Page 25 - Budget 2024

The four pitfalls

Avoiding policy flaws more important than fulfilling India Inc's Budget wish list

Budget 2024: Exporters seek import duty cut on gold, silver, platinum bars

Gems and jewellery exporters on Tuesday sought a reduction in import duty on hold, silver, and platinum bars to 4 per cent in the forthcoming Budget. In a pre-budget meeting with Finance Minister Nirmala Sitharaman here, the Gems and Jewellery Export Promotion Council said the Indian gems and jewellery industry contributes around 10 per cent to total merchandise exports. However, the industry is currently facing some challenges due to the geopolitical scenario, the emergence of the beneficiation scheme, and issues related to rough diamond sourcing, it added. Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperati

Budget 2024: Rise in standard deduction limit likely in new tax system

Union Budget 2024: Standard deduction represents a portion of the income that is not subject to taxation; it serves as a comprehensive allowance for tax deductions available to salaried employees

Budget Watch: From toys to footwear, new PLI schemes knocking on the door

Amid demands from industry bodies and govt departments, the upcoming Union Budget 2024 may see PLI schemes introduced for even more items

Trade unions demand scrapping of labour codes, restoration of OPS

Trade Unions also suggested stopping the privatisation of public sector undertakings

Lok Sabha session: People want substance not slogans, says PM Modi

Prime Minister Narendra Modi on Monday said people have given his government mandate for a third consecutive term and have put a stamp of approval on its policies and intentions. He also said that the 18th Lok Sabha begins on Monday with a resolve of building a 'Shreshtha Bharat' and 'Viksit Bharat'. Addressing the media in Parliament complex at the beginning of the first session of the new Lok Sabha, PM Modi asserted that his government will take everyone along in fulfilling the aspirations of the people. Modi also noted that Emergency's 50th anniversary falls on June 25, and described it as a "black spot" on India's democracy when Constitution was discarded. Welcoming new MPs, he said the 18th Lok Sabha commences with a dream of building a developed India by 2047. People expect good steps from the opposition but it has been disappointing so far, he said while expressing hope that it will fulfil its role and maintain democracy's decorum. India needs a responsible opposition and

Education Budget 2024: What did FM Sitharaman say in the past five Budgets?

Education Budget 2024: The BJP-led NDA government has steadily increased its allocation towards the education sector, focusing on skilling and digitisation. Here are highlights of the last 5 years

Budget 2024: Trade unions seek OPS, hike in tax rebate for salaried class

Constitution of the 8th pay commission, increase in tax rebate for salaried class and restoration of the old pension scheme are some of the key demands made by trade union leaders during a pre-budget meeting with Finance Minister Nirmala Sitharaman on Monday. The unions also asked the government to stop the privatisation drive of PSUs, scrap the new pension scheme and restore the old pension scheme (OPS). "The ceiling limit for the income tax rebate for the salaried class on their salary and gratuity must be substantially raised. Government-sponsored social security fund for the unorganised workers and agricultural workers has to be set up to provide them with defined universal social security schemes including minimum pension of Rs 9,000 per month and other medical, educational benefits," the CTUs said in their memorandum. Besides, they have sought that all the existing vacancies in the central government departments and PSUs must be filled immediately and the practice of contract

Budget Watch: Why Ashok Gulati thinks Budget 2024 may have a populist tinge

In an exclusive interview, eminent agriculture economist Ashok Gulati talks about expectations for agriculture from Union Budget 2024 to be presented in July 2024

Budget 2024: Will the govt bring back fare concessions for senior citizens?

Union Budget 2024: According to RTI disclosures, Indian Railways earned around Rs 2,242 crore from about 150 million senior citizens during the financial year 2022-23

Budget 2024: High allocation expected for railways despite capex pressure

A report, citing government officials, said that the gross budgetary support for railways is set to increase to Rs 2.6 trillion

Budget 2024: Infrastructure takes centre stage post Lok Sabha elections

With the 2024 Lok Sabha elections now concluded, all eyes are on the Union Budget, which will be announced in July. Here's a glimpse into the key infra allocations of Interim Budget 2024

Switch to India's longer-dated bonds extends as index inclusion date nears

While news of Modi's poor electoral showing triggered a bond selloff, the market later recovered after cabinet appointments including FM Sitharaman were seen to indicate no change

ICAI, MCA secretary discuss road map to create big Indian companies

Earlier in May, Finance Minister Nirmala Sitharaman had said that the ICAI should take it as a challenge to set up an Indian big four firm and seek global clients

Budget 2024: Haryana seeks special grant assistance for projects in NCR

Haryana Finance Minister Jai Prakash Dalal on Saturday sought special grant assistance from the Centre for the implementation of various projects in the national capital region (NCR). Dalal raised this issue during a meeting of finance ministers of all states that was chaired by Union Finance Minister Nirmala Sitharaman in Delhi. In the meeting, Dalal mentioned that the Haryana government has developed the KundliManesarPalwal (KMP) expressway around Delhi to reduce congestion in the NCR region. "Work is also underway on the major project of the Haryana Orbital Rail Corridor, a 122-km long project from Palwal to Sonipat with a revised estimated cost of Rs 11,600 crore," according to an official release. Other major projects being implemented in the NCR include the integrated multi-modal logistics hub in Narnaul covering an area of 1,000 acres, the India International Horticulture Market in Ganaur, Sonipat, and the Delhi-Panipat fast rail corridor as part of the regional rapid transp

Budget 2024: TN urges FinMin to provide Rs 63,000 cr for CMRL Phase II

Tamil Nadu government on Saturday urged Union Finance Minister Nirmala Sitharaman to make provisions in the upcoming union budget and sanction Rs 63,246 crore for the Chennai Metro Rail Phase II project for which the foundation stone was laid in November 2020. This central project recommended by the Public Investment Board in August 2021 was awaiting approval of the Cabinet Committee on Economic Affairs for the last three years, Tamil Nadu Finance Minister Thangam Thennarasu said. Pending this approval, the entire expenditure is being borne by the state from its own funds, he said. "The delay in approval is making a severe impact on our state finances and has slowed the pace of implementation of this project, causing hardships to the people of Chennai. I urge the Union Government to immediately sanction the project, as originally envisaged, and ensure adequate provisions are made in the Union Budget 2024-25," he said . He was speaking at the meeting of state finance ministers with .

Odisha seeks higher allocation of Centre's funds for infra development

The new BJP government in Odisha has submitted a memorandum to the Centre seeking expansion of Paradip port, a second AIIMS at Sambalpur and higher allocation of funds to further accelerate infrastructure development in the state, an official release said on Saturday. The memorandum was submitted by Odisha Deputy Chief Minister K V Singh Deo who attended the meeting of Finance ministers of the states before the Union Budget. The meeting was chaired by Union Finance Minister Nirmala Sitharaman in New Delhi on Saturday. The Odisha government memorandum sought higher allocation under the Scheme for Special Assistance to States for Capital Investment (SACI), 2024-25 to further accelerate infrastructure development, the release said. Apart from the demand for the establishment of a second AIIMS at Sambalpur, the state government also sought expeditious completion of National Highways, specifically the Coastal Highway and Capital Region Ring Road (CRRR) projects, in Odisha. The new BJP

Centre anticipates Rs 70k crore GST cess surplus from 'sin' goods

The surprise surplus is attributed to impressive revenue generation from taxes on the so called "sin" goods like pan masala, cigarettes

Budget: Farm bodies for higher agri R&D spend, more PM-KISAN allotment

The farmers' groups pitched for the rationalization of fertilizer subsidies and infrastructure development to boost the sector's resilience against climate change

Budget: Special unit of 'cyber commandos' on Home Ministry's 100-day agenda

MHA also working on launching a mobile application called 'Cyberdost' for reporting and alerting users about cybercrimes