Belying expectations, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23.
Some members held placards of news reports about unemployment figures.
Shortage of ICU beds, oxygen, ventilators, vaccines, doctors, nurses and crematorium space in India has dominated headlines around the world in the past few weeks with Covid-19 cases surging beyond control and the government failing to deliver. Yes, election rallies, Kumbh Mela, blatant flouting of social distancing and mask protocols coupled with a messy vaccination process are said to be responsible for the health crisis of colossal proportions that India is facing today. But an analysis of Budget speeches made by finance ministers over 75 years also offers a glimpse of how low on the priority list healthcare has featured for the political class and policy-makers, which is a significant reason for the current situation.
Jammu and Kashmir Chief Minister Omar Abdullah has criticized BJP leaders for accusing the National Conference (NC) of insulting Maharaja Hari Singh, the last ruler of the state. Abdullah challenged the BJP to provide evidence of such insults, while highlighting their own actions that he claims have undermined the Maharaja's legacy. He also called on the BJP-led government to retrieve the part of Jammu and Kashmir under Chinese occupation if they are serious about reclaiming the territory under Pakistan's control.
A quick calculation by Congress managers soon after the unprecedented walkout by Congress's friends and foes alike has thrown up the figure of 275 in the ruling alliance's kitty. This is just 3 more than the majority mark of 272, "and a matter of grave concern", said a senior Congress leader.
In her first address to a joint sitting of the two Houses in the new Parliament building in which she touched on varied issues ranging from insurgency to inflation, Murmu said a country can progress at a fast pace only when it defeats the challenges of the past and puts maximum energy into building the future.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
Exports dipped for the 14th month in a row.
'They just showed riots created by some political party. They never mentioned the name of the place or the political party.' 'I don't know why these people are agitated.'
The Delhi government's budget size for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the preceding year.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
Sena said Jaitley had had merely repackaged old schemes as new in his budget presentation.
He argued that if inflation is low, stable and moving towards the 4 per cent target, why has the RBI not revised downward the bank rate fixed in June 2023?
In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman, a total of Rs 1,52,369 crore has been set aside for capital expenditure that includes purchasing new weapons, aircraft, warships and other military hardware.
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
'Modi has sowed the seeds of a transformational change.' 'For the sake of the nation and our children I hope he succeeds.'
There has been nothing consolidated in the Budget for this section that may transform entrepreneurship in any meaningful way
Finance Minister Nirmala Sitharaman on Wednesday said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs (self help groups).
FM may increase income-tax exemption limit to Rs 3 lakh
Sources in the Rural Development Ministry said the actual expenditure incurred in 2020-21 will be higher than the allocated funds and it will at least be at par with this year's total estimated expenditure of MGNREGS.
'Indian families' needs and expectations have gone through a revolution across economic demographics.' 'As this latest Modi-Sitharaman Budget demonstrated, politicians have understood this change. They are responding to it,' points out Shekhar Gupta.
The challenges before the coming Budget are more daunting than those in 2021, reveals A K Bhattacharya.
Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector banks (PSBs), offer consistency in reporting by banks to the Reserve Bank of India (RBI), and provide for an increase in the tenure of directors in cooperative banks.
"The ray of hope being seen by the world will glow brighter -- for this, I firmly believe the finance minister will make all efforts to meet these aspirations," Modi said.
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
Using the Mahabharat reference as a leitmotif, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday claimed that an atmosphere of fear prevails all around with a group of six trapping the entire country in a 'chakravyuh' he promised would be broken by the INDIA bloc.
The forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
The government resolution does not spell out what action would be taken, if any, against those writing and publishing 'negative' news. Nor does it define 'negative news and "misinformation', explains Jyoti Punwani.
Of the two rate structures on the table, one suggests tax slabs of 8 per cent, 16 per cent, and 24 per cent. The other proposes tax slabs at 9 per cent, 18 per cent, and 27 per cent.
Union Finance Minister Nirmala Sitharaman on Tuesday said the fiscal deficit for 2024-25 is estimated at 4.9 per cent of GDP.
There hasn't been any dramatic moment in the first act (the Budget) but nobody would complain. It's par for the course as long as the figures don't change in the main Budget, which will be presented after general elections.
The first Budget of Independent India was presented by R K Shanmukham Chetty on November 26, 1947.
'Given our turbulent neighbourhood, the prime minister is likely to emphasise on democratic dividend as the reason behind India's continuous prosperity.'
Other ministers who have presented five straight annual financial statements include Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.
The Union Budget on Monday evoked contrasting responses in the political arena with the ruling Bharatiya Janata Party hailing it as a vision for an 'Aatmanirbhar Bharat' and the Opposition describing it as a 'let down like never before' that was meant to 'deceive' people.
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
To threaten China and Pakistan, and then to sharply cut back on military funding, bespeaks a remarkable trust in Beijing and Islamabad that is not borne out by anything they say or do, notes Ajai Shukla.
The finance minister may stagger some of the recommendations.
Slamming the Budget, senior Congress leader P Chidambaram on Saturday said the Modi government was in complete denial that the economy faces a "grave macro economic challenge" and it has given up on reviving the economy, accelerating growth or creating jobs. There is nothing in the Budget that leads one to believe that growth will revive in 2020-21 and the claim of 6 to 6.5 per cent growth next year is "astonishing and even irresponsible", the former finance minister said at a press conference.
