Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
The government has set up an inter-ministerial group to monitor a possible surge in imports from countries like China, Vietnam and Thailand, fearing a surge in inbound shipments following the imposition of high reciprocal tariffs by the US on these countries, sources said. The product categories that may see an upsurge in diversion of imports from the US to India include consumer goods, electronics, chemicals and steel.
She has shown shrewdness, sensitivity, and courage. All of these will be needed in ample quantities for the real challenge that will emerge after the elections, notes Shreekant Sambrani.
Glimpses of lady MPs as the nation's lady finance minister presents the Budget for the next financial year on Wednesday, February 1, 2023.
After a gap of three years, direct tax collections -- which include corporate tax and personal income tax -- have exceeded the Budget estimates for FY'22, indicating economic recovery.
Finance Minister Pranab Mukherjee presented the Union Budget for 2012-13 on Friday.
As finance minister Pranab Mukherjee gets ready to present the much anticipated budget for financial year (FY) 2010-11 on February 26, we tell you what you ought to know about the Union budget.
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
Most of the members, including Prime Minister Narendra Modi, were seen wearing face masks. However, members had crowded the Lok Sabha chamber, while hardly a handful of others, including union ministers Dharmendra Pradhan and Piyush Goyal, were seen seated in the Rajya Sabha chamber.
Parliament will reconvene on March 12 for the second part of the Budget Session.
During the pre-budget consultation with Union finance minister, some states made a case for fiscal expansion by boosting consumption to tide over the sluggishness in the economy.
It was also the shortest speech by Sitharaman, who had delivered the longest speech last year. Her first Budget speech in July 2019 went on for around 137 minutes and in 2020, it went on for more than 160 minutes and was cut short after she felt unwell.
'As the Budget has taken some measures to spur growth, similar action from the MPC may be expected.'
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.
'... there are challenges to overcome and the country needs money for that.'
"The budget adopts following seven priorities -- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector," she said.
India on Saturday announced plans to amend its nuclear liability law and set up a nuclear energy mission, a move that came ahead of Prime Minister Narendra Modi's likely visit to the United States.
'When people have money in their hands, they make their judgment about whether they want to spend it entirely or spend some out of it.'
"There has been a 0.05 percentage points decline in the share of allocation for child budget to the Union Budget from 2.35 per cent (2022-23 BE) to 2.30 per cent (2023-24 BE).
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
Earlier, proceeds from disinvestment were shown separately as part of the miscellaneous receipts in the Capital Receipts Budget.
'I believe that the overall demand for commercial vehicles will improve, even though there is a slowdown in the GDP.'
The government has set up a search committee under Union Law Minister Arjun Ram Meghwal to shortlist names for the appointment of the next chief election commissioner, sources said on Monday, citing an order.
The Indian automobile retail sector saw a strong start to 2025, with overall sales increasing by 6.6 per cent year-on-year (YoY) in January, according to the latest report by the Federation of Automobile Dealers Associations (FADA). Despite the positive numbers, the association noted that auto dealers have mixed expectations for the coming months. Nearly half (46 per cent) anticipate further growth in sales, while 43 per cent believe sales will remain steady.
At the same time, Rs 53.32 crore is for the President's Secretariat and Rs 36.22 crore for the expenditure on the President's household establishment, including staff salaries, which includes discretionary grants of the President.
Prime Minister Narendra Modi and US President Donald Trump have vowed to move forward with plans to work together to build US-designed nuclear reactors in India. The decision was made during their meeting at the White House, where they also agreed to significantly expand energy cooperation. The move comes after India announced plans to amend its nuclear liability law and the Atomic Energy Act, which had previously been obstacles to the implementation of the US-India civil nuclear deal.
Take Rediff.com's Pulse of the Nation poll and let India know about your expectations from the Budget.
Finance Minister Arun Jaitley presented his first Budget on Thursday.
The supplementary demands for grants include a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore.
Pranab Mukherjee will begin the fortnight-long pre-budget brainstorming sessions with various stakeholders.
Will Finance Minister Arun Jaitley's Budget 2016 be able to put India on a growth trajectory?
Centre took the line that it should not be presented in the middle of Assembly poll in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur
Gold prices hit a fresh record high of Rs 84,900 per 10 grams in the national capital on Friday, driven by robust domestic demand and strong global cues, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity continued its ascent for the third straight session, jumping by Rs 1,100 to hit a new peak of Rs 84,900 per 10 grams.
'Going forward, the encouragement would be to move to the new tax regime.'
A look at things whose prices will change post Budget.
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.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
In the pre-budget Economic Survey 2010-11, the Union finance ministry made a strong pitch for the pro-growth impact of investment in human capital adding, "fortunately, there is awareness of this in India and efforts are afoot in terms of budgetary allocation and actual initiatives to boost the development of skill and human capital."
Here is the entire text of the Finance Minister Pranab Mukherjee's Budget Speech:
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