Union Finance Minister Nirmala Sitharaman on Tuesday said the fiscal deficit for 2024-25 is estimated at 4.9 per cent of GDP.
In a bid to provide jobs to the youth, Finance Minister Nirmala Sitharaman on Tuesday proposed to launch an ambitious scheme for providing internship opportunities in 500 top companies to 1 crore youth over a five-year period.
The government on Tuesday announced certain incentives as part of efforts to boost maintenance, repair and overhaul activities in the country's aviation and shipping sectors. India is one of the fastest growing domestic aviation markets in the world.
The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35 per cent tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
The All India Bank Officers' Confederation has condemned the purported "unsavoury attack" on SBI chairman Rajnish Kumar by Finance Minister Nirmala Sitharaman during a banking event last month in Guwahati. The association claimed that an audio clip has gone viral on social media that revealed the finance minister coming down heavily on the SBI chief, accusing him of poor credit uptick, during an outreach programme in late February.
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.
Former Indian Prime Minister Manmohan Singh passed away at the age of 92 on Thursday. He will be given a state funeral with full state honors at Nigambodh Ghat on Saturday. Singh served as Prime Minister from 2004 to 2014 and was known for his role in India's economic reforms. Leaders from across the political spectrum paid their respects to the departed leader, highlighting his contributions to the nation.
Sitharaman exhorted the states to work together with the Centre, stating that while the Union government sets the direction of economic growth, it is for the states to ensure effective implementation on the ground.
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major laggards.
The Congress has alleged that the government caused loss of over Rs 41,000 crore to the exchequer and endangered national security by bypassing the state-run HAL in favour of some businessman "friends".
Shalini Gupta, a freelance writer from Pudicherry, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
Dr Samar Sen Popuri from Hyderabad tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
Dimrailiu Moita, a teacher from Manipur, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
Finance Minister Nirmala Sitharaman on Monday said that GST collection from online gaming has increased 412 per cent in six months from October 1, 2023, when 28 per cent tax was levied on these services. Briefing media on the decisions taken at the 54th meeting of the GST Council, Sitharaman said the status on revenue collection from casinos, online gaming and horse races after six months of implementation of 28 per cent GST was presented to the Council. "The revenue from online gaming has increased by 412 per cent and reached Rs 6,909 crore in just for six months.
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
Nangiohbok Rymbai, a graduate in economics who works as a daily wage labourer in Shillong, tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
The FM proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.
A shortlist using artificial intelligence would be prepared to identify eligible candidates and match them to the suitable internship opportunity. The shortlist would be shared with the companies on Tuesday, October 15.
Annapoorna chain of restaurants owner Srinivasan is seen purportedly highlighting concerns over varying GST rates. In the second video, Srinivasan was seen purportedly apologising in person to the Finance Minister.
Mudasir Ahmed, a businessman from Kashmir, tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
Tanvi Dubey, a supreme Court lawyer, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
Akansha Dixit, who works in a firm in Mumbai, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
Navarino Narah, a travel and luxury boutique hotels consultant from Arunachal Pradesh, tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
The Bharatiya Janata Party-led National Democratic Alliance government will implement 'one nation, one election' within its current tenure, sources said, exuding confidence that the reform measure would receive support across party lines.
On Monday, June 10, 2024, Prime Minister Narendra D Modi held the first meeting of his Cabinet at his residence at 7, Lok Kalyan Marg.
The government's programmes should be expected to generate some momentum, but the macro-economic numbers are not encouraging, observes T N Ninan.
A large group of Muslim community members gathered outside the City Chowk police station to demand action against Ramgiri Maharaj, alleging that he made objectionable comments against Prophet Mohammad and Islam, they said.
So tell us, does Sitharaman's budget deserve cheers or boos?
The government will provide Rs 11.11 lakh crore for capital expenditure for 2024-25 and introduce viability gap funding to spur private investment in infrastructure, Finance Minister Nirmala Sitharaman said on Tuesday. Presenting the Union Budget for FY2024-25, she said that the government will endeavour to maintain strong fiscal support for infrastructure over the next five years, in conjunction with imperatives of other priorities and fiscal consolidation.
The removal of the angel tax is expected to be a boost for startups as it will help in promoting a more conducive environment for them.
These schemes will be based on enrolment in Employees' Provident Fund Organization (EPFO), Sitharaman said in the Lok Sabha.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Gandhi was seen sitting behind a few rows of seats, which were occupied by members of the Indian contingent that took part in the recently-held Paris Games.
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
The Indian government has come out with a nice name for its tried and tested 220MW pressurised heavy water reactor -- Bharat Small Reactor.
Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously".
The government does not seem keen on issuing fresh gold bonds given the overall cost and rising gold prices.
Finance Minister Nirmala Sitharaman on Tuesday termed misleading claims by opposition leaders that if any state is not named in the Budget speech, then it does not get any budgetary allocation. Replying to a Budget discussion in the Lok Sabha, Sitharaman asserted that no state was being denied money. She recalled that in the past Budgets by the UPA government also did not mention names of all states in their Budget speech.
Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for preparation of Union Budget 2024-25 to be unveiled on July 23 in Lok Sabha. The ceremony is a ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
