Global rating agency Moody's on Monday raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. India's real GDP expanded 8.4 per cent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 per cent growth for full-year 2023. Capital spending by the government and strong manufacturing activity have meaningfully contributed to the robust growth outcomes in 2023, Moody's Investors Service said.
The capital outlay to cover the modernisation programmes have got a hike of 10.05 per cent.
The government may be staring at a modest slippage in fiscal deficit for 2022-23 (FY23), with the Ministry of Finance seeking parliamentary approval for additional spending through a second and final tranche of supplementary demands for grants. On Monday, as the Budget session of Parliament resumed, Finance Minister Nirmala Sitharaman sought Parliament approval for additional gross spending of Rs 2.7 trillion in FY23 (which ends on March 31). While net cash outgo is pegged at Rs 1.48 trillion, the rest will be matched by savings or enhanced receipts, the finance ministry said.
After the infrastructure sector, the public-private partnership model will be extended to rural job generation as well.
Corporate honchos from real estate sector to manufacturing to textile say the Budget does not have enough to help their sectors
The opening ceremonies of the cash-rich T20 league have been a heady mix of glitz and glamour with performances by Bollywood and international artistes.
Securing the GDP estimates a month in advance would be a challenge and the government should take the Central Statistics Office on board before embarking on the new schedule for Budget presentation
The welfare schemes of the government, particularly Lakshmir Bhandar, have had a major impact on the electoral outcome.
A hike of Rs 214 crore was allocated to the Ministry of Youth Affairs and Sports, with Finance Minister P Chidambaram earmarking Rs 1219 crore for it in the 2013-14 budget presented in Parliament on Thursday. In his Budget presented in the Lok Sabha, Chidambaram allocated Rs 1093 crore as plan outlay while Rs 126 crore was set aside for non-plan.
A hike of Rs 214 crore was allocated to the Ministry of Youth Affairs and Sports, with Finance Minister P Chidambaram earmarking Rs 1219 crore for it in the 2013-14 budget presented in Parliament on Thursday. In his Budget presented in the Lok Sabha, Chidambaram allocated Rs 1093 crore as plan outlay while Rs 126 crore was set aside for non-plan.
A few days back, Atul Ganatra, president of the Cotton Association of India, presented a grim scenario of the crop's prospects in the 2024-25 season that starts in October. Addressing the association's annual general meeting, Ganatra said the area under the crop could go down by at least 10 per cent in the coming season due to falling yields and realisation, leading to farmers losing interest. The fear of a decline in acreage comes against the backdrop of India's cotton production probably falling to its lowest in a decade, according to estimates.
She said that despite government scheme and initiatives ranging from roads to agriculture, housing, scholarships to electricity benefiting lives of people, a false narrative was being created by the opposition that the government was working for cronies.
Of the allocation provided, Rs 60,000 crore (Rs 600 billion) would go for capital expenditure, Finance Minister Pranab Mukherjee said presenting the Budget for 2010-11 in the Lok Sabha.
That would result in the military under-spending about Rs 80,000 crore over the financial year.
The Union Budget is not everyone's cup of tea. But here's how you can make it yours.
The chief ministers and the governors of the north eastern state have expressed dissatisfaction over the 'continuous reduction' of budget allocations of the North Eastern Council in the successive five-year plan.
Take a moment to consider ways to improve your finances.
Considering the government's promise of electricity for all by 2012, the only specific mention in the entire Union Budget for the power sector includes the allocation of Rs 7,000 crore (Rs 70 billion)for RGGVY and Rs 2,080 crore (Rs 20.8 billion) for the RAPDRP programme, Indian Electrical and Electronics Manufacturers Association, said. IEEMA welcomes the continuation of reforms, abolition of the fringe benefit tax and proposed introduction of GST on April 1, 2010.
Cut in TUFS scheme allocation is a major negative while extension of interest subvention for another year is positive; one time grant for TN govt, skill development initiative augurs well.
Shivakumar has got the all-important Major and Medium Irrigation and Bengaluru City Development, including the Bruhat Bengaluru Mahanagara Palike (BBMP), Bangalore Development Authority, Bangalore Water Supply and Sewerage Board, Bangalore Metropolitan Region Development Authority and the Bangalore Metro Rail Corporation Limited.
Patel urges government to rein in borrowings, inflation
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
The US of late has seen a rise in Hinduphobia which needs to be fought because there is no place for hatred in this country, Indian-American Congressman Shri Thanedar has said, as he joined a group of Hindu leaders and organisations seeking to fight this growing hate crime against the community.
Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as 'unprecedented' against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61. During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore.
Oil firms yet to get Rs 18,000 crore (Rs 18 billion) of FY12 subsidy compensation, as estimate for this year's underrecovery swells past Budget allocation.
The biggest disappointment was the compromise on the promised corporate tax reduction path.
The situation raises concerns about whether the promised freebies will once again push the state into a revenue deficit.
Participating in the debate on the budget, leaders of parties like the Congress, Bahujan Samaj Party, Aam Aadmi Party and Left launched an all-out attack on the BJP government for allegedly selling off the country's assets and PSUs to big industrialists.
After Finance Minister Arun Jaitley presented his fifth straight budget in the Lok Sabha, Bharatiya Janata Party members and ministers from the Cabinet reacted positively to the Budget. Here are some of the reactions.
Congress on Monday described the Interim Budget as "remarkable" while voicing confidence that its various allocations coupled with the government's performance would help the party hop back to power in the next Lok Sabha elections.
Former CAG Rajiv Mehrishi says Centre has held back a report he submitted to the President, to end what he called "a nightmare of accounts that militates against good governance".
Congress general secretary Jairam Ramesh posed questions for the prime minister ahead of his rallies in Karnataka.
Slammimg the erstwhile UPA government, Sitharaman said between 2012 and 2013, foreign investment recorded a negative 36 per cent growth.
Lou also spoke about China's tensions with neighbouring countries without directly mentioning the eastern Ladakh border standoff with India since May 2020 which resulted in the Galwan Valley clash in June of that year.
The United Nations estimates about one third of the world's 1.2 billion poorest people live in India
A look at how people from different walks of life analyse the Budget.
Pakistan, a member of the global nuclear club, is struggling to defeat dengue fever as disease is spreading like wildfire across the country.
According to the funding projections indicated in the 12th Plan document, allocations for essential medicines would be doubled.
The government has earmarked Rs 270.05 crore for the tour expenses of Union ministers in the General Budget 2013-14 which is slightly more than the last fiscal's allocation of Rs 269.94 crore.
