'Indian players in the digital market should not be dominated by global players, and they should not dominate the smaller players -- these discussions are on.'
Zetwerk Manufacturing, a $3.1 billion company in the contract manufacturing space, is planning to come up with an initial public offering within the next 15-24 months, a top company executive said on Saturday. The Bengaluru-based company aims to raise at least $500 million, targeting a valuation of around $5 billion.
Equity benchmarks climbed in early trade on Wednesday amid an overall positive trend in the global markets and ahead of the presentation of Union Budget 2023-24. The 30-share BSE benchmark Sensex jumped 516.97 points to 60,066.87. The broader NSE Nifty climbed 153.15 points to 17,815.30.
The government on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
'I had to persuade him. I think he was a sceptic to begin with, but later on he was convinced that what we were doing was the right thing to do, that there was no other way out.'
Amid FY23 Union Budget's focus on investments, leading domestic credit rating agency Crisil on Wednesday said that the capital expenditure is "not as high as it sounds". It, however, was quick to add that considering that governments usually tend to cut capex during a crisis, the government has maintained its focus on growth-spurring initiatives amid the pandemic. The research wing of the agency said, if one excludes the Rs 1 lakh crore of loans to states for capex included in the headline figure of Rs 7.50 lakh crore or 2.91 per cent, the actual spend in FY23, will go down to 2.58 per cent of GDP, which is barely at par with the revised estimate of FY22.
Most of the members, including Prime Minister Narendra Modi, were seen wearing face masks. However, members had crowded the Lok Sabha chamber, while hardly a handful of others, including union ministers Dharmendra Pradhan and Piyush Goyal, were seen seated in the Rajya Sabha chamber.
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 DMK protested in the Lok Sabha after Union Education Minister Dharmendra Pradhan criticized the Tamil Nadu government for refusing to implement the National Education Policy (NEP) and accused them of "politics." Pradhan alleged that the state had initially agreed to the PM SHRI scheme but later backed out. The DMK, however, asserted that they have issues with the NEP and the three-language formula, and cannot accept it in full. The protests disrupted House proceedings, leading to an adjournment. The DMK members were angered by Pradhan's accusations, demanding the release of funds allocated for education in the state.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
'During his stint as prime minister, he got 270 million people out of poverty.' 'This, according to the World Bank, is the fastest compression of poverty anywhere in the world.' Arvind Mayaram, the former finance secretary, recalls his encounters with Dr Manmohan Singh.
We present here a graphic explanation of the Budget 2016.
Savitri and Narayanan Sitharaman arrived in a separate car in Parliament.
Union Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1 ahead of the Lok Sabha elections likely to be held in April-May.
The Union Budget on Monday evoked contrasting responses in the political arena with the ruling Bharatiya Janata Party hailing it as a vision for an 'Aatmanirbhar Bharat' and the Opposition describing it as a 'let down like never before' that was meant to 'deceive' people.
'...to address the serious faultlines that had got exposed during the pandemic.' 'If the economy is looking up this year, we could have been allocated an increase of at least 20%.'
The Union Budget will be presented on February 29.
The Bharatiya Janata Party on Saturday returned to power in Delhi after more than 26 years to sweep away the Arvind Kejriwal-led Aam Aadmi Party with a two-thirds majority on the back of a hyper localised campaign and Prime Minister Narendra Modi's 'AAP-da'(disaster) blitzkrieg.
'Not only jobs are not being generated, but people are also losing jobs.'
'If it doesn't, it will continue with measures to infuse liquidity, signalling a new cycle,' predicts Tamal Bandyopadhyay.
The government told an all-party meeting Monday that it does not intend to bring any legislative business in Rajya Sabha during the first part of the Budget Session which is till February 11, sources said.
Chief ministers of three Congress-ruled states -- Karnataka's Siddaramaiah, Himachal Pradesh's Sukhvinder Singh Sukhu and Telangana's Revanth Reddy -- have announced they will not attend the NITI Aayog meeting over alleged bias against their states in the Union Budget.
Finance Minister Nirmala Sitharaman on Thursday said there are no changes in tax rates for direct and indirect taxes, including import duties. She also said the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014.
The Union Cabinet on Monday approved the Budget for 2009-10. As is customary, the Cabinet met an hour before the presentation of the Budget in the Lok Sabha to put its seal of approval.
Top on the government's agenda would be getting Parliament's approval to the budgetary proposals and presentation of the budget for the Union Territory of Jammu and Kashmir.
Government departments have been tasked with identifying major goals, which will include annual targets from the financial year 2024-2025 to 2028-2029.
In the Union Budget for 2021-22 presented by Finance Minister Nirmala Sitharaman on Monday, the force received Rs 429.05 crore, an increase of Rs 2.78 crore (or 0.65 per cent hike) from the last budget.
The Congress on Monday strongly criticised the Union budget, saying Finance Minister Nirmala Sitharaman's speech was oblivious to the declining GDP and the budget was a case of "wrong diagnosis and prescription".
Finance Minister Nirmala Sitharaman on Tuesday announced the doubling of the upper limit of Mudra loans to Rs 20 lakh to promote entrepreneurship in the country. "The limit of Mudra loans will be enhanced to Rs 20 lakh from the current Rs 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the 'Tarun category', she said while presenting the Budget in the Lok Sabha.
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
Among Sensex shares, Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra & Mahindra, ICICI Bank, ITC and Asian Paints were the biggest winners. On the other hand, Kotak Mahindra Bank, Reliance Industries, NTPC, UltraTech Cement and Power Grid were among the laggards.
Congress President and Leader of the Opposition in Rajya Sabha Mallikarjun Kharge on Wednesday questioned Union Finance Minister Nirmala Sitharaman over the Union Budget and claimed that the plates of all states except Bihar and Andhra Pradesh were empty in the budget allocation.
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.
Prime Minister Narendra Modi asserted that his "vocal for local" campaign is bearing fruit as Indian products are going global and making their presence felt across the world. He said that India was becoming the land of infinite innovations, finding affordable solutions and offering them to the world. The prime minister also highlighted the country's rising defense products, electronics, automobile sector, and the success of superfoods, Ayush products, and yoga. He said India should be presented to the world as it is, without any bias. Modi said that the country was now emerging as a manufacturing hub and a "factory of the world." He added that India was creating solutions that were affordable, accessible, and adaptable, and offering them to the world without gatekeeping.
Does this Budget deserve cheers or boos? You decide
The Delhi assembly which held 74 sittings over its five-year term, met for an average of 15 days a year. On the days it met, the assembly sat for an average of three hours.
'Cases of molestation and rape are reaching the doorstep of households irrespective of their socio-economic status. That's the extent to which criminals are feeling emboldened today.'
The Indian government has appointed Finance Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI). Pandey, a 1987-batch IAS officer, will replace Madhabi Puri Buch, whose three-year tenure ends on February 28. Pandey's appointment comes at a time when the markets are experiencing bear pressure due to withdrawals by foreign institutional investors (FIIs). Pandey has extensive experience in the finance ministry, having served as the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE). He also played a key role in the framing of the 2025-26 Budget and the drafting of the new Income Tax Bill. Pandey's appointment is for an initial period of three years.
As the finance minister rises in the House to present the Budget, some interesting facts about the annual financial plan for the country.
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