Union Finance Minister Nirmala Sitharaman has said she hopes to introduce the new Direct IT Code in the Lok Sabha next week. Responding to a CNBC-TV18’s query, she highlighted the critical stages the bill must pass through before implementation.CompanyValueChange%Change“I hope to have the new IT law introduced in the Lok Sabha in the coming week. Post that, it will go to the standing panel, and if there are amendments, it will require Cabinet approval again,” she stated, adding that the bill still has key hurdles to clear before its eventual rollout.On the broader economy, Sitharaman expressed optimism about a recovery in private sector investment.
“The input we have received since the Budget is that orders for FMCG in the April-June quarter are already getting booked, and industry is seeing signs of a possible consumption recovery,” she said, adding that investment decisions were being shaped by these early triggers.Also read: Exclusive | What to expect from the new Income Tax Bill
She also underscored the government’s commitment to making India more investor- and trade-friendly while ensuring tariff protection for MSMEs when needed.Commenting on the coordination between the government and the Reserve Bank of India, Sitharaman reiterated that fiscal and monetary policies were aligned. “Whether it is inflation or growth, monetary policy and fiscal policy work together, and government-RBI coordination is needed,” she said.RBI’s Central Board of Directors held its 613th meeting in New Delhi today, chaired by Governor Sanjay Malhotra. The Board reviewed the global and domestic economic landscape, assessing challenges arising from geopolitical tensions and financial market volatility.Additionally, the Board passed a condolence resolution in honour of Manmohan Singh, former Prime Minister, Union Finance Minister, and RBI Governor.FM on Delhi election resultsOn the Delhi elections, where the BJP is leading and looks set to return to power in the national capital after nearly three decades, Sitharaman said, “Happy to know about the Delhi election results.”The need of the hour is a government that serves its people to achieve Viksit Bharat by 2047,” she added.First Published: Feb 8, 2025 1:41 PM IST
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