Ministry of Finance

The Ministry of Finance @FinMinIndia releases Monthly Economic Review #MER for February 2026. For full report ➡️ dea.gov.in/files/monthly_…  Key highlights 👇

🚨 Fake Investment Scam Using AI-Generated Video A video circulating on social media falsely shows Union Finance Minister Nirmala Sitharaman promoting an investment platform and claiming returns of upto ₹22 lakh per month and ₹85,000 in a single day on an initial investment of ₹22,000. #PIBFactCheck: ❌ This video is FAKE and has been digitally manipulated using AI technology. ✅ Neither @nsitharaman nor the Government of India has endorsed or promoted any such investment scheme. 🔎 Always verify such claims through official government sources. Avoid clicking on suspicious links or sharing personal or financial information online. 🛑 Help STOP misinformation If you come across such misleading or manipulated content, report it immediately: 📲 WhatsApp: +91 8799711259 📩 Email: factcheck@pib.gov.in

Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr Varun Chandra, Special Adviser on Business & Investment to the UK Prime Minister H.E. Mr. @Keir_Starmer, in New Delhi, today. Building on the landmark India-UK Comprehensive Economic and Trade Agreement (CETA), they discussed avenues to enhance collaboration through FinTech, digital economy, financial markets, banking and insurance, and other shared priorities agreed in the India- UK Economic & Financial Dialogue #EFD.

Data on Gross Direct Tax (DT) collections, Refunds, Net Direct Tax (DT) collections and Advance Tax collections for FY 2025-26 as on 17.03.2026 has been released. The data is available on the national website of Income Tax Department at the following link: incometaxindia.gov.in/Lists/Latest%2… @nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

8वें केंद्रीय वेतन आयोग के लिए अपने सुझाव दें और बनें इस महत्वपूर्ण बदलाव का हिस्सा। आपके विचार तय करेंगे भविष्य की वेतन और सेवा संरचना की दिशा। आइए, मिलकर एक संतुलित और सशक्त प्रणाली का निर्माण करें! विजिट करेंः innovateindia.mygov.in/8cpc-memorandu… #8thPayCommission

I would like to address the concern raised regarding the Ex-Servicemen Contributory Health Scheme (ECHS) and the provision of medical treatment to our ex-servicemen. We have also made provisions for contingencies to ensure that any such requirements are adequately met, as this is a matter of utmost importance. I would like to clarify that ex-servicemen are not being denied hospital treatment due to pending payments. However, there have been certain issues with some empanelled hospitals where accounts have not been maintained in a fully transparent manner. The Department of Ex-Servicemen Welfare is actively addressing these matters. Hospitals are required to provide proper explanations for discrepancies and mismatches in billing. As a result of such verification processes, there may occasionally be delays in payments. However, these delays are not due to any withholding of funds by the government. I would like to emphasize that the government remains fully committed to ensuring uninterrupted and quality healthcare services for our ex-servicemen. - Smt @nsitharaman in Rajya Sabha

Hon'ble Member Mr. P Wilson (@PWilsonDMK), a senior advocate of the Supreme Court of India, raised concerns regarding the alleged diversion of cess funds. I would like to firmly clarify that there is no diversion of cesses. The annual average expenditure by the Ministry of Education has increased significantly. During the period 2004 to 2014, it stood at approximately ₹41,000 crore. However, during the period from 2014–15 to 2026–27, this average has risen to about ₹93,000 crore. This is more than double the expenditure during the earlier period. The comparison itself clearly demonstrates the government’s enhanced commitment. Further, the allocation for 2026–27 stands at about ₹1.39 lakh crore. This is approximately 8% higher than the Budget Estimates of 2025–26, which were ₹1.29 lakh crore and about 14% higher than the Revised Estimates of ₹1.22 lakh crore. Similarly, in the health sector, the facts are equally clear. The total cess collection is estimated at ₹7.03 lakh crore for the period from 2014 to 2026–27. Against this, the total expenditure on health stands at approximately ₹7.77 lakh crore. So,₹7.03 lakh crore has been collected, while ₹7.77 lakh crore has been spent on health. This clearly shows that not only is there no diversion but the government is actually spending more than what has been collected under the cess. In fact, during this period, additional funds amounting to ₹74,000 crore have been allocated for health and education over and above the cess collections. Even in the current supplementary proposal, ₹11,627 crore is allocated to the PM Swasthya Suraksha Nidhi Yojana (PMSSY) to meet expenditure under the National Health Mission. Therefore, the claim of diversion is completely unfounded. If anything, the reality is quite the opposite. We are spending more than what we are collecting under the cesses, demonstrating the government’s strong commitment to both the education and health sectors. - Smt @nsitharaman in Rajya Sabha

Government initiatives such as the PM Surya Ghar Muft Bijli Yojana have made a significant impact. The government is working towards installing rooftop solar systems in 1 crore households. Within two years, 5.562 million applications have been received, and 2.143 million households have already installed rooftop solar systems. The government has disbursed over ₹14,771 crore in subsidies to support this initiative. A similar positive trend can be observed in our broader economy. It is important to recognize that India’s growing self-sufficiency in key sectors is strengthening our confidence on the global stage. In 2014, non-fossil capacity stood at 32%. As of February 2026, it has increased to approximately 52.57%. - Smt @nsitharaman in Rajya Sabha (3/3)

According to the IRENA Renewable Energy Statistics 2025, India ranks third globally in installed solar power capacity, fourth in wind power and fourth in total renewable energy capacity. These achievements are the result of our own efforts and resources and they reflect how self-reliance is strengthening our nation. Due to increased scale and competition, the cost of renewable energy has also declined significantly. Under the National Solar Mission, when the first solar tenders were issued in 2010, the average tariff was ₹12.16 per kWh. By 2014, this had reduced to ₹6.17 per unit. Today, solar power costs approximately ₹2.15 per unit-an almost 89% decline. This makes India one of the countries with the lowest solar power tariffs in the world. Similarly, battery storage costs have reduced to around ₹2.70 per unit, making renewable energy not only cleaner but also increasingly affordable. - Smt @nsitharaman in Rajya Sabha (2/3)

By January 2026, our total installed power capacity has more than doubled to 520.5 GW. Of this, non-fossil fuel sources account for 271.97 GW, representing over 52% of the total capacity and surpassing fossil fuel capacity, which stands at 248.5 GW. For the first time in India’s history, non-fossil fuel capacity has exceeded fossil fuel capacity. This is a truly remarkable milestone. Today, our non-fossil, that is renewable, capacity exceeds that of fossil fuels. We should collectively appreciate this national effort. Particularly in 2025, India witnessed its highest-ever expansion in renewable energy. A record 44.51 GW of renewable capacity was added by November alone, even before including the figures for December and January. This is nearly double the 24.72 GW added during the same period in the previous year, reflecting the rapid pace of our progress. - Smt @nsitharaman in Rajya Sabha (1/3)

The reduced share of fossil fuels in the overall energy mix has not happened by accident. A steady policy backed by the government of India has actually resulted in us being able to suddenly improve in a situation that requires additional support. It is an outcome of a deliberate, decade-long energy transition strategy launched by Hon'ble PM Shri @narendramodi Ji in 2014. I just want to say nothing is standalone; everything in this policy seems to come together for Aatmanirbharta, and we are able to build up and meet emergency situations. - Smt @nsitharaman in Rajya Sabha

Hon'ble members Saket Gokhale (@SaketGokhale) & Priyanka Chaturvedi (@priyankac19) contrasted Contingency Fund and the Economic Stabilization Fund. They said, we're bypassing Parliament scrutiny. Article 267 of the Constitution allows for Contingency Fund and that has to be understood. The corpus of the Contingency Fund was maintained at ₹500 crore from 2005-06 to 2020-2021. It was in 2021-22, during the COVID crisis, that this corpus was increased from ₹500 crores to ₹30,000 crores. The fund is meant for purposes of meeting unforeseen expenditure of an urgent nature and when Parliament is not in session. To provide necessary appropriation, contingency advances are given. For instance, the contingency advance is never given when the Parliament is in session. But after the session, if there is an emergency, we can't wait for the next Parliament session to happen. So, through the contingency, we give and come back to the Parliament to take appropriation. Now, under Article 266 (2), there is a Public Account, which has the Economic Stabilization Fund. In this also, we can give funds and then come for appropriation, or most often appropriation happens, and only then do we give it for the expenditure. So, Economic Stabilization Fund will be spent with the approval of the Parliament and it will have complete legislative oversight. This is a buffer for providing fiscal headroom. So, if you contrast these two, the contingency fund always seeks approval of Parliament post facto. It is a very important distinction. Contingency fund always comes to the Parliament post facto, whereas in the Economic Stabilization Fund, we seek mostly approval beforehand, but of course, there can be one or two instances where we come later. So, this has to be understood; there is no absence of transparency, and both are for meeting an emergency situation. - Smt @nsitharaman in Rajya Sabha

I wish the Hon'ble member (@priyankac19) is a bit more responsible with her facts, particularly the numbers that she's quoted. She said the Appropriation Bill was introduced at PM in the Lok Sabha and "passed within three minutes". I'm astonished! She's not probably taken into note that Lok Sabha debated Supplementary Demands for Grants for 5 hours, 31 minutes & that too over two days. Allotted time was only four hours, but they did this for 5 hours and 31 minutes. Five hours of Charcha happened. I'm sorry, you should be careful with your numbers. In fact, just to give her a consolation, her party member Shri Anil Desai spoke on the debate. They participated and many of their alliance partners also participated. - Smt @nsitharaman in Rajya Sabha

For BSNL, our government has provided three revival packages totalling ₹3.22 lakh crore. We have dealt with the burden of oil bonds, addressed the “Fragile Five” economy, and undertaken bank restructuring and recapitalization. These were not small amounts but those of ₹3 lakh crore - ₹4 lakh crore, and now even fertiliser subsidies. Wherever there were weaknesses in the economy, they were left unaddressed earlier, and we are now paying for all of it. Yet, we are being questioned about GDP growth and fiscal deficit. The reality is that we are clearing the liabilities left behind. On spectrum allocation, after our government came to power, spectrum in bands such as 700 MHz, 800 MHz, 1800 MHz, 2100 MHz, 2500 MHz and 3300 MHz has been provided to BSNL at auction-determined prices for 4G and 5G services. On BSNL, I must respectfully say that every criticism made against it is incorrect. If anything, BSNL was pushed into a critical condition earlier. It was in the ICU, and we have revived it and brought it back on track. The Union Cabinet has approved revival packages for BSNL. The capital infusion between 2022 and 2023 stands at ₹2.26 lakh crore. This includes spectrum allocation, capital expenditure on infrastructure, AGR dues, and restructuring of the PSU. The Make in India mandate for BSNL is a strength, not a restriction. There is no restriction on BSNL. In fact, under the Atmanirbhar Bharat initiative, BSNL has placed an order for 1 lakh indigenously developed 4G sites for pan-India deployment. As of 28th February 2026, 97,906 sites have been installed with 4G equipment, out of which 96,103 are already operational. Additionally, the BharatNet Programme is strengthening BSNL further. An amount of ₹1.39 lakh crore has been approved to extend optical fibre connectivity to all villages across the country. - Smt @nsitharaman in Rajya Sabha

Hon'ble Member Shaktisinh Gohil (@shaktisinhgohil) spent considerable time talking about how we are not supporting BSNL and we have restricted the BSNL because of Aatmanirbhar policy, making them to use only Indian-made products, whereas that has not been a compulsion for private operators. Using Indian products is not a compulsion. It's actually a good thing because the BSNL was given money for developing 4G technologies. They have come out successfully, and therefore, they are using it. But when did 4G come into this country? The private sector introduced it, but the UPA government did not give money to BSNL and why did they restrict local 4G technologies? They have come forward. If our own technology is available, how can we not use it? When our own technology is available, do we still have to import it? Do we have to use someone else's technology? Why didn't you give them that support in your time? I am happy to say that BSNL is doing well on its own and meeting newer targets. But in 2008, I was wondering if the MOU, which was signed with China, had something to do with denying BSNL the support. I am wondering. You signed the MOU with the CPC. We do not know the subject of that. But since then, the situation of BSNL has become serious. Is there a link between it and BSNL? Please clarify. The UPA government refused to reimburse the license fees. They simply stopped paying BSNL. There was no one to take care of them at that time. But today, when BSNL has come to running, we are being questioned. Why did this happen at that time? Which forces were behind you to destroy BSNL? - Smt @nsitharaman in Rajya Sabha (1/3)

The twin balance sheet, the fragile five economy, they're all as a result of the way in which the economy, the banks were treated. Our fiscal headline numbers would have been healthier, if we hadn't been burdened by that sin. UPA left behind, ₹2.92 lakh crores in oil bonds and the broken economy, the banking system. I told you about the oil bonds which we cleared now. I'm now telling you about the broken banking system which required ₹2.8 lakh crores for recapitalization. The health of the banks today is that they are paying returns to the government and with that money we are able to do more meaningful welfare projects. But when you left in 2014, you left the banks in such a fragile situation that I had to give ₹2.8 lakh crores for recapitalizing them. If that money was available, our fiscal deficit would have been better. Then you can showcase what my fiscal deficit was and compare it with yours. You have pushed everything under the carpet and say, "You never will match that period. Your growth is not good enough now." If I do those sort of things, it will be three times better. We don't do any of that. The proposed Economic Stabilization Fund will provide fiscal headroom to allow India. How am I able to do? Having created the fiscal headroom, I'm able to allow India to respond to the global headwinds such as the recent crisis. We are able to mobilize that kind of money because the headroom is available. Imagine in 2014, would I have had the comfort? No, because I'm recapitalizing banks, I'm paying loans, I'm lifting the economy from where they have left the fragile five. So economy today, is a totally different thing. - Smt @nsitharaman in Rajya Sabha

The reality is that the economy today is far more transparent and robust than the so-called “rosy” period of the past, which was supported by off-budget accounting practices. Under the leadership of the Hon'ble PM Shri @narendramodi Ji, we do not resort to such practices. Our budget is transparent and reflects the true fiscal position. Therefore, the growth numbers we present today are credible. I would also like to highlight that in 2014, we inherited oil bond-related liabilities of ₹1.34 lakh crore that were kept outside the budget. Since 2007–08, the total interest paid on these bonds has been close to ₹1.7 lakh crore. By March 2026, our government has fully repaid the entire oil bond burden - amounting to ₹2.92 lakh crore, including both principal and interest. Imagine, if this amount had not been spent on servicing past liabilities, it could have been invested in building India’s future - in ports, roads, hospitals, and schools. Cleaning up the fiscal legacy has come at a cost, but it was necessary. We are not only managing the current economy, but also addressing past liabilities. During COVID, our fiscal deficit rose above 9%. But within five years, under the Prime Minister’s guidance, we have reduced it to 4.4%. In contrast, earlier deficits were understated by keeping liabilities off-budget and shifting the burden to future governments. - Smt @nsitharaman in Rajya Sabha (3/3)

Between 2004–05 and 2009–10, the UPA government issued oil bonds worth ₹1.48 lakh crore to oil marketing companies in lieu of cash subsidies on petroleum products. These were not reflected in the budget and were treated as off-budget borrowings. These bonds carried interest rates between 7% and 8.4%. As a result, the fiscal deficit during those years would have been significantly higher than what was officially reported. For instance, in 2008–09, the fiscal deficit was shown as 6.1% of GDP. However, if off-budget borrowings such as oil bonds, Food Corporation of India liabilities and fertilizer bonds had been included, the fiscal deficit would have been around 7.9%. Similarly, the revenue deficit would have been 6.3% instead of the reported 4.6%. Therefore, the picture presented at that time appeared more favorable than it actually was, because significant borrowings were kept outside the budget. Today, some economists are revisiting those numbers and suggesting that the growth was even better. I would urge them to reconcile their analysis with these off-budget borrowings before drawing such conclusions. - Smt @nsitharaman in Rajya Sabha (2/3)

The massive hidden borrowing programmes of the UPA government during that period cannot be ignored. I mention this today because many of those borrowings are being repaid by us now. The issue is that these borrowings were not reflected in the budget at that time. Had these liabilities been transparently included in the budget, the fiscal deficit numbers would have been very different. Consequently, the growth projections and the actual growth figures would also not have appeared as strong as they were shown, if only the budget accounting had been transparent. Many of these borrowings were off-budget. If they had been included, rather than being parked elsewhere, the picture would have been very different. - Smt @nsitharaman in Rajya Sabha (1/3)

Forming a fund or a trust and spending CSR money through it is not wrong or illegal. Trusts can be set up and funds can be allocated through them. Proper accounting of how that money has been utilized for the purposes listed under the 12 CSR categories is monitored. When these accounts are submitted to the government, they are examined to ensure that the funds have been used appropriately and not diverted. This assessment is based on the disclosures made by the companies. Under Section 135 of the Companies Act, there is a clear provision that companies should give preference to the local areas and regions around where they operate. Companies have the flexibility to choose areas in need and contribute to them. Even when funds are routed through company-established trusts, disclosures are mandatory. Based on these disclosures, the government can take action if funds are not utilized as per guidelines or should have been redirected to public funds. Regarding unspent CSR amounts for ongoing projects, companies are required to transfer such amounts within 30 days from the end of the financial year into a separate bank account called the “Unspent CSR Account.” These funds must then be utilized within the next three financial years in line with CSR policy. If the amount remains unspent even after three financial years, it must be transferred to a fund specified under Schedule VII of the Companies Act. For unspent amounts that are not tied to ongoing projects, companies must transfer the amount directly to a Schedule VII fund within six months from the end of the financial year. Thus, companies cannot indefinitely hold or delay accounting for CSR funds within the mandated 2% requirement. - Smt @nsitharaman in Rajya Sabha