Nirmala Sitharaman News

Subscribe to enjoy similar stories. NEW DELHI : The Centre is preparing to reinforce and expand its focus on labour-intensive industries in the FY27 Union budget, according to two persons familiar with ongoing discussions.

It would be music to many ears that India’s government is planning to overhaul its customs regime. The goal will not just be to ease compliance, but also bring down rates wherever they are higher than optimal, finance minister Nirmala Sitharaman said on Saturday at the HT Leadership Summit 2025.

Earlier, Tamil Nadu Congress Committee President K Selvaperunthagai said that the party condemns the idea of One Nation One Election, the passing of the Waqf (Amendment) Bill, the non-disbursement of funds and other policies. The party is also going to raise slogans condemning the Waqf Bill as PM Modi reaches Rameswaram city. "(Union Finance Minister) Nirmala Sitharaman in Chennai event said One Nation One Election would be implemented.… we are holding this protest. We will also raise new slogans as PM Modi reaches Rameshwaram," K Selvaperunthagai said. «We are also showing black flag to Modi condemning Waqf Board Amendment,» he added.

Ever since finance minister Nirmala Sitharaman redefined debt mutual funds in the July 2024 budget as those that invest more than 65% in debt, there's been an upheaval in the mutual fund industry.

Subscribe to enjoy similar stories. New Delhi: The government is preparing to decriminalize more than 100 offences under various laws by the end of this year to improve investor confidence and unlock potential for faster economic growth, three persons familiar with the development said.

Nirmala Sitharaman on Thursday said the ongoing process of rationalizing customs duties and withdrawing the 6 per cent equalization levy, which began in 2023, is independent of any global events and will continue. Sitharaman said customs duty reductions are part of India's broader objective to strengthen its manufacturing hub and boost battery and advanced chemistry capacities. Replying to a debate on the Finance Bill 2025 in Rajya Sabha, Sitharaman said, «Consistently, budget after budget, we are coming up with a reduction in duties so that India's aspiration for being a manufacturing hub and India's aspiration in building capacities for battery manufacturing and advanced chemistry is being supported. So, this is a consistent thing.» «I heard quite a few members say, „Oh, the tariff war has started, so in response to the tariff announcements made by President Trump, here we are doing it. No, we have been doing it since 2023, steadily, every year. Newer items are being brought in, keeping in mind Atmanirbhar Bharat and, at the same time, Viksit Bharat's requirements, as well as simplifying the customs duty and compliance details,“ Sitharaman said. »So, this is an ongoing process. It has nothing to do with today's global situation but is a process that will continue even in the future," she added.

Finance minister Nirmala Sitharaman Wednesday said «relentless action» is going on against wilful bank defaulters and that loan write-offs do not mean waivers as borrowers remain liable to repay their dues. «Banks continue to pursue recovery actions in written-off accounts using various mechanisms,» she said, responding to the discussion on Banking Laws (Amendment) Bill 2024 in the Rajya Sabha. The upper house, subsequently, gave its nod to the bill that seeks to provide options to the depositors for either successive or simultaneous nominations besides allowing public sector banks (PSBs) to transfer unclaimed shares, interest, and bond redemption amounts to investor protection fund besides other changes. The bill has already secured Lok Sabha's nod.

Nirmala Sitharaman on Wednesday said deceiving farmers cannot do good to anybody as she attacked the Congress on their farm loan waiver scheme, alleging that their promises left the farmers in lurch. During her reply in Rajya Sabha on The Banking Laws (Amendment), 2024 Bill, the finance minister took a cue from BRS member Ravi Chandra Vaddiraju's statement in Telugu during the discussion where he referred to Congress loan waiver scheme for farmers. Sitharaman said Congress announced «Rina maafi» (loan waiver), but in reality… half the farmers were left without loan waiver, the banks had put their name on record thereby making them also ineligible for new loans. «I would want to highlight the fact that deceiving the farmers is for nobody's good. If you really want to help the farmers, here is Prime Minister Modi putting Rs 2,000 every time, annually, 6,000 rupees into their account through the transparent DBT (Direct Benefit Transfer). It helps the small farmers. Show it in action,» she asserted. Sitharaman said Congress policies have been limited to paper without any action on ground and if there was any action then it was riddled with corruption. «I want to highlight like the way they speak about food security, MGNREGA and the rural areas, all schemes brought by them (but) none of which were effectively implemented. When Prime Minister Modi implements them, without corruption, without malpractice and without any kind of wrongdoing. They will say, oh that was our scheme. Yes, it was your scheme, but you kept it in the paper, or you mismanaged,» the minister said.

Ayushman Bharat and will get health coverage of Rs 5 lakh. Preparations to provide the benefits of Ayushman Bharat to gig and platform workers are almost complete, Sumita Dawra, Secretary, Labour and Employment Ministry, told in an exclusive interview. India's gig and platform economy is expanding, offering new jobs in sectors like ridesharing, delivery, logistics, and professional services. NITI Aayog has projected that the gig economy in India will employ over one crore workers in 2024-25, subsequently reaching 2.35 crore by 2029-30. Recognizing the contribution of the gig and platform workers to the nation's economy, Union Budget 2025-26 announcements had provision for registration of online platform workers on e-Shram portal, issue of identity cards, and and healthcare coverage under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). Dawra said schemes for gig and platform workers will be started soon.

Nirmala Sitharaman introduced the Bill for the 2025-26 fiscal in Parliament, seeking approval for key Budget proposals. The Finance Bill needs to be approved by both houses of the parliament to become a law and give effect to the Budget proposals. India plans to scrap the 6% equalisation levy on online advertisement services offered by companies like Google and Meta—commonly known as the Google tax—starting April 1. The move appears to be an effort to appease US President Donald Trump, who has warned of retaliatory tariffs on nations imposing digital taxes on American tech firms from April 2. The proposal is part of the 59 amendments to the Finance Bill introduced by Finance Minister. Union Finance Minister Nirmala Sitharaman on February 1 presented the Budget 2025-26 in the Parliament. The Union Budget 2024-25 provided major relief to the salaried class with no income tax on an average monthly income of up to Rs one lakh to boost household savings and consumption with the government also giving thrust to four engines of development — agriculture, MSMEs, investment and exports.

electronics and automobile sectors, Union Finance Minister Nirmala Sitharaman said. Addressing an event organised by Chennai Citizens' forum on Saturday evening, Sitharaman dismissed charges of the state government that the Centre has neglected Tamil Nadu in terms of funding. She said major 'big ticket' projects have been announced and are progressing at various stages of implementation across the State. «Tamil Nadu has been the largest beneficiary under the PLI- scheme in electronics, electronic parts and automobiles. Out of the 27 companies that have received approval from the Centre, 7 are based out of Tamil Nadu,» the Union Minister of Finance and Corporate Affairs noted. Sitharaman highlighted that 25 per cent of the companies availing benefits from the PLI scheme are from the state, she said drawing applause from the audience at the M O P Vaishnav College in the city. Without naming the government or any individual, she rejected claims that the state received minimal revenue from central taxes. «These people arrive at a calculation that the Centre was giving a minimal amount of revenue from the central taxes. I really do not know how they pose such an argument. All I have to say is that the State has been a beneficiary in various central schemes and sector specific initiatives in the last 10 years.» She also pointed out that Tamil Nadu hosts one of the country's two major electronic parts manufacturing clusters, alongside Gujarat. An allocation of Rs 1,100 crore has been made for setting up the cluster in Tamil Nadu.

In written replies to questions in the Rajya Sabha, Minister of State in the Prime Minister's Office (PMO) Jitendra Singh said the first task force comprises members from the Department of Atomic Energy, Atomic Energy Regulatory Board, Nuclear Power Corporation of India Limited (NPCIL), Niti Aayog, Ministry of Law and Justice and Ministry of External Affairs. «The Task Force is looking into various aspects like build, own, operation of nuclear power plants by the private sector, nuclear safety, security, safeguards, fuel procurement/fabrication, waste management, spent fuel reprocessing,» Singh said. He said a separate task force is also looking into the Civil Liability for Nuclear Damage (CLND) Act to address the concerns raised by private suppliers. The CLND Act is considered to be the biggest hurdle to private sector participation due to a provision in it that pins liabilities on nuclear suppliers, in addition to the operator, in case of damage.

failed budget". She said the present government was creating a narrative that every development started after 2014. But the «devil lies in details» and available facts show that the financial health of the public carrier was in a bad shape and it was on «ventilator». She alleged that revenues were falling and making (Instagram) reels will not help in any way. According to her, the Railways was the only one in the race and it still stands at the runners up position and not the top. She wondered whether the Railways like all profit making public entities would also land up with the «friends» (mitra) of the ruling dispensation. Gaikwad alleged that the rail kavach developed to prevent accidents was being used by the minister to protect himself and not passengers and the trains. She said he continues in office despite a series of accidents under his watch.

Subscribe to enjoy similar stories. The Union Budget for 2024-25 rightly focused on promoting inclusive growth and enabling employment-led development in India. With a goal of assisting the poor and vulnerable groups, finance minister Nirmala Sitharaman proposed a scheme for the socioeconomic upliftment of Indian workers as the government tries to help them raise their incomes and attain sustainable livelihoods for a better quality of life.

Thangam Thenarasu is set to present the state budget for the financial year 2025-26 today in the Assembly Hall at Fort St. George. The budget, expected to outline key financial policies and welfare measures, has, however, been overshadowed by a controversy surrounding the removal of the Indian rupee symbol (₹) from the budget’s official logo. In a move that has sparked a political storm, Chief Minister M.K. Stalin’s government replaced the Devanagari-scripted rupee symbol with the Tamil letter ‘Roo’ (‘ரூ’), representing ‘Roobai’—the Tamil term for rupee. The new logo, accompanied by the slogan “Ellarkum Ellam” (Everything for Everyone), was unveiled on Thursday, drawing sharp reactions from opposition leaders and Union Ministers.

Nirmala Sitharaman on Thursday attacked the DMK-led government's move to change the logo of Rupee for the budget. The logo for the budget, released by the government on Thursday carried 'Ru', the first letter of the Tamil word 'Rubaai' which denotes the Indian currency in the vernacular language. «All elected representatives and authorities are sworn under the Constitution to uphold the sovereignty and integrity of our nation. Removing a national symbol like '₹' from the State Budget documents goes against that very oath, weakening the commitment to national unity. This is more than mere symbolism—it signals a dangerous mindset that weakens Indian unity and promotes secessionist sentiments under the pretence of regional pride. A completely avoidable example of language and regional chauvinism,» said Sitharaman in a post on X. The ruling DMK in Tamil Nadu on Thursday stoutly defended its party-led government replacing the Indian rupee symbol with a Tamil letter in its logo for the budget 2025-26, saying there was nothing wrong in using the native language. No rule barred the dispensation from such a move, the party argued. The opposition AIADMK and BJP flayed the MK Stalin-led government over the matter, calling it a ploy to divert public attention from other issues. State Finance Minister Thangam Thennarasu is scheduled to table the budget for 2025-26 on Friday in the TN Assembly.

Gross Domestic Product (GDP) growth is projected to exceed 6.5% in the fiscal year ending March 2026, said Moody’s Ratings in its latest Banking System Outlook – India report, released on Wednesday. The agency attributed this growth to increased government capital expenditure, tax cuts, and interest rate reductions. Moody’s report highlighted that India’s economy is set to recover from a cyclical slowdown. The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, introduced significant tax relief under the new tax regime, exempting income up to Rs 12 lakh from taxation. The measures are expected to boost consumption and contribute to overall economic expansion. “India’s economic growth will pick up from a cyclical slowdown,” the report noted. Government spending and monetary easing are anticipated to support GDP growth, with Moody’s forecasting real GDP expansion of over 6.5% in FY26, up from 6.3% in FY25. The finance ministry’s Economic Survey has projected GDP growth in the 6.3%-6.8% range for the next fiscal, while official estimates indicate 6.5% growth for the current year.

Gaurav Gogoi on Tuesday said the Centre has failed to bring peace at gunpoint in Manipur and urged Prime Minister Narendra Modi to visit the state and listen to the apprehensions and concerns of the people. Initiating a discussion on the supplementary demands for grants, excess grants and the Manipur budget, he asserted that peace cannot be restored in the northeastern state at the barrel of gun and only a political solution was the way out. Gogoi, the Deputy Leader of the Congress in Lok Sabha, said the Manipur budget should have been discussed in the state assembly, but President's Rule has been imposed in the state. He said Prime Minister Narendra Modi should apprise the House about the rationale for imposition of President's Rule in the state. «What is the state of Vidhan Sabha in the state — is it dissolved or in suspended animation,» the Congress leader sought to know. BJP members, including Nishikant Dubey, objected to Gogoi's extensive reference to the situation in Manipur and cited rules to point out that the Congress leader should stick to the demands for grants and the state budget.

Subscribe to enjoy similar stories. The 1 February 2025 Budget’s tax relief measures intended to revive consumption and disposable income, have failed to reverse the tide of foreign portfolio investor (FPI) outflows from key consumption-led sectors like fast-moving consumer goods (FMCG) and consumer durables. Despite initial optimism, the FMCG sector has witnessed a significant FPI outflows of ₹6,904 crore in February 2025 alone, continuing a trend that began in October 2024 after the markets hit an all-time high in September, showed the latest data from the National Securities Depository (NSDL).

Nirmala Sitharaman, said Romal Shetty, CEO of Deloitte South Asia. «Our domestic consumption-driven economy, which makes up 62% of our GDP, shields us from external fluctuations. And our favourable geopolitical alignment opens doors where others see barriers,» Shetty said at the ET Awards for Corporate Excellence in Mumbai on Saturday.