Finance Minister Nirmala Sitharaman on Saturday announced six new schemes and increased the subsidised Kisan Credit Card (KCC) loan limit to Rs 7 lakh from Rs 5 lakh, targeting everything from unemployment to crop productivity enhancement across the country. Presenting her eighth budget speech in Parliament, Sitharaman positioned agriculture as "the first engine of growth" and unveiled the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship program targeting 100 agri-districts grappling with low productivity, moderate crop intensity, and below-average credit parameters.
The finance ministry is working on a second relief package for the Indian economy hit hard by the coronavirus outbreak and the 21-day nationwide lockdown imposed to curb the contagion, sources said. Last month, the government announced a Rs 1.70 lakh crore relief package in the form of foodgrains and cash transfers for the poor and vulnerable section of the society to help them deal with the hardships caused by the lockdown. Now, the government is working on a stimulus to be given to hard-hit sectors of the economy after the lockdown is lifted, sources said, adding that an announcement is expected in the next few days depending on the severity of the pandemic.
The interest rate on these schemes have remained unchanged for over a year now.
Watch all the proceeding from the Parliament.
Rationalisation of income tax slabs, infrastructure status for digital services and incentives to hydrogen storage as well as fuel cell development were some of the suggestions made by various stakeholders at the pre-Budget consultation meeting convened by Finance Minister Nirmala Sitharaman. The customary pre-Budget consultation meetings were held with the finance minister virtually between December 15 and December 22, as per the finance ministry statement. More than 120 invitees representing seven stakeholder groups participated in eight meetings, scheduled during this period, it said.
At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
Jitendra Chouksey from Pune tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
The finance minister said easy access and efficiency in providing banking services will help in revival of businesses which are restarting operations after the lockdown.
While presenting the Union Budget 2021-22 in Parliament, the finance minister said poll-bound West Bengal will see highway projects worth Rs 25,000 crore. She also announced that highway projects worth Rs 65,000 crore will be undertaken in Kerala. She also announced an Rs 18,000-crore scheme to augment public transport in urban areas.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
Modi, after delivering his sixth straight address to the nation on Independence Day from the ramparts of the Red Fort in New Delhi, went into a brainstorming session with Sitharaman and all top officials in her ministry, sources privy to the development said. T
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
Prime Minister Modi, Defence Minister Rajnath Singh, Home Minister Amit Shah, Finance Minister Nirmala Sitharaman and External Affairs Minister Dr Subrahmanyam Jaishankar attended CCS meeting.
What some of our leaders were up to on Wednesday, October 19.
Finance Minister Nirmala Sitharaman on Monday said the government's Aatmanirbhar packages totalling Rs 27.1 lakh crore to deal with the COVID pandemic, accelerated the pace of structural reforms. In the first ever paperless Union Budget, Sitharaman also proposed the introduction of Aatmanirbhar health programme with an outlay of Rs 64,180 crore.
In times of global challenges, G-20 presidency gives an opportunity to strengthen India's role in the global order, she added. The government is implementing scheme to supply free foodgrains to poor under Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) with expenditure of Rs 2 lakh crore from January 1, the finance minister said.
Nirmala Sitharaman will present the budget of the second term of the Narendra Modi government today.
Dominic Xavier hopes Budget 2021-2022 will belong to the common man.
Finance Minister Nirmala Sitharaman on Saturday announced increasing customs duty on imported footwear and furniture. In her second Budget presentation, the finance minister also imposed health cess on import of medical equipment.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
GST 2.0 may cushion consumers against US tariffs, but like the 2019 corporate tax cut, it risks being another tactical fix rather than a structural growth strategy, expects Debashis Basu.
Finance Minister Nirmala Sitharaman on Saturday said the Centre has proposed allocation of Rs 30,757 crore for Jammu and Kashmir, and Rs 5,958 crore for Ladakh for fiscal 2020-21. Presenting the Union Budget for 2020-21, Sitharaman also said the government has earmarked Rs 100 crore for hosting G-20 Summit in the country.
According to a senior officer, during the two-week deadline for surrender of arms and ammunition, a total of 990 arms were surrendered with 11,526 ammunition.
The Pradhan Mantri Awas Yojana-Grameen has the highest unutilised amount (Rs 13,111 crore) compared to any other centrally sponsored scheme.
The 58-year-old Rajya Sabha MP will face several challenges, including strengthening of the combat capabilities of the army, navy and the air force due to changing regional security matrix and geo-political dynamics.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
BJP leaders Manohar Lal Khattar, Shivraj Singh Chouhan, Bandi Sanjay Kumar and Ravneet Singh Bittu may be among the new faces in the Union council of ministers which will be sworn on Sunday evening along with Prime Minister-designate Narendra Modi.
Slammimg the erstwhile UPA government, Sitharaman said between 2012 and 2013, foreign investment recorded a negative 36 per cent growth.
Andhra Pradesh, Gujarat and Telangana are among the seven states categorised as top achievers in the ranking of states and Union Territories based on the implementation of the business reform action plan 2020, according to a report released by Finance Minister Nirmala Sitharaman on Thursday. Himachal Pradesh, Uttar Pradesh, Odisha, and Madhya Pradesh are the other states categorised as achievers in the ranking.
Prime Minister Narendra Modi on Thursday reviewed the impact of Covid-19 on the Indian economy and a possible second stimulus to boost sectors hit hard by the pandemic. Modi held discussions with Finance Minister Nirmala Sitharaman as the pandemic hit sectors from small industries to the aviation sector hard with millions of jobs at stake.
Union Finance Minister Nirmala Sitharaman on Tuesday commended Indian financial sector regulators for doing a "world-class job" and bringing greater transparency into the system. Underlining that she is not against questioning or critiquing regulators, Sitharaman said there is a need to be "extremely conscious" about contributions made by them as well. Speaking at the Financial Express Best Banks Awards, the finance minister said, "I strongly recommend that facts are taken on board before we discuss anything to do with the regulators, strictly speaking."
In a bid to curb harassment of taxpayers, Sitharaman said, a faceless e-assessment scheme was launched in October to eliminate interface between an assessing officer and a taxpayer.
Shalini Gupta, a freelance writer from Pudicherry, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
The government on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
The government in FY26 Budget should announce an "effective" personal income tax cut to support consumption and demand, Barclays said on Thursday. In its FY25-26 Union Budget preview, Barclays said the key ask from the Budget, to be presented on February 1, is to support growth while adhering to fiscal consolidation path.
Leading automakers Maruti Suzuki, Hyundai, Mahindra, and Tata Motors saw a dip in dispatches to dealers in August amid dip in demand with many prospective buyers postponing their buys anticipating a reduction in vehicle prices on account of the new GST framework. The country's largest carmaker Maruti Suzuki India reported an 8 per cent year-on-year dip in dispatches of passenger vehicles in the domestic market last month.
The finance minister clarified that indexation benefits offered until April 1, 2001 would be protected. This means older properties, including legacy assets, would benefit.
Finance Minister Nirmala Sitharaman on Friday pitched for front loading of capital expenditure, saying it is critical for revitalisting the economy post the coronavirus pandemic. During a virtual meeting with senior government officials to discuss the infrastructure roadmap ahead, she also asked ministries to aim to achieve more than their capital expenditure (capex) targets. The Union Budget 2021-22 provided a capital outlay of Rs.5.54 lakh crore, a sharp increase of 34.5 per cent over the Budget Estimate of 2020-21.
India's Finance Minister Nirmala Sitharaman has announced an ambitious plan to develop the country's top 50 tourist destinations in a "challenge mode", with the aim of boosting employment-led growth and attracting international visitors. The Ministry of Tourism has received a significant budget increase for 2025-2026, with a focus on enhancing tourism infrastructure, promoting domestic and international travel, and ensuring the safety of tourists, particularly women. The government plans to promote homestays, improve connectivity to tourist spots, and provide performance-linked incentives to states that demonstrate effective destination management. The budget also includes investments in public enterprises, skill development programs, and initiatives to promote medical tourism and spiritual tourism.
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