Page 2 - Finance Minister

May ease tariffs if no harm to economy, says FM Nirmala Sitharaman

According to Sitharaman, she has the responsibility to protect existing domestic companies producing goods locally, while balancing the needs of those dependent on imports

Manickam Tagore writes to Sitharaman over LIC's policy restructuring

In the letter dated November 5, Tagore said that the changes in LIC policies are troubling

Finance Minister Sitharaman reviews progress of Mysuru planetarium

Finance Minister Nirmala Sitharaman on Friday reviewed the progress of the planetarium, being built with assistance from her MPLADS fund. The COSMOS high-tech 15-metre LED dome planetarium, with an 8K resolution, will be the first 'Tilted LED dome' Planetarium in the world, the finance ministry said in a post on X. The finance minister has allocated Rs 5 crore of her Members of Parliament Local Area Development Scheme (MPLADS) funds for the Cosmology Education and Research-training Centre project and laid the foundation stone in March 2022, it said. The project, with a budgetary estimate of Rs 91 crore, is executed by the Indian Institute of Astrophysics (IIA) through an MoU with the University of Mysore for construction and operation. The implementation of the project is being carried out under the guidance of the Principal Scientific Advisor, and an advisory board co-chaired by the Principal Scientific Adviser to the Government of India. The centre is expected to create knowledg

Germany's Scholz fires his finance minister amid coalition's collapse

Germany's centre-left Chancellor Olaf Scholz announced Wednesday he was firing Finance Minister Christian Lindner, signalling the collapse of the ruling three-party coalition that relied on Lindner's pro-business party. Scholz announced the move at a news conference following weeks of disputes among the coalition partners over ways to boost the country's ailing economy. He said he would seek a vote of confidence in January that he said might lead to early elections that otherwise would be due next September. I feel compelled to take this step to prevent damage to our country. We need an effective government that has the strength to make the necessary decisions for our country," Scholz said. Lindner, from the pro-business Free Democrats, had rejected tax increases or changes to Germany's strict self-imposed limits on running up debt. Scholz's Social Democrats and the environmental Greens, who are also part of the coalition, wanted to see massive state investment and rejected the Free

Urban demand stress under watch, festivals may boost consumption: FinMin

The inflation rate stood at 4.6 per cent in the first half of FY25, down from 5.5 per cent during the same period last year

FM Sitharaman urges G7, G20 members to boost support for African nations

Finance Minister Sitharaman participated in the G7 African Ministerial Roundtable on Saturday (local time), the Ministry of Finance stated

Need fair sovereign ratings for capital access: Sitharaman at IMF meeting

Finance Minister Nirmala Sitharaman urged greater engagement with credit rating agencies to improve rating methodologies

Soft landing of global economy increasingly a possibility: Sitharaman

A soft-landing of the global economy, which has experienced tremendous stress over the past several years, is increasingly a possibility, Union Finance Minister Nirmala Sitharaman said Friday. Observing that better days are ahead primarily because of the coordinated action between countries and multilateral financial institutions, the finance minister at the same time sounded a note of caution that economies are not really picking up that much yet. The largest sense which prevailed in the two-day discussions, both of the (International Monetary) Fund and also of the World Bank, is that there will be a soft landing. The efforts by the Fund, the central banks and all institutions, governments have kept the inflation down for some meaningful period. Therefore soft landing is increasingly a possibility, Sitharaman told a Washington DC-based global think-tank. Then that reasonable growth numbers will come from even the advanced economies. certainly not in the negative area. And then the

Jobs most pressing global issue amid tech changes, says FM Sitharaman

Sitharaman called for the need to explore alternative growth strategies and the types of jobs they will generate, in addition to the traditional manufacturing-led development pathway

Japan, US finance chiefs discussed FX moves in bilateral meeting: Official

A weak yen has become a source of concern for Japanese policymakers as it hurts households and retailers by pushing up the cost of raw material imports

FM Nirmala Sitharaman calls for deeper dialogue on global sovereign debt

At roundtable in Washington DC, she cautions against contingency financing instruments

IMF should introspect, ensure they don't have mission drift: Sitharaman

'Expectations pinned on multilateral institutions are being frittered away because no solutions are coming out of them'

India to retain investment curbs from border nations: FM Sitharaman

In 2020, India stepped up vetting and security clearances in its scrutiny of investments from companies based in neighbouring countries, but did not specifically mention any nations

Pakistan's FM Aurangzeb sees 'encouraging' reply from China debt talks

Pakistan is seeing a period of stability after securing a new $7 billion loan program from the IMF

India well positioned to capitalise on growth opportunities: FM Sitharaman

The global economic environment may present challenges but India is well positioned to capitalise on new growth opportunities, Finance Minister Nirmala Sitharaman has said, underlining that as nations re-evaluate their supply chains, India hopes to become a key partner for many countries seeking to diversify their sources of goods and services. Sitharaman made these remarks on Monday while delivering a special lecture on India's Economic Resilience and Prospects Amidst A Challenging and Uncertain Global Environment' at Columbia University here. She said that India is looking towards boosting domestic capacities, and building resilience against external shocks. While the past decades saw global growth led by broad multilateral trade, the coming years, I think, will likely be defined by strategic economic partnerships and India is very well poised to take advantage of this transition. She said that the global economic environment may present challenges, but India is well positioned t

FinMin seeks expenditure proposals for 1st supplementary demands for grant

The first batch of Supplementary Demands for Grants for 2020-21 is proposed to be placed before Parliament in the ensuing monsoon session, the Finance Ministry said in an office memorandum

FM Sitharaman to start US, Mexico visit from today; IMF, WB meets on agenda

The finance minister will also take part in G20 Finance Ministers and Central Bank Governors meetings, in addition to bilateral meetings with various countries and organisations

Centre considers seed funding to establish a shipping insurance entity

The finance ministry may undertake an amendment to the Insurance Act, which will allow mutual insurance associations

Indian regulators have done world-class job, increased transparency: FM

Underlining that she is not against questioning or critiquing regulators, Sitharaman said there is a need to be "extremely conscious" about contributions made by them as well

Centre to fund 65% of Chennai metro Phase-2 project: FM Nirmala Sitharaman

The central government will finance 65 per cent of the estimated cost of Chennai Metro Phase-2 project, which will add up to over Rs 41,000 crore, the finance ministry said on Saturday. The Union Cabinet on Thursday approved a proposal to construct three corridors under the Chennai Metro Rail project phase-2 involving a total estimated cost of Rs 63,246 crore. The Centre's share adds up to over Rs 41,000 crore. In a statement, the finance ministry said the central government will finance almost 65 per cent of the estimated cost of Chennai Metro Phase 2. This will include the entire required loan of Rs 33,593 crore, besides the equity and subordinate debt of Rs 7,425 crore. The balance 35 per cent of the estimated cost will be financed by the state government. "The loans taken from multilateral and bilateral development agencies will be treated as the loans to the central government and will be provided directly to Chennai Metro Rail Ltd (CMRL) from the Central Government's budget