Tag: Nirmala Sitharaman

Exclusive: FM Nirmala Sitharaman says poverty alleviation can’t be achieved by throwing money at the problem

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Poverty alleviation is a top priority of the Narendra Modi government and it has taken a multifaceted approach to economic development, said Finance Minister Nirmala Sitharaman on Thursday, April 18.

Speaking with CNBC-Awaaz in an exclusive interview, Sitharaman emphasised the necessity of addressing poverty from various angles, moving beyond mere financial assistance and focusing on holistic measures.

She added that poverty cannot be eradicated solely by throwing money at the problem and stated that the Modi government has adopted strategic initiatives aimed at sustainable progress.

She stressed that simply providing a fixed sum of money, such as ₹1 lakh per year, to individuals will not suffice to eliminate poverty. Instead, the government has prioritised empowering individuals through skill development, education, and access to opportunities.

“If you have money, but if there is no access to education, medical facilities, skill development, then it is impossible for any family to come out of poverty. That is why Prime Minister Modi focuses more on empowerment and is bringing measures to address the accessibility issue,” Sitharaman stated.

One of the key pillars of the government’s poverty alleviation strategy has been its focus on agricultural reforms. By providing Indian farmers with better market access and ensuring fair prices for their produce, Prime Minister Modi aims to uplift rural communities and enhance agricultural productivity, Sitharaman highlighted.

Highlighting the achievements of the Modi government, Sitharaman pointed out that over 10 lakh government job appointment letters have been issued, signalling a commitment to tackling unemployment. Moreover, the government’s proactive measures have contributed to a steady decline in inflation, with schemes like NAFED Atta etc playing a crucial role in stabilising prices. This contrasts sharply with the double-digit inflation experienced during the Congress administration’s tenure.

In March 2024, retail inflation in India dipped to its lowest point in 10 months, registering at 4.85% annually, as per the latest data from the Ministry of Statistics & Programme Implementation released on April 12. The government has entrusted the Reserve Bank of India (RBI) with the responsibility of maintaining retail inflation within a target range of 4%, allowing for a margin of 2% on either side.

Sitharaman expressed confidence in the BJP’s performance over the past decade, noting widespread recognition of its accomplishments. With hopes of securing more seats and a higher vote share in the upcoming Lok Sabha elections, the Finance Minister underscored the party’s dedication to continued progress and prosperity for all citizens.

Watch the accompanying video for the entire interview

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Govt assigns 70 Secretaries for ‘Viksit Bharat By 2047’ roadmap; daily presentations underway

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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10 groups of secretaries are working out a detailed plan to make India Viksit Bharat by 2047. Among the 10 strategy groups, the Finance and Economy group is steered by the Finance Secretary and also comprises representation from NITI Aayog and the Ministry of Statistics. The Commerce and Trade strategy group is piloted by the Commerce Secretary while the Chief Economic Advisor to the Finance Ministry Anantha Nageswaran is part of both groups.

The Agriculture Secretary is the convenor of the Rural Development and Agriculture group, and the Housing and Urban Development Secretary is the convenor of the Infrastructure group, comprising railways, roads and highways, telecom, shipping and ports, aviation and housing. The Economic Affairs secretary is part of both the Finance and Infrastructure groups.

The Petroleum Secretary is the convenor for the energy vertical, comprising coal, power, mining, renewable energy, steel among other sectors. Secretary Culture steers the social sector strategy group covering all the major government schemes, while the DoPT Secretary heads the Governance group.

These groups are making daily presentations to the Cabinet Secretary and chalking out a five-year detailed strategy for each of their sectors, some of which can be a part of the 100-day agenda and may also feature in the July Budget.

‘Earning Well & Living Well’ are among the likely themes for a Viksit India practically encompassing all possible development goals like per capita income, size of the economy, reduced poverty levels, food security, agricultural productivity, expanding literacy and health coverage, job creation and skilling, stepping up access to basic amenities including all kinds of infrastructure, policies to scale up private capex, raising budgetary resources to meet the economy’s growing needs but without fiscal deviations, just to name a few of the priorities. Each of the sectoral presentations are accompanied by the reforms needed to create a Viksit Bharat.

Finance Minister Nirmala Sitharaman has earlier said India will become a $30 trillion economy by 2047 and in the coming years the government will not only continue with land, labour and capital reforms but will also focus on the next-generation reforms in artificial intelligence, tourism, space, expanding the logistics sector.

She said manufacturing and agriculture are the focus areas under Viksit Bharat. For manufacturing, the Minister has said the government has identified ’13 sunrise sectors’ including renewable energy, semiconductors, machine learning, earth sciences and space, among others.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Defence Minister Rajnath Singh to head BJP’s manifesto committee for Lok Sabha polls

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The BJP on Saturday announced a 27-member committee, which included several Union ministers and chief ministers, headed by Defence Minister Rajnath Singh to prepare its manifesto for the Lok Sabha polls. Finance Minister Nirmala Sitharaman will be its convener and Union Minister Piyush Goyal co-convener.

Several other Union Ministers, the chief ministers of states such as Gujarat, Assam and Madhya Pradesh, and seasoned hands like Shivraj Singh Chouhan and Vasundhara Raje are among the members of the committee. Rajnath Singh, a former party president, was the head of the BJP’s manifesto committee for the 2019 polls as well. Many members have been repeated in the current panel as well.

Union ministers Dharmendra Pradhan, Ashwini Vaishnaw, Bhupender Yadav, Kiren Rijiju, Arjun Munda, Arjun Ram Meghwal, Smriti Irani and Rajeev Chandrasekhar are among its members. Gujarat Chief Minister Bhupendra Patel, Assam Chief Minister Himanta Biswa Sarma, Chhattisgarh’s Vishnu Deo Sai and Madhya Pradesh’s Mohan Yadav are also on the committee.

However, not all chief ministers, including Yogi Adityanath of Uttar Pradesh, are its members, with party sources saying that senior leaders of the party who are not on the committee may be made part of other organisational exercises related to the elections.

Bihar leaders Sushil Kumar Modi and Ravi Shankar Prasad, Uttar Pradesh Deputy Chief Minister Keshav Prasad Maurya, former Union minister Jual Oram, party’s organisational leaders like Vinod Tawde, Radha Mohan Das Agrawal, Manjinder Singh Sirsa, Tariq Mansoor and Anil Antony have been included in the committee too.

Antony and Mansoor are among the party’s Christian and Muslim faces respectively. Former Haryana BJP president O P Dhankar is also a member. The party is already in the process of seeking suggestions from different groups and its national president J P Nadda had last month flagged off “Viksit Bharat Modi ki Guarantee” video vans, which are meant to travel across the country to collect people’s inputs on the contents of its manifesto.

That this is the first time in many decades that some of the core ideological promises of the BJP may not find mention in its election manifesto has added to the general curiosity about what will be the highlights of the ruling party’s poll pledges this time.

With Article 370 repealed by the government headed by Prime Minister Narendra Modi in its second term and the Ram temple construction in full swing and already open to devotees, two of the party’s core promises for several polls stand fulfilled.

Its governments in some states are also working to implement the Uniform Civil Code, another of its foundational pledges. With PM Modi often asserting that his third term will be marked by big decisions, the buzz around its manifesto has been gaining in traction. The Lok Sabha polls are scheduled to be held between April 19 and June 1.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

‘Malicious or Ignorant’: Nirmala Sitharaman takes on Jairam Ramesh over Atal Pension Yojana remarks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman engaged in a heated exchange with former Union minister Jairam Ramesh over the efficacy of the Atal Pension Yojana. The FM took to X (Formerly Twitter) to rebut Ramesh’s criticisms, accusing him of ignorance and malicious intent.

The FM began by addressing Ramesh’s comments on the design of the APY, particularly its automatic premium payment feature. Describing it as a beneficial aspect of the scheme, the FM asserted that it encourages individuals to make the right decisions regarding their retirement savings.

On Atal Pension Yojana, @Jairam_Ramesh known for using verbal sophistry to hide facts, is being malicious or is ignorant of the basic tenets of designing a good pension scheme.

Atal Pension Yojana is designed based on best practice choice architecture to automatically continue… https://t.co/5y6Gn3MBYx

— Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) March 26, 2024

Drawing from the principles of choice architecture advocated by Nobel Laureate Richard Thaler and former Obama administration official Cass Sunstein, the FM defended the scheme’s structure.

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The FM refuted Ramesh’s characterisation of the APY as a “fixed income pension,” emphasising that the scheme guarantees a minimum return of 8%, irrespective of prevailing market conditions.

“Jairam Ramesh calls it a fixed income pension. He has not bothered to check facts. The minimum return under the APY is guaranteed by the GoI to be at least 8%, regardless of prevailing interest rates and returns.”

The FM highlighted the government’s commitment to subsidise any shortfalls in returns, thereby ensuring attractive benefits for subscribers.

“This is an attractive guaranteed minimum return. GoI pays a subsidy to PFRDA to make up for any shortfall in actual returns. If higher investment returns are received on the contributions of subscribers of APY, higher pension would be paid to the subscribers: In fact, currently the returns are more than 8%,” she said.

Responding to Ramesh’s accusation of coercion and hoodwinking in enrolling individuals into the scheme, the FM launched a scathing counterattack, accusing the Congress party of employing similar tactics for political gain.

Additionally, the FM dismissed Ramesh’s concerns regarding the predominance of lower-income subscribers, arguing that it reflects the intended targeting of the scheme towards the economically disadvantaged.

Concluding the Twitter tirade, the FM accused Ramesh and the Congress party of harbouring an elitist mindset that neglects the welfare of the poor. Alleging that the Opposition prefers to keep the marginalised populace dependent on government handouts, the FM defended the APY as a crucial initiative aimed at providing financial security to the underprivileged.

“The elitist mindset of the dynasty and its minions who are constantly thinking of people in the higher echelons of society, perhaps, blinds them to this obvious truth. The @INCIndia prefers that poor should not have pensions so that they are forced to rely on government hand-outs which keeps them dependant on dynasty politicians,” she stated.

Also read: India needs to focus on structural reforms, says World Economic Forum’s MD Jeremy Jurgens

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Finance Minister Sitharaman to kickstart National GST Enforcement Conference on Monday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union Finance Minister Nirmala Sitharaman is set to inaugurate a one-day National Conference of Enforcement Chiefs of State and Central GST formations in New Delhi on Monday, March 4, 2024.

The conference, organised by the Department of Revenue under the Ministry of Finance, marks a significant step in strengthening the enforcement mechanism in Goods and Services Tax (GST), revealed the Ministry of Finance in a public statement.

The conference will see Union Minister of State for Finance, Pankaj Chaudhary, in attendance, and promises a comprehensive deliberation on several key issues.

These include combating GST evasion and fake invoicing, two primary forms of GST evasion. The conference will delve into successful methodologies employed by both State and Central enforcement authorities to combat these issues collaboratively.

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The conference will also focus on sharing best practices, with presentations by State and Central enforcement heads showcasing their most successful strategies and innovative approaches for tackling tax evasion.

The potential of advanced technological tools and data analytics to enhance the accuracy and efficiency of enforcement efforts will be explored.

The conference will also discuss striking a crucial equilibrium between facilitating a smooth business environment and implementing effective, deterrent enforcement measures.

Also Read: India’s February 2024 GST collections surge 12.5% annually to ₹1.68 lakh crore

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RBI held more than 200 meetings with fintechs over last 6 months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) held more than 200 meetings with various fintechs over the course of the last six months, CNBC-TV18 has learnt. This assumes significance in the wake of the action on Paytm Payments Bank, which sparked a wave of passionate responses from the startup ecosystem, ranging from concerns about regulatory support to the burden of compliance issues on fintechs.

CNBC-TV18 has learnt that through various in-person meetings, conferences, events and other outreach, the RBI held 202 meetings in total with fintechs in the last six months, including six to seven meetings at the deputy governor and governor level.

“RBI has been open to any discussion and feedback with fintechs before and will remain so in the future,” said a person familiar with these RBI meetings who preferred not to be quoted.

“The need for a continued dialogue between finetchs and RBI came up in the fintechs meeting in New Delhi, and during the course of the discussion, RBI assured the finetchs that it would hold more structured regular meetings with the industry, as it does with banks and NBFCs,” added this person.

The regulatory action of Paytm Payments Bank had led a dozen startups to pen a letter to the government and regulatory officials, urging them to engage in constructive dialogue with the fintech ecosystem. In this letter, the startup founders even asked the regulator to reconsider its action on the bank, raising concerns that such an action would not only impact customers but have far-reaching and detrimental consequences for the entire FinTech ecosystem.

This prompted the finance ministry to hold a meeting with fintechs in New Delhi recently to assure them that the government supported innovation in the financial sector and was there to address any concerns or issues they may have.

“The Union Finance Minister noted the rapid growth of the start-up and fintech sectors of India, especially in the last decade, and welcomed suggestions from the FinTech leaders to achieve greater Ease of Doing Business and Ease of Living for consumers. During the meeting, it was emphasised that innovative solutions by fintech companies are essential to the financial services sector while ensuring strict compliance with regulations,” the finance ministry said in a press release after the meeting.

While the action on Paytm Payments Bank, and more recently on commercial card payments via Visa to unauthorised merchants by certain finetchs, have given rise to apprehensions among the industry that perhaps the regulator has taken a very strict stance on these players and this may affect the morale of the players in the ecosystem, the RBI has maintained that it remains supportive of the sector.

“Let me stress and let me emphatically state that the Reserve Bank is and will continue to encourage and support innovation and technology in the financial sector. Let there not be any doubt about the Reserve Bank’s commitment to promote fintech, to promote innovation, and to promote technology in the financial system,” RBI Governor Shaktikanta Das had said during the last policy press conference earlier this month while addressing issues around Paytm Payments Bank.

“Problem of a few startups can’t be taken as the problem of the entire startup ecosystem. Many of them are doing alright. I don’t want any sector to have any apprehension that they “can’t do business in India”. The government is very much with the startups. They will be given all assistance,” Finance Minister Nirmala Sitharaman also added at an Indian Express event recently.

Regulatory actions in the past, too, have been met with a mixed response from the fintech industry.

The regulator had first come up with Digital Lending Guidelines for the sector a couple of years ago to set guardrails for digital lending to protect borrowers, which brought legitimacy to a sector that was thus far lightly regulated. While this was welcomed by the industry, what followed after made life tougher for some fintechs.

For instance, in 2023, RBI capped the amount of a popular fintech product FLDG (first loss default guarantee) to 5% of the outstanding amount of a particular loan portfolio, which both provided relief to fintechs by allowing them to carry on with the offering, while also imposing a limit on the cover which would make the product less attractive to banks and therefore harder to sell.

Before that, RBI’s rule prohibiting non-bank institutions or fintech firms, including several buy-now-pay-later companies (BNPLs), from putting credit limits onto PPIs such as wallets and credit cards also came as a body blow to the likes of ZestMoney and Slice, which then had to pivot their business models to survive. ZestMoney eventually shut the shop after failed acquisition talks with PhonePe and other funding issues.

On the other hand, the Reserve Bank also instituted a whole host of measures to boost the fast-growing fintech ecosystem. It set up a FinTech Department to give dedicated attention to the sector, setting up of the Reserve Bank Innovation Hub (RBIH) as a wholly owned subsidiary of the RBI, to promote innovation across the financial sector, as well as set up a ‘Fintech Forum’ comprising representatives from the industry to promote advanced technologies, facilitate knowledge exchange, forge strategic partnerships, empower compliance and understanding and promote financial inclusion.

Among some of the more supportive policies RBI has recently come up with is a self-regulatory organisation (SRO) framework for fintechs to encourage self-regulation, the proposal to set up a fintech repository to enable the development of appropriate policy approaches, a Regulatory Sandbox (RS) framework wherein entities test new innovative products/services in a controlled regulatory environment with or without regulatory relaxation, and the introduction of Account Aggregators frameworks to manage consent and enable consumers to digitally access and share financial assets data in a secure, transparent, and efficient manner.

The increasing regulatory focus comes amid the fast-paced growth this sector has seen. India has over 10,200 fintech startups, the third-largest such cohort in the world. The mushrooming of instant digital loans, which brought convenience along with financial inclusion, also came with increasing instances of fraud, customer harassment and illegal mining of data. All this led the Reserve Bank to take steps to set more firm regulatory and supervisory guidelines for this industry.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Finance Minister Nirmala Sitharaman assures strong support to startups amid funding slowdown

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FM Nirmala Sitharaman says next-gen reforms top of the agenda in government’s third term

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman has announced an ambitious agenda prioritising next-generation reforms to propel India into a new era of growth and development for the Bharatiya Janata Party (BJP) government’s “third term”. A new government will be formed after the general elections due in April-May, and the BJP is confident that the party will return to power for the third straight term with a greater majority.

The FM said the government’s strategy focuses on key sectors such as space, artificial intelligence (AI), logistics, and tourism.

Sitharaman, while addressing a session on ‘Viksit Bharat @ 2047: Viksit Bharat & industry,’ organised by the Federation of Indian Chambers of Commerce & Industry (FICCI), urged Indian Inc to align itself with the goal of ‘Viksit Bharat’ by 2047, when India will complete 100 years of independence.

Sitharaman emphasised the government’s commitment to reforms that would touch every aspect of production, including bolstering digital infrastructure. She announced substantial investments and policy support for the space and AI sectors, aiming to position India as a global leader in these fields.

The government also plans to promote the warehousing of precious metals and expand logistics capabilities. Sitharaman identified agricultural value addition and increased productivity as crucial areas of focus to transform the country’s agricultural landscape.

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Tourism, another cornerstone of India’s economic potential, is ripe for development. Sitharaman expressed the government’s readiness to explore legislative measures to facilitate growth in this sector.

To underscore the government’s commitment, Sitharaman announced plans to ramp up capital expenditure, prioritising infrastructure development and economic growth. She appealed to the Indian industry to seize the opportunity and accelerate their participation in the nation’s economic transformation.

The finance minister also highlighted the potential for greater international collaboration, encouraging the exploration of joint ventures to enhance India’s global footprint.

Sitharaman said that India has moved up to become the fifth-largest economy and is on the way to becoming the third-largest global economy. The minister said that several reforms were undertaken by the government during the last 10 years, and the trend will continue.

Also Read: RBI allows banks to issue pre-paid payment instruments for payments across public transport networks

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nirmala Sitharaman, Jaishankar to contest Lok Sabha polls; seats undecided, says Pralhad Joshi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union Minister Pralhad Joshi has said Union Ministers Nirmala Sitharaman and S Jaishankar will contest the upcoming Lok Sabha elections.

However, it has not been decided yet as to where they will contest from, he added.

“It is appearing in the media. More or less it is final that they (Nirmala Sitharaman and Jaishankar) will contest the Lok Sabha elections. It has not been decided yet from where they will fight, whether it is in Karnataka or some other state,” Joshi, who holds the Coal and Mines portfolio, told reporters on February 26.

To a question whether it will be Bengaluru, Joshi said, “How can I answer when nothing has been finalised?”

Union Finance Minister Sitharaman and External Affairs Minister Jaishankar are Rajya Sabha members from Karnataka and Gujarat respectively.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FM Nirmala Sitharaman inaugurates new BITS campus in Kalyan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance minister Nirmala Sitharaman on Saturday February 24 inaugurated the fifth campus of the Birla group-run engineering institute BITS Pilani, with which the national institute of eminence also diversifies into law, management and design.

Located in the nearby Kalyan area of the megapolis, the Rs 1,600-crore campus spread across 60 acres will accommodate 5,000 students at full capacity, said Kumar Mangalam Birla, the group chairman and the chancellor of the institute.

Began in 1964 in Pilani, the native village of the Birla’s in the Marward region of Rajasthan, the institute, which was one of the six private institutes elevated as an institute of eminence and houses 80,000 students across its five campuses in Pilani, Goa, Hyderabad, Dubai and Kalyan.

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The new campus moves away from its core focus of engineering to law, management and design. The design school was started just last week while law and management schools were functional from last year from the temporary campus in Powai.

Declaring the new campus open, Sitharaman said over the years, the institute has produced as many as 7,300 Fortune 500 CEOs, 300 academics of global repute and 600 civil servants. It has also produced 6,200 startups while its incubation centre has spawned 170 startups of which 30 have become unicorns.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow