The Budget refers to the 'Annual Financial Statement', laid before both the Houses of Parliament (Lok Sabha and Rajya Sabha).
The government plans to raise resources to finance capital spending beyond the Rs 3.10 lakh crore budgeted for 2017-18 through higher borrowing or divestment receipts.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
The service conditions and judges' remuneration are not alluring .
'Are all roads in India privatised? Are governments not playing a role in airports or ports? If they (private players) want to set up lines for a specific requirement, I see no reason to object. It will expand the opportunity and passengers will also benefit.'
Budget announcements will come right before five states, with population of around 250 million, go to polls.
'It is entering growth territory on a month-on-month basis.'
The first Cabinet meeting was held immediately after Siddaramaiah was sworn in as Chief Minister, and D K Shivakumar as Deputy Chief Minister along with eight MLAs as Ministers.
While the market for satellite broadband currently is small, the potential is large as an estimated 30 per cent of the country does not have reliable terrestrial broadband services.
The government must expedite its plan for asset sale and privatisation, both of which hardly got any mention in the Budget speech, points out A K Bhattacharya.
Fiscal deficit in the first four months of 2012-13 stood at 51.5 per cent of the budget estimates -- slightly better compared to 55.4 per cent in the same period a year ago -- according to Controller General of Accounts (CGA) data released on Friday.
Several critics including some rating agencies have doubted prospects of meeting this ambitious fiscal deficit target.
'The clubbing of policy announcements in the Budget speech creates policy surprises.' 'Economic actors dislike policy surprises because they throw their plans off track,' points out Alok Tiwari.
A few days back, Atul Ganatra, president of the Cotton Association of India, presented a grim scenario of the crop's prospects in the 2024-25 season that starts in October. Addressing the association's annual general meeting, Ganatra said the area under the crop could go down by at least 10 per cent in the coming season due to falling yields and realisation, leading to farmers losing interest. The fear of a decline in acreage comes against the backdrop of India's cotton production probably falling to its lowest in a decade, according to estimates.
As part of the plan, government departments may have to surrender the unspent project-linked component of the Rs 70,000-crore (Rs 700-billion) additional gross Budgetary support at the end of the financial year.
Presenting the Budget for 2019-20 in the Lok Sabha, Finance Minister Piyush Goyal also said Rs 35,000 crore has been given under the One Rank One Pension scheme in the last three years.
There is no near-term respite for the country's largest fast-moving consumer goods maker, Hindustan Unilever (HUL), which is facing multiple challenges on the growth front. With demand showing no signs of improvement, especially in the rural segment, the October-December quarter (Q3) of 2023-24 (FY24) is likely to be similar to the previous quarter, with volume growth in the low single digits. The stock, which is down 7 per cent over the past year compared to the 11 per cent jump for the S&P BSE Sensex, could underperform the benchmark in the near term as well.
Central Board of Direct Taxes officials claim the figure has surpassed indirect taxes for the first time.
Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy "so it's another five years.We are already in (the year) 2023. "So 2027-28, India should be the third-largest economy," Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview in New York.
The interim Budget has attempted to tick all the boxes that could help the Modi government return to power, reports Archis Mohan.
The meetings with various ministries will go on till December 12, according to an office notice
'Let us hope that this Budget delivers.' 'It needs 10 per cent plus real GDP growth in 2021-22, the rebound year,' notes Omkar Goswami.
Billed as the first exercise of its kind in demystifying the process of drawing up Budget, Andhra Pradesh on Wednesday made public the draft Budget for 2003-04 that earmarks over 40 per cent of total allocations to irrigation and power.
The additional outgo to combat the impact of COVID-19 will significantly erode the fiscal consolidation achieved by the state governments in the past three years, an RBI report said on Tuesday. In its study of the state budgets of 2020-21, the RBI report which has dwelled on the theme 'COVID-19 and its Spatial Dimensions in India', said that Gross Fiscal Deficit (GFD) of the states would spiral during the current fiscal.
What is required from government is intellectual framework.
The Union Budget for 2009-10 presented by the finance minister is on predictable lines. Surely, the finance minister has done a fine balancing act of giving a thrust to growth while trying to contain fiscal imbalance.
Finance minister attempts a clean-up job, keeps projected expenditure growth low.
Finance Minister Arun Jaitley presented the Union Budget.
In Budget 2015, the finance minister has opted to take the slow road and has doubled the cess on coal to "balance the need to tax pollution and the price of power" in his words.
The Budget 2015-16 will include many of the schemes announced by Prime Minister Narendra Modi such as smart cities and high speed trains, Finance Secretary Arvind Mayaram said.
This is the BJP's first full-year Budget.
The government had set a budgetary target of over Rs 1.87 lakh crore for collection from customs duty in current fiscal
Legislators are said to be miffed and have complained that they had not been able to get work done in their constituencies, and also transfers (of Government servants) as requested, and have expressed unhappiness regarding Ministers, alleging non-cooperation.
The government has spent a little less than one-third of the Budget estimate of capital expenditure, it can still spend about Rs 20,000 crore this year without disturbing its fiscal deficit target.
Planning Commission on Friday said there is no case for providing stimulus to the industry to arrest moderating growth as the fiscal deficit is high and may exceed the Budget estimate of 4.6 per cent by about one percentage point.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Ahead of the new government assuming office later this month, the finance ministry has begun the Budget-making exercise to enable the incoming finance minister to present the full-fledged Budget for 2009-10.
It is estimating that this would help monetise assets worth Rs 10,000 crore.
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