Nirmala Sitharaman

Nirmala Sitharaman said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned

The highest tax rate of 30 per cent is levied on individuals earning more than Rs 24 lakh in a year in the new income tax regime.

"The consumption story will continue. We have corrected most of inverted duty structure," Sitharaman said.

Sitharaman also emphasised that efforts are underway to enhance the efficiency of Global Corporate Centres (GCCs) across India

Nirmala Sitharaman also explained that unclaimed funds are transferred between institutions depending on the nature of the asset, from banks to the RBI for deposits, and from SEBI to the IEPF for shares and other investments.

Sitharaman said state-owned banks need to engage proactively with NBFCs on co-lending for priority sector lending to enhance credit flow to the underserved sectors

Sitharaman said that a staggered approach or mechanism will be identified to hear the priority cases first to manage the workload

With the simplification of the Goods and Services Tax from the earlier four slabs to 2 slabs, Sitharaman said Prime Minister Narendra Modi is keen to ensure that the poor and downtrodden, middle class families and the micro, small and medium enterprises (MSMEs) largely benefit out of the GST reforms.

In the next phase of indirect tax reforms, the Finance Minister announced that GST 2.0 will feature faster refund mechanisms. “In GST 2.0, 90% of refunds will be automatically given,”Nirmala Sitharaman said.

The scheme offers free health screenings for women ranging from blood pressure and diabetes to anaemia, tuberculosis, and cancer, along with medicines.

The rupee plummeted to a record low and closed at 88.27 against dollar after touching an intra-day low of 88.38 on Friday.

The GST Council's decision to bring all products, except those under the sin and luxury goods category, under 5 per cent and 18 per cent slabs, while reducing it to zero on a host of essential items, will come into effect from September 22, the first day of Navratri.

Nirmala Sitharaman was dismissive of Congress leader Jairam Ramesh’s contention that Prime Minister Narendra Modi undermined the GST Council, a constitutional body that takes all decisions related to the indirect tax regime

The GST restructuring addresses the inverted duty structure in fertiliser manufacturing and is expected to prevent price rise for farmers while ensuring timely availability of inputs during sowing seasons, the ministry said in a statement.

Finance Minister Nirmala Sitharaman emphasized the government's commitment to accelerated reforms, protecting exporters, and expanding economic growth into new areas, despite the challenges posed by US tariffs. In an interview to Network18 Group Editor-in-Chief Rahul Joshi, Sitharaman stated that India will continue buying Russian oil if it serves the economy's interests, dismissing US President Donald Trump aide Peter Navarro's remarks as a "divide and rule" tactic. The government is preparing a relief package to support industries hit hardest by the 50% US tariffs, the government is working on measures to cushion the impact, including interest subvention schemes and export credit support.

Finance Minister Nirmala Sitharaman in an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi

“I don’t want divulge in to how they are diverting, but I think the RBI has taken very considered decision and they have also done by purchasing gold,” FM Sitharaman added.

Yields across short- and long-tenure bonds rose in August, following Prime Minister Narendra Modi’s Independence Day speech, where he announced the Centre’s plan to rationalize the GST framework

"Not in the immediate future," Sitharaman said when asked about the timeline of their inclusion in the ambit of GST.

Currently, an FPI or an investor group can hold only up to 10% equity in a listed company. More than 10% is allowed through FDI