Nirmala Sitharaman News

G20 Summit in Delhi on Friday. Speaking to ANI, Rishi Sunak said, "Both Modi Ji and I are keen to see a comprehensive and ambitious trade deal concluded between our two countries. Both of us think that there is a good deal to be done." The British premier stressed there was “still hard work to do" and said an agreement had to “work for both countries", as per Bloomberg reports, citing ANI. “I think there is an enormous opportunity for both India and the UK to strengthen our economic cooperation which will bring real benefits to our citizens in both countries," the UK PM added.

World Bank and the finance ministry on Sunday agreed to work closely to create a market structure from the CSR demand side for maximising social impact. World Bank President Ajay Banga, who was in Delhi to attend the G20 Leaders' Summit, on Sunday met Finance Minister Nirmala Sitharaman. The two leaders during the bilateral meeting discussed the outcomes of G20 India Presidency, the evolution of the World Bank Group and their engagement with India through knowledge exchange and financial assistance for developmental projects, among other issues. «During the meeting, Mr.

call money market by October, central bank Executive Director Ajay Kumar Choudhary said on Sunday. The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. «The RBI will introduce the wholesale CBDC in the call market either this month or next month,» Choudhary said on the sidelines of the G20 Leaders' Summit here. The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022. The RBI picked nine banks — State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank and HSBC — for its pilot project for wholesale CBDC. Besides, the central bank has already rolled out a pilot in the retail version of the CBDC (e-R) on December 1, 2022.

India's external debt of USD 624.7 billion at March-end 2023 with a debt-service ratio of 5.3 per cent is within the comfort zone and modest from a cross-country perspective, Finance Minister Nirmala Sitharaman has said. In her foreword to 'India's External Debt: A Status Report 2022-23' released earlier this month, Sitharaman said the ratio of external debt to GDP declined to 18.9 per cent at March-end 2022-23 from 20 per cent a year ago. The long-term debt constituted 79.4 per cent of total external debt, while short-term debt, which is 20.6 per cent of the total external borrowing, is basically incurred to finance imports, enhancing the stability aspects of the total external debt, she said. «From a cross-country perspective, India's external debt position is better than most of the Low and Middle-Income Countries (LMICs) as measured by select vulnerability indicators, such as share of short-term debt in total external debt, external debt to GNI (Gross National Income), forex reserves to external debt and external debt to exports,» the minister noted. The report said the debt service ratio during 2022-23 has increased marginally to 5.3 per cent from 5.2 per cent during the previous year, mainly due to a rise in debt service payments from USD 41.6 billion in 2021-22 to USD 49.2 billion in 2022-23. The 'debt service ratio' is measured by the proportion of 'gross debt service payments' (both principal and interest) to 'external current receipts', which indicates the extent of pre-emption of forex reserves for the purposes of repayment of principal and interest out of the stock of foreign debt. The increase in gross external debt service payments during 2022-23 was due to the combined impact of an increase in debt service

Digital Currency (CBDC) for transactions for interbank borrowing or call money market by this October, Central Bank Executive Director Ajay Kumar Choudhary said on Sunday. Speaking on the sidelines of the G20 Summit here, Choudhary said, “The RBI will introduce the wholesale CBDC in the call market either this month or next month." In November 2022, the pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched with the use case being limited to the settlement of secondary market transactions in government securities, according to PTI reports. Finance Minister Nirmala Sitharaman announced the introduction of CBDC in the Union Budget 2022-23 and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022.

G20 summit. Our efforts are a testament to the collective spirit of unity and progress." Meanwhile, Union Finance Minister Nirmala Sitharaman interacted with the first Deputy Managing Director of the IMF, Gita Gopinath during Ratri Bhoj par Samvad at Bharat Mandapam in the national capital.

Nirmala Sitharaman on Saturday said India’s presidency of the G20 has left a strong legacy with Digital Public Infrastructure (DPI) being integrated into the G20 Financial Inclusion Action Plan (FIAP). “Digital Public Infrastructure (DPI) has also been integrated into the G20 Financial Inclusion Action Plan (FIAP) which will run between 2024 and 2026; that is a strong legacy of the Indian presidency,” Sitharaman said, addressing the media. The G20 Leaders, who have convened in New Delhi for their annual summit over the weekend, have recognised and agreed on the critical role of safe, secure, trusted, accountable and inclusive digital public infrastructure. “We welcome the G20 Framework for Systems of Digital Public Infrastructure, a voluntary and suggested framework for the development, deployment and governance of DPI," according to the G20 New Delhi Leaders' Declaration.

Narendra Modi met UK PM Rishi Sunak on Saturday, during the latter’s first visit to India, on the sidelines of the G20 Summit in New Delhi. This was Sunak’s first visit to India after taking office as Prime Minister in October 2022. “The two leaders noted with satisfaction the progress in diverse areas of bilateral cooperation as per the India-UK Comprehensive Strategic Partnership as well as the Roadmap 2030, particularly in economy, defence and security, technology, green technology and climate change, health and mobility sectors.

Nirmala Sitharaman, said on Saturday. The key achievements of the finance track under the Indian G20 presidency include a plan to strengthen the Multilateral Development Banks (MDBs) to address shared challenges, laying down the building blocks for a globally coordinated policy and regulatory framework for crypto assets, gaining financial inclusion and productivity gains through digital public infrastructure, debt resolution for lower and middle-income countries, and financing cities of tomorrow, among others, the finance minister said.

Narendra Modi announced that consensus had been reached among member states, marking a major breakthourgh in the meet of the most powerful nations in the world. "Have just got the good news that due to the hard work of our teams and your cooperation, a consensus has been reached on New Delhi G20 Leaders Summit Declaration," Modi told the leaders while addressing the second session of the Summit at the Bharat Mandapam here. "It is my proposal that this G20 Declaration be adopted," the prime minister said.

cryptocurrency assets has gained momentum under the Indian G20 presidency, finance minister Nirmala Sitharaman said on Saturday addressing the media. However, she added that whether there will be a regulation or a complete ban will be decided following the G20 Finance Ministers and Central Bank Governors (FMCGB) in Marrakesh, Morocco scheduled to happen next month.

G20 Summit being held in New Delhi on Saturday, India's Finance Minister Nirmala Sitharaman announced that the intergovernmental forum had reached a consensus on strengthening multilateral development banks (MDBs) to make them «bigger, better and more effective.» «India's G20 presidency has crafted solutions that resonate with each member offering shared path forward for all,» Sitharaman said at a press conference shortly after the G20 adopted the New Delhi Declaration. Explaining the resolutions under the finance track, Sitharaman highlighted four major achievements that include an agreement to boost WB's financing capacity, and to form an independent panel of capital adequacy framework (CAF) for MDBs. The Finance Minister added that there would be an additional $200 billion headroom for lending in the next decade, post the implementation of CAF. «We endorse the G20 Roadmap for Implementing the Recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) and call for its ambitious implementation, within MDBs’ own governance frameworks while safeguarding their long-term financial sustainability, robust credit ratings and preferred creditor status,» the New Delhi Declaration reads. During the press confernce, Sitharaman also talked of cryptocurrency, pointing out that India's presidency is brining a consensus on the matter. «A global consensus on regulating cryptos is emerging under India's presidency,» Sitharaman said, adding, «we have embedded in G20 agenda financial inclusion and productivity gains through digital public infrastructure.» Addressing the conference alongside Sitharaman was External Affaits Minister S Jaishankar, who said that the G20 has contributed to making «India

G20 summit in New Delhi on Saturday at a hall of Bharat Mandapam, the venue of the summit. Among those invited for the dinner include former Prime Ministers Manmohan Singh, HD Deve Gowda and various chief ministers of different states.

Finance Minister Nirmala Sitharaman on Friday held a bilateral meeting with US Treasury Secretary Janet Yellen and discussed G20 priorities. The bilateral meeting took place a day ahead of the G20 Leadership Summit beginning on Saturday here. «FM Smt.

startups (a few in my portfolio as well) have received Income Tax notices asking to furnish information about shareholders," he said in his tweet. He later went on to regard the need to fulfil details of investors ITR as contradictory to the situation and asked the need for companies to have shareholders' ITR and why shareholders will share their ITR with startups.

MUMBAI : Global cooperation is essential to tackle cryptocurrencies and other threats emanating from the cyber space, finance minister Nirmala Sitharaman said on Tuesday, outlining a topic that is set to be a key Indian focus at a Group of 20 summit in New Delhi this weekend. “As much as you build firewalls, there are more and more newer ways in which attacks are being made. Crypto (is a) threat as well as an opportunity," Sitharaman said at a Global Fintech Fest here.

Global Fintech Fest 2023: Union Finance Minister Nirmala Sitharaman said on Tuesday that India’s financial ecosystem has made a giant stride. Delivering the inaugural address of Global Fintech Fest 2023 in Mumbai, FM said, “There was a time when conventional financial activities were the backbone of the financial ecosystem but today Fintech has become a more robust and dynamic financial inclusion tool." 

India’s Finance Minister Nirmala Sitharaman confirmed that discussions are underway on global crypto regulations ahead of the G20 summit. 

general elections. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2023...shall continue till around mid-November, 2023," according to the Budget Circular (2024-25) of the Budget Division under the Department of Economic Affairs of the Finance Ministry. According to the circular dated September 1, financial advisers should ensure that the necessary details required should be submitted by October 5, 2023.

RBI’s) inflation target range for the first time since February. The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) had in August voted to leave the repo rate unchanged at 6.5%. Repo rate is the interest rate at which the RBI lends to commercial banks.

reliance on personal vehicles, thus aiding in traffic decongestion and pollution reduction, all while generating employment opportunities for hundreds of thousands of young people otherwise lacking the specialized skills for traditional job markets. Going by what the ride-share companies are saying, a lot of these objectives appear to have been met.