Nirmala Sitharaman Exclusive Interview Highlights: In an exclusive interview, FM said LIC, SBI's exposure to Adani group was within permissible limits and that the Indian banking system was now at a comfortable level.
In general, the banking system has significantly improved health in terms of NPAs and recoveries, the FM added. FM said the Budget's impact will retain bullishness in the markets.
The live blog session has concluded. For extensive coverage of the Union Budget 2023, stay tuned with Moneycontrol.com.
Key highlights from FM Nirmala Sitharaman's post budget interview
Nirmala Sitharaman's message to global investors:
The Indian tax system should not be seen as too harsh: FM
At least 50% can shift to the income tax regime: FM Nirmala Sitharaman in an exclusive post Budget interview
FM Nirmala Sitharaman on the old pension scheme:
FM Sitharaman on startups:
- Investors looking for better opportunities in startups.
- Not scarcity but funds looking for better options among startups.
Finance Minister Nirmala Sitharaman LIVE:
People who have bought house and sold houses, have made immense benefits but still attempt to get benefits from government: FM on Rs 10 cr capital gains cap on luxury home sales
Nirmala Sitharaman LIVE:
I belong to the school of thought if taxpayers are left more money in hands because we collect tax he is the best judge where to put his money. He doesn’t need incentive to run his family, or protect ill health and save for future. Why do we want to underestimate citizens?
Finance Minister Nirmala Sitharaman LIVE:
Indian tax system should be seen as not so harsh. Taking away 42.7 percent tax doesn't look so good and that is why we reduced it: FM on reduced surcharge
Finance Minister Nirmala Sitharaman LIVE:
- Everyone should know what amount of they are paying and file the tax returns from their home.
-I would prefer a completely acceptable and lower tax rate, there is no reason for someone to avoid paying tax.
- You are the best judge to do what you want to do with your money.
Finance Minister Nirmala Sitharaman LIVE:When will govt phase out Section 80C and 80D?
I have not given a time frame to remove exemptions and deductions. Every indian citizen must make her or his own choice. The purpose of new tax regime is make it attractive for compliance and tax rates. Everyone should know what amount of taxes they are paying and file the tax returns from their home. At least 50 percent of the taxpayers can shift to the new income tax regime and benefit from reduced rates.
Finance Minister Nirmala Sitharaman LIVE:
- New Pension Scheme was not just NDA. UPA was actively involved in getting it forward.
- Are we paying the current generation of pensioners by loading the future generations.
- The entire introduction of the new pension scheme was under the UPA. Now, if without adequate looking into what it (returning to OPS) means, are we paying the current generation of pensioners by loading (the burden) of future generation of pensioners?
Finance Minister Nirmala Sitharaman LIVE:
- Today, the typical problem Indian exporters face is a lack of demand in those markets - where they usually have demand - because of a recession there.
- No country would want exports to languish and imports to balloon.
Nirmala Sitharaman LIVE:
- Today, the typical problem Indian exporters face is lack of demand in those markets - where they usually have demand - because of a recession there.
-Process of privatisation of PSU banks is on. The amendments will have to be made.
Finance Minister Nirmala Sitharaman LIVE:
- We have to see when’s the best time to monetise assets.
- Asset monetisation is part of the document.
- Disinvestment and asset monetisation is still a part of the budget. It may not be a part of my speech. We have to see when is the best time to monetise assets.
FM Nirmala Sitharaman LIVE:
- Indian banking sector is current at a comfortable level supported by decline in bad loan levels and recovery from unpaid accounts.
- Having gone through the twin balance sheet problem. Indian banking sector is at a comfortable level with NPAs coming down to absolute low levels and recovery happening
Nirmala Sitharaman LIVE:
- If I comment on interest rates, it will look like I am guiding the RBI
Finance Minister Nirmala Sitharaman LIVE:
- Fall in inflation should sustain itself.
- Therefore, there should not be that much pressure on the central bank to keep the pace of increasing the rates but MPC will take a call
Finance Minister Nirmala Sitharaman LIVE:
- Pent up demand can't stretch beyond one season. The 2022 festival season was as per it's normal course and there was no exaggeration in the markets.
- So demand has reached a level where it will sustain itself.
Finance Minister Nirmala Sitharaman LIVE:
- One instance is not going to be indicative of how well Indian financial markets are governed.
-Our regulators have kept our markets in prim and proper condition.
Finance Minister Nirmala Sitharaman LIVE:
Both SBI and LIC have issued detailed statements (on Adani).... They have said they are sitting over profits, for the exposure they have, which is well within limits from what I understand.
Finance Minister Nirmala Sitharaman LIVE:
- Budget's impact will continue to hold the market high.
-Indian banks NPAs are at low level, banks are comfortably raising money from markets.
Finance Minister Nirmala Sitharaman on Adani issue:
- SBI, LIC have very clearly said their exposure is well within permitted limits. With the valuation falling as well, they are sitting on profits.
-SBI, LIC have issued detailed statements (on Adani issue).
Finance Minister Nirmala Sitharaman LIVE:
- Going to shake up and give life to self-help groups in rural parts of the country.
-In every sector, there are provisions in the budget for them to do the transition from depending on fossil fuel to renewable energy fuel.
Finance Minister Nirmala Sitharaman LIVE:
- Budget also gives momentum to PM vikas scheme, says FM
-Push on green is not going to be any less... it will touch every walk of life.
Finance Minister Nirmala Sitharaman LIVE:
- Tourism expected to see a sea change, it will be a good way to keeping the economy active: FM on reforms impact
-We had to do homework for all the inputs that came and go through the depth of what it means. Only because we may choose one way or the other we should have the understanding to justify what we went for.
Finance Minister Nirmala Sitharaman LIVE:
- Did not want to let go of reforms despite all the global uncertainties.
-Did not want to let go of reforms despite all the global uncertainties
Finance Minister Nirmala Sitharaman LIVE:
We were going by continous conversations with all kinds of stakeholders on pandemic and Ukraine war impact
Finance Minister Nirmala Sitharaman's exclusive interview with Network18 coming soon
Finance Minister Nirmala Sitharaman LIVE
- The government ensured that no one went hungry during the pandemic by providing free foodgrains to 80 crore poor people, Finance Minister Nirmala Sitharaman said on Wednesday.
Finance Minister Nirmala Sitharaman LIVE
The government made cash transfer of Rs 2.2 lakh crore under the PM-KISAN scheme, Finance Minister Nirmala Sitharaman said on Wednesday.
Finance Minister Nirmala Sitharaman LIVE and EXCLUSIVE
Network18 Editor-in-Chief Rahul Joshi Speaks to Finance Minister Nirmala Sitharaman in an exclusive Interview post Union Budget 2023 Announcements. Expect the FM to answer questions on asset monetisation, whether the old tax regime will be done away with, how the government will meet the fiscal deficit target and more
Nirmala Sitharaman LIVE: Pharma industry applauds Budget 2023
The pharmaceutical industry has applauded Finance Minister Nirmala Sitharaman's budgetary proposal to support research and innovation in the sector, but is upset that APIs, a critical component of medicines, were not taken into consideration in the Budget 2023–24.
Glenmark Pharmaceuticals chairman and managing director Glenn Saldanha said the plan to start a new programme for research and innovation through centres of excellence was a step in the right direction.
Budget Highlights: Incentives for fisheries, marine products
- Finance Minister Nirmala Sitharaman said a sub-scheme of the PM Matsya Sampada Yojana will be launched with a targeted investment of Rs 6,000 crore to further enable activities of fishermen, fish vendors, and micro and small enterprises, improve value-chain efficiencies, and expand the market.
- She also announced duty reduction for the key inputs for shrimp feed.
Nirmala Sitharaman LIVE: G-20 grouping is a unique opportunity
- India’s ongoing presidency of the G-20 grouping is a unique opportunity to strengthen the country’s role in the world economic order when countries across the globe are facing various challenges, Finance Minister Nirmala Sitharaman said.
- Presenting the Budget for the fiscal year 2023-24 in Lok Sabha, Sitharaman said India is steering an ambitious people-centric agenda to address global challenges and to facilitate sustainable economic development.
FM Sitharaman's Budget speech:
India’s rising global profile is due to several accomplishments like unique World Class Digital Public Infrastructure namely, Aadhaar, Co-Win and UPI; COVID-19 vaccination drive in unparalleled scale and speed; proactive role in frontier areas such as achieving the climate related goals, mission LiFE, and National Hydrogen Mission.
FM Sitharaman's Budget 2023 announcement: Change in the highest tax rate
The wealthy in India — people earning above Rs 5 crore a year — now pay 42.74 percent tax, which is among the highest in the world, according to the FM. The surcharge has been reduced to 25 percent from 37 percent to in the new tax regime That means the effective tax rate for this class has reduced to 39 percent - at par with those who earn over Rs 2 crore.
FM Sitharaman LIVE: What was announced for salaried and pensioners
- For salaried individuals, pensioners and family pensioners, the FM has introduced a standard deduction under the new tax regime. Old tax regime already offers a standard deduction of Rs 50,000 to salaried employees and pensioners.
- Combined with the rebate, this means that salaried individuals earning up to Rs 7.5 lakh need not pay any tax under the new tax regime.
New income tax slabs 2023-24 announced by Sitharaman
Union Finance Minister Nirmala Sitharaman Arrives at Parliament, to Address BJP Lawmakers
Nirmala Sitharaman LIVE: Network18 Exclusive
Budget 2023 stood out for Finance MinisterNirmalaSitharaman’sdeft balancing act.While FM stuck to the path of fiscal prudence, she did put some money in the pocket of the middle class through tax cuts and gave a boost to infrastructure creation, a medium-term growth multiplier.However, several questions like macroeconomic stability concerns, fate of the old tax regime among others remain unanswered. Stay tuned to Moneycontroland find out the answer to these questions at 2pm.
Welcome to Moneycontrol live blog. Track this space to catch the live updates from Finance Minister Nirmala Sitharaman's exclusive interview to Network18.
