India’s economy is poised for significant growth, with real Gross Domestic Product (GDP) projected to rise by 7.2 per cent in the fiscal year 2024-25, according to Union Finance Minister Nirmala Sitharaman as explained in a report by the Press Trust of India.

Addressing the 50th International Monetary and Financial Committee (IMFC) meeting on October 26, she highlighted the vital role of investment and consumption as fundamental drivers of this optimistic forecast the PTI report detailed further.

Sitharaman emphasised several factors contributing to this growth outlook. Healthy balance sheets among banks and corporations, a return to normalcy in supply chains, and an increase in business optimism create a favourable economic environment. Additionally, the government’s robust capital expenditure plans are expected to further bolster growth, with inflation projected at a manageable 4.5 per cent, the report detailed further.

The Finance Minister also discussed India’s commitment to inclusive growth and social empowerment, aligning with the nation’s long-term vision of becoming a high-income economy by 2047. She remarked, “As India pursues its long-term vision of becoming a high-income economy by 2047, it remains committed to global collaboration.” The government aims for USD one trillion in merchandise exports by 2030, focusing on improved logistics, trade reforms, and deeper integration into global value chains.

Sitharaman’s remarks also touched on India's fiscal discipline. The country has adhered to its budgeted gross fiscal deficit target of 5.6 per cent of GDP for 2023-24, which has been lowered to 4.9 per cent for the upcoming fiscal year. Central government revenue expenditure saw a healthy rise of 9.6 per cent during July-August, bouncing back from a 1.5 per cent contraction in the previous quarter.

Increase in female labour force participation<o:p></o:p>

Another significant achievement highlighted was the increase in female labour force participation, which surged from 23.3 per cent in 2017-18 to 37 per cent in 2022-23. This improvement is crucial for enhancing economic productivity and fostering social development.

Investment trends also signal positive momentum. The central government’s capital expenditure rose by an impressive 25.8 per cent in July-August 2024, following a challenging first quarter. This emphasis on infrastructure development is anticipated to attract more private investment, further stimulating economic activity.

Sitharaman also addressed an important milestone: the complete electrification of villages across India. She stated, “I don't think any village in India is unelectrified today,” reflecting on the substantial progress made since 2014 when many areas lacked basic electrification infrastructure, according to another report by ANI.

Therefore, Nirmala Sitharaman's confidence in India's economic trajectory and its appeal to global investors reinforces the nation’s position as a key player in the global economy. With strategic focus on investment, infrastructure, and inclusive growth, India is well on its way to achieving its ambitious economic goals for the future.

Market participants and global investors will closely follow these developments and make informed investment decisions depending on how the Indian economy evolves and develops going ahead.

<o:p>&nbsp;</o:p>

India’s economy is poised for significant growth, with real Gross Domestic Product (GDP) projected to rise by 7.2 per cent in the fiscal year 2024-25, according to Union Finance Minister Nirmala Sitharaman as explained in a report by the Press Trust of India.

India’s economy is poised for significant growth, with real Gross Domestic Product (GDP) projected to rise by 7.2 per cent in the fiscal year 2024-25, according to Union Finance Minister Nirmala Sitharaman as explained in a report by the Press Trust of India. Addressing the 50th International Monetary and Financial Committee (IMFC) meeting on October 26, she highlighted the vital role of investment and consumption as fundamental drivers of this optimistic forecast the PTI report detailed further. Sitharaman emphasised several factors contributing to this growth outlook. Healthy balance sheets among banks and corporations, a return to normalcy in supply chains, and an increase in business optimism create a favourable economic environment. Additionally, the government’s robust capital expenditure plans are expected to further bolster growth, with inflation projected at a manageable 4.5 per cent, the report detailed further. The Finance Minister also discussed India’s commitment to inclusive growth and social empowerment, aligning with the nation’s long-term vision of becoming a high-income economy by 2047. She remarked, “As India pursues its long-term vision of becoming a high-income economy by 2047, it remains committed to global collaboration.” The government aims for USD one trillion in merchandise exports by 2030, focusing on improved logistics, trade reforms, and deeper integration into global value chains. Sitharaman’s remarks also touched on India's fiscal discipline. The country has adhered to its budgeted gross fiscal deficit target of 5.6 per cent of GDP for 2023-24, which has been lowered to 4.9 per cent for the upcoming fiscal year. Central government revenue expenditure saw a healthy rise of 9.6 per cent during July-August, bouncing back from a 1.5 per cent contraction in the previous quarter. Increase in female labour force participation Another significant achievement highlighted was the increase in female labour force participation, which surged from 23.3 per cent in 2017-18 to 37 per cent in 2022-23. This improvement is crucial for enhancing economic productivity and fostering social development. Investment trends also signal positive momentum. The central government’s capital expenditure rose by an impressive 25.8 per cent in July-August 2024, following a challenging first quarter. This emphasis on infrastructure development is anticipated to attract more private investment, further stimulating economic activity. Sitharaman also addressed an important milestone: the complete electrification of villages across India. She stated, “I don't think any village in India is unelectrified today,” reflecting on the substantial progress made since 2014 when many areas lacked basic electrification infrastructure, according to another report by ANI. Therefore, Nirmala Sitharaman's confidence in India's economic trajectory and its appeal to global investors reinforces the nation’s position as a key player in the global economy. With strategic focus on investment, infrastructure, and inclusive growth, India is well on its way to achieving its ambitious economic goals for the future. Market participants and global investors will closely follow these developments and make informed investment decisions depending on how the Indian economy evolves and develops going ahead.

FM Nirmala Sitharaman projects 7.2% GDP growth for India in FY25

Finance Minister of India (FM), Nirmala Sitharaman has called for deeper dialogue to help countries meet debt obligations without compromising critical investments at the Global Sovereign Debt Roundtable (GSDR), held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024 in Washington, DC as detailed in a report by the Business Standard.

She also cautioned against contingency financing instruments stating that they can lead to deferred obligations, which may worsen future debt challenges.

What is GSDR?<o:p></o:p>

The objective of the Global Sovereign Debt Roundtable (GSDR) is to build greater common understanding among key stakeholders involved in debt restructurings, and work together on the current shortcomings in debt restructuring processes, both within and outside the Common Framework, and ways to address them.

Further, the GSDR brings together debtor countries and creditors to foster a greater common understanding among key stakeholders on debt sustainability, debt restructuring challenges, and solutions to address these issues.

Details of the roundtable<o:p></o:p>

The roundtable is co-chaired by the International Monetary Fund (IMF), World Bank, and the Group of Twenty (G20) presidency which is currently held by Brazil and includes official bilateral creditors, private creditors, and borrowing countries. The goal of the meeting is to have elaborate discussions on debt.

While participating in the fourth G20 Finance Ministers and Central Bank Governors meeting, the Finance Minister remarked that the reform agenda for multilateral development banks (MDBs) has progressed under recent presidencies.

“The political momentum from this group is driving MDBs to pursue major reforms,” she stated, appreciating Brazil’s G20 presidency for building on the mandate from the Leaders’ Summit in Delhi.

The FM emphasised that a pathway has been established to enable MDBs to effectively address global challenges and development financing requirements. “India looks forward to engaging with the South African presidency in advancing this agenda,” she added. The same was mentioned by the Finance Ministry, in asocial media platform X, “Under the #G20IndiaPresidency, the Union finance minister said that #MDBs were encouraged to evolve their vision, incentive structures, operational approaches, and financing capacities.”

During the GSDR conversation, the FM also advocated using the roundtable’s informal platform to better understand the perspectives of all parties, address concerns, and provide informed guidance to countries on the risks and benefits of these instruments.

She stressed the need for improving timeliness, transparency, and predictability while ensuring comparability of treatment among creditors. Sitharaman also highlighted the necessity of prioritising coordinated efforts to secure low-cost, long-term financing and targeted technical assistance to strengthen fiscal capacity and build resilience in vulnerable countries.

Chairing a roundtable discussion on disaster-resilient infrastructure, she underlined the threat of climate-induced risks to infrastructure and the critical services it supports, warning that such risks could undercut development gains.

Sitharaman said that India has achieved resilient economic growth over the years by investing not only in hard infrastructure but also in building institutional capacity through the establishment of national and state-level disaster management agencies.

Extending assistance to the Global South on shared challenges, she said, “Under the G20 India presidency, a disaster risk reduction working group was created to increase commitment to disaster and climate-resilient infrastructure and to prioritise stronger national financial frameworks for disaster risk reduction.”

<o:p>&nbsp;</o:p>

Finance Minister of India (FM), Nirmala Sitharaman has called for deeper dialogue to help countries meet debt obligations without compromising critical investments at the Global Sovereign Debt Roundtable (GSDR), held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024 in Washington, DC as detailed in a report by the Business Standard.

Finance Minister of India (FM), Nirmala Sitharaman has called for deeper dialogue to help countries meet debt obligations without compromising critical investments at the Global Sovereign Debt Roundtable (GSDR), held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024 in Washington, DC as detailed in a report by the Business Standard. She also cautioned against contingency financing instruments stating that they can lead to deferred obligations, which may worsen future debt challenges. What is GSDR? The objective of the Global Sovereign Debt Roundtable (GSDR) is to build greater common understanding among key stakeholders involved in debt restructurings, and work together on the current shortcomings in debt restructuring processes, both within and outside the Common Framework, and ways to address them. Further, the GSDR brings together debtor countries and creditors to foster a greater common understanding among key stakeholders on debt sustainability, debt restructuring challenges, and solutions to address these issues. Details of the roundtable The roundtable is co-chaired by the International Monetary Fund (IMF), World Bank, and the Group of Twenty (G20) presidency which is currently held by Brazil and includes official bilateral creditors, private creditors, and borrowing countries. The goal of the meeting is to have elaborate discussions on debt. While participating in the fourth G20 Finance Ministers and Central Bank Governors meeting, the Finance Minister remarked that the reform agenda for multilateral development banks (MDBs) has progressed under recent presidencies. “The political momentum from this group is driving MDBs to pursue major reforms,” she stated, appreciating Brazil’s G20 presidency for building on the mandate from the Leaders’ Summit in Delhi. The FM emphasised that a pathway has been established to enable MDBs to effectively address global challenges and development financing requirements. “India looks forward to engaging with the South African presidency in advancing this agenda,” she added. The same was mentioned by the Finance Ministry, in asocial media platform X, “Under the #G20IndiaPresidency, the Union finance minister said that #MDBs were encouraged to evolve their vision, incentive structures, operational approaches, and financing capacities.” During the GSDR conversation, the FM also advocated using the roundtable’s informal platform to better understand the perspectives of all parties, address concerns, and provide informed guidance to countries on the risks and benefits of these instruments. She stressed the need for improving timeliness, transparency, and predictability while ensuring comparability of treatment among creditors. Sitharaman also highlighted the necessity of prioritising coordinated efforts to secure low-cost, long-term financing and targeted technical assistance to strengthen fiscal capacity and build resilience in vulnerable countries. Chairing a roundtable discussion on disaster-resilient infrastructure, she underlined the threat of climate-induced risks to infrastructure and the critical services it supports, warning that such risks could undercut development gains. Sitharaman said that India has achieved resilient economic growth over the years by investing not only in hard infrastructure but also in building institutional capacity through the establishment of national and state-level disaster management agencies. Extending assistance to the Global South on shared challenges, she said, “Under the G20 India presidency, a disaster risk reduction working group was created to increase commitment to disaster and climate-resilient infrastructure and to prioritise stronger national financial frameworks for disaster risk reduction.”

FM Sitharaman pushes for comprehensive talks on global sovereign debt

Budget 2024: India’s interim Budget for the financial year 2024-25 was presented in the Parliament by Finance Minister Nirmala Sitharaman on Thursday (Feb 1). The parliamentary session started at 11:00 am IST in the presence of Lok Sabha (lower house) speaker Om Birla.&nbsp;

During the budget speech, FM Sitharaman spoke for about 58 minutes, her shortest speech ever. In the speech, she used some unique Hindi words that will become the torchbearer of the government’s vision for the country in the fiscal year 2024-25.

Here’s a complete analysis of some of those words and phrases:

<h2>Budget 2024: Meaning of unique Hindi words used by FM Nirmala Sitharaman</h2>

Right at the start, Sitharaman mentioned ‘Sabka Saath, Sabka Vikas’ (Together with all, Development for all) as the mantra of government. She further added ‘Sabka Vishvas’ (Trust of all) to this catchphrase and emphasised that the current government strengthened its mantra of inclusivity.

<h3>‘Sabka Prayaas’ (Effort of all)</h3>

Sitharaman once again accentuated another similar phrase ‘Sabka Prayas’ to tell how the whole nation overcame the challenge of the pandemic and came out of it to lay the solid foundations for the ‘Amrit Kaal’.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/budget-2024-speech-live-streaming-when-and-where-to-watch-budget-live-on-mobile-app-and-other-platforms-685197">Budget 2024: 'No change in terms of taxation' says FM Nirmala Sitharaman | Top Highlights</a>

‘Amrit Kaal’ (Golden Era)

Though the term ‘Amrit Kaal’ is not new, as it was first mentioned by PM Narendra Modi in 2021 during the Independence Day speech, FM Sitharaman reiterated the term several times in her budget speech. ‘Amrit Kaal’ refers to the 25 years between India’s 75th and 100th independence anniversaries.&nbsp;

<h3>'Sawragin, Sawrasparshi, Sawrasamaweshi' (all-around, all-pervasive and all-inclusive)</h3>

"Our Government is working with an approach to development that is all-round, all-pervasive and all-inclusive", said Sitharaman. It will aim to cover all castes and people at all levels. Finance Minister further said, that to make India a developed nation, it is crucial to empower the capability of all kinds of people in the country. &nbsp;

<h3>‘Viksit Bharat’ (Developed India)</h3>

The government aims to make India ‘Viksit Bharat' or Developed India by 2047, said Sitharaman. The vision for achieving this tall goal is to make India prosperous in harmony with nature, with infrastructure and with ample opportunities for all citizens and across all regions of the country.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/hindu-devotees-worship-perform-rituals-at-gyanvapi-mosque-complex-after-court-order-685780">Hindu devotees worship, perform rituals at Gyanvapi mosque complex after court order</a>

<h3>'Amrit Peedhi'&nbsp;(Golden Generation)</h3>

Drawing on the 'amrit kaal' analogy, Sitharaman, in her speech, referred to the youth of India as ‘Amrit Peedhi’. The budget this year aims to empower our youth and "help the ‘Amrit Peedhi’ realise their dreams", she said.&nbsp;

<h3>'Panchamrit' (Five Nectars)</h3>

India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition, Sitharaman&nbsp;said. This budget builds on our focus on green growth. Another Sanskrit term, 'Panchamrit' refers to the five nectar elements.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-former-jharkhand-cm-hemant-soren-reacts-after-arrest-says-its-a-break-wont-accept-defeat-685727">India: Former Jharkhand CM Hemant Soren reacts after arrest, says 'it's a break, won't accept defeat'</a>

<h3>‘Jai Anusandhan’ (Hail Innovation)</h3>

“Prime Minister Shastri gave the slogan of ‘Jai Jawan Jai Kisan. Prime Minister Vajpayee made that ‘Jai Jawan, Jai Kisan, Jai Vigyan’. Prime Minister Modi has furthered that to ‘Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan’, as innovation is the foundation of development”, noted Sitharaman. &nbsp;The focus will now shift to innovation and research in technology with a focus on tech–savvy youth.&nbsp;

<h3>‘Kartavya Kaal’ (Era of Commitment)</h3>

Prime Minister in his Independence Day address to the nation said, “We commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities”. This was termed as ‘Kartavya Kaal’ by FM Sitharaman. With this, government will work on strengthening and expanding the economy with high growth, to create conditions for people to realise their aspirations. &nbsp;

<h3 class="MsoNormal">Garib, Mahila, Annadata, Yuva (Poor, Women, Farmer, Youth), the motto of Interim Budget<o:p></o:p></h3>

The interim Budget 2024-25 saw its focus on inclusive development, a prosperous India taking all sections of the society up the ladder of development. The Finance Minister also mentioned in her speech that the PM believes in focusing on four major groups, namely, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer).<o:p></o:p>

Their needs and welfare are of the highest priority, as per Sitharaman’s speech. “All four require and receive government support in their quest to better their lives. Their empowerment and well-being will drive the country forward,"&nbsp;she said in the speech. <o:p></o:p>

(With inputs from agencies)

Budget 2024: India’s interim Budget for the financial year 2024-25 was presented in the Parliament by Finance Minister Nirmala Sitharaman on Thursday (Feb 1). The parliamentary session started at 11:00 am IST in the presence of Lok Sabha (lower house) speaker Om Birla.

Budget 2024: India’s interim Budget for the financial year 2024-25 was presented in the Parliament by Finance Minister Nirmala Sitharaman on Thursday (Feb 1). The parliamentary session started at 11:00 am IST in the presence of Lok Sabha (lower house) speaker Om Birla. During the budget speech, FM Sitharaman spoke for about 58 minutes, her shortest speech ever. In the speech, she used some unique Hindi words that will become the torchbearer of the government’s vision for the country in the fiscal year 2024-25. Here’s a complete analysis of some of those words and phrases: Budget 2024: Meaning of unique Hindi words used by FM Nirmala Sitharaman Right at the start, Sitharaman mentioned ‘Sabka Saath, Sabka Vikas’ (Together with all, Development for all) as the mantra of government. She further added ‘Sabka Vishvas’ (Trust of all) to this catchphrase and emphasised that the current government strengthened its mantra of inclusivity. ‘Sabka Prayaas’ (Effort of all) Sitharaman once again accentuated another similar phrase ‘Sabka Prayas’ to tell how the whole nation overcame the challenge of the pandemic and came out of it to lay the solid foundations for the ‘Amrit Kaal’. Also Read | Budget 2024: 'No change in terms of taxation' says FM Nirmala Sitharaman | Top Highlights ‘Amrit Kaal’ (Golden Era) Though the term ‘Amrit Kaal’ is not new, as it was first mentioned by PM Narendra Modi in 2021 during the Independence Day speech, FM Sitharaman reiterated the term several times in her budget speech. ‘Amrit Kaal’ refers to the 25 years between India’s 75th and 100th independence anniversaries. 'Sawragin, Sawrasparshi, Sawrasamaweshi' (all-around, all-pervasive and all-inclusive) "Our Government is working with an approach to development that is all-round, all-pervasive and all-inclusive", said Sitharaman. It will aim to cover all castes and people at all levels. Finance Minister further said, that to make India a developed nation, it is crucial to empower the capability of all kinds of people in the country. ‘Viksit Bharat’ (Developed India) The government aims to make India ‘Viksit Bharat' or Developed India by 2047, said Sitharaman. The vision for achieving this tall goal is to make India prosperous in harmony with nature, with infrastructure and with ample opportunities for all citizens and across all regions of the country. Also Read | Hindu devotees worship, perform rituals at Gyanvapi mosque complex after court order 'Amrit Peedhi' (Golden Generation) Drawing on the 'amrit kaal' analogy, Sitharaman, in her speech, referred to the youth of India as ‘Amrit Peedhi’. The budget this year aims to empower our youth and "help the ‘Amrit Peedhi’ realise their dreams", she said. 'Panchamrit' (Five Nectars) India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition, Sitharaman said. This budget builds on our focus on green growth. Another Sanskrit term, 'Panchamrit' refers to the five nectar elements. Also Read | India: Former Jharkhand CM Hemant Soren reacts after arrest, says 'it's a break, won't accept defeat' ‘Jai Anusandhan’ (Hail Innovation) “Prime Minister Shastri gave the slogan of ‘Jai Jawan Jai Kisan. Prime Minister Vajpayee made that ‘Jai Jawan, Jai Kisan, Jai Vigyan’. Prime Minister Modi has furthered that to ‘Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan’, as innovation is the foundation of development”, noted Sitharaman. The focus will now shift to innovation and research in technology with a focus on tech–savvy youth. ‘Kartavya Kaal’ (Era of Commitment) Prime Minister in his Independence Day address to the nation said, “We commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities”. This was termed as ‘Kartavya Kaal’ by FM Sitharaman. With this, government will work on strengthening and expanding the economy with high growth, to create conditions for people to realise their aspirations. Garib, Mahila, Annadata, Yuva (Poor, Women, Farmer, Youth), the motto of Interim Budget The interim Budget 2024-25 saw its focus on inclusive development, a prosperous India taking all sections of the society up the ladder of development. The Finance Minister also mentioned in her speech that the PM believes in focusing on four major groups, namely, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). Their needs and welfare are of the highest priority, as per Sitharaman’s speech. “All four require and receive government support in their quest to better their lives. Their empowerment and well-being will drive the country forward," she said in the speech. (With inputs from agencies)

Budget 2024: 'Amrit Peedhi' to 'Kartavya Kaal': All new Hindi phrases used by Nirmala Sitharaman in her speech

Indian Finance Minister Nirmala Sitharaman presented the interim Budget 2024 on Thursday (Feb 1). The railways ministry was allocated a total of Rs 2.55 lakh crore (2.

Indian Finance Minister Nirmala Sitharaman presented the interim Budget 2024 on Thursday (Feb 1). The railways ministry was allocated a total of Rs 2.55 lakh crore (2.5 trillion). In her speech, Finance Minister Sitharaman said that three major economic corridor programmes will be implemented by the government. "These are energy, mineral and cement corridors; port connectivity corridors, and high traffic density corridors," Sitharaman said. "The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce cost," Sitharaman said. Also read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech "The resultant decongestion of the high-traffic corridors will also help in improving operations of passenger trains, resulting in safety and higher travel speed for passengers," she added. The finance minister also said that together with dedicated freight corridors, these three economic corridor programmes will accelerate India's Gross Domestic Product (GDP) and reduce logistic costs. '40K trains to be converted to Vande Bharat standards' During her interim Budget speech, Finance Minister Sitharaman said that 40,000 normal train bogeys will be converted to the Vande Bharat standards to enhance the safety, convenience and comfort of passengers. VIDEO | "Railways: Three major Railway economic corridors programmes will be implemented. These are energy, mineral and cement corridor; port connectivity corridors and high traffic density corridors. The projects have been identified under the PM Gati Shakti for enabling… pic.twitter.com/zD0fJ4vp1R — Press Trust of India (@PTI_News) February 1, 2024 × "We have a fast-expanding middle class, and rapid urbanisation is taking place. Metro and NaMo Bharat can be the catalyst for the required urban transformation," she added. Also read | Sitharaman says govt under Modi working towards making country 'Viksit Bharat' by 2047 This was Sitharaman's sixth Union Budget. She holds the title for presenting the longest budget speech in terms of duration. However, this year's speech was the shortest, lasting 57 minutes. Her budget speech in 2020 was two hours and 42 minutes long. What happened in last year's budget? In the previous year's Union Budget, the Modi government allocated a record Rs 2.4 lakh crore to the railways ministry for the financial year 2023-2024. This amount was nine times of what was allocated in FY 2013-14.

India Budget 2024: For railways, FM Sitharaman says 3 major economic corridor programmes to be implemented

Union Finance Minister Nirmala Sitharaman&nbsp;addressed&nbsp;a press conference after presenting the Union Budget 2023-24, with its&nbsp;focus&nbsp;on&nbsp;empowering women, promoting&nbsp;tourism, PM's&nbsp;Vikas scheme, and&nbsp;green growth.&nbsp;Sitharaman spoke to the press and said that the country has been waiting for a direct tax system that is straightforward and simple to follow.

"We are not compelling anybody. Those who want to remain in the old tax regime can still remain there. But, the new one is attractive because it gives a greater rebate. It also provides for simplified and smaller slabs, lower rates of taxation and also slabs which are nicely broken down,” said Sitharaman.

The Budget's proposed reforms would exempt individuals with yearly incomes of up to Rs 7 lakh from paying taxes under the new system, but they would not affect people who continue to pay taxes under the previous system, which offers tax breaks and deductions for investments and expenses like HRA.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/budget-2023-pm-modi-says-steps-taken-to-empower-middle-class-ensure-ease-of-living-557883">Budget 2023: PM Modi says steps taken to empower middle class, ensure ease of living</a>

The finance minister in her Budget for 2023–24 permitted a basic deduction of Rs. 50,000 under the new regime, in what is perceived as an attempt to persuade the salaried class to transfer to the new tax system where no exemptions on investments are offered.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
In the Union Budget 2023-24, the Allocation for the Welfare of Scheduled Castes has been increased from ₹ 1,42,342.36 Crore to ₹ 1,59,126.22 Crore.<a href="https://twitter.com/hashtag/AmritKaalBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AmritKaalBudget</a> <a href="https://twitter.com/hashtag/UnionBudget2023?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2023</a> <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> <a href="https://twitter.com/AmitShah?ref_src=twsrc%5Etfw">@AmitShah</a> <a href="https://twitter.com/FinMinIndia?ref_src=twsrc%5Etfw">@FinMinIndia</a> <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> <a href="https://twitter.com/Drvirendrakum13?ref_src=twsrc%5Etfw">@Drvirendrakum13</a> <a href="https://twitter.com/ANarayana_swamy?ref_src=twsrc%5Etfw">@ANarayana_swamy</a> <a href="https://t.co/RRq63eUDXH">pic.twitter.com/RRq63eUDXH</a>
— Ministry of Social Justice &amp; Empowerment, GOI (@MSJEGOI) <a href="https://twitter.com/MSJEGOI/status/1620757120181501952?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

An analogous deduction is allowed under the previous tax code, and there is no tax on income up to Rs 5 lakh.

The ultimate interest is to make the simpler (new) regime more attractive," Sitharaman said.

"I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500," she added.

She added that the Prime Minister has given a vision for “LiFE", or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/m00MjqN_vTk" title="YouTube video player" width="560"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Video source: PIB

Sitharaman's also commemorated the&nbsp;Azadi Ka Amrit Mahotsav, a one-time new small savings scheme and the&nbsp;Mahila Samman Savings Certificate which&nbsp;will be made available for a two-year period up to March 2025, reported ANI.&nbsp;

The Mahila Samman Savings Patra has a deposit facility of up to Rs 2 lakh with a fixed interest rate of 7.5%.

"One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced.

On the&nbsp;technology and finance front, Sitharaman said that the government&nbsp;is&nbsp;looking at a futuristic fintech sector where people will be trained through Industrial Revolution 4.0.&nbsp;

"People will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life," she said in an address to the media.

Sitharaman presented the last full-fledged Union Budget of the Modi government on&nbsp; February 1 before the 2024 Lok Sabha elections.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

Union Finance Minister Nirmala Sitharaman addressed a press conference after presenting the Union Budget 2023-24, with its focus on empowering women, promoting tourism, PM's Vikas scheme, and green growth.

Union Finance Minister Nirmala Sitharaman addressed a press conference after presenting the Union Budget 2023-24, with its focus on empowering women, promoting tourism, PM's Vikas scheme, and green growth. Sitharaman spoke to the press and said that the country has been waiting for a direct tax system that is straightforward and simple to follow. "We are not compelling anybody. Those who want to remain in the old tax regime can still remain there. But, the new one is attractive because it gives a greater rebate. It also provides for simplified and smaller slabs, lower rates of taxation and also slabs which are nicely broken down,” said Sitharaman. The Budget's proposed reforms would exempt individuals with yearly incomes of up to Rs 7 lakh from paying taxes under the new system, but they would not affect people who continue to pay taxes under the previous system, which offers tax breaks and deductions for investments and expenses like HRA. Also read | Budget 2023: PM Modi says steps taken to empower middle class, ensure ease of living The finance minister in her Budget for 2023–24 permitted a basic deduction of Rs. 50,000 under the new regime, in what is perceived as an attempt to persuade the salaried class to transfer to the new tax system where no exemptions on investments are offered. In the Union Budget 2023-24, the Allocation for the Welfare of Scheduled Castes has been increased from ₹ 1,42,342.36 Crore to ₹ 1,59,126.22 Crore.#AmritKaalBudget #UnionBudget2023 @PMOIndia @narendramodi @AmitShah @FinMinIndia @nsitharaman @Drvirendrakum13 @ANarayana_swamy pic.twitter.com/RRq63eUDXH — Ministry of Social Justice & Empowerment, GOI (@MSJEGOI) February 1, 2023 × An analogous deduction is allowed under the previous tax code, and there is no tax on income up to Rs 5 lakh. The ultimate interest is to make the simpler (new) regime more attractive," Sitharaman said. "I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500," she added. She added that the Prime Minister has given a vision for “LiFE", or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle. × Video source: PIB Sitharaman's also commemorated the Azadi Ka Amrit Mahotsav, a one-time new small savings scheme and the Mahila Samman Savings Certificate which will be made available for a two-year period up to March 2025, reported ANI. The Mahila Samman Savings Patra has a deposit facility of up to Rs 2 lakh with a fixed interest rate of 7.5%. "One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced. On the technology and finance front, Sitharaman said that the government is looking at a futuristic fintech sector where people will be trained through Industrial Revolution 4.0. "People will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life," she said in an address to the media. Sitharaman presented the last full-fledged Union Budget of the Modi government on February 1 before the 2024 Lok Sabha elections. (With inputs from agencies) WATCH WION LIVE HERE:

No compulsion to make the shift, but new tax regime more attractive, says FM Nirmala Sitharaman

Is it true that NITI Aayog, an Indian policy think-tank, has released information with regard to the privatisation of Indian banks? As per multiple reports, the so-called list enlists banks which will be kept out of the privatisation process and some other information about the upcoming plans on the same.&nbsp;Two banks and one general insurance company may be privatised in the future, as per the circulated news. Before getting clarity on whether the news is correct or not, let us look at its background of it. The government consolidated four out of ten banks in August 2019, reducing the country's overall number of public sector banks from 27 to 12.&nbsp;

The Oriental Bank of Commerce and United Bank were merged into PNB, according the proposal. Canara Bank and&nbsp;Syndicate Bank were consolidated.&nbsp;Union Bank was consolidated with&nbsp;Andhra Bank and Corporation Bank. The merger of Indian Bank and Allahabad Bank also took effect on 1 April, 2020.

<h2>So will State Bank of India be privatised?&nbsp;</h2>

According to the circulated news, Punjab National Bank, Union Bank, Canara Bank, State Bank of India, Indian Bank and Bank of Baroda will not be privatised. Moreover, the circulated news also said that none of the banks that were there in the consolidation process is eligible to participate in the privatisation process.&nbsp;The Indian government has set a current disinvestment objective for FY22 of Rs. 1.75 lakh crore.&nbsp;

<h2>All India Radio Service clears air</h2>

According to All India Radio Service, NITI Aayog has denied releasing any list of banks which are to be privatised.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
NITI Aayog says that a fictitious message is being circulated in media regarding list shared by <a href="https://twitter.com/hashtag/NITIAayog?src=hash&amp;ref_src=twsrc%5Etfw">#NITIAayog</a> on privatization of Public Sector Banks. It clarifies that no such list has been shared by <a href="https://twitter.com/NITIAayog?ref_src=twsrc%5Etfw">@NITIAayog</a> in any form. <a href="https://t.co/Ga9kbdmRNr">pic.twitter.com/Ga9kbdmRNr</a>
— All India Radio News (@airnewsalerts) <a href="https://twitter.com/airnewsalerts/status/1611222380533383168?ref_src=twsrc%5Etfw">January 6, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Taking to Twitter, the Indian Public Service Broadcaster, wrote, "NITI Aayog says that a fictitious message is being circulated in media regarding list shared by #NITIAayog on privatization of Public Sector Banks. It clarifies that no such list has been shared by&nbsp;@NITIAayog&nbsp;in any form."&nbsp;

 
&nbsp;

Is it true that NITI Aayog, an Indian policy think-tank, has released information with regard to the privatisation of Indian banks? As per multiple reports, the so-called list enlists banks which will be kept out of the privatisation process and some other information about the upcoming plans on the same.

Is it true that NITI Aayog, an Indian policy think-tank, has released information with regard to the privatisation of Indian banks? As per multiple reports, the so-called list enlists banks which will be kept out of the privatisation process and some other information about the upcoming plans on the same. Two banks and one general insurance company may be privatised in the future, as per the circulated news. Before getting clarity on whether the news is correct or not, let us look at its background of it. The government consolidated four out of ten banks in August 2019, reducing the country's overall number of public sector banks from 27 to 12. The Oriental Bank of Commerce and United Bank were merged into PNB, according the proposal. Canara Bank and Syndicate Bank were consolidated. Union Bank was consolidated with Andhra Bank and Corporation Bank. The merger of Indian Bank and Allahabad Bank also took effect on 1 April, 2020. So will State Bank of India be privatised? According to the circulated news, Punjab National Bank, Union Bank, Canara Bank, State Bank of India, Indian Bank and Bank of Baroda will not be privatised. Moreover, the circulated news also said that none of the banks that were there in the consolidation process is eligible to participate in the privatisation process. The Indian government has set a current disinvestment objective for FY22 of Rs. 1.75 lakh crore. All India Radio Service clears air According to All India Radio Service, NITI Aayog has denied releasing any list of banks which are to be privatised. NITI Aayog says that a fictitious message is being circulated in media regarding list shared by #NITIAayog on privatization of Public Sector Banks. It clarifies that no such list has been shared by @NITIAayog in any form. pic.twitter.com/Ga9kbdmRNr — All India Radio News (@airnewsalerts) January 6, 2023 × Taking to Twitter, the Indian Public Service Broadcaster, wrote, "NITI Aayog says that a fictitious message is being circulated in media regarding list shared by #NITIAayog on privatization of Public Sector Banks. It clarifies that no such list has been shared by @NITIAayog in any form."

DEBUNKED: Did NITI Aayog release a list of Indian banks for privatisation?

Finance Minister Nirmala Sitharaman on Tuesday promised more policy interventions to revive the economy, and emphasised that green shoots are visible and the agriculture sector is driving growth.

Finance Minister Nirmala Sitharaman on Tuesday promised more policy interventions to revive the economy, and emphasised that green shoots are visible and the agriculture sector is driving growth. Indicators like electricity and fuel consumption, inter and intra-state movement of goods, PMI data and retail financial transactions are witnessing a pick-up, she said. Earlier this month, Prime Minister Narendra Modi too had said the Indian economy has started seeing "green shoots" of recovery and the country remains one of the most open economies in the world. Speaking at the India Ideas Summit, Sitharaman said the government has announced a stimulus package totalling 10 per cent of the GDP which was having its impact on economic revival. "All options are open...Interventions will happen in future," Sitharaman said, assuring the industry that the government will not shy away from taking more steps to ensure early revival of the economy. The minister further said the "agriculture sector is driving the growth." P

Govt open to announcing more measures to boost growth, says FM

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday.

Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today. According to Union Cabinet sources, Joint Secretaries of all five ministries, including the Ministry of External Affairs, Health, Civil Aviation, Finance and Commerce will address a press conference every day.

Also Read: <a href="https://www.wionews.com/india-news/yes-bank-crisis-will-not-let-any-institution-to-fall-says-fm-nirmala-sitharaman-284776">Yes Bank crisis: Will not let any institution to fall, says FM Nirmala Sitharaman</a>

The press conference comes at a time when the country is facing economic slowdown, coronavirus scare and Yes Bank crisis.

There are speculations that the Cabinet might give a nod to Reserve Bank of India's reconstruction scheme for the troubled Yes Bank.

Also Read: <a href="https://www.wionews.com/india-news/potential-investor-will-have-to-pick-up-49-stake-in-yes-bank-sbi-shown-willingness-rbi-284817">Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI</a>

The State Bank of India had said on Thursday that it will buy 725 crore shares of Yes Bank at the price of Rs 10 per share, subject to regulatory approvals.

The Opposition has been targetting Centre over handling of economy and coronavirus outbreak.

So far 73 people were tested positive for COVID-19 in India. World Health Organisation (WHO) on Wednesday had declared the coronavirus outbreak a 'pandemic'&nbsp;and expressed deep concern.

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday. Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today.

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday. Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today. According to Union Cabinet sources, Joint Secretaries of all five ministries, including the Ministry of External Affairs, Health, Civil Aviation, Finance and Commerce will address a press conference every day. Also Read: Yes Bank crisis: Will not let any institution to fall, says FM Nirmala Sitharaman The press conference comes at a time when the country is facing economic slowdown, coronavirus scare and Yes Bank crisis. There are speculations that the Cabinet might give a nod to Reserve Bank of India's reconstruction scheme for the troubled Yes Bank. Also Read: Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI The State Bank of India had said on Thursday that it will buy 725 crore shares of Yes Bank at the price of Rs 10 per share, subject to regulatory approvals. The Opposition has been targetting Centre over handling of economy and coronavirus outbreak. So far 73 people were tested positive for COVID-19 in India. World Health Organisation (WHO) on Wednesday had declared the coronavirus outbreak a 'pandemic' and expressed deep concern.

Sitharaman, Piyush Goyal, Prakash Javadekar to brief media on Union Cabinet decisions

India wants to comply with global sanctions, including US&nbsp;sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, Finance Minister Nirmala Sitharaman said in an interview on Tuesday.

The United States in January imposed the toughest sanctions yet on Venezuela's oil industry. The move has scared away some global customers, but with few alternative suppliers of heavy oil, Indian refiner Reliance Industries Ltd has been buying Venezuelan crude from Russian major Rosneft. The company is set to resume direct oil loadings in the South American nation after a four-month pause.

Sitharaman said the government has expressed its view to the United States.

"In specific issues which are critical for India's strategic interests, we have explained to the United States that India is a strategic partner for the United States of America and you want a strategic partner to be strong and not weakened," she said.

"We value the strong partnership with the USA, but we should equally be allowed to be a <a href="https://www.wionews.com/india-news/government-committed-to-provide-eco-friendly-energy-security-to-india-nirmala-sitharaman-255784">strong economy</a>."

The <a href="https://www.wionews.com/world/world-economy-at-its-weakest-pace-since-global-financial-crisis-international-monetary-fund-256126">International Monetary Fund</a> earlier on Tuesday lowered its outlook for Indian growth in 2019, citing weaker-than-expected domestic demand. The US-China trade war will cut 2019 global growth to its slowest pace since the 2008/09 financial crisis, the IMF said.

India's gross domestic product grew at its weakest pace since 2013 between April and June, stoking expectations of further stimulus.

"Global headwinds ... are getting stronger by the day," Sitharaman said. Asked about further fiscal stimulus, she said,&nbsp;"I have not closed the door" on that.

New Delhi has been trying to boost domestic growth through an infrastructure package and a new loan programme organised with the banking sector that has doled out loans worth over 80,000 crore (8.7 billion pounds), she said.

The finance minister defended the government's move to abrogate Article 370 in Jammu and Kashmir in August.

The removal of the constitutional article that granted special status to Jammu and Kashmir will boost the region and the country's economic potential, she said. 
&nbsp;

India wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, Finance Minister Nirmala Sitharaman said in an interview on Tuesday.

India wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, Finance Minister Nirmala Sitharaman said in an interview on Tuesday. The United States in January imposed the toughest sanctions yet on Venezuela's oil industry. The move has scared away some global customers, but with few alternative suppliers of heavy oil, Indian refiner Reliance Industries Ltd has been buying Venezuelan crude from Russian major Rosneft. The company is set to resume direct oil loadings in the South American nation after a four-month pause. Sitharaman said the government has expressed its view to the United States. "In specific issues which are critical for India's strategic interests, we have explained to the United States that India is a strategic partner for the United States of America and you want a strategic partner to be strong and not weakened," she said. "We value the strong partnership with the USA, but we should equally be allowed to be a strong economy." The International Monetary Fund earlier on Tuesday lowered its outlook for Indian growth in 2019, citing weaker-than-expected domestic demand. The US-China trade war will cut 2019 global growth to its slowest pace since the 2008/09 financial crisis, the IMF said. India's gross domestic product grew at its weakest pace since 2013 between April and June, stoking expectations of further stimulus. "Global headwinds ... are getting stronger by the day," Sitharaman said. Asked about further fiscal stimulus, she said, "I have not closed the door" on that. New Delhi has been trying to boost domestic growth through an infrastructure package and a new loan programme organised with the banking sector that has doled out loans worth over 80,000 crore (8.7 billion pounds), she said. The finance minister defended the government's move to abrogate Article 370 in Jammu and Kashmir in August. The removal of the constitutional article that granted special status to Jammu and Kashmir will boost the region and the country's economic potential, she said.

India cannot sacrifice economic strength to comply with US sanctions: Sitharaman

India ka DNA 2019: ''In 2014, Problem was in DNA of some people, not all,'' says Nirmala Sitharaman

Defence Minister Nirmala Sitharaman Friday visited a production facility of French aerospace major Dassault Aviation near Paris where the Rafale jets to be supplied to India are being manufactured, official sources said.

They said during her visit to the plant in Argenteuil, Sitharaman spoke to officials of the Dassault Aviation, the makers of Rafale, and took stock of progress in production of the fighter jets whose delivery to India will begin in September next year.

Sitharaman arrived in Paris Thursday on a three-day visit in the midst of a massive controversy over the procurement of 36 Rafale jets under a Rs 58,000 crore government-to-government deal between India and France.

Last evening, Sitharaman held wide-ranging talks with her French counterpart Florence Parly on ways to deepen the strategic and defence cooperation between the two countries.

The talks were held under the framework of the annual Indo-French defence ministerial dialogue which was agreed to during the summit meeting between Prime Minister Narendra Modi and French President Emmanuel Macron in March.

The two defence ministers comprehensively reviewed the entire gamut of the bilateral defence cooperation, which is a key pillar of the India-France strategic partnership, an official statement said.

They also exchanged views on contemporary regional and international developments of mutual interest.&nbsp;

Both sides discussed ways to deepen defence related official as well as operational level interactions. It was agreed to expand the scope and complexity of the regular joint exercises (SHAKTI, VARUNA and GARUDA) in the future, the statement said.

Recognising that India-France partnership in the Indian Ocean Region is important for preserving and promoting the common strategic and security interests, the two leaders noted the continuing implementation of the "Joint Strategic Vision of India-France Cooperation in the Indian Ocean Region?.&nbsp;&nbsp; &nbsp;

It was not immediately known whether the Rafale deal figured in the talks.

She also called on French Prime Minister Edouard Philippe and discussed issues of bilateral cooperation.

In her interaction with the top leaders of the French defence industry, Sitharaman urged them to undertake and expand their defence manufacturing in

India under the Make in India initiative as well as promote defence technology and R&amp;D cooperation with Indian stakeholders such as Bharat Dynamics

Limited, Hindustan Aeronautics Limited, Bharat Electronics Limited, Bharat Earth Movers Limited, Goa Shipyard Limited, Mazagaon Dock Shipbuilders Limited etc.

Sitharaman's visit to France came in the backdrop of a fierce political backlash between the ruling BJP and Congress over the procurement of the jets.

In a report Wednesday, French publication Mediapart said Dassault Aviation, the manufacturer of Rafale, had to choose Ambani's firm Reliance Defence as its offsets partner in India as a trade-off for getting the deal.

When asked about the allegations, Sitharaman said that offset obligations for the deal are mandatory but not the names of the companies.

In a statement, Dassault Aviation said it has "freely chosen to make a partnership with Reliance Group, as it rejected the report by French publication Mediapart".

The latest report followed former French president Francois Hollande's comments last month that France was given "no choice" on selection of the Indian partner for Dassault and the Indian government proposed the name of the Indian company. Hollande was the French president when the Rafale deal was sealed.

The Congress has been alleging massive irregularities in the deal, saying the government was procuring each aircraft at a cost of over Rs 1,670 crore as against Rs 526 crore finalised by the UPA government when it was negotiating the deal.

The Congress has also been targeting the government over selection of Reliance Defence as an offset partner for Dassault.

The government has vehemently rejected the allegations and asserted that it did not have any role in the selection of Reliance Defence.&nbsp; 
&nbsp;

Defence Minister Nirmala Sitharaman Friday visited a production facility of French aerospace major Dassault Aviation near Paris where the Rafale jets to be supplied to India are being manufactured, official sources said.

Defence Minister Nirmala Sitharaman Friday visited a production facility of French aerospace major Dassault Aviation near Paris where the Rafale jets to be supplied to India are being manufactured, official sources said. They said during her visit to the plant in Argenteuil, Sitharaman spoke to officials of the Dassault Aviation, the makers of Rafale, and took stock of progress in production of the fighter jets whose delivery to India will begin in September next year. Sitharaman arrived in Paris Thursday on a three-day visit in the midst of a massive controversy over the procurement of 36 Rafale jets under a Rs 58,000 crore government-to-government deal between India and France. Last evening, Sitharaman held wide-ranging talks with her French counterpart Florence Parly on ways to deepen the strategic and defence cooperation between the two countries. The talks were held under the framework of the annual Indo-French defence ministerial dialogue which was agreed to during the summit meeting between Prime Minister Narendra Modi and French President Emmanuel Macron in March. The two defence ministers comprehensively reviewed the entire gamut of the bilateral defence cooperation, which is a key pillar of the India-France strategic partnership, an official statement said. They also exchanged views on contemporary regional and international developments of mutual interest. Both sides discussed ways to deepen defence related official as well as operational level interactions. It was agreed to expand the scope and complexity of the regular joint exercises (SHAKTI, VARUNA and GARUDA) in the future, the statement said. Recognising that India-France partnership in the Indian Ocean Region is important for preserving and promoting the common strategic and security interests, the two leaders noted the continuing implementation of the "Joint Strategic Vision of India-France Cooperation in the Indian Ocean Region?. It was not immediately known whether the Rafale deal figured in the talks. She also called on French Prime Minister Edouard Philippe and discussed issues of bilateral cooperation. In her interaction with the top leaders of the French defence industry, Sitharaman urged them to undertake and expand their defence manufacturing in India under the Make in India initiative as well as promote defence technology and R&D cooperation with Indian stakeholders such as Bharat Dynamics Limited, Hindustan Aeronautics Limited, Bharat Electronics Limited, Bharat Earth Movers Limited, Goa Shipyard Limited, Mazagaon Dock Shipbuilders Limited etc. Sitharaman's visit to France came in the backdrop of a fierce political backlash between the ruling BJP and Congress over the procurement of the jets. In a report Wednesday, French publication Mediapart said Dassault Aviation, the manufacturer of Rafale, had to choose Ambani's firm Reliance Defence as its offsets partner in India as a trade-off for getting the deal. When asked about the allegations, Sitharaman said that offset obligations for the deal are mandatory but not the names of the companies. In a statement, Dassault Aviation said it has "freely chosen to make a partnership with Reliance Group, as it rejected the report by French publication Mediapart". The latest report followed former French president Francois Hollande's comments last month that France was given "no choice" on selection of the Indian partner for Dassault and the Indian government proposed the name of the Indian company. Hollande was the French president when the Rafale deal was sealed. The Congress has been alleging massive irregularities in the deal, saying the government was procuring each aircraft at a cost of over Rs 1,670 crore as against Rs 526 crore finalised by the UPA government when it was negotiating the deal. The Congress has also been targeting the government over selection of Reliance Defence as an offset partner for Dassault. The government has vehemently rejected the allegations and asserted that it did not have any role in the selection of Reliance Defence.

Defence Minister Nirmala Sitharaman visits Rafale factory in France

Dassault Aviation's joint venture with Reliance represents around 10 per cent of the offset investments under the Rafale jet deal, Dassault CEO Eric Trappier has said.&nbsp;

"We're in talks with about 100 Indian firms, including around 30 with which we've already confirmed partnerships," Trappier told AFP.

Separately on Thursday, speaking at a briefing in Paris, Defence Minister Nirmala Sitharaman reiterated the government's claim that it had no idea that Dassault Aviation would team up with Reliance Group, run by Anil Ambani.

Several reports say Dassault was forced to choose Reliance by Prime Minister Narendra Modi, despite its having almost no experience in the aviation sector.&nbsp;&nbsp; &nbsp;

On the eve of Sitharaman's visit, French investigative website Mediapart quoted the notes of a meeting between Dassault management and workers' representatives which described the choice of Reliance as "imperative and compulsory".

"We are very clear: With the government of France, we agreed to purchase 36 Rafale aircraft in flyaway condition," Sitharaman said.

"And in an intergovernmental agreement, there are no mentions of any individual firms," she said.

"It is more for the companies which have chosen A, B or C as their partners to answer questions if there are any," she said.

In a statement, Dassault released a transcript of what it said was Trappier's interview with AFP in which he was asked about the status of the offsets.

"Signing an offset contract is a requirement of Indian law (Defence Procurement Procedure). The implementation of offsets is an obligation and, under the Indian regulation, the choice of the partners belongs to us, Trappier was quoted as saying.

"In full compliance with this regulation, Dassault Aviation therefore decided to set up the DRAL joint venture with Reliance and build a plant in Nagpur, which should enable us to meet about 10% of these offset obligations. We are in negotiations with about a hundred Indian companies and partnerships have already been concluded with about thirty of them," he was quoted as saying.

He said what is called "offset"&nbsp;in English is usually translated into French as "compensation"&nbsp;or "contrepartie". With regard to the staff and trades unions organizations, Dassault Aviation uses the term "obligation contractuelle d'offset"&nbsp;or "obligation contractuelle de compensation", he said.

Dassault negotiated for years with Hindustan Aeronautics Limited (HAL) for the order, with the jets being jointly built in India.

But those talks were cancelled after Prime Minister Narendra Modi took office, when he decided to purchase the jets directly from France.&nbsp;

Asked why Dassault chose Reliance over HAL as its partner, Trappier said Dassault Aviation decided to establish a long-term presence in India through DRAL, a joint enterprise in which governance is provided by an Indian Chief Executive Officer and a French Chief Operating Officer.&nbsp;

"Dassault Aviation therefore exercises technical and industrial control over the operations, applying its standards and its flexibility. This JV will produce parts for the Falcon 2000 and Rafale. The choice of the Nagpur site, in central India, was dictated by the availability of land with direct access to an airport runway, he was quoted as saying.&nbsp;&nbsp;

Dassault on Wednesday said it had "<a href="http://www.wionews.com/india-news/freely-chose-reliance-for-rafale-deal-dassault-aviation-issues-clarification-170776">freely chosen</a>" to form a joint venture with Reliance. But that stance was contradicted recently by former French president Francois Hollande, under whose watch the Rafale deal was signed.

Hollande said last month that France had "no choice" but to join with Reliance after it was pushed by the Indian government -- comments which were seized upon by Indian opposition parties.

Under Indian defence procurement rules, foreign companies winning contracts must "offset" or reinvest half the total value -- in this case around eight billion euros -- in joint ventures or purchases with Indian firms.

Dassault Aviation's joint venture with Reliance represents around 10 per cent of the offset investments under the Rafale jet deal, Dassault CEO Eric Trappier has said.

Dassault Aviation's joint venture with Reliance represents around 10 per cent of the offset investments under the Rafale jet deal, Dassault CEO Eric Trappier has said. "We're in talks with about 100 Indian firms, including around 30 with which we've already confirmed partnerships," Trappier told AFP. Separately on Thursday, speaking at a briefing in Paris, Defence Minister Nirmala Sitharaman reiterated the government's claim that it had no idea that Dassault Aviation would team up with Reliance Group, run by Anil Ambani. Several reports say Dassault was forced to choose Reliance by Prime Minister Narendra Modi, despite its having almost no experience in the aviation sector. On the eve of Sitharaman's visit, French investigative website Mediapart quoted the notes of a meeting between Dassault management and workers' representatives which described the choice of Reliance as "imperative and compulsory". "We are very clear: With the government of France, we agreed to purchase 36 Rafale aircraft in flyaway condition," Sitharaman said. "And in an intergovernmental agreement, there are no mentions of any individual firms," she said. "It is more for the companies which have chosen A, B or C as their partners to answer questions if there are any," she said. In a statement, Dassault released a transcript of what it said was Trappier's interview with AFP in which he was asked about the status of the offsets. "Signing an offset contract is a requirement of Indian law (Defence Procurement Procedure). The implementation of offsets is an obligation and, under the Indian regulation, the choice of the partners belongs to us, Trappier was quoted as saying. "In full compliance with this regulation, Dassault Aviation therefore decided to set up the DRAL joint venture with Reliance and build a plant in Nagpur, which should enable us to meet about 10% of these offset obligations. We are in negotiations with about a hundred Indian companies and partnerships have already been concluded with about thirty of them," he was quoted as saying. He said what is called "offset" in English is usually translated into French as "compensation" or "contrepartie". With regard to the staff and trades unions organizations, Dassault Aviation uses the term "obligation contractuelle d'offset" or "obligation contractuelle de compensation", he said. Dassault negotiated for years with Hindustan Aeronautics Limited (HAL) for the order, with the jets being jointly built in India. But those talks were cancelled after Prime Minister Narendra Modi took office, when he decided to purchase the jets directly from France. Asked why Dassault chose Reliance over HAL as its partner, Trappier said Dassault Aviation decided to establish a long-term presence in India through DRAL, a joint enterprise in which governance is provided by an Indian Chief Executive Officer and a French Chief Operating Officer. "Dassault Aviation therefore exercises technical and industrial control over the operations, applying its standards and its flexibility. This JV will produce parts for the Falcon 2000 and Rafale. The choice of the Nagpur site, in central India, was dictated by the availability of land with direct access to an airport runway, he was quoted as saying. Dassault on Wednesday said it had "freely chosen" to form a joint venture with Reliance. But that stance was contradicted recently by former French president Francois Hollande, under whose watch the Rafale deal was signed. Hollande said last month that France had "no choice" but to join with Reliance after it was pushed by the Indian government -- comments which were seized upon by Indian opposition parties. Under Indian defence procurement rules, foreign companies winning contracts must "offset" or reinvest half the total value -- in this case around eight billion euros -- in joint ventures or purchases with Indian firms.

Reliance has 10 per cent of offset in Rafael deal: Dassault CEO

Defence Minister Nirmala Sitharaman has blamed the Congress-led UPA regime for public and private sector banks facing huge corporate bad loans.

The loans were provided without following due diligence and as a result, defaulters fled the country and the banks had no money to lend, Sitharaman said while referring to fugitive business barons like Vijay Mallya and Nirav Modi.

Sitharaman had also held the portfolios of corporate affairs and finance (Minister of State) and was the Minister of State (Independent Charge), Commerce and Industry.

Huge loans were provided by banks at the drop of a hat "when a phone call was made," by the powers that be, the minister said, addressing a Bharatiya Janata Party traders wing meet here Tuesday.

Since such loans were not paid back till date, the banks faced a crunch and could not lend for new businesses, she claimed.

"Public and private sector banks are all facing difficulty due to this. Though policy allowed banks to provide loans, banks are not prepared to lend as they do not have money. Why this happened," she asked.

Loans were provided to "acquaintances" without any assessment, scrutiny or background check to ascertain if the promoters could actually carry on the business and pay back the loan, and it was "crony capitalism," followed by the UPA regime, she alleged.&nbsp;

"Under the guise of providing loans to do business, banks were made to lend without assessing factors like repayment capabilities, assets and expertise and they (apparently referring to Vijay Mallya and others) have departed with the money and the banks do not have money," Sitharaman said.

Under such circumstances, to achieve 7.5 to 8 per cent growth (GDP) rate, several efforts have been taken by Prime Minister Narendra Modi, she said.

To tackle the issue of defaulters fleeing the country after cheating banks, an enabling legislation - The Insolvency and Bankruptcy Code, 2016 - was passed which envisaged attachment of properties, she said.

"This law was not brought during their (UPA) regime)," she said.

The defaulters fled the country in view of tough action. Even if the defaulters had fled the country, efforts are being made to bring them back home to justice and attach their properties as well for default, she said.

Sitharaman said the BJP-led Centre has given good governance and all welfare schemes have to be taken to the people.

If a comparison was made between the 48 years rule of the Congress and other parties at the Centre and the BJP-led NDA for the past 48 months, she said it could be understood that what the Centre has been doing was a "herculean task".

"During the 10 years of the UPA regime, they did nothing to give good governance," she said.

"At that time, even at the cost of "betrayal" of the country, those who held power eyed only things that could be "grabbed," and the then prime minister Manmohan Singh was not bothered about it even as corruption reigned," she alleged.

Sitharaman spoke about other welfare schemes of the Centre like the 'Ayushman Bharat.'

The traders' wing meet was the starting point to the Lok Sabha campaign in Tamil Nadu, she said.&nbsp;

Defence Minister Nirmala Sitharaman has blamed the Congress-led UPA regime for public and private sector banks facing huge corporate bad loans. The loans were provided without following due diligence and as a result, defaulters fled the country and the banks had no money to lend, Sitharaman said while referring to fugitive business barons like Vijay Mallya and Nirav Modi.

Defence Minister Nirmala Sitharaman has blamed the Congress-led UPA regime for public and private sector banks facing huge corporate bad loans. The loans were provided without following due diligence and as a result, defaulters fled the country and the banks had no money to lend, Sitharaman said while referring to fugitive business barons like Vijay Mallya and Nirav Modi. Sitharaman had also held the portfolios of corporate affairs and finance (Minister of State) and was the Minister of State (Independent Charge), Commerce and Industry. Huge loans were provided by banks at the drop of a hat "when a phone call was made," by the powers that be, the minister said, addressing a Bharatiya Janata Party traders wing meet here Tuesday. Since such loans were not paid back till date, the banks faced a crunch and could not lend for new businesses, she claimed. "Public and private sector banks are all facing difficulty due to this. Though policy allowed banks to provide loans, banks are not prepared to lend as they do not have money. Why this happened," she asked. Loans were provided to "acquaintances" without any assessment, scrutiny or background check to ascertain if the promoters could actually carry on the business and pay back the loan, and it was "crony capitalism," followed by the UPA regime, she alleged. "Under the guise of providing loans to do business, banks were made to lend without assessing factors like repayment capabilities, assets and expertise and they (apparently referring to Vijay Mallya and others) have departed with the money and the banks do not have money," Sitharaman said. Under such circumstances, to achieve 7.5 to 8 per cent growth (GDP) rate, several efforts have been taken by Prime Minister Narendra Modi, she said. To tackle the issue of defaulters fleeing the country after cheating banks, an enabling legislation - The Insolvency and Bankruptcy Code, 2016 - was passed which envisaged attachment of properties, she said. "This law was not brought during their (UPA) regime)," she said. The defaulters fled the country in view of tough action. Even if the defaulters had fled the country, efforts are being made to bring them back home to justice and attach their properties as well for default, she said. Sitharaman said the BJP-led Centre has given good governance and all welfare schemes have to be taken to the people. If a comparison was made between the 48 years rule of the Congress and other parties at the Centre and the BJP-led NDA for the past 48 months, she said it could be understood that what the Centre has been doing was a "herculean task". "During the 10 years of the UPA regime, they did nothing to give good governance," she said. "At that time, even at the cost of "betrayal" of the country, those who held power eyed only things that could be "grabbed," and the then prime minister Manmohan Singh was not bothered about it even as corruption reigned," she alleged. Sitharaman spoke about other welfare schemes of the Centre like the 'Ayushman Bharat.' The traders' wing meet was the starting point to the Lok Sabha campaign in Tamil Nadu, she said.

Sitharaman blames UPA for bad loans, defaulters fleeing country