Sitharaman: RBI dividend follows clear process

Finance Minister Nirmala Sitharaman has asserted that the Reserve Bank of India's substantial dividend payout to the central government is based on a well-established and institutionalized framework. She highlighted that the annual calculations for such transfers are determined through clear formulations and processes overseen by committees.

The government is actively considering proposals to invigorate the gold monetization scheme. The objective is to make it more appealing to domestic holders, thereby reducing the nation's reliance on gold imports. This initiative is part of a broader strategy to manage economic pressures, including rising fuel prices and supply chain disruptions.

Speaking to textile exporters, Sitharaman underscored the challenges posed by a rapidly evolving global trade environment. Geopolitical fragmentation and the increasing importance of sustainability standards are reshaping international commerce. Exporters must prepare for a landscape where global sourcing practices are increasingly integrating sustainability requirements, making it a non-negotiable aspect of business.

Despite these challenges, Sitharaman expressed optimism about India's position in the global textile market, calling it "India's moment." The diversification of global supply chains away from single-country sourcing presents a significant opportunity. The Indian textile industry is a major contributor to the national economy, ranking as the world's sixth-largest apparel exporter, contributing significantly to GDP and export earnings.