The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
Inflation in food articles category in January stood at 8.8 per cent.
The President's address to Parliament on January 31 will contain the government's report card on the state of the economy, and will be no less important than the interim Budget announcements, says A K Bhattacharya.
Confident of securing a massive majority in the upcoming Lok Sabha elections, Prime Minister Narendra Modi on Wednesday outlined his vision for his next five-year term saying the Modi 3.0 government will put all its might to strengthen the foundation of 'Viksit Bharat' or a developed nation.
Of the two rate structures on the table, one suggests tax slabs of 8 per cent, 16 per cent, and 24 per cent. The other proposes tax slabs at 9 per cent, 18 per cent, and 27 per cent.
The draft will be examined, studied and discussed before it is tabled in the assembly on February 6, he said.
The bias for the BSE benchmark index, technical charts suggest, is likely to remain bullish as long as the index holds above 75,600 levels for the rest of the year.
This demand comes at a time when the government is falling short of its revenue targets due to dwindling tax and low disinvestment receipts. It could account for the dividend in the upcoming Union Budget on February 1. RBI is, however, yet to take a final call on the government's demand and might decide on this at its central board meeting scheduled for February 15 in New Delhi.
Strategic divestment of select public sector undertakings will remain a priority area, she said.
She posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.
According to FADA, automobile retail trade and service industry comprises a network of 9,500 automobile dealers and their service stations engaged in sale, service/repair and spares of vehicles across segments, is an essential link in automotive business and a significant stakeholder.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
This is Jaitley's first overseas visit since his kidney ailment was confirmed in April last year.
The Sensex opend almost unchanged at 9,637 - up two points. The index, thereafter, soon slipped into red and was down around 75-odd points before the acting finance minister Pranab Mukherjee started his Interim Budget Speech.
Experts recommend awaiting the findings of the 2021 Census, which is yet to be conducted, before introducing population control policies.
As the adjournment of Parliament for an indefinite period with the Rajya Sabha also adjourning sine die kickstarts the final countdown for the general elections, Modi said the last five years were a period of "reform, perform and transform" with the country moving towards "big changes" at a fast pace.
The Opposition accused the government of bringing a populist budget.
Replying to supplementaries during Question Hour in Rajya Sabha, he said he could not announce 'many radical" measures in the Interim Budget presented earlier this week because of constitutional constraints. Fiscal correction and monetary changes should go side by side so that impact on the economy is maximum, he said adding, his ministry was in consultation with the Reserve Bank of India for future course of action.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
The fitment committee under the Goods and Services Tax (GST) Council, comprising central and state officials, has begun a rate rationalisation exercise afresh, checking the possibility of dropping some of the rates, particularly the 12 per cent slab, to achieve a revenue-neutral structure, a senior official with direct knowledge of the matter
In this year's budget, Finance Minister Nirmala Sitharaman hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
As expected, there have been no major announcements in the Interim Budget.
The government has budgeted to cut the fiscal deficit to 3.3 per cent of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 per cent in the previous financial year.
The state of the economy did not deteriorate so sharply in the last eight days that the principles behind not announcing changes in tax rates in an Interim Budget had to be set aside. Nor can it be argued that the demand from industry and members of Parliament for some stimulus measures became so irresistible that the finance minister had to announce the tax rate changes in his reply to the Interim Budget debate.
"There is a need to sustain foreign trade, revive foreign investments and generate domestic demand in order to maintain our growth rates," said External Affairs Minister Pranab Mukherjee, who is also holding the finance portfolio. Boosting the economy was also necessary to "uplift multitudes living below the poverty line." Noting that India cannot remain immune to global crisis, he said, "India faces special challenges from the international financial crisis."
Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday.
Giving a clear indication on unveiling a package in the interim budget to stimulate industrial demand, the government said on Thursday it is not restrained by the Constitution from announcing urgent policy intervention in the run-up to the Lok Sabha elections.
Modi said that for nearly one and a half years he has been putting in place details of new schemes to give new pace to the country's development and curb poverty.
SIAM said excise duty must be lowered
Union Finance Minister Arun Jaitley is set to present the Budget next month.
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
Export growth rate in first nine months of 2008-09 touched 17.1 per cent whereas the country's industrial production fell by 2 per cent in December, said Union Foreign Minister Pranab Mukherjee, who is holding additional charge of the finance portfolio, while presenting the Interim Budget for 2009-10 on Monday in parliament.
The main Opposition parties in Assam -- Asom Gana Parishad, Bharatiya Janata Party and All India United Democratic Front -- have come down heavily on the Congress government in Assam for presenting an 'election-oriented populist' interim budget for the year 2014-15.
Prices of automobiles, including cars, sports utility vehicles and two-wheelers, are set to come down with Finance Minister P Chidambaram announcing a reduction in excise duty in the Interim Budget.
Finance Minister P Chidambaram on Monday made a veiled attack on Narendra Modi and Arvind Kejriwal, telling them "neither populism nor individualism" is an alternative way of governance and expressed confidence that people will entrust responsibility to a "hand" that works for equity.
The biggest focus area turned out to be 'investment'.
After presenting his first railway budget, Mallikarjun Kharge on Wednesday said he was not for populism but wanted to be "realistic" to ensure that the national transporter thrives for the people of the country.
Student loans increased from Rs 4,500 crore (Rs 45 billion) on March 31, 2004 to Rs 24,260 crore (Rs 242.6 billion) as on September 30, 2008, the minister said.
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