The BJP accused Congress leaders of colluding with foreign forces to destabilize India and demanded Sonia Gandhi to disclose her role in a George Soros Foundation-funded organization's activities. The ruling party also attacked Rahul Gandhi, calling him a "pawn" for his protests against the Adani issue.
Schemes like the Mukhyamantri Majhi Ladki Bahin Yojana strain fiscal resources amid rising unemployment and prices of food items.
The Lok Sabha was adjourned twice in the post-lunch period on Thursday as a war of words broke out between the treasury and opposition benches, triggered by Congress MP Charanjit Singh Channi's spat with the Bharatiya Janata Party's Ravneet Singh Bittu.
Congress spokesperson Supriya Shrinate said her "sympathies" were with the BJP as big leaders of the INDIA bloc who are known to be good speakers have made it to the House.
'No Budget has so far has addressed the issue of the government's abysmal productivity of capital spending, improving which will be the big game changer. 'But, the government's tight lock on businesses, banks, education, and even essential services like transportation and large parts of infrastructure and healthcare is destroying capital year after year,' points out Debashis Basu.
Leading brokerages have revised their charges with the true-to-label norms by the Securities and Exchange Board of India (Sebi) kicking in from Tuesday.
While presenting her 2021-22 Union Budget, Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 6.8 per cent of nominal gross domestic product (GDP) against the 2020-21 Revised Estimate of 9.5 per cent. The fiscal correction in the upcoming 2022-23 Union Budget is unlikely to be that steep. Even as discussions among top Budget-makers are ongoing, the fiscal deficit target for 2022-23 may likely be in the range of 6.5-6.8 per cent.
'There is also a possibility that Andhra Pradesh may demand a similar package. But as of now, we are only working on a package for Bihar.'
'Additionally, the significant employment multiplier will boost direct and indirect jobs of up to 1.1 million.'
The new Budget would do well to fill up the gaps and pave a strong way forward to ensure that the optimism surrounding it is not short-lived.
In televised remarks after Finance Minister Nirmala Sitharaman presented the budget, Modi said it has many provisions for the agriculture sector, including for making loans easier for farmers.
Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget to boost shipments. As part of its pre-Budget recommendations, the council has also suggested a reduction in the import duty on cut and polished diamonds; cut and polished precious and semi-precious gemstones from 7.5 per cent to 2.5 per cent. "If (gold) imported at 4 per cent duty rate....working capital amounting to Rs 225 crore would be blocked instead of Rs 500 crore," the council said in a statement.
'Retail investors, who had not seen such a massive correction in the SMID universe since COVID-19, are witnessing something like this for the first time. Panic profit booking may continue.'
'If delimitation is not handled well by the Centre, the southern states are certainly going to challenge it.'
A freebie once granted can hardly be discontinued. All that can happen is to substitute it with a bigger freebie, notes A K Bhattacharya.
Talks on global climate finance virtually ground to a halt last week at COP29, the annual United Nations (UN) Climate Change event in Baku, Azerbaijan, as the developed world, led by the European Union (EU), and developing countries including India, Brazil, South Africa, and a clutch of island nations and African countries faced a wide chasm between their expectations. This has raised doubts about whether an agreement can be reached this week or whether talks will spill over to COP30, to be held next year in Benem, Brazil.
The government has convened an all-party meeting on July 21 ahead of the Monsoon Session of Parliament which will start next Monday, the Parliamentary Affairs Ministry said.
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
In the midst of third wave of COVID-19, Finance Minister Nirmala Sitharaman has come up with an impactful Budget which is balanced, fiscally prudent and growth-oriented, the USA India Chamber of Commerce has said. President of the Boston-based USA India Chamber of Commerce (USAIC) Karun Rishi, however, said it is a matter of concern that the budget lacks tangible measures to increase revenue generation. "Opting to keep the fiscal deficit at 6.9 per cent and increase capital expenditure by 35 per cent is a masterstroke. "The annual budget estimates the effective capital expenditure of Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP," he said. "A phenomenal increase in the government's capital expenditure is likely to facilitate the expenditures on infrastructure and create jobs.
BJP MP Nishikant Dubey has written to Lok Sabha Speaker Om Birla seeking initiation of breach of privilege proceedings against Congress leader Rahul Gandhi for making "blatant lies and vilification campaign" during his speech in the House. Dubey alleged that Gandhi used his parliamentary privilege to spread canards without authenticating his charges and distorted historical facts during his speech. Gandhi had claimed that mobile phones were not made in India but only assembled here, China has captured the Indian territory, and India had sent Foreign Minister S Jaishankar to the US to get an invite for Prime Minister Narendra Modi for US President Donald Trump's swearing-in ceremony. He also made allegations related to the electoral rolls for the Maharashtra Assembly polls and the law for the appointment of the elections commissioner. Dubey accused Gandhi of misusing the Constitution's Article 105, which accords privileges to parliamentarians for their comments made inside the Lok Sabha and the Rajya Sabha. He urged the Speaker to initiate proceedings against Gandhi, alleging that Parliament's records and proceedings are a testimony to his irresponsible attitude.
'We will start reaching out to researchers, academics, and experts on AI from top universities and companies from across the world.'
Union Home Minister Amit Shah has announced that India will soon create a comprehensive anti-drone unit to secure its borders. He highlighted the increasing threat posed by drones, especially along the India-Pakistan border, and emphasized a 'whole of government' approach to tackle this issue. Shah also spoke about the ongoing Comprehensive Integrated Border Management System (CIBMS) and the Modi government's Vibrant Village Programme, which aims to develop and integrate the population of northern borders.
Her speech was laced with Hindi, Urdu, Sanskrit and even Tamil verses.
Welcoming government's decision to keep the common man in focus in the Union Budget, country director of United Nations Development Programme Deirdre Boyd said the enhanced funding to social sector will also help India achieve the Millennium Development Goals.
Union Budget 2009-10 comes at an opportune time for the New Government. The stake holders expects the New government to spell out its priorities -- be it to spur the economy from the current sluggishness, or to promote inclusive growth, or to contain the alarmingly high and rising fiscal deficit, or perhaps a good blend of all these!
Last year's Budget had created uncertainty about the quantum of tax to be withheld on dividends paid to non-residents, as the exact tax rate was not specified under section 195.
'China is struggling to get out of its property bubble.' 'Japan took 35 years to walk out of its equity bubble.' 'Bubbles can be difficult to forecast.'
Finance Minister Nirmala Sitharaman on Saturday announced increasing customs duty on imported footwear and furniture. In her second Budget presentation, the finance minister also imposed health cess on import of medical equipment.
Prasad hit out at the Opposition, alleging that it starts getting upset the moment it hears "Kumbh" or "Sanatan".
The government will come out with a White Paper on the mismanagement of economy prior to 2014 with an aim to draw lessons.
Inflows into equity mutual funds (MFs) continued their strong momentum in July, despite the market volatility triggered by the Union Budget.
The first Budget of Independent India was presented by R K Shanmukham Chetty on November 26, 1947.
The total allocation to the defence sector is 12.9 per cent of the total budget of the government of India for the financial year 2024-25.
There is one budget which is often forgotten and lands one in more trouble than expected if not planned properly. This budget is the personal budget of the salaried person.
New government should consider reforming taxation rules.
Elections are not won or lost by expounding on such macro-economic matters. For the aam admi, what matters in manifestos are promises that will improve their quality of life, notes Vinayak Chatterjee.
According to the budget document, Rs 1,891.78 crore has been allocated for purchase of EVMs by the poll panel.
The Budget, to be presented on February 1, is likely to be less worried about fiscal deficit and will be focused more on nursing the fragile growth, according to a Wall Street brokerage report. Bank of America Securities India expects the budget to peg "fiscal deficit at a high 5 per cent of GDP for FY22 and 7.2 per cent for FY21, as it is likely to step up capex, recap public sector banks, push asset sales to break government monopolies, offer sops for real estate, tax cuts for lower income groups and creation of a bad bank". Its house economists expect these spends to be funded by debt and partly by imposing a cess on high income groups and also by some non-fiscal measures like tapping the central bank's revaluation reserves and bank recapitalisation and infra bonds.
'Higher than expected inflation in the US or the European Union, faster than expected tightening by the major central banks, break out of a war in Europe, and withdrawal of portfolio equities from the emerging markets are factors which can result in equity market corrections.'
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