Tag: Finance Minister

FM Sitharaman urges private sector to come forward and support SDGs
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FM Sitharaman urges private sector to come forward and support SDGs

Finance Minister Nirmala Sitharaman on Saturday urged the private sector to come forward and support the Sustainable Development Goals (SDGs) saying it is the collective responsibility of all stakeholders to participate and contribute in this endeavour. Speaking at an event organised on the sidelines of the IMF-World Bank Annual meetings at Marrakesh in Morocco, the minister exuded confidence that MDB reform process emanating from the G20 deliberations will prompt multilateral development banks (MDBs) to maximise investments into developing nations. The 17 SDGs adopted by United Nations member states in 2015 were aimed at addressing a wide range of social, economic, and environmental challenges by 2030, she said. "India under its Presidency has called upon all ...
GST Council to decide on taxing corporate, personal guarantees: Source
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GST Council to decide on taxing corporate, personal guarantees: Source

NEW DELHI: India's Goods and Services Tax (GST) Council is expected to decide whether tax will be levied on corporate and personal guarantees on loans or debt issuances, according to a source.Such a tax has long been under debate in the country.The decision will be taken by the GST Council, which consists of federal finance minister and state finance ministers, in its next meeting on Oct 7.According to a proposal that the GST Council will consider, an 18% tax would be applicable on the declared value of the corporate guarantee, or 1% of the guaranteed amount in cases where the value of commission for the guarantee is not known.Companies provide guarantees to banks on behalf of their holding companies or subsidiaries and charge a fee. The fee or commission depends on credit-worthiness of t...
Govt may relook at allowing Indian companies to list overseas: FM
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Govt may relook at allowing Indian companies to list overseas: FM

India may reconsider allowing local firms to list on foreign exchanges, Finance Minister Nirmala Sitharaman said on Monday, signalling New Delhi could revive a plan put on hold due to domestic opposition and tax concerns. Under current regulations, Indian firms are not allowed to list directly on overseas exchanges. They can only list on foreign exchanges through instruments such as depository receipts. The plan to allow direct overseas listing of Indian firms was first announced in 2020, but was shelved following concerns around tax losses and opposition from a faction of the ruling party, which feared less Indian regulatory oversight of domestic firms that list abroad. Sitharaman was speaking at a joint press conference with British Finance Minister Jeremy Hu...
Q1 GDP Should Be Good As Quarter Went Well, Govt Priority Is To Tame Inflation: FM Nirmala Sitharaman
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Q1 GDP Should Be Good As Quarter Went Well, Govt Priority Is To Tame Inflation: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman.Green shoots of private capital expenditure upcycle can be felt now because of high budget capex, says the finance ministerFinance Minister Nirmala Sitharaman on Friday, August 23, said the first quarter of the current financial year ended June 2023 did go well and the Q1 GDP numbers should be good. She also said India has showcased an accelerated pace of economic reforms in the past nine years.India’s Q1 GDP numbers are slated to be released at the end of this month.Speaking at the B20 Summit India 2023, the finance minister said the government’s priority is to tame inflation. “We need to cushion ourselves sufficiently against any possible shocks; need to diversify supply chains quickly."Retail inflation soared to a 15-month high of 7.44 per cent in Ju...
Focus on four ‘Is’ to make India a developed nation by 2047: Sitharaman
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Focus on four ‘Is’ to make India a developed nation by 2047: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said the focus of the government is on four Is -- infrastructure, investment, innovation and inclusiveness -- to make India a developed nation by 2047. She said India has necessary wherewithal to meet the goal set by Prime Minister Narendra Modi. Besides several investor-friendly reforms undertaken by the government, she said, India has a very vibrant young population and the emphasis on skilling them to suit the requirement of the economy would yield dividend. With the aim to build India a developed country by 2047, she said "the emphasis has been on four different issues (Is). We are looking at infrastructure (first I) in a very big way. In the last 3 to 5 years, consistently, the public expenditure for infrastructur...