India's finance minister Nirmala Sitharaman said today that the financial package announced by PM Modi during his televised address to the nation on Tuesday is meant to spur "growth and build a self-reliant India" as part of "Atmanirbhar Bharat". Five pillars of "Atmanirbhar Bharat" include - economy, infrastructure, system, demography and demand, India's finance minister said. "Self reliant India does not mean cutting off from rest of the world," Sitharaman said while giving details of Rs 20 lakh crore stimulus package. "We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, and the aged," the finance minister added.

Indian Finance Minister Nirmala Sitharaman unveils economic relief package

<p>Finance Minister Nirmala Sitharaman on Saturday said the Centre has no plan to decrease the funds for the states.</p>

<p>"We have no plan to cut the funds for states. We are already giving what the 14th Finance Commission recommended. Now, we will fully honour the report of 15th Finance Commission," Sitharaman said at a press conference.</p>

<p>"We will soon return the share of GST to Tamil Nadu in two instalments," she added.</p>

<p>Regarding the payments to Micro, Small and Medium Enterprises (MSME) sector, the Finance Minister said: "During September, October, and November, we worked hard to ensure the payments to them are cleared. Nearly 60 per cent of the amount, which was pending, has been cleared."</p>

<p>Finance Secretary Rajiv Kumar, who was also present on the occasion, said that helping agriculture in the country was one of the main focuses of the Union Budget.</p>

<p>"There is a total allocation of Rs 2.83 lakh crore for the agriculture sector. This covers water-deficient districts and others. Over and above, there is an agriculture credit of Rs 15 lakh crore, which is an increase from Rs 12 lakh crore, which was given earlier," said Kumar.</p>

<p>Sitharaman said that a similar interaction will be held in Kolkata on Sunday too, which will be followed by a few others in other cities.</p>

<p>The conferences are being held by the Finance Minister with her subordinates to hold talks with representatives of industries and other sectors, seeking their opinions on the Budget.&nbsp;</p>


Finance Minister Nirmala Sitharaman on Saturday said the Centre has no plan to decrease the funds for the states. "We have no plan to cut the funds for states. We are already giving what the 14th Finance Commission recommended.

Finance Minister Nirmala Sitharaman on Saturday said the Centre has no plan to decrease the funds for the states. "We have no plan to cut the funds for states. We are already giving what the 14th Finance Commission recommended. Now, we will fully honour the report of 15th Finance Commission," Sitharaman said at a press conference. "We will soon return the share of GST to Tamil Nadu in two instalments," she added. Regarding the payments to Micro, Small and Medium Enterprises (MSME) sector, the Finance Minister said: "During September, October, and November, we worked hard to ensure the payments to them are cleared. Nearly 60 per cent of the amount, which was pending, has been cleared." Finance Secretary Rajiv Kumar, who was also present on the occasion, said that helping agriculture in the country was one of the main focuses of the Union Budget. "There is a total allocation of Rs 2.83 lakh crore for the agriculture sector. This covers water-deficient districts and others. Over and above, there is an agriculture credit of Rs 15 lakh crore, which is an increase from Rs 12 lakh crore, which was given earlier," said Kumar. Sitharaman said that a similar interaction will be held in Kolkata on Sunday too, which will be followed by a few others in other cities. The conferences are being held by the Finance Minister with her subordinates to hold talks with representatives of industries and other sectors, seeking their opinions on the Budget.

No plans to cut funds for states: Nirmala Sitharaman

<p>Finance Minister Nirmala Sitharaman on Wednesday admitted that growth may have come down but said it is not a recession yet.</p>

<p>She added that it will never be a recession ever in the country. In her address to Rajya Sabha, she said that India's real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 per cent.</p>

<p>Sitharaman said, "India's real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 per cent.</p>

<p>"The headline inflation in 2014 was 10.3 and in 2019 when the National Democratic Alliance (NDA) government concluded it was 4.5 only. The core inflation in 2014 was 9.4 and in 2019 was 5.1 only. The food inflation at 2014 was 11.2 and in 2019 just 3.5 only," she said.</p>

<p>"If you are looking at the economy with a discerning view, you see that growth may have come down but it is not a recession yet, it will not be a recession ever," she added.</p>

<p>Opposition MPs, however, walked out of Rajya Sabha during the Finance Minister's reply on the economic situation of the country.&nbsp;</p>


Finance Minister Nirmala Sitharaman on Wednesday admitted that growth may have come down but said it is not a recession yet. She added that it will never be a recession ever in the country.

Finance Minister Nirmala Sitharaman on Wednesday admitted that growth may have come down but said it is not a recession yet. She added that it will never be a recession ever in the country. In her address to Rajya Sabha, she said that India's real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 per cent. Sitharaman said, "India's real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 per cent. "The headline inflation in 2014 was 10.3 and in 2019 when the National Democratic Alliance (NDA) government concluded it was 4.5 only. The core inflation in 2014 was 9.4 and in 2019 was 5.1 only. The food inflation at 2014 was 11.2 and in 2019 just 3.5 only," she said. "If you are looking at the economy with a discerning view, you see that growth may have come down but it is not a recession yet, it will not be a recession ever," she added. Opposition MPs, however, walked out of Rajya Sabha during the Finance Minister's reply on the economic situation of the country.

Growth may have come down but there isn't any recession: Sitharaman

<p>India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv.</p>

<p>Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks.</p>

<p>A corporate tax cut announced by Finance Minister Nirmala Sitharaman last month to boost manufacturing and revive its weakening economy propelled Indian shares higher.</p>

<p>As of Wednesday, their P/E valuations increased to 16.42 from 15.98 a month earlier. Indian equities benchmark rose 4.1 per cent last month.</p>

<p>Malaysia's price-to-earnings ratio was 15.66, second highest in Asia, even though their shares registered a 1.75 per cent decline in September.</p>

<p>"Despite the falling market in recent months, (FTSE Bursa Malaysia index's) valuations have not improved because forward earnings estimates have collapsed: earnings are now expected to contract by 4 per cent against a 1 per cent contraction as of end June." said brokerage Jefferies in a report on Tuesday.</p>

<p>MSCI's broadest index of Asia-Pacific shares gained 2.13 per cent&nbsp;during September and its forward 12-month price-to-earnings ratio rose to a five-month high of 13.14 times at the end of last month. The August level was 12.78.</p>

<p>China, Hong Kong, and South Korea were the lowest-cost shares in the region, with P/E multiples of about 11 or less, according to Refinitiv.</p>

<p>Regional shares still trade at a slight discount to their global peers, the data showed.</p>


India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv. Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks.

India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv. Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks. A corporate tax cut announced by Finance Minister Nirmala Sitharaman last month to boost manufacturing and revive its weakening economy propelled Indian shares higher. As of Wednesday, their P/E valuations increased to 16.42 from 15.98 a month earlier. Indian equities benchmark rose 4.1 per cent last month. Malaysia's price-to-earnings ratio was 15.66, second highest in Asia, even though their shares registered a 1.75 per cent decline in September. "Despite the falling market in recent months, (FTSE Bursa Malaysia index's) valuations have not improved because forward earnings estimates have collapsed: earnings are now expected to contract by 4 per cent against a 1 per cent contraction as of end June." said brokerage Jefferies in a report on Tuesday. MSCI's broadest index of Asia-Pacific shares gained 2.13 per cent during September and its forward 12-month price-to-earnings ratio rose to a five-month high of 13.14 times at the end of last month. The August level was 12.78. China, Hong Kong, and South Korea were the lowest-cost shares in the region, with P/E multiples of about 11 or less, according to Refinitiv. Regional shares still trade at a slight discount to their global peers, the data showed.

India, Malaysia priciest share markets in Asia: Report

<p>India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20&nbsp;indicating that that slowdown in the Indian economy persists.</p>

<p>The GDP growth fell from 5.8 per cent to 5 per cent in the April to June period in 2019.</p>

<p>In May, the government had announced India's GDP figures for January-March quarter of 2018-19&nbsp;had slipped to 5.8 per cent against 6.6 per cent in the third quarter due to poor performance in agriculture and manufacturing sectors.</p>

<p>The Central Statistics Office (CSO) had said that GDP growth during 2018-19 fiscal had stood at 6.8 per cent&nbsp;lower than 7.2 per cent in the previous financial year.</p>


India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists. The GDP growth fell from 5.

India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists. The GDP growth fell from 5.8 per cent to 5 per cent in the April to June period in 2019. In May, the government had announced India's GDP figures for January-March quarter of 2018-19 had slipped to 5.8 per cent against 6.6 per cent in the third quarter due to poor performance in agriculture and manufacturing sectors. The Central Statistics Office (CSO) had said that GDP growth during 2018-19 fiscal had stood at 6.8 per cent lower than 7.2 per cent in the previous financial year.

India's GDP growth falls to 5 per cent in April-June 2019

<p><a href="https://www.wionews.com/india-news/sitharaman-gives-mantra-of-restraint-to-tax-collectors-but-says-deadlines-are-realistic-246076">Finance Minister Nirmala Sithraman</a> on Friday announced four state-run banks mergers.&nbsp;India will now have 12 Public Sector Banks from 27.</p>

<p>While Punjab National Bank, Oriental Bank of Commerce and United Bank will merge, Sitharaman announced merger plans of three other PSU banks.</p>

<p>Canara Bank and Syndicate Bank will merge; Union Bank of India, Andhra Bank and Corporation Bank will come together while Indian bank will merge with Allahabad Bank.</p>

<div class="ui-state-default" contenteditable="false">
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<p dir="ltr" lang="en">Finance Minister Nirmala Sitharaman: Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crore. <a href="https://t.co/QhFCMVq2Gn">pic.twitter.com/QhFCMVq2Gn</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1167392602284412928?ref_src=twsrc%5Etfw">August 30, 2019</a></blockquote>
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<p>Together, Punjab National Bank, Oriental Bank of Commerce and United Bank merger shall form the second largest public sector bank with the business of Rs 17.95 Lakh Crore, Sitharaman added.&nbsp;</p>

<p>The Canara Bank merger with Syndicate Bank will be the fourth largest Public Sector Bank with a business of Rs 15.20 lakh crores.</p>

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<p dir="ltr" lang="en">Finance Minister Nirmala Sitharaman: Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with business of Rs 15.20 lakh crores. <a href="https://t.co/nRshTrYLxS">pic.twitter.com/nRshTrYLxS</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1167393394982674432?ref_src=twsrc%5Etfw">August 30, 2019</a></blockquote>
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<p>The merger between Union Bank of India, Andhra Bank and Corporation Bank shall become the fifth largest public sector bank now whereas Indian Bank amalgamation with Allahabad Bank will be the seventh-largest Public Sector Bank with a business amounting to Rs 8.08 lakh crores.</p>

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<p dir="ltr" lang="en">Finance Minister Nirmala Sitharaman: Indian Bank with (merge) Allahabad Bank, they will be the seventh largest Public Sector Bank with business of Rs 8.08 lakh crores. <a href="https://t.co/4cFafOybzH">pic.twitter.com/4cFafOybzH</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1167393736105455618?ref_src=twsrc%5Etfw">August 30, 2019</a></blockquote>
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<p>During her address, the finance minister stated that the Gross Non Performing Assets have come down from 8.65 lakh crores to 7.90 lakh crores.</p>

<p>"Specialised agencies have been set up who are monitoring every loan which is over Rs 250 crores," she said, adding that loan recoveries have hit a recover level of Rs.1,21,076 crore.</p>

<p>Finance secretary Rajeev Kumar said that there has been no retrenchment so far and that there is no of the same.&nbsp;</p>

<p>"The benefits of employment and HR will improve, with amalgamation the best combination will be taken up," he said.&nbsp;</p>

<p>Just yesterday, the Reserve Bank of India in its annual report revealed that&nbsp;the number of <a href="https://www.wionews.com/business-economy/bank-frauds-climb-by-74-to-rs-71543-crore-in-fy19-rbi-annual-report-246433">frauds reported by banks has shot</a> up by 15 per cent in the financial 2018-19 on a year-on-year basis.&nbsp;</p>

<p>The amount involved in such frauds rose by 73.8 per cent, though mostly related to occurrences in earlier years.&nbsp;The banking sector reported 6,801 frauds involving Rs 71,542.93 crore in the financial year 2018-19 as opposed to 5,916 cases involving Rs 41,167.04 crore reported in the previous financial year.</p>

<p>"The average lag between the date of occurrence and its detection by banks was 22 months," while the "average lag for large frauds, i.e. Rs 1 billion and above, amounting to Rs 522 billion reported during 2018-19, was 55 months," the top bank stated in its report which was uploaded on its website.&nbsp;</p>

<p>The bulk of frauds reported in 2018-19 come from bank groups PSBs that constitute the largest market share in bank lending, followed by private sector banks and foreign banks.&nbsp;</p>


Finance Minister Nirmala Sithraman on Friday announced four state-run banks mergers. India will now have 12 Public Sector Banks from 27. While Punjab National Bank, Oriental Bank of Commerce and United Bank will merge, Sitharaman announced merger plans of three other PSU banks.

Finance Minister Nirmala Sithraman on Friday announced four state-run banks mergers. India will now have 12 Public Sector Banks from 27. While Punjab National Bank, Oriental Bank of Commerce and United Bank will merge, Sitharaman announced merger plans of three other PSU banks. Canara Bank and Syndicate Bank will merge; Union Bank of India, Andhra Bank and Corporation Bank will come together while Indian bank will merge with Allahabad Bank. Finance Minister Nirmala Sitharaman: Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crore. pic.twitter.com/QhFCMVq2Gn — ANI (@ANI) August 30, 2019 × Together, Punjab National Bank, Oriental Bank of Commerce and United Bank merger shall form the second largest public sector bank with the business of Rs 17.95 Lakh Crore, Sitharaman added. The Canara Bank merger with Syndicate Bank will be the fourth largest Public Sector Bank with a business of Rs 15.20 lakh crores. Finance Minister Nirmala Sitharaman: Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with business of Rs 15.20 lakh crores. pic.twitter.com/nRshTrYLxS — ANI (@ANI) August 30, 2019 × The merger between Union Bank of India, Andhra Bank and Corporation Bank shall become the fifth largest public sector bank now whereas Indian Bank amalgamation with Allahabad Bank will be the seventh-largest Public Sector Bank with a business amounting to Rs 8.08 lakh crores. Finance Minister Nirmala Sitharaman: Indian Bank with (merge) Allahabad Bank, they will be the seventh largest Public Sector Bank with business of Rs 8.08 lakh crores. pic.twitter.com/4cFafOybzH — ANI (@ANI) August 30, 2019 × During her address, the finance minister stated that the Gross Non Performing Assets have come down from 8.65 lakh crores to 7.90 lakh crores. "Specialised agencies have been set up who are monitoring every loan which is over Rs 250 crores," she said, adding that loan recoveries have hit a recover level of Rs.1,21,076 crore. Finance secretary Rajeev Kumar said that there has been no retrenchment so far and that there is no of the same. "The benefits of employment and HR will improve, with amalgamation the best combination will be taken up," he said. Just yesterday, the Reserve Bank of India in its annual report revealed that the number of frauds reported by banks has shot up by 15 per cent in the financial 2018-19 on a year-on-year basis. The amount involved in such frauds rose by 73.8 per cent, though mostly related to occurrences in earlier years. The banking sector reported 6,801 frauds involving Rs 71,542.93 crore in the financial year 2018-19 as opposed to 5,916 cases involving Rs 41,167.04 crore reported in the previous financial year. "The average lag between the date of occurrence and its detection by banks was 22 months," while the "average lag for large frauds, i.e. Rs 1 billion and above, amounting to Rs 522 billion reported during 2018-19, was 55 months," the top bank stated in its report which was uploaded on its website. The bulk of frauds reported in 2018-19 come from bank groups PSBs that constitute the largest market share in bank lending, followed by private sector banks and foreign banks.

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