The Union Budget 2024-25 on Tuesday allocated Rs 2,19,643 crore to the Ministry of Home Affairs with the majority of it -- Rs 1,43,275 crore -- being given to central police forces like Central Reserve Police Force (CRPF), Border Security Force (BSF), and Central Industrial Security Force (CISF) which are responsible for internal security, border guarding, and security of vital installations.
In a continued push to spiritual tourism, there will be a focus on destinations related to the life and times of Lord Buddha.
Having missed the target for the current financial year, Finance Minister Nirmala Sitharaman on Saturday proposed to spend Rs 11.21 lakh crore towards capital expenditure (capex) for FY26. However, the capex target is going to be missed by about 93,000 crore for the current financial year.
The Centre's fiscal deficit at the end of the eighth month of financial year 2024-25 touched 52.5 per cent of the full-year target, government data showed on Tuesday. In absolute terms, the fiscal deficit -- the gap between the government's expenditure and revenue -- was about Rs 8.47 lakh crore during the April-November period, according to the data released by the Controller General of Accounts (CGA).
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.
"Commonwealth Games in India would leave lasting impact by boosting tourism, and creating jobs, the Government said in a statement.
The disqualification of wrestler Vinesh Phogat in the Olympics after being found overweight before the final bout also saw the government and Opposition come to blows in Parliament.
As it gains commercial viability, the food will likely become a powerful political currency.
"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.
'2025 is the year to build a portfolio for the future. Focus this year should be on valuations and visible growth.'
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
India has no intention to escalate tensions with Pakistan, but any military attacks on its soil will be met with a "very" firm response, External Affairs Minister S Jaishankar said on Thursday. Jaishankar made the remarks at a meeting with Iranian Foreign Minister Abbas Araghchi, emphasizing that the "barbaric" Pahalgam terror attack compelled India to carry out strikes on "cross-border" terror infrastructure on Wednesday. He reiterated that India's response was targeted and measured, but stressed that any further military attacks would be met with a firm response. The Iranian foreign minister, who landed in New Delhi amidst escalating tensions between India and Pakistan, called for de-escalation of the situation and stressed the need for regional cooperation to eradicate terrorism. The meeting also focused on boosting ties in areas of trade and investment, including the Chabahar port project.
India's goods exports rebounded in July after two months of contraction, with outbound shipments rising 7.3 per cent to $37.24 billion, led by a surge in exports to the United States before the country's reciprocal tariff kicked in and bolstered by a recovery in exports to other key markets.
Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs. For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000.
This is the first Budget in Amrit Kaal, she said.
Farmer representatives and agricultural stakeholders urged the government to provide cheaper long-term credit, implement lower taxes, and double the PM-KISAN income support during a comprehensive pre-budget consultation with Finance Minister Nirmala Sitharaman on Saturday. The two-hour meeting saw a detailed discussion of proposals, aimed at addressing multiple challenges in the agricultural sector, with key demands focusing on financial relief, market reforms, and strategic investments.
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The government proposes to cut custom duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
In a double-dose bid to boost growth and employment prospects, the Union Cabinet on Tuesday approved a Rs 2.07 trillion outlay for a research development and innovation (RDI) Scheme to fund private sector innovations, and an employment-linked incentive (ELI) to create over 35 million new jobs over the next two years.
'Our vision is to innovate as many products as we can and solve as many problems as possible.'
The agency received Rs 911 crore to manage its affairs in the Budget Estimates for 2022-23, which was later decreased to Rs 906.59 crore in the Revised Estimates.
The 'halwa ceremony' marks the beginning of the lockdown of several officials in the finance ministry, who remain cut off from their families until the presentation of the Budget by the finance minister in the Lok Sabha.
Reminiscent of the past two years, the market has made positive strides ahead of the Union Budget 2023-24 (FY24). The benchmark National Stock Exchange Nifty has gained 1.8 per cent in the last month. Typically, markets tend to gain ahead of the Budget as investors build in optimism.
India on Saturday announced plans to amend its nuclear liability law and set up a nuclear energy mission, a move that came ahead of Prime Minister Narendra Modi's likely visit to the United States.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
Finance Minister Nirmala Sitharaman on Tuesday termed misleading claims by opposition leaders that if any state is not named in the Budget speech, then it does not get any budgetary allocation. Replying to a Budget discussion in the Lok Sabha, Sitharaman asserted that no state was being denied money. She recalled that in the past Budgets by the UPA government also did not mention names of all states in their Budget speech.
The government on Tuesday proposed to launch a mission to give fillip to the domestic output of critical minerals like copper and lithium, their recycling as well as acquisition of such assets abroad. Presenting Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will launch the auction of the first round of offshore mining blocks.
Geopolitical tensions, trade policy uncertainties, volatility in international commodity prices and financial market uncertainties pose considerable risks to India's economic growth in the coming year, the finance ministry cautioned on Wednesday. "Global trade continues to be affected by uncertainty in the policy environment... tariff-related developments in multiple countries have heightened trade-related risks, affecting investment and trade flows globally.
From the 30-share blue-chip pack, Larsen & Toubro rallied nearly 5 per cent. Adani Ports, IndusInd Bank, Tata Motors, Reliance Industries, UltraTech Cement and Asian Paints were also among the major gainers. ITC Hotels, Zomato, Nestle and Maruti were among the laggards.
Railway Minister Ashwini Vaishnaw has said the Mumbai suburban railway would soon get new-design trains fitted with better features for passenger comfort and reducing overcrowding.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
Like last year, Sitharaman opted for a traditional 'bahi-khata' to carry budget documents. Dressed in a crisp yellow silk saree, the minister carried the documents wrapped in a red silk cloth, adorned with the Indian emblem in golden.
'The preparedness of our defence forces and positioning of intelligence assets were very different in 2008, so we had to rebuild our assets and preparedness.'
'Threat assessment, intelligence analysis, (battlefield) situation review -- what has transpired in the last three hours -- was conducted with the help of AI.'
Union Finance Minister Nirmala Sitharaman on Tuesday announced that comprehensive development of Vishnupad Temple corridor at Gaya and Mahabodhi Temple at Bodh Gaya in Bihar will be supported by the government to transform them into world-class pilgrim and tourist destinations. These corridors will be modelled on the successful Kashi Vishwanath Temple Corridor, she said. Vishnupad Temple is one of the most ancient Hindu shrines located next to the Falgu river, while the Mahabodhi Temple is a UNESCO World Heritage Site.
Battle lines have already been drawn and the opposition has insisted on a debate on demonetisation.
The decision has been taken following requests made in this regard by market participants as Budget contains several market-moving announcements.
