Nirmala Sitharaman

Money Moves

Overseeing the 2026-27 budget and fiscal consolidation

India's central government spent ₹7.14 lakh crore more than it received from April to September, 42.1% of its full-year deficit target. That compares with 36.5% at the same point last year.

Updated Nov 3

Rule Changes

Announced the reforms after the 57th GST Council meeting

The Central Board of Indirect Taxes and Customs told its field officers on October 30 to stop making GST arrests immediately, and to hold back show-cause notices where the tax at stake is under ₹10,000. The directions are an interim measure. Parliament still has to amend the GST law, which the government targets for April 1, 2027.

Updated Nov 2

Money Moves

In office; welcomed the World Bank's October 2026 poverty estimates

In 2011, 27 of every 100 Indians lived below $3 a day. By 2023, that number was 2.6.

Updated Oct 31

Money Moves

Championed IDBI Bank strategic disinvestment in budget speeches

On 17 October 2026, India's finance ministry settled a legal question that had hung over the IDBI Bank sale for years: does the IDBI (Repeal) Act, 2003 restrict the government from reducing its stake? Its answer — no — rests on a rejected 2003 amendment and a December 2018 Delhi High Court ruling, three days after the Cabinet named Fairfax Financial Holdings as buyer of a 60.72% stake for ₹52,878 crore.

Updated Oct 18

Rule Changes

As of May 2026: Presented ninth consecutive Union Budget on February 1, 2026; introduced sweeping Income Tax Act overhaul effective April 1, 2026

India surpassed Japan in mid-2025 to become the world's fourth-largest economy. On February 1, 2026, Finance Minister Nirmala Sitharaman presented Union Budget 2026 (India's first major tax code rewrite since 1961), with ₹12.2 lakh crore for capital expenditure and ₹20,000 crore for carbon capture technologies.

Updated May 23