Latest news with #Sitharaman
India.com
a day ago
- Business
- India.com
Govt Prioritising Lower Denomination Notes And Digital Transactions: Sitharaman
New Delhi: Union Finance Minister Nirmala Sitharaman said on Saturday that the priority of the government is to "make sure" that currency in circulation will be in "lower denominations" and spreading more awareness for "doing digital transfers." Answering a question on the future of Rs 500 currency, Sitharaman said, "We are making every effort to make sure that currency will be in the lower denominations, used much more than the higher, as the Rs 2000 is almost completely out of circulation, except for possibly 0.02, which is still lying outside. Others have given it to the banks." "We need to have more digital awareness built so that people see a benefit in doing digital transfers," the Union Finance Minister said at the 'National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures' in the national capital. In recent years, India has witnessed an unparalleled rise in digital transactions, marking a significant milestone in its journey towards becoming a cashless society. At the forefront of India's digital payment revolution is UPI with a record hit of 16.73 billion transactions in December 2024. In addition to this, Immediate Payment Service (IMPS) and FASTag have emerged as pivotal players, making financial transactions faster, more accessible, and secure. As of recent data from the National Payments Corporation of India (NPCI), UPI has set a new record by processing over 16.73 billion transactions, with a staggering transaction value of Rs 23.25 lakh crore. This is a notable jump from Rs 21.55 lakh crore in November. In 2024, UPI processed around 172 billion transactions, marking a 46 per cent increase from 117.64 billion in 2023. This rise underscores a broader cultural shift toward financial inclusivity, with UPI being a central pillar.
Economic Times
a day ago
- Business
- Economic Times
Govt favours wealth creation; profit not a bad word, says FM Nirmala Sitharaman
NEW DELHI: Finance minister Nirmala Sitharaman Saturday said the Modi government promotes wealth creation and encou-rages entrepreneurs to earn profits through ethical practices without inhibitions. This is in stark contrast to the stance adopted by the votaries of socialism or com-munism, who looked down upon wealth creation in earlier deca-des, she said, indicating that resources can be distributed only when they are generated. Sitharaman was addressing the National Commemorative Seminar on 60 Years of Pandit Deendayal Upadhyaya's Integral Humanism Lectures. "Profit was a bad word (for socialists and communists), whereas that's not what we believe in. We would like to have profit created by genuine ethical practices, and that is what is going to create wealth for the nation," she said. Wealth creation has never been considered a taboo in the long Indian tradition, the finance minister said, emphasising that "wealth creators are not thieves". INTEGRAL HUMANISM Sitharaman said every govern-ment policy under former PM Atal Bihari Vajpayee and PM Modi has been very reflective of this "integral humanism". Upadhyaya, leader of the Bharatiya Jana Sangh, the forerunner of the Bharatiya Janata Party, was a proponent of the philosophy of integral humanism. "Pandit Deendayal Upadhyaya wanted that while planning, we must keep in mind the person at the very bottom of the system so that he can be uplifted keeping his dignity intact," she said. She also cited Upadhyaya's in-sistence on focusing on seven 'M's while making policies for employment generation with a view to building "Bharatiya technology" man, money, ma-terial, management, motive, market and machine. Emphasis on Labour-intensive Industries The finance minister also sought to distinguish between the economic model followed by former prime minister Jawaharlal Nehru in the immediate aftermath of independence and the vision of Upadhyaya. Nehru's capital-intensive growth model was influenced by that of the USSR, Sitharaman said, but Upadhyaya—conscious of the fact that the Indian economy had been shaped for centuries by small and medium businesses and that 'we are a labour-intensive country' believed it was a flawed model. So, he was in favour of an economic framework that would give due emphasis on labour-intensive industries, she said. AI TO BOOST PRODUCTIVITY Sitharaman said AI is set to improve productivity. The minister pointed out that AI poses some challenges in terms of training people, among others, but it also brings a lot of opportunities with it which need to be tapped. She said young people inclined towards AI are being trained in it through various initiatives, she said. 'The government has announced four centres of excellence for AI in the fields of education, agriculture, health and cities of the future.'
Time of India
a day ago
- Business
- Time of India
Govt favours wealth creation; profit not a bad word, says FM Nirmala Sitharaman
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel NEW DELHI: Finance minister Nirmala Sitharaman Saturday said the Modi government promotes wealth creation and encou-rages entrepreneurs to earn profits through ethical practices without is in stark contrast to the stance adopted by the votaries of socialism or com-munism, who looked down upon wealth creation in earlier deca-des, she said, indicating that resources can be distributed only when they are generated. Sitharaman was addressing the National Commemorative Seminar on 60 Years of Pandit Deendayal Upadhyaya's Integral Humanism Lectures."Profit was a bad word (for socialists and communists), whereas that's not what we believe in. We would like to have profit created by genuine ethical practices, and that is what is going to create wealth for the nation," she creation has never been considered a taboo in the long Indian tradition, the finance minister said, emphasising that "wealth creators are not thieves".Sitharaman said every govern-ment policy under former PM Atal Bihari Vajpayee and PM Modi has been very reflective of this "integral humanism". Upadhyaya, leader of the Bharatiya Jana Sangh, the forerunner of the Bharatiya Janata Party, was a proponent of the philosophy of integral humanism."Pandit Deendayal Upadhyaya wanted that while planning, we must keep in mind the person at the very bottom of the system so that he can be uplifted keeping his dignity intact," she said. She also cited Upadhyaya's in-sistence on focusing on seven 'M's while making policies for employment generation with a view to building " Bharatiya technology " man, money, ma-terial, management, motive, market and finance minister also sought to distinguish between the economic model followed by former prime minister Jawaharlal Nehru in the immediate aftermath of independence and the vision of capital-intensive growth model was influenced by that of the USSR, Sitharaman said, but Upadhyaya—conscious of the fact that the Indian economy had been shaped for centuries by small and medium businesses and that 'we are a labour-intensive country' believed it was a flawed model. So, he was in favour of an economic framework that would give due emphasis on labour-intensive industries, she said AI is set to improve minister pointed out that AI poses some challenges in terms of training people, among others, but it also brings a lot of opportunities with it which need to be tapped. She said young people inclined towards AI are being trained in it through various initiatives, she said. 'The government has announced four centres of excellence for AI in the fields of education, agriculture, health and cities of the future.'
Time of India
2 days ago
- Business
- Time of India
'Refer to entrepreneurs in India as wealth creators': FM Nirmala Sitharman
Nirmala Sitharman NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday said that the government recognises entrepreneurs as wealth creators whose ethically earned profits contribute to developmental objectives. 'Wealth creation in India has never been a taboo in India. We promoted wealth creation. We would want wealth creation. That is why entrepreneurs in India, under Prime Minister Modi, we refer them as wealth creators. They are not thieves,' she said at the National Commemorative Seminar marking 60 years of Pandit Deendayal Upadhyaya's Integral Humanism Lectures. Pandit Upadhyaya, a key figure in founding the Bharatiya Jana Sangh, played a significant role in the formation of the Bharatiya Janata Party (BJP) in April 1980. Sitharaman said ethical profit-making leads to national wealth creation, which in turn supports dignified labour, education, skill development, and overall national progress. Highlighting Upadhyaya's philosophy, she said planning must focus on uplifting those at the bottom of the socio-economic ladder while preserving their dignity. She added that the principles of Integral Humanism have been reflected in policies under both former Prime Minister Atal Bihari Vajpayee and current Prime Minister Narendra Modi. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Где два мира сливаются воедино SAUDI Забронировать Undo ''Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayaas' aligns with Upadhyaya's Antyodaya theory,' Sitharaman stated. She further explained that efforts to alleviate poverty, provide employment, and ensure basic necessities help unlock people's productive potential, thereby enhancing the nation's overall production. Sitharaman also noted that national defence was a priority for Upadhyaya. Since 2014, she said, Prime Minister Modi has prioritised Aatmanirbharta (self-reliance) in defence manufacturing. She referred to Operation Sindoor as an example of this shift, contrasting it with previous governments that, she said, often cited a lack of funds as a reason for limited defence procurement. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Gazette
2 days ago
- Business
- India Gazette
Govt prioritising lower denomination notes and digital transactions: Sitharaman
New Delhi [India], May 31 (ANI): Union Finance Minister Nirmala Sitharaman said on Saturday that the priority of the government is to 'make sure' that currency in circulation will be in 'lower denominations' and spreading more awareness for 'doing digital transfers.' Answering a question on the future of Rs 500 currency, Sitharaman said, 'We are making every effort to make sure that currency will be in the lower denominations, used much more than the higher, as the Rs 2000 is almost completely out of circulation, except for possibly 0.02, which is still lying outside. Others have given it to the banks.' 'We need to have more digital awareness built so that people see a benefit in doing digital transfers,' the Union Finance Minister said at the 'National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures' in the national capital. In recent years, India has witnessed an unparalleled rise in digital transactions, marking a significant milestone in its journey towards becoming a cashless society. At the forefront of India's digital payment revolution is UPI with a record hit of 16.73 billion transactions in December 2024. In addition to this, Immediate Payment Service (IMPS) and FASTag have emerged as pivotal players, making financial transactions faster, more accessible, and secure. As of recent data from the National Payments Corporation of India (NPCI), UPI has set a new record by processing over 16.73 billion transactions, with a staggering transaction value of Rs 23.25 lakh crore. This is a notable jump from Rs 21.55 lakh crore in November. In 2024, UPI processed around 172 billion transactions, marking a 46 per cent increase from 117.64 billion in 2023. This rise underscores a broader cultural shift toward financial inclusivity, with UPI being a central pillar. (ANI)
