Union Finance Minister Nirmala Sitharaman Archives - Page 2 of 2 - Lokmarg

I Am Aware Of The Issues Of Middle Class: Sitharaman

By LokMarg 16th January 2023

Ahead of the Union Budget, Finance Minister Nirmala Sitharaman said she “identifies” herself as middle class and also understands the problems faced by that section of the people.

“I belong to a middle class and identify myself as a middle class so I can understand them. Modi govt has not levied any new tax on the middle class in any budget so far. No tax levied on people who earn a salary up to Rs 5 lakhs,” Sitharaman said, in an interaction with RSS publication ‘Panchjanya’ on the theme ‘Baat Bharat ki’ on Sunday.
These remarks came days before the Union Budget for 2023-24. The government is in the process of finalizing the Budget document to be presented on February 1.

“I can understand the pressures of the middle-class section of people. I identify myself with the middle class so I know. The government has ensured no new tax is imposed on them, launched metro services in 27 cities (for better mobility),” she said.

In addition, she noted that requisite funds were being released for the development of 100 smart cities, which she said will help people who migrate to big cities for business and employment.

“Will these initiatives not improve the standard of living? Yes, I have not directly transferred money into the pockets of the middle class but these facilities (are helping them),” she added.

Moreover, on the matter of freebies by political parties, she said parties should make provision in their Budget for the freebie they wish to promise, taking into account the financial condition of their state.

“The question is not what is a freebie? The question is whether the promises made by political parties before elections can be fulfilled considering the financial condition of the state. Political parties should allocate in their budget for the freebie they promise,” she said in Hindi.

Moreover, speaking about how India came out of Fragile 5 economies, she said India’s economy has undergone significant changes since 2014, which has led it now become the fastest-growing economy in the world.

The term Fragile 5 was coined by a Morgan Stanley analyst in 2013 and refers to a set of five emerging countries, including India, whose economy was not doing well then. The other four countries were Brazil, Indonesia, South Africa, and Turkey.

“In 2013, India was among the ‘Fragile Five’ economies of the world. However, since Modi govt came to power in 2014, India’s economy has undergone significant changes that have led to it now being the fastest growing economy in the world,” she said.

The formal exercise to prepare the annual Budget for the next financial year commenced on October 10.

Budget 2023 is likely to be the last full budget of the Modi government in its second term with the next Lok Sabha elections due in April-May of 2024. (ANI)

FM Sitharaman All Praise For Rishabh Shetty’s ‘Kantara’

By LokMarg 2nd November 2022

Union Finance Minister Nirmala Sitharaman, on Wednesday, showered praises on actor and director Rishab Shetty for his recently released action thriller film ‘Kantara’.

Taking to Twitter, FM Sitharaman shared a picture and wrote, “With a team of volunteers and well-wishers watched #KantaraMovie in Bengaluru. Well made @shetty_rishab(writer/director/actor). The film captures the rich traditions of Tuluvanadu and Karavali.”

Replying to the Finance Minister, Rishab Shetty tweeted, “Thank You, Mam.”

In the picture, FM Sitharaman could be seen posing with the volunteers inside a cinema hall.

Helmed by Rishab Shetty ‘Kantara’ was released on September 30 and gathered a massive response from the audience for its storyline and amazing visuals.

Previously, legendary south actor Rajinikanth also praised the actor for his film.

According to trade expert Taran Adarsh, the film has minted over Rs 47 crore in the Hindi market after 19 days of its release and has already crossed the lifetime collection of actor Yash’s ‘KGF: Chapter 1.’

After the massive response, fans on social media started the #KantaraForOscars trend and demanded that the film has to be considered for the Academy Awards.

Produced by Homable Films ‘Kantara’ starred Rishab Shetty, Pramod Shetty, Achyuth Kumar, Sapthami Gowda, and south actor Kishore in the lead roles.

In the past couple of years, many south Indian films like ‘Baahubali’, ‘KGF’, ‘Pushpa’, ‘Karthikeya 2’ and now ‘Kantara’ got a worldwide appreciation for their amazing content. (ANI)

Modi To Launch 75 DBU’s Cross 75 Districts

By LokMarg 16th October 2022

With an objective to boost financial inclusion, Prime Minister Narendra Modi will launch 75 Digital Banking Units (DBUs) today via video conferencing.

Union Finance Minister Nirmala Sitharaman in her budget speech for 2022-23 had announced the setting up of 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of the country.
The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country and cover all states and union territories.

Eleven public sector banks, 12 private sector banks, and one small finance bank are participating in the endeavor.

According to Prime Minister’s Office (PMO), DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and debit cards, tax and bill payment and nominations.

The PMO statement said DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all through the year.

It said they will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.

Also, there shall be adequate digital mechanisms to offer real-time assistance and redress customer grievances arising from business and services offered by the DBUs directly or through business facilitators and correspondents. (ANI)

Avoid Unidimensional View Of Indian Subsidies: Sitharaman

By LokMarg 15th October 2022

Union Finance Minister Nirmala Sitharaman has said that despite this year’s projected growth rate of 7 percent for the Indian economy, India remains concerned about the global economic outlook and geopolitical environment.

Attending the Development Committee Meeting of the World Bank-IMF in Washington DC on October 14, Sitharman said that reducing crop loss and food waste should also be the first intervention of choice to ensure food security, in the finance ministry said.
The Union Finance Minister urged the World Bank to avoid a unidimensional view of subsidies and not to lose focus on the internationally agreed basic principle of common but differentiated responsibilities

The finance minister mentioned that the “Food and Energy Crisis paper” rightly identifies Energy Efficiency as the ‘first fuel of choice. “Similarly, reducing crop loss and food waste should also be the ‘first intervention of choice’ to ensure #FoodSecurity,” the finance ministry quoted Sitharaman as saying.

Sitharaman has held back-to-back bilaterals with global finance ministers and heads of the top international organizations in Washington DC on topics centered on important economic issues.

The Finance Minister met International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath, on the sidelines of the IMF-WB meeting and discussed current global matters, including food and energy security issues.

They also held talks on global debt vulnerabilities, climate matters, Digital Assets, and the upcoming G20 India Presidency.

On Thursday, Finance Minister Sitharman participated in the second day of the G20 Finance Ministers and Central Bank Governors Meeting in Washington DC.

Her interventions focused on infrastructure investments and International Taxation during the meeting on the sidelines of the annual meetings of the IMF and the World Bank Group (WBG).

At a university event on Thursday, Sitharaman said that India is setting global benchmarks on the digital front and that there is a sense of confidence in the country that it will be able to face geopolitical and economic uncertainties and still perform.

Responding to a question on India’s economic prospects in the face of global uncertainty, Sitharaman said India is now setting global standards, and countries around the world recognize this scale of achievement.

She made these remarks after an event at Johns Hopkins University event in Washington on the topic “Technology, Finance, and Governance: The Multiplier Effect”. (ANI)