Page 8 - Budget And Economy

Niti Aayog seeks proposals to evaluate centrally sponsored schemes

Government think tank Niti Aayog has invited proposals for evaluation of centrally sponsored schemes across nine crucial sectors, including health, agriculture and education. According to the Aayog, each sector will require a separate application through the GeM portal. The 9 CSS packages include agriculture and allied sector, women and child development, education and rural development, among others. Centrally sponsored schemes (CSS) are implemented by the state governments but sponsored by the central government with a defined shareholding. These schemes are aimed at supplementing efforts undertaken by the state government because the Centre has more resources at its disposal. These schemes can either be national or regional in character. In CSS, the funding by the central government works as an initiation, with further spending coming from states towards the cause. The deadline for receiving the request for proposal (RFP) is August 30, 2024.

Andhra Guv promulgates ordinance for Rs 1.3 trn Vote-on-Account budget

Andhra Pradesh Governor S Abdul Nazeer has promulgated an ordinance approving a Vote-on-Account budget for the state for a sum of Rs 1.3 lakh crore for four months. The Andhra Pradesh Appropriation (Vote-on-Account No. 2) Ordinance, 2024 came into force and enables the state government to withdraw funds from the Consolidated Fund of the state. It is necessary that a grant in advance be made in respect to the estimated expenditure for further (4) months of the financial year 2024 25, said the ordinance shared on Thursday. As the Andhra Pradesh Legislature is not in session now, the Governor was convinced that circumstances make it necessary to take immediate action in the form of an ordinance under clause (1) of Article 213 of the Constitution of India. According to the ordinance, the southern state is going for a Vote-on-Account budget for another four months as the new government has come to power and the Finance Department in coordination with other departments is finalising the

'B' in BJP's Budget stands for 'betrayal', alleges Cong President Kharge

Congress president Mallikarjun Kharge on Thursday accused the Modi government of indulging in "tokenism" by bringing in "so-called employment-linked incentive schemes", and said the 'B' in the Union Budget stands for "betrayal". Kharge alleged that the Modi government's Budget has mere internships forced upon the industry with no long-term solution in sight. He said that a week into the 'Kursi Bachao Budget', the academia and the industry awaits clarity from the Modi government on its "tokenism" regarding the "so-called 'employment-linked incentive' schemes". "Crores of youth want a permanent solution to their plight of Jobs, but Narendra Modi ji's government bitterly deceives them by not even giving a temporary solution!" he alleged. "We ask two questions to the Modi government on these sham schemes -? When will the Modi government provide details of the schemes?" he said. Neither the youth nor the industry which is to be nudged, according to Finance Minister Nirmala Sitharaman,

Budget a fine balance, takes care of all segments, says FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said the Union Budget strikes a fine balance between growth, employment, and fiscal consolidation, and promotes cooperative federalism. Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26. Sitharaman, also a former defence minister, said the Agniveer Scheme to recruit people in the age group of 17.5 to 21 years, is aimed at keeping the armed forces fit, young and battle-ready. The minister, who presented her seventh Union Budget, also said the economic document proposes unflinching support for cooperative federalism. "I would like to underline that our unflinching commitment to cooperative federalism. The total resources proposed to be transferred to the states in 2024-25 are estimated at Rs 22.91 lakh crore. This actually entails an increase of R

Budget with BS: 'We are in one of the biggest market booms', says Motilal Oswal's Raamdeo Agrawal

Latest updates: Catch all the updates on the analysis of the Union Budget for FY25 here

Parliament updates: Budget proposes unflinching support to cooperative federalism, says FM in RS

Lok Sabha and Rajya Sabha news updates: Here are the latest updates on the developments in the Parliament

Union Budget 2024-25, J&K Budget passed in Lok Sabha by voice vote

The Lok Sabha approved the Rs 48.21-lakh crore Budget for 2024-25 of the Union Government. The lower House also approved the budget of the Union Territory of Jammu and Kashmir with a voice vote. The Union Budget and Budget for J&K was passed by a voice vote by the Lok Sabha. The relevant appropriation bills were also passed by the House. Replying to the debate, Finance Minister Nirmala Sitharaman said the fiscal deficit of the central government is proposed to be brought down to 4.9 per cent of the GDP during 2024-25 and further to below 4.5 per cent by 2025-26.

Cong slams govt for double standards in giving funds to flood-hit states

The Congress Sunday accused the central government of practising "double standards" in allocating funds to flood-afflicted states, alleging that it was exacting "revenge" on the people of Himachal Pradesh for not voting for the BJP in the assembly elections. Congress general secretary (In-charge, Communications) Jairam Ramesh said, "Yesterday, the self-anointed non-biological Prime Minister said that Viksit Bharat depends on Viksit states. Wow, such a profundity. If only he put the taxpayer's money where his mouth is!" "After the disastrous floods of 2023, the government of Himachal Pradesh repeatedly demanded that the Union government declare the floods a national calamity'? a plea which Finance Minister Nirmala Sitharaman repeatedly rejected," Ramesh said in a post on X. "Now, in her Budget Speech, when allocating funds for irrigation and flood mitigation, the Finance Minister has provided a vivid illustration of the double standards at work in the non-biological PM's Government,"

News updates: One dead after flooding in UPSC coaching centre basement, rescue operations underway

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Rs 10,351.82 cr to Himachal in Budget will immensely help state: Malhotra

Himachal Pradesh will benefit a lot from the Union Budget 2024-25 and receive Rs 10,351.82 crore from the central funds which will give a boost to developmental activities in the state, said Union Minister of State for Transport and Highways and Corporate Affairs Harsh Malhotra here on Saturday. Addressing a press conference to explain the provisions of the Union Budget, he said they will give impetus to horticulture, construction of roads and tunnels besides increasing the Mudra loan from Rs 10 lakh to Rs 20 lakh. Asserting that enormous funds are being spent on construction of highways, tunnels and expansion of railway network, the minister said a sum of Rs 1,681 crore will be spent on the 4.1-km Shinkula Tunnel connecting Lahaul in Himachal and Zanskar in Ladakh located at an altitude of 15,800 feet. Its foundation stone was laid by the Prime Minister Narendra Modi on July 26. He said the road will be constructed by the Border Roads Organisation (BRO). He also informed that a su

CM Stalin attacks Centre, calls Union Budget a 'revenge' against country

Tamil Nadu Chief Minister M K Stalin on Saturday launched a sharp attack against the ruling BJP at the Centre over the 2024-25 Union Budget, calling it a 'revenge' taken by the saffron party against the country and warned it will face more electoral defeats since it was committing "mistake after mistake." Explaining his decision to boycott the Niti Aayog meeting scheduled in New Delhi under the Chairmanship of Prime Minister Narendra Modi on Saturday, Stalin said he was 'compelled' to speak in the people's forum, seeking justice due to the "discriminatory attitude" towards Tamil Nadu reflected in the budget. The state's pleas for disaster relief to the tune of Rs 37,000 crore and Chennai Metro Rail's second phase were not heeded to, he said in a statement. Further, the BJP runs "the government with political motive". "The budget presented on July 23 is evidence of this. In the recently held parliamentary elections, the people of various states defeated the anti-people BJP. The Budg

ITC chairman announces investment of Rs 20,000 cr for 'medium term'

Company has 'unwavering confidence' in country's economic growth, says Sanjiv Puri

Budget 2024-25 throws STCG googly at sovereign wealth, pension funds

It proposes to tax gains arising on transfer or redemption or maturity of unlisted debentures or bonds to be deemed as short-term capital gains

FM has managed to lay down a growth-oriented Budget: Harsh Pati Singhania

Budget proposal to promote investments, create jobs, say industry players

Top firms' profit drop led to cut in corporation tax forecast: Revenue secy

In conversation with Shrimi Choudhary, the senior bureaucrat discusses several tax-related announcements in the Union Budget

Budget 2024: FM Sitharaman continues with push for spiritual tourism

The government will also start a comprehensive development initiative for the city of Rajgir in Bihar, which holds immense religious significance for Hindus, Buddhists and Jains

Parliament highlights: Not possible to name every state in budget, says FM Nirmala Sitharaman

Lok Sabha and Rajya Sabha news: Catch all the news updates related to the developments in the Parliament here

Union Budget 2024-25 significant milestone for country, says Sicci

The Union Budget 2024-25 is a significant milestone for India, with its focus on skills development, higher education, and the empowerment of youth and women, said the Singapore Indian Chamber of Commerce and Industry (SICCI) on Wednesday. "These initiatives are crucial in preparing the Indian citizenry to tackle the economic challenges of the future," SICCI Chairman Neil Parekh said, commenting on the latest financial package designed to drive the Indian economy forward. "SICCI lauds these efforts announced by India's Finance Minister Nirmala Sitaraman. It commends the Indian government under the leadership of Prime Minister Narendra Modi for its foresight in preparing the younger generation to take India to even greater heights," said Parekh. The Budget has allocated Rs 1.48 lakh crore for education, employment, and skill development initiatives in the country, demonstrating the government's commitment to empowering the youth and enhancing their skills for better employment ...

Budget 2024 is growth oriented, addresses right sectors: Vikas Khemani

Union Budget 2024 analysis: The government has laid out a clear vision for 'Viksit Bharat' by addressing key areas - agricultural reforms, manufacturing push and employment generation among others

Union Budget 2024-25: Propelling India's evolution into 'Viksit Bharat'

With the objective of ease of doing business and in line with recent Goods and Services Tax (GST) council recommendations, various proposals have been introduced under GST