Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
Geopolitical tensions, trade policy uncertainties, volatility in international commodity prices and financial market uncertainties pose considerable risks to India's economic growth in the coming year, the finance ministry cautioned on Wednesday. "Global trade continues to be affected by uncertainty in the policy environment... tariff-related developments in multiple countries have heightened trade-related risks, affecting investment and trade flows globally.
India on Saturday announced plans to amend its nuclear liability law and set up a nuclear energy mission, a move that came ahead of Prime Minister Narendra Modi's likely visit to the United States.
The disqualification of wrestler Vinesh Phogat in the Olympics after being found overweight before the final bout also saw the government and Opposition come to blows in Parliament.
Belying expectations, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
From the 30-share blue-chip pack, Larsen & Toubro rallied nearly 5 per cent. Adani Ports, IndusInd Bank, Tata Motors, Reliance Industries, UltraTech Cement and Asian Paints were also among the major gainers. ITC Hotels, Zomato, Nestle and Maruti were among the laggards.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
Railway Minister Ashwini Vaishnaw has said the Mumbai suburban railway would soon get new-design trains fitted with better features for passenger comfort and reducing overcrowding.
The government proposes to cut custom duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
'It was like rigorously preparing for a solid, good exam...' 'I don't know what marks I will get, but I felt the rigorous preparation of an exam.' 'You may sweat, but I feel rejuvenated.'
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said.
Here is a snapshot of what worked for the BJP and what worked against the AAP in the Delhi assembly elections.
'I do believe there will be a resolution in the next couple of months on the penal tariff and hopefully on the reciprocal tariff also.'
'That is going to have an impact on literally every one, whether you buy a toothpaste, a safety pin, a car, shoes or medicines or you go to a diagnostic centre.'
Sitharaman, India's first full-time woman Finance Minister, broke away from the colonial tradition of carrying a Budget briefcase in July 2019, opting instead for a traditional 'bahi-khata', to carry the Union Budget papers.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
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.
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.
Prime Minister Narendra Modi said on Friday that there have been no attempts from abroad to stoke trouble in India ahead of the Parliament's Budget session, which begins on Saturday. Modi's statement comes as his government prepares to present its first full-fledged budget in its third term. He expressed confidence that the Budget session will infuse new confidence and energy in attaining the goal of 'Viksit Bharat' by 2047, and said his government has been working in a mission mode for an all-round development.
The government on Tuesday proposed to launch a mission to give fillip to the domestic output of critical minerals like copper and lithium, their recycling as well as acquisition of such assets abroad. Presenting Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will launch the auction of the first round of offshore mining blocks.
Reserve Bank of India (RBI) Governor Sanjay Malhotra said the repo rate cut in the February meeting of the monetary policy committee (MPC) was due to inflation aligning with the target and recognising the fact that monetary policy is forward-looking.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that comprehensive development of Vishnupad Temple corridor at Gaya and Mahabodhi Temple at Bodh Gaya in Bihar will be supported by the government to transform them into world-class pilgrim and tourist destinations. These corridors will be modelled on the successful Kashi Vishwanath Temple Corridor, she said. Vishnupad Temple is one of the most ancient Hindu shrines located next to the Falgu river, while the Mahabodhi Temple is a UNESCO World Heritage Site.
India's Finance Minister Nirmala Sitharaman has announced an ambitious plan to develop the country's top 50 tourist destinations in a "challenge mode", with the aim of boosting employment-led growth and attracting international visitors. The Ministry of Tourism has received a significant budget increase for 2025-2026, with a focus on enhancing tourism infrastructure, promoting domestic and international travel, and ensuring the safety of tourists, particularly women. The government plans to promote homestays, improve connectivity to tourist spots, and provide performance-linked incentives to states that demonstrate effective destination management. The budget also includes investments in public enterprises, skill development programs, and initiatives to promote medical tourism and spiritual tourism.
This is the first Budget in Amrit Kaal, she said.
'As the Budget has taken some measures to spur growth, similar action from the MPC may be expected.'
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.
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options, points out A K Bhattacharya.
The agency received Rs 911 crore to manage its affairs in the Budget Estimates for 2022-23, which was later decreased to Rs 906.59 crore in the Revised Estimates.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
"The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India's development. I invite you all to share your ideas and suggestions for this year's Budget on MyGov," the PM said according to a statement posted on his official website on Thursday.
Union Finance Minister Nirmala Sitharaman on Tuesday said the fiscal deficit for 2024-25 is estimated at 4.9 per cent of GDP.
The Union Budget for 2017 is likely to be presented on February 1. An approval for merging the Railway Budget with the General Budget was accorded by Finance Minister Arun Jaitley on Monday.
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.
Reminiscent of the past two years, the market has made positive strides ahead of the Union Budget 2023-24 (FY24). The benchmark National Stock Exchange Nifty has gained 1.8 per cent in the last month. Typically, markets tend to gain ahead of the Budget as investors build in optimism.
When the internal security situation spirals out of the control of the provincial law and order machinery, the CAPFs can be called in, providing a security buffer before the Army is deployed.
