7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
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.
"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).
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.
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.
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.
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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.
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The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
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.
Let there be a rule that if the Budget is not passed and funds cannot be drawn from the Consolidated Fund of India, there will be a government shutdown as it happens in the United States, says A K Bhattacharya.
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.
Civil society groups welcome the submission of a memorandum opposing Aadhaar and other anti-people policies to the prime minister along with a big truckload of signatures numbering 3.57 crore on March 14, says Gopal Krishna
The stormy second part of Budget Session continues. Both houses of Parliament have been facing continuous protests by opposition parties over issues like fuel price hike.
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.
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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.
Finance Minister Nirmala Sitharaman is likely to reply in Rajya Sabha on the Union Budget 2022.
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.
'Going forward, the encouragement would be to move to the new tax regime.'
The opposition leaders are expected to meet at Leader of Opposition in Rajya Sabha Mallikarjun Kharge's office in the Parliament complex around 10 am, sources said.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
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.
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.
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.
"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.
The Pradhan Mantri Awas Yojana-Grameen has the highest unutilised amount (Rs 13,111 crore) compared to any other centrally sponsored scheme.
The first session of 17th Lok Sabha will commence on Monday, which will see the passing of the Union Budget and some key legislations like triple talaq bill being on top of the government agenda.
Finance Minister Nirmala Sitharaman on Monday called on President Ram Nath Kovind before presenting the Union Budget 2021-22. As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament. The Union Cabinet will meet at 10.15 am to clear the Budget.
The Indian National Developmental Inclusive Alliance (INDIA) parties, led by the Congress, staged a walkout from both Houses of Parliament on Wednesday, in protest against all states except two being 'ignored' in the budget, an allegation termed 'outrageous' by Finance Minister Nirmala Sitharamanm, who said all the states never found a mention in any of the previous budgets, including those presented by the Congress.
She has shown shrewdness, sensitivity, and courage. All of these will be needed in ample quantities for the real challenge that will emerge after the elections, notes Shreekant Sambrani.
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.
The row over Bharatiya Janata Party MP Anurag Thakur's remarks in Lok Sabha escalated on Wednesday with the Congress submitting a notice to move a privilege motion against Prime Minister Narendra Modi for posting on 'X' a video that allegedly also contained expunged portions of Thakur's speech.
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.
"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 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.
This will be the first time since the presentation of independent India's first budget on November 26, 1947, that the documents containing income and expenditure statement of the Union government along with finance bill, detailing new tax and other measures for the new financial year, will not be physically printed.
The Bharatiya Janata Party's office-bearers, members of Parliament and other leaders will fan out across the country to explain the merits of Union Budget 2022 to the people.
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