Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package with Secretaries
NEW DELHI: Prime Minister Narendra Modi had announced a special comprehensive economic package to fight the COVID-19 pandemic in India. He gave a clarion call for AatmaNirbhar Bharat Abhiyanor a Self-Reliant India Movement. The Prime Minister also outlined five pillars of AatmaNirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand. Following the call of […]
India to infuse Rs 6,000 crore equity in NIIF Debt Platform
NEW DELHI: The government of India will infuse equity of Rs 6,000 crore into the National Investment and Infrastructure Fund (NIIF) Debt Platform, subject to certain conditions, the Union Cabinet decided on Wednesday. The platform comprises of Aseem Infrastructure Finance Ltd (AIFL) and NIIF Infrastructure Finance Ltd (NIIF-IFL). On November 12, Union Finance Minister Nirmala […]
Probe all officials, including of RBI, on Lakshmi Vilas Bank watch: AIBEA
By Venkatachari Jagannathan CHENNAI: India’s Finance Minister Nirmala Sitharaman should intervene in the Lakshmi Vilas Bank (LVB) issue and announce that it would be amalgamated with a public sector bank, the All India Bank Employees’ Association (AIBEA) said on Tuesday. The AIBEA also said that the Reserve Bank of India (RBI) cannot simply wash its […]
West Bengal Finance Minister writes to Nirmala Sitharaman seeks GST Council meeting
NEW DELHI: West Bengal Finance minister Amit Mitra has written to Union Finance minister Nirmala Sitharaman urging her to convene a meeting of the GST Council for discussions on Centre’s borrowings to meet the collection shortfall. In the letter written on November 13, Mitra said that many states had argued at the GST Council meetings […]
India announces Rs 65,000-crore fertiliser subsidy for farmers
NEW DELHI: India’s Finance Minister Nirmala Sitharaman on Thursday announced a Rs 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy. She said Rs 65,000 crore is being provided to ensure adequate availability of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season. […]
India okays PLI scheme for 10 sectors, including auto, telecom
NEW DELHI: To give an impetus to the manufacturing sector, the Indian Cabinet on Wednesday approved a mega production linked incentive (PLI) scheme for 10 sectors. The total outlay has been pegged at Rs 1,45,980 crore. Announcing the decision, Union Finance Minister Nirmala Sitharaman said that the scheme would entail an expenditure of about Rs […]
Former Economic Affairs Secretary says Nirmala Sitharaman insisted on my transfer from Ministry of Finance
NEW DELHI:Former Economic Affairs Secretary Subhash Chandra Garg has claimed that Nirmala Sitharaman asked for and insisted on his transfer from the Ministry of Finance in June 2019 itself, within a month of taking over as the Union Finance Minister. Giving reasons for taking voluntary retirement from government service last year, Garg wrote in a […]
Economic growth in FY21 may be negative: Nirmala Sitharaman
NEW DELHI: India’s Finance Minister Nirmala Sitharaman on Tuesday said that India’s economic growth in the current financial year may be in the negative zone or near zero amid the ongoing coronavirus pandemic. Speaking at the India Energy Forum of CERAWeek, Sitharaman, however, noted that signs of revival are visible now and India would be […]
All companies important for India, need solutions: Nirmala Sitharaman
NEW DELHI: India’s Finance Minister Nirmala Sitharaman on Monday said that any company, whether it is big, medium small, micro or nano, is important for the country. Saying that “my friends are the companies”, she said under the Companies Act, even MSMEs are registered and anybody who is registered under this act and if, unfortunately, […]
India’s commitment to reform being taken seriously by foreign investors: Nirmala Sitharaman
NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday said India’s commitment to reform is being taken seriously by foreign investors, which is evident from the good inflow of FDI even during the time of COVID-19. Between April-July, the Foreign Direct investment (FDI) into India stood at USD 20 billion. India’s commitment to reform is taken […]
Will take up GST cut demand with Nirmala Sitharaman, Narendra Modi: Prakash Javadekar
NEW DELHI:Union Minister for Heavy Industries and Public Enterprises Prakash Javadekar on Friday assured the automobile industry that he will take up the industry’s demand for a cut in goods and services tax (GST) for the sector with the Finance Minister and the Prime Minister. Speaking at the virtual Annual Convention of the Society of […]
Finance Minister asks banks to roll out loan restructuring scheme by September 15
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday asked banks and NBFCs to roll out loan restructuring scheme for COVID-19 related stress by September 15, and provide adequate support to the borrowers following the lifting of moratorium on repayment of debts. The minister urged lenders to immediately put in place a board-approved policy for resolution […]
States stare at Rs 2.35 lakh crore GST revenue shortfall; Centre gives 2 options to borrow via RBI
NEW DELHI: Amid a chorus by non-NDA ruled states for compensation of GST revenue shortfall, the Centre on Thursday presented two options to states under which they can borrow from the market to make up for the estimated deficit of Rs 2.35 lakh crore this fiscal. At the end of a five-hour long meeting of the […]
Extend loan automatically to all eligible borrowers without fear of CBI, CVC and CAG: Nirmala Sitharaman to banks
NEW DELHI: India’s Finance Minister Nirmala Sitharaman on Saturday said banks have been asked to extend loans automatically to eligible borrowers without fear of 3Cs — CBI, CVC and CAG. She said clear instructions have been given in a meeting with CEOs and MDs of public sector banks and financial institutions on Friday that the […]
India announces commercial mining of coal on revenue sharing basis
NEW DELHI: India’s Finance Minister Nirmala Sitharaman on Saturday announced commercial mining of coal by the private sector, ending government monopoly on the sector. In her fourth tranche of the economic package, she said commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne. Nearly 50 blocks will be […]
Work offered to 2.33 crore workers: Nirmala Sitharaman
NEW DELHI: Union Finance Minister Nirmala Sitharaman said, here on Thursday, work had been offered to 2.33 crore wagers in 1.87 lakh panchayats under the Mahatma Gandhi National Rural Employment Guarantee Act. Addressing a press conference, Sitharaman said, “Work under the MGNREGA has been provided to 2.33 crore wagers in 1.87 lakh panchayats to benefit […]