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Working on road map to advanced economy: FM Nirmala Sitharaman

Working on road map to advanced economy: FM Nirmala Sitharaman

Tuesday, September 6, 2022

“The next 25 years will be very critical for India. We have to work towards maintaining the growth momentum. So together with the central bank, the ministry of finance will be working out a pathway which will be predictable and consistent and which will give every stimulus required for growth of the Indian economy,” Sitharaman said while speaking at an event organised by Elara Capital. Prime Minister Narendra Modi in his address to the nation on August 15 had called upon citizens to make India a developed nation when it celebrates 100 years of Independence in 2047. Read more

Budget 2022 updates: Sitharaman reaches Parl; Budget speech at 11 am

Budget 2022 updates: Sitharaman reaches Parl; Budget speech at 11 am

Tuesday, February 1, 2022

Finance Minister Nirmala Sitharaman will present her fourth Union Budget in Parliament at 11 am today(1st February 2022) in a paperless format. The Budget speech will be keenly watched by both domestic and foreign investors, various interest groups like farmers, crypto Investors, anxious middle class, and corporate entities, besides parliamentarians. Ahead of the Budget presentation, Sensex jumped over 700 points. led by gains in IT and banking counters. Clarity on cryptocurrency sops to real estate, and the abolition of STT would be on top of investor radar. Read more

Crypto Bill will be introduced in Parliament after Cabinet nod: FM

Crypto Bill will be introduced in Parliament after Cabinet nod: FM

Tuesday, November 30, 2021

Finance Minister Nirmala Sitharaman today(30th Nov.2021) clarified in Rajya Sabha that the government is not considering a ban on cryptocurrency advertisements and that a bill will be introduced in Parliament after Cabinet approval. "This is a risky area and not in a complete regulatory framework. We are not considering a ban on advertisements, but we've been taking steps to caution the public through RBI and SEBI. The guidelines of the Advertising Standards Council of India are being studied and the regulations that they have are being looked into so that we can make a decision on how to handle it, if necessary," said Sitharaman. The government will soon introduce a Bill related to cryptocurrencies once the Cabinet clears it, she added. Last week, the government had listed a bill for the ongoing winter session of Parliament seeking to ban all private cryptocurrencies. Read more

LIC IPO expected to hit market by Q4: DIPAM Secy Tuhin Kanta Pandey

LIC IPO expected to hit market by Q4: DIPAM Secy Tuhin Kanta Pandey

Wednesday, November 17, 2021

The much-awaited LIC IPO is expected to hit the market by the fourth quarter of the current fiscal, said Department of Investment and Public Asset Management Secy Tuhin Kanta Pandey. The government is seeking to raise as much as Rs 10 trillion ($133 billion) by selling up to a 10% stake. The sale of a 5% stake would make it India’s largest IPO, while a 10% dilution would make it the second-biggest of an insurer globally, Bloomberg reported. Read more

Sensex tanks 720 pts from day's high,Nifty PSB drops 3%

Sensex tanks 720 pts from day's high,Nifty PSB drops 3%

Friday, September 17, 2021

The benchmark indices tumbled from record-high levels to snap their three-day winning run in a volatile session on Dalal Street, amid losses in RIL, IT stocks, and select banking counters. Despite a firm global market sentiment, the Indian indices settled in the red as profit-taking ensued following a steep rally in the indices which saw them hitting significant landmarks. After touching a record high of 59,737, the BSE barometer Sensex plunged 721 points from the high to end at 59,016, down 125 points. At the same time, its NSE counterpart Nifty50 settled the day 44 points down at 17,585. The 50-pack index had touched a record peak of 17,793 in the morning session. However, on the weekly basis, the benchmark indices gained, thus taking their winning run to the fourth straight week. Read more

FM Nirmala Sitharaman to look into bottlenecks that push IT companies to register outside India

FM Nirmala Sitharaman to look into bottlenecks that push IT companies to register outside India

Tuesday, September 14, 2021

Union Finance Minister Nirmala Sitharaman, Yesterday (13th Sept. 2021) said that she would look into bottlenecks that push SaaS companies to register outside India. Sitharaman interacted with industry representatives from CII and FICCI, where she heard requests and took feedback from various sectors. Entrepreneurs from Tamil Nadu, a hub for the SaaS sector, urged the Finance Minister to look into issues that may hinder IT products which are set to lead to value creation, a report said. The founder of Kissflow, Suresh Sambandam, said that with a $1-trillion opportunity, the SaaS sector can play a key role in the government’s ambitions of reaching a $5-trillion economy. India, however, is losing out on wealth creation as entrepreneurs prefer to register the companies outside India due to various bottlenecks. Read more

Rally had sustained through 2020 and the second wave and was “not a blip”.FM Nirmala Sitharaman

Rally had sustained through 2020 and the second wave and was “not a blip”.FM Nirmala Sitharaman

Wednesday, August 18, 2021

Finance minister Nirmala Sitharaman does not agree with the sentiment that there is a disconnect between the stock market's current run and the real economy. She said the rally had sustained through 2020 and the second wave and was “not a blip”. “Stretched valuations of financial assets pose risks to financial stability. Banks and financial intermediaries need to be cognisant of these risks and spillovers in an interconnected financial system,” wrote Reserve Bank Governor Shaktikanta Das in the Financial Stability Report earlier this year. Read more

FM Sitharaman raises ECLGS scheme limit to Rs 4.5 trn

FM Sitharaman raises ECLGS scheme limit to Rs 4.5 trn

Monday, June 28, 2021

To help the revival of the economy battered by COVID-19 related issues, Finance Minister Nirmala Sitharaman announced a slew of measures today(28th June 2021) including a Rs 1.1 lakh crore (Rs 1.1 trillion) credit guarantee scheme for improving health infrastructure and enhancing the limit under the ECLGS by 50 percent to Rs 4.5 lakh crore for the MSME sector facing a liquidity crunch. Sharing the stimulus package details, the finance minister said this comprises eight relief measures and other eight measures to support economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including the health sector, which includes guarantee cover for expansion or new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme. Read more

No change in GST on vaccines, but tax cut for other Covid essentials

No change in GST on vaccines, but tax cut for other Covid essentials

Saturday, June 12, 2021

In its 44th meeting today(12th June 2021), the Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, approved all recommendations of GoM on rate rationalisation. The GoM, set up by the Council on May 28, was mandated to look at tax exemption and concessions on various Covid items including vaccines, drugs, and equipment. GST on ambulances has been reduced to 12% from the current 28%. GST Council slashed the tax rate from 12% to 5% on medical grade oxygen, BiPaP machines, oxygen concentrators, ventilators, hand sanitisers, temperature check equipment, high flow nasal cannula, pulse oximeter. Also, the tax on Covid testing kits has been brought down to 5% from 12%. "Today's meeting was a single-agenda meeting on the Group of Ministers which was constituted in last GST Council meeting to come up with recommendations on tax relief for Covid-19 essentials," said Finance Minister. Read more

FM Nirmala Sitharaman's upcoming budget may be unlike anything seen in the last 100 years

FM Nirmala Sitharaman's upcoming budget may be unlike anything seen in the last 100 years

Wednesday, January 20, 2021

FM Nirmala Sitharaman has described her upcoming budget as unlike anything seen in the last 100 years. Prime Minister Narendra Modi’s government has been parsimonious in pump-priming the economy, for fear of a rating downgrade to junk, and may find that kicking the can down the road is no longer an option. When Finance Minister Nirmala Sitharaman presents her budget on Feb. 1, she will not only aim to repair battered government finances and ensure demand recovers in an economy facing its worst contraction since 1952. She must also revive declining revenue and restore millions of jobs lost during the pandemic. That will be crucial to boosting consumer sentiment in a country where local demand contributes nearly 60% of gross domestic product. Read more

India will not worry about missing its budget deficit target:FM Nirmala Sitharaman

India will not worry about missing its budget deficit target:FM Nirmala Sitharaman

Tuesday, December 8, 2020

Govt will not worry about missing its budget deficit target as it seeks to step up spending to support the economy, Finance Minister Nirmala Sitharaman said. The government will ensure that state-owned enterprises continue with capital expenditure, she said in an interview with Bloomberg TV. “For the present, I’m not going to allow the fiscal deficit number to worry me because there is a need, and a clear need, for me to spend the money,” Sitharaman said. India last month expanded stimulus measures to 15% of the economy to rescue companies and save jobs in an economy clobbered by a sudden lockdown in March to stem the coronavirus pandemic. That could widen the budget gap to 8% of the gross domestic product in the year to March, more the double the budgeted 3.5%.

Nirmala Sitharaman's consumption boost of Rs 1 lakh crore to Indian Economy

Nirmala Sitharaman's consumption boost of Rs 1 lakh crore to Indian Economy

Monday, October 12, 2020

FM Nirmala Sitharaman today (12th Oct.2020) announced measures to stimulate consumer spending and capital expenditure that would generate demand of Rs 1 lakh crore, including the private sector, and in turn, help the growth of gross domestic product (GDP). A leave travel concession (LTC) cash voucher scheme and special festive advance scheme for government employees are expected to generate additional consumer demand of Rs 36,000 crore, the government said, pegging the numbers on conservative estimates. Capital expenditure by Centre and states is likely to generate demand of about Rs 37,000 crore. “Given that private-sector spending through LTC tax benefit would be at least Rs 28,000 crore, we estimate total demand boost due to today's measures to be more than Rs 1 lakh crore,” Sitharaman said, after elaborating on the measures. Read more

We kept lessons of the 2008-13 period in mind when designing the Covid stimulus: FM Nirmala Sitharaman

We kept lessons of the 2008-13 period in mind when designing the Covid stimulus: FM Nirmala Sitharaman

Wednesday, May 20, 2020

Within days of announcing a series of measures to help businesses deal with the lockdown impact, Union Finance Minister Nirmala The government kept the lessons of the 2008-13 period in mind when designing its 20 lakh crore stimulus package, finance minister Nirmala Sitharaman told explaining why it had avoided spending recklessly to revive the economy. She was referring to the program implemented in the wake of the global financial crisis and its aftermath. Replying to a specific question on whether there would be a stimulus package 6.0, after five days of back-to-back announcements last week, the FM said, “As we go along, we will see. We cannot shut the doors.” Read more

India's startup ecosystem is on the right track

India's startup ecosystem is on the right track

Tuesday, February 11, 2020

Internet businesses in 2012-13 helped form a new wave of entrepreneurship in India. India emerged as the next big frontier for global investors hoping it would become the next China. Finance minister Nirmala Sitharaman announced in the budget that “Knowledge Translation Clusters” would be set up across different technology sectors, including new & emerging areas. John Chambers, founder & Chief Executive of JC2 Ventures, which has invested in 16 startups around the world, feels India’s startup ecosystem is on the right track, with positive government initiatives and incentives. The government has focused on fostering startups and entrepreneurship. It has made policy changes easing scaling up for startups and put a renewed focus on helping citizens become fluent in the language of technology. But with some of the biggest unicorns being asked hard questions on business feasibility, massive losses and how they will clock profits, 2020 is surely a critical year for the highly capitalize.

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