Nirmala Sitharaman News

fiscal deficit for the first four months of this fiscal year through July stood at 6.06 lakh crore rupees, or 33.9% of annual estimates, government data showed today. The fiscal deficit widened from 20.5% reported in the comparable year-earlier period. The wider fiscal deficit comes amid mushrooming speculations that the Narendra Modi-led government, which is seeking to return to power for the third term after Lok Sabha elections next year, will soon have to unleash various fiscal measures and particularly so as to rein in galloping inflation rate. While the fiscal impact after the Indian government this week slashed LPG cylinder prices by Rs 200 per unit is seen to be limited as the move for now seems to only trim oil refiners’ profit margins, the rising clamor for the need to cut petrol and diesel prices may have an impact on budget gap.

Narendra Modi government will launch the 'Mera Bill Mera Adhikaar' initiative on 1 September. The scheme will be launched in the states of Assam, Gujarat, and Haryana; and the UTs of Puducherry, Daman & Diu, and Dadra & Nagar Haveli. “Always ask for a GST Invoice of your purchase! Mera Bill Mera Adhikaar scheme being launched from September 1, 2023,"CBIC tweeted.

NEW DELHI : The finance ministry is considering introducing a production linked incentive (PLI) scheme for the chemicals sector, but there aren’t any proposals yet for such a scheme for the petrochemical industry, two senior officials told Mint. A PLI scheme for the chemicals sector is currently being considered by the finance ministry, but it hasn’t been approved yet, said the first person mentioned above, who spoke under the condition of anonymity. Since funds for PLI schemes are limited, the government can make funds available only to sectors that really need such schemes, the person said. Allocating funds to specific sectors for the scheme is decided by the Niti Aayog, the person added.

G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must. Speaking in an exclusive interview with The Economic Times, Nirmala Sitharaman talked about the expected deliverables in the finance track. Sitharaman said, “Given the consideration of things and the developments across the world, we thought we should address this question of debt distress.

Nirmala Sitharaman said, while exuding confidence that India will be able to manage the spillovers of high US interest rates. In a freewheeling interview with ET, Sitharaman said Prime Minister Narendra Modi will return to power in 2024 with «good numbers» as the government had delivered on its promises. She said that while some items may be experiencing inflation, «broad-basket inflation» was steady, and RBI was looking at the country's needs rather than syncing its activities with other central banks. Some individual commodities may be seeing a price surge and «all the perishables, and also vegetables, because they are all short-duration, and because of the way the monsoon (has progressed)...it (inflation) can see recurrence,» the finance minister said. «But overall, I think the basket itself is steady,» she said, adding that most central banks are becoming more considerate of growth-related concerns. Responding to a question on private sector investment, the finance minister said the buzz at last week's B20 summit couldn't have happened if Indian companies were still hesitating. «No, they now want to actively be in the game, also become big players — big, meaningful and impactful players, each according to their size.» «I think the Indian private sector has come into the game...investors are coming forward, industry is coming forward,» she said, emphatically asserting that private sector capex had taken off.

Jan Dhan accounts, a truly staggering count of basic banking relationships created by the government in less than a decade under its Pradhan Mantri Jan Dhan Yojana. As finance minister Nirmala Sitharaman said this week, over 55.5% of these bank accounts are held by women. The scheme, she added, stood out as a “pivotal initiative" for financial inclusion.

Investor appetite for shares of firms supplying equipment to the Railways has picked up in the past two weeks after Prime Minister Narendra Modi announced plans for the redevelopment of 508 railway stations across the country. On Monday, shares of these companies soared as much as 15%. While shares of Railtel Corp of India gained 15% on Monday, Texmaco Rail & Engineering surged 13%.

The government will present the interim budget for 2024-25 in February next year, and the actual budget will be introduced after 2024 general elections, the schedule of which isn't known yet. The finance ministry will formally start consultations in early October for the supplementary demand as well as the interim budget, he said. «Departments are being informally conveyed to be realistic in their assessments. For instance, they should not ask for more (for this fiscal) and end up surrendering unspent funds,» he added. «Similarly, (for the interim budget for 2024-25) it's being expected that the departments will firm up proper expenditure projections, at least for the first half,» he said. Given that the precise duration of the budget session of Parliament isn't yet clear (due to the polls), it makes sense for the ministries/ departments to prepare estimates as precisely as possible, he indicated.

covid pandemic, at a time when prompt data was hard to come by. The results of the survey’s 10th round, which took place in June, have been published in Mint over the last two weeks, starting 15 August (bit.ly/3YH0IoF). The latest round, which covered 10,072 respondents, sought to understand the views of urban Indians on the country’s newfound status as the world’s most populous nation.

Nirmala Sitharaman on Monday said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing Rs 2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which is one of the biggest financial inclusion initiatives in the world, Sitharaman in her message said 55.5 per cent bank accounts have been opened by women, and 67 per cent have been opened in rural/semi-urban areas. Under the scheme, the number of bank accounts grew 3.4-fold from 14.72 crore in March 2015, to 50.09 crore as on August 16, 2023. Total deposits too have swelled from Rs 15,670 crore as of March 2015, to over Rs 2.03 lakh crore as of August 2023. The average deposits in Jan Dhan accounts have increased 3.8 times from Rs 1,065 as of March 2015, to Rs 4,063 in August 2023.

Alliance for Net Zero) and chair and head of Transition Investing, Brookfield Asset Management, said that there will be an enormous amount of capital required to finance the climate transition. "We need to focus on transition finance, particularly for the challenging hard-to-abate sectors and the workers and communities associated with these sectors," Carney said.

Nirmala Sitharaman on Saturday met UK Trade Secretary of State Kemi Badenoch and discussed bilateral investment and free trade agreement (FTA). " FM Smt.

Nirmala Sitharaman said on Friday. Persistent high inflation will crimp demand, Sitharaman said and added that the tendency to use interest rates as the only solution to tackle inflation has its own downside. “Most economies do have this problem—an obsession of using interest rate as the only tool to deal with inflation," the minister said at the B20 summit, a gathering of top business executives from G20 countries.

Nirmala Sitharaman, while speaking at the B20 Summit in the national capital on Friday, emphasized India's resilience and potential amid growing concerns about China's economic slowdown. When asked about the impact of China's economic challenges on India and the world, the Finance Minister opted to focus on India's narrative. Acknowledging the global interest in China's economic developments, she stated, «I would rather play the India story.» Minister Sitharaman expressed her commitment to monitoring China's situation but emphasized her primary focus on India's current position and its abundant opportunities. She highlighted the nation's skilled workforce, vibrant work culture, and the enthusiasm of its youth to excel. She elaborated, «We should speak for India's strengths and not for the suffering of somebody else.» The B20 Summit, which precedes the upcoming G20 Summit next month, provided a platform for her to showcase India's strengths. Minister Sitharaman underscored India's current advantages, particularly its young, English-speaking population and a transparent governance system with accessible legal remedies through the courts. During her address, the Minister detailed the government's initiatives to bolster infrastructure development, support startups, and address climate concerns. She outlined five key priorities essential for sustainable global economic recovery: boosting investment to stimulate growth, prioritizing global investment in public health and education, addressing climate change finance, diversifying supply chains, and managing inflation.

Reuters reported that the central government is considering lowering the import duty to as low as 15% from the current levels of 100% for cars that cost above ₹33 Lakhs and 70% for the rest. "No proposal is before me to lower import duty on electric vehicles," Union Finance Minister Nirmala Sitharaman said while speaking to reporters on the sidelines of the B20 summit.

BSE after ET reported that the telco is close to tying up its much-delayed equity funding that could set in motion an accelerated Rs 65,000-crore capex plan over four years to turn around the loss-making company. ET reported in its August 25 edition that Moondra had informed the Department of Telecommunications (DoT) that the telco has term sheets from several potential investors. The Vi CEO, in an August 8 letter, also told the DoT that one of these potential investors would seek a meeting with the authorities to get assurances on continuing government support for the cash-strapped operator. Copies of the letter, seen by ET, were marked to communications minister Ashwini Vaishnaw, finance minister Nirmala Sitharaman and the PMO. A senior government official too has said Vi’s fundraising is imminent and could be finalised in the next seven to 10 days.

Nirmala Sitharaman, the Minister of Finance today. «We need to quickly diversify our supply chains. Well functioning international markets with resilient and efficient supply chains are the ones that can help us sustain our growth.

Nirmala Sitharaman on Friday said that there is no proposal before the ministry to lower import duty on electric vehicles. A Reuters report earlier in the day claimed that India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market. The policy being considered, the report said, could allow automakers to import fully-built EVs into India at a reduced tax as low as 15%, compared to the current 100% that applies to cars that cost above $40,000 and 70% for the rest. Tesla first tried to enter India in 2021 by pushing officials to lower the 100% import tax for EVs.

Nirmala Sitharaman on Thursday launched HSBC India’s strategic partnerships to enable innovation in green hydrogen, partnering with the Indian Institute of Technology, Bombay and Shakti Sustainable Energy Foundation (SSEF), the bank said in a statement. These two partnerships, with total grant support of ₹15 crore ($2 million), the bank said, will focus on innovation projects that will help prioritize green hydrogen as a strategic alternative fuel and help build a robust green-hydrogen economy.

Vodafone Idea (Vi) is closer to tying up its much-delayed equity funding with chief executive Akshaya Moondra informing the Department of Telecommunications (DoT) that the telco has term sheets from several potential investors. He said one of these potential investors will also be seeking a meeting with the authorities to get assurances on continuing government support for the cash-strapped operator. In an August 8 letter, Moondra told DoT the external fundraise would set in motion an «accelerated» ₹65,000 crore capex plan over four years to turn around the company. Copies of the letter, seen by ET, were marked to communications minister Ashwini Vaishnaw, finance minister Nirmala Sitharaman and the PMO. A senior government official said Vi's fundraising is imminent and could be finalised in the next seven to 10 days. The government holds 33.1% in the company in which UK's Vodafone Group owns 32.3% and India's diversified Aditya Birla Group holds 18.1%.SBI considering loan «Significant progress has been made with several groups of investors for raising equity and equity-linked capital, and we have a few term sheets from some of them,» Moondra said in his letter. He added that a specific investor would seek time to meet relevant officials in the government to «draw comfort for continued support» to Vi, given the large government debt involved. «Funding from the investor will enable Vi to start the capex cycle.

NEW DELHI : The European Union (EU) has proposed an investment court system for dispute resolution as part of the bilateral investment treaty (BIT) under negotiation alongside the free trade agreement, European commissioner for trade Valdis Dombrovskis said. EU officials plan to discuss the proposal with finance minister Nirmala Sitharaman on Saturday, Dombrovskis said in an interview. In a sign of easing trade tensions, the EU trade chief said that settlement of outstanding disputes at the World Trade Organization (WTO) is also on the agenda.