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Nirmala Sitharaman to represent India at ADB Annual Meeting

May 4, 2025, 5:19 pm

Finance Minister Nirmala Sitharaman will head the Indian delegation at the 58th Annual Meeting of the Asian Development Bank’s (ADB) Board of Governors. The event will take place in Milan, Italy, from May 4 to May 7.

She will be joined by officials from the Department of Economic Affairs under the Ministry of Finance. Delegates from ADB’s member countries, representatives of the Board of Governors, and various international financial bodies will also attend.

Key events and discussions

Sitharaman will actively participate in major sessions of the meeting. These include the Governors’ Business Session and the Governor’s Plenary Session. She will also speak as a panellist in the ADB Governors’ Seminar on “Cross-Border Collaboration for Future Resilience.”

Bilateral meetings and strategic talks

During her visit, the Finance Minister will hold bilateral talks with her counterparts from Italy, Japan, and Bhutan. She will also meet the President of the ADB, the President of the International Fund for Agricultural Development (IFAD), and the Governor of the Japan Bank for International Cooperation (JBIC).

Engagement with diaspora and global leaders

Besides official meetings, Sitharaman will interact with members of the Indian community in Milan. She is also scheduled to engage with global think-tanks, CEOs, and business leaders. Additionally, she will take part in the NEXT Milan Forum at Bocconi University, where she will speak in a plenary session on “Balancing Economic and Climate Resilience.”

India’s FM Nirmala Sitharaman Heads to IMF-World Bank Meetings, Business Talks in Americas

April 20, 2025, 7:41 am

Finance Minister Nirmala Sitharaman has started an 11-day official trip to the United States and Peru. Her visit includes attending global economic meetings and engaging with top business leaders, the finance ministry confirmed on Saturday.

Stops in US: IMF-World Bank Meets, Stanford Talk, and CEO Meetings

During her US visit, Sitharaman will attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank. She will also take part in the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.

From April 22 to 25 in Washington, she will join key events such as the Development Committee Plenary, the IMFC Plenary, and the Global Sovereign Debt Roundtable (GSDR).

Alongside these events, she plans to hold bilateral talks with finance ministers from countries including the United States, United Kingdom, France, Germany, Argentina, Bahrain, Luxembourg, and Saudi Arabia. She will also meet officials like the EU Commissioner for Financial Services, Presidents of the ADB and AIIB, and the IMF’s First Deputy Managing Director.

Before heading to Washington, she will stop in San Francisco. There, she will attend a CEO roundtable with global fund managers and hold meetings with heads of major IT companies.

She will also deliver a keynote speech at Stanford University’s Hoover Institution on April 20. In addition, she will engage with the Indian community at a diaspora event in San Francisco.

Peru Visit: Strengthening Trade and Mining Partnerships

Sitharaman will make her first official visit to Peru from April 26 to 30. She will lead a high-level Indian delegation including finance officials and business leaders.

In Lima, she plans to meet Peru’s President Dina Boluarte and Prime Minister Gustavo Adrianzén. She will also hold talks with Peru’s Ministers of Finance and Economy, Defence, and Energy and Mines. These meetings aim to boost bilateral trade and economic cooperation.

The Finance Minister will chair the India-Peru Business Forum during her visit. Indian and Peruvian business leaders will explore opportunities for partnership.

The statement noted that Peru plays a crucial role in the global supply chain of key minerals and metals. The two sides are expected to discuss joint efforts in mining to enhance India’s resource security and build stronger value-chain links between their economies.

Community Interaction in Lima

To end her Peru visit, Sitharaman will meet the Indian diaspora in Lima and attend a community event to connect with Indian-origin residents living there.

Kunal Kamra Mocks Nirmala Sitharaman, Calls Her ‘Saree Wali Didi’ in New Video

March 26, 2025, 2:32 pm

Comedian Kunal Kamra again courted controversy with a latest video mocking Finance Minister Nirmala Sitharaman as ‘saree wali didi.’ He is so since he continues at the center of a political hurricane after making derogatory comments over Maharashtra Deputy Chief Minister Eknath Shinde. Shiv Sena workers caused protests and property damage by way of revenge in response to the comments made by Kunal Kamra.

Kunal Kamra Mock of Nirmala Sitharaman in New Video

In his recent video, Kunal Kamra targets India’s taxation policies, claiming that salaried professionals pay more in taxes than big businesses. In a tongue-in-cheek remark, he claims that the government convinces itself it is doing the country a great service.

“Desh me itni menghai Sarkar k sath aayi, logon ki lootne kamai, sadi wali did aayi, salary churani ye hai ayi, middle class dabane ye hai aayi, popcorn khilane ye hai aayi, khte hain isko, Nirmala tai” Kamra says in the video.

View this post on Instagram

A post shared by Kunal Kamra (@kuna_kamra)

Backlash Over Remarks on Eknath Shinde

Kamra’s ongoing controversy stems from his criticism of the 2022 split in Shiv Sena, where he labeled defectors as ‘traitors.’ This led to widespread outrage among Shiv Sena leaders, who stormed Mumbai’s Habitat Comedy Club, vandalizing the venue. Footage of the incident has circulated widely, intensifying political tensions.

On Tuesday, Kamra responded with another video, mocking the vandalism with a parody song,

“Hum Honge Kangal Ek Din, Mann Mein Hai Andhvishwas, Desh Ka Satyanash” (“We Will Be Poor One Day, There Is Blind Faith in the Heart, The Country Is Heading Towards Destruction”).

Hum honge kangaal
Hum honge kangaal
Hum honge kangaal ek din

Mann me andhvishvas
Desh ka satyanaash
Hum honge kangaal ek din

—Kunal Kamra? pic.twitter.com/9AJSW0QbA9

— Mohit Chauhan (@mohitlaws) March 23, 2025

Police Summons and Death Threats to Kunal Kamra

Amid the outrage, Mumbai Police had served Kunal Kamra a second summons when he had asked for time to report for questioning. Sources in NDTV say that over 500 death threats have been received by the comedian, some of whom had allegedly told him, “Kaat denge tumhe” (“We will cut you to pieces”).

Notwithstanding the outcry, Kamra continues to criticize the government and its defenders with satire, unmoved.

PM Modi’s Vision: How Textiles, Tourism, and Tech To Transform India

February 24, 2025, 1:46 pm

Prime Minister Narendra Modi emphasized the importance of textiles, tourism, and technology in driving India’s development. Speaking at the Madhya Pradesh Global Investor Summit in Bhopal, he said these sectors would generate millions of jobs.

Textiles as a Key Sector

PM Modi highlighted India’s strong position in textiles, noting that the country is the world’s second-largest cotton producer. He described Madhya Pradesh as the “cotton capital” of India, contributing 25% of the nation’s organic cotton supply. India ranks sixth globally in textile and apparel exports.

To boost India’s global standing in technical textiles, the government launched the National Technical Textiles Mission in 2020-21. The initiative, extended until 2025-26, has a financial outlay of ₹1,480 crore and aims to achieve $10 billion in technical textile exports. Currently, India’s exports in this sector range between $2 billion and $3 billion.

Water Security for Industrial Growth

PM Modi stressed the importance of water security in industrial development. He mentioned the government’s dual approach—focusing on water conservation and advancing the river interlinking mission. He highlighted the Rs 45,000 crore Ken-Betwa River Linking Project, which will enhance agricultural productivity across 10 lakh hectares of land.

Middle-Class Empowerment Through Tax Reforms

PM Modi also discussed measures to boost consumption and economic growth. He referenced the Union Budget, where Finance Minister Nirmala Sitharaman restructured tax slabs, making income up to ₹12 lakh tax-free. He emphasized that strengthening the middle class, the country’s largest taxpayer group, would increase demand for manufacturing and services. Additionally, he pointed out efforts to build a local supply chain to enhance self-reliance in manufacturing.

Budget 2025 Loophole: Why You Might Still Pay Tax Despite Earning Below Rs 12 Lakh

February 2, 2025, 1:53 pm

In the Union Budget 2025, Finance Minister Nirmala Sitharaman announced significant tax relief for individuals earning up to Rs 12 lakh annually. Under the proposed New Tax Regime, taxpayers within this income bracket can benefit from rebates under Section 87A, effectively reducing their tax liability to zero. However, exceptions apply, particularly concerning income from special rate categories like capital gains.

Who Still Pays Taxes Despite the Rebate?

While the rebate covers normal income, it does not extend to special rate income, including short-term capital gains (STCG) under Section 111A and long-term capital gains (LTCG) under Section 112. This means individuals earning Rs 12 lakh or less could still face tax obligations if part of their income comes from these sources.

Illustration of Tax Liability Scenarios:

Scenario 1: Rs 9 Lakh Salary + Rs 3 Lakh STCG
• Salary income of Rs 9 lakh qualifies for a full rebate under Section 87A, resulting in zero tax liability.
• STCG from equity investments is taxed at 20% (as per Budget 2024). • Tax calculation: Rs 3,00,000 × 20% = Rs 60,000.
• Total Tax Payable: Rs 60,000.
Scenario 2: Rs 9 Lakh Salary + Rs 3 Lakh LTCG
• Salary income up to Rs 12 lakh receives the full rebate, with zero tax liability. • LTCG from listed equities is taxed at 12.5%, with an exemption for the first Rs 1,25,000. • Taxable LTCG: Rs 1,75,000.
• Tax calculation: Rs 1,75,000 × 12.5% = Rs 21,875.
• Total Tax Payable: Rs 21,875.

While the Budget 2025 offers considerable relief for salaried individuals, those earning from capital gains will still face tax liabilities, underscoring the importance of understanding the nuances of the new tax regime.

Union Budget 2025: India Boosts AI with Rs 500 Crore Investment

February 1, 2025, 4:42 pm

During the Union Budget 2025, Finance Minister Nirmala Sitharaman unveiled several breakthrough projects aimed at accelerating India’s progress in artificial intelligence (AI) and deep tech innovation.

A noteworthy highlight was the disbursement of Rs 500 crore to establish a new Centre of Excellence in Artificial Intelligence for Education, emphasizing the government’s stated goal of incorporating artificial intelligence into the national learning environment.

Rs 500 Crores AI Center for Education

Sitharaman said while delivering the Lok Sabha Union Budget 2025, “I had declared in 2023 three centers of excellence in artificial intelligence for sustainable cities, health, and agriculture.” With an overall budget of Rs 500 crores, a center of excellence in artificial intelligence for education will be established now.”

The new AI center will concentrate on promoting creativity in the digital learning field, improving research, creating educational tools driven by AI, and therefore engaging on digital learning field. The project should improve the caliber of education, make students ready for a technology-led future, and increase access.

National Excellence Centers of Training

Trying to improve skill development, the finance minister also proposed five National Centres of Excellence for Skilling. In cooperation with worldwide partners, these centers will be established to support India’s &’Make for India, Make for the World&039; manufacturing vision.

Sitharaman said these centers would be created using worldwide agreements to help Make for the World, Make for India industry. The centers will concentrate on creating industry applicable courses, training coaches, establishing a structured skill certification system, and providing frequent evaluations.

Union Budget 2025: AI in India

The budget announcement comes just days after IT Minister Ashwini Vaishnaw revealed key recommendations for India’s first in-house large language model (LLM), similar to ChatGPT and DeepSeek. Moreover, the minister confidently stated that the AI model is expected to be completed within the next ten months.

India currently has 18,600 high-performance units in artificial intelligence infrastructure, well exceeding its initial aim of 10,000 GPUs. Among the models mentioned are the top-tier NVIDIA H100 and H200, as well as the MI325 series.

China’s DeepSeek AI was trained using 2,500 GPUs to contrast with OpenAI’s ChatGPT needing 25,000.

Vaishnaw underlined how this infrastructure would help India become a global artificial intelligence superpower. He noted: “This infrastructure will be crucial to the nation’s AI goal, as it will enable the building of models capable of challenging the top.” Being created to fit the linguistic and cultural diversity in India, the AI model guarantees inclusivity and availability.

Deep Tech Fund of Funds will Advance Bestirms

Another major budget highlight was the decision of the government to investigate a Deep Tech Fund of Funds meant to spur next-generation startups. Expectedly, this project will give financial support to creative tech-driven businesses, thereby nurturing entrepreneurship and fortifying the deep tech system of India.

India is rapidly progressing toward becoming a global leader in technology, thanks to these strategic investments in artificial intelligence, skilling, and deep technology. By laying a strong foundation for AI-powered education, workforce upskilling, and advanced research, the budget is effectively shaping a digital-first future.

Budget 2025: Sitharaman Unveils Rs. 10,000 Crore Fund of Funds to Boost Startup

February 1, 2025, 2:03 pm

Fresh funds for start-ups: Finance minister Nirmala Sitharaman promised a new crop of the scheme Fund of Funds for Start-ups (FFS) with a corpus of ₹10,000 crore on Saturday, reiterating the Modi government’s position on the start-up sector and innovation. The count of start-ups recognised by the department for promotion of industry and internal trade (DPIIT) has already crossed 1.5 lakh.

Launched originally in 2016, the FFS scheme has played an important role by making capital available to startups of various types, that is, early-stage, seed as well as growth-stage, without leaning too much on foreign investment. This scheme, which is administered by DPIIT and implemented by SIDBI, was earlier funded under the 14th and 15th Finance Commission cycles based on the performance and availability of funds.

Boosting Domestic Investments

According to her, this fund would also provide aid not just to small beginners but promote investments domestically into the industry.“This has led to several indigenous venture capital funds in the country that has made India a better stakeholder of the world startup hub,” Sitharaman said.

Ten years for Startup India

The renewed funding is in accordance with the action plan for Startup India, which was first announced on January 16, 2016, and has added much to the rising contours of startups in India. Increased domestic investments and innovation-led enterprises have been a result of this initiative, thus fueling entrepreneurial growth in the country.

By providing financial support and easing capital constraints, the government is pushing Indian startups to expand further and solidify its position as a global innovation leader.

Budget 2025: Is This Nirmala Sitharaman’s Shortest Speech, Lasts Only 1 Hour 14 Minutes

February 1, 2025, 1:45 pm

Finance Minister Nirmala Sitharaman delivered her eighth successive Union Budget speech on Saturday for fiscal year 2025-26. Her address lasted 1 hour and 14 minutes, which was the shortest budget speech of her eight years in the role.

Budget Speech Records for Sitharaman

Sitharaman is known to be the longest Budget speech in Indian history, delivered in 2020, for two hours and 40 minutes. She had to conclude that speech early, leaving two pages unread.

Her shortest Budget speech was actually made in February 2024 when she presented the interim budget in merely 56 minutes. The shortest budget speech in the history of India, however, was given by Hirubhai Mulljibhai Patel, who delivered an 800-word interim budget address in the year 1977.

At a time when the economy faces concerns of slowdown and increasing demands for tax relief to the middle class, Sitharaman presents the eighth successive Budget. “The tax proposals focus on income tax reforms, rationalization of TDS, and easing compliance,” she said while presenting the 2025-26 Budget. She also announced that the government will introduce a new Income Tax (I-T) Bill in Parliament next week.

Key Tax Reforms

Sitharaman declared that taxpayers earning up to ₹1.28 million ($14,800) per year will not have to pay income tax. The threshold for exemption is raised from ₹700,000.

Income tax rates have also been lowered for individuals earning above that threshold. The government estimates it will lose around ₹1 trillion in tax income due to these proposals, Sitharaman said.

Budget 2025: New Tax Slabs

Following are the revised tax slabs under the new tax regime for FY26:

Up to ₹4 lakh per annum – Nil
Between ₹4 lakh and ₹8 lakh – 5%
Between ₹8 lakh and ₹12 lakh – 10%
Between ₹12 lakh and ₹16 lakh – 15%
Between ₹16 lakh and ₹20 lakh – 20%
Between ₹20 lakh and ₹24 lakh – 25%
Above ₹24 lakh – 30%

There’s a massive difference in the new tax regime – the nil tax slab applies on annual incomes of up to ₹12 lakh, and up to ₹12.75 lakh in the case of salaried individuals if there is a standard deduction of ₹75,000.

Budget 2025: Full List of Price Drop and Hike on These Items

February 1, 2025, 1:13 pm

Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2025-2026, which is her eighth consecutive budget announcement. This is the second full budget of the Modi 3.0 government, which won another term in the 2024 Lok Sabha elections. The budget is focused on 10 key areas, including agriculture, manufacturing, employment, MSMEs, rural development, and innovation.
“This budget will work on transformative reforms,” Sitharaman said in her budget speech.

Items That Became Cheaper

The government has announced exemptions from Basic Customs Duty (BCD) on 36 cancer and rare disease drugs. Moreover, 37 more medicines will now be exempt from BCD.

To increase domestic production, the Centre announced full BCD exemptions for cobalt products, LED, zinc, lithium-ion battery scrap, and 12 critical minerals. The exemption on raw materials for ship manufacturing has also been extended for a decade. Wet blue leather will also get full exemption from BCD.

The duty on fish pasteurii was reduced from 30% to 5%. The government has also presented a scheme to further the handicraft export sector.

Items That Gained Costlier

The government has also increased BCD on interactive flat panel displays.It has enhanced the BCD of this product from 10% to 20% in order to rectify the inverted duty structure. Provision for provisional assessment has also been allowed within two years.

In the previous year’s budget, Sitharaman has announced cuts on customs duties on mobile phones, gold, silver, and copper. Three medicines meant to treat cancer have also been exempted.

The central government hiked customs duty on non-biodegradable plastics to 25% by 2024. The duty on specified telecom equipment has been raised from 10% to 15%.

Middle Class Gets Major Tax Relief: No Income Tax on Earnings Up to Rs 12 Lakh

February 1, 2025, 12:30 pm

According to Union Finance Minister Nirmala Sitharaman’s significant step under the new tax scheme, no income tax will be paid on earnings up to Rs 12 lakh or Rs 12.75 lakh including standard deductions. She gave the Union Budget 2025 on Saturday along with the proclamation.

Most of the middle class is expected to benefit from the relief, which will give them money and make the tax system more friendly for this income level. This change shows an effort to reduce their load by means of obtaining more tax relief for people in the Rs 12 lakh income range.

Though the tax relief for the middle class was one of the most anticipated, Finance Minister Sitharaman‘s Union Budget speech stated as well a several other financial measures. By encouraging both saving and consumer expenditure, the new tax provision should help the economy as a whole.

The statement is already under discussion by economists and the public; many of them are happy about the extra help and hope it will affect personal finances as well as the overall state of the market.

Union Budget 2025: Government to Provide ID Cards and Social Security for Gig Workers

February 1, 2025, 12:24 pm

Finance Minister Nirmala Sitharaman, in her Budget 2025 speech, announced that the government will issue ID cards to gig workers. These workers will also get healthcare benefits through a social security scheme. Moreover, the government will invest in street vendors, urban workers, and online platform workers to improve their financial security.

e-Shram Portal Registration and Financial Assistance

Gig workers will be registered on the e-Shram portal to ensure they receive proper benefits. Additionally, the PM SVANidhi scheme will be upgraded. It will offer higher bank loans, UPI-linked credit cards with a ₹30,000 limit, and training programs to enhance workers’ skills.

To further strengthen support, a committee with stakeholders has been formed to develop a framework for gig and platform workers’ welfare. At the same time, the Labour Ministry has urged aggregators to register themselves and their workers on the e-Shram portal.

New Legal Protections for Gig Workers

For the first time, the government has legally defined gig and platform workers in the Code on Social Security 2020. This law ensures their protection by covering life and disability insurance, accident coverage, health and maternity benefits, and retirement security.

Budget 2025 Focuses on Economic Growth

Sitharaman stressed that Budget 2025 will drive economic expansion, boost private investments, improve household income, and strengthen the middle class.

The budget session, which started on January 31, will run until April 4. This marks Sitharaman’s eighth budget presentation.

Meanwhile, the Economic Survey 2024-25 projects India’s GDP to grow between 6.3% and 6.8% in 2025-26. However, experts believe India must sustain an 8% growth rate for the next decade to fulfill its Viksit Bharat vision. The survey also points out that economic growth was slow in the first two quarters of the current fiscal year.

What is the Urban Challenge Fund? Key Highlights from Budget 2025

February 1, 2025, 12:24 pm

Finance Minister Nirmala Sitharaman announced the Urban Challenge Fund while presenting the Union Budget 2025-26 on Saturday, February 26. This is the eight successive union budget that she has presented.

What is the Urban Challenge Fund?

“The government will create an Urban Challenge Fund of ₹1 lakh crore to carry out proposals such as making cities growth hubs, creative redeveloping, and water and sanitation facilitates announced during the July budget, Sitharaman said.

She added that this fund will provide up to 25% of the costs of bankable projects, with at least 50% of the funding coming from bonds, bank loans, or Public-Private Partnerships (PPPs). An initial allocation of ₹10,000 crore is proposed for 2025-26.

Nirmala Sitharaman has outlined six key focus areas for transformative reforms: taxation, urban development, mining, the financial sector, power, and regulations. “That would mean, in this Budget, all the proposed development measures fall in 10 broad areas, and all focus on the poor, youth, farmers, and women,” she said.

Support for Gig Workers and Street Vendors

The finance minister announced that gig workers would also receive government-issued ID cards, entitling them to healthcare through a social security scheme. She also made a special focus on street vendors and urban workers. Registration of online platform workers on the e-Shram portal.

Advancing Artificial Intelligence and Medical Education

To take AI in education forward, the government will create a Centre of Excellence for Artificial Intelligence with an outlay of ₹500 crore.

Sitharaman also talked about increasing medical education. “The government will expand medical education with 1.1 lakh UG and PG seats over the next decade. In the coming year, 10,000 additional seats will be added,” she said.

The government intends to expand broadband connectivity to all government secondary schools and primary centers in rural areas. Moreover, 50,000 Atal Tinkering Labs will be established in government schools during the next five years.

Driving Inclusive Growth and Middle-Class Empowerment

Sitharaman pointed out that Budget 2025 continues the focus of the government on accelerating the growth of the economy, supporting inclusive development, encouraging private investments, and helping to lift sentiments at the household level. Measures are being brought in to help increase the expenditure capacity of the growing middle-class Indians.

The Budget session starting on January 31 will be concluded on April 4, 2025.

Budget 2025: What’s in Store for AI and Smartphone Prices?

February 1, 2025, 11:41 am

Tech enthusiasts and customers eagerly anticipate Smartphone price changes approaching Budget 2025. Many are asking if the new budget would lower mobile phone prices.

First, Let’s examine the prior year’s budget to see what Budget 2025 could produce. Finance Minister Nirmala Sitharaman’s major initiatives in 2024 helped to increase smartphone output in India. Reducing fundamental customs duty on mobile phones, chargers, and printed circuit design assemblies (PCDA) was one of the most significant metrics.

Ultimately consumer-friendly prices for smartphones came from lower manufacturing costs, brought by this cut. Mobile phone prices dropped clearly as a result, which helped both consumers and businesses.

What is to be expected in Budget 2025?

Should Budget 2025 introduce comparable tax cuts, smartphones could become even more affordable. The ultimate decision, though, depends on whether the government will reintroduce different measures to bolster the electronics production industry or keep these tax incentives running.

The affordability and availability of mobile devices in India will be affected by the policy direction irrespective.

High Expectations for the AI Industry

The artificial intelligence (AI) sector depends on Budget 2025 as much as it does on smartphones. Responsible AI development policies and others positioning India as a worldwide AI leader are what experts in the field anticipate.

MD of SAP Labs India, Sindhu Gangadharan, stresses the requirement for disciplined financing of deep tech startups and an emphasis on skill development. She emphasizes that artificial intelligence is vital for economic expansion and worldwide competitiveness as well as a driver of innovation.

A committed deep tech fund and closer cooperation among government, industry, and academia could help to advance artificial intelligence using India.

AI-Driven Infrastructure and Sustainable Solution Orientation

Experts also stress the part played in sustainable urban design and infrastructure creation by AI. Chinmay Hegde, CEO of Astrikos.ai, states, “To guarantee this, the Union Government should keep their attention on sustainable infrastructure and environmentally friendly projects in the next few years.”

Promoting efficient and sustainable urban mobility in urban design calls for more funds for artificial intelligence-enabled smart infrastructure and artificial intelligence-driven infrastructure management.”

By 2025, India’s smartphone and AI industries could be fundamentally transformed. Though customers want lower phone costs, the AI industry is eager for forward policies supporting creativity, infrastructure, and sustainability. These sectors in India will next grow according to the final budget decisions.

Nirmala Sitharaman Shares ‘Dahi-Cheeni’ Moment With President Before Presenting Budget

February 1, 2025, 11:32 am

Before introducing the Union Budget 2025, Finance Minister Nirmala Sitharaman met with President Droupadi Murmu at Rashtrapati Bhavan today. President Murmu gave Ms some ‘dahi-cheeni’ (yogurt with sugar) pursuant to custom. Sitharaman, a sign said to bring “luck.

Minister of State for Finance Pankaj Chaudhary and several senior officials attended Sitharaman’s presentation of critical elements of the Budget to the President. Following it, she went to Parliament to present her record eighth straight budget speech.

In 2019, Sitharaman started the practice of presenting the Budget on a digital tablet inside a traditional red &’bahi-khata&’ pouch; thus it was a break from the Budget briefcase from the British era. She has been giving the Budget online since 2021, thereby maintaining this custom for five years now. Preceding her, Arun Jaitley and Piyush Goyal used briefcases—a tradition dating back to the 1860s when British Chancellor William Gladstone carried his Budget in a red leather case.

India’s GDP growth for the financial year 2025-26 was forecast between 6.3 percent and 6.8 percent in the Economic Survey 2024-25 before the Budget. Starting January 31 with a double address by President Murmu, the Budget session of Parliament will run till April 4 with a recess between March 10 and February 13.

Economic Survey 2024-25: India’s Growth Outlook and Key Highlights

January 31, 2025, 1:52 pm

Finance Minister Nirmala Sitharaman today presented the Economic Survey 2024-25 in the Lok Sabha, ahead of the Union Budget 2025-26. This document, a product of India’s Chief Economic Advisor V Anantha Nageswaran, gives an overview of the economic performance of the country till now and how it is expected to fare in the ensuing fiscal year.

According to the Economic Survey, India’s GDP is projected to grow by between 6.3% and 6.8% in the fiscal year 2025-26. This projection aligns closely with the government’s official first advance estimate of 6.4%, highlighting the country’s resilience despite the ongoing challenges in the global economy.

The Survey is optimistic in tone and suggests that India’s economy is on course to be one of the world’s fastest-growing for a long time. Economic projections put forth indicate the strength and adaptability of the nation as it continues on its growth path charted even in the face of uncertainties worldwide.

Infrastructure and Rural Development

Forthcoming Budget is expected to be the one of Finance Minister Sitharaman, working on an economic growth model with considerable focus during her tenure, built particularly on the infrastructure and rural development sectors. The government has policies with reform initiatives to create sustainable and enduring growth and development. This is expected to be achieved with extensive changes-mostly in terms of slabs in income tax-and much higher infrastructural, rural, and education allocations.

The Economic Survey has highlighted the government’s strong emphasis on infrastructure. Capital expenditure on major infrastructure projects has risen by 38.8% from FY20 to FY24, which underscores the importance the government places on creating lasting infrastructure that will drive India’s future growth. These investments are expected to provide a foundation for the country’s economic performance, particularly in areas like transportation, energy, and urban development.

India Leads the Global IPO Market

Another important highlight of the Economic Survey is the impressive performance of India in the global IPO market. India’s share of global IPO listings skyrocketed from 17% in 2023 to a dominant 30% in 2024. This is an incredible feat that puts India at the top of the global list for primary resource mobilization.

However, this success was due to growth in investor confidence boosted by the effectiveness of the country in profitability, digital infrastructure, and significant economic reforms. Indian stock markets performed very well over the last decade with a compounded annual growth rate of 8.8% in Nifty 50. Though this is lower than the performance of US NASDAQ at 15.3%, it outperformed China’s Shanghai Composite that posted just 3.2%.

India’s rising share in the MSCI-EM index, which hit a record high of 20% in July 2024 before settling at 19.4% by December, emphasizes how Indian markets are becoming highly attractive worldwide. India has now taken the third position, after only China and Taiwan, showing its rising global economic influence.
The government’s commitment to long-term growth and infrastructure development.

This budget also highlights the government’s undeterred commitment to large-scale infrastructure projects. The capital expenditure for such sectors has grown at an astonishing rate of 38.8% between FY20 and FY24, reflecting the government’s focus on laying groundwork for long-term growth in the economy.

Infrastructure projects such as highways, railways, and airports, that are either underway or slated for the near future, are going to contribute immensely to improving India’s economic performance. Infrastructure is part of a larger set of initiatives aimed at creating jobs, improving connectivity, and bringing in private investment, which would ensure growth is sustained across a host of sectors.

Roadmap for Continued Economic Growth

This Economic Survey charts the future approach for the Union Budget 2025-26. As per the plan of the government, structural reforms that support sustaining economic growth are to be continued. Infrastructure shall remain a high priority item, and apart from infrastructure, the survey calls for reform in manufacturing, agriculture, and services sectors so that growth is remained with all sectors on an equal footing.

The overall outlook for the next fiscal is optimistic with strong GDP growth and continued growth in the key sectors, but global economic uncertainty will continue to pose a challenge for the government to push forward with further policy reforms for the long-term sustainability of Indian growth.

Union Budget Expectations

All eyes will now be on Finance Minister Nirmala Sitharaman, as she gears up to present the Union Budget 2025-26, which is eagerly awaited for its far-reaching reforms. Income tax amendments, funding in rural development, education, and infrastructure would top the agenda. The Economic Survey gives an insight into what the government thinks are its priorities and will lead to the Budget that builds upon what has been achieved so far.

All said and done, the Economic Survey 2024-25 puts together a whole view of how India is placed in terms of its current performance and what awaits it. Considering the GDP growth projection of between 6.3% to 6.8%, accompanied by infrastructure building and reforms, the Indian government is all set to keep growing the economy with its efforts over the next years.

Nirmala Sitharaman to Present Eighth Consecutive Union Budget in February 2025

January 27, 2025, 2:57 pm

Union Finance Minister Nirmala Sitharaman would make history presenting the eighth successive Union Budget on 1 February 2025. She would be the first finance minister who would deliver eight budgets in a row, equalling the record of former Finance Minister Pranab Mukherjee, who presented the Budget eight times. This is going to be the second Budget of the third term for the BJP-led NDA government.

Sitharaman is the first full-time female Finance Minister of India. She joined office in July 2019 and gave her first budget for the same year. So far, she has presented seven regular budgets, and also presented one interim budget in February 2024. For her eighth consecutive budget, let’s review the legacy of the Union Budget in India.
Record Holders for Union Budget Presentations

While Nirmala Sitharaman will soon reach the record of consecutive budget presentations, the overall record for the presentation of Union Budgets by an individual remains that of Morarji Desai. He presented ten budgets in his tenure, among which two were of interim budgets. He was in office between 1959 and 1963, and again from 1967 to 1969. It is a distinction that Desai enjoyed for presenting six successive budgets, one that remained intact for more than five decades, until Sitharaman presented her sixth successive Budget in July 2024.

Other notable Finance Ministers

P. Chidambaram, one of the most senior Congress leaders, has been presenting the highest number of Union Budgets – nine in total. His first was in 1996, another in 1997, and five consecutive between 2004 and 2008.The two latest budgets were in 2013 and 2014.Total, eight: three in the early 1980s, five consecutively from 2009 to 2012 by Pranab Mukherjee.

With eight successive budgets now presented by her, Nirmala Sitharaman would become the first person to surpass Mukherjee’s record of presenting eight successive Union Budgets. In fact, having already broken the record earlier set by Morarji Desai when she presented six successive budgets up to July 2024, Sitharaman has also marked a niche in India’s financial annals.

Union Budget 1950 Leak: How it Shook India’s Financial Transparency

January 25, 2025, 1:33 pm

The Union Budget for the financial year 2025-26 is all set to be presented by Finance Minister Nirmala Sitharaman in Parliament on February 1, 2025. This marks an important milestone as Sitharaman prepares for her second full-fledged budget under Prime Minister Narendra Modi’s third term, and her eighth budget presentation overall. She has previously presented six annual budgets and two interim budgets under the NDA-led government.

1950 Union Budget Leak

The process of printing the Union Budget has been transformed over the years to enhance security and confidentiality. The Budget was first printed at the Rashtrapati Bhavan press on Minto Road, Delhi. In 1950, a major leak from the press led to the shifting of the printing location. The leak made the government shift the printing to a more secure facility as it required stricter security measures.

The Union Budget printing process was shifted to the basement of North Block in Delhi in 1980. It is still printed from there. This sensitive operation has been housed within the premises of the Ministry of Finance and Ministry of Home Affairs located in North Block, which seems a more secure location.

Official lock-in Period starts after the ‘Halwa’ Ceremony

The official “lock-in” period of the Union Budget started on Friday, the day the ‘halwa’ ceremony took place. This has traditionally marked the opening of the Budget preparation process as well as marking the start of the high-intensity security blanket the Budget has since long been seen under. While in the lock-in period, the officials handling Budget preparation remain segregated from the outer world so as to have perfect secrecy.

John Mathai Incident and Resignation

It was during the 1950 Budget leak that John Mathai, who was the then Finance Minister, presented his Union Budget. Accusations have since arisen that Mathai had done too much to please influential quarters. In protest against the Planning Commission, Mathai resigned after presenting the Budget.

Security during Budget Preparation

The security surrounding the Union Budget today is unparalleled. The preparation of the budget team takes place under very strict scrutiny. The officials who are engaged are not allowed to use phones, and they cannot leave the premises before Finance Minister Nirmala Sitharaman has presented the Budget in Parliament. Such steps ensure that the contents of the Budget are secure and confidential until it is formally unveiled.

All are focused on Nirmala Sitharaman as the Union Budget for FY 2025-26 nears, being prepared under intense security and against historical background.

PM Modi To Holds Pre-Budget Consultation With Top 20 Economists in India

December 24, 2024, 11:00 pm

Prime Minister Narendra Modi interacted with a group of eminent economists and thought leaders in preparation for the Union Budget 2025-26 at the NITI Aayog premises on Tuesday afternoon.
The meeting was held on the theme “Maintaining India’s growth momentum at a time of global uncertainty”, a statement from Prime Minister’s Office said.

In his remarks, Prime Minister thanked the speakers for their insightful views. He emphasised that Viksit Bharat can be achieved through a fundamental change in mindset which is focused towards making India developed by 2047.

Participants shared their views on several significant issues including navigating challenges posed by global economic uncertainties and geopolitical tensions, strategies to enhance employment particularly among youth and create sustainable job opportunities across sectors, strategies to align education and training programs with the evolving needs of the job market.

Multiple renowned economists and analysts participated in the interaction, including Surjit S Bhalla, Ashok Gulati, Sudipto Mundle, Dharmakirti Joshi, Janmejaya Sinha, Madan Sabnavis, Prof Amita Batra, Ridham Desai, Prof Chetan Ghate, Prof. Bharat Ramaswami, Soumya Kanti Ghosh, Siddhartha Sanyal, Laveesh Bhandari, Rajani Sinha, Prof Keshab Das, Pritam Banerjee, Rahul Bajoria, Nikhil Gupta and Prof Shashwat Alok.

Separately, Finance Minister Nirmala Sitharaman has so far held a series of meetings with various stakeholders, including with MSMEs, farmers’ associations, and economists.

On Friday, she chaired a meeting with States and Union Territories in Jaisalmer.

The Finance Ministry conducts several pre-Budget consultation meetings annually with experts, industry leaders, economists, and state officials. The formal exercise to prepare the annual Budget for the next financial year has already begun.

As is the convention, the Budget for 2025-26 will be tabled on February 1, 2025.

The 2025-26 Budget will mark Finance Minister Nirmala Sitharaman’s eighth. All eyes will be on the key announcements and the government’s forward-looking economic guidance for the remainder of the Modi 3.0 tenure.

Vijay Mallya Responds to Lalit Modi, Claims They’ve Been ‘Wronged’

December 19, 2024, 2:25 pm

Vijay Mallya, the former liquor baron and owner of the defunct Kingfisher Airlines, recently responded to a birthday message from his “dearest friend” Lalit Modi, the founder of the Indian Premier League (IPL). In his reply, Mallya claimed that both he and Modi had been “wronged” by the very country they sought to contribute to.

Lalit Modi’s Birthday Message

On December 18, Lalit Modi, who is also classified as a fugitive, extended his birthday wishes to Vijay Mallya on the social media platform X. Modi wrote:

“Wishing you my friend #VijayMallya a very #happybirthday – life sure has its ups and downs we have both seen it. This too shall pass. May the year ahead be your year. And you are surrounded by love and laughter. Big big hug.”

Responding to the heartfelt message, Mallya said:

“Thank you my dearest friend….we both have been wronged in a Country we tried to contribute to.”

Both Mallya and Modi are currently residing in the UK after fleeing India amid allegations of financial misconduct.

Mallya Criticizes Government Over Loan Recovery Claims

Earlier in the day, Mallya criticized Finance Minister Nirmala Sitharaman’s statement in the Lok Sabha, where she claimed that Indian banks had recovered ₹14,131.60 crore from him, far exceeding the loans owed by Kingfisher Airlines.

In a series of posts on X, Mallya questioned the legitimacy of the recovery claims:

“The Debt Recovery Tribunal adjudged the KFA debt at ₹6203 crores including ₹1200 crores of interest. The FM announced in Parliament that through the ED, banks have recovered ₹14,131.60 crores from me against the judgement debt of ₹6203 crores and I am still an economic offender.”

Mallya further alleged that the Enforcement Directorate (ED) and banks had taken over twice the loaned amount without legal justification:

“Unless the ED and banks can legally justify how they have taken more than two times the debt, I am entitled to relief which I will pursue.”

A Shared Experience of Exile

Both Lalit Modi and Vijay Mallya are classified as fugitives by Indian authorities. Modi left India in 2010 following allegations of financial irregularities during the 2009 IPL season, while Mallya fled to the UK in 2016 amidst mounting debts and legal troubles over Kingfisher Airlines.

Their public exchange highlights their shared grievances against India’s legal and financial systems, adding another chapter to their controversial histories.

Conclusion

While Mallya continues to challenge the claims against him, his interaction with Lalit Modi offers a glimpse into their shared narrative of exile and alleged injustice. As the debate over financial accountability and legal processes continues, both remain central figures in India’s high-profile fugitive cases.

FM Nirmala Sitharaman Announces Rs 14,000 Crore Returned to Banks from Mallya Asset Sales

December 18, 2024, 10:52 am

Finance Minister Nirmala Sitharaman informed the Lok Sabha that the Enforcement Directorate (ED) has restored assets worth Rs 22,280 crore to victims of various scams on Tuesday. This includes over Rs 14,000 crore returned to banks from the sale of fugitive businessman Vijay Mallya’s assets. Additionally, Rs 1,053 crore from diamond merchant Nirav Modi’s assets has been restituted.

Action on Mehul Choksi’s Assets

The ED, in collaboration with several banks, has moved a special court in Mumbai to auction Mehul Choksi’s assets. Choksi, along with Nirav Modi, laundered over Rs 13,000 crore from Punjab National Bank and fled the country.

The special court has allowed the ED to value and auction Choksi’s seized properties, which are worth Rs 2,566 crore. The sale proceeds will be deposited in fixed deposit accounts of PNB and other liquidators.

Asset Restoration Under PMLA

In her response to the supplementary demands for grants, Sitharaman highlighted the ED’s success in restoring assets under the Prevention of Money Laundering Act (PMLA). She explained that once a trial begins and charges are framed by a special court, the assets can be returned to rightful claimants.

Sitharaman also pointed out that ED is effectively using PMLA sections 8(7) and 8(8). These provisions allow the return of assets to innocent parties once it is confirmed that they were acquired through illicit means.

Sitharaman Criticizes Congress, Cites Historical Restrictions on Free Speech

December 16, 2024, 12:42 pm

Finance Minister Nirmala Sitharaman launched a strong critique of the Congress party during a debate on the Constitution in the Rajya Sabha on Monday. She accused the Congress of curbing free speech and restricting the expression of dissent, particularly under the leadership of Jawaharlal Nehru and Indira Gandhi.

Sitharaman pointed to the actions taken by the Congress government in the early years of India’s independence, which she argued limited freedom of expression. She highlighted the 1949 imprisonment of renowned lyricist Majrooh Sultanpuri and actor Balraj Sahni for their critical stance against the government. “Majrooh Sultanpuri was jailed in 1949 for reciting a poem that criticized Nehru. Despite his refusal to apologize, the Congress government imprisoned him,” Sitharaman explained.

The Finance Minister also mentioned the banning of Michael Edward’s political biography of Nehru in 1975 and the film Kissa Kursi Ka, which criticized Indira Gandhi. Sitharaman claimed these incidents were part of a broader pattern of suppressing works that challenged the government. “Congress’s record of curtailing freedom of speech didn’t stop with these two incidents. They banned these works simply for questioning the government,” she added.

Further, Sitharaman discussed the historical context in which the Constitution was framed, paying tribute to the 389 members of the Constituent Assembly, including 15 women, for their role in drafting the Constitution under difficult circumstances. “I salute the members of the Constituent Assembly for their hard work. The Constitution has withstood the test of time,” she said.

Sitharaman also reflected on the global context, noting that while over 50 countries wrote their Constitutions after World War II, many have since altered or abandoned them. In contrast, India’s Constitution has endured, though it has been amended to meet the evolving needs of the nation. She emphasized the importance of reaffirming India’s commitment to upholding the spirit of the Constitution as the country marks 75 years of its adoption.

Nirmala Sitharaman and Vijay Rupani to meet Eknath Shinde to discuss cabinet portfolio allocation, sources

December 4, 2024, 10:23 am

Ahead of the oath taking ceremony which is going to take place on 5th December at Mumbai’s historic Azad maidan major political developments are taking place in Mumbai. As per sources, the two observers appointed by the BJP will be meeting caretaker CM Eknath Shinde to discuss the cabinet portfolio allocation.

The meeting of Nirmala Sitharaman, Vijay Rupani and Eknath Shinde will take place at Ekanath Shinde’s official residence varsha bungalow after the BJP legislative party meeting. The cabinet portfolio allocation will be discussed, there will a detailed discussion regarding the formula and the cabinet Ministry portfolios.

The BJP legislative party meet will be taking place today in Mumbai where the newly elected MLA’s will be electing their group leader. Sources also said that the group leader who will be elected by the BJP will be the next CM of Maharashtra. Both the central observers Nirmala Sitharaman and Vijay Rupani will be present for this meeting. Devendra Fadnavis is leading the race for the CM post. This meeting will take at Vidhan Bhawan in Mumbai. After this meeting the Mahayuti leaders will meet the governor and stake claim to form the government.

More than 70 VVIP’S are expected to be present for the oath taking ceremony including PM Narendra Modi, Union HM Amit Shah, Chief Minister’s of other NDA ruling states, industrialists and artists from various fields.

Nirmala Sitharaman’s Vision For MSME Growth: Rs 1.54 Lakh Crore Credit And New SIDBI Branches For Entrepreneurs

November 10, 2024, 1:53 pm

Union Finance Minister Nirmala Sitharaman on Saturday inaugurated the National MSME Cluster Outreach Programme, an initiative designed to enhance access to financial services for Micro, Small, and Medium Enterprises (MSMEs) across India. The program was organized jointly by the Department of Financial Services (DFS), the Ministry of Finance, and the Small Industries Development Bank of India (SIDBI).

Virtual Launch Connects 150 MSME Clusters Nationwide

The launch event witnessed the virtual connection of over 150 MSME clusters, with senior bank officials present in each cluster to offer guidance. This initiative aims to bolster the growth and development of MSMEs by improving their access to critical financial services and creating an ecosystem that supports innovation and entrepreneurship.

Inauguration of New SIDBI and Union Bank Branches to Extend Financial Reach

During the event, Sitharaman virtually inaugurated six new SIDBI branches in Karnataka, including locations in Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru, and Vijayapura. These new branches are poised to expand SIDBI’s support to MSMEs in these regions. Additionally, four Nari Shakti branches of Union Bank of India were launched in Bengaluru, Chennai, Jaipur, and Vishakhapatnam to specifically empower women entrepreneurs.

Sitharaman also inaugurated a Learning Centre of Canara Bank in Bagaluru, Bengaluru, further strengthening the financial support infrastructure for MSMEs.

MSMEs: Key to India’s Economic Growth and Self-Reliance

In her speech, Sitharaman highlighted the crucial role MSMEs play in India’s economic development. She stressed their significance in driving innovation, creating jobs, and contributing to the nation’s self-reliance, emphasizing the government’s commitment to supporting this vital sector.

Setting Targets for MSME Credit Growth

The Union Finance Minister set an ambitious target for the MSME credit sector, urging all Scheduled Commercial Banks and Non-Banking Financial Companies (NBFCs) to provide an additional Rs. 1.54 lakh crore in MSME credit during the 2024-25 financial year. The broader target is for these institutions to drive credit growth of Rs. 5.75 lakh crore in FY 2024-25, Rs. 6.21 lakh crore in FY 2025-26, and Rs. 7 lakh crore in FY 2026-27.

Partnerships to Strengthen MSMEs

In a significant step towards supporting MSMEs, SIDBI signed a Memorandum of Understanding (MoU) with the Peenya Industries Association. The collaboration aims to provide MSMEs with access to enhanced capacity-building opportunities, credit facilities, and knowledge-sharing resources, contributing to the sector’s sustainability and growth.

Distribution of Sanction Letters to MSME Beneficiaries

As part of the event, Sitharaman distributed sanction letters to 11 MSME clients of SIDBI, totaling Rs. 25.75 crore. The loans, which span a range of industries, will support sectors ranging from traditional industries to cutting-edge fields such as aerospace and quantum technology. Additionally, two MSME customers from Union Bank’s Nari Shakti branch received Rs. 11 crore in sanctions.

The Union Finance Minister also handed over sanction letters to five borrowers from Canara Bank under the newly launched “Tarun Plus” category of the Pradhan Mantri Mudra Yojana (PMMY). The initiative was recently enhanced with an increased loan limit from Rs. 10 lakh to Rs. 20 lakh as announced in the Union Budget 2024-25.

A Step Toward MSME Empowerment

The National MSME Cluster Outreach Programme, alongside the new financial support initiatives and the increase in loan limits, represents a transformative effort by the Indian government to empower MSMEs, boost economic growth, and strengthen the entrepreneurial spirit in the country.

FM Sitharaman in US Urges G20 Climate-Finance Balance for Developing Nations

October 25, 2024, 10:39 pm

Finance Minister Nirmala Sitharaman called for a balanced approach to align climate action with developmental priorities during her address at the G20 Joint Meeting of Finance, Climate, Environment, and Foreign Affairs Ministers in Washington, D.C. She emphasised that access to finance and technology must be available at reasonable costs for developing countries. Sitharaman also reiterated India’s commitment to climate goals while urging global collaboration to support growth in emerging economies. She commended Brazil’s G20 leadership and urged comprehensive reforms in the World Bank to support jobs and skill development to address global employment shifts.

Sitharaman’s week-long U.S. visit from October 20 to 26 includes participation in key meetings with the IMF and World Bank, as well as discussions on international cooperation in climate and economic development initiatives. Her discussions have included the importance of job creation in light of technological advances and urged the World Bank to explore alternative strategies to generate sustainable employment globally. She also highlighted the need for a detailed analysis of sectoral and geopolitical shifts impacting jobs in critical sectors such as agriculture and manufacturing, particularly as supply chain dynamics evolve.

Also read: Kejriwal Attacked During Delhi Padyatra, AAP Blames BJP

The minister’s remarks underline India’s stance on prioritising economic growth and climate action, especially as discussions continue on financial structures to aid in climate resilience and skill alignment in developing economies.

‘India’s Growing Economy’: Sitharaman Says US And China Can’t Overlook Economic Might

October 24, 2024, 6:42 am

Union Finance Minister Nirmala Sitharaman emphasized India’s growing global influence, underscoring that with one in every six persons in the world being Indian, the country’s economy and capabilities cannot be overlooked. She made these remarks during a panel discussion on “Bretton Woods Institutions at 80: Priorities for the Next Decade,” organized by the Center for Global Development on the sidelines of the World Bank and IMF Annual Meetings 2024.

India’s Rising Global Role

Sitharaman stressed that no country, including distant nations like the United States or neighboring powers like China, can afford to ignore India. She attributed this to India’s vast population, rapidly growing economy, and the country’s expertise in various sectors. “Today, one in every six people in the world is Indian. You cannot ignore our economy and the way it is growing,” she stated.

HAVE A LOOK AT THE VIRAL POST:

Union Minister for Finance and Corporate Affairs Smt. @nsitharaman participates in a discussion on the ‘Bretton Woods Institutions at 80: Priorities for the Next Decade’, organised by the Center for Global Development @CGDev on the sidelines of the World Bank and IMF… pic.twitter.com/AuaOeSVOw0

— Ministry of Finance (@FinMinIndia) October 23, 2024

Sitharaman pointed to India’s skilled workforce, which plays a pivotal role globally, from running large corporations to managing complex systems. She also highlighted India’s technological leadership, particularly in areas like refining systems and banking, which further cements the country’s indispensable role in global affairs.

Support for Multilateral Institutions

Sitharaman reiterated India’s long-standing support for multilateral institutions like the World Bank and IMF, stressing that India never aimed to undermine these entities. However, she expressed concern about their current relevance, citing the diminishing effectiveness of multilateral institutions in providing solutions.

India, she noted, has always championed strategic and peaceful multilateralism, adding, “We see the hope and the expectations pinned on multilateral institutions fissure away because we think no solutions are coming out of them.”

The Need for Reform and Information Sharing

The Finance Minister called for these institutions to step up, urging them to leverage their wealth of information and expertise to share timely insights with countries. Sitharaman emphasized the need for these organizations to help build strong institutions globally, rather than tearing them down, as part of a strengthened commitment to multilateralism.

Sitharaman also stressed the role of the Bretton Woods institutions in shaping the future, rather than merely reacting to it. “Shaping the future is an ambitious goal, and we need Bretton Woods institutions to work on that, rather than reacting to future developments,” she remarked.

India’s Contributions to Global Initiatives

Highlighting India’s contributions to global efforts, Sitharaman mentioned several initiatives, including the International Solar Alliance, the Biofuel Alliance, and disaster-resilient infrastructure. These initiatives, she noted, require significant funding and international cooperation, especially for smaller and island economies.

India’s digital public infrastructure, which has been publicly funded and shared with other countries, is a prime example of how India is contributing to global development, according to Sitharaman.

In her closing remarks, Sitharaman reiterated India’s commitment to multilateralism and urged the Bretton Woods institutions to strengthen themselves for the global good. She stressed the importance of information sharing and proactive leadership in shaping the future.

Sitharaman’s visit to Washington, DC, was part of her larger trip to the United States, where she was welcomed by India’s Ambassador to the US, Vinay Kwatra, after arriving from New York.

Electoral Bonds Scam: Karnataka HC Halts Sitharaman Extortion Probe

September 30, 2024, 6:50 pm

In a significant development on Monday, the Karnataka High Court granted Union Finance Minister Nirmala Sitharaman temporary relief by staying the investigation into allegations of extortion through the electoral bonds scheme. This decision follows an FIR filed against Sitharaman, Karnataka BJP president Nalin Kumar Kateel, and other senior BJP members. The FIR was prompted by a complaint from Adarsh R Iyer, Co-President of the ‘Janaadhikaara Sangharsha Parishath,’ alleging that these individuals engaged in an extortion scheme benefiting from the sale of electoral bonds to the tune of over ₹8,000 crore.

Justice M. Nagaprasanna, who presided over the case, issued the interim stay in response to a petition by Kateel challenging the FIR. The court cited key concerns about the lack of direct threats against the complainant, a necessary criterion for establishing extortion under Section 384 of the Bharatiya Nyaya Sanhita (BNS). As a result, the probe is on hold until the next hearing, scheduled for October 22, 2024.

The electoral bonds scheme has been a contentious issue since its introduction, with critics alleging that it facilitates opaque political donations. The Supreme Court had previously struck down the scheme, citing concerns over its implications on transparency and accountability in political funding. Despite this, the case against Sitharaman and other BJP leaders revolves around accusations that they used the scheme to pressure companies into purchasing bonds, allegedly with the backing of the Enforcement Directorate (ED). The complainant claims that threats of ED raids were employed to coerce companies into making these donations.

The Congress party has capitalized on this development, demanding Sitharaman’s resignation and calling for a Supreme Court-monitored Special Investigation Team (SIT) to probe the entire electoral bonds scheme. Congress General Secretary Jairam Ramesh accused the BJP of engaging in “prepaid, postpaid, and post-raid bribery” through the scheme, further intensifying the political fallout.

In contrast, the BJP has strongly defended its leaders. BJP MP Jagadish Shettar blamed the ruling Congress in Karnataka for politicizing the issue, while Kateel’s legal team described the FIR as frivolous and driven by ulterior political motives.

Also read: Supreme Court Declares Electoral Bonds Scheme Unconstitutional, Orders Cessation and Disclosure of Details

The next court hearing will likely focus on determining whether the allegations have sufficient merit to proceed, or if they are, as the defense claims, an abuse of the legal process. Until then, Sitharaman and the other accused enjoy temporary reprieve, with the broader implications of the electoral bonds controversy still very much alive in the Indian political landscape.

Nirmala Sitharaman To Attend AIIB Meet And Sign Treaty In Uzbekistan

September 23, 2024, 9:35 pm

Union Finance Minister Nirmala Sitharaman will attend the Asian Infrastructure Investment Bank (AIIB) annual meeting in Samarkand, Uzbekistan, on September 25-26. India, the second-largest shareholder of AIIB, will play a key role in the discussions.

Key Highlights of the AIIB Meeting

As the Indian Governor to the AIIB, Sitharaman will engage in multilateral talks with representatives from over 80 countries. The discussions will focus on sustainable infrastructure development, global economic challenges, and strengthening investments in productive sectors.

Bilateral Meetings with Key Leaders

In addition to attending the AIIB Board of Governors meeting, Sitharaman is scheduled to hold bilateral meetings with counterparts from Uzbekistan, Qatar, and China. These discussions aim to deepen economic cooperation between India and these nations.

Signing of Bilateral Investment Treaty

A significant highlight of the visit is the signing of a Bilateral Investment Treaty (BIT) between India and Uzbekistan. This treaty will promote investments, trade, and industry collaboration for long-term mutual benefits.

Business Forum and Diaspora Interaction

Sitharaman will also participate in the India-Uzbekistan Business Forum, where industry leaders from both countries will discuss future business collaborations. Additionally, she will meet with the Indian diaspora and visit landmarks like the Lal Bahadur Shastri Monument in Tashkent.

TN CM Stalin Slams FM Sitharaman Over GST Remarks Apology Row, Calls Handling ‘Shameful’

September 14, 2024, 12:07 pm

Tamil Nadu Chief Minister MK Stalin has strongly criticised Union Finance Minister Nirmala Sitharaman, calling her handling of a recent incident “shameful.” The controversy arose after the owner of Sri Annapoorna restaurant in Coimbatore, during an event attended by Sitharaman, humorously commented on the varying GST rates for food items. Referring to the GST levied on cream buns, he suggested simplifying the tax structure. His remarks were well-received by the audience but later sparked controversy when a video circulated showing the hotelier apologising to Sitharaman.

Stalin condemned the minister’s response, stating the restaurant owner’s request for GST simplification was reasonable. DMK spokesperson TKS Elangovan also weighed in, accusing the government of ignoring public sentiment and pressuring the hotelier to apologise. Congress leader Rahul Gandhi used the incident to criticise the government, advocating for a simplified GST system with a single tax rate, while Congress President Mallikarjun Kharge called the episode an example of BJP’s “arrogance of power.”

BJP Tamil Nadu leader K Annamalai apologised for making the private exchange between the hotelier and Sitharaman public, expressing regret for the breach of privacy and asking for the matter to be laid to rest.

Nirmala Sitharaman: ‘Wish I could Cut Taxes to Zero, Not Here to Trouble People’

August 14, 2024, 12:37 pm

Finance Minister Nirmala Sitharaman expressed a desire to reduce taxes as much as possible, emphasizing that her primary role is to generate revenue rather than burden citizens. Speaking at the 11th convocation ceremony of the Indian Institute of Science Education and Research, Bhopal, she highlighted the importance of funding research and development, especially in the context of India’s commitment to energy transition. She noted that India cannot rely on external funding and stressed that the country has fulfilled its Paris Agreement promises using its own resources.

Sitharaman conveyed that it can be demotivating to justify high taxes to the public and expressed a wish for lower taxes. She encouraged students to innovate and contribute to India’s progress towards becoming a ‘Viksit Bharat’ (Developed India). “My role is to generate revenue, but not to trouble people, I assure you,” she said.

She also discussed India’s advancements in space research and the swift deployment of 5G technology, acknowledging that Bharat Sanchar Nigam Limited (BSNL) is still working on rolling out 4G. She assured that BSNL has received ample support and will soon be advancing to 5G. “We haven’t borrowed the technology from elsewhere; it’s developed by people like you, which is a significant achievement for India,” Sitharaman added.