Continuing on the fiscally prudent path, the Modi government in the interim Budget refrained from announcing populist measures, which will help it trim the fiscal deficit to 5.1 per cent of the GDP next fiscal and 4.5 per cent in FY26.
The interim budget 2024-24 on Thursday allocated Rs 1,277.80 crore for census, a significant reduction from 2021-22 when Rs 3,768 crore was allocated and an indication that the exercise may not be carried out even after three years of delay.
The government will come out with a White Paper on the mismanagement of economy prior to 2014 with an aim to draw lessons.
The interim budget 2024-25 on Thursday allocated Rs 202868.70 crore to the Ministry of Home Affairs (MHA) with the highest share of funds going to the paramilitary forces like Central Reserve Police Force (CRPF), Border Security Force (BSF) and Central Industrial Secular Force (CISF), showing priority on internal security and border guarding.
Analysts and economists have hailed the fiscal projections in the interim Budget, saying the lower fiscal deficit forecast shows that the government, even in an election year, is serious about fiscal consolidation and that the numbers look achievable. According to Devendra Kumar Pant, the chief economist at India Ratings, the two broad themes of the interim Budget are fiscal consolidation and stepping up focus on agriculture/rural to course correct, to some extent, the differential benefits of the ongoing economic growth that's tilted in favour of upper-income bracket/urban households. The projected fiscal deficit numbers for FY24 and FY25 suggest that the government is serious about achieving the fiscal consolidation path of 4.5 per cent fiscal deficit by FY26, and given the nominal GDP growth assumption and revenue buoyancy, the target appears plausible, Pant said in a note.
Here are constituency wise mapped results for all the assembly elections.
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.
The Union government is projected to share about 32 per cent of central taxes with states during the financial year 2024-25 against the 15th Finance Commission's recommendation of 41 per cent. The Revised Estimates (RE) for FY24, too, show a similar share of states in the central taxes at 32 per cent. In absolute terms, however, there has been an increase in the amount devolved to states compared to the Budget Estimates (BE) for FY24 at Rs 11 trillion.
Finance Minister Nirmala Sitharaman on Thursday said Pradhanmantri Suryodaya Yojana will enable one crore families to get up to 300 units of free electricity monthly and help them save up to Rs 18,000 annually. "There is provision of Rs 10,000 crore for rooftop solar (scheme) in the Budget," said finance secretary T V Somanathan in press conference on Budget later in the day. Earlier in the day Sitharaman in her interim Budget speech said through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity each month.
The government will formulate a strategy to make India self-reliant in edible oils by boosting domestic output of oilseeds and launch a comprehensive programme to support dairy farmers, Finance Minister Nirmala Sitharaman announced on Thursday. India imports a large quantity of edible oils to meet the domestic demand. During the 2022-23 marketing year (November-October), the country imported nearly 165 lakh tonnes of cooking oils, valuing a whopping Rs 1.38 lakh crore.
Sitharaman, India's first full-time woman finance minister, had in July 2019 ditched the colonial legacy of a Budget briefcase for the traditional 'bahi-khata' to carry Union Budget papers.
Finance Minister Nirmala Sitharaman will present her sixth straight Budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai. Sitharaman in her pre-election Budget, which technically is a vote on account and popularly termed an interim Budget, will seek Parliament's nod for a grant in advance to meet the central government's essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Here are the constituency-wise mapped leads/results for the West Bengal, Assam, Kerala, and Tamil Nadu assembly elections!
Uttam Ghosh offers his take on how Uttar Pradesh voted
Watch as Nirmala Sitharaman unveils India's economic roadmap for the next fiscal year and beyond.
Finance Minister Nirmala Sitharaman on Tuesday said the country's economic growth is expected at 9.2 per cent in the current financial year, on the back of a sharp rebound in the economy. She also said virtuous cycle of investment is expected to revive on account of capex (capital expenditure) and crowd in private investment. "Government focus since 2014 is on poor and marginalised.
While presenting the Budget for 2022-23, the finance minister also said the strategic transfer of Air India ownership has been completed and strategic buyer for (Neelachal Ispat Nigam Ltd) NINL has been selected. National Asset Reconstruction Co Ltd (NARCL) has commenced its activity, Sitharaman added.
The venue has a capacity of 40,000 but at least double that number of people tried to make their way in
'We know how to differentiate between when it's family and when we are manager and player'
India captain Rohit Sharma believes in flexibility in the playing eleven and is not averse to the idea of making one or two changes in every game during India's T20 World Cup campaign, which commences in Melbourne on Sunday.
Messi or Suarez should win World Cup if not Spain, says Luis Enrique
'For us, they are referees, they are match officials'
Belying expectations, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23.
'My only problem is banning alcohol'
Croatia thrives on being considered underdogs and warned that the 2018 World Cup runners-up have what it takes to reach the final again.
Glimpses of support for Ukraine in Washington, DC and London.
England all-rounder Ben Stokes has slammed the "stupid" size of boundary marking sponges at stadiums after seamer Reece Topley was ruled out of the Twenty20 World Cup having suffered a leg injury by stepping on one during a fielding drill.
England captain Jos Buttler has declared himself fit for Sunday's opening Twenty20 International against Australia but Liam Livingstone's ankle injury makes the all-rounder doubtful for their World Cup opener later this month.
Here's what you need to know about the opening ceremony of the Nov. 20-Dec. 18 World Cup in Qatar
Mann also said that no government office will carry photograph of the chief minister.
The relaxation will be subject to existing instructions of state disaster management authorities and preventive measures imposed by concerned district authorities, it added.
The biggest fan party has started in Qatar, take a look:
The identity of the Netherlands goalkeeper for their opening World Cup match remains a closely guarded secret
Points table of the 14th edition of the Indian Premier League.
Team India's new Head Coach Rahul Dravid was spotted at Jaipur's Sawan Mansingh Stadium on Monday, November 15, discussing the nitty-gritty of team selection and the match plan for the first T20 game against New Zealand on Wednesday.
Germans cannot afford any slip-up against the Japanese and risk a potential early exit again.
Ronaldo said that he is not worried about how his actions will impact the squad
India batter Suryakumar Yadav had his first practice session Down Under in Brisbane on Sunday, and the batter said his main focus going into the nets was to assess the conditions.
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