The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the full Budget for 2024-25, sources said.
Former Indian Prime Minister Manmohan Singh's effusive praise of US President George W Bush during their 2008 meeting in the White House is revisited as a testament to their close relationship and the impact of the landmark Indo-US civil nuclear deal. Singh's statement, while drawing criticism from the Left and BJP, highlighted the transformative nature of the relationship between the two democracies. The article explores the context of their meeting and the broader significance of their relationship in the context of the Indo-US nuclear deal.
There was more to him than he let on, asserts Aditi Phadnis.
Finance Minister Nirmala Sitharaman is set to create history when she presents her seventh straight Budget on Tuesday for the fiscal 2024-25, surpassing the record of former prime minister Morarji Desai. Sitharaman, who will turn 65 next month, was in 2019 appointed as India's first full-time woman finance minister when Prime Minister Narendra Modi won a decisive second term.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
As a leader, he was ambitious, not for himself but for India and its people. His was not the short-term election cycle calculation of individual political gain. His was a practical vision of how to better the lives of his fellow citizens, asserts Ambassador Shivshankar Menon, who served as foreign secretary and national security advisor when Dr Singh was prime minister.
The government on Tuesday announced withdrawal of the 2 per cent equalisation levy or digital tax on overseas e-commerce supplies.
Bypolls will be held on Wednesday in 15 assembly seats spread across Uttar Pradesh, Punjab, Kerala and Uttarakhand. The bypolls, however, will not have any direct impact on the respective legislative assemblies. The results will be declared on November 23. In Uttar Pradesh, polling will be held in Katehari, Karhal, Meerapur, Ghaziabad, Majhawan, Sisamau, Khair, Phulpur and Kundarki. Ninety candidates are in the fray in these seats with the maximum of 14 in Ghaziabad. This will be the first electoral test of the INDIA bloc as well as the NDA in the politically-crucial state after the Lok Sabha elections. In Punjab, bypolls will be held in four assembly seats - Gidderbaha, Dera Baba Nanak, Chabbewal (SC) and Barnala. The bypolls were necessitated after MLAs representing them were elected to the Lok Sabha. Polling will also be held for the Palakkad seat in Kerala and Kedarnath in Uttarakhand.
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
Condolences have poured in from across the globe, including from the United States, Canada and Sri Lanka following the demise of former Prime Minister Manmohan Singh.
So tell us, does Sitharaman's 7th consecutive Budget deserve cheers or boos?
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
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.
User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive. Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
'It took us 75 years to reach a per capita income of $2,730.' 'According to IMF projections, it will take only five years to add another $2,000.'
Union Finance Minister Nirmala Sitharaman's call for making lending rates affordable may not resonate anytime soon as banks still struggle with margin compression, and await clues from the Reserve Bank of India (RBI) on liquidity and rate action. Hinting that any lending rate cut was some time away, State Bank of India (SBI) managing director Vinay M Tonse said there was still some aggression in the market regarding deposit pricing.
Prime Minister Manmohan Singh began his bureaucratic career as an advisor in the Ministry of Foreign Trade.
The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35 per cent tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
Expressing condolences on the demise of the doyen of Indian industry and Chairman Emeritus of Tata Group, Finance Minister Nirmala Sitharaman on Thursday said he has left an indelible mark on society. "Saddened by the passing away of Shri Ratan Tata, a leader par excellence, visionary industrialist, and philanthropist whose contributions have left an indelible mark on our society," Sitharaman said in a post on X.
'That was my mistake.' 'Gautam Adani was not involved in forming the Maharashtra government.' 'Adani was not there in the meeting.' 'The meeting was at his guest house and we were sitting in his guest house.'
Finance Minister Nirmala Sitharaman on Tuesday said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.
As Swades turns 20, Aseem Chhabra looks back at the film that spoke to him.
Ahead of the crucial legislature party meeting scheduled for Wednesday, Bharatiya Janata Party leader Devendra Fadnavis met with caretaker Chief Minister Eknath Shinde on Tuesday, the first in-person meeting since their discussions in Delhi last week for government formation.
Former Karnataka Chief Minister S M Krishna passed away at his residence in Bengaluru early Tuesday morning, his family said.
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 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.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
'All the big things happening today in economic development have their beginning in Dr Manmohan Singh's ideas.'
Senior bankers anticipate discussions on issues related to technology, cyber security, and customer protection.
Union Finance Minister Nirmala Sitharaman on Tuesday said the fiscal deficit for 2024-25 is estimated at 4.9 per cent of GDP.
Devendra Fadnavis will lead the new Mahayuti coalition government in Maharashtra, with Eknath Shinde and Ajit Pawar serving as deputy chief ministers. The swearing-in ceremony is scheduled for Thursday evening at Azad Maidan ground in south Mumbai and will be attended by Prime Minister Narendra Modi and several Union ministers. The Mahayuti coalition won the recent assembly elections by a landslide, securing 230 out of 288 seats.
The video clip shows Sitharaman purportedly giving a bite to the media and terming Goods and Services Tax as the Gopaniya Suchna Tax. It was shared by one Chirag Patel on his X handle.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
He underwent a renal transplant on May 14 and on the same day, his ministerial charges were given to Piyush Goyal on an interim basis.
Both life insurance and medical insurance premiums are subject to an 18 per cent GST rate.
Gross GST collection grew 9 per cent to over Rs 1.87 lakh crore in October on higher revenues from domestic transactions. The Central GST collection stood at Rs 33,821 crore, State GST at Rs 41,864 crore, Integrated IGST at Rs 99,111 crore and cess at Rs 12,550 crore.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for preparation of Union Budget 2024-25 to be unveiled on July 23 in Lok Sabha. The ceremony is a ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
The Karnataka high court on Monday stayed investigation against Union finance minister Nirmala Sitharaman and others over alleged irregularities concerning the now scrapped electoral bond scheme.
Khardah is no ordinary constituency. It is the electoral battleground of two economists-turned-finance ministers.
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