Page 23 - Budget

High indebted Punjab, Himachal may breach BE of fiscal deficit in FY24

Punjab had over 40% debt as a proportion of GSDP in 2019-20 too, while Himachal Pradesh had 39.1%

Budgetary allocation to road ministry jumps to Rs 2.7 trillion in 2023-24

The average annual budgetary allocation of the Ministry of Road Transport & Highways has increased by 940% from Rs 25,872 crore per year during 2009-14 to Rs 2.7 trillion during 2023-24

LS passes Bills to cap age of GSTAT Prez, effect Budget duty changes

The Lok Sabha on Tuesday passed a Bill that seeks to give immediate effect to the changes in customs and excise duties announced in the Budget. The House after a brief discussion on the Provisional Collection of Taxes Bill 2023, passed the Bill by voice vote. Jayant Sinha (BJP) and B V Satyavathi (YSRCP) participated in the brief discussion on the Bill which is aimed at curbing speculative activities following changes in customs and excise duties in the Budget. Moving the Bill for passage, Finance Minister Nirmala Sitharaman said, the Provisional Collection of Taxes Bill, 2023 seeks to obtain the authority from Parliament to provisionally levy and collect the newly imposed or increased duties of customs and excise for 75 days. This Bill proposes to replace the erstwhile Provisional Collection of Taxes Act, 1931 with a minor change that is technical in nature. The provisions of the Bill empower collection provisionally, during the period between the introduction and enactment of th

FM Atishi tables revised estimates of Budget 2023-24 in Delhi Assembly

Delhi Finance Minister Atishi tabled the revised estimates of budget 2023-24 in the Assembly on Friday, slashing spending on advertisements and non-yielding schemes while providing extra funds to the cash-strapped DJB. Delhi government sources claimed there was an encouraging rise in revenue of the government in 2023-24, hence no loans are required from the Centre. The revised estimates provide for an additional infusion of Rs 1,033 crore for the Delhi Jal Board (DJB) in 2023-24, they said. Recently, Atishi had claimed that Delhi was staring at a water supply crisis and warned that the city may might face difficulty in sewerage maintenance due to funds crunch faced by the DJB. Sources said the Delhi government provided Rs 495 crore for road, rail transport system, gave additional Rs 471 crore for additional facilities at schools and set aside Rs 650 crore for pension of DTC retired employees, in the revised estimates for 2023-24. However, the budgetary allocations have been reduce

Govt may address inverted duty structure for certain products in Budget

The government is likely to address the issue of inverted duty structure for certain products in the forthcoming Budget to boost domestic manufacturing, an official said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that result in the build-up of credits and cascading costs. The official said that the Commerce and Industry Ministry has shared a list of 13-14 products with the finance ministry to look at the inverted duty structure issues. "The ministry always shares such list of goods, where customs duties on components are higher than the finished products, We have given our inputs to the finance ministry to look at that. Inverted duty structure is not economically efficient," the official said. Inverted duty structure impacts the domestic industry as manufacturers have to pay a higher price for raw materials in terms of duty, while the finished products land at lower duty and cost. Finance Minister Nirmala Sitharaman is scheduled to

Decision on old pension scheme before Budget session, says Ajit Pawar

Maharashtra Deputy Chief Minister Ajit Pawar on Thursday said CM Eknath Shinde has assured government employees demanding restoration of the old pension scheme (OPS) that a decision on it will be taken before the upcoming budget session. The state legislature's budget session is generally held in February-March every year. Speaking to reporters in the Vidhan Bhavan premises in Nagpur, where the winter session of the state legislature is currently underway, Pawar informed about discussions held with the representatives of government employees demanding the OPS. He said the government has received the report of a committee, set up to look into the demand. Notably, several government and semi-government employees in Maharashtra have been demanding restoration of the OPS, which was discontinued in the state in 2005. Under the OPS, a government employee gets a monthly pension equivalent to 50 per cent his/her last drawn salary. There was no need for contribution by employees. Under th

Union Budget 2024: What is Economic Survey and why it is important

Budget 2024: The Economic Survey is the official report card of the country's economy and is tabled in Parliament by the finance minister a day before the presentation of the Budget

Budget 2024: Budget preparation, its purpose, halwa ceremony, presentation

Union Budget 2024: Preparing the Budget is a long-drawn process which involves multiple steps and consultations. Read on to find out how it is done

Budget Speech: All you need to know about the FM's address to Parliament

Here is everything you need to know about what a Budget speech ahead of the Union Budget 2024, the different parts it has, Budget at a Glance, Finance Bill, and more

Budget 2024: Here are 5 lesser-known facts about the Union Budget of India

The history of India's Union Budget over the years is a fascinating one. Here's a look at some lesser-known facts about the Union Budget

No 'spectacular announcements' in interim Budget, says FM Sitharaman

"Budget that will be announced will just be a vote on account because we will be in election mode, and elections will happen during the coming summer", the FM said

No 'spectacular announcement' likely in Feb 1 Budget, says finance minister

Finance Minister Nirmala Sitharaman on Thursday said the budget to be presented on February 1, 2024 would not have any "spectacular announcement" as it would be a vote on account in run up to the general elections. "It is a matter of truth that February 1, 2024 budget that will be announced will just be a vote on account because we will be in an election mode. So the budget that the government presents will just be to meet the expenditure of the government till a new government comes to play," she said. Speaking at the CII Global Economic Policy Forum, Sitharaman said the country would be preparing for the Lok Sabha elections which are due in the summer of 2024. Hence the February 1 budget, following the British tradition, is called vote on account. "No spectacular announcements come in that time (in vote on account). So you will have to wait till after new government comes in and presents next full Budget in July 2024," Sitharaman said. On February 1, 2024, Sitharaman will presen

Despite subsidies, Budget maths sticks as Sitharaman enters home stretch

A crucial decision government has to take is whether to stick to the FY23 expenditure level or top it this year

Verdict 2023: State poll outcome blueprint for interim Budget 2024-25

The effective containment of the fiscal deficit in the first half of FY24 provides the government with leverage to announce pro-people schemes in the interim Budget

UP govt tables supplementary budget of Rs 28,700 crore for new projects

State's annual budget size burgeons to Rs 7.18 trillion in FY24

Putin signs Russia's largest national budget, bolstering military spending

Russian President Vladimir Putin on Monday signed a national budget for the next three years that increases spending by around 25 per cent and reportedly devotes a record amount to defense as the the country's military operation in Ukraine drags on. The budget foresees spending in 2024 of 36.6 trillion rubles ( USD 415 billion) with an expected deficit of 1.595 trillion rubles (USD 9.5 billion). After the budget was passed by the lower house of the parliament, Speaker Vyacheslav Volodin said it was developed specifically to fund the military and to mitigate the impact of international sanctions imposed after Russia sent troops into Ukraine in February 2022. Record low unemployment, higher wages and targeted social spending should help the Kremlin ride out the domestic impact of pivoting the economy toward the military, but could pose a problem in the long term, analysts say. Part of the Russian budget is secret as the Kremlin tries to conceal its military plans and sidestep scrutin

States to miss capex targets this fiscal on fall in revenue, polls : Report

Several states are likely to miss their capital expenditure targets for the ongoing fiscal due to polls and fall in revenue, according to an analysis. A steep fall in revenue receipts will further lead to a major compression in state capex, which during the first half of FY24 rose to a record 35 per cent, Icra Ratings Chief Economist Aditi Nayar said. To maintain their Budget estimates, 21 states -- whose capex and other macro data is available -- will have to ensure that the capex run run rate is maintained at 28 per cent in the second half, which is unlikely, since model code of conduct is likely to take effect in the March quarter before the general elections, Nayar said. The combined revenue and fiscal deficits of these 21 states widened to Rs 70,000 crore and Rs 3.5 lakh crore, respectively, in the April-September period, from Rs 50,000 crore and Rs 2.4 lakh crore, respectively, in the year-ago period. The report excludes Arunachal Pradesh, Assam, Goa, Manipur, Meghalaya, ...

German budget crisis deepens with freeze on new spending commitments

Existing liabilities will be honored but new commitments can be unblocked only in exceptional cases, according to a letter sent to government ministries

Centre may moderate FY25 disinvestment target amid limited asset sales

The FY24 Budget Estimate of Rs 51,000 cr expected to be halved

How interim Budget became a potent tool in the hands of poll-bound govts

Former Lok Sabha Secretary-General PDT Achary says it is not appropriate for a government facing elections to announce programmes and policy changes for the next year