Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
As part of the ritual, ''halwa'' is prepared in a big ''kadhai'' (large frying pot) and served to the entire staff involved in the Budget making exercise of the ministry. Halwa was served while maintaining COVID protocol with all present in mask and those distributing sweets were wearing gloves.
So how do you rate the Modi government's 10th budget which comes ahead of the crucial five-state election?
Finance Minister Nirmala Sitharaman on Wednesday again took a digital tablet wrapped in a traditional 'bahi-khata' style pouch as she headed for Parliament to present Union Budget 2023-24 in a paperless format just like the previous two years. She posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, six paise from non-tax revenue like disinvestment and two paise from non-debt capital receipts, according to the Budget documents for 2023-24.
Watch all the action from Lok Sabha and Rajya Sabha.
The winter session of Parliament usually starts from the last week of November or the first week of December, while the budget session starts from the last week of January and the Union Budget is tabled on February 1.
Finance Minister Nirmala Sitharaman on Saturday announced six new schemes and increased the subsidised Kisan Credit Card (KCC) loan limit to Rs 7 lakh from Rs 5 lakh, targeting everything from unemployment to crop productivity enhancement across the country. Presenting her eighth budget speech in Parliament, Sitharaman positioned agriculture as "the first engine of growth" and unveiled the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship program targeting 100 agri-districts grappling with low productivity, moderate crop intensity, and below-average credit parameters.
The session will begin with the address of the President to the joint sitting of the two Houses on Friday morning followed by the presentation of the Union Budget on February 1.
As the row erupted in Parliament, the Congress said the Gandhi family's caste is martyrdom but the BJP-RSS will never understand that.
The first part of the session will conclude on February 11. After a month-long recess, the part two of the session would begin from March 14 and conclude on April 8.
Ahead of their proposed tractor parade on Republic Day, protesting farmer Unions Monday announced they will march towards Parliament from different locations on February 1 when the annual Union Budget is scheduled to be presented.
"The budget adopts following seven priorities -- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector," she said.
Here's how the budget impacts the pocket of the common man.
The need for finding options for proper functioning of Parliament is of paramount importance as the frequency of the passage of Budgets and other economic Bills without discussion or debate has only increased in the last few years, notes A K Bhattacharya.
Watch all the action from Lok Sabha and Rajya Sabha
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
The Congress party has accused the BJP of engaging in "damage control" after the party distanced itself from comments made by two of its MPs, Nishikant Dubey and Dinesh Sharma, criticizing the Supreme Court. Congress general secretary Jairam Ramesh stated that the BJP's clarification was merely an attempt to mitigate the damage caused by the MPs' remarks and that the party's actions were hypocritical, given the silence of the BJP president on similar comments made by other party members.
The government on Monday said that matters regarding Chinese intrusion can't be discussed in Parliament as it concerns the security of the country.
A leading Catholic Church daily in Kerala has described the Waqf amendment bill as a crucial test of secularism in Parliament, urging MPs to support it. The editorial in Deepika daily comes as the union government prepares to table the bill for parliamentary consideration. The editorial calls the bill a test of secularism and warns MPs that failing to support it would mark them in history as endorsing religious fundamentalism. The paper added that the bill will also put an end to the injustices faced by thousands of Hindu, Christian, and Muslim citizens who have suffered due to the Waqf law. The editorial also recalled the recent statement addressed to Kerala MPs by Kerala Catholic Bishops' Council (KCBC) where the KCBC President Cardinal Mar Baselios Cleemis Catholicos urged amending provisions in the Waqf law that validate claims over land which people of Munambam have lawfully possessed. Opposition parties have slammed the bill as "unconstitutional" and against the interest of the Muslim community.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
'Going forward, the encouragement would be to move to the new tax regime.'
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
A higher level of private sector financing and resource mobilisation from new sources will be crucial for India to build quality infrastructure, according to the Economic Survey 2023-24. The Economic Survey 2023-24 was tabled in Parliament by Finance Minister Nirmala Sitharaman on Monday.
The Pradhan Mantri Awas Yojana-Grameen has the highest unutilised amount (Rs 13,111 crore) compared to any other centrally sponsored scheme.
The BJP has launched a fresh attack on Rahul Gandhi, questioning his frequent visits to Vietnam. The party's leaders have accused him of spending more time in the Southeast Asian country than his constituency and have demanded an explanation for his "extraordinary fondness" for Vietnam. Gandhi's foreign trips have been a target of the BJP's criticism in the past, with the party portraying him as unserious and unfit for domestic politics.
"There has been a 0.05 percentage points decline in the share of allocation for child budget to the Union Budget from 2.35 per cent (2022-23 BE) to 2.30 per cent (2023-24 BE).
The Indian government has informed Parliament that 25 Indian nationals have been sentenced to death in the UAE, but the judgments are yet to be implemented. The Ministry of External Affairs stated that 10,152 Indian prisoners, including undertrials, are currently incarcerated in foreign prisons. The government provides assistance to Indian nationals sentenced to death abroad, including consular access and legal aid. In the past five years, Indian nationals have been executed in Malaysia, Kuwait, Qatar, and Saudi Arabia. The UAE authorities have not shared any data regarding the execution of Indians, but informal information suggests no executions have occurred since 2020.
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy.
The All India Muslim Personal Law Board (AIMPLB) has urged Muslims to wear a black armband on their right hand during Juma prayers on the last Friday of Ramzan as a mark of protest against the Waqf (Amendment) Bill. The AIMPLB has been vocal in its opposition to the Bill, calling it "controversial, discriminatory and damaging." The organization has planned nationwide protests against the Bill, with large sit-ins scheduled in several cities.
For fiscal year FY23, the 2022 Union Budget had targeted a capex outlay of Rs 7.5 trillion, which is 35.4 per cent higher than the FY22 Budget Estimate of Rs 5.54 trillion.
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
Party leader Rahul Gandhi dubbed the Union Budget as a 'zero-sum budget', saying it has nothing for the salaried, middle class and the poor.
The revised salaries of MPs are significantly lower than the salaries drawn by top bureaucrats in the country.
"The President was getting very tired by the end... she could hardly speak, poor thing," Sonia Gandhi, the former Congress chief, was heard saying in clips in what appeared to be a reference to how long the address was.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
This is the first Budget in Amrit Kaal, she said.
The government on Monday said it was willing to discuss every issue under rules during the Budget session of Parliament and sought the support of the Opposition in running the proceedings smoothly.
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.
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