Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
Party leader Rahul Gandhi dubbed the Union Budget as a 'zero-sum budget', saying it has nothing for the salaried, middle class and the poor.
The row over the appointment of Bharatiya Janata Party leader and seven-term member Bhartruhari Mahtab as the pro-tem speaker is likely to cast a shadow over the session.
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
The central government's fiscal deficit during 2023-24 at 5.6 per cent of the GDP was better than previous estimates of 5.8 per cent on account of higher revenue realisation and lower expenditure, according to official data released on Friday. In actual terms, the fiscal deficit -- or gap between expenditure and revenue -- was Rs 16.53 lakh crore, or 5.63 per cent of the GDP, which grew 8.2 per cent in 2023-24.
The BJP-led National Democratic Alliance's (NDA) slim majority in Lok Sabha may delay more far-reaching economic and fiscal reforms that could impede progress on fiscal consolidation, Moody's Ratings said on Wednesday. NDA securing a majority in the general elections will give a historic third term for Narendra Modi as Prime Minister of India. "We expect policy continuity, especially with regards to budgetary emphasis on infrastructure spending and boosting domestic manufacturing, to support robust economic growth.
Speaker Meira Kumar said in her valedictory address that the Lok Sabha lost over 23 hours and 34 minutes due to interruptions and forced adjournments, but it sat late for 30 hours and 52 minutes to transact important financial and other business.
The session, which is likely to have around 20 sittings, would conclude ahead of Christmas.
Proceedings in both Lok Sabha and Rajya Sabha were disrupted as Opposition members raised slogans demanding a discussion and a Joint Parliamentary Committee (JPC) probe into the fraud-allegation-triggered rout.
'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.'
Navendu Mishra (Stockport) and Nadia Whittome (Nottingham East) were among the other Labour MPs re-elected with convincing majorities.
If you are rich and if you have money, you can buy the Indian examination system, Rahul claimed.
The government has exhausted only 39 per cent of its fiscal deficit target in the first half of FY24.
Presiding officers of both Houses Lok Sabha Speaker Om Birla and Rajya Sabha Chairman M Venkaiah Naidu on Saturday held deliberations on the logistics of organising the session in the wake of the COVID-19 pandemic. The sources said options were being explored so that both Houses could function simultaneously during the session, and not on alternate days as some sections of the media were claiming.
Following the address by President Ram Nath Kovind, the economic survey will be tabled in the two Houses.
Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
The session spread over ten sittings is essentially for taking a vote on account on Railway and General Budgets but being the first one during the year, it will begin with the President's address on the opening day. An inkling of the shape of things to come was evident when the ruling Congress and main opposition BJP virtually kicked off their poll campaign on Sunday, taking on each other on issues like terrorism, unemployment and inflation.
'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.'
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
While presenting the Union Budget to Parliament earlier this month, Finance Minister Nirmalal Sitharaman had raised fiscal deficit target to 3.8 per cent of the GDP from 3.3 per cent pegged earlier for 2019-20 due to revenue shortage.
As per the rules and regulations, members must not do anything that brings disrepute to the Parliament and affects their credibility, and members must utilise their position as Members of Parliament to advance general well-being of the people.
Referring to our 'demographic dividend', with 65 per cent below the age of 35, the PM said skill development was a priority area.
The government will come out with a White Paper on the mismanagement of economy prior to 2014 with an aim to draw lessons.
The last session of the current Lok Sabha beginning on Thursday is expected to be stormy with political parties likely to extract the maximum mileage ahead of the general elections.
FinMin has already sought inputs from different central ministries for the Budget speech, which would be the last Budget of the current BJP-led NDA government before the 2019 general polls.
While a DFI will help banks derisk their loan portfolios, creation of a bad bank will clean up their balance sheets.
A large part of the productive time in Parliament is spent on non-legislative matters such as discussion on motion of thanks by the President, conduct of fellow MPs and so on.
Sunak, 44, was facing the impossible challenge of overcoming voter anger against the incumbent Tories after 14 years in power. The 61-year-old Keir Starmer-led Labour Party, meanwhile, maintained a strong lead over the Tories throughout the six-week campaign.
The Congresssaid BJP veterans Atal Bihari Vajpayee and Lal Kishan Advani never did this, but PM Modi by doing so is "demeaning" the high office he holds.
The party said it is "considering opposing" the proposal for taxing the PF corpus in Parliament.
'Ladakh has become a hollow UT.' 'Bureaucrats from Delhi rule Ladakh and there is no attention paid to the grievances of the people.'
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
No government in the past initiated the process of policy making for its next tenure even before going in for elections. Once the Model Code of Conduct is enforced by the Election Commission, should the government of the day refrain from taking an active interest in policy making for the next five years and let that be the function of the new government?, asks A K Bhattacharya.
Sheela Bhatt spoke to various members of Parliament to elicit their opinion about Finance Minister P Chidambaram's last Budget before the general elections, and found them lukewarm in their reaction. 'Political nuksaan nahi, lekin faida bhi nahin. Bach nikle,' about sums it up
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
The move can help mop up about Rs 1.2 lakh every day for the purpose.
That he hasn't done so yet, has continued to be active on the political street, in public debate and on social media, signals an important change. It will give his party hope. Maybe the achievement of reducing Mr Modi well below the majority mark will now motivate him to stay committed, observes Shekhar Gupta
President Pranab Mukherjee addressed a joint session of Parliament ahead of the budget session which began on Tuesday. Here are the highlights of President Pranab Mukherjee's speech:
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