India's budget for 2015/16 highlighted the government's commitment to keeping the fiscal deficit low.
For growth in export, continuous gain in productivity is essential.
The government will formulate a strategy to make India self-reliant in edible oils by boosting domestic output of oilseeds and launch a comprehensive programme to support dairy farmers, Finance Minister Nirmala Sitharaman announced on Thursday. India imports a large quantity of edible oils to meet the domestic demand. During the 2022-23 marketing year (November-October), the country imported nearly 165 lakh tonnes of cooking oils, valuing a whopping Rs 1.38 lakh crore.
Total subsidy bill could come down to around Rs 2 trillion.
Opposition calls the Budget 'hollow and plain'.
A revival in the sector is still 12-18 months away: Experts
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".
Many imported things became costlier as Finance Minister Arun Jaitley on Thursday hiked customs duties on these products in the Union Budget 2018-19.
The Budget and related appropriation bills were passed by the Lok Sabha on Monday.
To keep investors' confidence, however, Modi's government will need to be seen containing the fiscal deficit, while also increasing spending in key areas of the slowing economy.
Finance Minister Arun Jaitley presented the Union Budget.
The focus of the Union Budget is on providing basic amenities to the poor, middle class and youth, Prime Minister Narendra Modi said on Wednesday, and asserted that it is imperative that India becomes self-reliant.
Exports dipped for the 14th month in a row.
Metal sector is not too happy from Budget announcements for the sector
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The government will have to get projects moving.
Finance Minister Arun Jaitley announced several reforms.
Railway Minister Sadanand Gowda presented the Railway Budget for 2014-15 on Tuesday.
Budget 2015 has blessed the banking sector.
The first voice by the new government clearly indicates growth and fiscal consolidation and that tells we are in a bull run for a long time.
Excise duties on mobile phones to be 1% without CENVAT credit or 6% with CENVAT credit. This provision will have marginal impact on telcos.
A move to extend visas on arrival facility to 150 countries and make world heritage sites more tourist friendly has been welcomed.
The Budget has stuck to annual increases in agri credit targets.
Railway Budget will be presented on February 26.
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.
The Union government is projected to share about 32 per cent of central taxes with states during the financial year 2024-25 against the 15th Finance Commission's recommendation of 41 per cent. The Revised Estimates (RE) for FY24, too, show a similar share of states in the central taxes at 32 per cent. In absolute terms, however, there has been an increase in the amount devolved to states compared to the Budget Estimates (BE) for FY24 at Rs 11 trillion.
Finance Minister Nirmala Sitharaman on Thursday said Pradhanmantri Suryodaya Yojana will enable one crore families to get up to 300 units of free electricity monthly and help them save up to Rs 18,000 annually. "There is provision of Rs 10,000 crore for rooftop solar (scheme) in the Budget," said finance secretary T V Somanathan in press conference on Budget later in the day. Earlier in the day Sitharaman in her interim Budget speech said through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity each month.
The maiden Railway Budget of the Narendra Modi-led NDA government seems to have not gone down well with the suburban commuters as it does not offer anything new to them, commuters associations in Mumbai said.
Nomura expects the fiscal deficit target of 3.5 per cent for 2016-17 to be met and to be consolidated further to 3 per cent of GDP in 2017-18.
Market hopes govt will hike capital expenditure.
PAN could be used by the probe agencies.
Budget could well determine if Achche Din will materialise
Reeling under a series of derailments, the Budget is likely to announce creation of a separate safety fund of about Rs 1 lakh crore over the next five years.
The main responsibility for producing the Budget rests with the Budget Division of the Department of Economic Affairs in the finance ministry
Modi said he was "full of confidence" ahead of his "exam", the Budget, by 125 crore people
Finance Minister Arun Jaitley announced slew of reforms for the masses.
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