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Tag: Finance Minister Nirmala Sitharaman

Modi Govt to Priivatise Non-Strategic PSUs: FM in PC

(New Delhi)Modi Govt to Priivatise Non-Strategic PSUs: FM in PC
Finance Minister Nirmala Sitharaman on Sunday said a new “coherent” public sector enterprises policy will be formulated that will define strategic sectors which will have not more than four PSUs.
List of strategic sectors requiring presence of public sector undertakings (PSUs) in public interest will be notified, she said while announcing her fifth and final economic stimulus package.
In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed.
In other sectors, PSUs will be privatised.

FM Announces Commercial Mining of Coal

(New Delhi) FM Announces Commercial Mining of Coal
Finance Minister Nirmala Sitharaman on Saturday announced commercial mining of coal by the private sector, ending government monopoly on the sector.
In her fourth tranche of the economic package, FM said commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne.
Nearly 50 blocks will be offered for bidding
This is being done to reduce import of substitutable coal and increase self-reliance in coal production.
Also, the government will invest Rs 50,000 crore for building evacuation infrastructure.

FM Announces Setting up of ₹ 1 Lakh cr Agri Infra Fund

(New Delhi) FM Announces Setting up of ₹ 1 Lakh cr Agri Infra Fund
Finance Minister Nirmala Sitharaman on Friday announced setting up of a Rs 1 lakh crore agri infrastructure fund for farm-gate infrastructure.
This fund will be used for setting up cold chains and post-harvest management infrastructure, she said while announcing the third tranche of COVID-19 relief package.
She also announced a Rs 10,000 crore scheme for formalisation of micro food enterprises (MFE).
The scheme will be launched to help 2 lakh MFEs by adopting cluster-based approach such as mango in Uttar Pradesh, kesar in Jammu & Kashmir, bamboo shoots in North-East, chilli in Andhra Pradesh, tapioca in Tamil Nadu.
This fund would help in reaching untapped export markets in view of improved health consciousness.

RBI Cut Lending Rate :FM Asks to Transmit Quickly

(New Delhi)RBI Cut Lending Rate :FM Asks to Transmit Quickly
Finance Minister Nirmala Sitharaman on Friday asked banks for “quick transmission” of slashed interest rate as the RBI cut the key lending rate sharply by 75 basis points to boost liquidity in financial system to deal with the COVID-19 pandemic.
In a tweet, the Finance Minister also welcomed RBI Governor Shaktikanta Das’ statement that the macro economic fundamentals of the Indian economy are sound, and in fact stronger than what they were in the aftermath of the global financial crisis of 2008-09.
The three-month moratorium on payments of term loan instalments (EMI) and interest on working capital give much-desired relief, she added.
Besides other measures to help the economy facing lockdown, the RBI announced steps to release primary liquidity of Rs 1,37,000 crore in the banking system and reduced cash reserve ratio (CRR) by 100 basis points with effect from March 28 for one year.

Dy CM Sisodia Met FM And Demanded Delhi’s Share in Taxes

(New Delhi) Dy CM Sisodia Met FM Sitharaman’s And Demanded Delhi’s share in Central Taxes
Deputy Chief Minister Manish Sisodia on Friday met Union Finance Minister Nirmala Sitharaman and demanded Delhi’s share in central taxes, which he said would help speed up cleaning the Yamuna and make arrangements for sufficient electricity and water supply in the city.
Taking to Twitter, Sisodia, who also holds the finance portfolio in the AAP government, said Delhi has not been given any share in central taxes since 2001.
In the meeting, he also demanded funds for all the three municipal corporations in Delhi, the same way as Centre gives money to civic bodies in other states.

Indian Eco Slowed Down But no Threat of Recession:FM

(New Delhi)Indian Eco Slowed Down But no Threat of Recession:FM
Finance Minister Nirmala Sitharman on Wednesday said the Indian economy may have slowed down but there is no threat of a recession.
Replying to a discussion on the economic situation in the country in Rajya Sabha, she reeled out numbers comparison between five years under Congress-led UPA-II regime from 2009 to 2014 and BJP’s first term from 2014 to 2019 to say inflation was lower and growth higher under the Modi government.
FDI inflows in 2009-14 were USD 189.5 billion and the same were USD 283.9 billion under BJP rule in the following five years, she said, adding foreign exchange reserves rose to USD 412.6 billion under BJP from USD 304.2 billion in UPA-II.
“Economic growth may have slowed but there is no recession, there can be no recession,” she said.

Modi Govt Demonetizes RTI By Slashing Its Funds Above 38%

[New Delhi]Modi Govt Demonetizes RTI By Slashing Its Funds @ 38%
Finance Minister Nirmala Sitharaman announced an allocation of Rs 5.5 crore for the ‘CIC and RTI’ as compared to Rs 9 crore allocated in the Budget for 2018-19.
The allocation is a dip of Rs 3.5 crore or about 38.8 per cent.
In last year’s budget, Rs seven crore was earmarked for the CIC and the RTI, but it was revised to Rs nine crore.
The allocation is for the Department of Personnel and Training’s propagation of the RTI Act, the Budget document said.
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Modi Govt Proposes TV Channel For Startups

[New Delhi]Modi Govt Proposes TV Channel For Startups
Finance Minister Nirmala Sitharaman Friday said an exclusive television channel is proposed to be set up for startups that will serve as a platform for discussing issues affecting their growth and match-making with venture capitalists.
Presenting the Budget for 2019-20, she proposed to start a television programme exclusively for startups that will be executed by startups themselves.
Photo Caption :The Union Budget 2019-20 documents brought in the Parliament House premises under security, in New Delhi on July 05, 2019.

Capt Meets Centre’s Various Ministers,Get Assurance For Devp Of Pb

[New Delhi] Capt Meets Centre’s Various Ministers,Get Assurance For Development Of Pb
The Centre will initiate work on the infrastructure development of Sultanpur Lodhi as proposed by the Punjab Government at the earliest,
Chief Minister Of Punjab Capt Amarindeer Singh Met Union Minister Hardeep Singh Puri And Fm Nirmala Sitharaman on Friday.
and pressed for early approval for the Rs 321 crore infrastructure development projects proposed by the state government for Sultanpur Lodhi town. The town holds historical significance due to its association with Sri Guru Nanak Dev ji, whose 550th Prakash Purb is being celebrated this year.
The Union Minister Puri told mediapersons that he would ensure maximum flights from Punjab to cater to the demand for global travel. The Chief Minister said, in response to media queries after the meeting, that the union minister had promised to look into the state’s demands related to urban development and aviation.
To strengthen the state’s global connectivity, the Chief Minister sought inclusion of Chandigarh under the Open Skies Policy for ASEAN Countries, while asking for urgent review of the current policy of bilateral spots to facilitate more international flights out of Chandigarh, especially to Gulf countries and Turkey, thereby enabling greater connectivity with the rest of the world. He urged the minister to liberalise bilateral rights to enable the civil aviation sector to grow.
The Chief Minister also asked the Union Minister to consider the proposal to name Adampur Airport as Jalandhar Airport for easy booking of flights by tourists and NRIs. The Union Minister immediately instructed department officials to explore ways of making the change.
During the meeting, Puri raised the issue of implementation of the central government schemes, particularly Swacchhta Abhiyan and Pradhan Mantri Awas Yojana, to which the chief minister assured of the state’s full cooperation. Captain Amarinder urged Puri to look at introduction of the latest technology for solid waste management to ensure implementation of the cleanliness drive more effectively.
Photo Caption
The Chief MinisterThe Chief Minister of Punjab, Captain Amarinder Singh meeting the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, in New Delhi on June 28, 2019.