Nirmala Sitharaman Archives

Good news for startups, Finance Minister Nirmala Sitharaman proposed to increase tax benefits

Budget 2024: On Thursday, the government announced plans to prolong the tax breaks for investments made by sovereign wealth or pension funds as well as startups by a year. An extension of the tax advantage until March 2025 has been proposed.

Tax benefits for startups, sovereign wealth & pension funds extended to March 2025

Read: https://t.co/L9Te5I3tPD #Budget2024 #BudgetSession pic.twitter.com/cTi3mxkptJ
— IANS (@ians_india) February 1, 2024

The International Financial Services Center (IFSC) units’ tax exemption on some income and certain tax benefits for investments made by startups, sovereign wealth funds, and pension funds would expire on March 31, 2024, according to Finance Minister Nirmala Sitharaman.

“To maintain continuity in taxation, I propose to extend the tax exemption until March 31, 2025,” she added, introducing the Interim Budget 2024–2025.

To encourage entrepreneurs in the nation, the government has implemented several initiatives. 1.17 lakh startups have received official recognition to date. Under an action plan for Startup India, these firms can benefit from tax incentives like income tax breaks.

Google removed 2,500 apps from Play Store, these apps used to scam people in the name of giving loans

Cybercrime, online fraud, and scam cases are on the rise in our technological age. The government is now strictly enforcing laws against internet fraud. The central government is always coming up with new policies to manage this.

The Indian government had appealed to Google to take down fraudulent loan apps from the Google Play Store. In response to a request, Google has taken some 2,500 apps out of the Play Store.

Information regarding the apps that were taken down from the Play Store was provided by Finance Minister Nirmala Sitharaman in the Lok Sabha. The government was planning to remove fraud loan apps for quite some time, she said. In the name of providing loans, the apps that were removed made people victims of fraud.

Let us inform you that Google has modified its loan-giving app policy. Google has updated its policies. All such apps that advertise on the Google Play Store as offering loans to users will have to abide by the guidelines. Approximately 2500 of the approximately 3500 fraudulent lending apps that Google discovered have been taken down.

2,500 fraudulent loan apps weeded out from #Google Play Store: #NirmalaSitharman

Read: https://t.co/OYTvnSWE5r pic.twitter.com/8BeMX6ZuwB
— IANS (@ians_india) December 18, 2023

India’s GDP reached the figure of $ 3.75 trillion, Finance Minister Nirmala Sitharaman gave information

On Monday, India’s gross domestic product (GDP) surpassed $3.75 trillion. In 2023, leading growth indicators are projected to reach $3.75 trillion, up from $2 trillion in 2014. The office of Union Finance Minister Nirmala Sitharaman tweeted to clarify this.

India’s economy is ranked as the fifth largest in the world, according to the Finance Ministry. India’s gross domestic product (GDP) is just slightly less than the US ($26,854 billion), China’s ($19,374 billion), and Germany’s ($4,309 billion) in terms of current value.

In the meantime, rating firm Moody’s predicted on Sunday that the Indian economy would expand by 6 to 6.3% in the June quarter.

https://twitter.com/nsitharamanoffc/status/1668105883325435904

PAN card is now valid in the whole country as an identity card, announced in budget 2023

You do not need to keep a PAN card at home if you use one. because the PAN card is now recognized as legal identification throughout the nation. An individual, business, or other entity receives a PAN, which is a 10-digit alphanumeric identification number.

PAN cards now have a new identity thanks to Finance Minister Nirmala Sitharaman‘s Budget 2023. All people will utilize PAN cards on a regular basis. PAN cards can now be used as identification cards.

Permanent Account Number (PAN) cards would be utilized as a common form of identity for all digital systems used by government institutions, according to Finance Minister Nirmala Sitharaman on Wednesday. In addition to promoting Ease of Doing Business, this step will benefit the country as well.

PAN cards serve as identity proof

You can now use your PAN card to establish your identification and conduct financial activities. The 10-character alphanumeric number displayed on the PAN card is what gives it its true value. These numbers are exclusive, meaning that only one individual can have a given number.

Finance Minister Nirmala Sitharaman admitted to AIIMS Hospital in Delhi

Nirmala Sitharaman, the Union Finance Minister, was admitted to the AIIMS Hospital in Delhi on Monday. According to PTI, Sitharaman was kept in the hospital’s private ward. 63-year-old Sitharaman was taken to the hospital around noon.

Finance Ministry clarifies on discussion about charging UPI transactions, there is no charge for UPI transactions as of now

UPI Payment Charges: According to the Finance Ministry, the United Payment Interface (UPI) is a valuable digital utility for the public, and the government has no plans to charge for it. As a result of this ministry statement, the RBI has eased concerns regarding fees in the payments system raised in its discussion paper. The discussion paper makes the suggestion that fees could be applied to various UPI payment amount categories. There are no fees for UPI transactions as of right now.

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Finance Ministry clarified

In a tweet, the Finance Ministry stated that UPI is a helpful service for the public that offers tremendous convenience to the public and boosts economic production. The government has no plans to charge users for using UPI services. The concerns of the service providers will need to be addressed in other ways in order to recoup the costs.

The government is giving incentives

This information was also provided by Nirmala Sitharaman, to which Prime Minister Narendra Modi responded, “This is a superb accomplishment.” Indians will embrace modern technology and create a clean economy if they embrace modern technology as a whole. Digital payments were extremely helpful during the COVID-19 pandemic.

Let us inform you that UPI transactions are booming across the nation. People are using UPI more frequently than they are using money and credit cards. As a result, 6 billion UPI transactions were made in just a month of July. This information was provided directly by Prime Minister Narendra Modi. The Prime Minister praised UPI and noted that 6 billion transactions were completed through it in July, the most since 2016. In other words, UPI surpassed its previous record for the year 2016 in July and reached a new peak.

Market volatility won’t cause the government to panic, Sitharaman made a big statement on LIC IPO

As a result of continuing volatility on the stock market and Russia-Ukraine tension, the government Life Insurance Corporation of India (LIC) is bringing an IPO. The government will not make any modifications to its IPO plan, according to Nirmala Sitharaman.

Ms. Sitharaman pointed out that the LIC IPO is receiving a lot of market enthusiasm and we will proceed. Moreover, the global situation has an impact on the market as well. However, given the current volatility, is it possible to postpone the IPO date? As the Finance Minister stated, investors are eagerly awaiting this and we are ready to take advantage of this.

Refuses to speak about NSE scam

In a press conference, asked about the controversies surrounding former NSE MD & CEO Chitra Ramakrishna, he said that the investigation will be handled by the market regulator SEBI, and when they do not have complete details, she cannot comment.

GST compensation was also a concern for the states

When it comes to states’ demands for more money to make up for GST collections being short, Sitharaman explained that there is no difference. To compensate for the decline in 2020, the states have been given separate loans in order to compensate for the GST Council’s decision. Furthermore, the period of recovery is done in the form of cess was also extended.

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Union Budget 2022: 30% tax to be paid on crypto in India, RBI will bring its own digital currency

Union Budget 2022: In her budget speech, the Union’s finance minister made a major announcement about digital currencies. A digital currency will be launched by the Reserve Bank of India (RBI) this year. It is expected to be released by the end of 2022 or early in 2023. The Central Bank Digital Currency is based on blockchain technology, among other technologies. India’s economy, therefore, stands to benefit greatly from the arrival of the Indian Digital Currency.

The transfer of any digital asset will also be taxed at 30 percent, as Sitharaman explained during her budget speech. Nirmala Sitharaman points out that virtual digital assets have seen an increase in transactions. As a result, a special taxation system for virtual digital assets is required. I propose a 30 percent tax on all income generated from the transfer of a virtual digital asset. A deduction shall not be allowed for any expenditure or element while computing such income, except for the cost of acquisition for any loss arising from a transfer of virtual digital assets, which cannot be set off against any loss.”

The Finance Minister went on to say that with this budget India would lay the groundwork for the next 25 years. Growth is forecast at 9.2% for the next fiscal year. According to the latest estimates, the Indian economy has grown by 9.2% for the current year.

Unlike cryptocurrencies, digital currencies are more stable and regulated. Unlike digital currencies issued by governments, crypto-currencies and stable coins are decentralized.

According to an analysis by the Financial Action Task Force (FATF), a non-profit organization dedicated to preventing money laundering and terrorism financing, cryptocurrencies offer better privacy than mainstream digital payment methods. These services can be misused by terrorist organizations and criminals for the wrong reasons.

Decentralized cryptocurrencies make it difficult for central banks to control an economy’s money supply since they do not have their most crucial tools.

Share Market Updates: Sensex jumps ahead of budget, Nifty above 17,500

The country’s general budget will be presented today. As Nirmala Sitharaman presents her budget tablet, the stock market will be monitoring it closely. Today, Tuesday, February 1, 2022, the opening of the market is creating a boom in the market. In the opening of the market today, both benchmark indices registered a substantial rally.

BSE Sensex jumped 600 points, while Nifty traded over 17,500 levels. At the opening, the Sensex was trading 603.39 points or 1.04 percent higher at 58,617.56, while the Nifty gained 159.25 points or 0.92 percent to 17,499.10.

As early trade unfolded, benchmark indices rose to new intraday highs. As of 09:42, the Sensex was at 58,688.79, up 674.62 points or 1.16%. As a result, Nifty added 183 points or 1.06% to 17,522.80. The real estate index of BSE has risen 1 percent.

According to the Economic Review for the financial year 2021-22 released on Monday, the market rose on the estimate of a better economic growth rate. Good openings in the European and Asian markets supported the upward trend in the domestic market. The Sensex was bullish yesterday and opened with good gains. Ultimately, it gained 813.94 points, or 1.42 percent, to close at 58,014.17. At the same time, Nifty advanced 237.90 points or 1.39 percent to close at 17,339.85 points.

During yesterday’s economic survey, some important data about the stock market was also shared. There has been a significant increase in interest in the Indian securities market from retail investors, according to the government. In April-November 2021, 2.21 crore individual Demat accounts were added as a result of the stock market boom.

As per the review, “the continued bullish trend in the Indian stock market has led to an increase in the participation of individual investors in the equity sector, and the share of individual investors in the total trading on NSE has risen from 38.8 percent in 2019-20 to 44.7 percent in April-October 2021.”

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Budget 2022 Live Updates: RBI to release digital rupee in 2022-23, Finance Minister Nirmala Sitharaman made an important announcement

On Tuesday, Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 to Parliament. The Modi government has presented its fourth budget in its second term. In presenting the digital budget, Nirmala Sitharaman said that the government has been empowering citizens, especially the poor, since 2014. We are empowering the poor to become more capable. Nirmala Sitharaman announced 400 new Vande Bharat trains with better efficiency would be introduced in the next 3 years.

Union Cabinet approves the #Budget2022; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly. pic.twitter.com/jpHptTfhz0
— ANI (@ANI) February 1, 2022

Sitharaman said the government has now begun to focus on technology development in her budget speech. To meet this challenge, we are in a strong position. Budget for 25 years, the Finance Minister said. Investments will be made in modern infrastructure. In this budget, the general investment will be encouraged.

Budgets have had a significant impact on the stock market. The government’s priority will be to accelerate the economic activities affected by the pandemic and the challenges it faces.

1) RBI will issue digital rupee in 2022-23 using blockchain and other technology: Finance Minister

2) Finance Minister: GDP will grow by 9.2 percent

According to the Finance Minister, India’s economic growth rate is expected to be 9.2% this year. Among major economies, this is the highest rate. The IMF and World Bank have also projected India’s GDP growth rate to be the fastest in the world.

3) PM e-Vidya to expand from 12 to 200 channels: Finance Minister

4) Focus on domestic oil production: Finance Minister Nirmala Sitharaman

5) Finance Minister Nirmala Sitharaman aims to link five rivers

6) The government will also increase its procurement of Rabi crops, including wheat: Finance Minister

A policy is being developed to encourage fruit and vegetable production. Additionally, he announced the promotion of oilseed production amid high prices for edible oils. The government will also increase purchases of Rabi crops, such as wheat.

The ECLGS scheme has been extended until March 2023 for all hospitality sectors, including tourism and hotels fighting the Corona epidemic. The credit guarantee scheme for small-scale industries has also been extended.

7) 400 New Vande Bharat trains will arrive in three years: Finance Minister

According to Finance Minister Nirmala Sitharaman, 400 new Vande Bharat trains with higher efficiency will be introduced within 3 years; within 3 years, 100 PM Gati Shakti cargo terminals will be developed.

8) IPO of Life Insurance Corporation (LIC) to come: Finance Minister Nirmala Sitharaman

9) A 5-km corridor will be built on the banks of Ganga: Finance Minister Nirmala Sitharaman

10) We are focusing on enhancing the capabilities of the poor, according to the Finance Minister

Nirmala Sitharaman said that our emphasis is on enhancing the capacity of the poor. The economy will be strengthened by PM Gatishakti.

11) ‘Intention to build 25,000 kilometers of roads’, says Finance Minister in the budget speech

In her budget speech, Finance Minister Nirmala Sitharaman said that 25,000 km of roads would be built. ‘PM Gatishakti’ also emphasizes road transport.

12) Updates on the Union Budget 2022: Finance Minister says ‘PM Gatishakti’ is the key to economic growth

‘PM Gatishakti’ the driving force behind the economic transformation

‘PM Gatishakti’ is our top priority