Adani Row: ‘FPOs come and go, ups and downs happen in every market’ – Finance Minister Nirmala Sitharaman on Adani controversy

Finance Ministry: Finance Minister Nirmala Sitharaman said that through two tax systems, the government is giving more and better options to the people. If people want to save tax, then they can leave the old tax system and come to the new tax system.

Nirmala Sitharaman: Finance Minister Nirmala Sitharaman held a press conference on Saturday (February 4) to answer the questions arising after the budget (Budget 2023). In this conference, along with answering the doubts and questions after the budget, the Finance Minister has also responded to the questions related to the FPO of Adani Enterprises.

APOs come and go – Nirmala Sitharaman

On FPO withdrawal, Union Finance Minister Nirmala Sitharaman said, “FPOs come and go. These ups and downs happen in every market. How many times have FPOs not been taken back from this country and how many times India’s image has been tarnished because of this and how many times have FPOs not come back?”

Foreign exchange reserves increased by $ 8 billion in two days – Nirmala Sitharaman

When the Finance Minister was asked whether India’s position in the global financial market has been affected in the wake of the Adani FPO pullout and the current situation, Nirmala Sitharaman said, “Don’t think so. The forex reserves have increased by $8 billion in the last 2 days. Our macroeconomic fundamentals or the image of the economy have not been affected. It is a fact that in the last few days we have got 8 billion foreign exchange reserves. This proves that the right perception about India and its strength is intact.

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What did the Finance Ministry say on Adani Row?

On the issue of Adani controversy and corporate governance, the Union Finance Minister said that the regulators will do their job. In fact, SEBI has the authority to keep the market well regulated in a dominant position and it has the means to maintain that dominant position.

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“It will be the regulators who will do their job. Before RBI made a statement, before that banks, LIC came out and told about their exposure. Regulators independent of the government have been left free to do what is right so that the market is well regulated.”

Finance Secretary TV Somanathan on the Adani Group controversy said, “I had said that the issue is like a storm in a tea cup in terms of our macroeconomic numbers and I still stand by that statement.”

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