Nirmala Sitaraman | Business Upturn

Nirmala Sitharaman signals growing demand for change during Purba Bardhaman visit

Niraj Jadhav — Wed, 15 Apr 2026 09:03:48 +0000

Nirmala Sitharaman on Wednesday said she is witnessing a stronger and more open demand for political change in West Bengal, based on her recent interactions with residents during a visit to the district. Addressing party workers and locals, the Union Minister and senior BJP leader reflected on how public sentiment appears to have evolved since her earlier visit during the 2016 election campaign. “I can see that people are desperately wanting a change,” she said, adding that citizens are now more vocal about governance challenges and everyday difficulties.

Shift in public mood compared to earlier elections

Drawing a comparison with her previous campaign experience, Sitharaman noted that while concerns existed earlier, people are now more willing to express dissatisfaction openly. “I have come here during the 2016 campaign also. But what I find now is that people are more openly saying that our difficulties are like this, and we need better administration,” she remarked. She suggested that even when not articulated directly, the underlying sentiment among voters reflects discontent with current conditions. According to her, these interactions indicate a gradual but noticeable shift in the political mood across parts of the state.

Grassroots feedback shaping campaign narrative

Sitharaman highlighted that feedback from on-ground engagements is playing a key role in shaping the party’s campaign approach. She described the response received by BJP leaders visiting different regions as “absolutely motivating,” pointing to increased participation and engagement during outreach efforts. Political observers note that such statements are part of a broader attempt to project momentum and connect with local concerns, particularly in districts where electoral contests have become increasingly competitive.

Governance and development at centre of discourse

The minister’s remarks placed emphasis on governance and administrative effectiveness as central themes in the evolving political discourse. Issues related to infrastructure, employment opportunities, and delivery of public services continue to influence voter perceptions, especially in semi-urban and rural areas like Purba Bardhaman. Her comments also reflect a wider campaign narrative that seeks to position governance reforms and administrative efficiency as key factors in the upcoming electoral battle in West Bengal.

Intensifying political contest ahead of polls

With political activity gaining pace, Sitharaman expressed confidence in a potential shift in electoral outcomes. “The response I am getting… is absolutely motivating, and I think Bengal will have a change this time,” she said. As campaigning continues, such assertions are likely to be tested against ground realities, voter turnout, and the strategies adopted by competing political forces in the state.

FM Nirmala Sitharaman calls for prompt action in cases against tax officers

United News of India (UNI) — Tue, 25 Apr 2023 13:52:12 +0000

New Delhi, Apr 25: Union Finance Minister Nirmala Sitharaman on Tuesday exhorted the Central Board of Direct Taxes (CBDT) to take prompt action in disciplinary cases against tax officers and other employees.

In a periodic review meeting with CBDT here today, the Minister also discussed measures to widen taxpayer base and disposal of applications for condonation of delay and grant of exemptions under certain sections of the Income Tax Act.

During the meeting, officers apprised the minister about the impact of introduction of new data sources in Statement of Financial Transactions (SFT) like dividend and interest, securities, mutual funds and information from GSTN (Goods and Services Network).

It was also stated that introduction of new TDS codes has led to an increase in total reported transaction in FY 2021-22 to 144 crore as compared to total reported transaction in FY 2015-16 of 70 crore.

“This has resulted in increase in number of unique deductees — almost doubled from 4.8 crore (in F.Y. 2015-16) to 9.2 crore (in F.Y. 2021-22),” said a statement from the Finance Ministry after the meeting.

Sitharaman was also apprised of the fact that the Personal Income Tax (PIT) to GDP ratio has been steadily increasing from 2.11 in 2014-15 to 2.94 in 2021-22.

The review meeting was attended by the Revenue Secretary, Chairman, CBDT and all the Members of CBDT.
The Finance Minister emphasised in the high-level meeting that CBDT should ensure timely and appropriate actions on all applications filed by taxpayers and desired a reasonable time frame for disposal of such applications.

FM Nirmala Sitharaman warns of anonymity as an ‘inherent risk’ in use of blockchain

News Desk — Sat, 07 May 2022 16:47:56 +0000

FM Nirmala Sitharaman addressing a NSDL event on Saturday. At the budgetary announcement of the central bank digital currency(CBDC) said. “The anonymity is… one unknown element in this whole thing. The anonymity of the person or whoever. Or the robot is the one which we have to be absolutely readying ourselves [for] as … a future challenge”.

The minister has made very clear about her thoughts on using distributed ledger technology(DLT) ‘absolutely imperative’ and the government had supported for the same.

She added DLT was a ‘beautiful’ technology that would help in democratisation but flagged anonymity as an ‘inherent risk’ that “we need to guard ourselves from”.

She applauded SEBI chief Madhabi Puri Buch, who spoke at the same event, for “rightly warning us” about the risk of involvement in blockchain and also for advocating DLTs.

Ms. Buch said the strengths of DLTs included real time information, infinite divisibility, transparency and it being a cost-effective medium.

Terming anonymity as a ‘powerful imponderable’ in the whole equation, Ms. Sitharaman said. “Unless we are able to guard ourselves against that anonymous element. Which can itself pose an inherent risk. We probably will be exposing ourselves much more than ever we would have imagined.”

She presented figures for the number of increases. In retail investors new demat account opening over 26lakhs per month in FY22 from 12 lakhs in FY21.

She further added retail investors are the shock absorbers in market. When foreign portfolio investors enter and exit the market as per global trends.

Centre’s fiscal deficit in April-December 2021 rises to 50.4% of the FY22 target

Malvika Choudhary — Mon, 31 Jan 2022 14:18:18 +0000

The Centre’s year debt increased to 50.4 per cent of the FY22 target in April-December 2021, data released on January 31 by the Controller General of Accounts showed a massive upsurge in tax assemblages as well as capital expenditure for December 2021.

The deficit figures in the existing financial year till November seem considerably sounder than the previous financial year when it had aviated to 135.1 per cent of the estimates principally on account of a jump in expenditure to deal with the COVID-19 pandemic.

In April-November 2021, the fiscal deficit had amounted to 46.2 per cent of the full-year target.
The Economic Survey for 2021-22, tabled today, said the Centre was “well on track” to meet its fiscal deficit target of 6.8 per cent of the Gross Domestic Product (GDP).

The fiscal deficit for 2020-21 stood at 9.3 per cent of the gross domestic product (GDP), more promising than 9.5 per cent projected in the adjusted estimates in the Budget in February. The tax (net) revenue was at 73.5 per cent of the BE of 2021-22. It was only 42.1 per cent of BE 2020-21 in the corresponding period of last fiscal.

The latest numerals on the government’s finances come a day before the 2022 Budget is presented in Parliament by Finance Minister Nirmala Sitharaman. The CGA data further said the central government’s total expenditure at the end of November stood at Rs 20.74 trillion or 59.6 per cent of this year’s BE.

For December 2021, the Centre posted a fiscal deficit of Rs 63,752 crore, down 23.2 per cent from December 2020. This took the fiscal deficit for April-December 2021 in absolute terms to Rs 7.59 lakh crores.

Indian economy to grow by 9.2% in FY22: Economic Survey 2022

Malvika Choudhary — Mon, 31 Jan 2022 09:19:21 +0000

Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2022 in Lok Sabha. The Economic Survey will be undertaken separately by FM Sitharaman in both Houses and as per the Rajya Sabha schedule, it will be delivered at around 2.40 pm today.

In consonance with the survey, the Indian economy is estimated to grow by 9.2 per cent in real terms in 2021-22 (as per the First Advance Estimates), after a contraction of 7.3 per cent in 2020-21 amid the outbreak of the pandemic.

As per the IMF’s latest World Economic Outlook (WEO) growth predictions unleashed on 25 January, India’s real GDP is projected to grow at 9% in both FY22 and FY23 and 7.1% in FY24. “This projects India as the fastest-growing major economy in the world in all these three years,” the Survey said.

Furthermore, the survey revealed that India sees 8-8.5% GDP growth in FY23. The agriculture sector increased 3.9 % in 2021-22 along with significant growth in the Industrial sector by 11.8% in 2021-22. The services sector expanded 8.2% in 2021-22.

Quoting projections from global agencies, the Survey declared that the economy’s robust rebound from the 7.3% contraction witnessed in the last fiscal has placed it as the “fastest-growing major economy” for the years FY22-24.

“The Indian economy, as seen in quarterly estimates of the gross domestic product (GDP), has been staging a sustained recovery since the second half of 2020-21. Although the second wave of the pandemic in April-June 2021 was more severe from a health perspective, the economic impact was muted compared to the national lockdown of the previous year,” the survey expressed.

The survey holds on to the share of the industrial sector in GVA at 28.2 per cent for the current year. “In contrast to the steady performance of the primary sector, the industrial sector went through a big swing by first contracting by 7 per cent in 2020-21 and then expanding by 11.8 per cent in this financial year,” the survey said.

“Growth in FY23 will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending. The year ahead is also well poised for a pick-up in private sector investment with the financial system in a good position to provide support to the revival of the economy,” as per the Survey, signed off by principal economic advisor in the finance ministry Sanjeev Sanyal.

Insurers urge for higher 80C investment limit in Budget 2022

Malvika Choudhary — Wed, 26 Jan 2022 14:08:44 +0000

Insurance companies are urging to separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the bonds of insurance.

The insurers urge to drop in the goods and services tax (GST) rate of 18% presently applied on health insurance products to 5% to make such products more affordable to common people.

“The industry has long-pending expectations from the policymakers for incentivizing people to get life insurance by giving a separate deduction limit of minimum ₹1 lakh for insurance premium payment under Section 80C,” Tarun Rustagi Chief Financial Officer Canara HSBC OBC Life Insurance said to PTI.

Life insurance is a long-term solution, unlike other financial products which have a shorter investment horizon and are covered under the 80C provision. Currently, all financial investments are underneath the same IT deduction section (80C) capped at ₹1,50,000. Finance Minister Nirmala Sitharaman will demonstrate the Union Budget for 2022-23 on February 1.

As of March 2021, the non-life insurance penetration stood at barely 1 per cent. Insurance penetration in the country is at 4.2 per cent of the GDP from a global average of 7.4 per cent according to IRDAI’s Annual Report-2020-21.
Moreover, direct and indirect tax sops, primarily for cushioning from the pandemic impact has also been into consideration by the industry to improve penetration and increase the speed of insurance influence.

FM-chaired GST Council defers hike in GST on textiles from 5% to 12%

News Desk — Fri, 31 Dec 2021 08:35:31 +0000

The GST council on Friday has unanimously decided to put on hold off a proposal to increase GST on textiles from 5 per cent to 12 per cent. The matter will be discussed again in the next round of council meet for future roadmap.

On December 30, several states had flagged that a higher tax rate on the textile industry from January 1 should be put on hold. Union Finance Minister Nirmala Sitharaman had announced in a pre-budget session that states like Gujarat, West Bengal, Delhi, Rajasthan and Tamil Nadu were not in favour of a hike in GST rate on textiles from 5 per cent to 12 per cent with effect from January 1, 2022.

The 46th meeting of the GST Council, chaired by Sitharaman and comprising state FMs, is scheduled on December 31, with the only agenda to consider Gujarat’s demand of putting the rate hike on hold, as also representations received from the other states and Union Territories.

The 46th meeting of the GST council chaired by FM Sitharaman and comprising of the State Finance Ministers holds significant importance as it is taking place ahead of the Union Budget 2022-23, which is scheduled to be presented in the parliament on February 2022.

GST Council special session to be held to discuss compensation problems

Aryan Jakhar — Fri, 02 Jul 2021 05:30:01 +0000

Nirmala Sitharaman, the Union Finance Minister, announced on Thursday that a special session of the GST Council will be held soon to examine all compensation-related problems.

“Every State’s compensation will be worked out,” the Finance Minister stated in answer to a question about GST compensation for Karnataka. Ms. Sitharaman responded to a question regarding the compensation budget by saying, “I can’t tell you off the cuff. There are certain sums that are decided using the methodology that was developed last year, and this is the foundation on which the distribution will begin.”

She responded to the demand for vaccines from numerous states by saying that each state would be allocated vaccines based on population density and the number of vulnerable people. “The Centre provides vaccinations to the States well in advance. The Finance Minister stated that I assure you that everyone will get vaccinated.

Ms. Sitharaman made a visit to the Karnataka Power Corporation Ltd. (KPCL) Yelahanka campus, where she saw Boeing India and the SELCO Foundation-funded 100 oxygenated bed facility. The hospital was jointly funded by Boeing India and the SELCO Foundation. Doctors for You (DFY) provides the staff and care, while KPCL donated the site on which the hospital would be built. Ms. Sitharaman stated, “It is great that industries and NGOs have joined with the government in our fight against COVID-19.”

In fewer than 20 days, the hospital was completed. Ten of the 100 oxygen beds will be used for ICU services, while the remaining 20 will be used for the High Dependency Units ward. Triage, donning and doffing, pharmacy, laboratory, relaxation areas, nurse stations, and medical staff meeting rooms are all available at the facility.

Union Budget 2021: Fiscal deficit pegged at 9.5% of GDP in 2020-21

Devanshu Singla — Mon, 01 Feb 2021 07:20:12 +0000

“In these last few paragraphs of Part A of my speech, I draw the attention of this august House to the fact that at the beginning of this financial year, the pandemic resulted in weak revenue inflow,” says Ms Sitharaman.

She added, “Unlike many other countries, we opted for a series of medium-size packages during the pandemic so that we could calibrate our response as per the situation.”

Once the health situation stabilised, we switched to providing a demand push.

The fiscal deficit has been pegged at 9.5% of the GDP. We have funded this through govt borrowings, multilateral funds and short term borrowings. We need another Rs 80,000 crore for which we will approach the market in the next two months.

For 2021-22, we are estimating at a fiscal deficit of 6.8% of GDP. The gross borrowing from the market next year is expected to be Rs 12 lakh crore.

We hope to achieve consolidation of debt by increasing buoyancy of tax revenues and increased receipts from asset monetisation.

FM proposed to allow States to raise borrowings up to 4% of GSDP in 2021-22, based on recommendations of the Fifteenth Finance Commission, a portion of which will have to be earmarked for incremental capital expenditure.

FRBM Act will be amended to allow deviation as the Act mandates a fiscal deficit of 3% of GDP by March 31, 2021.

Based on the 15th Finance Commission’s recommendations, the government has decided to retain the States’ vertical share of the divisible pool of revenues at 41%. The funds for the union territories of Jammu and Kashmir and Ladakh will be provided by the Centre.

Based on the Commission’s recommendations, govt have allocated a revenue deficit grant of Rs 1,18,452 crore for 17 States, compared to Rs 74,340 crore paid to 14 States in 2020-21

World Economic Outlook: India’s GDP shrinking at sharper 8% in FY21, says IMF

Devanshu Singla — Tue, 26 Jan 2021 15:24:18 +0000

The International Monetary Fund (IMF) has projected the Indian economy to contract at eight per cent in the current fiscal year, higher than 7.7 per cent projected by the official advance estimates. It also projected the growth to rise to 11.5 per cent in the next fiscal year before slowing down to 6.8 per cent, making Indian economy the fastest growing large economy in the world in both the years.

In the World Economic Outlook released on Tuesday, IMF said the second quarter GDP numbers for India surprised it as India’s economy declined by 7.5 per cent in the quarter, while most experts had expected it to be in the double digits. The Fund was also surprised on the upside by the growth numbers for Australia, Euro Area, Japan, South Korea, New Zealand, Turkey and the United States for the same quarter.

Earlier, the IMF expected Indian economy to decline by 10.3 per cent in FY21. The IMF had also projected the economy to grow by 8.8 per cent in FY22, but now it has revised it up by 2.7 percentage points.

Union Budget for the next financial year will be out on 1 February. The Budget assumes economic growth at current prices, which has an inflation component in it. If it also projects the economy to grow by 11.5 per cent and assumes an inflation rate (called deflator in the GDP methodology) of 3.5 per cent, as projected by advance estimates for 2020-21, the GDP growth would be 15 per cent for the next financial year. Then all the important calculations such as tax collections, fiscal deficit, revenue deficit would be calculated based on this number. A 15 per cent growth would mean robust tax collections, though fiscal deficit remains high as the government might go for high capex to revive the economy. Health outlay may also add to the expenditure side.

IMF projected sharper contraction in the economy for Spain, UK, Italy and France than India.

The IMF projected the global growth contraction for 2020 at 3.5 per cent, 0.9 percentage point less than projected in the previous forecast, reflecting stronger-than-expected momentum in the second half of 2020.

IMF said amid exceptional uncertainty, the global economy is projected to grow 5.5 percent in 2021 and 4.2 percent in 2022 but renewed waves and new variants of the virus pose concerns for the outlook. The 2021 forecast is revised up 0.3 percentage point relative to the previous forecast, reflecting expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies.

“The projected growth recovery this year follows a severe collapse in 2020 that has had acute adverse impacts on women, youth, the poor, the informally employed, and those who work in contact-intensive sectors,” it said.

Favorable news on vaccine manufacture, distribution, and effectiveness of therapies could increase expectations of a faster end to the pandemic than assumed in the baseline, boosting confidence among firms and households. On the other hand, growth could turn out weaker than projected now if the virus surge (including from new variants) proves difficult to contain, infections and deaths mount rapidly before vaccines are widely available, and voluntary distancing or lockdowns prove stronger than anticipated.

Total government liabilities increase to Rs 107 lakh crore in Q2, 2020-21

Devanshu Singla — Thu, 31 Dec 2020 07:53:05 +0000

As per the official data public debt, total liabilities of the government increased to Rs 107.04 lakh crore at end-September 2020 from Rs 101.3 lakh crore at end-June 2020.

This represents a 5.6 per cent quarter-on-quarter increase in Q2 FY21.

As per the latest quarterly report on public debt management, public debt accounted for 91.1 per cent of total outstanding liabilities at September-end 2020,

The weighted average yield on primary issuances of dated securities showed further moderation to 5.80 per cent in Q2 of FY21 from 5.85 per cent in Q1 FY21, it said.

During Q2 FY21, 13 tranches of auctions were held for issuance of dated securities aggregating to Rs 4,20,000 crore, which was slightly more than the pre-announced calendar because of exercising of greenshoe option, it said.

The central government issued dated securities worth Rs 3,46,000 crore in the first quarter as against Rs 2,21,000 crore in the same period a year ago.

The ownership pattern of central government securities shows that the share of commercial banks stood at 38.6 per cent at end-September 2020, lower than 40.4 per cent at end-March 2020. “The share of insurance companies and provident funds at end-September 2020 stood at 25.3 per cent and 4.8 per cent, respectively. The share of mutual funds increased from 2.0 per cent at end-June 2020 to 2.4 per cent at end-September 2020,” it said.

During Q2, yields on government securities hardened due to apprehension about the Centre further raising the borrowing from the revised target of Rs 12 lakh crore amid the strained fiscal position, MPC decision to keep the policy rate unchanged in its meeting held on August 4, the geopolitical issue with China and higher retail inflation data, it said.

The yield on 10-year benchmark security opened at 5.84 per cent at the beginning of the quarter and closed at 6.02 per cent at end of the quarter in September.

Finance Ministry approves 9,880 crore for 27 states barring Tamil Nadu under Atmanirbhar Bharat

Divya Joyce — Sat, 12 Dec 2020 10:12:14 +0000

The Finance Ministry has authorized capital initiatives valued at Rs 9,880 crore for 27 states below the scheme for particular help to states for capital expenditure (Capex) below the Atmanirbhar Bharat Package as of December 8.

All states barring Tamil Nadu have availed of the scheme below which the Centre launched Rs 4,940 crore for initiatives starting from the well being to the training sector, the ministry stated in an announcement, on Saturday.

“The scheme is aimed at boosting capital expenditure by the State Governments who are facing a difficult financial environment this year due to the shortfall in tax revenue arising from the COVID-19 pandemic,” the assertion stated.

State-wise allocation of loans underneath the scheme has been made following the 15th Finance Commission’s (FC) tax devolution method as per its interim report for FY21 submitted in November final year.

Uttar Pradesh obtained the very best quantity of Rs 750 crore from the primary installment underneath the scheme, adopted by Rs 421 Crore to Bihar and Madhya Pradesh’s Rs 330 crore, in response to the assertion.

In October, Finance Minister Nirmala Sitharaman had introduced the second tranche of the federal government’s stimulus package deal which concerned Rs 12,000 crore price of interest-free 50-year loans to the states for spending on capital tasks.

Further, the federal government launched grants-in assist to the states amounting to Rs 1.18 lakh crore as of December 3, primarily based on the FC’s really useful Rs 1.99 lakh crore for FY21, in its interim report, the finance ministry stated in a replace by way of Twitter on Saturday.

The Centre additionally launched Rs 2,200 crore as the primary installment of grants-in assist for enhancing the air high quality in city agglomerations, as a part of the FC’s suggestions, the ministry stated.

In addition to this, the federal government additionally gave its approval for 135 housing tasks amounting to investments price Rs 13,191 crore as of December 1, underneath the Special Window for Affordable and Mid-Income Housing scheme, it stated.

“The priority is to keep the company a going concern rather than to liquidate them at the earliest”: Nirmala Sitharaman

Aditi Swarup — Sat, 19 Sep 2020 12:25:40 +0000

An ordinance to amend the Insolvency and Bankruptcy Code was ordered in June. According to this ordinance, insolvency proceedings could not be started against any defaulter for 6 months if the default payments had been made after the 25th of March(the day the nationwide lockdown was announced).
When queries were raised regarding the urgency to pass the ordinance, Defense Minister Nirmala Sitharaman said, “Between sessions if there is a need for ordinance because the ground situation demands it, I would think a responsive government’s duty is to at least use the ordinance to show that we are there with the people of India.”
A member of the Rajya Sabha raised a question regarding the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020. To this Smt. Sitharaman said, “The corporate debtor often has guarantors. So for comprehensive corporate insolvency resolution and liquidation we felt it was necessary that the insolvency of the corporate debtor as well as its guarantors are considered together to whatever extent it is possible.”
She said that the law is not against carrying out bankruptcy and insolvency proceedings on corporate debtors as well as personal guarantors together.

Finance Minister asks for update status on key infrastructure projects

News Desk — Tue, 11 Aug 2020 07:06:04 +0000

The Finance Ministry said on Monday to update on project information for investment across various sectors and also allowed to use digital platform to monitor all infrastructure projects under the Rs 111 trillion National Infrastructure Pipeline.

The project will be be mapped and evaluated by the department concerned and the Finance Ministry will monitor the progress and its implementation to the initial estimates of NIP for the project.

According to the digital portal, the Rs 3.66 trillion was allotted to Pradhan Mantri Gram Sadak Yojana, the Rs 1.08 trillion Mumbai-Ahmedabad high speed rail corridor, the Rs 19000-crore Pune Airport development programme, and the Rs 1.09 trillion North South Dedicated Freight corridor, among others, are parts of the NIP.

Rs 21.51 trillion have also been identified for the water and sanitation projects including Jal Jivan Mission Implementation Project. At the same time, 710 social infrastructure projects worth Rs 13.96 trillion will be part of NIP, including the Mumbai City Affordable Housing Construction.

“The online dashboard is envisaged as a final solution for all stakeholders who is looking for information on infrastructural projects in India. According to Government the dashboard is provided on the the India Investment Grid(IIG), which is interactive and dynamic online platform that show the update and real-time investment opportunity in the country”, says the Finance Minister.

This move is assumed as significant as increased focus on infrastructural projects that will help to revive the economy after the COVID-19 crisis.

” The digital platform will provide greater visibility to projects and also achieve the mandate of the NIP to market the projects in an efficient manner. The NIP project database hosted on IIG would provide visibility to NIP and help in financing from prospective of investors, domestic and foreign, and give them access to update project-level information,” government said.

In the month of April the task force headed by former economic affairs secretary Atanu Chakraborty had submitted the final report on the Rs.111 trillion investment for 2020-25 to expand the social and economic infrastructural development and to boost economic growth. The task force was carrying the vision of Prime Minister Narendra Modi’s to roll out an ambitious infrastructure push of Rs.100 trillion over the next five years to make India a $5 trillion economy.

Out of total expected expenditure of Rs.111 trillion, 40% of the projects worth Rs 44 trillion are under implementation, whereas project worth of Rs 33 trillion, or 30% of the schemes, are at the conceptual stage.