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Tag: finance minister nirmala sitharaman

  • ‘UPA Made Economy Non-Performing In 10 Years:’ FM Sitharaman Tables White Paper In Lok Sabha

    Sitharaman shared the White Paper in both English and Hindi.

  • White Paper: From Crisis to Confidence: Modi govt’s ‘White Paper’ examines economic evolution since UPA tenure

    The government has released a white paper, shedding light on what it perceives as the economic challenges inherited from the previous administration. The document, presented by Finance Minister Nirmala Sitharaman in Parliament, outlines the alleged shortcomings of the Congressled United Progressive Alliance (UPA) government and emphasizes the strides made under the current leadership.

    Economic Comparison

    The white paper underscores contrasting economic conditions between the previous UPA tenure and the present government’s term. It accuses the UPA of leaving behind a “nonperforming” economy after a decade in power, contrasting it with the purportedly healthier economic landscape inherited by the current administration from the Atal Bihari Vajpayee government.Challenges and Progress

    Highlighting the hurdles faced, the Bharatiya Janata Party (BJP) acknowledges the multifaceted challenges in revitalizing the Indian economy. Despite facing what it terms a “hydraheaded challenge,” the government asserts progress in restoring economic fundamentals and global confidence. The paper cites achievements such as India’s substantial contribution to global growth and successful international engagements like the G20 Presidency in 2023.

    Addressing Previous ConcernsThe white paper references past scandals and economic crises during the UPA tenure, including the 2G and Coalgate scams, doubledigit inflation, foreign exchange crises, and policy paralysis. In contrast, it highlights current achievements such as extensive 4G and 5G coverage, transparent resource auctions, reduced inflation rates, and record foreign exchange reserves.The white paper concludes by asserting the current government’s progress in overcoming the purported challenges inherited from the previous administration. Finance Minister Nirmala Sitharaman defends the timing of the document’s release, emphasizing the need to address past economic issues. However, opposition figures like P Chidambaram from the Congress call for independent scrutiny of the paper’s contents.

    In response to the government’s white paper, the Congress has issued its own document, termed a ‘black paper,’ highlighting concerns such as rising unemployment, sluggish GDP growth, and vacant government positions. Mallikarjun Kharge, party leader, released the document, indicating a continued political debate over economic performance.

    This white paper serves as a comprehensive overview of the government’s perspective on economic governance, inviting scrutiny and debate as the nation approaches a pivotal general election.

    (You can now subscribe to our Economic Times WhatsApp channel)

  • Promotion of tourism can be taken up on mission mode: Finance Minister

    Express News Service

    NEW DELHI: In this fiscal, the tourism sector is more likely to witness the introduction of recent schemes and varied different actions as finance minister Nirmala Sitharaman on Wednesday introduced that the tourism promotion could be taken on ‘Mission Mode’ in collaboration with states and personal stakeholders.

    The minister mentioned the sector has enormous potential and provides enormous alternatives for job creation and entrepreneurship, particularly for the youth.

    “The country offers an immense attraction for domestic as well as for foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular. Promotion of tourism will be taken up on mission mode with the active participation of states’ convergence of government programmes and public-private partnership,” mentioned Sitharaman whereas presenting the Union Budget 2023-24.

    The minister additional mentioned that the Government will decide 50 locations which might be developed as an entire package deal. “With an integrated and innovative approach, at least 50 destinations will be selected through challenge mode. Every destination would be developed as a complete package,” she mentioned.

    Budget 2023 LIVE: FM declares huge tax sops, highest-ever capital outlay

    In addition to this, the main target can be on enhancing bodily connectivity, digital connectivity, availability of vacationer guides, excessive requirements for meals streets and vacationers’ safety. “All the relevant aspects would be made available on an App to enhance tourist experience. Initiatives will be taken to set up tourism at border villages,” Sitharaman introduced.

    The finance minister additionally mentioned that sector-specific skilling and entrepreneurship improvement can be dovetailed to realize the targets of the ‘Dekho Apna Desh’ initiative. This was launched as an enchantment by Prime Minister Narendra Modi to the center class to desire home tourism over worldwide tourism.

    For built-in improvement of theme-based vacationer circuits, the Swadesh Darshan Scheme was additionally launched. Under the Vibrant Villages Programme, tourism infrastructure and facilities may even be facilitated in border villages.

    The minister additionally proposed one other distinctive idea. She mentioned that states could be inspired to arrange a Unity Mall of their state capital or most outstanding tourism centre or the monetary capital for promotion and sale of their very own ODOPs (one district, one product), GI merchandise and different handicraft merchandise, and for offering house for such merchandise of all different States. 

    NEW DELHI: In this fiscal, the tourism sector is more likely to witness the introduction of recent schemes and varied different actions as finance minister Nirmala Sitharaman on Wednesday introduced that the tourism promotion could be taken on ‘Mission Mode’ in collaboration with states and personal stakeholders.

    The minister mentioned the sector has enormous potential and provides enormous alternatives for job creation and entrepreneurship, particularly for the youth.

    “The country offers an immense attraction for domestic as well as for foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular. Promotion of tourism will be taken up on mission mode with the active participation of states’ convergence of government programmes and public-private partnership,” mentioned Sitharaman whereas presenting the Union Budget 2023-24.

    The minister additional mentioned that the Government will decide 50 locations which might be developed as an entire package deal. “With an integrated and innovative approach, at least 50 destinations will be selected through challenge mode. Every destination would be developed as a complete package,” she mentioned.

    Budget 2023 LIVE: FM declares huge tax sops, highest-ever capital outlay

    In addition to this, the main target can be on enhancing bodily connectivity, digital connectivity, availability of vacationer guides, excessive requirements for meals streets and vacationers’ safety. “All the relevant aspects would be made available on an App to enhance tourist experience. Initiatives will be taken to set up tourism at border villages,” Sitharaman introduced.

    The finance minister additionally mentioned that sector-specific skilling and entrepreneurship improvement can be dovetailed to realize the targets of the ‘Dekho Apna Desh’ initiative. This was launched as an enchantment by Prime Minister Narendra Modi to the center class to desire home tourism over worldwide tourism.

    For built-in improvement of theme-based vacationer circuits, the Swadesh Darshan Scheme was additionally launched. Under the Vibrant Villages Programme, tourism infrastructure and facilities may even be facilitated in border villages.

    The minister additionally proposed one other distinctive idea. She mentioned that states could be inspired to arrange a Unity Mall of their state capital or most outstanding tourism centre or the monetary capital for promotion and sale of their very own ODOPs (one district, one product), GI merchandise and different handicraft merchandise, and for offering house for such merchandise of all different States. 

  • Budget 2023: Big reduction for taxpayers! Income tax restrict elevated

    Expectations had been operating excessive as Finance Minister Nirmala Sitharaman introduced Union Budget 2023, her fifth one, within the Lok Sabha immediately, 1 February 2023. She had her activity minimize out to take care of the world’s fastest-growing economic system tag for India whereas staying fiscally prudent.

    Finance Minister Nirmala Sitharaman on Wednesday tweaked the earnings tax slab charges to offer some reduction to the center class by asserting that no tax could be levied on annual earnings of as much as ₹7 lakh underneath the brand new tax regime.

    She additionally allowed a ₹50,000 customary deduction to taxpayers underneath the brand new regime, the place assessees can not declare deductions or exemptions on their investments.

    “The earnings rebate restrict elevated to ₹7 lakh from ₹5 lakh in new tax regime,” announces Finance Minister Nirmala Sitharaman. 

    “It’s heartening to see that the brand new earnings tax slabs are providing appreciable respite to low earnings teams and the nice Indian center class. Raising the bar for 0 earnings tax from ₹5 lakh to ₹7 lakh and lowering the taxation for these incomes between ₹6 – 9 lakh and ₹12-15 lakh will certainly depart extra disposable earnings for a lot of Indians who had been reeling underneath the affect of inflation. This is more likely to have a constructive affect on client spending and the economic system at giant. In addition, even high-income teams will take pleasure in a decrease tax fee of 39% as a substitute of 42.7%. We can already see the constructive affect this has had on the inventory markets as effectively with SENSEX surging over 750 factors nearly instantly after the finances announcement.” mentioned Nikhil Aggarwal, Founder & CEO at Grip

    Tax rebate restrict raised to 7 lakh from 5 lakh

    0-3 lakh nil

    3-6 lakh 5%

    6-9 lakh 10%

    9-12 lakh 15%

    12-15 lakh 20%

    Above 15 lakh 30%

    The earnings tax slabs weren’t modified since 2014. The primary private tax exemption restrict was final revised in 2014.

    Dressed in a pink saree with black and golden border, Sitharaman continued with the custom she set in 2019, carrying the finances speech in a ‘bahi-khata’, which she used after ditching the briefcase. She saved a digital pill in a pink bahi khata model pouch.

     

     

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  • Fundamentals of Indian financial system is sweet; rupee is holding its floor: Finance Minister Sitharaman

    Finance Minister Nirmala Sitharaman has stated that the Indian rupee is holding floor at a time when greenback has strengthened, asserting that the basics of India’s financial system is powerful and the inflation is low in comparison with different components of the world.

    Speaking to reporters on Saturday after concluding her journey to town the place she attended the annual conferences of the International Monetary Fund and the World Bank, Sitharaman additionally stated that the inflation is at a manageable stage.

    “The fundamentals of the Indian economy are good, macroeconomic fundamentals are good. The foreign exchange reserve is good. This is what I keep repeating that inflation is also at a manageable level,” Sitharaman stated.

    Responding to questions, Sitharaman, who additionally held 24 bilateral and a couple of dozen multilateral conferences on the sidelines of the IMF and the World Bank conferences, stated that she would like to carry the inflation additional under six per cent, and the federal government is making efforts for it.

    #WATCH | USA: Finance Minister Nirmala Sitharam responds to ANI query on the worth of Indian Rupee dropping in opposition to the Dollar as geo-political tensions proceed to rise, on measures being taken to sort out the slide pic.twitter.com/cOF33lSbAT

    — ANI (@ANI) October 16, 2022

    https://platform.twitter.com/widgets.js

    Referring to the truth that a number of nations on the earth like Turkey are going through double digit inflation, she stated nations are being very severely impacted via exterior elements.

    “We are also being impacted through external factors. We are also being impacted. But because of the various measures we’re taking timely each time we are able to bring it to this level at least hold it. Ideally at this time to bring it to four will be just very good, but we’re trying,” she stated.

    “So, we have to be conscious of the position that we are in compared to the rest of the world. I’m not asking for celebration but it is true that we are holding together. And I’m very conscious particularly of the fiscal deficit,” Sitharaman stated.

    Responding to a different query on the sliding of Indian rupees, she stated it’s due to the strengthening greenback.
    “All other currencies are performing against a strengthening dollar. I’m not talking technicalities, but it is a matter of fact that India’s rupee probably has withstood this dollar rate going up, the exchange rate in favour of dollar strengthening is there and I think Indian rupee has performed much better than many other emerging market currencies,” she stated.

    She stated that there are efforts by the Reserve Bank of India extra in the direction of seeing that there are an excessive amount of there aren’t an excessive amount of of volatility.

    “It is not to intervene in the market to fix the value of the rupee. So, containing the volatility is the only exercise that RBI is involved in. And I’ve said this before, the rupee will find its own level,” Sitharaman stated. PTI

  • Windfall tax not advert hoc; being charged in session with trade:FM

    Finance minister Nirmala Sitharaman on Monday mentioned windfall tax on petroleum merchandise, crude just isn’t advert hoc, however being charged in common session with the trade.

    Addressing an occasion organized on-line, the minister mentioned it’s unfair to name windfall tax as advert hoc, as a result of the tax charge and its resetting are performed in full consultations with the trade.

    “The very idea was implemented after taking the industry into full confidence,” she mentioned at a perform organized by Elara Capital.

    “When we suggested the idea we had told the industry that the tax rate will be reviewed every 15 days and we have been doing that,” Sitharaman mentioned.

    On bond inclusion in world index, the minister mentioned many issues have modified because the pandemic, particularly when it comes to inflows.

    Mostly, fund inflows haven’t been as anticipated, which after all is usually because of the pandemic, she mentioned, including “however, I expect a logical conclusion to this sooner.”

    On whether or not the federal government is planning to extend the tax-GDP ratio which is barely about 10 now, she mentioned, widening tax base is a matter that wants a whole lot of consultations and evaluation, although the growing variety of earnings tax filings provides me some clue on the potential of widening it.

    “But we want to ensure that as and when it is done it looks reasonable and tech-driven,” she mentioned.

    On the following 25 years of reforms and progress, she mentioned by the point India celebrates the primary centenary of independence, “we will have to reset lots of things so that we become a developed nation by then. And the biggest tools for such a reset are digitisation, education and building more and more infrastructure so that our hinterland doesn’t remain unconnected to the cities.”

    She additionally underlined the necessity for extra warning and concerted efforts at sustaining progress because the world is dealing with plenty of newer challenges even because it comes out of the pandemic.

     

  • India to develop at 7.4% this fiscal, proceed at identical stage subsequent 12 months: Nirmala Sitharaman

    Union Finance Minister Nirmala Sitharaman on Friday mentioned the Indian economic system will develop at 7.4 per cent on this fiscal and proceed on the identical stage within the subsequent fiscal.

    Sitharaman, talking on the FE Best Banks Awards occasion in Mumbai, mentioned, “Our own estimates have also shown based on the developments, that we are definitely at that range…7.4 (per cent) and that level will continue even next year.”

    She highlighted that the International Monetary Fund and the World Bank have projected India’s financial development to be the quickest for the following two fiscal years. The Finance Minister additionally mentioned that their estimates are in sync with that of the Reserve Bank of India (RBI).

    Pointing out on the “challenging global situation”, Sitharaman mentioned that it isn’t the appropriate time but to throw warning to the winds. “The export sector will face difficulties as the global growth slows down, and the government will work with such entities to face the headwinds,” Sitharaman mentioned.

    Meanwhile, underlining {that a} debate is required on the freebies coverage, Sitharaman mentioned that the political events that come to energy on pre-poll guarantees of freebies ought to pay for these by budgetary provisions.

    Citing the instance of free electrical energy being promised in lots of states, the Finance Minister mentioned that the burden for the freebies shouldn’t be thrust upon the ability discoms or gencos.

    “If a promise has been made to the people at the time of the election, you are looking at a quid pro quo. You should be, as a responsible party, assume after you come to power, make a provision in the budget for it,” Sitharaman mentioned on the occasion.

    She added that in case of the ability sector, there have been circumstances the place states have paid the utilities in elements or not paid in any respect. “You end up shifting the burden to the discom which has not gone to the election. The discom has not asked for votes. Why should they be burdened? Do they have the power to stop continuing the supply? And similarly the gencos,” she mentioned.

    “The debate is not about what constitutes a freebie, but if you have given a promise, provision for it,” she added.

    The spark on freebies comes amid a heated debate between the ruling BJP and Opposition events like AAP. Earlier, Sitharaman had blamed Delhi Chief Minister Arvind Kejriwal for giving a perverse twist to the controversy.

    Sitharaman additionally advised that the federal government helps deploying assets to assist one’s journey out of poverty and empowering individuals, however one mustn’t take a look at such efforts as entitlements.

    “This is an important issue for India to debate and all should join the debate,” she added.

    (With inputs from PTI)

  • FM Sithraman meets IMF chief; discusses influence of geopolitical state of affairs on international progress

    Finance Minister Nirmala Sitharaman on Tuesday met IMF managing director Kristalina Georgieva and mentioned a variety of points, together with influence of geopolitical state of affairs on international progress.

    During the assembly held on the sidelines of the continuing annual spring conferences of the International Monetary Fund (IMF) and the World Bank, the IMF chief highlighted India’s well-targeted coverage combine that has helped the nation’s financial system stay resilient even with a restricted fiscal area.

    She additionally appreciated India’s assist to Sri Lanka in tackling its financial crises and guaranteed that the IMF would proceed to actively have interaction with the island nation.

    “Discussing the recent geopolitical developments, FM Smt. @nsitharaman and Ms @KGeorgieva raised concerns about its impact on global economy and the challenges linked to the rising energy prices due to it,” the finance ministry mentioned in a tweet.

    With regard to Indian coverage on financial revival, Sitharaman highlighted the federal government’s dedication to help financial progress by means of capital expenditure (capex) and underlined that the nation’s accommodative fiscal stance accompanied by main structural reforms and powerful financial insurance policies have helped in its post-pandemic restoration.

    India is anticipated to file the best progress price amongst massive economies of the world. As per the Economic Survey, the nation might log 8-8.5 per cent GDP progress within the present fiscal.

    To obtain excessive progress, the federal government has raised capex by 35.4 per cent for the monetary yr 2022-23 to Rs 7.5 lakh crore to proceed the general public investment-led restoration of the pandemic-hit financial system. The capex final yr was pegged at Rs 5.5 lakh crore.

    Congratulating India on its profitable vaccination programme to regulate the unfold of COVID-19, Georgieva additionally appreciated New Delhi for extending aid to different weak nations to struggle the pandemic.

    Sitharaman additionally met Sri Lankan finance minister Ali Sabry on the sidelines of IMF-WB Spring Meetings and mentioned present financial state of affairs and its strategy in the direction of addressing the prevailing challenges in Sri Lanka.

    The finance minister assured her Sri Lankan counterpart that as an in depth good friend and good neighbour, India will attempt to lengthen all potential cooperation and help.

    Sitharaman had a gathering with Indonesia finance minister Sri Mulyani Indrawati on the sidelines of G20 Finance Ministers and Central Bank Governors (FMCBG) assembly.

    “The two ministers discussed the current global situation and #G20 #Indonesian Presidency’s response to it, along with other #G20FMCBG agenda including #GlobalHealth, international financial architecture and #SustainableFinance,” the finance ministry mentioned in a separate tweet.

    Both the leaders highlighted the necessity for collective consideration of G20 on power worth volatility, inflation stress and the influence of the geopolitical tensions on the worldwide financial system.

  • Equalisation levy a ‘sovereign proper; not a unilateral measure: FM

    Justifying the two per cent equalisation levy (EL) imposed by India on the provision of providers by multinational enterprises, finance minister Nirmala Sitharaman on Monday mentioned it’s a sovereign proper to tax revenues earned from operations within the nation.

    “Equalisation levy is not a unilateral measure… we are not an exception as many countries have done so,” Sitharaman mentioned in a post-Budget convention in Bengaluru.

    Companies like Netflix and Facebook get their shoppers in a big nation like India. “It’s important for the industry to stand up and tell their international sellers that India deserves to tax this,” she mentioned. In October 2021, G20 international locations permitted a worldwide deal to undertake a 15 per cent minimal company tax and reallocate taxing rights for big worthwhile multinational enterprises (MNEs) to international locations the place they promote services and products.

    Finance Minister Nirmala Sitharaman on Monday pulled up tax boards for allegedly not responding to grievances of the tax assessees and directed their officers to order Saturdays to carry conferences with them, as per a PTI report.

    (FE, with PTI inputs)

  • E-Bill system will finish ‘rent seeking’ in authorities contracts: FM Nirmala Sitharaman

    The new digital invoice (e-Bill) processing system will cease any potential ‘rent seeking’ within the clearance of dues to contractors or suppliers of presidency departments, Finance Minister Nirmala Sitharaman mentioned.

    The e-Bill processing system, introduced within the Budget, was launched on Wednesday throughout an occasion to mark the forty sixth Civil Accounts Day. It will probably be carried out throughout eight ministries on pilot foundation after which in all central ministries and departments, and suppliers and contractors will now be capable to submit their claims on-line, which may be tracked on a real-time foundation.

    Sitharaman mentioned it will guarantee end-to-end digitisation and make the cost course of clear by utilizing expertise not simply throughout the authorities departments, however extending the second leg to the citizen’s use. The e-Bill, she mentioned, will shut even “any small window which is available” for “misuse in terms of rent-seeking”, as a contractor or provider to the federal government will be capable to file their claims digitally.

    “Put your claim with digital signatures, and you do not have to come to government offices. Your payment reaches (to you) as soon as your claim reaches with a digital signature,” the Finance Minister mentioned.