Government to carry on with banking reforms, Finance Minister
By MYBRANDBOOK
Finance Minister, Nirmala Sitharaman at the Elara India Dialogue said that the Centre will carry on with the reforms in the banking sector that envisage privatisation of two lenders, underscoring North Block's resolve to pursue economically beneficial measures otherwise deemed politically difficult to execute.
"We've already shown that we are very committed to the divestment process. For instance, the LIC public issue wasn't easy, but we did it," Sitharaman told delegates at the meeting. "We are committed and will go ahead with the banking sector reforms, and even the Cabinet has given clearance. We have mentioned it in the budget, and we shall take it forward."
The government has plans to divest its stake in two public sector banks. Government’s policy and planning platform, NITI Aayog had recommended privatization of Central Bank of India and Indian Overseas Bank.
According to media reports, both North Block and the LIC of India are likely to dilute stakes in IDBI Bank, the corporate-focused lender revived through government intervention after it ran up significant bad loans. Reports have suggested initial bids for the dilution of government equity in IDBI Bank might be invited soon, with New Delhi seeking to close the deal in FY23.
The minister also said that the government is looking at boosting export competitiveness and bring down input costs for exporting industries.
"We would like to engage further with those sectors which are actively engaged in exports," she added.
Meanwhile, domestic steel and iron ore prices have declined sharply after the imposition of export duty on steel, iron ore and pellets on May 21.
On the windfall tax on fuel exports, the finance minister said the government is not interested in advocacy, and the windfall tax was levied only after consulting the industry. "Every 15 days, we shall review the windfall tax in consultation with the industry," she said.The finance minister said the visible increase in tax collection is due to the technology that was brought in. She said that the entire tax payment system was digitally monitored, enabling the authorities to enhance the accuracy quotient.
"Anomalies in the system have been corrected because of how we use the data, artificial intelligence, etc., and we were able to track the flow of money,” Sitharaman said. "Widening the tax base is still an issue, and we have to make a lot of effort to bring in a greater number of people."
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
EXIDE INDUSTRIES LTD.
FIRE BOLTT
HAVELLS INDIA LTD.
ALPHAMAX TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RISHAD PREMJI
Rishad Premji is Executive Chairman of Wipro Limited, a $11.3 billion ...
Icons Of India : RAJENDRA SINGH PAWAR
Rajendra Singh Pawar is the Executive Chairman and Co-Founder of NIIT ...
Icons Of India : NIKHIL RATHI
Co-founder & CEO of Web Werks, a global leader in Data Centers and Clo...
PARTNER SPEAKERS
PSU
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
.jpg)
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
