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[ad_1] NEW DELHI: The Centre on Friday moved to soothe sentiments of investors, with finance minister Nirmala Sitharaman saying the exposure of banks and financial institutions to the Adani Group was well within permissible limits. She added that investor confidence in India would remain high as the markets were well-regulated. “India remains, as before, very well governed, (with a) stable government, and a very well-regulated financial market. As a result, investor confidence, which existed before, shall continue even now. Our regulators are normally very-very stringent about governance practices and therefore, one instance, however much talked about globally it may be, is not going to be indicative of how well financial markets are governed. So many lessons have been learnt over the decades and our regulators have kept the markets well in prime and prim condition,” the FM told a TV channel in her first comments since the report by Hindenburg Research hit Adani stocks. Keepi

[ad_1] Tax policies were left unchanged, major subsidies on food, fertiliser, and fuel were 8% lower and an allocation for the MGNREGA rural employment scheme was held steady in the 2024 interim budget read out in Parliament by union finance minister Nirmala Sitharaman on Thursday ahead of the Lok Sabha elections due by May. The interim budget is seen as a stop-gap fiscal plan during an election year, aimed at meeting immediate financial needs before a new government is formed. The full union budget will only be released after the elections. “I propose to retain the same tax rates for direct and indirect taxes, including import duties," Sitharaman said. The minister, however, proposed to withdraw outstanding direct tax demands of up to Rs 25,000 till FY09/10 and up to Rs 10,000 for FY10/11 to 14/15, and said it would benefit around one crore taxpayers. Sitharaman said direct collections had more than trebled in the past 10 years, and the number of people filing returns had i

[ad_1] New Delhi: Finance Minister Nirmala Sitharaman presented the interim budget for 2024 today in Parliament, just before the Lok Sabha elections. While presenting the budget, Sitharaman mentioned that the empowerment of women through entrepreneurship, ease of living, and dignity has gained momentum in the last 10 years. In the fiscal year 2024-25, the Women and Child Development Ministry has received a budgetary allocation of Rs 26,000 crore, reflecting a 2.52 percent increase compared to the previous budget. The highest share of funds, amounting to Rs 21,200 crore, has been earmarked for the Saksham Anganwadi and POSHAN 2.0 initiatives (encompassing ICDS - Anganwadi Services, Poshan Abhiyan, and the Scheme for Adolescent Girls). Following closely is the Mission Shakti, focused on the protection and empowerment of women, which has been granted a budget of Rs 3,145.97 crore. (Also Read: Interim Budget 2024: Key Takeaways From Nirmala Sitharaman's Budget Speech) F

[ad_1] Nirmala Sitharaman talked about the facilities the government wants to extend to the poor. (File) Washington: India's focus is going to be on skilling and digitisation so that there's greater ease of living, transparency and formalisation of the economy, Union Finance Minister Nirmala Sitharaman has said, observing that the country is reaching near saturation in providing the basic facilities to the people. Speaking at a fireside chat at the Peterson Institute for International Economic think-tank on Monday, Nirmala Sitharaman said the approach of the government is to empower the poor people with at least the basic amenities. "We are reaching near saturation in providing the basic facilities in India," she said. She noted that the discussions earlier used to be on poverty alleviation. "Have we removed these many numbers of people from poverty and lifted them out," she said. Nirmala Sitharaman talked about the facilities the Indian government is w

[ad_1] BHUBANESWAR: Union finance minister Nirmala Sitharaman made it clear on Friday that the Centre will not consider demands for “special category status” for any state, dealing a major blow to states like Odisha and Bihar who have been pushing for it for some years now. Asked whether the Centre will consider Odisha’s push for special category status, the FM, who was interacting with the media here on the Union Budget, said, “(The 14th) Finance commission has clearly said no special status can be given.” Taking examples of Andhra Pradesh and Telangana, which were given special category status in the initial years after bifurcation, she said, “But the finance commission’s clear opinion is no more special status category.” Odisha and Bihar have been pressing for special category status to avail 90% funds in centrally sponsored schemes, instead of the present arrangement of 60%, besides other benefits. Odisha has been seeking change in criteria to accommodate it keeping in mind

[ad_1] New Delhi:  Finance Minister Nirmala Sitharaman on Friday said India's economic growth in the first quarter of this fiscal should be good and that the government's priority is to tame inflation, which has touched a 15-month high. Addressing business leaders in the national capital, she said that green shoots of private capital expenditure upcycle can be palpably felt as the government's enhanced capital expenditure is now crowding in private sector investments. While mentioning the key priorities of the government, Sitharaman also stressed that the focus is on Aatmanirbhar Bharat (self-reliant India) but essential imports will not be stopped. ( Also Read: Secure Your Future With Just Rs 210 Monthly: Get Rs 5,000 Pension Per Month With This Govt Scheme ) She also emphasised the need for diversification of supply chains at the earliest to avoid shocks. Noting that India is the fastest-growing major economy, she said that in another few days, the GDP numbers f

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[ad_1] NEW DELHI: Finance minister Nirmala Sitharaman on Saturday said GST implementation has brought relief to the common citizens and helped raise revenues of the Centre and the states as her ministry reported that gross GST revenues in June rose 12% to Rs 1.6 lakh crore. Data released by the finance ministry showed that gross GST revenues crossed the Rs 1.6 lakh crore mark for the fourth time since the implementation of the tax reform on July 1, 2017. Collections have been Rs 1.4 lakh crore for 16 months in a row and Rs 1.5 lakh crore for the seventh time since the rollout. The average monthly gross GST collection for the first quarter of financial year 2021-22, FY 22-23 and FY 23-24 are Rs 1.1 lakh crore, Rs 1.5 lakh crore and Rs. 1.7 lakh crore, respectively, according to a finance ministry statement. At the GST Day function, Sitharaman said, "Now the collections have improved. The new normal is being talked about. If only the fake invoices and the fraudulent claims,

[ad_1] Nirmala Sitharaman underlined the need for continuing the momentum to fuel economy. (File) New Delhi: Finance Minister Nirmala Sitharaman on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel economy. The net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY23 from Rs 36,270 crore in FY2014. Inaugurating the corporate office of Punjab and Sind Bank in Delhi, the minister said that banks need to "build on laurels" by following the best corporate governance principles. "Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management and continue to focus on having robust asset-liability and risk management," she said, stressing that the Indian economy has moved awa