Ahead of the new government assuming office later this month, the finance ministry has begun the Budget-making exercise to enable the incoming finance minister to present the full-fledged Budget for 2009-10.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
The key numbers in Mr Jaitley's Budget will be looked at closely to assess the extent of revisions they represent over what Mr Chidambaram had presented in February.
Here is a quick round up of what budget 09-10 is expected to hold for the Indians this coming year.
The Interim Budget highlights the focus on aam aadmi in the development process. The year 2008-09 has seen substantial increase in outlays spanning across sectors.
In a big push to the production-linked incentive (PLI) scheme, the government has nearly doubled (increase of 81 per cent) the allocation in five key industry segments from Rs 8,405 crore in the Revised Estimate of FY24 to Rs 15,198 crore in the Interim Budget for FY25. The segments cover over eight PLI schemes, including mobile phones, IT hardware, pharma (PLIs for medical devices, intermediates and pharmaceuticals), food processing, telecom hardware and, auto and auto components. In FY24, DPIIT officials, however, said that the disbursements would be much higher at around Rs 11,000 crore than what has been budgeted for the year.
Modi earned his spurs as a doughty leader of the Opposition in the assembly, a post he held till 2004 when he got elected to the Lok Sabha from Bhagalpur.
Do you think this move will help the BJP win the ensuing elections? Tell us.\n\n
Rediff.com's Shailajanand Mishra discovers that the Sensex has fallen 12 times on the 20 Budget Days since this century began.
The government has exhausted only 39 per cent of its fiscal deficit target in the first half of FY24.
The final Budget for the fiscal is likely to be tabled in July after formation of the new government.
The interim dividend will help Narendra Modi-led government partly bridge the deficit its budget had developed after the announcement of a Rs 75,000 crore a year cash dole scheme for small farmers.
The finance ministry is racing to prevent a situation in which a second vote-on-account would be required. This is why it has announced it will present its Budget on July 6, and aim to get it passed in Parliament by July 31.
Global rating agency Moody's on Monday raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. India's real GDP expanded 8.4 per cent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 per cent growth for full-year 2023. Capital spending by the government and strong manufacturing activity have meaningfully contributed to the robust growth outcomes in 2023, Moody's Investors Service said.
Parties including the Congress, Left, the Samajwadi Party and the Bahujan Samaj Party have written to the Election Commission and the President opposing the advancing of the budget presentation to February 1 before the polls.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
The finance minister could review customs duty on crude oil, other exemptions.
'The vision now is not just to look at national highways as a number of kilometres, but quality as well.'
A 'White Paper' versus 'Black Paper' battle erupted on Thursday as the Centre and the Congress unveiled documents and crossed swords over the handling of the Indian economy during the nearly 10 years of the BJP-led NDA rule and the previous 10-year tenure of the Congress-led UPA government.
Auto makers Tata Motors and General Motors India on Monday announced they will cut prices of their products after Finance Minister P Chidambaram decided to reduce excise on automobiles in the interim Budget 2014-15.
Setting at rest speculations of an vote-on-account next year, Finance Minister Jaswant Singh on Friday said the government will present a 'full budget,' as the prime minister had made it clear that there would be no early Lok Sabha elections.
The unemployment rate for women was last this low around Diwali in 2022. The unemployment rate has dropped for women from 14.9 per cent in December 2023 to 11 per cent in January 2024, according to data from the Centre for Monitoring Indian Economy (CMIE). It was higher in January 2023 at 13.5 per cent.
Of the Rs 1.97 trillion that the government intends to spend on all 14 production-linked incentive (PLI) schemes, around Rs 41,000 crore remains unutilised as of now, according to a senior government official. This means that 80 per cent of the total allocated amount, or Rs 1.56 trillion, will be used to pay incentives to companies eligible to claim benefits over the next few years. The unutilised amount/savings result from undersubscription, lukewarm responses in the case of schemes such as textile, as well as a reduction in the allocation of schemes.
Leaving direct taxes untouched, Finance Minister P Chidambaram today slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth.
The Budget will be presented in the first week of July, Finance Minister Pranab Mukherjee said.
Pranab Mukherjee's speech was so boring that half of the Treasury benches were found napping. Newsmen peeped from the Press Gallery to see the mood of the MPs.
Investors lost close to Rs one lakh crore (Rs 1 trillion) on Monday as the market gave a thumbs down to the interim Budget FY'2009-10, which failed to provide any sops for key sectors.
'The finance minister has told the BJP's core voters we are hearing you and we are sensitive to your aspirations.'
The auto industry body has been lobbying hard with the government for extension of the reduced excise rates.
Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday. The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added.
The Child Protection Services programme under the Integrated Child Development Services was increased to Rs 1,500 crore from Rs 925 crore.
The dates of general elections in 2019 and the presentation of the final Budget of the Modi government are so far removed from each other that Jaitley is not under any pressure to present a populist Budget. Instead, he could well unveil an array of schemes and proposals that he believes are necessary for the economy, even if a few of them could be unpopular, says A K Bhattacharya.
Now that the economy is growing at a higher-than-expected rate, it is time to accelerate the pace of fiscal consolidation, and the Budget could be a good starting point, argues Rajesh Kumar.
Jaitley also hinted that these very economic realities could decide whether the government sticks to a fiscal consolidation roadmap or not.
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
The divestment target remaining unchanged, from the 2019-20 interim Budget, this year means the Centre will now have to depend on non-tax revenue sources like dividends from the RBI, PSBs and PSUs, as there are real concerns of a tax revenue shortfall. The fiscal deficit target of 3.4% of GDP for 2019-20 is likely to be retained as well.
RBI Governor Shaktikanta Das on Thursday said the central bank does not "emulate" others when it comes to regulations and asserted that the bank's as well as his own opposition to cryptocurrencies remain unchanged, a day after US regulators allowed bitcoin Exchange Traded Funds (ETFs). He also said that emerging markets and the world cannot afford to have a "crypto mania". "What is good for another market need not be good for us.
It also saw the suspension of 100 members in a span of four days for unruly conduct and a major security breach on the anniversary of the 2001 Parliament terror attack.
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