Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors. Further, the cost paid by the shareholder to acquire these shares will be considered for computation of capital gains or loss to them.
The budget underscores government's previous emphasis on capex to sustain near-term recovery from the pandemic, while simultaneously paving the way for longer-term restructuring of the economy, it stated. But the various spending initiatives are not offset by any significant announcements related to further increase revenue generation; rather, the announced revenue-related measures are aimed at other objectives such as fostering startup innovation, ensuring more equitable treatment for cooperatives and state employees, and promoting tax compliance through simplification, Christian de Guzman, a senior vice-president, sovereign risk group, Moody's Investors Service, said.
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 session will begin with President Ram Nath Kovind's address to the Lok Sabha and Rajya Sabha assembled together in the Central Hall and chambers of both the Houses in view of the COVID-19 situation.
Of the Rs 1.97 trillion that the government intends to spend on all 14 production-linked incentive (PLI) schemes, around Rs 41,000 crore remains unutilised as of now, according to a senior government official. This means that 80 per cent of the total allocated amount, or Rs 1.56 trillion, will be used to pay incentives to companies eligible to claim benefits over the next few years. The unutilised amount/savings result from undersubscription, lukewarm responses in the case of schemes such as textile, as well as a reduction in the allocation of schemes.
Moody's Investors Service on Wednesday raised India's economic growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum. It however revised downwards India's growth estimate for 2022 to 6.8 per cent from 7 per cent pegged in November last year. In its February update to Global Macro Outlook 2023-24, Moody's raised the baseline 2023 real growth projections "meaningfully" for several G20 economies, including the US, Canada, the Euro area, India, Russia, Mexico, and Turkiye, accounting for a stronger end to 2022.
In a boost to the space programme, the government on Wednesday approved the Chandrayaan-4 mission to bring back moon rocks to earth, to send a spacecraft to orbit planet Venus and to expand the Gaganyaan project to build an Indian space station.
'Volumes in F&O trading had gone up rapidly and, in a way, the increase in STT on F&O will protect investor interest.'
'We now look at divestment as an opportunity for maximising the value of public assets, not necessarily as a short-term resource-raising measure.'
The ministry has got Rs 1,03,927 crore for 2019-20 which is 4.9 per cent more than Rs 99,034 crore given in 2018-19.
IndusInd Bank was the top gainer in the Sensex pack, spurting over 5 per cent, followed by Bajaj Finserv, HCL Tech, Bajaj Finance, Kotak Bank and Axis Bank. NSE Nifty jumped 203.15 points to 17,780.00.
Engagement with neighbours is a strategic imperative, and not an option, asserts Rup Narayan Das.
Modi also suggested them to identify redundant laws in their respective ministries and move towards scrapping them, the sources said.
Pawar also said it is the moral responsibility of the major Opposition parties in Maharashtra to protect in the state assembly polls the interests of smaller allies, which were part of the coalition in the 2024 Lok Sabha elections.
Accusing the Centre of setting a new trend of playing "dirty politics" for votes through the budget, an editorial in Sena mouthpiece 'Saamana' said the allocation of more funds to poll-bound states is a kind of "bribery".
The Left party had favoured spending six and three per cent of GDP on education and health care sectors.
Presenting the budget for the sixth consecutive time in the Assembly, Sisodia said the Delhi government will implement the Ayushman Bharat Yojana of the Centre in the national capital.
More than three crore signatures submitted to PM seeking scrapping of Aadhaar.
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
The Pakistan Cricket Board wants the BCCI to provide written proof of the Indian government's denial of permission in case the team refuses to come here for next year's ICC Champions Trophy.
The BJP and Congress have called out the 'Delhi model' as a hoax, built on sustained propaganda when the ground reality is different.
The defence budget was increased to Rs 3.37 lakh crore for 2020-21 against last year's Rs 3.18 lakh crore.
CII has also called for tax incentives for new health care projects and import duty relief for lifesaving equipment.
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?
India's total value of defence production breached Rs 1 trillion-mark in the fiscal year 2022-23 (FY23), up 12 per cent year-on-year (YoY). At the bourses, this has been well reflected in related-stocks from the sector as they gained considerable ground during this period. Shares of Hindustan Aeronautics (HAL), Mazagon Dock Shipbuilders, MTAR Technologies, Bharat Electronics (BEL), and Bharat Dynamics (BDL) have skyrocketed up to 160 per cent in a year, as against a 14 per cent jump in the S&P BSE Sensex.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
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.
Delhi Finance Minister Atishi on Monday announced the 'Mukhyamantri Mahila Samman Yojana' for the 2024-25 fiscal, under which Rs 1,000 will be given monthly to women aged above 18 from the fiscal year 2024-25.
The significant gainers in the interim sports budget are SAI, the National Sports Development Fund (NSDF) and the corpus meant for giving incentives to sportspersons
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
The first part of the session will conclude on February 11. After a month-long recess, the part two of the session would begin from March 14 and conclude on April 8.
The aid to Nepal increased substantially from Rs 650 crore in 2018-19 to Rs 1,050 crore in 2019-20.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
This is an increment of about 0.50 per cent compared to the last budget.
The government will have to allocate more resources for banks in the Budget.
Presenting the Budget for 2019-20 in the Lok Sabha, Finance Minister Piyush Goyal also said Rs 35,000 crore has been given under the One Rank One Pension scheme in the last three years.
It is important to increase employment in general. It is even better to increase good quality jobs. Strategically, it is important to move people from farms to factories to improve overall labour productivity. It is important to improve job opportunities for women, for urbanites and for the educated. The Budget does not contain ideas to do any of this, points out Mahesh Vyas.
'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
