Nirmala Sitharaman News

Nirmala Sitharaman, Road Minister Nitin Gadkari, and Commerce Minister Piyush Goyal, the report added. MMTC operates under the purview of the commerce ministry.

Nirmala Sitharaman said on Friday that the government is looking at reducing its debt burden further and has already resorted to prudent spending by resisting the temptation of fiscal profligacy, especially after the pandemic, to avoid burdening future generations. In her inaugural speech at the Kautilya Economic Conclave 2023 in the capital, a few months ahead of the interim Budget for FY25, she said: «For every decision that we take today, we are conscious of what burden it is going to leave to the next generation. It's very easy to be profligate.» The Centre aims to bring down its fiscal deficit to 4.5% of GDP by FY26 from the budgeted 5.9% for FY24. The global economy, she said, is bearing the brunt of simultaneous wars in places that can severely affect supply chains. The Israel-Hamas war has already stoked fresh uncertainties about the global supply chains — especially of food and energy — already hit by the Ukraine war and the pandemic. Debt-to-GDP ratio In such critical junctures, however, the decades-old multilateral institutions have become less effective, Sitharaman said, highlighting the urgent need for reforming them. As for the government's debt policy, she said: «We are conscious of the debt of the government.

New Delhi: The finance ministry is looking at ways to bring down government debt and is monitoring the debt reduction measures taken by emerging market economies, finance minister Nirmala Sitharaman said on Friday. While India’s public debt is not as high as other major economies’, it needs to be tackled with a sense of responsibility so that the future generations don’t feel its burden, she told the Kautilya Economic Conclave. “Data about some emerging market countries, about how they are managing their debt, is something which is actively in our minds in the ministry," Sitharaman said.

Follow our LIVE coverage of the Israel-Hamas war here "With the recent crisis in the Middle-East, concerns on fuel are back again, the worries that many countries expressed. Concerns and uncertainties are about peace as a positive factor. Fuel concerns affecting food security aspects and impact on inflation, fragmentation of supply chains were the three major worries in the near future," she stated.

G20 finance ministers and central bank governors (FMCBG) agreed to «ambitious efforts» for substantially reforming and strengthening multilateral development banks (MDBs), including increasing their lending capacity. They also adopted a road map for the regulation of crypto assets, marking significant progress on India's G20 agenda. "...The G20 finance track saw key achievements in several areas of India's presidency year," said finance minister Nirmala Sitharaman on Friday, briefing reporters on the outcome of the fourth and last G20 FMCBG meeting under India's presidency. She listed progress on strengthening of MDBs, advancing financial inclusion and productivity gains through digital public infrastructure, crypto assets agenda, managing global debt vulnerabilities, and financing cities of tomorrow.

Domestic consumption and investment demand will continue to drive growth though global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, finance minister Nirmala Sitharaman said Thursday. The finance minister also added that the situation warrants greater vigilance by the government and Reserve Bank. Calling for timely consensus on the transformation of the World Bank for accelerating progress towards the achievement of the 2030 Sustainable Development Goals (SDGs), Sitharaman during her in her address at the meeting of the World Bank's Development Committee, said, «The government has already taken pre-emptive measures to restrain food inflation which is likely to subside price pressure in the market soon.» The body is a joint ministerial committee of the boards of governors of the World Bank and the International Monetary Fund on the transfer of real resources to developing countries. She said the external sector required a closer watch, observing that the global economic landscape was still marked by unprecedented challenges to economic growth and stability. Sitharaman said India's growth prospects remain strong, and domestic economic activity is maintaining resilience with a healthy balance sheet of the private sector and increased capex spending of the government, crowding in private investment. On Tuesday, the IMF raised India's real GDP growth forecast for FY24 to 6.3% from 6.1%. Forecasts by other international organisations are higher, Sitharaman said, adding the robustness of domestic investment is the result of the government's continued emphasis on capital expenditure, which is expected to drive growth in the coming years. Given the

Nirmala Sitharaman on Thursday met Brazil's Minister of Economy Fernando Haddad and discussed various issues of mutual interest, including the strengthening of Multilateral Development Banks (MDBs). She also met UK Chancellor of Exchequer Jeremy Hunt and discussed Bilateral Investment Treaty among other issues.

Sitharaman held discussions with US Treasury Secretary Janet Yellen on the policy priorities of the International Monetary Fund and how the institution should support its membership. The two met on the sidelines of the ongoing IMF-World Bank Annual meetings in Marrakech, Morocco, the Union Ministry of Finance informed. In her intervention, Sitharaman spoke about IMF's mandate and lending policies, a strong, quota-based, and adequately resourced IMF, Poverty Reduction and Growth Trust (PRGT) Financing and IMF Governance reforms. In her address, she also highlighted the role of IMF in addressing debt restructuring process bottlenecks and fostering cooperation on debt issues, including through co-chairing the Global Sovereign Debt Roundtable (GSDR) with India and the World Bank, according to the Finance Ministry. The roundtable discussion was hosted by US Treasury Secretary Yellen. A high-level seminar on «Strengthening the Financial Capacity of MDBs» was also organised by the G20 India Presidency. Sitharaman drew attention to India's G20 Presidency's focus on the importance of multilateralism to move towards coordinated and consensus-based solutions to global challenges and also highlighted that in line with the evolving needs of the membership, the IMF's primary focus needs to be macroeconomic surveillance and policy guidance. The participants during the seminar deliberated on various options to enhance multi-lateral development banks (MDBs) financing and how these options can be implemented most effectively across the MDBs. The Union Finance Minister also underscored the importance of the IMF to remain well-capitalised through quota-based resources to remain central to the global financial safety net. Expressing

India’s Central Board of Direct Taxes (CBDT) has collected more than 100 crore INR ($12 million) from one percent TDS (Tax Deducted at Source) on crypto transactions in this financial year.  

Finance ministers and central bank governors are all set to meet for the final time under India’s G20 presidency on October 12 and 13 in Marrakesh, Morocco. 

multilateral development banks (MDBs) has secured wide backing of these entities, people familiar with the deliberations told ET. The MDB reform programme will be taken up at the G20 finance ministers and central bank governors' (FMCGB) meeting in Marrakech under India's presidency on October 12-13. The reforms blueprint is derived from the report of the Independent Expert Group (IEG), co-chaired by 15th Finance Commission chairman NK Singh and former US treasury secretary Larry Summers, set up by the G20. The group recently submitted the second volume of its report outlining a roadmap for implementation of MDB reforms. The panel was set up under India's G20 presidency with a mandate to develop a road map for an updated MDB ecosystem — with milestones and timelines — that includes recommendations on the vision statement, incentive structure, operational approaches, and financial capacity. The G20 FMCBG meet, the last such meeting under the Indian presidency, will discuss the contours of the proposed roadmap at its meeting. Finance minister Nirmala Sitharaman chaired a meeting with the heads of MDBs last Friday in the run-up to the upcoming Marrakech ministerial to discuss the reforms suggested by the IEG. Some MDBs have already begun work on the IEG recommendations and are expected to adopt these after shareholder approvals, said one of the persons quoted above. «There is a wider acceptance of the need to carry out such reforms… Most MDBs have shown inclination and will take proposals to their shareholders,» the person said, adding that enhanced use of private capital and wider instruments such as hybrid capital is in focus. Some countries have expressed reservations on the proposed reform roadmap.

Goods and Services Tax (GST) Council on Saturday decided to slash GST on millet flour food preparations from the current 18 per cent GST to 5 per cent, reported ANI citing sources. The fitment committee of the GST Council had earlier recommended the exemption on powdered millet.

CNBC-TV18 has reported. As per the report, both grain-based and molasses-based ENA will be exempted from GST. The report further added that the council also agreed to exempt ENA from VAT when supplied for industrial purposes.

G20 finance ministers and central bankers, under India’s presidency, in Marrakech next week, the Development Committee of the World Bank has proposed the creation of additional annual lending capacity of more than $100 billion over the next decade for the multilateral lender to run a more inclusive agenda on climate change and poverty alleviation. The final recommendations of the joint ministerial committee of the boards of governors of World Bank and the International Monetary Fund reflect suggestions made by the Independent Expert Group set up by the G20 co-chaired by 15th Finance Commission chairman N.K.

NDA government has scrapped 39,000 unnecessary compliances and 1,500 archaic laws, finance minister Nirmala Sitharaman said Wednesday, highlighting a raft of steps taken by authorities to ensure ease of doing business in the country. Speaking on the occasion of the 55th foundation day of the Institute of Company Secretaries of India (ICSI), the minister said the introduction of the Insolvency and Bankruptcy Code, simplification of regulatory framework, decriminalisation of minor offences and tax changes are among the reforms that have also bolstered the country's business climate.

New Delhi: President Droupadi Murmu on Wednesday reminded businesses and professionals about India’s tradition of ethical wealth creation and appealed to business that their goal should not only be economic development but also social development and justice. Speaking at an event in the capital to mark the 55th foundation day of Institute of Company Secretaries of India (ICSI) , the President cited the works of Saint Thiruvalluvar and Kautilya and said that ethical wealth creation has always been praised and encouraged in India.

Finance Minister Nirmala Sitharaman, apex exporters' body Federation of Indian Export Organisations (FIEO) requested for the extension of Emergency Credit Linked Guarantee Scheme (ECLGS) till March 31, 2024 and restoration of interest subsidy benefit of 5 per cent to manufacturer MSMEs. It said some of the MSME sectors are affected due to a dip in exports on account of a global demand slowdown. FIEO has urged extending the ECLGS «till March 31, 2024» as it will help micro, small and medium enterprises sail through this difficult time and bounce back when the situation improves.

fiscal deficit for the first five months of this fiscal year through August stood at 6.43 lakh crore rupees, or 36% of annual estimates, government data showed today. The fiscal deficit widened from 32.6% reported in the comparable year-earlier period. Total receipts stood at 10.29 lakh crore rupees, while overall expenditure in April to August was at 16.72 lakh crore rupees. They were 37.9% and 37.1% of this fiscal year's budget target. Revenue receipts stood at 10.14 lakh crore rupees, of which tax revenue was 8.04 lakh crore rupees and non-tax revenue was 2.10 lakh crore rupees.

NEW DELHI : The Centre will borrow ₹6.55 trillion for the second half of the ongoing financial year— or 42.45% of its gross market borrowing of ₹15.43 trillion for the full year—the government said, leaving its borrowing plans unchanged. The borrowing for FY24 will be done through dated securities, including ₹ 20,000 crore through issuance of sovereign green bonds, the finance ministry said in a statement Tuesday. While the government will stick to its borrowing plan for the year, it will issue 50-year securities for the first time, in response to a market demand for longer duration securities, the ministry added.

₹6.55 trillion for the second half of the ongoing financial year which will be 42.45% of its gross market borrowing of ₹15.43 trillion for the full FY24. The borrowing will be done through dated securities, including ₹20,000 crore through the issuance of Sovereign Green Bonds, the finance ministry said in a statement on Tuesday. While the government will stick to its borrowing plan for the year, it will issue 50-year security for the first time, in response to market demand for longer-duration securities, the ministry added.

Insolvency and Bankruptcy Code (IBC), PTI news reported. While presenting the Union Budget 2022-23, Finance Minister Nirmala Sitharaman said that the use of surety bonds as a substitute for bank guarantees will be made acceptable in government procurement. Surety bonds are third-party guarantees issued by the insurance companies on behalf of the applicant (i.e.