Finance Minister Nirmala Sitharaman on Saturday announced the government's plan to transform India into a large logistics organisation with 1.5 lakh rural post offices.
The time limit is proposed to be extended from the current two years to four years.
Real estate developers are hoping that the slew of tax concessions announced in Union Budget 2025, set to take effect this financial year, will spur demand for affordable and mid-segment housing, even as the broader housing market shows signs of fatigue.
The government aims to initiate "transformative reforms" across six domains, including taxation and financial sector, in Union Budget 2025-26, Finance Minister Nirmala Sitharaman said on Saturday.
According to a senior officer, during the two-week deadline for surrender of arms and ammunition, a total of 990 arms were surrendered with 11,526 ammunition.
The best solution would be the one followed in 2018 -- allow cost indexation until March 31, 2024 -- but exit at any time. The second-best alternative would be to allow time until March 31, 2025 for investors to exit their investments under the old indexation regime, points out Harsh Roongta.
Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House. Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.
The Indian women's Kho Kho team secured a quarterfinal berth in the Kho Kho World Cup with a dominating 100-16 victory over Iran.
'It is not as if Hindus are not being touched at all, and only Muslims are.'
The deportation of Indians from the United States, deaths in the Maha Kumbh stampede and the joint Parliamentary committee report on the Waqf bill were among the issues that led to heated exchanges and some disruptions in an otherwise smooth first part of the Budget session that ended on Thursday.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
'It won't be a V-shaped recovery. It'll be consolidation.' 'Investors might exit during that grind. It'll be painful.'
The RBI added roughly 3 tonnes in 2025, taking its gold reserves to 879 tonnes as of January 31, 2025.
Now that the economy is growing at a higher-than-expected rate, it is time to accelerate the pace of fiscal consolidation, and the Budget could be a good starting point, argues Rajesh Kumar.
She said that earlier governments used to sell dreams to people while the present regime is fulfilling the dreams.
Opposition MPs in India's Rajya Sabha raised concerns about US President Donald Trump's tariff threats, demanding the government clarify its response and engage in discussions with opposition parties. Leaders like P Chidambaram and Sagarika Ghose warned of potential economic repercussions, including depressed exports, lower FDI, and a significant tariff burden. The debate also touched on other issues such as the government's economic policies, demonetization, and the impact of GST on common citizens.
The President will address both the Houses of Parliament assembled together in the Lok Sabha chamber on Friday and Finance Minister Nirmala Sitharaman will present the General Budget on Saturday.
Finance Minister Nirmala Sitharaman on Saturday said India is looking for a "good" trade agreement with the US to promote economic growth and ensure smooth supply chains. She also said that amid a growing global tariff war, India will have to move "smartly" to guard against possible dumping of goods from countries that are facing higher US tariffs.
Finance Minister Nirmala Sitharaman on Saturday presented Union Budget 2025-26, envisaging an expenditure of Rs 50,65,345 crore, an increase of 7.4 per cent over the current fiscal.
The Union Budget 2025-26 has allocated Rs 3,481.27 crore for security-related expenditure (SRE) and the Special Infrastructure Scheme for Left Wing Extremist (LWE) areas. The BJP-led Centre has set a target of March 2026 to end the Maoists menace in the country. The allocation is considered significant in the wake of Union Home Minister Amit Shah's repeated statements that the Narendra Modi government has resolved to end Naxalism in the country by March 2026. This year, till January-end, 40 Naxalites have been killed in separate gunfights in the worst Naxal-hit state of Chhattisgarh. Last year, 219 Naxalites were neutralized by security forces in separate encounters in Chhattisgarh. Six Maoists were killed in Odisha in 2024, while eight were arrested and 24 had surrendered. According to the home ministry's data, 48 Naxals have so far been killed this year in all Naxal-affected states, 290 were killed in 2024 and 50 in 2023. The government has also established 290 camps of security forces in Naxal-affected areas since 2019 and 88 more are proposed to be set up in 2025.
Prime Minister Narendra Modi has lauded the Union Budget as a "people's budget" that fulfills the dreams of every Indian and said that it is a "force-multiplier" that will boost consumption, investment and growth. He highlighted a host of measures for different sectors, including welfare initiatives for gig workers, tax relief for the middle class, and support for the manufacturing sector.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
Finance Minister Nirmala Sitharaman on Monday said action will be taken in case there are violations of well laid down processes for auctioning of gold by banks and NBFCs when a borrower fails to pay the gold loan. During Question Hour in Lok Sabha, she said Non Banking Financial Companies (NBFCs) and Scheduled Commercial Banks (SCBs) are guided by similar rules.
'The answer is not for me to give. The answer either way has to be heard from the industry itself. Tell us why not if you are not doing it; tell us if you are doing it -- why should this question remain unanswered?'
The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday. In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
The Pradhan Mantri Awas Yojana-Grameen has the highest unutilised amount (Rs 13,111 crore) compared to any other centrally sponsored scheme.
As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.
For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents. Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like divestment, and 1 paise from non-debt capital receipts, the Budget documents said.
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
The Bharatiya Janata Party (BJP) spent Rs 1,737.68 crore for the 2024 Lok Sabha elections, according to the expenditure report submitted to the Election Commission of India. A majority of the funds were allocated to general party propaganda and candidate-related expenses, with media advertisements accounting for a significant portion. The BJP's election outreach also included extensive use of publicity materials and campaign-related travel. The party's expenditure on public meetings, processions, and rallies, including arrangements for stages, audio setups, barricades, and vehicles, stood at Rs 19.84 crore. The travel expenditure of star campaigners authorized by the party's central headquarters amounted to Rs 168.92 crore, while Rs 2.53 crore was spent on the travel of other party leaders.
Here are some facts related to the Budget presentation in independent India.
The RBI under new Governor Sanjay Malhotra on Friday cut interest rate for the first time in nearly five years as the central bank pivoted the policy stance to support a shuttering economy. The 25 basis points rate cut to 6.25 per cent comes after last rate reduction in May 2020. The last revision of rates happened in February 2023 when the policy rate was hiked by 25 basis points to 6.5 per cent.
EPS has had its way on most things, alliance-wise. A week earlier, he reiterated that he would not re-admit OPS and Sasikala Natarajan back in the party. It was a message not just to detractors in the AIADMK. It was even more so for the BJP leadership in Delhi. Even more important for the AIADMK was their demand for accepting EPS as the chief ministerial candidate of any alliance that the party would form, observes N Sathiya Moorthy.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
'Tax rate and stock markets are entirely two different things.'
Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs. For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000.
The interest rate on these schemes have remained unchanged for over a year now.
The Union Budget 2025-26 has allocated over Rs 1,400 crore to the law ministry to meet carry forward expenditure for holding the 2024 Lok Sabha elections and purchase of new electronic voting machines for the Election Commission. The allocation includes Rs 500 crore for the elections, Rs 300 crore for voter identity cards, Rs 597.80 crore for "other election expenses", and Rs 18.72 crore for new EVMs. The law ministry is the nodal agency for the Election Commission, polls, electoral laws, and appointment of members to the poll panel.
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.
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