Live: FM Nirmala Sitharaman says India to keep buying Russian oil, dismisses Trump aide's Brahmin remark

Finance Minister Nirmala Sitharaman said the government’s decision to curb online real money gaming was necessary as the practice was “ruining our country and our youth.”

On the currency movement, Nirmala Sitharaman said, “Rupee is only volatile against the dollar, and many countries are experiencing this. Rupee is not weakening.”

Finance Minister Nirmala Sitharaman  said the government is confident of completing the IDBI Bank disinvestment in the current financial year, while indicating that more stake sales could take place going ahead.

“IDBI is moving fast and I expect it to be concluded this financial year. More disinvestment can happen,” the finance minister said.

On the fiscal front, she said, “I am observing rising borrowing costs, at a time when interest rates are low. Bond yields becoming high has a bearing on government. My fiscal math is fine.”

Criticising the approach of some political parties, Sitharaman remarked, “What most often has been happening is that parties are promising and then they start scrambling for resources and blame the central government.”

FM: Our instituitions such as Parliament should debate issues, but they are not being used for the prime purpose. We are holding placards in Parliament

FM: Regulatory institutions should not micromanage.

FM: I see a significant change in animal spirits from industry

"It is one thing for a foreign government head of state or official to say all of that and the global diplomatic world is astonished that kind of expression is being used against India. But it hurts me more when those expressions are justified in India ... Who actually wants us to know better, and are explaining to us. I am outraged, I don’t want such explanations. India quoting those words and colonial justification is not right. Atmanirbhar also includes self respect."

"They are following divide and rule strategy, friends of imperialists (oppn leaders) are telling us the word Boston Brahmins is not bad. We should be free from all this after 75 years of independence, This is exactly the same divide and rule policy the British used here and imperialists used here"

Whether its Russian oil or anything else, it is within our interest, we will have to take a call which decision suits us the best. So we will keep buying, says FM

FM: The government is looking at this; there is a package that consists of many different things. Something is coming to help them

We will come out with something to handhold those who have been hit by 50% tariff, says FM

FM Sitharaman's interview: Key quotes

* Petroleum and alcohol to stay out of GST in the immediate future

* We have to take reform agenda to panchayats and ULBs

* There isn’t any particular mechanism to handle passing on of GST rates by companies

* We have to keep talking with industry and nudge them

* India requires its citizens to be respected, they are toiling to build their economy. At this time, do we need naysayers to borrow such observations of India being a dead economy

* Petroleum and alcohol to stay out of GST in the immediate future

* We have to take reform agenda to panchayats and ULBs

* There isn’t any particular mechanism to handle passing on of GST rates by companies

* We have to keep talking with industry and nudge them

* India requires its citizens to be respected, they are toiling to build their economy. At this time, do we need naysayers to borrow such observations of India being a dead economy

GST Council is the only constitutional body post independence, it has done a lot in terms of revenue, and uniting the country

A lot of work was done on next set of reforms, even prior to 2024 elections, some like Finance moved faster, sustainability, opening of private sector, IT has been moving fast

FM: I can say with confidence that capex of government will not come down, it will be completed as per the Budget estimated timeline. And so will the fiscal deficit, this is the last, this is the last point of my gliding path, I will adhere to it

State governments are also moving on reforming, panchayats and ULBs is where the enxt forceful action has to happen

"Every Item which comes under GST, goods or services, had to be looked at, and to regroup as daily use items used by citizens, and then see those which are going to hit the farmers, the middle class people and so on,”  Nirmala Sitharaman said the focus of GST 2.0 was to review commodities consumed by farmers and the middle class.

“The simplified way of doing business for small businesses and respecting the middle class, taxpayers and every Indian citizen in some way or the other,” FM Sitharaman said  and it  was the first time that the Centre has taken up both the issue of Compensation Cess and a comprehensive proposal on GST.

Union Finance Minister Nirmala Sitharaman told News18 that Prime Minister Narendra Modi had contacted her eight months ago and asked how the GST could be revamped.

FM Nirmala Sitharaman says that PM Modi called her eight months ago to discuss about reforms required in GST

Although the meeting was originally planned for two days, it concluded within a single day. This was despite several states voicing concerns over potential revenue losses before the proceedings began.

Except for tobacco and tobacco-related products, all rate changes will take effect from September 22, coinciding with the first day of Navratri, Finance Minister Sitharaman announced.

The reforms aim to lower the tax burden on common people by cutting rates and reducing slabs. They also promise to unlock blocked working capital and ease business operations through automated refunds and simplified registration processes.

The Goods and Services Tax (GST) Council, in its 56th meeting on Wednesday, approved a sweeping set of next-generation reforms for the eight-year-old indirect tax regime. After over 10 hours of deliberation, the Council finalised a broad two-slab structure of 5% and 18%, with an additional 40% demerit rate reserved only for super luxury, sin, and demerit goods.

In a conversation with Network18 Group Editor-in-Chief Rahul Joshi, the Finance Minister will elaborate on why the reforms are timely, how the government is addressing tariff-related challenges, and the roadmap to sustain GDP growth. The discussion promises fresh insights into India’s economic direction.

With the festive season underway, Finance Minister Nirmala Sitharaman has unveiled GST 2.0 — the most significant tax reform since the system’s introduction in 2017. The overhaul brings streamlined slabs, reduced compliance requirements, and consumer-friendly savings. The revamp is aimed at leaving more money in citizens’ hands while creating greater expansion opportunities for businesses.