NITI Aayog had been asking for Rs 7,500 crore for three years to set up an AI framework.
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
The development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
He was last month appointed as Secretary in Department of Economic Affairs in place of his batchmate Arvind Mayaram, who was first shifted to Tourism and then to Minority Affairs Ministry.
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
The generation of quality jobs and skill development should be the focal point, cutting across ministries and departments, asserts Nivedita Mookerji.
The move is part of a larger initiative by the government to speed up work in the highway sector.
The current estimate, however, largely covers only the cost of infrastructure such as pipes, construction of borewells, overhead costs among others and not the expenditure to be incurred on operation and maintenance.
With barely a month to go for Budget 2011-12, the government on Thursday appointed Sushma Nath as the new Finance Secretary and gave her an extension for two months till May 31 this year.
At least 660 rape crisis centres will be established across the country and named as Nirbhaya centres, as a tribute to the victim of December 16, 2012, Delhi gang rape case.
The Lower House of Parliament took up the Demands for Grants and Appropriation Bills after two adjournments as the ruling and Opposition MPs engaged in a matching duet over demands for an apology by Rahul Gandhi and the Adani issue.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
A decision has been taken to gradually initiate Aadhaar and non-Aadhaar based LPG subsidy transfer through the OMCs.
Arvind Mayaram, who was shunted from Finance Ministry to Tourism only a fortnight ago, has now been transferred as secretary in minority affairs ministry even before he took charge of his new post.
It will allow states to detain students in class 5 and class 8 if they fail in the year-end exam.
Kharge termed the high-level committee constituted by the Centre to examine the feasibility of 'One Nation, One Election' a 'gimmick' and alleged the Modi government wants to slowly replace democracy in India with dictatorship.
Good monsoon is likely to create more jobs in the agriculture sector, which in turn could save the exchequer around Rs 10,000 crore
'Interim Budget has ignited the entrepreneurial spirit.'
Describing the DAD as the "guardian of defence finance", he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
Since few read discussion papers or Parliament committee reports on Budgets, this doesn't help policymaking
Law Minister Arjun Ram Meghwal will attend the meetings of the committee as a special invitee, while legal affairs secretary Niten Chandra will be secretary to the panel.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
At least 516 bungalows in the prime Lutyen's zone of Delhi, built almost 90 years ago, are proposed to be dismantled and rebuilt with modern specifications such as earthquake resistance at an estimated cost of Rs 3,000 crore.
The need for finding options for proper functioning of Parliament is of paramount importance as the frequency of the passage of Budgets and other economic Bills without discussion or debate has only increased in the last few years, notes A K Bhattacharya.
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.
A high-level committee to explore the feasibility of conducting simultaneous elections, headed by former president Ram Nath Kovind, held its first meeting in New Delhi on Saturday and decided to invite political parties and the Law Commission to seek their views on holding synchronised polls in the country, a statement said.
Structural changes to government finances could be focus of the Union Budget, says Mihir S Sharma.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
The government should not go in for an 'aggressive fiscal consolidation' in the upcoming Budget as global risks have not abated, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Wednesday. Goyal further said subsidies are expected to come down as food and energy inflation moderates. WPI inflation in food articles in November was 1.07 per cent against 8.33 per cent in the previous month.
The Central Bureau of Investigation has booked ace Bharatnatyam dancer and former Chairperson of Sangeet Natak Akademi Leela Samson for alleged "unfruitful expenditure" in Rs 7.02-crore renovation project of Koothambalam auditorium of Kalakshetra Foundation, Chennai.
Finance Commission has got new team who are committed to growth initiatives.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
Finance Minister Nirmala Sitharaman on Wednesday announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP. Presenting the Budget for 2023-24, she said the newly established infrastructure finance secretariat will assist in attracting more private investment. "Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
Over the past six months Rajasthan has introduced some of India's most radical free-market labour, land and welfare reform.
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