Don’t miss the latest developments in business and finance.

image

Nirmala Sitharaman

About Nirmala Sitharaman

Facebook IconLinkedIN Icon

Who is Nirmala Sitharaman

Nirmala Sitharaman is a prominent Indian politician and a senior leader in the Bharatiya Janata Party (BJP), currently holding the portfolios of the Ministry of Finance and the Ministry of Corporate Affairs in the Prime Minister Narendra Modi-led government. She is also a Member of Parliament in Rajya Sabha from Karnataka constituency. She is the first full-time woman Finance Minister of India, a position she assumed in May 2019. Earlier, Indira Gandhi had briefly held the finance portfolio as an additional charge while serving as Prime Minister. Sitharaman presented the government's first Budget of its second term on July 5, 2019, maintaining tax relief for individuals earning up to Rs 5 lakh annually, initially proposed by her predecessor Piyush Goyal in the Interim Budget. She also introduced an increased surcharge for those with an annual taxable income of over Rs 2 crore, demonstrating her commitment to progressive taxation policies.
 
Education
She completed her Bachelor's degree in Economics from Seethalakshmi Ramaswami College in Tiruchirappalli, Tamil Nadu in 1980. Following this, she pursued a Master of Arts degree in Economics from Jawaharlal Nehru University (JNU) in New Delhi in 1984, where she also studied under notable economists. She then enrolled
in a PhD program but wasn't able to finish as she had to move to London with her husband.

Political Career
Before her appointment as Finance Minister, Sitharaman served as the Defence Minister from 2017 to 2019. During her tenure, she played a crucial role in defending the Modi government against allegations of corruption in the Rafale aircraft deal with France, a significant issue raised by the Opposition in the lead-up to the 2019 Lok Sabha elections. Her articulate defense in public forums and Parliament was pivotal in addressing these accusations, helping the BJP secure a strong mandate in the elections. Additionally, she was a key member of the committee responsible for drafting the BJP's manifesto for the 2019 elections. Sitharaman's political journey began when she joined the BJP in 2008.

Read all about Interim Budget 2024, presented by Sitharaman on February 1
She quickly rose through the ranks, becoming a national spokesperson for the party in 2010, where her effective communication skills were widely recognized. In 2014, she was appointed as Minister of State for Commerce and Industry with independent charge, playing a vital role in shaping India's trade and industry policies during the first term of the Modi government. Born in Tamil Nadu, Sitharaman holds a master's degree from Jawaharlal Nehru University. Before entering active politics, she had a diverse career. She worked in the corporate sector and later moved to London with her husband, where she joined the British Broadcasting Corporation (BBC). After returning to India in the 1990s, she became an educationist and founded the Pranava School in Hyderabad. During the National Democratic Alliance (NDA) regime under Atal Bihari Vajpayee, she was nominated to the National Commission for Women, reflecting her longstanding commitment to public service and women's issues. In the period following the 2019 Lok Sabha elections, Sitharaman has been at the forefront of several significant economic reforms.
 
She has overseen measures aimed at revitalizing the Indian economy, which has faced various challenges including the impacts of Covid. Her tenure has been marked by efforts to streamline taxation, including the implementation of the Goods and Services Tax (GST) and the reduction of corporate tax rates to boost economic growth. Additionally, she has focused on improving the ease of doing business in India, attracting foreign investment, and supporting the development of small and medium enterprises (SMEs). Sitharaman's role in the government extends beyond economic management. She has been instrumental in various initiatives aimed at promoting financial inclusion and digital transformation. Her leadership in implementing the Pradhan Mantri Jan Dhan Yojana, which aims to increase access to banking services, and the push for digital payments through the Unified Payments Interface (UPI), have been notable contributions to India's economic landscape.
 
In the Interim Budget 2024, Finance Minister Nirmala Sitharaman outlined several important measures. A significant focus was placed on increasing the capital expenditure target, with an allocation of Rs 11.11 trillion. This substantial investment aims to boost infrastructure development, stimulate economic growth, and create employment opportunities across various sectors. Another key initiative was the extension of healthcare coverage under the Ayushman Bharat scheme to ASHA and Anganwadi workers. This move is expected to strengthen the healthcare system at the grassroots level and improve access to medical services for millions of Indians.

Latest Updates on Nirmala Sitharaman

The meeting was chaired by the Prime Minister and attended by Finance Minister Nirmala Sitharaman, Chief Economic Adviser V Anantha Nageswaran, and NITI Aayog officials

Updated On: 24 Dec 2024 | 10:51 PM IST

Exemptions under review include bulk drugs used in insulin production, raw materials for lab-grown diamonds, plastics used in optical fiber production, and more

Updated On: 24 Dec 2024 | 5:13 PM IST

Memes flooded the internet as the GST Council confirmed an 18 per cent tax on caramelised popcorn. Here are some of the most hilarious memes

Updated On: 23 Dec 2024 | 5:27 PM IST

A finance ministry spokesperson, the GST Council Secretariat and a spokesman for the ruling Bharatiya Janata Party did not respond to requests for comment on the controversy

Updated On: 23 Dec 2024 | 4:22 PM IST

Parents sacrifice their lives and save every penny to educate their children and prepare them for the exams but the BJP government has turned their dreams into a source of income, said Priyanka Gandhi

Updated On: 23 Dec 2024 | 3:41 PM IST

The Punjab government has proposed an incentive of Rs 2,500 per acre, with Rs 2,000 per acre from the Centre and Rs 500 per acre from the state

Updated On: 22 Dec 2024 | 10:06 PM IST

She further said that the GST Council has also deferred the decision with regard to rate rationalisation as more time is required by the GoM for a comprehensive study

Updated On: 21 Dec 2024 | 8:02 PM IST

Infrastructure development emerged as a key focus area, with states calling for dedicated funding for state-specific road and railway projects

Updated On: 21 Dec 2024 | 12:01 AM IST

In addition to this, the Union finance minister stated that the Centre has created an additional dispensation under SASCI for the states affected by disaster of a severe nature as assessed by the Inte

Updated On: 20 Dec 2024 | 11:28 PM IST

In the Budget for 2024-25, Sitharaman had hiked the allocations for interest-free loans to states for capital expenditure, enabling states to spend more on infrastructure and specified reforms

Updated On: 20 Dec 2024 | 8:20 PM IST

The official further noted that this year's Budget consultations are particularly significant due to the political outcomes of recent state elections

Updated On: 19 Dec 2024 | 11:32 PM IST

The sector has long been demanding infrastructure status, which will help it avail debt at a lower cost and boost reinvestment of profits within the industry

Updated On: 18 Dec 2024 | 8:44 PM IST

The Enforcement Directorate has restored assets worth Rs 22,280 crore to victims or rightful claimants from cases involving economic offences, the finance minister informed Lok Sabha

Updated On: 18 Dec 2024 | 1:41 PM IST

She said Rs 14,131.6 crore worth properties belonging to fugitive Vijay Mallya have been restored to public sector banks

Updated On: 17 Dec 2024 | 7:33 PM IST

The Indian economy grew 6.7 per cent in the April-June quarter and 5.4 per cent in the July-September period of FY2024-25

Updated On: 17 Dec 2024 | 6:53 PM IST

In her nearly 80-minute speech, Sitharaman said the Congress keeps questioning the Sangh Parivar about its role during the freedom movement

Updated On: 16 Dec 2024 | 11:43 PM IST

She also alleged that it was "anti-woman" for failing to get the women's reservation bill passed when it was in power

Updated On: 16 Dec 2024 | 7:55 PM IST

Congress President and Rajya Sabha Leader of Opposition Mallikarjun Kharge accused BJP of twisting and distorting facts, as well as being against reservation

Updated On: 16 Dec 2024 | 3:58 PM IST

She said the amendments were not to strengthen democracy but to protect those in power and strengthen the family

Updated On: 16 Dec 2024 | 2:45 PM IST

Opening the Rajya Sabha debate on Monday, Union Finance Minister Nirmala Sitharaman accused previous Congress-led central governments of suppressing freedom of speech

Updated On: 16 Dec 2024 | 12:36 PM IST