The Finance Ministry's annual report has revealed that the US Agency for International Development (USAID) funded seven projects worth USD 750 million in India during the 2023-24 fiscal year. The projects, implemented in partnership with the Indian government, cover areas like agriculture and food security, water and sanitation, renewable energy, disaster management, health, sustainable forests, and climate adaptation. This disclosure comes amidst controversy over USAID's alleged role in influencing Indian elections, with claims that the agency allocated USD 21 million to India for 'voter turnout'. However, the report clarifies that no funds were dedicated to enhancing voter turnout.
Ushering in reforms, Union Finance Minister Nirmala Sitharaman on Saturday proposed to open up the nuclear power sector for private players and announced a Rs 20,000 crore Nuclear Energy Mission for research in the field, with an aim to set up five small and modular reactors by 2033.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
'Additionally, the significant employment multiplier will boost direct and indirect jobs of up to 1.1 million.'
'The flutters of excitement of a high-school romance, and then how life changes.'
'By his words, actions, and body language during their joint press appearance wanted to convey his personal respect and, more broadly, his desire to work closely with India.'
To threaten China and Pakistan, and then to sharply cut back on military funding, bespeaks a remarkable trust in Beijing and Islamabad that is not borne out by anything they say or do, notes Ajai Shukla.
The government on Wednesday approved 12 new industrial cities in 10 states on the lines of Greater Noida in Uttar Pradesh and Dholera in Gujarat to boost domestic manufacturing with an estimated investment of Rs 28,602 crore. These industrial areas will be in Khurpia in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in AP, and Jodhpur-Pali in Rajasthan, and one in Haryana. A decision in this regard was taken in a meeting of the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi.
The Ministry of External Affairs (MEA) has been allocated a total of Rs 18,050 crore in the Union Budget for 2023-24 which is an increase of around 4.64 per cent over last year's allocation of Rs 17,250 crore.
The government on Tuesday announced setting up of hubs to promote exports through e-commerce medium in public-private-partnership (PPP) mode and initially 10-15 hubs will be established. Finance Minister Nirmala Sitharaman said that these hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. "To enable MSMEs (micro, small and medium enterprises) and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in PPP mode," she said.
Chief executive officers (CEOs) across sectors have expressed intentions to expand capacities, expecting the government's target to invest a record Rs 11.11 trillion on infrastructure development will act as a catalyst for a jump in consumer demand. "With the government planning a capex of Rs 11.11 trillion, private sector investment will come in a big way. Companies will be preparing for it right from today," H M Bangur, chairman of Shree Cement, told Business Standard. For the past few years, the investment scene in India has been dominated by government capital expenditures; private investments in the manufacturing sector have remained muted.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
This includes over $15 billion of proposed investment in the infrastructure sector in the Indo-Pacific and $9 billion for shoring up American defence in the region.
Union Minister for Railway Pawan Kumar Bansal presented the Railway Budget for 2013-14 on Tuesday.
Expressing commitment to augment the country's infrastructure, Finance Minister Nirmala Sitharaman on Monday proposed to significantly enhance capital expenditure to Rs 5.54 lakh crore in the next fiscal, besides creating institutional structures and giving a big thrust to monetizing assets to achieve the goals of the National Infrastructure Pipeline (NIP). Sitharaman said NIP, that was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed. "For 2021-22, I propose a sharp increase in capital expenditure and thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE of 2020-21," the finance minister said.
'If the Chinese intent is to be gauged based on its aggression in the South China Sea, greater forays in the Indian Ocean, a hawk's attitude towards Taiwan, flying its fighters repeatedly over the Senkaku islands in the East China Sea and creating strategic assets globally, there would be a requirement for strategic partnerships for India,' says Brigadier S K Chatterji (retd).
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
'Since God was being shown in live action on such a large scale, Prasanth was initially sceptical about going with an animated character.'
You don't prep for 2028 but for 2040, or even 2044. Sustained sporting excellence is based on mass support, grassroots development, and funding - and it is this trifecta India needs to work on, systematically, asserts Prem Panicker.
'Are all roads in India privatised? Are governments not playing a role in airports or ports? If they (private players) want to set up lines for a specific requirement, I see no reason to object. It will expand the opportunity and passengers will also benefit.'
'If some measures are implemented quickly, they can help revive growth.'
'We are receiving a steady stream of interest from well-established foreign universities.'
At least 50 travel destinations would be developed as a "complete package" and states will be encouraged to set up a 'unity mall' for the sale of their products, Finance Minister Nirmala Sitharaman announced in the Budget on Wednesday, asserting that promotion of tourism will be taken up on a "mission mode".
'If the South starts shooting on IMAX more, it will be beneficial. And likewise, it will benefit Bollywood directors.'
Budget will get a welcome reception from the international biz.
Presenting the Narendra Modi government's maiden Rail Budget, Railway Minister Sadananda Gowda announced setting up of logistic parks and private freight terminals on PPP model.
The Budget decides to take the lead in revving up infrastructure.
'The finance minister and the government have met the immediate challenge. The wine this time is new and also in a new bottle, which, though not full, is less than half empty.'
The first Railway Budget of this Bharatiya Janata Party-led National Democratic Alliance government is a cosmetic exercise, high on rhetoric and low in substance, the CPI-M said.
The Budget sets out a comprehensive vision.
The initiatives intended to benefit the common man include e-ticketing, catering on demand, bio-toilets, food for infants, better stations.
The Centre will promote Kisan Drones, chemical-free natural farming, public-private partnerships for the delivery of digital and high-tech services to farmers across the country during the financial year 2022-23, Finance Minister Nirmala Sitharaman said on Tuesday. Presenting the Budget 2022-23 in Parliament, Sitharaman said the inclusive development is one of the four priorities of the government moving forward. As part of the inclusive development, the government will promote the use of 'Kisan Drones' for crop assessment, digitisation of land records and spraying of insecticides. The government will also facilitate a fund with blended capital raised under the co-investment model through Nabard to finance agri start-ups and rural enterprises, she said.
There has been a welcome focus on fundamental reforms, time-bound programmes that fix accountability and the use of technology. The upcoming Budget could build on these initiatives, says Abhas Jha.
The Budget has evoked mixed reactions from Silicon Valley investors.
Getting the balance between fiscal restraint and growth-contracting policy remains a problem.
'...you start running after the star.' 'If the star says yes to the film, the ecosystem supports it.' 'The biggest cog in the wheel of the ecosystem is the audience and we forget that.'
Single window clearances for realty must.
'If we are to be a contributor to the economy, we have to reduce carbon and imports.' 'We will achieve both -- that's our target.'
The further expansion and upgrade of the Chinese military does not augur well for India, which continues to confront an increasingly belligerent China on its borders, notes former foreign secretary Shyam Saran.
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