The Union finance ministry has kicked off the exercise for preparation of the Union Budget for the fiscal year 2012-13 and has asked all ministries to rush proposals by October 31 for inclusion in the second supplementary budget for 2011-12 to be presented in the winter session of Parliament.
The government is likely to provide a subsidy of Rs 35,000 crore to state-owned Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) to make up for losses they incurred on selling the fuel this fiscal, sources said.
She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country.
The Budget for 2024-25 should focus on employment generation, besides promoting the manufacturing sector, economists attending the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman here on Wednesday said. The meeting was attended by National Co-convenor Swadeshi Jagran Manch Ashwani Mahajan, Director and Chief Executive of the Institute for Studies in Industrial Development (ISID) Nagesh Kumar, and TCA Anant among others.
Two years after his dismissive stance on India's AI potential raised eyebrows here, OpenAI CEO Sam Altman on Wednesday gave a ringing endorsement to Artificial Intelligence momentum in the country -- and billed India as an important market not just for the new-age technology itself but for the ChatGPT creator as well. In New Delhi on Wednesday, Altman -- while sharing dais with Union IT minister Ashwini Vaishnaw -- said India is the second biggest market for the company and that Open AI had tripled its users here in the last year.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Tata Electronics on Saturday began the construction of its Rs 27,000-crore chip assembly plant in Assam, which is expected to become operational next year and create 27,000 jobs initially. The plant will produce 4.83 crore chips per day using indigenously-developed technologies. The plant's Bhumi Pujan (foundation stone laying) ceremony was held at the project site at Jagiroad in Morigaon district in the presence of Assam Chief Minister Himanta Biswa Sarma and Tata Sons Chairman N Chandrasekaran.
The finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in the wake of the COVID-19 crisis. However, funds for schemes under the Pradhan Mantri Garib Kalyan Package, the Aatmanirbhar Bharat Abhiyan package and any other special package or announcement would be allocated, according to an office memorandum by the department of expenditure, which comes under the finance ministry.
Believe it or not, Prime minister Manmohan Singh's Cabinet is unable to arrive at consensus on the exact identity of AADHAAR -- Unique Identification Number (UID).
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
The wide-ranging sanctions imposed by the US on the Russian oil sector have started to dent near-term oil flows to India with state-owned Bharat Petroleum Corporation Ltd (BPCL) saying not enough cargoes are available for March.
Reserve Bank of India Governor Shaktikanta Das has been ranked as the top central banker globally for the second consecutive year by US-based Global Finance magazine. "Happy to announce that for the 2nd consecutive year, RBI Governor @DasShaktikanta has been rated 'A+', in the Global Finance Central Banker Report Cards 2024," the RBI said in a post on X.
'...still have lost the 2014 Lok Sabha polls but could have won 140 seats.'
The time is ideal for a 'Dream Budget' akin to the 1991 reforms that sparked high growth and unlocked significant gains in productivity, points out Rajeswari Sengupta.
The BJP has again fielded Prataprao Patil Chikhalikar who humbled Ashok Chavan in the 2019 Lok Sabha polls by over 40,000 votes.
Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
Enterprising women business correspondents, known as BC Sakhis, have facilitated transactions worth Rs 27,000 crore in Uttar Pradesh, earning Rs 75 crore in commission over the past four and a half years. BC Sakhis, appointed under the nationwide women empowerment programme, are members of self-help groups (SHGs) who are trained and certified to provide banking and financial services in rural areas.
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.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
'The global situation is not very good.'
Debroy's economic interests and research work covered numerous areas such as economic theory, income inequality, and infrastructure financing.
'We face the risk of remaining a low-income country for a very long time unless something changes in the next few years.' 'Instead of constantly talking about becoming a developed economy, we need to start fixing the problems of the economy one by one.' 'There is so much potential, and we are squandering away the opportunity.'
The 63-year-old has been admitted in a private ward of the hospital.
The monthly Rs 2500 payment for poor women is expected to cost Rs 11,000 crore while the pension scheme of Rs 2000 for every senior citizen will cost around Rs 4100 crore. The Yamuna clean up will cost over Rs 10,000 crore while a similar amount is required to upgrade Delhi's hospitals. Ultimately, the new BJP government will have no choice but to ask the centre for financial support, notes Rashme Sehgal.
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
'There's a misconception that all Rs 1 lakh crore will be spent immediately, leading to higher consumption of FMCG goods, travel, and vehicle purchases.' 'While some of this money will go toward consumption, not all of it will.' 'The impact depends on where people deploy their savings.'
The government will provide Rs 11.11 lakh crore for capital expenditure for 2024-25 and introduce viability gap funding to spur private investment in infrastructure, Finance Minister Nirmala Sitharaman said on Tuesday. Presenting the Union Budget for FY2024-25, she said that the government will endeavour to maintain strong fiscal support for infrastructure over the next five years, in conjunction with imperatives of other priorities and fiscal consolidation.
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
The Union government is expecting to rake in Rs 100-200 crore in additional revenue from Pillar Two, only under specific circumstances, a senior finance ministry official said requesting anonymity. It is proceeding cautiously, and is unlikely to implement rules anytime soon, the source said.
India appears poised to sustain its growth in a more durable way than before with the economy carrying the momentum from FY23 into the current fiscal year, the Annual Economic Review for 2022-23 released by the finance ministry on Thursday said. However, the report cautioned that escalation of geopolitical stress, enhanced volatility in global financial systems, sharp price correction in global stock markets, a high magnitude of El-Nino impact, and modest trade activity and FDI inflows, are factors that could constrain the pace of growth. "Should these developments deepen and dampen growth in the subsequent quarters, the external sector may challenge India's growth outlook for FY24," the finance ministry said.
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
So tell us, does Sitharaman's 7th consecutive Budget deserve cheers or boos?
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.
The Supreme Court of India has directed all high courts, state governments, and union territories to ensure the availability of separate toilet facilities for men, women, persons with disabilities (PwDs), and transgender persons in all court premises and tribunals across the country. The court stressed the importance of public health and the right to privacy, stating that adequate public toilets protect women and transgender persons. The court also expressed concern about the condition of public toilets near toll plazas on national highways and emphasized the need for proper sanitation facilities in court premises for judges, advocates, litigants, and staff members. This decision highlights the importance of access to basic amenities in ensuring a fair and dignified justice system.
A higher level of private sector financing and resource mobilisation from new sources will be crucial for India to build quality infrastructure, according to the Economic Survey 2023-24. The Economic Survey 2023-24 was tabled in Parliament by Finance Minister Nirmala Sitharaman on Monday.
So how do you rate the Modi government's 11th budget?
Whether she will pare the fiscal deficit target of 5.1 per cent of GDP, using the record dividend received from the RBI, or expand flagship government programmes will be keenly watched.
Finance Minister Nirmala Sitharaman on Wednesday said the Union Budget strikes a fine balance between growth, employment, and fiscal consolidation, and promotes cooperative federalism. Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26. Sitharaman, also a former defence minister, said the Agniveer Scheme to recruit people in the age group of 17.5 to 21 years, is aimed at keeping the armed forces fit, young and battle-ready.
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