The total assets of the country's sitting legislators amount to Rs 73,348 crore, which is more than the combined annual Budgets (2023-2024) of Nagaland (Rs 23,086 crore), Tripura (Rs 26,892 crore), and Meghalaya (Rs 22,022 crore), totaling around Rs 72,000 crore.
So how do you rate the Modi government's 11th budget?
'We have to retain some fiscal headroom without compromising on the promised fiscal consolidation roadmap.'
Finance Minister Nirmala Sitharaman on Saturday said Rs 1.5 lakh crore will be provided towards 50-year interest free loans to states, for infrastructure development. Also, an asset monetisation plan will be launched for 2025-30 period to infuse Rs 10 lakh crore capital in new projects.
The winter session of Parliament is set to begin with the government prioritizing its reforms agenda, including a bill to open the civil nuclear sector to private players. The opposition is expected to raise concerns about electoral roll revisions and air pollution.
Fitch Ratings on Tuesday said the FY25 Budget demonstrated the government's ongoing commitment to reducing fiscal deficit and ensured policy continuity during the NDA government's new term. Finance Minister Nirmala Sitharaman on Tuesday presented the first Budget of the Modi 3.0 government in which she revised the deficit target for current fiscal lower to 4.9 per cent of the GDP, from 5.1 per cent projected in the interim Budget.
This comes a day after President Droupadi Murmu gave her assent to the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Bill, which replaces the MGNREGA and has a provision for 125 days of wage employment for rural workers.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
Questioning the Congress's stand on caste census, the BJP leader made certain remarks on Gandhi's caste that triggered the uproar and had Congress members trooping into the well of the Lok Sabha. "Anurag Thakur insulted me and I don't want any apology from him. Abuse or insult me as hard as you can but don't forget we will pass the caste census in this Parliament for sure," the Leader of the Opposition said.
The Union Budget's focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on 'State of the Economy'. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. "We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world.
Earlier, proceeds from disinvestment were shown separately as part of the miscellaneous receipts in the Capital Receipts Budget.
Breaking the nearly three-decade-old dominance of the undivided Shiv Sena, the Bharatiya Janata Party on Friday emerged victorious in the Brihanmumbai Municipal Corporation (BMC) elections, and also vanquished the alliance of Nationalist Congress Party factions led by Sharad Pawar and Ajit Pawar in the Pune civic body.
'To encourage the habit of saving, a portion of the incentive will be kept in a savings instrument of deposit account for a fixed period and can be withdrawn by the employee at a later date.'
Amid an ongoing power tussle in the ruling Congress, Karnataka Chief Minister Siddaramaiah called on party president Mallikarjun Kharge at his residence here, and dismissed speculation of a leadership change in the state.
The defence budget was on Thursday increased to Rs 6.21 lakh crore for 2024-25 in a modest hike of 4.72 per cent from last year's allocation of Rs 5.25 lakh crore amid India's continuing border row with China in eastern Ladakh as well as concerns over evolving security situation in the strategic waterways.
At the same time, Rs 53.32 crore is for the President's Secretariat and Rs 36.22 crore for the expenditure on the President's household establishment, including staff salaries, which includes discretionary grants of the President.
I am inclined to believe that the Venezuela adventure is not an indication of American strength, alas, but rather of American weakness, points out Rajeev Srinivasan.
The opposition has been demanding a debate on Operation Sindoor -- the strike on terror sites in Pakistan by the Indian armed forces in response to the terrorist attack in Pahalgam on April 22.
How does the Union Budget 2024-25 impact taxpayers, investors and traders?
The fiscal deficit for FY25 has been pegged at 4.8 per cent of GDP and at 4.4 per cent for FY26, Finance Minister Nirmala Sitharaman said on Saturday. Presenting the Budget 2025-26, she said net market borrowings are estimated at Rs 11.54 lakh crore for next fiscal year.
President Droupadi Murmu has given her assent to the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) Bill, which aims to replace MGNREGA and guarantee 125 days of wage employment per rural household.
The Union Budget 2025-26 has allocated over Rs 1,400 crore to the law ministry to meet carry forward expenditure for holding the 2024 Lok Sabha elections and purchase of new electronic voting machines for the Election Commission. The allocation includes Rs 500 crore for the elections, Rs 300 crore for voter identity cards, Rs 597.80 crore for "other election expenses", and Rs 18.72 crore for new EVMs. The law ministry is the nodal agency for the Election Commission, polls, electoral laws, and appointment of members to the poll panel.
The Comptroller and Auditor General of India (CAG) has launched an integrated audit across 32 states and Union Territories to assess the ease of doing business for the micro, small and medium enterprise (MSME) sector.
This has been our history of good governance: Things that were difficult to do and required planning and implementation were first taken up and then abandoned, notes Aaakr Patel.
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
Finance Minister Nirmala Sitharaman is set to create history when she presents her seventh straight Budget on Tuesday for the fiscal 2024-25, surpassing the record of former prime minister Morarji Desai. Sitharaman, who will turn 65 next month, was in 2019 appointed as India's first full-time woman finance minister when Prime Minister Narendra Modi won a decisive second term.
Opposition parties have called for a discussion in Parliament on the Maha Kumbh tragedy and the UP government's alleged focus on VIPs rather than the common pilgrims. Union minister Kiren Rijiju has stated that the Business Advisory Committee will decide on the agenda of the Budget Session, which will start from January 31. The Session will commence with President Droupadi Murmu addressing the joint sitting of Lok Sabha and Rajya Sabha. The Union Budget will be presented on February 1.
"An important aspect of this budget is the welfare of the poor," Modi said.
Deloitte on Thursday projected economic growth at 6.5-6.7 per cent for the current fiscal, as tax incentives provided in the Budget are expected to push domestic demand amid an uncertain global trade environment. Deloitte estimated India's GDP growth at 6.3-6.5 per cent for FY25 and said that the economic outlook for FY26 hinges on a delicate balance between evolving trade relations and government efforts to boost domestic consumer demand.
The Gujarat International Finance Tech-City, or Gift City, is expected to be spread over 886 acres and will have a special economic zone on 261 acres.
If it was Andhra Pradesh last Budget, it's poll-bound Bihar that has now turned to Centre with a list of demands. How the NDA government is delivering on promises.
Opposition leaders slammed the Centre on Wednesday for its 'limited' focus on important sectors like health and education in the Budget for 2023-24 fiscal.
The amount allocated for 'Tour Expenses' has been fixed at Rs 259 crore.
'If the BJP detoxifies the nuclear liability law, it will bring economic, environmental and, most of all, strategic benefits.' 'Let's keep our fingers crossed and hope that this Budget promise is met soon -- ideally, before Mr Modi heads to his first meeting with Trump 2.0,' observes Shekhar Gupta.
CAG warns most states of fiscal imprudence as March spending overshoots limits, with key departments exhausting large portions of budgets in the last month of FY24.
The Taliban's remarks came after Finance Minister Nirmala Sitharaman proposed a $25 million development aid package for Afghanistan in the Union Budget.
There is a need to incentivise R&D investments, offer corporate tax concessions and establish an effective intellectual property rights regime in order to push the growth of domestic pharmaceutical industry, as per the industry bodies. Outlining the sector's wish list for the upcoming Union Budget, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai urged the government to explore methods to incentivise R&D investments, such as deductions on R&D expenses, research-linked incentives for MNCs, and corporate tax concessions.
With the tablet carefully kept inside a red cover with a golden-coloured national emblem embossed on it instead of the briefcase, Parliament will be her next destination after the call on President Droupadi Murmu at Rashtrapati Bhawan.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
The time limit is proposed to be extended from the current two years to four years.
