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.
The significant gainers in the interim sports budget are SAI, the National Sports Development Fund (NSDF) and the corpus meant for giving incentives to sportspersons
She said crucial elections are going on now, and stressed that she is not important but the issues of the country are.
'With new projects and recently awarded projects kicking in, capital expenditure should only increase going forward.'
'We now look at divestment as an opportunity for maximising the value of public assets, not necessarily as a short-term resource-raising measure.'
German car makers Audi and Mercedes-Benz on Monday cut prices by up to Rs 3.82 lakh, while Tata Motors and Mahindra & Mahindra announced their intent to follow suit after Finance Minister P Chidambaram reduced excise on automobiles in the Interim Budget for 2014-15.
Goyal is expected to discuss the targets for the banks for 2019-20, as well as priority sector lending, recovery on non-performing assets, and the bankruptcy proceedings of various companies, which owe money to the banks.
Net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal, on higher advance tax payment by corporates.
The most worrying aspect of defence budgeting is that the military's long-term equipment planning is based on fundamentally flawed fiscal assumptions.
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'The Budget needs to focus more on social welfare schemes.'
The expansion of existing airports and development of new airports will continue expeditiously, Finance Minister Nirmala Sitharaman said on Thursday and emphasised that the country's aviation sector has been galvanised in the past 10 years.
Nirmala Sitharaman has designed the revenue mix in such a way that while Centre's share in taxes would grow a massive 25 per cent, states' share would grow a dismal 6 per cent.
The 1.4% decline projected for 2025 is driven by a 5.6% (72,000) dip in the strength of railway employees to 1.2 million by next year.
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.
Finance Minister Pranab Mukherjee presented the Budget for 2009-10 on July 6. Following is the Budget Speech of Finance Minister Pranab Mukherjee:
Finance Minister Nirmala Sitharaman on Thursday said projects for port connectivity, tourism infrastructure and amenities will be taken up 'on our islands, including Lakshadweep' to address the 'emerging fervour' for domestic tourism in the country.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
Former railway minister and Mamata Banerjee described the Interim Railway Budget for 2009-10 as 'election-oriented' and an eyewash to secure votes.
Although it is only going to be an interim budget this time, the Finance Ministry on Friday organised the ritual 'halwa' ceremony, which heralds the beginning of the quarantine for staff that will be associated with the preparation of the secret document.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
Presenting the interim budget for 2024-25, she said the government is working with an approach to ensure development that is all-round, all-pervasive and all-inclusive.
No major announcements or tariff changes for freight or passenger segment likely to be announced.
The Indian government has come out with a nice name for its tried and tested 220MW pressurised heavy water reactor -- Bharat Small Reactor.
The Lok Sabha on Tuesday approved the Interim Railway Budget with a vote-on-account for Rs 26,000 crore for expenditure in the first four months of the next financial year.
There is logic at work in most of what has been announced by Arun Jaitlley.
'... there are challenges to overcome and the country needs money for that.'
Presenting the Interim Railway Budget for 2014-15, Railway Minister Mallikarjun Kharge on Wednesday announced that new trains will be introduced.
The Delhi High Court has reserved its order on a plea by jailed MP Rashid Engineer, facing trial in a terror funding case, seeking custody parole to attend the ongoing Parliament session. Engineer, a Baramulla MP, was opposed by the National Investigation Agency (NIA) who argued that he has no vested right to attend Parliament and there were security concerns. The court said though there might not be a vested right to attend the session, it could exercise its discretion. The NIA also argued that Rashid misused the telephone facility in Tihar jail and that allowing him to attend the session would be a security risk.
Will this be a 'political' Budget? Or, will the Budget be able to take the country back to growth path?
The Indian National Developmental Inclusive Alliance (INDIA) parties, led by the Congress, staged a walkout from both Houses of Parliament on Wednesday, in protest against all states except two being 'ignored' in the budget, an allegation termed 'outrageous' by Finance Minister Nirmala Sitharamanm, who said all the states never found a mention in any of the previous budgets, including those presented by the Congress.
Congress President and Leader of the Opposition in Rajya Sabha Mallikarjun Kharge on Wednesday questioned Union Finance Minister Nirmala Sitharaman over the Union Budget and claimed that the plates of all states except Bihar and Andhra Pradesh were empty in the budget allocation.
Finance Minister Nirmala Sitharaman will have to do a tight-rope walk between staying fiscally prudent and general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy before general elections. Sitharaman will on Wednesday present her fifth straight Budget at a time when the economy is slowing due to global headwinds and specific sectors need attention. In the run-up to the Budget presentation, expectations are rife that she may tweak income-tax slabs to provide relief to the middle class and increase spending on the poor through programmes such as the rural job scheme while ramping up financial incentives for local manufacturing.
'We crossed Rs 1.7 trillion in three months this financial year.'
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
Railway Budget will be presented on July 8.
Converting what was supposed to be an interim budget or a vote on account into an almost full-fledged budget announcement in the Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.
Finance Minister Nirmala Sitharaman on Thursday proposed to borrow Rs 14.13 lakh crore by issuing dated securities to meet revenue shortfall in the next financial year starting on April 1.
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