Arun Jaitley presented the Union Budget in Parliament on Saturday.
Over 1.4 lakh jobs are estimated to be created between March 2019 and March 2021 in various central government departments, according to the Union Budget presented on Monday. The strength of government establishments was 32,71,113 as on March 1, 2019, which is estimated to increase to 34,14,226 by the first day of next month - an increase of 1,43,113, it said. The budget documents have given a break-up of the jobs estimated to be created in central government departments between 2019 and March 2021.
The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act, paving the way for privatisation of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. The finance ministry will move amendments to the insurance Act in the ongoing Parliament session.
The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill.
While speaking of taxation, Sitharaman also quoted Sangam era Tamil classic's Yaanai Pugundha Nilam written by Pisirandhayar in Purananooru.
The Supreme Court verdict on the Ram temple showed India's secular character to the world, Shah said.
The Congress, Trinamool Congress, Dravida Munnetra Kazagham and other opposition parties had wanted to raise several issues in the Upper House but Chairman M Venkaiah Naidu did not allow them and adjourned the House till 2 pm. After the Chair did not allow them again when the House met, they boycotted it for the rest of the day.
The Budget will indicate where the Modi government stands on reforms, growth and development.
Finance Minister Nirmala Sitharaman in his Budget speech said that India's FDI inflows in 2018-19 grew by 6 per cent to $64.37 billion.
The nation belongs to Muslims as much as it does to others, Modi said, accusing the Opposition of spreading confusion among them about the law.
The cross-Line of Control surgical strikes, policy towards Pakistan, the situation in Jammu and Kashmir, besides One Rank, One Pension and the plight of farmers were also among issues that were raised at the meeting with parties demanding discussion on them.
Railway Minister Pawan Kumar Bansal did not hike passenger fares.
The government can also individually exempt the PSBs, that are to be privatisated from the two Bank Nationalisation Acts. This will bring such lenders under Banking Regulation Act, and make them companies, reports Nikunj Ohri.
The government says MPs will be busy campaigning in Gujarat. The Opposition counters this, saying campaigning for elections in 5 states was held in the midst of the Budget session earlier this year.
Asked about the BJP's claim that its performance in southern states will be exemplary, Tharoor said, "The claim of an 'exemplary' performance is yet another product of the BJP's propaganda mill."
There are several welcome standalone reforms, but these do not add up to a coherent strategy to achieve a $5 trillion economy or secure Aatmanirbharta, observes Rathin Roy.
Sitharaman is presenting the full Budget for 2019-20. She is carrying the Budget documents in a red silk bag with national emblem.
Converting what was supposed to be an interim budget or a vote on account into an almost full-fledged budget announcement in the Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.
The strike was supposed to affect about 23 million passengers.
The Economic Survey released before next year's Budget could become a single volume, reverting to the practice followed till FY14. "There is so much to write about the Indian economy's performance in the past year. "Most of the exciting themes will be covered in what used to be considered Part II," said a senior government official who is part of the preparations for the Survey.
The General Budget will be presented on July 6 and the Railway Budget will be presented on July 3.
The move is a continuance of the government steps to clamp down on black money.
The Indian economy has "some bright spots and a number of very dark stains" and the government should target its spending "carefully" so that there are no huge deficits, noted economist and former RBI Governor Raghuram Rajan said on Sunday. Known for his frank views, Rajan also said the government needs to do more to prevent a K-shaped recovery of the economy hit by the coronavirus pandemic. Generally, a K-shaped recovery will reflect a situation where technology and large capital firms recover at a far faster rate than small businesses and industries that have been significantly impacted by the pandemic.
The Supreme Court will hear on Tuesday NCP leader Mohammed Faizal's plea against the Lok Sabha Secretariat for not withdrawing a notification disqualifying him as an MP upon his conviction and 10-year sentence that was later stayed by the Kerala high court.
Law Minister Kiren Rijiju said on Monday the government does not "disturb" the personal freedom and activities of individuals but the issue related to the institution of marriage was a matter of policy.
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.
Outlining the roadmap to achieve 7-8 per cent economic growth on sustained basis, the Economic Survey on Wednesday indicated major initiatives in the Union Budget to overhaul tax system, slash deficit, contain prices and boost agriculture.
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
The prime minister was often seen vigorously thumping the desk, prompting his Cabinet colleagues and NDA MPs to follow suit.
Prime Minister Manmohan Singh hailed the Union Budget 2009-10, which was presented by Finance Minister Pranab Mukherjee on the floor of the Parliament on Monday.
When the Chair asked Chowdhury to raise a point of order, Goyal stood up and said that he would not allow the Congress leader to speak in protest against the disruption of the external affairs minister's statement earlier in the day on India's foreign engagements since the Budget session.
Congress leader Rahul Gandhi has written to Lok Sabha Speaker Om Birla to allow him to speak in the house over his democracy remarks made in London, sources said on Monday.
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
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.
Union minister Ananth Kumar alleged that the Congress was increasingly becoming intolerant of people's mandate for the Modi government.
Finance Minister Arun Jaitley has announced no new taxes in the Delhi Budget.
Indian bond yields may not spike if the government opts to increase spending when it unveils its annual budget in late February.
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