The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
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 development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
The ministry of finance will kickstart its massive budgetary exercise from October 15.
The government does not seem keen on issuing fresh gold bonds given the overall cost and rising gold prices.
The sources claimed that one of those arrested is believed to be Arsh Dalla, who is associated with the banned Khalistan Tiger Force and ran terror modules on behalf of Hardeep Singh Nijjar, a designated terrorist who was killed in June last year.
India has reduced the time period for foreign investors to seek international arbitration from five years to three years as part of the recently signed investment pact with the United Arab Emirates (UAE), a departure from its model Bilateral Investment Treaty (BIT). Under the Investor-State Dispute Settlement (ISDS) mechanism, if the Indian judicial system is unable to resolve a dispute within this shortened period, investors can resort to international arbitration. The investment pact, signed on February 13 in Abu Dhabi, came into force on August 31, replacing the previous pact.
Finance Minister Nirmala Sitharaman on Thursday said the government is close to reaching saturation in implementing social sector schemes designed to provide basic necessities to the poor. Addressing the students of Hindu College on the occasion of its 125th anniversary, she said the time has come for India to become economically 'aatmanirbhar' (self-reliant) and march forward to becoming a developed nation by 2047. Regretting that 60 years since Independence passed without any sense of urgency, Sitharaman said, "We have laid the material foundation for a Viksit Bharat" and empowering people by providing basic necessities to all.
Nirmala Sitharaman will present the budget of the second term of the Narendra Modi government today.
Here are the key highlights of the BJP's 'Sankalp Patra' for the 2024 parliamentary polls.
Leaders of the JD-U, which has two ministers in the Union government, insist that the resolution also spoke of "special package and other types of help" and that Bihar could still get a lot from Narendra Modi government.
How does the Union Budget 2024-25 impact taxpayers, investors and traders?
Lenders in India, comprising banks and finance companies, anticipate robust growth in retail credit during the upcoming festival season, stretching from September to December 2023. This expectation is based on resilient demand, government initiatives, and elections in key states.
The Union Cabinet on Wednesday approved changes to GST laws to levy a 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs, sources said. The amendments to the Central GST (CGST) and Integrated GST (IGST) acts, which were approved by the GST Council last week, are likely to be introduced in the ongoing monsoon session of Parliament, which will end on August 11. The GST Council in its 51st meeting on August 2 recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
'Since the NDA took office in 2014, and aggressively since 2019, the Union government seems hell bent on centralising all power and resources, only to fail spectacularly.'
Your choice between the Old and New Tax Regimes should reflect your financial strategy and investment goals, says Ramalingam Kalirajan
Kerala Governor Arif Mohammed Khan has written to Chief Minister Pinarayi Vijayan seeking 'constitutionally appropriate' action against Finance Minister K N Balagopal for making a speech 'undermining unity', a demand turned down by the CM.
Congress President and Leader of the Opposition in Rajya Sabha Mallikarjun Kharge on Wednesday questioned Union Finance Minister Nirmala Sitharaman over the Union Budget and claimed that the plates of all states except Bihar and Andhra Pradesh were empty in the budget allocation.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
While Andhra Pradesh is expected to receive Rs 15,000 crore to Rs 20,000 crore, Bihar is likely to get Rs 5,000 crore to Rs 10,000 crore in FY25.
The name of the Maharashtra chief minister will be announced on Wednesday, a day ahead of the swearing-in ceremony of the Mahayuti government, after the Bharatiya Janata Party elects its legislature party leader, a senior functionary said on Monday.
The finance minister clarified that indexation benefits offered until April 1, 2001 would be protected. This means older properties, including legacy assets, would benefit.
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major laggards.
He argued that if inflation is low, stable and moving towards the 4 per cent target, why has the RBI not revised downward the bank rate fixed in June 2023?
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.
In its election manifesto -- 'Sankalp Patra' -- the Bharatiya Janata Party has vowed to implement the Union Civil Code (UCC), maintain peace in the Northeast, among other key poll promises.
The L-G will take decisions on police, officers of all-India services such as the IAS and the IPS, and giving sanction for prosecution in various cases.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
When Finance Minister Nirmala Sitharaman tables her Budget on February 1, the numbers could be something to cheer.
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
The TDP chief said he tried to speak to Prime Minister Narendra Modi as a 'courtesy' to inform him about the decision to quit but he did not come on line.
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.
'The Budget needs to focus more on social welfare schemes.'
The leaders also noted the "negative impacts" of the war in Ukraine with regard to global food and energy security, especially for developing and least-developed countries.
At least 13 candidates are in the race for the position of managing director and chief executive officer (MD & CEO) of Punjab National Bank (PNB), the second-largest public sector bank (PSB), according to multiple sources familiar with the matter. "Among the candidates, some are executive directors (EDs) and managing directors in major PSBs. "Financial Services Institutions Bureau (FSIB) will conduct the interviews next month," said a source.
Finance Minister Nirmala Sitharaman is scheduled to address the post-budget meeting of the RBI's central board on Monday and highlight key points of the Union Budget 2022-23, including the fiscal consolidation roadmap and high capex plan. It has been a custom that the finance minister addresses the RBI board, consisting of RBI Governor and existing four deputy governors, after the Budget. The meeting has been scheduled for February 14 where she would be addressing the board members and talk about announcements made in the Budget to perk up growth hit by three waves of COVID-19, sources said.
Assam chief minister Tarun Gogoi has stated that backward state of Assam and the Northeast region as a while need more fund from the Centre instead of frequent visits of Union ministers, a new and unprecedented trend since Independence.
Why did the political system in the country react to these two decisions of the Modi government in a diametrically opposite manner? asks A K Bhattacharya.
