First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
The government on Wednesday said it will raise Rs 72,500 crore through disinvestment of PSUs, including listing of three railway PSUs IRCTC, IRFC and IRCON, and proposed merger and consolidation to create globally competitive public sector units.
At an event at Chhatrapati Shivaji Maharaj Terminus in south Mumbai, Modi first flagged off the the CSMT-Solapur Vande Bharat Express and later another semi high-speed train linking the financial capital to Sainagar Shirdi temple town in Ahmednagar district.
Suresh Prabhu on the priority being given to safety and the need for more funds for railways to move ahead.
Accelerated development of highways will be taken up with 2,500 km access controlled highways and 9,000 km of economic corridor. In addition, there will be 2,000 km each of strategic highway projects and port connectivity projects, she said.
BSE Oil & Gas index declined by almost 2.5% followed by counters like Auto, Capital Goods, PSU and Metal, all plunging by almost 2% each. Apart from IT and FMCG, all the major BSE sectoral indices are trading in red zone.
The Union Budget, while keeping the service tax rate unchanged at 10 per cent, has expanded its ambit to include services provided by legal consultancy and advisory firms. The tax would, however, not be applicable if the service provider or receiver is an individual.
Recommending an end to all cesses and surcharges on taxes, and free pricing of fertiliser and fuel ahead of the Union Budget for 2009-10, the Economic Survey on Thursday suggested aggressive divestment and financial sector reforms to bring the economy back to high growth track.
Experts recommend awaiting the findings of the 2021 Census, which is yet to be conducted, before introducing population control policies.
Though the Railways is yet to declare any five-year action plan, it is clear the government is not in a position to hand-hold it for any major expansion or upgrade. The issue, however, is how far the Railways can function within the PPP format. Recent history highlights some of the challenges.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
The recommendations will benefit 47 lakh central government employees and 52 lakh pensioners.
Indian economy about to take-off
Modi claimed that some other parties were also helping the opposition alliance from behind but any vote for them will take Tripura several years backward.
'They have started becoming an important player, but not at the same level as they were in the earlier part of the decade.'
The two major railway unions have proposed to the government an unprecedented alternative to privatisation or inviting foreign investment, to help raise funds and improve revenue.
'Making the railways better is a different type of a challenge.'
Railways, rural infrastructure, urban rejuvenation, solar and transmission and distribution of electricity are the new priorities, says Vinayak Chatterjee.
Noting that the new trains will connect the culture of Telangana and AP, Modi said Vande Bharat symbolises new India's resolution and capabilities.
Uttam Ghosh on how rail passengers will benefit from the Railway Budget.
Modi, who addressed a public meeting in Hyderabad after laying foundation stone and inaugurating several development projects, also said the lack of cooperation from the state government is leading to delay in the completion of several central projects in Telangana.
'I would want people to have food on their tables and their wages to rise.' 'Will that happen or not is the question that we need to ask and answer.'
'There is tension between the zones all the time.'
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
'The government has realised that the finances of the government are in a precarious state.' 'We are borrowing to fund the ever-burgeoning revenue deficit.' 'Then you are paying interest on the fresh borrowing.' 'For the first time, the government has realised that this cannot go on.'
Outlining the Budget estimates for the coming year, the Railway Minister Suresh Prabhu put the plan size at Rs 1.21 lakh crore.
India will need an annual investment of Rs 15 trillion in infrastructure over the next five years, says Chandrajit Banerjee, DG, CII.
Modi govt must bring about reforms to kick-start big-ticket infra projects.
Economist Arvind Panagariya is the vice-chairman of NITI Aayog, while economist Bibek Debroy and scientist V K Saraswat are the two full-time members of the Aayog.
'The people of Tamil Nadu in particular Chennai know about the double standards of the BJP. Nothing will work for them here.'
FMCG, automobile industries say if GST regime kicks in, rail hubs can take Make in India to a new high.
Deepa Gahlot picks 10 Web series that was worth the viewer's while.
Our country needs massive investment in access of Rs 50 lakh crore in infrastructure to increase growth of GDP and integrate the nation with a network of roads, airports, railways, inland water and to provide good quality services to the people: FM
The Bharatiya Janata Party on Saturday released its manifesto for the November 17 Madhya Pradesh elections promising MSP for wheat at Rs 2,700 per quintal and paddy at Rs 3,100 and houses for beneficiaries of the state's flagship scheme 'Ladli Bahna'.
Arun Jaitley presented the Union Budget in Parliament on Saturday.
Prime Minister Narendra Modi has rejigged his team only once, in July 2021, in his second term, unlike in his first stint, when he reshuffled and expanded his council three times.
Jaitley has managed the difficult feat of sticking to the fiscal correction.
'They want (the ownership and management of PSU banks) to pass into the hands of a private sector entity.' 'Ownership of these banks will go from the public sector to private sector.'
'George Fernandes will always be remembered in history as the man who successfully called the railway strike.'
"Thenga mila hai", scoffed Yadav using the Hindi slang to repudiate the ED's claim of huge recovery in the raids conducted in connection with the land for jobs scam
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