Page 10 - Budget

Commerce Ministry to seek more funds for startups in upcoming Budget

The commerce and industry ministry may seek more funds for startups in the forthcoming Budget, to be announced by the new government, to promote innovation in the country, an official has said. The new government may announce the Budget for 2024-25 in July. The seed fund scheme, announced in April 2021 with a corpus of Rs 945 crore, will end in 2025, and the ministry may consider proposing a new scheme on similar lines. The seed fund scheme was aimed at providing financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation. The fund was divided into four years for providing seed funding to eligible startups through incubators across India. Easy availability of capital is essential for entrepreneurs at the early stages of growth of an enterprise, and the capital required at this stage often presents a make-or-break situation for startups with good business ideas, another official said. There are over 1.17 lakh ..

Tax origin not suitable measure for budgetary devolution to states: Study

Amongst the major states, an increase in the share of tax devolution over this period was observed in Chhattisgarh, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, and West Bengal

Deep tech startup policy to promote innovation likely in forthcoming Budget

The commerce and industry ministry may propose a dedicated policy for deep tech startups to promote innovation, for the forthcoming Budget to be announced by the new government, an official said. Voting for the Lok Sabha polls is over and the counting is scheduled for June 4. The new government is likely to take oath this month. The new government may announce the full Budget for 2024-25 in July. The official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required. The policy is in the final stages and the ministry may forward this proposal for the full Budget announcement, the official said. In July last year, a draft National Deep Tech Startup Policy (NDTSP) was released for stakeholders' comments. It is aimed at addressing the challenges confronting deep tech startups through definitive policy interventions to create a conducive ecosystem. It also aims to harness the transformative potential of technological

Shankar Sharma's market strategy post Lok Sabha exit poll: Stay strapped in

Meanwhile, every government since 1991, Shankar Sharma said, has performed exceedingly well in different ways and with different strategies

States achieve 84% of capex budget, 4 exceed target amount: CAG data

States with the lowest capex absorption included Nagaland, Chhattisgarh, Punjab, and Mizoram, according to CAG data

New Zealand budget expected to offer tax cuts, worsening outlook

The government has asked most departments and ministries to cut between 6.5 per cent and 7.5 per cent of their operating allowances

FinMin likely to raise FY25 CPSE dividend target by Rs 5K cr in full Budget

The finance ministry is likely to raise the CPSE dividend estimates by Rs 5,000 crore to around Rs 53,000 crore for the current fiscal in the full budget to be presented in July. In the interim budget 2024-25, the government had pegged dividend estimates from non-financial central public sector enterprises (CPSEs) at Rs 48,000 crore for the current fiscal. "The estimates may go up by about Rs 5,000 crore in the final budget to be presented in July," an official told PTI. The interim budget estimates were based on the estimates in December 2023, and January 2024, and the estimates in the full budget will be higher as we have a better picture of the dividend now, the official added. The dividend receipts of the government in a particular fiscal include interim dividends announced by state-owned companies during the fiscal, as well as final dividends for the previous fiscal. So far in the current financial year, the government has obtained Rs 4,837.25 crore as dividends from the ...

Saudi Arabia's budget deficit at $3.3 bn in Q1 of 2024 on lower oil revenue

Oil revenues reached 181.922 billion riyals in Q1, up 2% from the prior-year period, but non-oil revenues increased 9% year on year during the quarter

Trudeau's govt raises taxes on wealthiest Canadians in federal Budget

Canadian Prime Minister Justin Trudeau's government announced Tuesday it is imposing higher taxes on the wealthiest Canadians as part of the federal budget. The budget proposes to increase the capital gains inclusion rate, which refers to the taxable share of profit made on the sale of assets. The taxable portion of capital gains above $250,000 Canadian (US$181,000) would rise from half to two-thirds, which the federal government says will only affect 0.1% of Canadians and raise nearly $20 billion Canadian (US$14.5 billion) in revenue over five years. I know there will be many voices raised in protest. No one likes paying more tax, even or perhaps particularly those who can afford it the most, Finance Minister Chrystia Freeland said. But before they complain too bitterly, I would like Canada's one per cent Canada's 0.1 per cent to consider this: What kind of Canada do you want to live in? Freeland presented the federal budget, which pledges $53 billion Canadian (US$38 billion)

Work on FY25 full Budget begins ahead of 2024 Lok Sabha elections

Industry sources said that they have shared certain tax proposals which are being considered by the finance ministry

Exemptions to rebates: Differences between old and new tax regime

Taxpayers are given a choice to choose between the old and new tax regimes

20% of Budget is towards capex, says Delhi Finance Minister Atishi

She tells that the Centre by treating the Union Territory unfairly in devolution of central taxes was killing the goose that lays golden eggs

Delhi Metro gets Rs 500 cr in Budget, 6 mn use service every day: Atishi

The Delhi government allocated Rs 500 crore for the Delhi Metro in its 2024-25 Budget tabled on Monday, with Finance Minister Atishi saying in the assembly that more than 60 lakh people commute on the service every day. In 2014, around 24 lakh passengers used the urban transporter daily, Atishi said. Presenting the 2024-25 Budget with a total outlay of Rs 76,000 crore, Atishi said providing good public transportation facilities to every resident of Delhi is the responsibility of the government. Under the guidance of Chief Minister Arvind Kejriwal, "significant improvements" have been made in the public transportation sector in Delhi, she said. By March 2015, a total 193 kilometres of metro network and 143 stations were established in Delhi. However, in the past nine years, the Delhi Metro network has doubled in length to 393 kilometres while the number of stations has increased to 288, she added. Atishi said in her address that around 24 lakh passengers travelled daily in the metr

Delhi Budget FY24-25: Focus on education, women, and health. All details

Delhi Finance Minister Atishi introduced the Delhi government's Budget of Rs 76,000 crore for the fiscal year 2024-25 in the state Assembly

UK's Jeremy Hunt plays down talk of big tax cuts in pre-election budget

'We don't have as much of a positive outlook as we had at the end of the Autumn Statement,' he said in an interview, referring to last November's fiscal update

Delhi Budget: Govt likely to allocate Rs 1,000 cr for unauthorised colonies

The Delhi government is expected to announce a fiscal boost of about Rs 1,000 crore for initiatives to uplift unauthorised colonies in its upcoming budget, sources on Saturday said. Delhi Finance Minister Atishi is slated to present the budget 2024-25 on March 4. In the upcoming budget of the state government, Delhiites can expect a big fiscal boost for unauthorised colonies, especially for strengthening their road infrastructure, a source told PTI. "For the fiscal year 2024-25, the Kejriwal government may announce a budgetary package of nearly Rs 1000 crore," the source said. Delhi has nearly 1,800 unauthorised colonies, accommodating 30 per cent of the city's population. The Delhi government is likely to strengthen the road network in these unauthorised colonies and augment water supply pipelines and sewer networks. A total of 1,031 unauthorised colonies in the city are already connected to the sewer network, with a total installation of 4,000 plus kilometers of sewer lines, ..

4-fold hike in ICMR's budgetary allowance in 10 years: Mansukh Mandaviya

The ICMR's budgetary allowance has seen a four-fold hike in the last 10 years, showcasing the government's commitment towards health research, Union Health Minister Mansukh Mandaviya said on Saturday. Mandaviya chaired the Governing Council Meeting of the Indian Council of Medical Research (ICMR) here on Saturday. The meeting was also attended by Minister of State for Health and Family Welfare Bharati Pravin Pawar. It was convened to engage in discussions on the ICMR's recent contributions, explore the initiatives spearheaded by the council, and outline the strategic roadmap for the future of medical research, a health ministry statement said. Mandaviya lauded ICMR's key advancements and initiatives propelling medical research and development in the country. He emphasised that the government's commitment coupled with the ICMR's relentless efforts, will position India on the global stage as a leader in medical research and development, the statement said. The Union health minister

Nagaland CM presents Budget, announces universal life insurance scheme

Nagaland Chief Minister Neiphiu Rio on Tuesday announced a fully-funded universal life insurance scheme as he presented the Budget for 2024-25 which did not propose any hike in taxes. Presenting the budget on the second day of the ongoing session of the State Assembly, Rio, who also holds the finance portfolio, said gross receipts are estimated at Rs 23,978.05 crore and the gross expenditures are pegged at Rs 23,727.88 crore. The budget estimate is an increase of Rs 644.22 crore compared to the previous financial year where the amount was at Rs 23,083.66 crore. Rio termed the budget as people centric and tax-free for the welfare of the people in general. Among significant measures, the state government announced a fully-funded universal life insurance scheme to mitigate financial hardship due to untimely demise of a family's breadwinner. The Chief Minister's Universal Life Insurance Scheme will be fully funded by the state government. A life insurance coverage of Rs 2 lakh will be

Chhattisgarh Assembly passes Budget; state aims for developed tag by 2047

A provision of Rs 8,369 crore has been made in the budget 2024-25 for the construction of 18 lakh houses under the Pradhan Mantri Awas Yojana

Delhi L-G writes to CM to expedite 'stalled' process of Budget presentation

Delhi Lieutenant Governor V K Saxena on Saturday wrote to Chief Minister Arvind Kejriwal urging him to expedite the "stalled" process of budget presentation in the Assembly. The Delhi government in a statement said the budget was en route to the LG office for his approval. "The budget was by Finance Minister Atishi with the presidential nod, around February 20. It is a financial document of utmost importance for the entire 2024-25 fiscal, so due diligence at micro level is required, and this takes time," read the statement. The Delhi Assembly's Budget Session, which started on February 15, was extended till the first week of March with the finance minister citing a delay in its finalisation and seeking approval of the Ministry of Home Affairs (MHA). The Budget Session was initially scheduled to end on February 21. Saxena said that he addressed the Assembly on February 15, and the House was informed by the chief minister and the finance minister that the presentation of the budget