Nirmala Sitharaman
Finance Minister, Government of India- Daughter of a railway employee, Nirmala Sitharaman did her graduation and master’s in economics from Seethalakshmi Ramaswamy College, Tiruchirapalli, Tamil Nadu
- She did her M.Phil in economics from the Jawaharlal Nehru University and then went to London. She worked for some time as a saleswoman in a décor shop and then joined the research unit of PricewaterhouseCoopers. At the accounting firm, she worked on transferring Western audit systems to post-Cold War Eastern Europe
- She returned to Hyderabad to start a policy research institute, the Centre for Public Policy Studies, where she was the Deputy Director from 1992-1998. She then started a school for the underprivileged, called Pranava, where she was the director from 1998-2003
- She was nominated to the National Commission for Women in 2003 by the then Prime Minister Atal Bihari Vajpayee, but her term came to an abrupt end when the UPA government came to power. Sitharaman gravitated towards the BJP and eventually joined the party in 2006
- She was nominated as party spokesperson in 2010. In a few short years, Sitharaman had catapulted from an articulate defender of the BJP on evening talk shows to a cabinet minister
- She was not an MP in 2014 when she was brought into the council of ministers by Prime Minister Narendra Modi, she was made the minister of state with independent charge of commerce and industry; later, she was elected to the Rajya Sabha from Andhra Pradesh
- Sitharaman had a swift rise in the NDA government. In September 2017, she went on to become India’s first full-time woman defence minister and a member of the hallowed Cabinet Committee on Security
- As the Raksha Mantri, she handled the tough task of countering Congress’ charge of crony capitalism in the Rs 59,000-crore Rafale deal, inked during Manohar Parrikar’s tenure. She vigorously defended the government’s stand on the defence deal
- A no-nonsense minister, Sitharaman had the key responsibility of delivering on the Make in India promises in the defence sector
- She delivered on key HR issues for the ministry, and also handled sensitive issues like school fees for children of servicemen, withdrawal of cases against pensioners and opening of cantonment roads to the public
- After the BJP's victory in the 2019 Lok Sabha polls, she became the first full-time woman Finance Minister of India as Arun Jaitley had opted to stay out of the government due to health issues. She presented her maiden Union Budget on July 5, 2019
- In September 2019, she played a key role in mega merger of public sector banks, bringing down their number to 12 from 27 in 2017, a move aimed at making state-owned lenders global-sized banks
- Sitharaman was given the charge of heading the Covid-19 economic response task force by PM Modi in 2020. She announced a series of relief packages for the economy that was reeling under the impact of Covid
- She took a firm stand on tax evaders and asked taxmen to firmly deal with those who tried to evade taxes and game the system
- The last few years have seen a meteoric rise of this former JNU student. She is currently a member of the Cabinet Committee on Political Affairs, Cabinet Committee on Economic Affairs, Cabinet Committee on Security and Cabinet Committee on Parliamentary Affairs
Before you go ...
- Sitharaman was ranked 41st among the world's 100 most powerful women in 2020 in a list released by the Forbes magazine
Nirmala Sitharaman News
India and Israel formalized a Bilateral Investment Agreement (BIA), signed by Finance Ministers Nirmala Sitharaman and Bezalel Smotrich, aiming to bolster private sector investments in both economies. This agreement assures security for Indian companies investing in Israel and vice versa. Both nations are also progressing towards a Free Trade Agreement (FTA) to potentially triple or quadruple the existing trade volume.
India and Israel have signed a bilateral investment treaty. The aim is to increase investments between the two nations. Currently, investments stand at about $800 million. The treaty replaces an older agreement from 1996. It seeks to protect investors and facilitate trade growth. Both countries will explore a financial protocol for Israeli exporters.
Finance Minister Nirmala Sitharaman is preparing for the rollout of the next-generation GST with reduced rates and fewer slabs, effective September 22. Three meetings were conducted to assess GSTN's readiness and the necessary technological upgrades. The GST Council decided to decrease the number of slabs to two: 5% and 18%, with a 40% rate for ultra-luxury and tobacco products.
Despite US pressure, Indian state-owned oil refiners aim to revive discounted Russian crude purchases. However, a lack of available cargoes due to redirection to China and increased competition from other nations is hindering these plans. While India intends to continue buying Russian oil, imports have already decreased, and further declines are expected as China increases its intake.
Finance Minister Nirmala Sitharaman said that the Indian government is developing a support package for exporters facing a 50% US tariff, initiated partly due to continued oil imports from Russia. Various ministries are assessing the tariff's impact on sectors like textiles, gems, and leather.
Finance Minister Nirmala Sitharaman called GST rate cuts a landmark reform benefiting all Indians, especially the middle class. She dismissed political pressure claims, noted even critics’ praise, acknowledged state inputs, and stressed the reform focuses on people, not politics, promising relief and cheer before the festive season.
Recent GST reforms in India, eliminating the 28% and 12% slabs, aim for a simpler tax structure and fairness, potentially boosting the economy modestly. While the move may simplify some aspects, complexities persist, and concerns arise about long-term fiscal stability due to significant revenue losses.
Finance Minister Nirmala Sitharaman criticized the DMK government in Tamil Nadu for focusing on divisive issues like language and Dravidian identity to deflect from corruption and caste-based crimes. She refuted claims that the BJP is against Dravidian interests, highlighting the Modi government's development initiatives in the state.
Finance Minister Sitharaman stated the government is closely monitoring exchange rates as the rupee depreciates against the strengthening US dollar, a trend affecting multiple currencies. The rupee hit a record low amid concerns over US tariffs, including a 50% levy on Indian goods.
Finance Minister Nirmala Sitharaman anticipates that increased consumption will offset the Rs 48,000 crore GST shortfall resulting from tax rate reductions. She believes this consumption boost, along with strong Q1 GDP growth, could surpass the projected 6.3-6.8% GDP growth for FY26. The GST overhaul, effective September 22, aims to benefit all citizens through rationalized tax rates on various products.
