Finance Minister Nirmala Sitharaman rules out quick recovery for economy

NEW DELHI : India’s Finance Minister Nirmala Sitharaman said it was too early to say if the slowdown in the economy had bottomed out. Companies are planning new investments after $20 billion worth of corporate tax cuts announced in September, Sitharaman told reporters in New Delhi Friday. Actual investments may take some time to materialize, she said. Prime Minister Narendra Modi’s government has unveiled several steps since August to revive economic growth from the weakest pace since 2013. The surprise decision to lower taxes for companies raised concerns about India’s fiscal discipline, with Moody’s Investors…

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Finance Minister Nirmala Sitharaman to Meet CEOs of Public Sector Banks on October 14

New Delhi: Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) next week to discuss various issues, including progress on credit offtake. The meeting, scheduled to be held on October 14, is expected to review fund flow to stressed NBFC and MSME (micro, small and medium enterprises) sectors, sources said. Banks are expected to present report card on partial credit guarantee scheme and fund raising from market to enhance their capital base. The Centre in August issued guidelines on operationalising Rs 1 lakh crore…

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An open letter to finance minister Nirmala Sitharaman

Dear Madam Finance Minister, Welcome to the exciting world of finance that you have just taken charge of. I have covered this space as a beat reporter for 25 years and so I am taking the liberty to give a glimpse of this sector as I see it. First, my biases: I have a gender bias and I am truly happy that India has her first woman finance minister (the only previous instance was more a part-timer). Not just me, but even men say women bring more sincerity, honesty,  integrity…

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