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UK-India Agree on 90% of Trade Deal: Is This the Real Brexit Dividend?

April 10, 2025, 2:31 pm

The United Kingdom and India have reached a major milestone—agreeing on 90% of their Free Trade Agreement (FTA). Both parties are hoping to close the deal this year. The historic agreement will drastically cut tariffs on prime UK exports including Scotch whisky and cars, unlocking greater access to one of the world’s fastest-growing economies.

It also opens a new chapter in bilateral ties by enhancing trade, investment, and mobility. One of the key holdouts—mobility visas for Indian professionals—has now been largely addressed, clearing the way for closer cooperation in the services sector.

With simultaneous negotiations going on for a bilateral investment treaty, the FTA is a strategic step for both countries in the face of changing global trade patterns. For the UK, it is a major post-Brexit victory, for India, it is one element of a wider effort to diversify trade partners and enhance economic resilience.

Background

Negotiations started in January 2022. The agreement encompasses 26 chapters on goods, services, investments, and intellectual property. With time, both governments have sought to overcome sticking points. In recent times, common economic objectives and international trade pressures have sped up progress.

The mobility deal, particularly on Indian worker visas, is a significant victory. It should facilitate the movement of professionals and enhance collaboration in services. Tariff reductions are also under the spotlight. India currently has tariffs of as much as 150% on Scotch whisky and 100% on UK-produced cars. The FTA plans to reduce these levels and open up market access for British firms.

Although momentum exists, some issues persist. Whisky tariff reduction timelines remain in contention. Auto tariff negotiations and access to medicines are also being discussed. Both sides anticipate reaching a balance that will suit their domestic sectors.

UK-India Bilateral Investment Pact

Concomitant with the FTA, a bilateral investment agreement is underway. This will provide legal protections for investors on both sides. The aim here is to improve the security and predictability of the investment environment.

This close-to-final deal has broader implications. For the UK, it’s a central element of constructing post-Brexit global trade networks. For India, it’s a move towards diversifying partners in the face of increasing global uncertainty. The action is part of a rising trend—nations moving away from multilateral trade agreements towards targeted bilateral ones.

As the UK and India move toward the completion of their FTA, the stakes are high. The agreement marks increased economic integration and a common vision for growth driven by trade. Though some of the issues persist, both countries seem determined to complete the negotiations and redefine their trade relationship of the future.

FM Nirmala Sitharaman Calls Budget 2025 “By The People, For The People”

February 2, 2025, 5:44 pm

Echoing Abraham Lincoln, Finance Minister Nirmala Sitharaman called the Union Budget “by the people, for the people, of the people,” and stressed that Prime Minister Narendra Modi absolutely backed tax cut ideas although it took some effort to persuade the bureaucracy. Sitharaman pointed out that the middle class, which had worried about its unmet ambitions despite being accountable taxpayers, had been heard by the government. She noted during a PTI interview, “Middle class voice has been heard.”

She noted that the capital expenditure had slowed down a little during the 2024 campaign season. She said, about criticism from Bihar and Delhi, “The Opposition is picking this up for want of it.” These are dull and indifferent fast budget analysis. Everyone gets their due grant. I want them go over the specifics and return. Sitharaman lowered the income tax brackets for other taxpayers and gave middle-income taxpayers substantial rebates including tax-free annual income of up to Rs 12 lakh in Budget 2025.

Regarding the fall of the rupee, she brushed aside complaints of its depreciation, ascribing the drop to the strengthening US dollar, but confirmed that India’s solid macroeconomic fundamentals meant the rupee remained steady against other currencies. I am worried but I will not take the criticism that ‘Oh Rupee is weakening!’ Our macroeconomic fundamentals are solid. Sitharaman remarked, “If the basics were weak, rupee wouldn’t be stable against all the other currencies,”

Sitharaman says the rupee is still one of the least unstable currencies vis-à-vis the US dollar, though it has come under pressure of late. She noted that it was becoming more unstable in part of the dollar index was rising and trade deficit enlarging. The Rupee’s fluctuation is contrary to the dollar. She added:—Rupee has acted far more steadily than any other currency,”

Union Budget 2025: FM Nirmala Sitharaman Dons Saree Honoring Madhubani Art, Gifted by Padma Awardee Dulari Devi

February 1, 2025, 10:38 am

Union Finance Minister Nirmala Sitharaman today arrived at Parliament to present the Union Budget 2025, which adorned a saree consisting of Madhubani art. The saree was designed by Padma Shri awardee Dulari Devi.

Dulari Devi was awarded Padma Shri in 2021. Dulari Devi met the Finance Minister when she came to Madhubani for credit outreach program at Mithila Art Institute. There, they exchanged their thoughts on the state’s heritage, Bihar, in Madhubani art.

Carrying the traditional bahi khata in hand, FM Sitharaman left North Block for Rashtrapati Bhavan. Dulari Devi had gifted the saree to the minister and had requested her to wear it on Budget day.

The budget presentation assumes great attention, and even the attire of the finance minister becomes a matter of interest. Sarees of FM Sitharaman, over the years, have captured people’s attention, especially on budget days.

For her historic seventh Budget presentation in 2023, she chose a white silk saree with a magenta border featuring golden motifs. In the interim Budget earlier this year, she wore a blue handloom saree, carrying a *bahi khata* wrapped in red fabric.

Her first Budget presentation in 2019 featured a bright pink Mangalgiri saree with gold borders. In that year, she substituted the traditional briefcase with the *bahi khata*, and wrapped the Budget documents in red silk fabric embroidered with the national emblem.

In 2020, she wore a yellow-gold silk saree with a blue border and matching blouse. Yellow, often associated with prosperity, is a colour representing national economic aspirations.

She wore a red and off-white Pochampally silk saree with ikat patterns, and a border in green for the Budget 2021 presentation. Pochampally ikat, which is woven at Bhoodan Pochampally in the Telangana region, has been able to win India for this region the moniker of ‘Silk City’.

For Budget 2022, she was seen wearing a Bomkai saree from Odisha. The rusty brown shade is the result of a concoction of shades of brown and red.

Last year, she had picked a red temple saree with black borders very finely done with golden embroidery.

With this Budget, FM Sitharaman will script history. This will be her seventh Budget consecutively presented. In this way, she would better the record of late Morarji Desai who presented successive Budgets six times in succession.

Budget 2025: Finance Minister Nirmala Sitharaman Displays Budget Tablet

February 1, 2025, 10:18 am

Hours before her eighth consecutive Budget announcement, Finance Minister Nirmala Sitharaman stood in a white sari outside the ministry this morning, holding a tablet enclosed in a ‘bahi khata’ case. She later received official clearance for the Budget presentation when President Droupadi Murmu met her at Rashtrapati Bhavan.

Carrying a briefcase on Budget Day has a history. The word “budget” originates from the French word “bougette,” meaning “little leather briefcase.” The tradition was first introduced in the 18th century by the British Chancellor of the Exchequer, who opened the Budget with a yearly financial statement. In 1860, British Budget chief William Gladstone delivered his address using a red case with the Queen’s monogram for the documents. When India became independent, the first Finance Minister, R.K. Shanmukham Chetty, used a leather portfolio on Budget day. Other Finance Ministers followed this tradition until Sitharaman broke the norm. She eventually opted for the ‘bahi khata’ before turning to a tablet.

FM Sitharaman will have presented eight consecutive Budgets, the longest uninterrupted streak for any Indian Finance Minister. The late Morarji Desai holds the record for most Budgets, having presented ten. Former Finance Minister P. Chidambaram presented nine.

For this special occasion, Sitharaman paid homage to traditional Indian art. She chose a saree with Madhubani art. During her visit to Madhubani, Bihar, as part of a credit outreach project, Padma Shri awardee Dulari Devi gifted her the saree and requested that she wear it on Budget day.

Shaktikanta Das Bids Emotional Farewell As RBI Governor, Shares Message To PM Modi | WATCH

December 10, 2024, 2:00 pm

Shaktikanta Das is the 25th Governor of Reserve Bank of India (RBI). Today, he is leaving RBI as he is going to retire from his position. Sanjay Malhotra was appointed as the new RBI Governor. He thanked everybody for supporting him during the tenure and thanked the government for giving him an opportunity to serve the nation.

In a social media post on X, Das said, “Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. Immensely grateful to the Hon‘ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts.”

Acknowledging Support from Key Figures

The Prime Minister extended his heartfelt thanks to the key government figures, including Finance Minister Nirmala Sitharaman, for her unwavering support. “Heartfelt thanks to Hon‘ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years,” he wrote.

WATCH THE VIRAL VIDEO:

VIDEO | “Team work in the Reserve Bank (of India) was perhaps, in my experience, at a very high level. I got excellent cooperation from each and every member of my RBI team, each of my colleagues did their best during the trying times of Covid. My journey as the Governor of the… pic.twitter.com/tNVlEUqbGK

— Press Trust of India (@PTI_News) December 10, 2024

Das also thanked all the stakeholders of the financial sector, economists, industry bodies, and organisations in all the sectors, including agriculture and services, for their valuable inputs and policy suggestions. It was a team effort at the RBI. This statement has concluded with a thank-you from him to the RBI team with full recognition of their collective contribution. He stated, “A BIG thank you to the entire Team RBI.

Together we steered through an exceptionally testing time of unprecedented global shocks. May the RBI rise even taller as an institution of trust and credibility. My best wishes to one and all,” he wished in closing.

Managing Global Shocks and Economic Challenges

Das took over as RBI Governor on December 12, 2018, after the sudden resignation of Urjit Patel. His most significant challenge was presented when the COVID-19 pandemic hit the world just a year after his appointment and affected economies across the globe. In response to the economic impact, Shaktikanta Das led the RBI in reducing the policy repo rate to a record low of 4% and kept interest rates low for nearly two years to support the economy during the pandemic-induced lockdowns.

As the economy began to recover, Das and the Monetary Policy Committee (MPC) raised interest rates starting in May 2022 to curb inflation and manage economic overheating, a move that reflected his adaptability to the changing economic landscape.

A Resilient Leadership in Economic Growth

His six-year tenure saw India’s economic growth at over 7% for the last four years under his leadership. His tenure was one where, unlike his predecessors, who were characterised by central bank and the Ministry of Finance’s battles, his alignment with the government’s vision for RBI’s role remained consistent throughout.

During his tenure, Shaktikanta Das also saw the highest ever dividend payout by the RBI to the government, amounting to Rs 2.11 lakh crore earlier this year, showing the strong financial position of the central bank under his leadership.

Shaktikanta Das: A Career of Service and Expertise

Before becoming RBI Governor, Das had a stellar career as an IAS officer. A postgraduate from Delhi University‘s St Stephen‘s College, he was part of the 1980 batch of the Indian Administrative Service. He has held various important positions including Secretary to the Department of Economic Affairs and the Department of Revenue. After retirement, Das has been a member of the 15th Finance Commission and has served as India‘s G20 Sherpa.

With more than 38 years of governance experience, Shaktikanta Das worked across finance, taxation, industry, and infrastructure, leaving behind a legacy marked by resilience and robust leadership.

As Shaktikanta Das steps down, his tenure as RBI Governor will be remembered for navigating India through unprecedented global challenges, ensuring economic stability, and leading with a vision for growth. His departure marks the end of an era for the central bank, leaving behind a legacy oof trust, credibility, and impactful leadership.

Budget 2024: Govt To Provide Loans Up To Rs 10 Lakhs For Higher Education

July 23, 2024, 11:58 am

Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024 in Parliament on Tuesday, July 23, 2024. She announced that the government will offer financial support for loans up to Rs 10 lakhs for higher education at domestic institutions.

Budget 2024 | On Education loans, FM Sitharaman says,”Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions.” pic.twitter.com/nH3daipqEW

— ANI (@ANI) July 23, 2024

During her Budget speech, the Finance Minister proposed updating the Model Skill Loan Scheme to benefit up to 25,000 students annually. As part of this proposal, e-vouchers will be issued for loans up to Rs 10 lakh for higher education in domestic institutions, with a target of reaching 1 lakh students each year. “Students can benefit from an annual interest subvention of 3 percent on the loan amount,” Sitharaman stated in Parliament.

On Tuesday, Finance Minister Nirmala Sitharaman began presenting her seventh Union Budget in Lok Sabha at 11 am.

In the Union Budget 2024-25, she outlined nine key priorities aimed at creating significant economic opportunities. These priorities are productivity, employment, social justice, urban development, energy security, infrastructure, innovation, and reforms.

Chandigarh BJP unit’s meeting with Finance Minister sees low turnout

July 17, 2024, 9:07 pm

Recently, Union Finance Minister Nirmala Sitharaman had come to Chandigarh BJP office to have a detailed discussion with the workers about the defeat of BJP in the Lok Sabha elections. Chandigarh BJP President Jitendra Malhotra had invited BJP leaders to attend the program, but most of the leaders did not attend it. If party sources are to be believed, more than 150 leaders and workers were invited to attend it, while less than 100 leaders and workers attended it.

BJP refutes reports of absence of its members from the meeting

In this program for discussion with Nirmala Sitharaman, attendance of BJP leaders and workers invited by Chandigarh BJP was seemed like that of school children. The name of each leader and worker was read out from the register, and the leaders and workers sitting in front marked their attendance. Malhotra was also present there. There was a lot of discussion within the party about a large number of BJP leaders and workers not attending this meeting, although no one from the party is ready to speak openly about this. Chandigarh BJP spokesperson Sanjeev Rana says that this is not the case. Everyone was present there. He said that everyone was present in the program. No one was absent.

Satyapal Jain was reportedly not invited to the meeting

On one hand, many questions are being raised on Malhotra regarding Sanjay Tandon’s defeat in Chandigarh BJP. On the other hand, factionalism is also visible openly in the party. Satyapal Jain was not invited to Nirmala Sitharaman’s program. Whereas Jain had attended a program of a social service organisation as the chief guest on the same day. Jain’s close associates say that he was not invited to attend the program. Former Chandigarh BJP Mayor Divesh Moudgil was also not invited to this program. Apart from business leader and Confederation of All India Trade Chandigarh unit president Harish Garg, many leaders were not invited.

FM Nirmala Sitharaman To Convene Crucial Pre-Budget Meeting With Industry Leaders On June 20

June 17, 2024, 6:45 pm

Finance Minister Nirmala Sitharaman is scheduled to hold pre-budget consultations with industry associations on June 20 evening at North Block.

Representatives from organizations such as FICCI, CII, Assocham, and PHD Chamber of Commerce and Industry will present their budget suggestions and recommendations during the meeting, which is part of the government’s annual process to gather feedback from key stakeholders ahead of the Union Budget. The budget is expected to be presented in Parliament in the third week of July.

Before meeting with the Finance Minister, industry associations will also meet Revenue Secretary Sanjay Malhotra on June 18. Discussions will encompass a wide array of topics including tax reforms, industry incentives, economic growth strategies, and support for SMEs. This will mark the first budget of the Modi government’s third consecutive term, following the interim budget presented by Nirmala Sitharaman on February 1 ahead of the Lok Sabha elections. She has previously presented six consecutive budgets and will set a record with the upcoming full-fledged budget for the new term of the BJP-led National Democratic Alliance government.

Union Budget 2024 Date Confirmed: FM Nirmala Sitharaman to Present on July 23

June 14, 2024, 12:54 pm

The Union Budget 2024 is scheduled to be announced by Finance Minister Nirmala Sitharaman on July 23, marking the first comprehensive budget under the Modi 3.0 government’s tenure. According to a report by ET, Prime Minister Modi’s administration aims to address challenges in agriculture, job creation, sustain capital expenditure momentum, and boost revenue growth to maintain fiscal consolidation.

Simplifying Goods and Services Tax (GST) and easing tax compliance burdens are also key priorities for the government. The upcoming budget is expected to integrate elements from Prime Minister Narendra Modi’s 100-day plan, focusing on expanding production-linked incentive (PLI) schemes, particularly in labor-intensive sectors like leather.

This will be Finance Minister Nirmala Sitharaman’s seventh consecutive budget presentation. Her previous budget in February was an interim one, coinciding with the Lok Sabha elections scheduled between April and May. The interim budget emphasized economic policies to foster growth, inclusive development, productivity enhancement, and opportunities across society.

The government has outlined special attention to the eastern region, encompassing Bihar, Jharkhand, Chhattisgarh, Odisha, and West Bengal, aiming to transform them into growth engines as part of the vision to achieve India’s development by 2047.

Budget 2024: Why FM Nirmala Sitharaman Will Present Budget Twice This Year

June 12, 2024, 12:53 pm

On Wednesday, Nirmala Sitharaman took on the role of union finance minister for her second consecutive term, preparing to present the full union budget in July 2024.

Anticipation is building for the full budget, where she is expected to outline the vision for the next five years and introduce key policy announcements. A major focus will be on addressing unemployment through measures to boost manufacturing.

Sitharaman, India’s first full-time woman finance minister, has presented six budgets, including one interim budget. In the interim budget for FY25, she adhered to tradition by sticking to vote-on-account measures only.

Detailed Explanation:

Interim Budget: At the beginning of the year, the finance minister presented an interim budget on February 1. This temporary financial statement is designed to keep the government operational until the new government takes office.

The interim budget includes necessary expenditures and allocations but typically avoids major policy announcements or changes. This practice ensures continuity of government functions and funding until a new government is established post-election.

Full Budget: Following the general elections, the newly elected government presents a full budget for the financial year. This year, the budget is expected to be presented in July. The full budget will detail the new government’s economic policies, expenditures, and revenue plans for the entire fiscal year, reflecting the administration’s priorities and policy changes.

Why Two Budgets?

This dual-budget approach ensures that the outgoing government does not make long-term commitments or major policy changes right before an election, allowing the incoming government to implement its financial strategies and policies. This standard practice in India during election years facilitates the transition between the outgoing and incoming administrations.

A union budget is valid until the end of the financial year on March 31, giving the government financial authority only until that date. For government expenditure occurring between March 1 and the formation of a new government, the incumbent government needs Parliament’s permission to incur costs during the interim period. Thus, the interim budget is released.

Sitharaman : Bad Loans During UPA Stifled Credit Needs Of Startups & Small Businesses

May 31, 2024, 2:19 pm

Finance Minister Nirmala Sitharaman accused the Congress-led UPA government of exacerbating the bad loans crisis, which hampered the credit needs of millions aspiring to start businesses. Sitharaman launched a scathing attack on the Congress and its allies, alleging favoritism towards dynasts and cronies, leaving ordinary Indians struggling.

In a series of social media posts, Sitharaman criticized the UPA’s banking policies, blaming them for keeping the poor and middle class excluded from banking services for years. She praised the Modi government’s reforms, which she claims revitalized the banking sector, emphasizing measures like the Insolvency and Bankruptcy Code (IBC) and the Fugitive Economic Offenders Act.

Sitharaman clarified that there have been no loan waivers for industrialists, only write-offs followed by active recovery efforts by banks. She highlighted the success of recovery efforts, citing figures from the Directorate of Enforcement (ED) regarding bank fraud cases.

She attributed the Non-Performing Assets (NPAs) crisis to the UPA era, where loans were allegedly granted based on political connections rather than business viability. Sitharaman noted the significant improvements in the banking sector under the Modi government, with public sector banks recording record profits and reduced NPAs.

Overall, Sitharaman painted a picture of transformation from a banking crisis to a robust financial sector, crediting the government’s policies for the turnaround.

Sitharaman calls for proactive govt-industry alliances

May 18, 2024, 3:53 am

Finance Minister Nirmala Sitharaman, during her address at the annual business summit 2024 of the Confederation of Indian Industry (CII), urged industry leaders to capitalize on national and global opportunities through collaborative efforts between the government and industry. She emphasized India’s commitment to becoming a developed nation by 2047, highlighting the stability of its policies, corruption-free decision-making processes, facilitative government policies, and robust legal framework, making it an attractive business destination. Sitharaman affirmed the private sector’s pivotal role in achieving this goal, with the government serving as a facilitator and enabler in the process.

Articulating her vision for a new India, the Finance Minister identified four key opportunities for growth across all sectors of the economy. Firstly, she emphasized India’s compelling growth story, projected to significantly contribute to global economic growth, as acknowledged by international bodies such as the IMF and S&P. Sitharaman also noted the country’s expanding consumer market, expected to double by 2031, along with increasing spending on financial services, ensuring sustained economic growth.

Furthermore, Sitharaman highlighted India’s transition towards green energy and a sustainable future as catalysts for new markets and increased demand. She underscored the government’s focus on initiatives such as promoting solar energy, green hydrogen, and green ammonia, which would not only create job opportunities but also align with global sustainability goals.

Addressing the need for enhanced manufacturing competitiveness, Sitharaman emphasized the government’s commitment to supporting India’s integration into the global value chain through conducive policies. She noted India’s attractiveness as an investment destination, particularly in light of the “China plus one” strategy adopted by global investors to diversify their operations.

Additionally, Sitharaman acknowledged the industry-government partnership in addressing various issues, including tax reforms, GST compliance, and fostering a capital expenditure-led growth strategy. CII President R. Dinesh commended the Finance Minister for her efforts in controlling fiscal deficits while supporting economic growth.

The ceremony also honored KV Kamath, former Chairman of ICICI and Chairman of the National Bank for Financing Infrastructure and Development, with the CII President’s Award for his significant contributions to the industry and society.

FM Nirmala Sitharaman Refutes Opposition’s Claim On PSU

May 8, 2024, 12:58 pm

Finance Minister Nirmala Sitharaman recently addressed the opposition’s criticisms about the state of Public Sector Undertakings (PSUs) in India, particularly those made by the Indian National Congress (INC) and its leader Rahul Gandhi. Sitharaman took to her official social media account on X to counter these claims, stating that the assertions of PSUs being dismantled and in disarray under the current government are unfounded.

She provided a range of statistics and examples to demonstrate the significant transformation and growth of PSUs under Prime Minister Narendra Modi’s leadership, contrasting it with the neglect they experienced during the Congress-led UPA regime.

The Finance Minister also addressed the Congress party’s approach to defense and import dependency, stating, “Rahul Gandhi had also maliciously attacked Hindustan Aeronautics Limited (HAL). Contrary to his claims, under PM Narendra Modi, HAL’s market valuation has skyrocketed by 1370 percent in merely 4 years, rising from Rs 17,398 crore in 2020 to Rs 2.5 lakh crore as of May 7, 2024. HAL on 31st March 2024 announced its highest-ever revenue of more than Rs 29,810 crore for FY 2023-24 and has a robust order book of over Rs 4,000 crore. These figures hardly suggest a “weakening” institution but rather one experiencing significant fortification.”

The finance minister underscored the remarkable progress of public sector enterprises (PSEs) under the current government, noting a substantial increase in their net profit and net worth. According to her, the net profit of all state-run companies surged by 87 percent from FY14 to FY23, reaching Rs 2.41 lakh crore, while the net worth escalated by 82 percent to Rs 17.33 lakh crore.

Regarding market performance, Sitharaman pointed out significant growth in the market capitalization of 81 listed PSU firms over the past decade, rising by 225 percent. She highlighted the impressive returns of nearly 78.8 percent by Nifty CPSE, outperforming both Nifty 500 (27.4 percent) and Nifty 50 (22.5 percent).

She further emphasized the high investor confidence, citing Compound Annual Growth Rates (CAGR) ranging from 76 to 100 percent for the top 15 CPSEs. Additionally, she highlighted the PSU index’s remarkable surge of over 300 percent, surpassing the BSE Sensex’s 70 percent gain between 1999 and 2004. She compared this with the 60 percent gains for PSUs compared to Sensex returns between 2009 and 2014.

Sitharaman highlighted the resurgence of PSUs like Hindustan Aeronautics Limited (HAL) under the Modi government, stating, “Repeated claims from the INCIndia ecosystem and Rahul Gandhi in particular that Public Sector Undertakings (PSUs) are being dismantled & are in disarray under the current government are a textbook example of ‘Ulta Chor Kotwal Ko Daante.'”

Moreover, the finance minister noted the significant growth of Hindustan Aeronautics Limited (HAL), whose valuation has soared to Rs 2.5 lakh crore within four years. HAL achieved its highest-ever revenue in FY24 and boasts a robust order book of Rs 94,000 crore.

Repeated claims from the @INCIndia ecosystem and @RahulGandhi in particular that Public Sector Undertakings (PSUs) are being dismantled & are in disarray under the current government are a textbook example of 'Ulta Chor Kotwal Ko Daante,' as the facts reveal a very different…

— Nirmala Sitharaman (@nsitharaman) May 8, 2024

Regarding claims of job losses after disinvestment, Sitharaman cited Air India as an example, stating, “Let’s take Air India, for an example. It was a pre-condition of the govt to the buyer that there would be NO removal or retrenchment of employees for a period of 1 year. Also, even after 1 year, there will be a voluntary retirement offer before retrenchment on terms no less favourable than maximum benefits. PF and gratuity benefits were also offered as per laws.

After a transparent disinvestment, there has been a notable improvement in operations. Air India has seen significant growth in employment opportunities, with over 7500 NEW employees (both flying and ground staff) having joined the company since privatization. So, far from losing jobs, thousands have joined the company. Air India is set to acquire 470 aircraft from Boeing and Airbus for its fleet expansion at an estimated cost of USD 70 billion.”

Sitharaman concluded by asserting that the claims made by the INC and Rahul Gandhi regarding PSUs are baseless, stating, “FM Sitharaman asserted that the claims made by the INC and Rahul Gandhi regarding PSUs are baseless, as the facts reveal a different picture of growth, revitalization, and enhanced performance under the Modi government.”

FM Sitharaman Foresees Tesla’s Arrival as a Catalyst for India’s Manufacturing Landscape

April 19, 2024, 11:46 pm

Finance Minister Nirmala Sitharaman remarked on Thursday, April 18, that Tesla’s interest in establishing operations in India would convey a positive message globally. She emphasized that the presence of a major manufacturing player like Tesla in India would enhance the country’s manufacturing environment and validate its policies, potentially benefiting India’s exports.

Tesla holds several advantages as one of the pioneering companies in the electric vehicle (EV) industry worldwide. The company’s strong brand recognition, established global plants, advanced technology, proven performance, extensive charging network, and control over its supply chain contribute to its resilience. Additionally, Tesla’s early entry into the market allows it to pursue aggressive expansion strategies and innovative business models, such as direct sales and subscription services.

NITI Aayog CEO Amitabh Kant also expressed optimism about India’s new EV policy facilitating Tesla’s entry into the Indian market. The policy offers various incentives, including reduced customs duties and import limitations linked to investment commitments, to attract international manufacturers to establish production facilities in India.

However, Kant acknowledged the challenge of developing infrastructure to support long-distance travel for EVs, particularly the limited availability of charging stations. He highlighted the importance of green hydrogen for long-distance transportation while noting that electric vehicles would dominate the two-wheeler, three-wheeler, and four-wheeler segments. Kant emphasized the need for a vast number of charging stations in India and mentioned Tesla’s initiative to make its charging stations interoperable, enabling other vehicles to utilize them.

White Paper has exposed the Congress: Anurag Thakur

February 11, 2024, 11:33 am

Union Minister Anurag Thakur claimed on Sunday that the Centre’s ‘White Paper’ on the Indian Economy, released in Parliament, had ‘exposed’ Congress.

He said, “The White Paper has exposed the Congress…Family was important for Congress. The policies of Congress have caused great harm to the country…”, ANI reported.

“The question arises: how did Congress keep looting the country? How did it keep pushing the country backward…We remained silent for the last 10 years in the interest of the country. If we had wanted, we could have brought the white paper earlier also,” he added.

The report, which was issued by the Ministry of Finance, effectively compares the 10-year record of economic governance under the Congress-led UPA governments (2004-05 and 2013-14) to the 10-year record of the BJP-led NDA governments (2014-15 and 2023-24).

Finance Minister Nirmala Sitharaman on Saturday accused the Congress-led UPA government of failing to leverage on the excellent economic climate that it inherited from the Vajpayee government and there was “ill-targeted, reckless fiscal policy, ill-targeted subsidies and wasteful expenditure for political gains”.

“Gur ko gobar karna Congress ki mastery hai (Congress is expert in frittering away advantage),” She remarked this in response to the Rajya Sabha debate on the White Paper on the Indian Economy. The paper compares ten years of the UPA government to ten years of the BJP-led government led by Prime Minister Narendra Modi.

She stated that the administration delayed releasing the White Paper in order to minimize a negative impact on the economy in terms of investor mood as the “entire world was using the term ‘Fragile Five’ for our economy.”

“Today, when we are bringing the White Paper, it is because we have brought the economy to a certain level and that level gives us the confidence that we are able to now say that within the next few years, and that is why the PM keeps saying ‘In my third term surely the economy will reach third rank.’ This is not without reason,” she said.

Sitharaman to lay White Paper on Indian Economy in Lok Sabha

February 8, 2024, 3:53 pm

On Thursday, Finance Minister Nirmala Sitharaman is set to present a White Paper on the Indian economy to the Lok Sabha, as per the supplementary list of business for February 8. This initiative comes amidst the ongoing budget session, which commenced with President Droupadi Murmu’s address to the joint sitting of both Houses on January 31. Notably, this session marks the final gathering of the current Lok Sabha before the upcoming general elections anticipated to be held in April-May this year.

In the union budget unveiled on February 1, the government announced its intention to release a ‘White Paper’ to evaluate the economic performance during the tenures of both the Congress-led UPA government and the BJP-led NDA government over the past decade. Sitharaman, while presenting the interim budget for 2024-25 in Parliament, emphasized the significant strides made by the Modi administration since assuming office in 2014, overcoming economic challenges and steering the nation towards sustainable growth.

She stated, “The crisis of those years has been overcome, and the economy has been put firmly on a high sustainable growth path with all-round development.” Sitharaman highlighted the government’s commitment to transparency and accountability by announcing the presentation of the White Paper, aimed at assessing the economic trajectory from pre-2014 to the present, with a focus on learning from past shortcomings.

Emphasizing the government’s dedication to the welfare and progress of the nation, she remarked, “The exemplary track record of governance, development and performance, effective delivery, and ‘Jan Kalyan’ has given the government trust, confidence and blessings of the people to realize, whatever it takes, the goal of ‘Viksit Bharat’ with good intentions, true dedication and hard work in the coming years and decades.”

The budget session, originally scheduled to conclude on February 9, has been extended by a day.

“This is secularism in action, reduces corruption, prevents nepotism”: Nirmala Sitharaman

February 1, 2024, 1:49 pm

Finance Minister Nirmala Sitharaman, during her Interim Budget 2024 presentation, emphasized that the BJP-led Central government has transformed the concept of social justice into a governance model. She stated that social justice was previously a political slogan but has now been integrated into the government’s policies, leading to effective governance.

Sitharaman highlighted the practical implementation of secularism, reduction in corruption, and prevention of nepotism under the current government’s approach. She noted that the saturation approach, covering all eligible people, represents the true and comprehensive achievement of social justice.

The Finance Minister underscored the government’s commitment to ensuring equal opportunities for all citizens, regardless of their social standing. She emphasized transparency, assurance that benefits reach all eligible individuals, and the government’s focus on outcomes rather than outlays for achieving socioeconomic transformation.

In terms of fiscal policies, Sitharaman set the fiscal deficit target for 2024-25 at 5.1% of GDP. The government aims to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. Additionally, she announced that there would be no changes in tax rates for direct and indirect taxes, including import duties, providing relief to citizens.

The Finance Minister concluded her budget presentation with a positive outlook, expressing the government’s determination to continue fostering inclusive growth and development. The Interim Budget 2024 is expected to undergo thorough scrutiny and debates in the coming days in Parliament as stakeholders assess its potential impact on the nation’s economic trajectory.

Govt will encourage vaccination for girls to prevent cervical cancer: Nirmala Sitharaman

February 1, 2024, 1:23 pm

During her interim budget speech, Union Finance Minister Nirmala Sitharaman announced the government’s initiative to encourage vaccination for girls aged 9 to 14 years to prevent cervical cancer. She highlighted the government’s commitment to improving healthcare services by setting up more medical colleges and serving the people.

“Several youth aspire to become doctors to serve our people through improved healthcare services. Our government plans to establish more medical colleges by utilizing existing hospital infrastructure under various departments. A committee will be set up to examine the issues and make relevant recommendations,” Sitharaman stated.

She also mentioned the extension of health coverage under the Ayushman Bharat scheme to all ASHA and Anganwadi workers and helpers. Sitharaman emphasized the consolidation of various schemes for maternal and child care into one comprehensive program for effective implementation.

“Upgradation of Anganwadi centers under ‘Saksham Anganwadi and Poshan 2.0’ will be expedited for improved nutrition delivery, early childhood care, and development,” she added. Additionally, the Finance Minister announced the swift rollout of the newly designed U-WIN platform for managing immunization and intensified efforts of Mission Indradhanush throughout the country.

The ‘Ayushman Bhav’ initiative aims to saturate healthcare services in every village or town, ensuring accessibility to healthcare for everyone in society. The initiative includes interventions such as ‘Ayushman – Apke Dwar 3.0’, ‘Ayushman Sabhas’, ‘Ayushman Melas at Health and Wellness Level and Medical Camps by Medical Colleges at CHCs,’ with the goal of achieving the status of ‘Ayushman Panchayat’ or ‘Ayushman Urban Ward’ in saturation mode for Gram/Nagar Panchayats or Urban Wards.

PM SVANIDHI helped 78 lakh street vendors, says FM Sitharaman

February 1, 2024, 1:00 pm

On Thursday, Union Finance Minister Nirmala Sitharaman declared that 78 lakh street vendors nationwide would now be eligible for loan assistance through PM SVANIDHI, a flagship program that focuses on street vendors.

“PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups PM Vishakarma Yojana provides end to end support to artisans and craftspeople Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind,” the Finance Minister said while presenting the interim Budget 2024-25

She said that the Prime Minister’s Street Vendor’s Atma Nirbhar Nidhi, or PM SVANIDHI, has been essential in giving financial support to the street vending community, enabling them to sustain and grow their businesses. Notably, out of this total, 2.3 lakh street vendors have received credit for the third time, showcasing the success and sustainability of the scheme.

Sitharaman also discussed the effects of PM JANMAN Yojana, which focuses on Particularly Vulnerable Tribal Groups (PVTGs), in addition to PM SVANIDHI. By providing them with possibilities for socioeconomic development and support, the project seeks to empower these underprivileged populations.
Additionally, the Finance Minister emphasized the PM Vishakarma Yojana, which aims to offer complete assistance to artists and craftspeople. This program recognizes the value of maintaining and advancing traditional crafts, which helps the artisan community as a whole flourish.

Another significant mention in the Interim Budget was the Scheme for the Empowerment of Divyang (Persons with Disabilities) and transgender people.

Sitharaman, who also emphasized the necessity for inclusive policies that take into account the particular difficulties these communities confront.
Through chances for work, education, and general societal integration, the program seeks to empower Divyang and transgender people and integrate them into society.

Indian economy witnessed profound positive transformation in the last 10 years: FM Nirmala Sitharaman

February 1, 2024, 12:58 pm

During the interim budget presentation in Parliament, Finance Minister Nirmala Sitharaman proclaimed that the Indian economy has undergone a significant positive transformation over the past decade. She emphasized the government’s commitment to inclusive development under the vision of “Sabka Saath, Sabka Vikas, and Sabka Vishwas.”

“In the second term, our government strengthened its vision of Sabka Saath, Sabka Vikas, and Sabka Vishwas,” Sitharaman stated, underscoring the government’s continuous dedication to the welfare of all citizens. Despite the challenges posed by the once-in-a-century pandemic, Sitharaman noted the country’s successful strides towards building an Atmanirbhar Bharat (self-reliant India), committed to Panch Pran and laying solid foundations for the Amrit Kaal.

“The country overcame the challenges of the once-in-a-century pandemic to clang stride towards Atmanirbhar Bharat committed to Panch Pran and laid solid foundations for the Amrit Kaal,” said Sitharaman.

Addressing concerns about food security, Sitharaman announced the elimination of worries through the provision of free ration for 80 crore people.

“The worries about food have been eliminated through free ration for 80 crore people,” stated the Finance Minister. She highlighted the impact of Direct Benefit Transfer (DBT), noting that savings through DBT channels have enabled more funds for the PM Garib Kalyan Yojana, a welfare program for the economically disadvantaged.

“With the pursuit of Sabka Saath, the government has assisted 25 crore people to get freedom from multidimensional poverty in the last 10 years,” Sitharaman mentioned during her Budget speech.

Emphasizing the need to focus on four major pillars— the poor, women, youth, and annadatas (farmers), she declared, “We need to focus on four major pillars — poor, women, youth, and annadatas.”

Highlighting achievements in skill development, Sitharaman noted that the Skill India Mission has successfully trained 1.4 crore youth, contributing to their empowerment and employability. She reiterated the government’s commitment to inclusive governance, describing the administration under Prime Minister Modi as “secularism in action.”

“In the last 10 years, we have targeted every household for houses for all, water for all, and cooking gas for all,” Sitharaman declared, emphasizing the comprehensive approach towards addressing basic needs and improving living standards.

Additionally, she revealed that 34 crore Mudra Yojana loans have been extended to women entrepreneurs, promoting financial inclusion and empowerment.

“34 cr Mudra Yojana loans have been given to women entrepreneurs,” said the Finance Minister. The budget presentation concluded with a positive outlook, signaling the government’s determination to continue fostering inclusive growth and development.

As the nation navigates through the uncertainties of the present and builds towards the future, the budget reflects a commitment to the welfare and progress of all citizens. The Budget 2024 is expected to undergo thorough scrutiny and debates in the coming days in the Parliament as stakeholders assess its potential impact on the nation’s economic trajectory.

Budget 2024: Fiscal deficit target pegged at 5.1%

February 1, 2024, 12:45 pm

Finance Minister Nirmala Sitharaman presented the Budget 2024 on Thursday. She pegged the fiscal deficit target for 2024-25 at 5.1% of Gross Domestic Product.

In 2023-24, the government initially set the fiscal deficit target at 5.9 percent of GDP but later revised it downward to 5.8 percent, representing the variance between total revenue and expenditure. The fiscal deficit is indicative of potential government borrowings. The government aims to bring the fiscal deficit below 4.5 percent of GDP by the fiscal year 2025-26.

There were no alterations or increases in the tax burden on citizens, adhering to the convention of maintaining existing tax rates for both direct and indirect taxes, including import duties. However, certain expiring tax benefits for start-ups and investments made by sovereign wealth or pension funds, along with tax exemptions for specific income of certain International Financial Services Centre (IFSC) units, were extended until 31.03.2025.

The government proposed an 11.1 percent increase in the capital expenditure outlay to Rs 11.11 lakh crore in 2024-25, focusing on setting up long-term physical or fixed assets. This follows a 33 percent increase in the capital expenditure outlay to Rs 10 lakh crore in 2023-24, constituting 3.3 percent of the GDP, in the last full Budget under the Prime Minister Narendra Modi-led government’s second term.

The significant boost in capital expenditure plays a crucial role in enhancing growth potential, job creation, attracting private investments, and providing resilience against global challenges.

The interim budget, presented today, caters to financial requirements until a new government is formed after the Lok Sabha polls. The new government is expected to present a full budget in July. With this budget presentation, Finance Minister Sitharaman matches the record set by former Prime Minister Morarji Desai, who, as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.

The Budget Session of Parliament commenced with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The President highlighted the historic achievements of the country in 2023, maintaining momentum as the fastest-growing major economy.

The Ministry of Finance anticipates India’s economy to grow close to 7 percent in the fiscal year 2024-25, beginning in April. The Indian economy expanded by 7.2 percent in 2022-23 and 8.7 percent in 2021-22, with expectations of growing by 7.3 percent in the current fiscal year 2023-24, retaining its status as the fastest-growing major economy.

Villagers Name Road After Nirmala Sitharaman for Advocating Flyover Construction

December 28, 2023, 5:16 pm

The villagers of Ramanathapuram city, Tamil Nadu named a road after the Union Finance Minister of India, Nirmala Sitharaman. This recognition comes after the Minister advocated for the construction of a flyover in Landhai village located near Ramanathapuram.

The villagers had been protesting for over 14 years demanding the closure of a railway tunnel and construction of a flyover in Landhai village to significantly benefit the affected communities. In response, Sitharaman took a proactive approach by requesting funds for the flyover project.

Through a video conference, Sitharaman stated that the flyover construction is expected to be completed within four months. A bridge will also be built soon to protect the agriculture and livelihoods of 2,000 people. She urged full public cooperation to ensure timely completion.

Earlier, during a flood relief visit, the Bharatiya Janata Party President of Ramanathapuram District had informed the State President and Sitharaman directly about the villagers’ demand. Subsequently, Sitharaman visited Landhai village and received a petition regarding the demand from the public.

On the first day of receiving the petition, Rs. 17 crore and 32 lakhs were allocated for Lantai village. The people of Lanthai village and five nearby villages started celebrating upon learning about fund allocation for the flyover project.

A special resolution was passed during a village meeting thanking the District BJP President. The road board was unveiled naming the road after Sitharaman in recognition of her facilitating the fund allocation for the flyover construction.

Several leaders from the local BJP unit, including the District President, Agriculture Team State Secretary and District General Secretary were present on the occasion.

‘It’s a Shameful Statement: Union Minister Sitharaman Slams CM Nitish Kumar’s Remark on Birth Control

November 9, 2023, 4:50 pm

Union Finance Minister Nirmala Sitharaman sharply criticized Bihar Chief Minister Nitish Kumar over his recent comments on population control, deeming them “shameful.” Sitharaman’s rebuke came during her visit to Bhopal, where she is actively participating in the campaign for the impending Madhya Pradesh assembly election scheduled for this month.

Expressing her dismay, Sitharaman pointed out the absence of strong condemnation from leaders of the INDIA bloc and Congress family regarding Kumar’s remarks. She underscored the disturbing mentality displayed by the alliance, emphasizing that women were being viewed primarily as a vote bank rather than as individuals with rights and dignity.

Kumar’s controversial statements were made during a debate on caste census in the Bihar Assembly, where he suggested that educating women would lead to a reduction in sexual intercourse and, consequently, control population growth.

Despite Kumar’s subsequent apology on Wednesday, Sitharaman stressed the importance of more robust condemnation from political leaders. She highlighted the need for a deeper understanding and respect for women’s autonomy and rights within the political discourse.

In contrast, Sitharaman commended the Madhya Pradesh government for its strides in healthcare and development. She cited a substantial increase in the number of medical colleges, growing from five to 30 over the past two decades. Additionally, medical seats surged from 620 to 4,000, contributing to improved healthcare infrastructure in the state.

Sitharaman also lauded the effectiveness of the Mukhyamantri Laldi Bahna Yojana, a scheme benefitting 1.32 crore women. These positive initiatives, according to Sitharaman, demonstrated the commitment of the Madhya Pradesh government to holistic development.

Madhya Pradesh is gearing up for polls on November 17, with voters set to elect legislators from 230 Assembly constituencies. The results of the election will be disclosed on December 3. The state remains a crucial battleground, with political leaders actively engaging in campaigning to secure support from the electorate.

Government to import tomatoes as part of controlling Inflation

August 11, 2023, 11:29 am

On 10 August 2023, Finance Minister Nirmala Sitharaman said the government is undertaking measures to control inflation. As a part of these measures tomatoes are being imported from Nepal to increase supply and meet the demand.

While participating in a debate on the no-confidence motion in the Lok Sabha, Sitharaman stated, “Lot of steps have been taken to contain inflation. Group of Ministers has been taking timely steps to control prices which are hitting common people.” Along with tomatoes many other items are also being imported.

The Finance Minister said Tur dal is being brought in from Mozambique, Urad dal will be imported from Myanmar, while around three lakh tonnes of onions have been brought in to create a buffer stock.

According to FM Nirmala Sitharaman, tomatoes are being brought in from Maharashtra and Karnataka, and distributed in Bihar, Delhi-NCR, Uttar Pradesh, Rajasthan, and West Bengal via the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) and other cooperative societies. Till now, the National Cooperative Consumers’ Federation of India Ltd. (NCCF) has dispensed 8.84 lakh kg of tomatoes in the mentioned states.

She added, “This will continue, and be increased…We have allowed imports from Nepal by removing import restrictions. The first lot will reach Varanasi, Kanpur, and Lucknow this week.” She also mentioned that the wholesale prices of tomatoes in Andhra Pradesh and Karnataka are reducing steadily.

Sitharaman also said that the NCCF is thinking to organize a mega sale of tomatoes in the Delhi NCR region at a subsidized rate of Rs 70 per kg this weekend, and many steps, like this, will further be taken.

FM Nirmala Sitharaman : Income Tax Dept sent 1 lakh notices for underreporting, non-filing of returns

July 25, 2023, 12:15 pm

According to Nirmala Sitharaman, Union Finance Minister, the Income Tax Department has issued about a lakh notices to people for failing to file returns or underreporting income in previous years. This year, we heard a lot of people ask, “What’s going on? Notices have come to us. Why are there so many notices being sent out? Simply put, that is more than what you have filed based on these two categories, where information is available. In her address to the 164th Income Tax Day on Monday, Sitharaman said, “There are reasons to believe that the income has been understated or, if there were non-filers, information is that they should have been filers.

“About one lakh notices were sent,” Sitharaman said, adding that the notices are expected to be cleared by the end of this fiscal 2023-24.
Under income tax law, officers can reopen past assessments of up to six years.
The Minister said the notices were not just thoughtlessly sent and noted she was assured by the Chairman CBDT, Nitin Gupta, that by March 2024, the entire one lakh notices will be cleared.

The Minister said that no tax assessee is going to face reopening of cases after 6 years, which was earlier 10 years, thanks to Prime Minister Narendra Modi. “This change was brought to benefit tax assessee,” she said.

Sitharaman praised the Income Tax department during her speech for increasing revenue without raising taxes on the general public. “Over the past three to four years, the tax rate has not increased, but revenue has increased and expectations have been met. Although tax rates have not increased, the government has seen an increase in revenue, efficiency, and the formalization of the economy, she continued.