The Reserve Bank has reduced interest rate by 150 bps since January 2015.
Budget speeches have been replete with incomprehensible and even hilarious statements, says Rathin Roy.
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While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
More and more states are organising investor summits, Jaitley said.
Gross non-performing assets of public sector banks have gone up.
Government will lay greater emphasis on social sectors, finance minister said.
Besides advancing the presentation of the Budget to perhaps the first week of January, , there are four new initiatives that could be rolled out from the next Budget, says A K Bhattacharya.
The tax would create a single market in India for the first time.
Prime Minister Narendra Modi, Home Minister Amit Shah, Lok Sabha Speaker Om Birla, Union Health Minister Harsh Vardhan and Minister of State for Health Ashwini Choubey are at the hospital to enquire about his health condition.
The United Progressive Alliance government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for the GST regime which aims at subsuming most of the indirect taxes at the central as well as the state levels.
Irked by angry reactions to his Facebook post on 'World UFO Day' on Wednesday, Finance Minister Arun Jaitley withdrew the message within hours.
Madhu Bhargava watched the Budget presentation from the visitors' gallery.
Without tinkering with the tax rates, Finance Minister Arun Jaitley in his maiden budget provided encouraging signals for domestic and foreign investors.
As the elections appear closer, the nervousness in the Congress party has become more visible. Each one is frantically concerned about his own position rather than wanting the Congress party to get ready for a spirited fight.
Finance Minister Arun Jaitley said the government will continue to pursue policies to support growth amid global slowdown.
There is concern in the organisation and the leadership over the unbridled criticism aimed at the Finance Ministry.
The meeting, which comes just days before the next bi-monthly monetary policy review on June 3, lasted for about 50 minutes.
Jaitley, 66, has become 'very weak' as his health has deteriorated over the past few weeks, sources said, adding that he has developed some throat condition as well that prevents him from speaking for long.
The key numbers in Mr Jaitley's Budget will be looked at closely to assess the extent of revisions they represent over what Mr Chidambaram had presented in February.
Rajya Sabha returns Finance Bill to Lok Sabha; budgetary process over in both Houses, President nod needed now.
What does Arun Jaitley's Union Budget have for India's student population? We explore
Corporate India has high hopes from the upcoming Budget.
Bharatiya Janata Party leader Arun Jaitley feels ministers in the Manmohan Singh government are either "arrogant or sulking" and that it was tough to have a dialogue with them.
Union Finance Minister Arun Jaitley on Friday said it should be mandatory for those filing public interest litigations against the government on development projects to declare their source of funds, days after Prime Minister Narendra Modi cautioned the judiciary against being influenced by "five-star activists".
Gandhi expressed deep pain and distress at the passing away of Jaitley.
Finance Minister Arun Jaitley said in a Twitter post that the government appreciated all of Rajan's good work and respected his decision
Commerce Minister Arun Jaitley will take up with Finance Minister Jaswant Singh the issue of hardening rupee and its impact on exports to ensure that growth is sustained without exporters having to curtail their profit margins.
The state of these public sector units is appalling and disinvestment or even closing some of them appears to be the only option to prevent exchequer from further bleeding.
Jaitley said the Budget proposals would boost the realty sector, which would help meet the housing needs of a vast section of the population.
Jaitley was replying to a debate in the Lok Sabha on Supplementary Demands for Grants for an additional expenditure of over Rs 12,500 crore (Rs 125 billion).
Quoting Modi's oft-repeated statement that participation of states was important for country's growth, the finance minister said the government will take states along and address their issues.
'Economy is leading the way as far as the relationship between the two countries is concerned'.
Many private economists consider the deficit target optimistic, citing weak tax receipts in a sluggish economy and high federal expenditure commitments.
It would perhaps make more sense if the finance ministry gave greater emphasis on the need for a similar exercise to phase out exemptions and concessions in indirect taxes like customs and excise.
The Indian government has increased the salaries of Members of Parliament (MPs) by 24 percent, effective April 1, 2023. This increase was based on the Cost Inflation Index and brings their monthly salary to Rs 1.24 lakh. The notification also included increases in daily allowances for sitting members, pension, and additional pension for former MPs. While some MPs welcomed the increase, others expressed dissatisfaction and instead advocated for a rise in the MP Local Area Development Fund (MPLADS). The increase has been implemented based on the Salary, Allowances and Pension of Members of Parliament Act and the Cost Inflation Index specified in the Income Tax Act of 1961.
Investors and manufacturers have long advocated the GST.
Jaitley, who is holding pre-Budget meetings with different stake holders, said it is the policy of the new government that 'Team India' will not be limited to the government sitting in Delhi but will also include states as equal partners in the growth.
The finance minister said while the 10 years of the United Progressive Alliance government were characterised by "policy paralysis", the Modi dispensation introduced structural reforms to make India a developed nation and give it a cleaner economy.
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