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.
The government will come out with a White Paper on the mismanagement of economy prior to 2014 with an aim to draw lessons.
Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporate. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.
The most worrying aspect of defence budgeting is that the military's long-term equipment planning is based on fundamentally flawed fiscal assumptions.
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.
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for the sixth time in a row as it maintains a tight vigil on inflation. The rate increase cycle was paused in April last year after six consecutive rate hikes aggregating to 250 basis points since May 2022.
'Interim Budget has ignited the entrepreneurial spirit.'
The privileges committee of the Maharashtra legislature will issue a show cause notice to stand-up comic Kunal Kamra for his remarks against Deputy Chief Minister Eknath Shinde. Shiv Sena (UBT) leader Sushma Andhare will also receive a notice.
Watch all the the debates and proceedings.
Finance Minister Pranab Mukherjee presented the Budget for 2009-10 on July 6. Following is the Budget Speech of Finance Minister Pranab Mukherjee:
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 ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
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.
The defence budget was on Thursday increased to Rs 6.21 lakh crore for 2024-25 in a modest hike of 4.72 per cent from last year's allocation of Rs 5.25 lakh crore amid India's continuing border row with China in eastern Ladakh as well as concerns over evolving security situation in the strategic waterways.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that comprehensive development of Vishnupad Temple corridor at Gaya and Mahabodhi Temple at Bodh Gaya in Bihar will be supported by the government to transform them into world-class pilgrim and tourist destinations. These corridors will be modelled on the successful Kashi Vishwanath Temple Corridor, she said. Vishnupad Temple is one of the most ancient Hindu shrines located next to the Falgu river, while the Mahabodhi Temple is a UNESCO World Heritage Site.
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.
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.
No major announcements or tariff changes for freight or passenger segment likely to be announced.
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.
There is logic at work in most of what has been announced by Arun Jaitlley.
Will this be a 'political' Budget? Or, will the Budget be able to take the country back to growth path?
Presenting the Interim Railway Budget for 2014-15, Railway Minister Mallikarjun Kharge on Wednesday announced that new trains will be introduced.
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.
Railway Budget will be presented on July 8.
Indian Railways has managed to improve its freight volumes each year since the pandemic. However, its inability to add new industries and goods will pose a challenge for the national transporter in the wake of it setting an ambitious target of 45 per cent share in the national logistics by 2030. According to officials, the ministry of railways achieved 114 million tonnes (mt) of miscellaneous goods (classified as balance and other goods) in 2023-24.
The Budget refers to the 'Annual Financial Statement', laid before both the Houses of Parliament.
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.
The total allocation to the defence sector is 12.9 per cent of the total budget of the government of India for the financial year 2024-25.
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.
'We now look at divestment as an opportunity for maximising the value of public assets, not necessarily as a short-term resource-raising measure.'
Presenting the Budget for 2019-20 in the Lok Sabha, Finance Minister Piyush Goyal also said Rs 35,000 crore has been given under the One Rank One Pension scheme in the last three years.
It has been another lost year for the Railways despite the intra-year measures to compensate for the rise in fuel costs.
The finance minister should attempt to quickly get back to a path of fiscal consolidation.
Union Railway Minister Lalu Prasad Yadav presented the Railway Budget for 2004-2005 in the Lok Sabha on Tuesday (July 6, 2004).
Some members held placards of news reports about unemployment figures.
Finance Minister P Chidambaram on Monday slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables.
The outlay for defence sector almost remained unchanged compared to what was allocated in the interim budget on February 1.
The losses in state elections in Rajasthan, Madhya Pradesh, and Chhattisgarh have put the ruling party under pressure to announce swift measures aimed at addressing rural distress and lack of employment.
While Andhra Pradesh is expected to receive Rs 15,000 crore to Rs 20,000 crore, Bihar is likely to get Rs 5,000 crore to Rs 10,000 crore in FY25.
