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Thursday, October 9, 2025 10:39 AM

Governance Community

FM Nirmala Sitharaman Launches Nationwide Drive to Return ₹1.84 Lakh Crore in Unclaimed Assets

Finance Minister Nirmala Sitharaman on Saturday unveiled a major national campaign aimed at returning nearly ₹1.84 lakh crore worth of unclaimed financial assets to their rightful owners. These funds are currently lying idle across banks, the Reserve Bank of India (RBI), insurance companies, mutual funds, provident fund accounts, and other financial institutions. The three-month-long initiative focuses on creating public awareness and simplifying the process for individuals and families to reclaim their lost or forgotten assets. “These unclaimed amounts are not the government’s property — they belong to citizens,” Sitharaman emphasized, noting that people have long demanded action to recover such funds from entities like the RBI or the Investor Education and Protection Fund (IEPF). Explaining the reasons behind unclaimed assets, she said they often result from missing documents, untracked policies, or lack of awareness, describing the situation as “a ripe fruit hanging within reach but not yet claimed by those it belongs to.” The campaign is structured around three core pillars — Awareness, Access, and Action. Awareness: Educating citizens about the existence of unclaimed money. Access: Enabling easier tracking through the RBI’s UDGAM portal. Action: Ensuring officials follow up on even the smallest clues to help people reclaim their assets. Reassuring the public, the Finance Minister said the funds remain safe and are merely held in custody by the government and financial institutions, not owned by them. “Whether with banks, SEBI, or any other body, the money is securely maintained,” she said. Unclaimed deposits are transferred to the RBI, while unclaimed shares and securities are moved to the IEPF. The government aims to use this drive to reconnect individuals with their financial assets and enhance public trust in the country’s financial ecosystem. Source: TNN

FM Nirmala Sitharaman Launches Nationwide Drive to Return ₹1.84 Lakh Crore in Unclaimed Assets Read More »

MoPR to Launch Nationwide ‘Sabki Yojana, Sabka Vikas’ Campaign on Oct 2 to Strengthen Grassroots Planning

The Ministry of Panchayati Raj (MoPR) is set to launch the nationwide “Sabki Yojana, Sabka Vikas” campaign on October 2, kicking off the People’s Plan Campaign (PPC) 2025–26 for preparing Panchayat Development Plans (PDPs) for 2026–27. First introduced in 2018, the initiative has helped Panchayats draft inclusive, evidence-based, and convergent development plans in line with both local needs and national objectives. As per data available on the eGramSwaraj portal, more than 18.13 lakh development plans have been uploaded since 2019–20, including 2.52 lakh plans under the current 2025–26 cycle. On September 26, Additional Secretary Sushil Kumar Lohani reviewed the readiness of States, Union Territories, and State Institutes of Rural Development in a virtual meeting. The MoPR has instructed States/UTs to strengthen monitoring systems, appoint nodal officers, train facilitators, finalize Gram Sabha schedules, and ensure public information boards are displayed before the end of September. The campaign will commence with Special Gram Sabhas on October 2, where past plans will be digitally reviewed through platforms such as eGramSwaraj, Meri Panchayat App, and Panchayat NIRNAY. Villages will also identify and prioritize incomplete projects funded under Central Finance Commission grants. Planning will be guided by the Panchayat Advancement Index (PAI) and supported by digital tools like SabhaSaar, with a push towards improving Own Source Revenue (OSR) and expanding community involvement. A special focus will also be placed on tribal empowerment through the Adi Karmayogi Abhiyaan. According to the ministry, this exercise is designed to strengthen participatory democracy, enhance transparency and accountability, and ensure better service delivery at the grassroots, reinforcing the role of Panchayats as vital institutions of rural governance. Source: DD News 

MoPR to Launch Nationwide ‘Sabki Yojana, Sabka Vikas’ Campaign on Oct 2 to Strengthen Grassroots Planning Read More »

PM Modi on GST reforms: “Savings festival to bring smiles to every household”

Prime Minister Narendra Modi on Monday praised the rollout of the new Goods and Services Tax (GST) reforms, describing them as a step that will reduce expenses and spread happiness across homes. Speaking during his visit to an exhibition in Itanagar, Modi interacted with local traders and retailers, emphasizing how the changes would ease financial burdens. Sharing newspaper headlines on social media platform X, he wrote, “From markets to households, GST Bachat Utsav brings a festive buzz, ensuring lower costs and brighter smiles in every home!” The revised GST structure, which came into effect on September 22, coinciding with the start of Navratri, replaces the earlier four-tier system of 5%, 12%, 18%, and 28% with a simplified two-rate model of 5% and 18%. The government projects that these changes, along with earlier income tax reliefs, could result in national savings of ₹2.5 lakh crore. In his address on Sunday, Modi highlighted that the reforms would empower farmers, youth, women, shopkeepers, small traders, and entrepreneurs. He stressed that MSMEs stand to gain significantly, with higher sales and reduced tax liabilities creating a “double bonanza.” The Prime Minister also urged citizens to prioritize Indian-made products, stating that self-reliance and pride in local goods will accelerate the nation’s progress. Source: Hindustan Times

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PM Modi: ‘Bharatiya Model’ Driving Vision of Viksit Bharat 2047

Prime Minister Narendra Modi on Tuesday endorsed an article by Union Minister Mansukh Mandaviya, which underlined how the philosophy of “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas” is shaping India’s development journey. Mandaviya’s piece described how governance reforms have transformed lives — electricity is now a basic facility rather than a luxury, welfare schemes are delivered directly to beneficiaries, and infrastructure planning is powered by digital platforms. Sharing the article on X, PM Modi said, “This Bharatiya Model, first tested in Gujarat and later implemented nationwide, has carried governance to the grassroots, ensuring promises translate into delivery. It is paving the way for Viksit Bharat by 2047.” In another post, PM Modi hailed Indian chess star Vaishali Rameshbabu for defending her FIDE Women’s Grand Swiss title in Samarkand, Uzbekistan. The victory also secured her a spot in the 2026 FIDE Women’s Candidates Tournament. Calling her success an “outstanding accomplishment,” the Prime Minister lauded Vaishali’s dedication and wished her success in upcoming challenges. Vaishali scored 8 points in 11 rounds, edging past Kateryna Lagno on tie-breaks to claim the crown. With this, she became the third Indian woman to qualify for next year’s Candidates tournament, joining Divya Deshmukh and Koneru Humpy. The achievement adds to a landmark year for Indian women’s chess. For Vaishali, it also marks a strong comeback after recent setbacks, including modest results in events like the Chennai Grand Masters Challengers, Norway Chess Women’s Tournament, Women’s Grand Prix (Austria & Pune), and the Tata Steel Women’s Challengers. Source: DD News Photo Credit: PTI

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India’s Economy Holds Steady Despite Global Trade Pressures: SBI Capital Report

India’s economy continues to demonstrate robust resilience amid global trade headwinds and fiscal strains, supported by strong domestic demand and government expenditure, according to a new report by SBI Capital Markets. The study highlighted that while protectionist tariff policies — particularly from the United States — have become a major global challenge, India managed to remain relatively shielded in the first quarter, achieving an impressive GDP growth of 7.8%. The report pointed to ongoing structural reforms as a key factor driving momentum. A streamlined Goods and Services Tax (GST) framework is expected to inject around ₹50,000 crore into the economy, further boosting consumption. However, Indian exporters are increasingly under strain due to retaliatory tariffs from trade partners, with some duties reaching 50%. Notably, a 25% levy linked to Russian crude purchases has heightened cost pressures and disrupted trade flows. On the currency front, despite a softer U.S. dollar, the Indian rupee depreciated nearly 5% year-on-year, hitting record lows. The Reserve Bank of India has limited its interventions, opting instead to allow the weaker currency to support exports while conserving forex reserves. Externally, while capital inflows remain tepid, the current account deficit is viewed as manageable despite sluggish merchandise exports. The analysis also contrasted India’s fiscal situation with that of advanced economies. Rising debt burdens in countries such as the U.S. and U.K. are steepening bond yield curves, while in India, higher state government borrowing continues to exert pressure on long-term yields. Adding to the global backdrop, weaker U.S. employment data has heightened expectations of an imminent Federal Reserve rate cut in its upcoming policy review, the report noted. Source: IANS Photo Credit: iStock  

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New GST Reforms to Strengthen Indian Agriculture, Says Union Minister Shivraj Singh Chouhan

Union Agriculture and Rural Development Minister Shivraj Singh Chouhan has said that the recently announced GST reforms will significantly reduce the cost of farming, directly benefiting small and medium farmers across India. Addressing a press conference in Bhopal, he described the changes as a “boon for farmers and rural India.” Major Relief for Agriculture and Dairy The Minister highlighted that the reduction of GST on bio-pesticides and micro-nutrients will encourage farmers to adopt organic and natural farming over chemical fertilizers. Additionally, the complete exemption of GST on milk and cheese is expected to boost the dairy sector, benefiting consumers, dairy farmers, cattle rearers, and producers. GST cuts on butter, ghee, and milk cans will further strengthen the sector. Lower Costs for Farming Equipment According to Shri Chouhan, GST on agricultural machinery — including tractors, harvesters, power tillers, threshers, paddy planters, and seed drills — has been slashed from 18% to 5%, bringing substantial savings. A 35 HP tractor will now cost around ₹6.09 lakh, saving farmers nearly ₹41,000.  A 45 HP tractor will be cheaper by ₹45,000, while a 75 HP tractor will cost ₹63,000 less.  Equipment such as multi-crop threshers, paddy planters, power weeders, mulchers, and seed-cum-fertilizer drills will also see price reductions ranging between ₹5,000 and ₹32,000.  “These reforms mean that a farmer investing in essential machinery can save anywhere between ₹25,000 and ₹63,000,” Chouhan emphasized. Boost for Allied Sectors and Women Entrepreneurs The Minister also pointed out that allied activities such as animal husbandry, poultry, fisheries, beekeeping, and agro-forestry will gain momentum under the new GST regime. He praised the work of women self-help groups engaged in handicrafts, milk products, and rural enterprises, saying the exemptions would further empower initiatives like ‘Lakhpati Didi’, enhancing women’s income in villages. Support for Organic Farming and Food Processing GST reduction on fertilizer raw materials such as ammonia, sulphuric acid, and nitric acid (from 18% to 5%) is expected to lower fertilizer costs, making organic and natural farming more affordable. Similarly, reduced GST on processed fruits, vegetables, fish, honey, and dry fruits will support value addition and food processing industries, ensuring farmers get higher returns. Rural Infrastructure and Energy Savings Chouhan added that GST cuts on cement, iron, drip irrigation systems, and renewable energy equipment will lower the cost of rural housing, infrastructure projects, and irrigation, aligning with government schemes like Pradhan Mantri Awas Yojana. This, he said, will improve both living standards and productivity in rural India. Strengthening the Rural Economy “These GST reforms are more than just tax cuts — they represent a next-generation reform that will make agriculture profitable, promote allied farming, and empower women entrepreneurs,” the Minister said. He added that lower costs and rising demand would inject more money into the economy, ultimately boosting rural prosperity. Expressing gratitude to Prime Minister Narendra Modi and the Finance Ministry, Chouhan concluded: “Our goal is clear — to reduce production costs, increase output, and ensure higher profits for farmers. These GST reforms will change the face of Indian agriculture.” Source: PIB

New GST Reforms to Strengthen Indian Agriculture, Says Union Minister Shivraj Singh Chouhan Read More »

GST Council Unveils New 5% and 18% Tax Slabs, Effective September 22

In a landmark move, the GST Council in its 56th meeting, chaired by Finance Minister Nirmala Sitharaman, approved a simplified tax structure by removing the 12% and 28% slabs. The new framework will now feature two primary slabs of 5% and 18%, along with a special 40% bracket for luxury and sin goods. The revised rates will come into force from September 22. The marathon meeting, which lasted over 10 hours, saw the Centre and states reaching a consensus on rationalisation. West Bengal Finance Minister Chandrima Bhattacharya pegged the estimated revenue loss from this restructuring at ₹47,700 crore, while Uttar Pradesh Finance Minister Suresh Khanna noted that the final tax incidence on demerit goods could still see further review. Speaking to the press, Sitharaman highlighted that the reforms prioritise the middle class and common man. Daily-use products such as hair oil, soaps, shampoos, toothbrushes, toothpaste, bicycles, kitchenware, and tableware will now attract a 5% rate. Items reduced from 5% to nil tax include UHT milk, paneer, chena, and all varieties of Indian breads. Several food and FMCG items like namkeen, sauces, pasta, noodles, chocolates, coffee, butter, ghee, preserved meat, cornflakes have been brought down to 5%. Goods earlier taxed at 28%—including air conditioners, larger television sets, dishwashers, small cars, and motorcycles up to 350 cc—will now fall under the 18% bracket. The highest GST category of 40% will be applicable to products like cigarettes, gutka, chewing tobacco, bidis, zarda, paan masala, and certain sugary or caffeinated beverages including carbonated drinks and fruit-based fizzy beverages. Prime Minister Narendra Modi welcomed the move, calling it a step towards ease of living. He said the decision, made jointly by the Centre and states, will significantly benefit farmers, MSMEs, the middle class, women, and youth. During my Independence Day Speech, I had spoken about our intention to bring the Next-Generation reforms in GST. The Union Government had prepared a detailed proposal for broad-based GST rate rationalisation and process reforms, aimed at ease of living for the common man and… — Narendra Modi (@narendramodi) September 3, 2025 Hon’ble Prime Minister Shri @narendramodi announced the Next-Generation GST Reforms in his Independence Day address from the ramparts of Red Fort. Working on the same principle, the GST Council has approved significant reforms today. These reforms have a multi-sectoral and… pic.twitter.com/NzvvVScKCF — Nirmala Sitharaman Office (@nsitharamanoffc) September 3, 2025 Source: India TV Photo Credit: PTI

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India Posts 7.8% Growth in April–June, Services and Manufacturing Fuel Expansion

India’s economy surged 7.8% in the April–June quarter of FY 2025-26, outpacing expectations and reinforcing its status as the fastest-growing major economy worldwide. Robust demand, thriving services, and steady manufacturing are driving the momentum, placing the nation firmly on track to achieve a projected $7.3 trillion GDP by 2030 and secure its spot as the third-largest global economy. Broad-based growth across sectors India’s real GDP for Q1 FY26 stood at ₹47.89 lakh crore, up from ₹44.42 lakh crore last year, marking a significant improvement from the 6.5% growth recorded in the same period of 2024-25. On the supply side, agriculture grew 3.7% on the back of strong monsoons, manufacturing expanded 7.7%, construction advanced 7.6%, while services surged 9.3%. Gross Value Added (GVA) rose 7.6%, underscoring a widespread economic rebound. Economic Affairs Secretary Anuradha Thakur highlighted that growth is anchored in “strong fundamentals and resilient domestic demand,” citing steady gains across all key sectors. Services remain the star performer The services sector continued to shine with 9.3% growth, buoyed by trade, transport, hotels, communication, real estate, financial services, and public administration. Private consumption rose 7%, aided by higher employment, easing inflation, and healthier rural demand, while government spending grew nearly 10% in nominal terms. Industrial revival and GST milestone  Industrial activity strengthened, with the Index of Industrial Production rising 3.5% in July, compared to 1.5% in June. Manufacturing led the uptick, particularly in metals, electrical equipment, and mineral products. Meanwhile, GST marked its eighth anniversary in July 2025, with over 1.52 crore active registrations. States such as Uttar Pradesh, Maharashtra, Gujarat, Tamil Nadu, and Karnataka accounted for almost half of total registrations. Women entrepreneurs are becoming increasingly significant, making up 20% of taxpayers, with 14% of firms entirely women-owned. Upcoming GST reforms in October aim to lower essential taxes, simplify compliance for MSMEs, and boost transparency. Investment and foreign inflows Government-led infrastructure spending continues to support growth, with capital outlay reaching ₹10.52 trillion in FY25. Private investment has picked up pace, backed by improved business sentiment and capacity expansion. India attracted $81 billion in foreign inflows in FY25, pushing cumulative FDI since 2000 past $1 trillion. Equity inflows grew 27% year-on-year, while forex reserves remained robust at $695.5 billion in July, briefly crossing the $700 billion mark in June. Inflation relief and jobs boost  Inflation dropped sharply to 1.55% in July 2025, the lowest since 2017, with food inflation turning negative. RBI Governor Sanjay Malhotra credited healthy harvests and adequate supplies for the moderation, noting stable inflation should further spur demand. The labour market also showed resilience, with unemployment falling to 5.2% in July. Rural unemployment was 4.8%, compared with 6.8% in urban areas. Youth unemployment declined to 10.2%, below the global average. Female labour force participation has doubled over the past six years to 41.7%, signalling a structural shift. Reforms and outlook Government programs such as the Production Linked Incentive (PLI) scheme, Digital India, Bharat 6G Vision, PM Viksit Bharat Rozgar Yojana, and GatiShakti are fuelling manufacturing, digitalisation, and employment. Initiatives in financial inclusion, skilling, and logistics are also strengthening India’s growth base. Global agencies remain optimistic—IMF and UN project over 6% growth in the coming years, while S&P recently upgraded India’s sovereign rating for the first time in 18 years. Looking ahead, India’s economy is poised to cross the $5 trillion threshold by 2027, and $7.3 trillion by 2030. Policymakers will, however, need to balance growth with stability while ensuring inclusive benefits across regions and demographics. Source: DD News 

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Fiji PM Sitiveni Rabuka Meets President Murmu, Strengthens Bilateral Ties with India

Fijian Prime Minister Sitiveni Ligamamada Rabuka met President Droupadi Murmu at Rashtrapati Bhavan on Monday as part of his ongoing official visit to India. Earlier in the day, Prime Minister Narendra Modi and his Fijian counterpart held bilateral talks in New Delhi, followed by a joint press briefing. PM Modi described India and Fiji as partners with “aspirations that sail in the same boat,” underlining the enduring friendship between the two nations. Key Announcements and Cooperation The talks led to several landmark decisions. India announced support for building a hospital in Fiji, sending agriculture drones, training Fijian cricketers and Hindu priests (Pandits), and deputing Hindi and Sanskrit teachers to the island nation. A joint statement issued after the talks highlighted a strong stance against terrorism. Both leaders “unequivocally condemned” the Pahalgam terror attack that claimed 26 civilian lives, reaffirmed zero tolerance for terrorism, and rejected any double standards on the issue. They also agreed to work together to counter radicalisation, terror financing, misuse of emerging technologies, and cross-border recruitment by extremist groups. Shared Global Vision India and Fiji pledged to deepen cooperation at the UN and other multilateral platforms to combat terrorism and advance global peace. The leaders also exchanged views on climate justice, inclusive development, and amplifying the voice of the Global South. PM Rabuka commended India’s leadership role in championing the concerns of developing nations. Both sides stressed the urgent need for comprehensive reforms of the United Nations, including expanding the Security Council to reflect present-day geopolitical realities. Fiji reiterated its support for India’s bid for permanent membership in a reformed UNSC and endorsed India’s candidature for a non-permanent seat for 2028–29. South-South Cooperation The two countries reaffirmed their commitment to strengthening South-South cooperation, emphasising it as a crucial tool in tackling global challenges and ensuring fairer representation in international governance. Rabuka arrived in New Delhi on Sunday to begin his official visit, which will continue until August 26. Source: ANI

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Lok Sabha Passes National Sports Governance Bill to Reform India’s Sporting Framework

New Delhi – The Lok Sabha on Monday cleared the landmark National Sports Governance Bill, a key reform aimed at creating a transparent, accountable, and world-class sports administration system as India prepares to bid for hosting the Olympics. The bill was passed in the absence of the opposition, which was protesting over the revision of Bihar’s electoral rolls. Union Minister for Youth Affairs and Sports Mansukh Mandaviya described the legislation, alongside the National Anti-Doping (Amendment) Bill 2025, as a vital step toward strengthening the country’s sports ecosystem to meet international standards. He noted that while sports have been an integral part of Indian heritage — often linked to warfare — post-independence, the sector did not receive the necessary focus. “Despite our size, India’s Olympic and global sporting performance has been below expectations. This bill aims to change that,” he said. Key Features of the Bill: The National Sports Governance Bill establishes a legal framework to regulate National Sports Federations (NSFs), ensuring fair governance, athlete protection, and administrative accountability. Its provisions include: Transparent governance standards for NSFs. Implementation of safe sport protocols and grievance redressal systems. Standardized election processes to avoid disputes. Measures to ensure gender diversity in leadership roles. Stronger athlete representation in decision-making bodies. Financial transparency and stricter oversight. One of its most notable provisions brings the Board of Control for Cricket in India (BCCI) under the NSF governance framework. Once enacted, the BCCI will be required to seek annual recognition, and its legal disputes will be handled by a new National Sports Tribunal. Neither the BCCI nor its affiliated state bodies will be able to directly approach courts for dispute resolution. The bill also tackles ten chronic issues in Indian sports administration, ranging from recurring litigation and lack of dedicated dispute resolution bodies to the absence of legal backing for safe sport mechanisms. Age & Tenure Provisions: Addressing long-standing debates, the bill permits office-bearers to complete their term even if they turn 70 during tenure. It also sets clear tenure rules — a maximum of three terms of four years each (12 years in total) — with a mandatory cooling-off period of one term before re-election if they have served three consecutive terms. This legislation, previously returned twice by the Cabinet and once by Parliament due to disagreements, now marks a significant policy win for the BJP-led NDA government. Source: Economic Times

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