Process health workers’ insurance claims on priority, Nirmala Sitharaman tells States

PMGKP scheme for healthcare workers has been extended for a year after the emergence of the second COVID-19 wave Insurance companies have processed just 419 claims pertaining to frontline healthcare workers who lost their lives in the COVID-19 pandemic, Finance and Corporate Affairs Minister Nirmala Sitharaman said on Saturday, urging insurers to expedite settlement of … Read more

Full exemption from customs duties is available to all COVID relief material, says Nirmala Sitharaman

West Bengal CM wrote to PM Modi to waive taxes, duties on medical equipments, drugs. Finance Minister Nirmala Sitharaman on May 9 said GST exemption to domestic supplies and commercial import of COVID-19 drugs, vaccines and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes … Read more

High petrol, diesel prices burden on consumers; tax cut should be joint call of Centre, States: Nirmala Sitharaman

Economists at SBI in a report stated that petrol price can go down to ₹75 a litre across the country if it is brought under the ambit of GST. Finance Minister Nirmala Sitharaman on Friday acknowledged that consumers have a case for petrol and diesel prices to be brought down but said a reduction in … Read more

This Budget was put through the wringer to ensure that every number was credible: Nirmala Sitharaman

No decision taken yet on which banks will be privatised, Finance Minister says. Fresh from presenting a Budget that represents a clean break from past policies, Union Finance Minister Nirmala Sitharaman was in Chennai last weekend to hear feedback from industrialists and common citizens. “This is a Budget that was put through the wringer to … Read more

I neither had a dream nor role-model, says Finance Minister Nirmala Sitharaman

“But I am not even sure I had a dream. I just kept doing what was before me and went along the flow.” One had expected Union Finance Minister Nirmala Sitharaman to say that she had a dream and a role-model in life, but alas it wasn’t so and she was quite candid about it. … Read more

FM asks private sector to unleash ‘animal spirits’ and increase investments

Finance Minister said the recent Budget has addressed several issues which were so critical for India Finance Minister Nirmala Sitharaman on Saturday exhorted the private sector to take advantage of corporate tax rate cut and other initiatives of the government, and unleash ‘animal spirits’ by enhancing investments to make India one of the fastest growing … Read more

IBC suspension extended till March 2021

The government has decided to extend the suspension of the Insolvency and Bankruptcy Code (IBC) till March 31, 2021, to help businesses cope with the lingering difficulties posed by the COVID-19 pandemic, Union Finance Minister Nirmala Sitharaman said on Monday. The Minister’s statement settles a major uncertainty facing businesses since the present government order to … Read more

GST Council still divided on States’ compensation

This was the third meeting in a row that discussed compensation shortfall without a decision. The Goods and Services Tax (GST) Council failed again on Monday to reach an agreement on the contentious issue of borrowings to meet shortfalls in cess collections used to recompense the States for revenue losses from the indirect tax implementation.  … Read more

GST Council fails to reach consensus on compensating States

Union Finance Minister Nirmala Sitharaman said the panel will meet again on October 12. A crucial meeting of the GST Council on Monday failed to reach a consensus on ways to compensate States as the panel was split on political lines over using borrowing as a tool. Briefing reporters after a marathon meeting of the … Read more

GDP contracts by record 23.9% in Q1

This is the sharpest contraction since quarterly figures started being published in 1996 and worse than what was expected by most analysts. The Indian economy saw its worst contraction in decades, with Gross Domestic Product (GDP) shrinking by a record 23.9% in the April to June quarter in comparison to the same period last year, … Read more