Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
"For decades in our country, the meaning of the Budget was restricted to what announcements were made in whose name. The Budget was turned into an account of the vote bank," Modi said.
The ministry has also been allocated funds for Lok Sabha polls and photo identity cards for voters.
The opposition parties will meet on Monday morning to evolve their strategy in both Houses of Parliament after protests by them on the Hindenburg-Adani issue overshadowed most of the first half of the Budget session.
The police detained five women and Shree Rajput Karni Sena president Mahipal Singh Makrana before he could meet them in Ahmedabad.
Jaitley increased the excise duty on most tobacco products by 10-15 per cent.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
There are various estimates of India's debt to GDP ratio, but the consensus is that that it would be over 80 per cent at the end of the current fiscal year.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
Aditya Birla Money MD talks about liquidity concerns in the market.
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.
'We need to put aside our anxieties about the Budget for now and possibly for long, and carry on as best as we can,' advises Shreekant Sambrani.
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
The RBI on Friday said maiden Sovereign Green Bonds (SGrBs) would be issued in two tranches for an aggregate amount of Rs 16,000 crore, and proceeds will be utilised for funding public sector projects seeking to reduce carbon emissions. The first auction would be done on January 25 while the second on February 9, the Reserve Bank of India (RBI) said in a statement. The proceeds will be deployed in public sector projects, which help in reducing the carbon intensity of the economy, it said.
Former RBI governor D Subbarao has suggested that the government should come up with a 10-year road map for privatisation of all Public Sector Banks (PSBs) as it would provide much needed predictability to stakeholders. Subbarao further said that the big bang approach to privatisation of state-owned banks is not desirable but at the same time the issue should not be put on the back burner. "Ideally, we should have a road map, maybe over a 10 year timeframe, to privatise all PSBs. "That will give much needed predictability to all stakeholders," he told PTI.
AAP leader and Delhi minister Atishi made the allegations against the agency at a press conference and called the entire probe a "scam" in itself.
The election is likely to witness a three-cornered contest involving the ruling Aam Aadmi Party, the Bharatiya Janata Party and the Congress.
The Reserve Bank on Friday said it will soon commence the pilot launch of e-rupee for specific use cases with a view to bolstering India's digital economy, making payment systems more efficient, and checking money laundering. In a concept note on Central Bank Digital Currency, the RBI said CBDC is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems. "Supported by state-of-the-art payment systems of India that are affordable, accessible, convenient, efficient, safe and secure, the Digital Rupee (e?) system will further bolster India's digital economy, make the monetary and payment systems more efficient and contribute to furthering financial inclusion," the paper said.
'After 2011-2012, both our investment rate and savings savings rate have declined. 'Correspondingly, the savings rate in the economy as percentage of GDP, also has come down.'
The Centre has decided not to give a go-ahead to the Par-Tapi-Narmada river link project following strong protests against it by tribals, Gujarat Bharatiya Janata Party president C R Paatil said on Tuesday.
The government planned to borrow 10-15 per cent of the total borrowing offshore. That works out to at least Rs 71,000 crore, or about $10.4 billion at Friday's exchange rate.
The Rajya Sabha approved 15 legislations during the session while the Lok Sabha passed 23 bills, including the GST bills.
Leaks of documents are neither new nor limited to particular ministries.
The economy hasn't gathered even half the traction that some of us assumed it would just a year back.
The bills were passed by voice vote.
Rajya Sabha Chairman Jagdeep Dhankhar's decision to allow Singh to speak on the Bharat Ratna honour to Charan Singh drew sharp protest from the Congress, leading to a heated exchange of words between the opposition and the treasury benches.
Rural outlay may go up 23% to reduce pains of demonetisation
It is believed that Gehlot allegedly likened Pilot to coronavirus.
While presenting the Union Budget for 2009-10, finance minister Pranab Mukherjee had said that in order to bring in tax reforms in the country the government will bring the new DTC within 45 days. The code will replace the existing Income Tax Act, which was enacted in 1961 and would subsume the direct tax legislations.
The Reserve Bank will launch the first pilot for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, and later expand it to nine more cities in the initial phase. This follows a month after the RBI had started a pilot in the digital rupee - wholesale segment on November 1. The Reserve Bank announces the launch of the first pilot for retail digital rupee (e?-R) on December 1, 2022, the central bank said in a statement on Tuesday.
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
The ruling front and the opposition members are at loggerheads over the Adani issue and the disqualification of Congress leader Rahul Gandhi from the Lower House.
To begin, the Budget has no doubt attempted to address uncertainty.
Prime Minister Narendra Modi, who is in the United States for a three-day state visit, has gifted an eco-friendly lab-grown 7.5 carat diamond, placed in Kashmir's exquisite Papier mache box, to First Lady Jill Biden.
The G20 declaration, which hit snags on the language to describe the Ukraine war, amounted to a 'coup' for host Prime Minister Narendra Modi though the final compromise statement reflected a stand far softer than those the United States and its Western allies have adopted on Russia, the world media said on Sunday.
This Union Budget had very little for a housewife already grappling with the rising prices of day-to-day articles, including food products and vegetables. But there wasn't much bad news either.
Simple takeaways from the Union Budget 2015-16 and how it impacts your life
The ministry has got Rs 1,03,927 crore for 2019-20 which is 4.9 per cent more than Rs 99,034 crore given in 2018-19.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
In the new Parliament House, with a soft launch this Winter Session, paper is expected to disappear. For the guidance of ministers, secretaries can scribble notes on linked pads even from their offices to respond to queries from members.
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