The MiG-21 episode demonstrates that procurement is always strategic.
Choices about what aircraft to acquire, who builds them, who supplies the spares, who trains the pilots and technicians are decisions with political consequences lasting for decades.
India fully utilised its military modernisation budget in 2024-2025 -- the first time in five years -- and signed a record Rs 2 trillion defence contracts.
Graphic description of the Budget's allotment.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
A brief Budget session of Parliament, the last of the 17th Lok Sabha, will be held between January 31 and February 9, Parliamentary Affairs Minister Pralhad Joshi said on Friday.
Hospitality players want the government to accord infrastructure status to hotels to make investments on new properties more attractive rather than categorising them as luxury or even 'sin goods' in the upcoming Union Budget considering the sector's potential to play a key role in India's growth. They also want the government to consider incentives in the form of tax breaks or subsidies for adopting sustainable and eco-friendly practices, while asserting that the upcoming budget must accelerate the tourism agenda saying it is an opportunity to make Indian hospitality the emerging engine for GDP growth and employment generation.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
'Generating employment requires a shift in policy.' 'If not, the country will face economic, social and political challenges in the coming years.'
In a double-dose bid to boost growth and employment prospects, the Union Cabinet on Tuesday approved a Rs 2.07 trillion outlay for a research development and innovation (RDI) Scheme to fund private sector innovations, and an employment-linked incentive (ELI) to create over 35 million new jobs over the next two years.
Mrs Gandhi's power ebbed and peaked with the times. Mr Modi's has almost been constant, barring the few months of hard dip after the 240 seats of 2024, points out Shekhar Gupta.
Two men were arrested and a minor boy was detained on Monday in connection with the harassment of Union Minister Raksha Khadse's daughter and her friends. The incident took place at a religious event in Maharashtra's Jalgaon district on February 28. The accused were charged with stalking, sexual offenses, and taking photos and videos of the girls without permission. The incident has sparked outrage and calls for swift action against the perpetrators.
Despite similar tax treatment, debt MFs enjoy certain advantages over FDs.
Notably, US President Donald Trump and his administration have continuously targeted India over its purchase of Russian crude oil. India, on the other hand, has always maintained that India's purchases are based on its domestic needs and economic security.
China showcased its latest military hardware, including hypersonic and ballistic missiles, during a parade commemorating the 80th anniversary of its victory against Japanese aggression in World War II. President Xi Jinping called for world peace and national rejuvenation.
Heave ho! Its budget time once again. Time for putting on our scrutiny hats and building up expectations of what Pranab Mukherjee will present to the country on Monday, February 28!
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
The data for individual weighted received premium (WRP) showed divergent trends for life insurers in December 2024. Overall, the industry's individual WRP grew 4.8 per cent year-on-year (Y-o-Y); LIC's individual WRP declined 13 per cent while private players saw 11.4 per cent growth.
Fitch Ratings on Tuesday said the FY25 Budget demonstrated the government's ongoing commitment to reducing fiscal deficit and ensured policy continuity during the NDA government's new term. Finance Minister Nirmala Sitharaman on Tuesday presented the first Budget of the Modi 3.0 government in which she revised the deficit target for current fiscal lower to 4.9 per cent of the GDP, from 5.1 per cent projected in the interim Budget.
Red Square and VDNKh easily rank among the most striking places I've visited -- both for their historical significance and architectural splendour.
My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
Questioning the Congress's stand on caste census, the BJP leader made certain remarks on Gandhi's caste that triggered the uproar and had Congress members trooping into the well of the Lok Sabha. "Anurag Thakur insulted me and I don't want any apology from him. Abuse or insult me as hard as you can but don't forget we will pass the caste census in this Parliament for sure," the Leader of the Opposition said.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
'While the Budget would be growth-friendly, it would not come at the expense of an increase in the fiscal deficit.'
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
Sitharaman, India's first full-time woman finance minister, had in July 2019 ditched the colonial legacy of a Budget briefcase for the traditional 'bahi-khata' to carry Union Budget papers.
Finance Minister Nirmala Sitharaman on Thursday said projects for port connectivity, tourism infrastructure and amenities will be taken up 'on our islands, including Lakshadweep' to address the 'emerging fervour' for domestic tourism in the country.
How does the Union Budget 2024-25 impact taxpayers, investors and traders?
While this will incur a revenue loss amounting to 0.2 per cent of GDP, it will provide a strong boost to consumer sentiment and spending, points out Rajani Sinha.
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
Finance Minister Nirmala Sitharaman is set to create history when she presents her seventh straight Budget on Tuesday for the fiscal 2024-25, surpassing the record of former prime minister Morarji Desai. Sitharaman, who will turn 65 next month, was in 2019 appointed as India's first full-time woman finance minister when Prime Minister Narendra Modi won a decisive second term.
The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday. In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
This time, it might start between March 5 and 12 in view of polls, government sources said, citing that counting of votes is scheduled for March 4.
The Union Budget 2025-26 on Saturday allocated Rs 2,33,210.68 crore to the Ministry of Home Affairs with the majority of the fund -- Rs 1,60,391.06 crore -- being given to central police forces like Central Reserve Police Force (CRPF), Border Security Force (BSF) and Central Industrial Security Force (CISF) which are responsible for internal security, border guarding and security of vital installations.
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.
India has no intention to escalate tensions with Pakistan, but any military attacks on its soil will be met with a "very" firm response, External Affairs Minister S Jaishankar said on Thursday. Jaishankar made the remarks at a meeting with Iranian Foreign Minister Abbas Araghchi, emphasizing that the "barbaric" Pahalgam terror attack compelled India to carry out strikes on "cross-border" terror infrastructure on Wednesday. He reiterated that India's response was targeted and measured, but stressed that any further military attacks would be met with a firm response. The Iranian foreign minister, who landed in New Delhi amidst escalating tensions between India and Pakistan, called for de-escalation of the situation and stressed the need for regional cooperation to eradicate terrorism. The meeting also focused on boosting ties in areas of trade and investment, including the Chabahar port project.
GST 2.0 may cushion consumers against US tariffs, but like the 2019 corporate tax cut, it risks being another tactical fix rather than a structural growth strategy, expects Debashis Basu.
As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.
With the tablet carefully kept inside a red cover with a golden-coloured national emblem embossed on it instead of the briefcase, Parliament will be her next destination after the call on President Droupadi Murmu at Rashtrapati Bhawan.
The RBI under new Governor Sanjay Malhotra on Friday cut interest rate for the first time in nearly five years as the central bank pivoted the policy stance to support a shuttering economy. The 25 basis points rate cut to 6.25 per cent comes after last rate reduction in May 2020. The last revision of rates happened in February 2023 when the policy rate was hiked by 25 basis points to 6.5 per cent.
The interest rate on these schemes have remained unchanged for over a year now.
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