Presenting the interim Budget for 2009-10 in Lok Sabha, acting Finance Minister Pranab Mukherjee claimed in Parliament on Monday that every effort has been made to fulfil promises made to the common man.
Forget about interim Budgets, one cannot easily recall even a full Budget of any government in recent times having rolled out benefits of this order to such a large number of people, says A K Bhattacharya.
From an Interim Budget for the purpose of vote-on-account, one does not usually expect much in regard to indirect taxes.
Goyal's move was criticised by the Opposition saying with general election months away, the Prime Minister Narendra Modi-led government had mandate only to present a vote on account and a Budget containing direct tax proposals.
Terming the Interim Budget for 2014-15 fiscal as 'very balanced', the industry on Monday said that it was 'absolutely' up to the expectations.
During 2008-09, the Indian economy will grow by its slowest rate since 2002-03. By most accounts, things don't look any better for 2009-10.
Chidambaram may announce higher fund allocation for the social sector, with focus on education, food, women and rural masses.
That interest rates at the long end could rise in the second half of the year is disconcerting.
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On the macro front, market participants will closely watch the FY'15 fiscal deficit target
Employment generation in the midst of a global meltdown will be the central idea of the Interim Budget that the United Progressive Alliance will present on February 16, just ahead of the general elections.
Finance Minister P Chidamabaram has challenged BJP's Prime Ministerial nominee and Gujarat Chief Minister Narendra Modi to face the press with his views on the economy.
The opposition parties on Monday dubbed the Interim Budget as election budget, offering "poll lollipops" and alleged that the exercise has failed to address serious issues the people face.
There are no sops announced in a vote on account and there is no talk about generating income through taxes. A budget on the other hand is a full annual budget and will include the report card for the last year, income and expenses to be made in the next financial year through taxes and welfare measures and also any sector wise sops.
Schemes like the Mukhyamantri Majhi Ladki Bahin Yojana strain fiscal resources amid rising unemployment and prices of food items.
Unlike the usual fanfare seen in the media, the Interim Budget this year has been a low-key affair. Everyone seems to be disappointed.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
The ministry had spent 82 per cent of that amount till the start of this month.
The Cabinet has already cleared two proposals that will receive support from the fund.
In fact, almost the entire increase in the allocation for the civil aviation ministry was cornered by the National Aviation Company of India Limited; it was earmarked Rs 8,165.64 crore as against the revised estimate of Rs 4,136.89 crore for 2008-09. The ministry received a total allocation of Rs 12,164.76 crore, compared with the revised 2008-09 estimate of Rs 7,490.06 crore, a hike of almost Rs 4,675 crore.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
Here are some facts related to the Budget presentation in independent India.
Sitharaman, India's first full-time woman Finance Minister, broke away from the colonial tradition of carrying a Budget briefcase in July 2019, opting instead for a traditional 'bahi-khata', to carry the Union Budget papers.
Finance Minister Nirmala Sitharaman on February 1 will present a record eighth consecutive budget that is expected to contain measures to shore up weakening economic growth and ease the burden on the middle class struggling with high prices and stagnant wage growth while being fiscally prudent.
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
Higher borrowing meant widening of fiscal deficit, which is already high this year because of the stimulus packages announced by the government to prop up growth in the face of global recession. Higher expenditure than planned but lower revenue receipts than expected in the interim Budget were the reasons cited by the CMIE for increased government's borrowings.
While Rs 37,461.01 crore has been allocated for higher education, Rs 56,386.63 crore has been earmarked for school education.
Going by this Budget's estimate of government spending of Rs 48.2 trillion, the government has allocated a significantly lower percentage to defence -- 12.9 per cent.
'There is no immediate threat to the government, and they would prefer the growth agenda.'
Whether she will pare the fiscal deficit target of 5.1 per cent of GDP, using the record dividend received from the RBI, or expand flagship government programmes will be keenly watched.
The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the full Budget for 2024-25, sources said.
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In New York market, the dollar lost ground against most major rivals on last Friday amid mixed US data on industrial production and consumer sentiment.
Moody's Ratings on Tuesday projected general government debt to stabilise above 80 per cent of GDP over the next three years, down from 89.3 per cent in 2020-21. "General government interest payments to fall to around 24 per cent of general government revenue over the next two years from over 28 per cent in fiscal 2020-21, although this remains much higher than the median 8.7 per cent recorded by Baa-rated peers," Moody's Ratings associate managing director Gene Fang said in a post-Budget reaction.
Finance Minister Nirmala Sitharaman will present her sixth straight Budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai. Sitharaman in her pre-election Budget, which technically is a vote on account and popularly termed an interim Budget, will seek Parliament's nod for a grant in advance to meet the central government's essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July.
Delivering her sixth straight Budget, on Thursday, Finance Minister Nirmala Sitharaman left the taxpayers disappointed by not proposing any changes.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
Goyal said India has been recognised as brightest spot in the world in last five years.
Finance Minister Nirmala Sitharaman will set a record by presenting the sixth Budget in a row -- 5 annual Budgets and one interim -- a feat achieved so far only by former Prime Minister Morarji Desai. With the presentation of interim Budget on February 1, Sitharaman will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row. Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964. The interim Budget 2024-25 to be presented by Sitharaman on February 1, will be a vote-on-account that will give the government authority to spend certain sums of money till a new government comes to office after the April-May general elections.
Finance Minister Nirmala Sitharaman on Tuesday announced nine priorities in the Union Budget 2024-25 for generating ample opportunities in the economy. The nine priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, innovation and reforms.
