Finance Minister Nirmala Sitharaman

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...

September 16, 2024 5:20 PM

Diaspora from Dubai commends India’s Budget 2024, terming it as progressive & innovative

The Indian diaspora has warmly embraced Budget 2024, commending its emphasis on economic growth and innovation. The government's dedication to infrastructure development and digital initiatives has garnered widespread approval, with many viewing these as vital for boosting India's global competitiveness. A standout feature for the diaspora is the significant reduction in gold import duty from 15% to 6%, applicable to both gold and silver. This move is seen as particularly beneficial for Non-Res...

September 16, 2024 5:20 PM

USISPF President Mukesh Aghi terms India’s Budget 2024 as balanced one, focused on job creation

Commending India's Union Budget 2024, Mukesh Aghi, President and CEO of the US-India Strategic Partnership Forum, said that it is a pretty balanced budget focused on job creation. Aghi said that the focus of the budget is to bring the deficit from 5.3 per cent to 4.9 per cent. "It's a pretty balanced budget. From a macro perspective, the focus is to bring the deficit from 5.3 per cent to 4.9 per cent. So that's a very responsible budget. The budget focuses on job creation, skills in attracting ...

September 16, 2024 5:20 PM

Strengthening of debt recovery Tribunal and establishment of Addl Tribunal to speed up debt recovery: Centre

The Indian government has announced significant reforms to the country's financial regulatory framework. Finance Minister Nirmala Sitharaman, during her presentation of the 2024-2025 Union Budget, outlined several key initiatives designed to strengthen the Insolvency and Bankruptcy Code (IBC) and improve the ease of doing business in India. Central to these reforms is the proposed establishment of an Integrated Technology Platform, which aims to bring greater consistency, transparency, and ove...

September 16, 2024 5:20 PM

Union Budget 2024: Ministry of Defence receives Rs 6.22 lakh crore allocation

The Ministry of Defence (MoD) has been allocated a record Rs 6.22 lakh crore in the Regular Union Budget for the Financial Year 2024-25, marking the highest allocation among all ministries. "While maintaining the allocation made to MoD during interim budget, the Government has made an additional allocation to the tune of Rs 400 crore on innovation in defence through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme," as per a Ministry of Defence press release. Finance M...

September 16, 2024 5:20 PM

Andhra Pradesh CM Chandrababu Naidu welcomes Union Budget 2024-25

Andhra Pradesh Chief Minister N. Chandrababu Naidu has expressed gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for addressing the state's needs in the Union Budget 2024-25. In a statement, Naidu praised the budget's focus on crucial projects in Andhra Pradesh, including the state capital, Polavaram project, industrial nodes, and development of backward areas. "On behalf of the people of Andhra Pradesh, I thank the Hon'ble Prime Minister, @narendramodi Ji and...