Finance Minister Nirmala Sitharaman

January 14, 2025 12:45 PM

Banks hike interest rates on FDs amid fierce competition for deposits

Banks have started offering higher returns on FDs amid fierce competition to raise more deposits. While leading banks such as SBI and HDFC were the first to raise interest rates on FDs, smaller banks such as IDBI have followed suit for fear of getting left behind in the race. SBI introduced a new category of super senior citizens above 80 years -- who will get 10 basis points more than senior citizens. This scheme has been adopted by IDBI Bank as well. IDBI Bank has launched the 'IDBI Chiranje...

January 7, 2025 10:48 AM

Pre-Budget consultation meetings for Union Budget 2025-26 conclude in New Delhi

The month-long pre-budget consultation meetings for the upcoming Union Budget 2025-26, chaired by Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman, have concluded in New Delhi. The consultations, which began on December 6, brought together more than 100 invitees from nine stakeholder groups, including experts and representatives from sectors such as agriculture, trade unions, education, health, MSMEs, industry, and infrastructure. Key officials, including Union Minister o...

January 2, 2025 7:20 PM

Sitharaman engages stakeholders in pre-budget consultations for 2025

Finance Minister Nirmala Sitharaman met key stakeholders from the financial sector and capital markets on Thursday as part of her pre-budget consultations for the Union Budget 2025-26. The meeting was attended by senior officials, including the Finance Secretary, the secretaries of DIPAM, the Department of Economic Affairs, and the Department of Financial Services, as well as the Chief Economic Adviser. This consultation marked the seventh in her ongoing series of pre-budget meetings. The Finan...

December 20, 2024 9:20 PM

States urge centre for greater financial support during pre-budget discussions

Several states raised financial concerns and demands during the pre-budget meeting chaired by Finance Minister Nirmala Sitharaman in Jaisalmer on Friday. The meeting, part of the formal consultations ahead of the Union Budget 2025-26, witnessed participation from state representatives, finance officials, and key stakeholders. Sources indicate that some states urged the Centre to cover a larger portion of land acquisition costs for infrastructure and development projects. Requests were also made...

December 20, 2024 7:44 PM

Finance Minister Nirmala Sitharaman holds pre-budget meeting in Jaisalmer

Finance Minister Nirmala Sitharaman chaired a pre-Budget meeting with representatives from States and Union Territories in Jaisalmer on Friday. The meeting is part of the ongoing consultations ahead of the Union Budget for the financial year 2025-26. Union Minister of State for Finance Pankaj Chaudhary, along with Chief Ministers from Goa, Haryana, Jammu and Kashmir, Meghalaya, and Odisha, attended the meeting. Deputy Chief Ministers from Arunachal Pradesh, Bihar, Madhya Pradesh, Rajasthan, and...

November 10, 2024 1:41 PM

Scheduled commercial banks, NBFCs to provide additional MSME credit of Rs 1.54 lakh cr: FM

The government has set a target for all scheduled commercial banks and Non-Banking Financial Companies (NBFCs) to provide additional MSME credit of Rs 1.54 lakh crore in the current financial year (FY25). Finance Minister Nirmala Sitharaman outlined the target for total credit growth of Rs 5.75 lakh crore, Rs 6.21 lakh crore, and Rs 7 lakh crore to MSMEs in the financial years 2024-25, 2025-26, and 2026-27, respectively. At the ‘National MSME Cluster Outreach’ program in Bengaluru, organiz...

October 21, 2024 9:06 AM

Finance Minister Nirmala Sitharaman lands in US after concluding Mexico visit

Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, arrived in the United States and received a warm welcome at Newark Liberty International Airport on Sunday (local time). India's Ambassador to the United States, Vinay Mohan Kwatra, and Consul General of India in New York, Binaya Srikanta Pradhan, welcomed Sitharaman, following her arrival from Mexico City. Notably, Sitharaman was in Mexico from October 17 to October 20, where she interacted with political and business leader...

September 23, 2024 7:55 PM

Sitharaman to embark on five-day Uzbekistan visit tomorrow

Finance Minister Nirmala Sitharaman will begin a five-day official visit to Uzbekistan on Tuesday, accompanied by a delegation from the Ministry of Finance. The visit will feature Sitharaman’s participation in the Ninth Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), taking place in Samarkand on Wednesday and Thursday. In addition to the AIIB meeting, the Finance Minister will engage in bilateral talks with officials from Uzbekistan, Qatar, China, ...

July 30, 2024 9:03 PM

Govt increases allocations for all social sectors in budget, including agriculture and employment

Finance Minister Nirmala Sitharaman addressed the parliament on Tuesday, responding to discussions on the recent budget. She emphasized significant increases in allocations for various social sector schemes compared to both the previous year and 2013-14. Sitharaman reported that the government's overall expenditure has grown to Rs 48.21 lakh crore, projecting a 7.3% increase over 2023-24 and an 8.5% rise over pre-actuals of 2023-24. In her address, the Finance Minister detailed the growth in s...

July 28, 2024 5:42 PM

Tax clearance certificate to fly abroad not mandatory for all, govt clarifies

The Indian government has issued a clarification regarding recent misleading reports about mandatory tax clearance for individuals traveling abroad. The Central Board of Direct Taxes (CBDT) said on Sunday that not every person is required to obtain a tax clearance certificate under section 230 of the Income-tax Act, 1961. This clarification comes in response to concerns raised after the Budget 2024-25, presented by Finance Minister Nirmala Sitharaman on July 23, proposed including the Black Mo...