in the middle of the city of Kalakurchi chemical-based illicit liquor is served... Where is the Congress party, President Mallikarjun Kharge?.. Where is Rahul Gandhi? Does they don’t care about the people and schedule cast of Tamil Nadu?.. He contests elections just because he is assured that he will win... When Dalits are dying because of spurious liquor, not a statement comes from Rahul Gandhi... I demand this whole case be handed over to CBI...: The Congress party’s indifference towards the Tamil Nadu people has come out very clearly. Tamil Nadu Hooch Tragedy: 'When Dalits are dying…', FM Sitharaman slams Rahul Gandhi’s 'silence'
GST Council needs to reconstitute three GoMs as new ministers from 11 states join
Finance Minister Nirmala Sitharaman has said that in the 53rd GST Council meeting on Saturday, there were 11 new ministers from Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Madhya Pradesh, Mizoram, Odisha, Rajasthan, Sikkim, Telangana and Tripura.
Goa seeks Rs 700 cr for water projects, Rs 300 cr for exposition of St Xavier's relics
Goa CM Pramod Sawant seeks Rs 700 crore for water projects and Rs 300 crore for St Francis Xavier's relics exposition in New Delhi meeting.
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
Petrol and diesel to come under GST? Here's what FM Sitharaman has to say after Council meeting
Finance Minister Nirmala Sitharaman on Saturday said the intention of the central government has always been to bring petrol and diesel under GST, and it is now up to the states to come together and decide on the rate. She said a provision has already been made by former Finance Minister Arun Jaitley by including petrol and diesel into GST law. What is remaining is for the states to come together to discuss and decide on the rate of the levy. Petrol and diesel to come under GST? Here's what FM Sitharaman has to say after Council meeting
Less than 2% assessees under CGST gets notice, working to make taxpayers life easier: FM Sitharaman
Addressing the media post the GST Council meeting, the Minister said as of December 31, 2023, only 1.96 per cent of all active tax assessees have been sent notices from the Central GST (CGST). Around 1.14 lakh assessees have been sent notices by the CGST out of total 58.62 lakh assessees.
GST Council Meeting: From biometric authentication to railways services exemption, top ten key decisions
The Goods and Services Tax (GST) Council, at its 53rd meeting in New Delhi on June 22, decided to roll out Pan-India biometric authentication to check fake invoicing. Union Finance Minister and the chair of the GST Council, Nirmala Sitharaman, apprised the press of key decisions taken in the meeting. Watch the video to learn the GST Council's top ten decisions in the 53rd meeting.GST Council Meeting: From biometric authentication to railways services exemption, top ten key decisions
GST Council fixes monetary limit for filing of appeals before various legal forums
The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority be reduced from Rs 25 crore CGST and Rs 25 crore SGST to Rs 20 crore CGST and Rs 20 crore SGST, she said. The Finance Minister also informed that services provided by the Indian railways like sale of platform tickets, facility of retiring rooms, waiting rooms, are exempted from GST.
GST Council Meeting: Railway Platform tickets exempted from GST, biometric authentication push & other key decisions
At its 53rd meeting in New Delhi, the GST Council decided to implement nationwide biometric authentication to combat fake invoicing. Finance Minister Nirmala Sitharaman announced retrospective amendments to input tax credit timelines under the CGST Act from July 2017. The meeting, the first since the new government took office, also addressed various operational issues and recommended uniform GST rates for milk cans and carton boxes.
Budget 2024: Sitharaman underlines Centre's support to states via timely tax devolution, GST compensation arrears
Union Budget: Finance Minister Nirmala Sitharaman emphasised the Centre's commitment to supporting states through timely tax devolution and GST compensation arrears to boost economic growth during a pre-budget meeting with state finance ministers. She encouraged states to utilize the 50-year interest-free loan scheme for reforms. States appreciated the assistance and provided suggestions for the upcoming Union Budget, with specific requests for projects and allocations.
Budget 2024: What will happen to Income Tax in this Budget, will it be cut?
Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget 2024 in late July, her seventh budgetary address. Following the interim budget in February, expectations are high regarding potential income tax rate cuts to stimulate consumption and address economic priorities. Industry bodies like FICCI and CII have advocated for tax relief, while the Ministry of Finance explores measures targeting higher-spending individuals, potentially introducing a new tax bracket.
Hike capex by 25%, reduce GST slabs to maximum of 3 in Union Budget: FICCI tells Nirmala Sitharaman
Budget 2024: Industry lobby group FICCI in pre-budget consultation with Finance Minister Nirmala Sitharaman in Delhi emphasized the need to support growth momentum, infrastructure development, rein in food inflation, support MSMEs, and prioritize innovation and research & development for accelerated growth.
India’s ‘sin’ is govt’s bounty: GST cess may deliver Rs 70,000 cr bonanza
The Centre is anticipating a significant surplus of approximately Rs 70,000 crore from GST compensation cess collections, even after repaying loans taken during the Covid-19 period on behalf of states. This unexpected windfall is due to robust collections from sin goods like pan masala, cigarettes, and automobiles. Officials suggest that this surplus could allow for early loan repayments and still leave a substantial amount for other uses.
SBI pays Rs 6,959 crore dividend to govt
SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per equity distributed for the previous year. During 2023-24, the bank earned a record consolidated net profit of Rs 67,085 crore against Rs 55,648 crore in the preceding year.
Budget wishlist from agriculture & MSMEs stakeholders: Sops, infra push, easy loans and PLI schemes
Stakeholders from the agricultural sector and MSMEs provided key suggestions to Finance Minister Nirmala Sitharaman during pre-budget consultations. Suggestions included rationalizing fertilizer subsidies, boosting agricultural infrastructure investment, and implementing employee-centric production-linked incentive schemes.
GST Council likely to deliberate on online gaming tax, Par panel recommendation on fertiliser
The GST Council is set to discuss various issues in its upcoming meeting, including taxation on online gaming and the recommendation to lower tax on fertilisers by the Parliamentary standing committee. The current GST rate on fertilisers is 5%, while raw materials like Sulphuric Acid and Ammonia face a higher rate of 18%. The council will also review the decision to levy 28% GST on the full value of bets for online gaming companies, which came into effect on October 1, 2023.
Centre to take decisive steps to strengthen banking system, says Finance Minister
In a post on X, Sitharaman said India's banking sector turned around due to Prime Minister Narendra Modi's strong and decisive leadership, and recently achieved a significant milestone by recording its highest-ever net profit of over ₹3 lakh crore. "During FY 2023-24, public sector banks recorded the highest-ever aggregate net profit of ₹1.41 lakh crore, almost 4 times higher than ₹36,270 crore in FY 2014," she noted, adding that the government has turned banks from being "NPA-laden nightmares" into "pillars of jan kalyan".
Budget 2024: Key changes made in India's Budget presentations since 1947
Following the customs of the British era, the Union Budget up to 1999 was present at 5 p.m. on the last working day of February. Former Finance Minister Yashwant Sinha broke this convention by beginning the presentation at 11 a.m., while Arun Jaitley broke with the colonial-era custom in 2017 by presenting the Union Budget on February 1 instead of the last working day.
Budget 2024: India looks for infra push; may tap funds from UK, Saudi & Japan
In the upcoming Budget, Finance Minister Nirmala Sitharaman is set to prioritise infrastructure investment to boost demand for steel, cement, and create jobs. The Indian government eyes funding from the UK, Saudi Arabia, and Japan for specific projects like roads and highways. Investor concerns, equity offerings, and environmental considerations are key factors in attracting investments.
Pre-Budget meeting with FM: Tax sops, higher capex, stable tax regime top industry wishlist
Budget expectations: Indian industry and financial institutions had their customary pre-budget consultations with Finance minister Nirmala Sitharaman on Thursday. The suggestions from India Inc included tax sops, capex boost as well as tax stability.
Budget 2024: D-Street captains urge FM Sitharaman to hike STT charges on high frequency traders
Every sale and purchase of equities listed on exchanges incurs a Securities Transaction Tax. The STT rate is 0.017% on options sales and 0.01% on futures sales. Additionally, a proposal to discourage retail investors from trading futures and options by imposing an additional tax was reportedly not discussed, according to ETNow sources.
Budget 2024: How about a 'Robot Tax' in Budget? Economists pitch the idea for AI-hit jobs
Union Budget: Economists discussed the upcoming Budget with Finance Minister Nirmala Sitharaman, focusing on growth, fiscal policy, investment, private sector involvement, food inflation, and debt. Key topics included the impact of AI on employment, 'robot tax' proposal, IMF recommendations, challenges faced by developing countries in adapting to AI technology, and insights from Gita Gopinath.
Sensex performance under different Finance Ministers since 2002
From Manmohan Singh to Nirmala Sitharaman via P Chidambaram and Arun Jaitley, here's how India's benchmark index performed since 2002. The data is sourced from ACE Equity and additional data inputs by Ritesh Presswala. Watch!Sensex performance under different Finance Ministers since 2002
Upgrade of India's rating outlook reflects solid growth, promising outlook: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman praised S&P's upgrade of India's rating outlook to positive, citing solid growth and a promising future. She highlighted India's trajectory towards becoming the third-largest economy and achieving Viksit Bharat by 2047. S&P's first positive outlook for India, while retaining the 'BBB-' investment grade, reflects successful macroeconomic reforms since 2014, substantial capital expenditure, fiscal discipline, and visionary leadership. Sitharaman shared these comments in a post on X, emphasizing the significance of this development for India's economic prospects.
Congress leaders "failed" to protect party's constitution: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman has criticised Congress leaders for spreading false information about the NDA's intention to change the constitution. She criticized Congress leaders for failing to protect the constitution of their party and promoting one family. Sitharaman also accused Congress and the RJD of attempting to "rob" SCs, STs, and OBCs of quotas and divert them to Muslims, which is against the Constitution.
India's Budget leaked in 1950: What happened? Who did it? Consequences
Finanace Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget soon. The Budget, which is set to be presented in July, is a Full Budget. In February, she presented the Interim Budget, owing to the Lok Sabha elections that was scheduled to start from April. The FM has already started preparing for the Budget, holding meetings with stakeholders. However, all these are top secret affairs and any information is privy to only a select few.
Law committee recommends amendment to CGST law to quash retro tax notice
The recommendation, if approved by the council may give relief to a large number of industries including online gaming industry, which was seeking relief from retrospective tax notice. The recommendation may be placed before the GST council and once approved this would pace way for quashing a large number of notices sent to online gaming industry. The law committee has suggested amendment to the Central Goods and Services Tax (CGST) Act, 2017 via the introduction of a new Section 11A in the legislation.
First NFRA annual report on eight audit firms by November
The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standards, revealing how NFRA plans to strengthen the country's audit and accounting ecosystem to combat corporate frauds and uphold shareholders' interests in a rapidly growing economy.
Subsidy allocation likely to stay at Interim Budget mark of Rs 4.1 lakh crore
The Centre aims to reduce the fiscal deficit to 5.1% of GDP, with allocations for food and fertiliser subsidies slightly lower than previous estimates. Plans include reducing dependency on imports for better fertiliser subsidy management.
Modi 3.0 Cabinet: Nirmala Sitharaman takes charge as Union Finance Minister for second time
In a second stint, Nirmala Sitharaman, on Wednesday morning, formally assumed charge as Union Minister of Finance and Corporate Affairs. Sitharaman was greeted at the office in North Block by Finance Secretary TV Somanathan and other Secretaries of the Ministry of Finance and Corporate Affairs.Modi 3.0 Cabinet: Nirmala Sitharaman takes charge as Union Finance Minister for second time
Sensex nearly doubled during Nirmala Sitharaman's first tenure as FM. Next target: 1 lakh!
Sensex nearly doubled during Nirmala Sitharaman's first tenure as FM. Anand Rathi and market guru Raamdeo Agrawal predict the benchmark at 1 lakh level by FY28.
Growth momentum to continue in Modi 3.0: FM Sitharaman
India's Finance Minister, Nirmala Sitharaman, has praised the country's 8.2% GDP growth in 2023-24, stating that the growth momentum will continue in the third term of the Modi government. The manufacturing sector saw a 9.9% growth, indicating the country's resilience despite global challenges. The final phase of Lok Sabha elections is set for Saturday, with results expected on June 4.
Modi govt turned around banking sector, over Rs 10 lakh crore bad loans recovered in 10 years: Nirmala Sitharaman
Finance minister Nirmala Sitharaman highlighted the Modi government's success in the banking sector, recovering over Rs 10 lakh crore from bad loans. The Enforcement Directorate investigated 1,105 bank fraud cases, attaching proceeds worth Rs 64,920 crore.
More transparency in Budget making over 10 years: FM Nirmala Sitharaman
Finance minister Nirmala Sitharaman has emphasized the Modi government's commitment to reforms and improved transparency in budget making. She emphasized the government's focus on transforming the budget from a mere record of expenditures into a strategic blueprint for equitable development, overcoming past constraints and archaic practices.
Nirmala Sitharaman slams TMC govt for West Bengal's 'decline'
Union Finance Minister Nirmala Sitharaman accused the Trinamool Congress government of degrading West Bengal through corruption and societal degradation. She compared the current state under TMC rule to the previous Left regime, highlighting various issues including low per capita expenditure, loss of chip manufacturing, financial misappropriation, and the Sandeshkhali incident.
IBC rescued 3,171 distressed companies in eight years: Sitharaman
Finance minister Nirmala Sitharaman on Thursday said the Insolvency and Bankruptcy Code (IBC) has rescued 3,171 distressed companies and assisted in the shutdown of unviable firms since its introduction eight years ago. This is a marked improvement from the resolution of stress in less than 3,500 firms under the erstwhile Board of Industrial and Financial Reconstruction (BIFR) regime in 30 years, she said, pitching the IBC as a landmark piece of legislation.
Budget 2024: Five steps to prepare the Budget
Six months before the official Budget announcement, the groundwork begins. The Ministry of Finance distributes crucial instructions and guidelines to all relevant government departments through "Budget Circulars." These circulars reach the hands of both disbursement officers and field personnel. In turn, these individuals provide a detailed breakdown of their department's finances. This breakdown includes spending and income for both the current and previous fiscal years, along with their financial needs for the upcoming year. This exchange of information lays the foundation for the Budget.
Sebi for benefits on zero coupon zero principal bonds
To encourage social sector spending, markets regulator Sebi has suggested that the government should allow tax benefits to companies investing in zero coupon zero principal bonds issued by not-for-profit organisations listed at the social stock exchange.
NSE chief cautions retail investors against derivatives trading
National Stock Exchange (NSE) chief Ashishkumar Chauhan on Friday cautioned retail investors against trading in derivatives and suggested them to invest in equities through mutual fund route.
Punjab witnesses 85 pc decline in investment; incorrect to say Centre not giving funds: FM Nirmala Sitharaman
It is incorrect to say that the Centre is not giving funds to the Punjab government, Union Finance Minister Nirmala Sitharaman said on Tuesday, responding to the AAP government's allegation that the Union is shortchanging the state. "The reality is that the Punjab Government is not using money rightfully," she said. Sitharaman was in Ludhiana Tuesday evening to interact with the MSMEs and industrialists. During the interaction, she slammed the AAP government in Punjab and said that it is misleading the people of the state.Punjab witnesses 85 pc decline in investment; incorrect to say Centre not giving funds: FM Nirmala Sitharaman
ARCL executes first tripartite repo in corporate debt
ARCL Tri-party repo product in corporate debt securities was launched by Finance minister Nirmala Sitharaman in July last year.
Budget 2024: Rs 11.11 lakh crore of capex plan not enough? CII wants more in budget to push growth
The Confederation of Indian Industry (CII) is advocating for a 25% increase in India's capital expenditure in the upcoming Budget to drive economic growth and strengthen competition. CII President Sanjiv Puri noted the improvement in private investment and favorable investment climate. The full Budget is expected in late July, focusing on sustaining high growth, inclusivity, employment, GST rationalization, and easing tax compliance.
GST Council meeting scheduled for June 22 in New Delhi
The 53rd meeting of the GST Council is slated to convene on June 22, 2024, in New Delhi, following the inauguration of a new government. Previously, the 52nd Meeting of the GST Council took place on October 7, 2023, in New Delhi, with Union Finance & Corporate Affairs Minister Nirmala Sitharaman presiding as the chairperson.
Finance Minister on Day 1: Pledges more steps to ensure 'ease of living'; reforms drive to continue
Finance minister Nirmala Sitharaman has expressed optimism for India's economic outlook, stating that reform momentum will continue to spur growth and ensure macro-economic stability. She has emphasized India's "commendable growth story" amid global turmoil and pledged more steps to ensure ease of living. The Indian economy has seen an average of over 8% annual growth since the Covid-induced output contraction in FY21.
Govt’s PMAY move to help boost affordable housing, drive economic growth
In the interim budget earlier this year, Finance minister Nirmala Sitharaman had announced support for the construction of an additional 2 crore homes in the next five years under the PMAY - Gramin (PMAY Rural). The PMAY budgetary allocation was also increased to Rs 80,671 crore for 2024-25 from Rs 79,590 crore in 2023-24.
Budget 2024 date, time, details: Who will present Budget 2024?
With the conclusion of the Lok Sabha elections and the subsequent swearing in of the government led by Prime Minister Narendra Modi, all eyes are now on the Full Budget of India. The first session of the newly-elected Cabinet is set to begin on June 24.
India's consumer market likely to double by 2031: FM Nirmala Sitharaman
During the CII Annual Business Summit 2024, the Finance Minister projected that India's consumer market would double by 2031 and anticipated a significant 18% contribution to global growth in the next five years.
Signing in: Modi-led new govt gets into work gear as ministers assume charge
Prime Minister Modi's third-term government commenced with ministers assuming office, focusing on continuity and change. Key portfolios remained with experienced leaders. Priorities include promoting India's global stance and internal development, addressing issues like China relations, and enhancing citizen services. Ministers pledged to fulfill Modi's vision of a prosperous and united Bharat.
Modi Cabinet 3.0: Complete list of minister's portfolio and their tasks ahead
In Modi cabinet 3.0, the BJP retained control over numerous important ministries, with its allies also obtaining crucial positions. Keeping key members from the previous cabinet indicates a dedication to maintaining consistency at the highest level, while also introducing new faces.
Old team, new beginnings: Big four intact, PM Modi sends big message
Besides big four, PM's core team of ministers have also retained their portfolios. Nitin Gadkari (road transport and highways), Piyush Goyal (commerce and industry), Dharmendra Pradhan (education), Sarbananda Sonowal (ports, shipping and waterways), Virendra Kumar (social justice and empowerment), Ashwini Vaishnaw (railways, electronics and information technology), Hardeep Puri (petroleum and natural gas) and Bhupender Yadav (environment, forest and climate change) will continue running the ministries they were handling in the last five years. Some of them have shed additional portfolios that were allocated when others left the council of ministers in the past.
Sitharaman's budget next month to lay out economic roadmap of Modi 3.0
The economic agenda would include steps to fast-rack reforms to make India a USD 5-trillion economy in near future and turn the country into a 'Viksit Bharat' by 2047.
Kumaraswamy says he will take businesses into confidence & focus on adding jobs
The JDS leader, who spoke to the media in Delhi soon after the portfolios were announced, said he believed India’s development hinged on his portfolio. There were lots of expectations from the government in the manufacturing sector, he said, while thanking the PM for giving him such a crucial ministry by reposing faith in him.
Modi Cabinet 3.0: Here are 10 ministers who retained key portfolios
The Modi-led government announced the allocation of portfolios for several BJP Lok Sabha members, ensuring key ministers like Amit Shah, Rajnath Singh, Nirmala Sitharaman, and S Jaishankar retain their positions from Modi 2.0. New assignments include Ashwini Vaishnaw as Minister of Railways, Information and Broadcasting, and Electronics and Information Technology. Nitin Gadkari continues as Minister of Road Transport and Highways, and Sarbananda Sonowal as Minister of Ports, Shipping and Waterways. Shivraj Singh Chouhan gets agriculture and rural development, JP Nadda health, and Manohar Lal Khattar power, reflecting continuity and change in the cabinet.
From tax schemes to pension demands: Modi's new finance minister has their work cut out as challenges mount
A day after PM Narendra Modi and his new council of ministers were sworn in, speculation was high about the next finance minister. Questions were arising whether Nirmala Sitharaman will continue in her role in the finance ministry or take on a different ministry this term. However, with PM's recent announcement of ministries, the air has now been cleared. The responsibilities remain the same for Sitharaman this time around: boosting the economy and navigating challenges amid global uncertainties.
Modi Cabinet portfolios allocated; Sitharaman retains finance ministry, Jaishankar to serve as EAM again
NDA Full List Ministry Portfolio: Prime Minister Narendra Modi began his third consecutive term on Monday by allocating key portfolios to ministers following their swearing-in ceremony. This cabinet formation includes 30 cabinet ministers, 36 ministers of state (MoS), and 5 MoS with independent charge from the BJP and its allies, marking the establishment of the National Democratic Alliance (NDA) government under his leadership
Unchecked explosion in retail F&O trading may dent household finances, warns Nirmala Sitharaman
The Finance Minister called on NSE, BSE and Sebi to brainstorm together and chalk out robust compliances and regulatory standards to protect investors' interests. BSE and NSE were asked to mitigate systemic risk and ensure market stability. Sithraman said this in at a BSE event in Mumbai.
Centre used capex to build quality infrastructure: FM Nirmala Sitharaman
Sitharaman said the share of capex in overall expenditure went up to over 21% in 2023-24 as against just 12% in 2013-14 during the UPA regime, when infrastructure development remained grossly neglected.
House cat, not leopard: Delhi Police on mysterious animal spotted during Modi Cabinet oath-taking ceremony. Watch viral video
Prime Minister Narendra Modi was sworn in for a third consecutive term, matching Jawaharlal Nehru's record. Dignitaries from neighboring countries attended the ceremony at Rashtrapati Bhavan. An animal sighted during MP Durga Das's oath drew social media attention. President Droupadi Murmu administered oaths to Modi, 30 cabinet ministers, 36 Ministers of State, and five MoS with independent charge from the NDA.
2 Vokkaligas, 1 Lingayat from Karnataka make it to Centre
The BJP has attempted to strike a caste and regional balance in the Union Council of Ministers while retaining experienced ministers such as Nirmala Sitharaman and Pralhad Joshi from Karnataka though they don't represent a dominant or politically influential community.
Shah, Shivraj, Scindia, Paatil: New ministers among top 10 with highest victory margins
Amit Shah, who was the home minister in Modi 2.0 won from Gandhinagar by a margin of more than 7.44 lakh votes. Jyotiraditya Scindia, who was the aviation minister in the previous Modi government, won from Guna in Madhya Pradesh by more than 5.40 lakh votes.
Modi 3.0: Jaishankar to Sitharaman, Nadda & Shivraj Chauhan: BJP top brass take oath as ministers
Jaishankar, Nadda, Khattar to Sitharaman, BJP’s top brass take oath along with PM Modi as ministers of the Modi 3.0 cabinet. Watch!Modi 3.0: Jaishankar to Sitharaman, Nadda & Shivraj Chauhan: BJP top brass take oath as ministers
Modi meets likely ministers in his new govt over tea
On Sunday evening, alongside Prime Minister-designate Narendra Modi, new faces like Manohar Lal Khattar, Shivraj Singh Chouhan, Bandi Sanjay Kumar, and Ravneet Singh Bittu may join the Union Council of Ministers. Amit Shah, Rajnath Singh, Nitin Gadkari, and others are anticipated to remain part of the government. Speculations abound about potential inclusions from Shiv Sena, including Prataprao Jadhav, and BJP, like C R Paatil and Jyotiraditya Scindia
Real estate sector pushes for tax rationalisation and reduced approval cost as Modi 3.0 set to take oath
With Narendra Modi set to take oath as Prime Minister for the third time, the real estate industry has high expectations from Modi 3.0. The interim budget announced a boost for affordable housing by adding 2 crore more houses to the PMAY-U scheme. Experts emphasize the need for policy reorientation, cost reductions, and tax rationalization to accelerate growth. Industry leaders stress the need for government intervention to drive further growth, including reforms in GST and revisiting affordable housing definitions.
Public sector banks pin hopes on new Govt for higher PLI for employees
State-run banks are optimistic about a more lucrative performance-linked incentive (PLI) for employees and are advocating for a five-day banking week as a new coalition government takes charge. Bank unions and employee associations seek a review of the current PLI scheme, introduced in 2020, which currently offers up to 15-days salary for growth exceeding 15%. Recent wage settlements have included a 17% salary increase and proposed a five-day week, pending government approval. Banks' cumulative profit exceeded ₹1.4 lakh crore in FY 2024.
India’s $6 trillion derivatives frenzy has government worried
Finance Minister Nirmala Sitharaman and Chief Economic Advisor V. Anantha Nageswaran sounded caution in recent days about growing retail participation in the equity futures and options market.
