Union Finance and Corporate Affairs Minister Nirmala Sitharaman has participated virtually in the First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Italian Presidency to discuss policy actions for transformative and equitable recovery.
Speaking at the virtual meeting of the G20 Finance Ministers and Central Bank Governors, she said India's domestic policies have been based broadly on supporting citizens through measures such as credit guarantees, direct transfers, food guarantees, economic stimulus packages and accelerating structural reforms.
Sitharaman in her 2021-22 Budget speech had said that the government is committed to make the International Financial Services Centre (IFSC) in GIFT City a global financial hub.
The directional change that we are talking about is we have gone through those things (socialism and license-quota raj for industries). Now, we are not suspecting you (citizens and wealth creators) that you are always upto something. We trust you and invite you to participate in the development of the country, she said.
The government has projected fiscal deficit of 6.8% for 2021-22 in the Union budget presented last week. It has also set a glide path to reduce the deficit to 4.5% by 2025-26.
Nirmala Sitharaman said healthcare and agriculture have been the other priorities for the budget. While the Budget provided for enhanced capital expenditure by the government, it also envisaged private sector participation in a big way.
Addressing the traders' cell of Tamil Nadu BJP in Chennai, Union Finance Minister Nirmala Sitharaman also said those who were causing hindrance to the progress of the growth of Tamil Nadu were now criticising Prime Minister Narendra Modi's government at the Centre.
Industry sources said the FM listened to the views put forth by the industrialists during the interaction. The India Cements Ltd Managing Director N Srinivasan said he thanked the FM for presenting an 'outstanding' budget that would spur growth.
A boost to expenditure, efforts to attract global capital and privatisation are key proposals of this budget.
Sitharaman, India's first full-time woman Finance Minister, had in July 2019 ditched the colonial legacy of a Budget Briefcase for the traditional Bahi-Khata to carry Union Budget Papers. She used the same last year and again on Monday.
The Budget presentation will begin with a speech from Finance Minister scheduled to take place at around 11 am. The duration of the budget speech usually ranges from 90 to 120 minutes.
The finance minister addressed the 587th RBI central board meeting and informed the members about the key initiatives in the Budget and the priorities of the government, RBI said in a statement.
Fiscal deficit -- the excess of government expenditure over its revenues -- is estimated to hit a record high of 9.5 per cent of the gross domestic product (GDP) in the current fiscal ending March 31 due to the COVID-19 pandemic
Replying to the general discussion on Budget in Lok Sabha, she said the former Congress chief was creating fake narratives but does not have patience to listen to replies on allegations levelled against the government.
Finance Minister Nirmala Sitharaman said the government is not in a hurry to narrow the fiscal deficit and will be careful while charting India’s fiscal path so that growth is not hit.
Replying to the Budget debate in the Rajya Sabha, Finance Minister Nirmala Sitharaman attacked the opposition Congress for failing to utilise the entire amount allocated to MNEREGA in the Budgets when they were in power. She also said that NDA government has removed all ills from the rural-employment guarantee scheme and spent highest ever about Rs 90,500 crore so far this fiscal. WatchMNREGA used efficiently, better than UPA: FM Nirmala Sitharaman
She said that despite government scheme and initiatives ranging from roads to agriculture, housing, scholarships to electricity benefiting lives of people, a false narrative was being created by the opposition that the government was working for cronies.
Sitharaman said the Centre would examine the recommendations of the Finance Commission regarding merging the 12% and 18% GST rates and moving to a three-slab structure.
This budget is not a traditional ‘consumption-led’ one, but rather infra-led, one that has high multipliers of growth. While it addressed several levers to help the economy pivot towards an accelerated recovery, the planned spends in agriculture and rural development, and healthcare, will help lay a long-term foundation for growth.
She said the Budget, which was presented in Parliament on February 1, has set the tone for greater play of the private sector, gave space for entrepreneurship, has come clean on the spending intent and unveiled a policy highlighting areas the government wants to stay away from.
Speaking to reporters in the financial capital, Sitharaman also said that the government has no plan to form any bank investment company to house the government stakes in banks.
The 2021 Budget is the turning point — or a new beginning. Yes, the ‘bahi khata’ is Sitharaman’s calling card. But the real legacy is elsewhere. The subtext of this paradigm shift is the rewriting of the budget lexicon. Two structural reforms are clear standouts.
“In the sense, even if there are one or two or three (PSUs)...it will be a public sector undertaking of a good solid presence,” Sitharaman said at a conference hosted by Indian Institue of Management, Ahmedabad.
Hours after presenting her third Budget, finance minister Nirmala Sitharaman told TOI that the government prioritised investment to boost demand and create jobs as a durable strategy.
The government has got a two- to three-year free pass on the deficit and can borrow and spend liberally. The economic cost of fiscal deficits will have to be paid but as the last few months have taught us, there are no perfect solutions, only trade-offs.
The drive to compete and that drive to succeed has to be there. It just needs a little handholding and the government will do it and that is what this budget should be remembered for, says Finance Minister Nirmala Sitharaman, talking to Nikunj Dalmia of ET NOW.Watch: Exclusive interview with FM Nirmala Sitharaman on Budget 2021
In her budget speech, Sitharaman said as part of Gaganyaan, India's manned space mission, four Indian astronauts are being trained on generic space flight aspects in Russia.
We will keep a watch on inflation, but not worried about it, says the finance minister
The exercise has been felt necessary after millions of migrant workers moved back to their rural homes during the pandemic and the government had no data to track them.
The FM in Budget Speech 2021 said the policy for the same will be announced separately. The fitness of personal vehicles will be checked after 20 years and those of commercial vehicles after 15 years, to get off roads old polluting ones.
This time, the Budget will be a paperless document and it would be available to parliamentarians and the public online.
Delhi: Finance Minister Nirmala Sitharaman and MoS Finance and Corporate Affairs Anurag Thakur arrive at the Parliament. Union Budget 2021: FM Nirmala Sitharaman arrives at Parliament
Expectations are running high as Sitharaman presents her third budget in the Lok Sabha on Monday. She has her task cut out to fire up a pandemic battered economy and revive the animal instinct in it.
She completed her look with a gold chain and bangles and tiny earrings. Amid the ongoing coronavirus pandemic, replacing her signature 'bahi khata', she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with national emblem emblazoned on it.
The FM’s third Budget tackles the considerable wishlist of industries and consumers that were impaired by the Covid-19 pandemic, while acknowledging the spending challenges of the administration.
While the success of the budget depends on how effectively India is able to contain rising infections through vaccine drives in the nation of more than 1.3 billion people, here are five key numbers to watch out for in the spending plan:
Previous budgets have seen Indian equity investors deterred by levies including capital gains taxes and a surcharge -- subsequently rolled back -- that especially hit foreign funds.
India may not hit pre-Covid growth levels before 2025, says the IMF chief economist
"When you were young, what was your dream, who was your role-model to get you to this position", she was asked at an interactive session hosted by Bangalore Chamber of Industry and Commerce (BCIC) here on Sunday.
"There has been a paradigm shift in the working of Indian Customs as focus shifted to ease of doing business and trade facilitation. Adopting a people centric approach will further augment the transformative process of Customs functioning," FM said.
The final leg of the budget process kicked off with the ‘halwa ceremony’ on Saturday.
The Halwa ceremony, marking the final stage of the Budget making process, was held in North Block on Saturday afternoon in the presence of Union Finance and Corporate Affairs Minister Nirmala Sitharaman.
Services —tourism, hospitality, retail, media and entertainment —were among the worst-affected by Covid-19. They need urgent State support, too. While the vaccination drive is expected to reinvigorate demand in these sectors, the Union budget should include targeted fiscal interventions to support discretionary spending by citizens.
FM Sitharaman is set to present the budget on February 1st. This is undoubtedly one of the most challenging budget of modern India after coronavirus sent the Indian economy into a coma. Reeling from the aftershocks of a lingering slowdown and the Covid-19-induced lockdown, the Indian economy would be looking for some respite in the upcoming Budget. Among the many challenges, Sitharaman will have to revive growth and boost investor confidence in India again. ET Now takes a look at her A-team. These bureaucrats and economists are tasked with pulling the Indian economy from the deep abyss.Budget 2021: Meet Finance Minister Nirmala Sitharaman's A-Team
Watch: FM Nirmala Sitharaman questions Rahul Gandhi on Farm Law stand, calls him 'Doomsday Man for India'
Finance Minister Nirmala Sitharaman on Saturday hit out at Congress leader Rahul Gandhi saying he is becoming a "dooms day man" for India by constantly insulting constitutional functionaries and creating fake narratives on various issues. Replying to the general discussion on Budget in Lok Sabha, she said the former Congress chief was creating fake narratives but does not have patience to listen to replies on allegations levelled against the government.Watch: FM Nirmala Sitharaman questions Rahul Gandhi on Farm Law stand, calls him 'Doomsday Man for India'
In Budget 2021, measures announced can make India one of the top global economies: FM Nirmala Sitharaman
'In this Budget, we've kept pace up and announced measures which are for the reforms. These are not subjective, knee-jerk reforms, but that will lay a path for India to be one of the top economies of the world in coming decade', claims FM Nirmala Sitharaman while addressing Lok Sabha.In Budget 2021, measures announced can make India one of the top global economies: FM Nirmala Sitharaman
FM Nirmala calls fuel price hike issue a 'dharmasankat', says Centre and States have to work a way out amid production downfall
Amid concerns over a spike in fuel prices Finance Minister Nirmala Sitharaman has stated that both States and Centre generate revenue with taxes. Production of crude oil down globally and States and Centre have to work out a way to reduce the prices.FM Nirmala calls fuel price hike issue a 'dharmasankat', says Centre and States have to work a way out amid production downfall
"You spend on infrastructure, you create a capital asset, whose effect will be on the economy for the next couple of decades. It gives you instant jobs. It triggers demand for core industry products and, therefore, moves to trigger the virtuous cycle. So, I went on this route" said Sitharaman
The focus must be to boost investment as a share of GDP, languishing below 27%.
This is yet another attempt by Cairn to mount pressure on the government to honour the award. Last month, Cairn wrote to the Indian government, seeking clarity on this ahead of the company's earnings release on March 9. In its letter, the company also warned that it had put in place necessary preparations to enforce the award against Indian assets overseas.
Prior to this, in November, the ministry had sought suggestions from the public through an online portal, the deadline for which fell on December 7.
Given the broader economic context and scenario, GoI had to make two kinds of decisions: what to do and what not to do. The former made the headlines, but equally, the latter reflects GoI’s intent and its likely policy trajectory over the remainder of its term. That is why it is important.
Nirmala Sitharaman's announcements largely met the expectations of the financial markets, which were hoping for a ‘no-harm Budget’.
Finance Minister Nirmala Sitharaman tabled the Economic Survey 2020-21 in the Lok Sabha following which the house was adjourned. Today's Survey holds significance as the economy begins to recover from the pandemic-hit year. According to the survey, GDP growth for the next financial year (FY2021-22) is seen to be 11%.FM Sitharaman tables Economic Survey 2020-21 in Lok Sabha, FY22 GDP growth projected at 11%
Today, Indian cricket is at its zenith. But India’s economy appears to be moving inwards through its ‘Atmanirbhar Bharat Abhiyan’, and risks becoming less competitive if it’s not careful. Restricting imports against dumping, or to correct inverted duty structure, is acceptable, as is using domestic reforms to support our industry. But where to draw the line is often not easy.
Finance minister Nirmala Sitharaman has said the government’s infrastructure spending will lead to immediate demand generation.
Public spending and investment can, under normal circumstances, animate private spending and investment. If circumstances remain abnormal, it could generate inflationary pressures. Managing this would be GoI's responsibility in the year ahead.
In an interaction with media, she said the government is open to discussions with farmers on the new farm laws
"To give a further boost to digital transactions, I earmark Rs 1,500 crore for a proposed scheme that will provide financial incentive to promote digital mode of payment," the minister said while presenting the Budget for 2021-22.
Nirmala Sitharaman said CPSEs in all but four sectors will be eventually privatised. It was also announced that the IPO of LIC will be brought in the coming financial year.
The Finance Minister was seen carrying a tablet kept inside a red coloured cover with a golden coloured national emblem embossed on it.
"Issue for the development of the respective states and different segments were presented to the Finance Minister. Farmer's concern, expectations of labour force and trade and industries' wish list including middle-income group's concerns were extensively discussed in the meeting," it stated.
PM KISAN allocation came down since a state govt doesn't want its farmers to benefit: FM Nirmala Sitharaman
Replying to the Budget debate in the Rajya Sabha, Finance Minister Nirmala Sitharaman said that the rationalisation in the PM Kisan Samman Nidhi's allocation, a direct transfer scheme for the farmers, had happened owing to non-availability of the list of beneficiaries from the state of West Bengal. FM said that approximately 69 lakh farmers from West Bengal hadn't received any benefits because the state government did not provide the beneficiaries' list.PM KISAN allocation came down since a state govt doesn't want its farmers to benefit: FM Nirmala Sitharaman
Duty on willow imported for making bats may be halved to 5%. If it it happens, it will make a straight ball out the current googly they face – willow from Kashmir has been difficult to procure, and dependence on imported, especially English, willow has increased.
According to V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the Indian economy is in the midst of a better than expected economic recovery. Leading indicators point to a V-shaped recovery. Low interest rates have turned out to be a major tailwind for sectors like construction and automobiles. The setting is perfect for a ‘budget like never before’ as finance minister Nirmala Sitharaman has indicated.
Speaking to ANI in the national capital on February 02, the National Spokesperson of Bharatiya Janata Party (BJP), Rajyavardhan Singh Rathore spoke on Union Budget 2021-22. Rathore said, "A time at which the entire world is faltered the Union Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi has presented a budget of growth." "It is not a reactive but proactive budget which has put a base for a decade," he added. Budget 2021-22 isn't reactive but proactive: Rajyavardhan Rathore
While the finance minister has braved a tricky fiscal wicket with the suave of Cheteshwar Pujara, her bureaucracy must ensure that they execute like what Rishab Pant did in Australia.
Nirmala Sitharaman said there was no proposal to bring a COVID-19 cess and that she did not want to provide a stimulus to the economy by raising taxes.
In the Union Budget for 2021-22 presented by Finance Minister Nirmala Sitharaman on Monday, the force received Rs 429.05 crore, an increase of Rs 2.78 crore (or 0.65 per cent hike) from the last budget.
Finance Minister Nirmala Sitharaman proposes to consolidate provisions of SEBI Act, Depositories Act, Securities Contracts Regulation Act, Government Securities Act; Government to privatise 2 PSU banks, one general insurance company in FY22, says Nirmala Sitharaman.Budget 2021: FM Nirmala proposes consolidation of SEBI Act; divestment of 2 PSU banks, LIC in FY22
Finance Minister Nirmala Sitharaman, MoS Finance & Corporate Affairs Anurag Thakur and senior officials of the Ministry of Finance, called on President Kovind at Rashtrapati Bhavan before presenting the Union Budget 2021-22. Finance Minister will shortly arrive at the Parliament to present the budget.Ahead of presenting budget, FM Sitharaman meets President Kovind
Union Budget 2021: Sitharaman's 'Economic Vaccine' coming today; all eyes on FM as she introduces India's first paperless budget
Finance Minister Nirmala Sitharaman on Monday will deliver her promised budget like no other that is expected to provide relief to the pandemic-hit common man as well as focus more on driving the economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours.Union Budget 2021: Sitharaman's 'Economic Vaccine' coming today; all eyes on FM as she introduces India's first paperless budget
Her comments came in response to a question from a telecom equipment provider to the BSNL who said the telecom service provider was sitting on dues of the SME sector when they are already reeling under the Covid-19 stress.
As a most unusual year comes to an end, finance minister Nirmala Sitharaman is confident that the government’s interventions to revive the economy are working and says reforms will continue with a strong focus on infrastructure.
Almost 17 million women lost their jobs in the first month of lockdown alone, data released by the CMIE showed.
The Finance Minister said that this has been an unusual year and borrowing has been kept at levels so that the government can quickly put the money back in projects. "This emphasis that the public infrastructure spending should have to be kept up has been fully recognised," she added.
Finance Minister Nirmala Sitharaman attended day 1 of ASSOCHAM Foundation Week, via video conferencing on December 15. While speaking at the event, Sitharaman said, “You would have seen in the last 2 months the pace in which the two major disinvestment related activities, and also the others which are relatively bringing down the government share in some of the big public sector undertakings, are also simultaneously happening.(ANI)Disinvestment will now gain a lot of momentum: Nirmala Sitharaman
Public spending on infrastructure is one way that multipliers will work and ensure the economy's revival is sustained, she said.
Petroleum Minister Dharmendra Pradhan had also urged Union Finance Minister Nirmala Sitharaman to bring petroleum products under the ambit of the GST.
The Union Budget is right around the corner! This is a big year for Finance Minister Nirmala Sitharaman as she presents her third budget right after the pandemic shocker. Although it's one of the most-awaited budgets in a long time, it certainly is not the only memorable one in India's history. From Independent India's first budget, to 'Carrot & Stick Budget', 'Epochal Budget' and 'Dream Budget', India has seen a number of budgets which stood out over the years. What were their significance and why are do they have such unique names? Konica Bhatt & Rishabh Chakraborty take a trip down memory lane to bring you some of India's most historic budgets.Watch: India's ten most memorable Budgets
While the tagline — Aatmanirbharta — is new, the Centre has been quietly following the idea inherent in it since the first Modi government came to power in 2014. Sample this: the customs duties of 4,200 out of 11,524 tariff lines have been enhanced during the past seven years. Of these, 111 — including in textiles, furniture, machinery, base metals, electronics, auto-parts and mobile phones — were increased in the 2019-20 Budget
Today, almost a year after Covid-19 descended on India, we are fully cognisant of the far-reaching impact of India’s healthcare system on people’s lives, their jobs, education, economy and collective morale.
“The New Education Policy, the schemes under it and the long term vision under which the NEP looks at making the Indian education a lot more vibrant, has received due consideration in the budget making process," FM said.
FM Sitharaman chaired a meeting with Niti Aayog and 12 infrastructure ministries to discuss post-budget action points for infrastructure roadmap.
The NIP was launched with 6,835 projects, but the project pipeline has now been expanded to nearly 7,600 projects and has witnessed accelerated spending on infrastructure projects in ministries especially in second and third quarters of FY21.
Central bank governor Shaktikanta Das said the proposed bad bank, considered crucial in helping extract capital stuck in soured loans, will be a new asset reconstruction company (ARC) set up by public sector lenders to take over bad assets.
8,500 km of highway projects to be awarded in FY22; Rs 25K cr earmarked for WB: FM Nirmala Sitharaman
She also announced that highway projects worth Rs 65,000 crore will be undertaken in Kerala. Besides, Rs 25,000 crore will also be spent in West Bengal, she added.
Banks have been asked to submit details of all non-performing loans in or outside consortium worth ₹500 crore and above. Lenders have been asked not to submit details of those accounts which are nearing resolution under the bankruptcy courts or are in the liquidation process.
Finance minister Nirmala Sitharaman in a tweet said that private banks can now be equal partners in development of the Indian economy, furthering government social sector initiatives, and enhancing customer convenience.
Freedom is indivisible. Freedom cannot be compartmentalised. The authoritarian economic miracle of China may be a role model for some, but in India, given the dizzying diversities of economic life, the evidence shows that economic growth is best achieved in times of civic and social freedom.
Sitharaman said that the agriculture ministry has gone through the process of talking to stakeholders and these are the things that have been in discussions for very long time. She also said that national parties, state level parties have all mentioned it at different times that these are reforms which were long awaited.
Low interest rates & high inflation have yielded nil or even negative returns.
India is expected to grow at 10% next fiscal to become one of the fastest-growing economies in Asia-Pasific.
FM Nirmala Sitharaman asks health ministry, water resources department to push infra spending under NIP
During the meeting, the finance minister asked the two ministries/ departments to push infra expenditure by effectively implementing all NIP projects in time and ensure quick resolution of issues in coordination with state governments and other ministries.
Urban employment in India in the January-March quarter 2020 stood at 9.1%, higher than 7.9% in the preceding quarter.
The most important component or input required here is the participation of the private sector. Unless the private sector is energised enough, unless the private sector is facilitated enough, India is just losing a very big opportunity, she said here during an interactive session organised by the Bangalore Chamber of Industry and Commerce.
Maruti Suzuki India Executive Director (Marketing & Sales) Shashank Srivastava said that the company has a plan to expand the CNG portfolio and plans to get CNG in other models also.
Nandan Nilekani, Infosys chairman and the first chairman of Aadhaar-issuing authority, last month said India can become a role model on how to vaccinate a billion people at scale, speed and in a trusted manner.
Speaking to industry leaders at an All India Management Association (AIMA) event, she said the government has taken several steps including reduction in corporate tax rate to facilitate investment.
In rich countries, the fundamental real-world change goes under the name of secular stagnation. Older people who expect to live longer spend less per capita, as do low income households who don’t see their economic prospects improving. However, with a median age of 29 our population is young, our economy is consumption driven and inflation prone.