Arun Jaitley presented the Union Budget in Parliament on Saturday.
Addressing a press conference, Leader of Opposition in the Rajya Sabha Mallikarjun Kharge, leader of the Congress in the Lok Sabha Adhir Ranjan Chowdhury and the party's chief whip in the Upper House Jairam Ramesh alleged that the government is throttling the voice of the Opposition leaders to prevent them from raising issues of public importance.
A 'White Paper' versus 'Black Paper' battle erupted on Thursday as the Centre and the Congress unveiled documents and crossed swords over the handling of the Indian economy during the nearly 10 years of the BJP-led NDA rule and the previous 10-year tenure of the Congress-led UPA government.
Prime Minister Narendra Modi on Friday said the Agnipath scheme is an example of necessary reforms undertaken by the Army and accused the opposition of playing politics over the recruitment process aimed at keeping the average age in armed forces young.
Prime Minister Narendra Modi led-NDA government in its third term must tackle the problem of unemployment in the country, especially in the unorganised sector and in small and medium enterprises, former NITI Aayog Vice Chairman Rajiv Kumar said on Monday. Kumar also emphasised that the government now must finalise the four labour codes as it has been delayed beyond expectations. "We must recognise that post-COVID economic recovery has been a K-shaped recovery.
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 Budget will indicate where the Modi government stands on reforms, growth and development.
'The people of Tamil Nadu in particular Chennai know about the double standards of the BJP. Nothing will work for them here.'
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 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 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.
While speaking of taxation, Sitharaman also quoted Sangam era Tamil classic's Yaanai Pugundha Nilam written by Pisirandhayar in Purananooru.
Railway Minister Pawan Kumar Bansal did not hike passenger fares.
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.
As the 240-seater prime minister attempts to moderate his image of hardline hero, he has made room for others to elbow in and that is what is happening. And that it what will continue to happen from inside the BJP, notes Aakar Patel.
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.
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 General Budget will be presented on July 6 and the Railway Budget will be presented on July 3.
The strike was supposed to affect about 23 million passengers.
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.
Sitharaman is presenting the full Budget for 2019-20. She is carrying the Budget documents in a red silk bag with national emblem.
The move is a continuance of the government steps to clamp down on black money.
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 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.
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.
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.
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.
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 prime minister was often seen vigorously thumping the desk, prompting his Cabinet colleagues and NDA MPs to follow suit.
Union Minister Piyush Goyal on Friday sought an apology from the Congress for the controversial statement by party MP that suggested a call for a separate south nation over fiscal injustice, but the opposition party's president said it stands for a united nation and will not tolerate any such call.
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
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.
Indian bond yields may not spike if the government opts to increase spending when it unveils its annual budget in late February.
Union minister Ananth Kumar alleged that the Congress was increasingly becoming intolerant of people's mandate for the Modi government.
Can Jaitley's team hope to garner 17% more on personal income tax?
The markets tanked 209 points after Finance Minister Pranab Mukherjee tabled the Union Budget in Parliament on Friday. Economic Affairs Secretary R Gopalan defends the measures, saying the markets will need time to comprehend the measures.
Finance Minister Arun Jaitley has announced no new taxes in the Delhi Budget.
The Budget 2013 will be placed in the Parliament on February 28. Though the Budget this year is expected to be exceptionally austere, the corporate honchos have dished out their wishlists.
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