Retail inflation is now 'stable', FM Sitharaman tells Lok Sabha

February 7, 2024 8:38 PM

Retail inflation is now 'stable', FM Sitharaman tells Lok Sabha

Finance Minister Nirmala Sitharaman reiterated that retail inflation is now stable and within the notified tolerance band of 2 to 6 percent. Replying to the discussion in Lok Sabha on the Interim Union Budget 2024-25 and Interim Budget for Union Territory of Jammu and Kashmir 2045-25, the Minister said retail inflation has declined from an average of 6.8 percent in April-December 2022 to 5.5 percent in the corresponding period of 2023. She stressed that as a result of steps taken by the governme...

Finance Minister asks banks & financial institutions to ensure customers nominate heirs to help reduce quantum of unclaimed money

September 5, 2023 1:47 PM

Finance Minister asks banks & financial institutions to ensure customers nominate heirs to help reduce quantum of unclaimed money

Union Finance Minister Nirmala Sitharaman has asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money. Addressing the inaugural session of the fourth edition of Global Fintech Fest, 2023 in Mumbai today, the Finance Minister said that financial ecosystem has to be inclusive, resilient and sustainable. Finance Minister added that technology is a common tool that can help us build a responsible financial ecosystem.&...

FM Sitharaman addresses B20 Summit of Business leaders in New Delhi; Says, govt's priority is to check inflation

August 25, 2023 8:54 PM

FM Sitharaman addresses B20 Summit of Business leaders in New Delhi; Says, govt's priority is to check inflation

Finance Minister Nirmala Sitharaman said that India has showcased an accelerated pace of economic reforms in the last nine years. Speaking at the B20 Summit India 2023 in New Delhi on Friday, Mrs Sitharaman said, the reforms undertaken by the government have put India on the path of sustainable growth. She said, the share of capital expenditure in total rose from 12.3 per cent in 2018 to 22.4 per cent in fiscal year 2024. She said, several measures have been implemented by the government and it ...

FM Sitharaman holds review meeting of Regional Rural Banks of Southern Region in Chennai

August 4, 2023 7:59 PM

FM Sitharaman holds review meeting of Regional Rural Banks of Southern Region in Chennai

Union Finance Minister Nirmala Sitharaman chaired a meeting with Chairpersons and senior officials of Regional Rural Banks (RRBs) from Southern Region in Chennai today. The discussions centered on the financial performance of RRBs, with the Secretary, Department of Financial Services, Vivek Joshi making a presentation on different financial metrics of the RRBs.   The Union Finance Minister emphasized the need for timely implementation of technology, Loan Management System and Core Banking S...

28 % GST on online gaming & casinos to be effective from Oct 1 this year

August 3, 2023 8:00 AM

28 % GST on online gaming & casinos to be effective from Oct 1 this year

Finance Minister Nirmala Sitharaman has said, 28 per cent GST on casinos and online gaming will be levied on the face value. Addressing media after the 51st GST Council Meeting in New Delhi yesterday, Ms.0003 Sitharaman said, the 28 per cent GST on online gaming and casinos is expected to be implemented from the 1st of October. The Minister said, the GST Council in its last meeting had recommended that the law may be amended in this regard to provide clarity in the matter. It recommended certain...

Govt to consider Production Linked Incentive for chemicals & petrochemicals sector to make India manufacturing hub, said FM Nirmala Sitharaman

July 27, 2023 1:21 PM

Govt to consider Production Linked Incentive for chemicals & petrochemicals sector to make India manufacturing hub, said FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said that the government will consider the Production Linked Incentive (PLI) for the chemicals and petrochemicals sector to make India a manufacturing hub. Addressing the 3rd edition of the summit on Global Chemicals and Petrochemicals Manufacturing Hubs in New Delhi, Ms Sitharaman said, the existing size of this sector will have a major impact on the economy as it has 80 thousand products in the market. She said the world is looking towards India for alte...

Efficiency in tax collection system led to jump in tax revenue in last few years without rate hike: Finance Minister Nirmala Sitharaman

July 25, 2023 8:03 AM

Efficiency in tax collection system led to jump in tax revenue in last few years without rate hike: Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said that tax revenue has gone up in the last few years without tax rate hike. Addressing the 164th Income Tax Day celebrations in New Delhi on 24th July 2023, Ms Sitharaman said, efficiency in tax collection system aided the robust tax mop up.   The Finance Minister said, Prime Minister Narendra Modi has been clear that technology is the answer to most problems and Central Board of Direct Taxes (CBDT) has been working on that. Lauding CBDT, she ...

FM Nirmala Sitharaman chairs 50th GST Council meeting in New Delhi

July 11, 2023 1:42 PM

FM Nirmala Sitharaman chairs 50th GST Council meeting in New Delhi

The 50th GST Council meeting chaired by the Union Finance Minister Nirmala Sitharaman is underway in New Delhi. The meeting is being attended by Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and UTs and Senior officials. In February this year, the 49th GST Council met under the Chairpersonship of Union Minister for Finance and Corporate Affairs Nirmala Sitharaman in New Delhi. In that meeting, the government had decided to clear the entire pending balance GST compen...

Finance Minister Nirmala Sitharaman reviews performance of Public Sector Banks on various financial health parameters for financial year 2022-23

July 7, 2023 8:27 AM

Finance Minister Nirmala Sitharaman reviews performance of Public Sector Banks on various financial health parameters for financial year 2022-23

Finance and Corporate Affairs Minister Nirmala Sitharaman chaired a meeting to review the performance of Public Sector Banks, (PSBs) in New Delhi yesterday. She held discussions with the heads of Public Sector Banks on the positive macro trends, improved business sentiments, and twin balance sheet advantage. Finance Minister Sitharaman emphasized on banks’ adherence to the regulatory framework by focusing on risk management, and diversification of the business base.  She said the business o...

Finance Minister Nirmala Sitharaman reviews performance of Public Sector Banks

July 6, 2023 8:33 PM

Finance Minister Nirmala Sitharaman reviews performance of Public Sector Banks

Finance and Corporate Affairs Minister Nirmala Sitharaman chaired a meeting today to review the performance of Public Sector Banks (PSBs).   During the review meeting, discussions were held with the heads of Public Sector Banks on the positive macro trends, improved business sentiments, and twin balance sheet advantage. Finance Minister Sitharaman emphasized on banks’ adherence to the regulatory framework by focusing on risk management, and diversification of the business base. She said the...