FM Nirmala Sitharaman set to review tax reforms, collections next week
Synopsis
Finance Minister Nirmala Sitharaman is scheduled to convene meetings with tax officials to discuss reforms in tax administration and review collection trends. Key areas of focus include widening the tax net, reducing litigation, and preparing for global economic challenges. Discussions will also cover GST improvements, income tax bill progress, and international taxation issues.
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Time of India
an hour ago
- Time of India
Finance Minister Nirmala Sitharaman inaugurates developmental projects in Ladakh
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, virtually inaugurated several development projects on Sunday in Leh, Ladakh, during her four-day visit to the Union Territory. The Ministry of Finance said this reaffirms the Government of India's commitment to inclusive growth and infrastructure development in the Union Territory of Ladakh . The Union Finance Minister also interacted with the officials of the Union Territory administration. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo On the second day of her visit, she addressed an audience during the Credit Outreach Programme in Leh and handed over sanction letters from banks to beneficiaries under various Central Government schemes. During the Credit Outreach, loans worth Rs 5.13 crore were disbursed to beneficiaries under different schemes, including PM MUDRA, PM Vishwakarma, PMEGP, PM Micro Food Processing Enterprises Scheme (PM FME), and Joint Liability Group (JLG) loans. Live Events The Union minister also visited an exhibition of local handicrafts and handloom products by Self Help Groups (SHG) and Local Entrepreneurs in Leh. Sitharaman interacted with artisans, women-led SHGs and local entrepreneurs showcasing traditional crafts, handloom textiles and sustainable innovations at their stalls. She appreciated the entrepreneurial spirit and creativity of the artisans, highlighting their role in preserving cultural heritage and boosting rural livelihoods in the Union Territory. Minister Sitharaman interacted with Rinchen Dolma, a PM Mudra Scheme beneficiary, during her visit to an exhibition of local handicrafts and handloom products by Self Help Groups (SHG) and Local Entrepreneurs in Leh. "What a spectacular drive there is in her to use a government scheme and showcase what she has grown. Very well done," the FM said. She encouraged Dolma to move into the next phase of the PM Mudra Scheme and scale up her business. Earlier on Saturday, Finance Minister Sitharaman interacted with Ladakh Lok Sabha MP Mohmad Haneefa. Former Ladakh Lok Sabh MP Jamyang Tsering Namgyal also called on the Union Finance Minister. A delegation of Executive Councillors of Ladakh Autonomous Hill Development Council, led by its Chairman/CEC Tashi Gyalson, called on the Union Finance Minister. On her first day of the four-day visit, Finance Minister Sitharaman visited Leh Palace in Leh. The 17th-century palace, standing on a steep mass of sandy rock hill, dominates the city built by the revered king Singe Namgyal. Finance Minister Sitharaman also visited the Shanti Stupa in Leh. The 14th Dalai Lama, Tenzin Gyatso, laid the foundation stone of the Ladakh Shanti Stupa on August 25, 1985 and on August 25, 1991, Thiksey Khenpo Rinpoche inaugurated it.
Mint
an hour ago
- Mint
Finance Minister Nirmala Sitharaman inaugurates developmental projects in Ladakh
Leh (Ladakh) [India], June 15 (ANI): Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, virtually inaugurated several development projects on Sunday in Leh, Ladakh, during her four-day visit to the Union Territory. The Ministry of Finance said this reaffirms the Government of India's commitment to inclusive growth and infrastructure development in the Union Territory of Ladakh. The Union Finance Minister also interacted with the officials of the Union Territory administration. On the second day of her visit, she addressed an audience during the Credit Outreach Programme in Leh and handed over sanction letters from banks to beneficiaries under various Central Government schemes. During the Credit Outreach, loans worth ₹ 5.13 crore were disbursed to beneficiaries under different schemes, including PM MUDRA, PM Vishwakarma, PMEGP, PM Micro Food Processing Enterprises Scheme (PM FME), and Joint Liability Group (JLG) loans. The Union minister also visited an exhibition of local handicrafts and handloom products by Self Help Groups (SHG) and Local Entrepreneurs in Leh. Sitharaman interacted with artisans, women-led SHGs and local entrepreneurs showcasing traditional crafts, handloom textiles and sustainable innovations at their stalls. She appreciated the entrepreneurial spirit and creativity of the artisans, highlighting their role in preserving cultural heritage and boosting rural livelihoods in the Union Territory. Minister Sitharaman interacted with Rinchen Dolma, a PM Mudra Scheme beneficiary, during her visit to an exhibition of local handicrafts and handloom products by Self Help Groups (SHG) and Local Entrepreneurs in Leh. "What a spectacular drive there is in her to use a government scheme and showcase what she has grown. Very well done," the FM said. She encouraged Dolma to move into the next phase of the PM Mudra Scheme and scale up her business. Earlier on Saturday, Finance Minister Sitharaman interacted with Ladakh Lok Sabha MP Mohmad Haneefa. Former Ladakh Lok Sabh MP Jamyang Tsering Namgyal also called on the Union Finance Minister. A delegation of Executive Councillors of Ladakh Autonomous Hill Development Council, led by its Chairman/CEC Tashi Gyalson, called on the Union Finance Minister. On her first day of the four-day visit, Finance Minister Sitharaman visited Leh Palace in Leh. The 17th-century palace, standing on a steep mass of sandy rock hill, dominates the city built by the revered king Singe Namgyal. Finance Minister Sitharaman also visited the Shanti Stupa in Leh. The 14th Dalai Lama, Tenzin Gyatso, laid the foundation stone of the Ladakh Shanti Stupa on August 25, 1985 and on August 25, 1991, Thiksey Khenpo Rinpoche inaugurated it. (ANI)
Mint
2 hours ago
- Mint
Mint Explainer: How the Israel-Iran conflict can crash India's growth party
The Indian economy is primed for a faster pace of growth because inflation is easing, consumption is rising, and borrowing costs are declining. However, the sudden flare-up of tensions in West Asia could play spoilsport. Mint looks at the crisis closely and the possible fallout for India and its businesses with a particular focus on how oil prices will play out. Is India's economy in a sweet spot? It is. The factors holding back the Indian economy are easing, setting the stage for an accelerated pace of growth. Domestic consumption is reviving as reflected by goods and services tax (GST) collections in the last three months. In April and May, it exceeded ₹2 trillion. Growth in GST collections from domestic goods rose by 13.7% in May and 10.7% in April. Rural demand has seen a sharp revival thanks to good harvests and prospects of yet another normal monsoon. Urban consumption is also improving on the back of lower inflation and sops such as reduction in income tax rates, both of which will leave more money in the hands of the people. Inflation, too, is easing. In May, it was just 2.82%, the lowest since February 2019. The Reserve Bank of India (RBI) has cut interest rates too… Yes. With inflation on a declining trend, the RBI recently cut the benchmark interest rate by 50 basis points to 5.50%. It was the third consecutive cut since February. Lower borrowing costs coupled with higher consumption can trigger private consumption, which, in turn, can accelerate India's economic growth, which in 2024-25 clocked 6.5%. Can the Israel-Iran conflict spoil the party for India? Possibly, if the conflict turns into a full-fledged war between the two nations and worse, widens to become a regional conflict. In such a scenario, India will face multiple challenges. Most importantly, it will trigger a sharp increase in oil prices. Immediately after Israel attacked Iran, oil prices shot up on Friday. Brent Crude, the global benchmark, increased by 8% to $74 per barrel. Also Read: Escalating Israel-Iran conflict to keep markets on boil in near term The rise is not because the supply has been impacted, but due to the fear of future disruptions. As India imports 80% of its oil needs, the rise in oil prices will prove costly as it will fuel inflation. If inflation rises, it will impact domestic consumption, and the RBI would be forced to tighten its monetary policy. In other words, the sweet spot that the Indian economy finds itself in today will be neutralized. Also, if the conflict affects the movement of ships through the Suez Canal, Indian exports will be hit. How will the oil prices play out? Experts have drawn up multiple scenarios. If the conflict de-escalates quickly, oil prices are expected to hover around $65-70 per barrel. That looks unlikely as Israel has said the attacks would last 'as long as it takes". Iran has promised severe retaliation. If the conflict lasts for weeks but stops short of a full-scale war, oil prices would be around $80 per barrel. Experts have painted worse scenarios as well. If Israel hits Iran's oil and gas infrastructure, the Iranian oil supply would be hit. Even if other oil producers compensate using their spare capacity, oil prices would cross $90 per barrel. Also Read: India concerned about crude oil supply disruptions in Strait of Hormuz as prices surge after Israel's attacks on Iran Iran could respond by closing the Strait of Hormuz, the waterway that connects the Persian Gulf and the Arabian Sea, through which 30% of global oil passes. In such a case, oil prices would top $100 per barrel. That is not it. If a desperate Iran chooses to attack its neighbours' oil fields, then oil prices could shoot past $120 per barrel, experts have warned. What should Indian companies watch out for? Significantly higher oil prices will add to Indian companies' cost of production. As retail oil prices rise, it will eat into the disposable income of consumers. This, in turn, will affect domestic demand. Exports, too, could be hit. Iran, using its proxy Houthi rebels, can attack ships plying through the Red Sea and Suez Canal. That will mean India's exports will have to take a longer route around the Cape of Good Hope. Such a move will hit the volume of exports and also make them costly. Also Read: Mint Explainer | Strait of Hormuz: Will Iran shut the vital oil artery of the world?
