In a bold and decisive move, Union Finance Minister Nirmala Sitharaman addressed the allegations made by the Communist Party of India (Marxist) [CPM] during the inauguration of the Loan Fair in Attingal. The event, organized by Indian Overseas Bank and Canara Bank, served as a platform for Sitharaman to confront the accusations of fund withholding by the CPM.

Sitharaman's focus was clear — she highlighted the imperative for the state government to maintain transparent and accurate accounts for the allocated funds. By doing so, she not only refuted the claims of fund manipulation but also underscored the significance of accountability in Kerala's agricultural practices.

The Finance Minister's speech at the Loan Fair went beyond mere denial; it resonated with a commitment to transparency and accountability. She emphasized the government's dedication to supporting farmers, ensuring that they receive their rightful payments promptly. This proactive stance not only defended the government against accusations but also projected a vision of responsible governance, especially in the crucial sector of agriculture.

Continuing her powerful address at the Loan Fair, Finance Minister Nirmala Sitharaman reiterated the critical importance of farmers receiving fair compensation for the paddy procured by the state government. She emphasized that the unequivocal responsibility for disbursing the rightful payment to farmers lies with the state government, urging them to prioritize and fulfill this commitment.

Sitharaman drew attention to the efficiency of the Centre's Kisan Samman Scheme, highlighting the seamless transfer of funds directly into farmers' accounts with a single click. This served as a pointed question to the Kerala government — why not adopt a similar streamlined system for the benefit of its farmers? The Finance Minister's inquiry emphasized the need for modern and efficient processes in the agricultural sector.

In a poignant reference to the recent tragic incident involving the suicide of K.G. Prasad, a 55-year-old farmer in Kuttanad, Sitharaman underscored the urgency of prompt and fair disbursement of payments to farmers. Her remarks aimed to drive home the message that delays and inefficiencies in the payment system could have severe and tragic consequences for those dependent on agriculture. The Finance Minister's words were not just a critique but a call to action for the state to reevaluate and optimize its processes for the welfare of its farmers.

Delving into specific financial allocations, Finance Minister Nirmala Sitharaman emphatically affirmed that the Centre has promptly disbursed the entire share for crucial programs, including the National Social Assistance Programme, UGC Salary Revisions, Capital Investment Assistance for Infrastructure Development, Health Grants, National Food Safety, and GST Compensation to states.

Expressing a note of concern, Sitharaman addressed the delay in GST Compensation caused by the state's accounts for the fiscal year 2021–2022 still being in process with the Accountant General (AG). The Finance Minister questioned the reasons behind this delay and emphasized the paramount importance of the state AG endorsing these accounts in a timely manner.

Sitharaman's statements were a strategic move to dispel any allegations of fund delays and firmly underscore the Centre's unwavering commitment to swiftly disbursing grants to states, Kerala included. Her call to expedite necessary procedures was not just a directive but a reminder of the urgency involved, ensuring that rightful beneficiaries receive their entitled funds without unnecessary delays.

In shedding light on UGC Salary Reforms, Finance Minister Nirmala Sitharaman pointed out that Kerala had been granted an extension until March 31, 2022, to rectify proposals, yet no corrective submission was made. The Finance Minister, in questioning the accuracy of fund disbursement without precise applications, underscored the critical need for transparent and correct documentation.

Discussing infrastructure development grants, Sitharaman highlighted that funds had been allocated until 2022 for a 50-year period without interest, contingent upon states adhering to the stipulation of not altering the names of central schemes. She disclosed that the Centre had twice urged Kerala to furnish well-defined schemes for central funds, but as of now, no response has been received. Sitharaman expressed apprehension about Kerala's practice of renaming central schemes after receiving funds, emphasizing the imperative of adhering to guidelines set by the Central Finance Commission.

In a fervent statement, Finance Minister Nirmala Sitharaman accused Kerala of seeking funds without adhering to the guidelines of the 15th Finance Commission. She stressed the significance of the state providing clear and transparent accounts before the State Accountant General. Sitharaman urged the media to disseminate these crucial facts to the public, underlining the importance of accurate information.

Addressing Kerala's claims of insufficient funds, Sitharaman emphasized the substantial increase in grants during Prime Minister Modi's regime. She highlighted that Kerala received Rs 22,171 crore in 2021–2022, a significant rise from Rs 602 crore in 2009–2010.

The Finance Minister's inauguration of 'Aaykar Bhavan' in Kochi and her subsequent journey on the Vande Bharat Express to Thiruvananthapuram showcased her commitment to transparency, compliance, and the necessity for accurate submissions. Sitharaman's statements underscored the imperative role of these principles in ensuring the efficient allocation of funds for states, including Kerala.

FM Sitharaman to investors: 'Don't be jittery, PM Modi coming back with good majority'

Finance Minister Nirmala Sitharaman, addressing global investors, provided a reassuring outlook on India's political future. She stated, "Keeping their (investors) fingers crossed is normal, and I can understand that. But here I am, and also there are several people who are observing the Indian economy, observing the political environment, observing the ground-level realities, and the situation as it prevails today, Prime Minister Modi is coming back and coming back with a good majority." These comments were made during a virtual debate organized by India Global Forum.

As the general election looms in early 2024, Sitharaman expressed confidence in Prime Minister Narendra Modi's prospects for a third consecutive term. The Finance Minister's optimistic stance aimed to alleviate concerns among investors, emphasizing the stability and positive trajectory of the Indian political landscape.

Looking back at the past nine years, Sitharaman highlighted the Modi government's commitment to economic reforms, focusing on increasing formalization and improving the business environment in the country. These efforts underscore the government's dedication to fostering economic growth and stability, providing a positive backdrop for global investors.

Finance Minister Nirmala Sitharaman underscored the central government's unwavering commitment to systemic reforms aimed at accelerating economic growth. She affirmed that the Modi government's efforts were inclusive, benefitting all segments of society. Sitharaman emphasized India's remarkable economic growth within the challenging global scenario.

Citing the World Bank's assessment in October, she pointed out that India's economic growth remains resilient. Despite substantial global challenges, India emerged as one of the fastest-growing major economies in FY22-23, registering a robust 7.2 percent growth. The country's growth rate stood as the second-highest among G20 nations, nearly doubling the average for emerging market economies, as indicated in the World Bank's India Development Update (IDU).

Sitharaman's remarks highlighted the government's proactive measures to foster economic resilience and growth, positioning India as a key player in the global economic landscape. The emphasis on inclusive development aligns with the government's broader vision for a sustainable and thriving Indian economy.

The World Bank's projections for India's GDP growth in FY23-24, standing at an impressive 6.3 percent, position the country favorably compared to global counterparts. This forecast places India ahead of China in terms of economic growth, reflecting the resilience and potential of the Indian economy. While there is a slight moderation from the previous fiscal year, the expected growth underscores India's economic strength.

The moderation is attributed to challenging external conditions and a natural tapering of pent-up demand. However, key sectors like the service sector are anticipated to remain robust, displaying a growth rate of 7.4 percent. Investment growth is also expected to stay strong at 8.9 percent, indicating a positive trajectory for economic activities.

In the context of the ongoing conflict in Israel and Gaza, Finance Minister Sitharaman was queried about the potential impact on the India-Middle East-Europe Connectivity Corridor (IMEC). This corridor, a significant development signed during the 18th G-20 Summit in New Delhi, represents a strategic initiative for connectivity and economic collaboration. The inquiry during the debate highlights the interconnectedness of geopolitical events and economic partnerships, emphasizing the need for diplomatic and economic agility in navigating global complexities.

Finance Minister Sitharaman reassured stakeholders about the resilience and long-term vision of the India-Middle East-Europe Connectivity Corridor (IMEC) in the face of global events. Her assertion that the IMEC is not contingent on specific major events underscores the strategic and comprehensive nature of this economic corridor. The corridor's sustainability is not tethered to isolated concerns but is part of a broader, meticulously cultivated diplomatic strategy.

The Finance Minister's emphasis on India's strong relations with the Middle East, forged under Prime Minister Modi's leadership, highlights the importance of diplomatic ties in facilitating economic initiatives. The careful cultivation of relationships over time enhances India's ability to navigate complex geopolitical situations and underscores the significance of diplomatic efforts in fostering economic collaboration.

The IMEC, conceived as a multimodal economic corridor, is designed to connect key Indian ports with counterparts in West Asia. Indian ports like Jawaharlal Nehru Port Authority, Mundra, and Kandla will be linked with West Asian ports including Fujairah, Jebel Ali, Abu Dhabi in the UAE, and Saudi Arabian ports such as Dammam, Ras Al Khair, and Ghuwaifat. This ambitious project signifies India's commitment to fostering economic connectivity and collaboration on a global scale. The Finance Minister's statements reflect a forward-looking approach, focusing on the enduring nature of India's economic endeavors despite transient geopolitical challenges.

The Finance Minister's mention of the rail segment within the India-Middle East-Europe Connectivity Corridor (IMEC) adds a significant dimension to this ambitious project. This rail segment not only extends the reach of the IMEC but also exemplifies a comprehensive approach to connectivity. By connecting the Saudi Arabian cities of Haradh and Al Haditha and further linking to the port of Haifa in Israel, this rail component enhances the corridor's reach and underscores the potential for robust economic ties across these regions.

The reference to the rail segment as part of the IMEC, which includes connecting to the port of Haifa in Israel, signifies a strategic alignment of economic interests. The collaboration between India, Saudi Arabia, and Israel through this rail link reflects a dynamic approach to regional economic integration.

The Finance Minister's mention of the final segment, often referred to as the Northern Corridor, emphasizes the multimodal nature of the IMEC. This maritime segment connecting the port of Haifa to the Greek port of Piraeus and further extending to Europe showcases a comprehensive and interconnected infrastructure plan. The inclusion of the Northern Corridor underscores the corridor's role in enhancing maritime trade routes, facilitating economic exchanges between India, Israel, and European nations.

In conclusion, the Finance Minister's elaboration on the various segments of the IMEC highlights the project's intricacies and its potential to reshape economic dynamics between India, the Middle East, and Europe. The inclusion of rail and maritime segments demonstrates a holistic approach to connectivity, emphasizing the corridor's role in fostering economic collaboration and facilitating trade across diverse regions.