India and the United States are committed to finalising an interim trade agreement, despite recent challenges including the US imposing a blanket 10 per cent surcharge and India's decision to wait for a new global tariff architecture. The US Trade Representative's annual report highlights India's maintained high import tariffs and various non-tariff barriers across several sectors.
Terming the Interim Budget for 2014-15 fiscal as 'very balanced', the industry on Monday said that it was 'absolutely' up to the expectations.
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Chidambaram may announce higher fund allocation for the social sector, with focus on education, food, women and rural masses.
The Budget is expected to make some key announcements, including relief package for farmers, poor and sops for the middle-class.
That interest rates at the long end could rise in the second half of the year is disconcerting.
The opposition parties on Monday dubbed the Interim Budget as election budget, offering "poll lollipops" and alleged that the exercise has failed to address serious issues the people face.
Despite BEST employees calling off their indefinite strike, Mumbai's bus services remained significantly below normal on Monday morning, with only 57% of the scheduled fleet operational. Commuters experienced long waits, leading many to seek alternative transport. The strike ended after an agreement with Deputy CM Eknath Shinde, which included interim pay hikes and commitments for future improvements and clearing dues.
Employment generation in the midst of a global meltdown will be the central idea of the Interim Budget that the United Progressive Alliance will present on February 16, just ahead of the general elections.
The first leg of the Budget session concluded with debates over the India-US trade deal and a former army chief's memoir, and will reassemble on March 9.
The NDA government has gradually nuanced its position on the issue of demographic challenge.
Goyal's move was criticised by the Opposition saying with general election months away, the Prime Minister Narendra Modi-led government had mandate only to present a vote on account and a Budget containing direct tax proposals.
The Brihanmumbai Electric Supply and Transport (BEST) undertaking arranged special bus services for students appearing in the NEET re-examination in Mumbai, deploying 60 buses on 24 routes for approximately 180 trips, despite an ongoing strike by its employees that has paralysed public transport.
On the macro front, market participants will closely watch the FY'15 fiscal deficit target
The Trinamool Congress (TMC) is grappling with a severe internal crisis, evident as rival factions occupied separate sections of the opposition benches during the West Bengal assembly's budget session. This public display of disunity follows the party's defeat in the 2026 assembly elections and ongoing legal challenges over leadership.
Employees of Mumbai's BEST undertaking have launched an indefinite strike, severely impacting public transport and electricity services. The strike, called by a joint action committee, demands budget merger with BMC, settlement of dues, and implementation of the Seventh Pay Commission, among other issues. Despite court orders and MESMA invocation, the strike continues, causing widespread inconvenience to millions of commuters and electricity consumers.
Unlike the usual fanfare seen in the media, the Interim Budget this year has been a low-key affair. Everyone seems to be disappointed.
The ministry had spent 82 per cent of that amount till the start of this month.
Beijing clearly intends to extend the China-Myanmar Economic Corridor to Bangladesh as part of its larger Maritime Belt and Road Initiative to boost its Indian Ocean presence.
BEST employees continued their strike in Mumbai for a second day, causing significant disruption to public transport despite appeals from the Maharashtra Transport Minister and the invocation of MESMA. Commuters were forced to rely on alternative, overcrowded transport options, while the striking unions maintained their demands for budget merger, improved pay, and absorption of contractual workers.
Finance Minister P Chidamabaram has challenged BJP's Prime Ministerial nominee and Gujarat Chief Minister Narendra Modi to face the press with his views on the economy.
The Cabinet has already cleared two proposals that will receive support from the fund.
In fact, almost the entire increase in the allocation for the civil aviation ministry was cornered by the National Aviation Company of India Limited; it was earmarked Rs 8,165.64 crore as against the revised estimate of Rs 4,136.89 crore for 2008-09. The ministry received a total allocation of Rs 12,164.76 crore, compared with the revised 2008-09 estimate of Rs 7,490.06 crore, a hike of almost Rs 4,675 crore.
Nagaland Governor Ajay Kumar Bhalla announced the state government's plans to form an interim council for the Frontier Nagaland Territorial Authority (FNTA) and highlighted key achievements and future priorities across various sectors during the Budget Session.
Higher borrowing meant widening of fiscal deficit, which is already high this year because of the stimulus packages announced by the government to prop up growth in the face of global recession. Higher expenditure than planned but lower revenue receipts than expected in the interim Budget were the reasons cited by the CMIE for increased government's borrowings.
The Delhi High Court has granted one-week interim bail to jailed Lok Sabha member Sheikh Abdul Rashid to visit his ailing father, under strict conditions including police escort and restrictions on visitors.
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In New York market, the dollar lost ground against most major rivals on last Friday amid mixed US data on industrial production and consumer sentiment.
If TVK MLAs and ministers are perceived as clean, or demonstrably cleaner than their predecessors, the credibility dividend will be enormous. The voter will feel rewarded, points out Ramesh Menon.
The Centre has notified draft rules for the Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025, outlining the framework for the new rural employment programme replacing MGNREGA. The draft rules are open for public feedback until June 21, 2026.
With the National Democratic Alliance government virtually deciding to go in for snap polls, preparations are afoot to present an interim budget, instead of a full budget either in January end or early February.
Union Finance Minister Nirmala Sitharaman is well-known for donning saris that speak as powerfully as her budget speech. Each Budget Day, she selects a drape that pays tribute to India's amazing textile heritage and the mastery of its artisans.
While Rs 37,461.01 crore has been allocated for higher education, Rs 56,386.63 crore has been earmarked for school education.
Dear Finance Minister, We don't expect magic, just a little understanding and some tax relief that feels like a real reward, not a bare minimum. A little extra fuel in our wallets could go a long way, pleads Vatsal Ramaiya
Goyal said India has been recognised as brightest spot in the world in last five years.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
Here are some facts related to the Budget presentation in independent India.
Finance Minister Nirmala Sitharaman will present her sixth straight Budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai. Sitharaman in her pre-election Budget, which technically is a vote on account and popularly termed an interim Budget, will seek Parliament's nod for a grant in advance to meet the central government's essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the full Budget for 2024-25, sources said.
