Page 25 - Budget

Iraq president ratifies record $152 bn budget, IMF says 'too rosy'

Iraq's president on Wednesday approved a record USD 152 billion budget that the parliament voted on earlier this month and which adds about half a million public sector jobs. Iraqi President Abdul Latif Rashid ratified the budget, which has a projected deficit of USD 48 billion. Parliament last week voted on the draft, six months into the fiscal year and after months of negotiations. The main sticking point during the talks was the distribution of oil revenue between the central government in Baghdad and the semi-autonomous Iraqi Kurdish region in the north. The approved draft consolidates Baghdad's authority over the oil sector and allocates 12.6 per cent of the revenue to the Kurdish region. The Iraqi Kurdish local government will be allowed to sell its own oil but will have to deposit the revenue first in a bank account that officials from the central government can monitor. Baghdad will then deduct that amount from its monthly allocation to the Kurdish regional government and ..

IMF criticises Pakistan's tax scheme, calls budget 'missed opportunity'

The IMF on Wednesday said that the proposed budget missed the opportunity to broaden the tax base

Pakistan budget targets 'artificial, non-realistic': Imran Khan's party

Former Pakistan prime minister Imran Khan's party leaders have criticised the budget announced by Finance Minister Ishaq Dar, describing it as artificial and unrealistic, and accused him of figure fudging of Rs 1 trillion in the amount of interest payments and non-tax revenue. The Pakistan government on Friday unveiled a Rs 14.4 trillion budget for 2023-24 as it battled to fend off a looming default due to shrinking foreign reserves. Dar, who presented the budget in the National Assembly, the lower house of parliament, said the government will target a growth rate of 3.5 per cent in the coming fiscal year.

Merging railway budget with Union budget 'major blunder' of NDA govt: Moily

In the wake of the Odisha railway tragedy, senior Congress leader M Veerappa Moily on Tuesday said the clubbing of the railway budget with the Union budget in 2017 was a "major blunder" of the NDA government and called for bringing back the practice of having separate budgets. Taking a swipe at the government, Moily said they are talking of bullet trains when the basics have not been rectified nor sufficient modernisation and technology has been put in place. "The clubbing of Railway Budget with the Union Budget has lost the focus on the railways. It is a major blunder committed by the NDA government. Mere focus on high-speed trains without taking into account safety and modernisation is a step in haste. It is necessary to go back to the Railway Budget," the former Union minister said in a statement. He also demanded that Railway Minister Ashwini Vaishnaw should tender his resignation on moral grounds. Faster rail movement and vast network deserves sound operational ecosystem which

Pakistan's budget proposals: OICCI asks govt to abolish super tax

As cash-strapped Pakistan struggles to increase tax base, the Overseas Investors Chambers of Commerce & Industries (OICCI) has asked the government to abolish super tax and bring trade, services, real estate and agriculture sector into the tax net in line with their share in the economy, a media report said on Monday. The OICCI - which serves as a platform to promote foreign investments into Pakistan - presented its taxation proposals for 2023-24 budget to Finance Minister Ishaq Dar, the News International reported. "The OICCI recommended the abolishment of super tax for all sectors and capping the corporate tax rate at 29 per cent. It suggested that no further increase in effective tax rate should be made as it is already greater than the regional competitive rates, the paper reported. The general rate for minimum tax should be reduced to 0.25 per cent and carry forward of minimum tax credit be allowed for at least 5 years as prior to 2022, recommended the OICCI. The overseas ...

After Budget session washout, Oppn is trying various strategies to unite

Congress could be veering around to the view that an attack on the government, based on charges of cronyism, may be neither lasting nor forceful enough to ensure buy-in from the rest of Opposition

Rs 70,000 cr corridor for tribal dominated region in Budget 2023-24: Govt

To push rail infrastructure and connectivity in tribal dominated regions, the detailed project report of a new line "Janjatiya Gaurav Corridor" -- provided in the Union Budget for FY 2023-24 -- has been taken up, the government informed Lok Sabha on Wednesday. In a written reply, Railway minister Ashwini Vaishnaw said the DPRs of the projects identified under the corridor, costing Rs 70,000 crore, including those falling fully or partly in Odisha have been taken up which includes consultations with various stakeholders including state governments, public representatives, and organisations/rail users/tribal people etc among others. "In order to push the rail infrastructure in tribal dominated regions and to promote the rail connectivity in such regions in coming years, an umbrella work of new line as 'Janjatiya Gaurav Corridor' costing Rs 70,000 crore has been provided in the Budget for FY 2023-24 subject to requisite government approvals. "Detailed Project Reports (DPRs) of the ...

New rules for Goa casinos soon, says CM Sawant during Budget speech

New rules for casinos, including off-shore ones, will be notified soon under the Goa, Daman and Diu Public Gambling Act, an official said in Panaji on Thursday. The announcement was made by Goa Chief Minister Pramod Sawant during his Budget speech in the Assembly on Wednesday, the official said. The rules will streamline the sector and also speak of giving power of issuing tickets to the 'Gaming Commissioner', he said. Goa has six off shore casinos, while several five-star hotels also operate casinos.

SGPC passes budget of Rs 1138.14 cr for FY 2023-24 in its general meeting

The Shiromani Gurdwara Parbandhak Committee on Tuesday passed a budget of Rs 1,138.14 crore for the financial year 2023-24 during its general meeting here, officials said. In one of the resolution passed during the meeting, the body condemned arrest of Sikh youths who during a recent police crackdown against radical preacher Amritpal Singh and his aides. The SGPC said the Sikh youths who were arrested, would be provided legal aid by the body. SGPC general secretary Gurcharan Singh Grewal presented the budget which was passed by the SGPC members. Head granthi (Priest) of the Harmandar Sahib (Golden Temple) Giani Jagtar Singh, Jathedar of Takht Kesgarh Sahib Giani Raghbir Singh, SGPC president Harjinder Singh Dhami, SGPC office-bearers and members were present during the budget meeting. Sharing information after the budget meeting, Dhami said the SGPC budget has recorded a 17 per cent increase as compared to last year. The SGPC president said a special amount has been arranged for

Special meeting for civic budget to be held on March 28, says MCD

A special meeting has been convened at the MCD headquarters on March 28 to discuss and deliberate on the civic budget, officials said on Saturday. As required by norms, the civic budget is to be cleared by March 31. The MCD passed the "schedule of taxes" in the civic budget for 2023-24 on February 15. But, the remaining budget process was stalled as the standing committee of the civic body is yet to be elected. The Municipal Corporation of Delhi is "exploring options" to have the remainder of the civic budget cleared by March 31, official sources said on Friday. The MCD on Saturday said in a statement, the special budget meeting" of MCD for budget proposals for the revised estimates for the year 2022-2023 and 2023-2024 would be held on Tuesday at Aruna Asaf Ali Meeting Hall at 2 pm. Earlier, the MCD had also written to the Delhi government to seek permission to call a special session for clearing the budget before March end. If the entire budget doesn't get passed by March 31, t

Approval to Budget without discussion is worst message, says Chidambaram

Senior Congress leader and former finance minister P Chidambaram Friday said the "worst message" from a parliamentary democracy is approval to a budget without discussion. His remarks came a day after the Lok Sabha approved the Union Budget envisaging an expenditure of around Rs 45 lakh crore for the fiscal year starting April 1 without any discussion. "The worst message from a parliamentary democracy is to approve a Budget without discussion," Chidambaram said in a tweet. "Rs 45,03,097 crore will be raised and spent for the 'people' in 2023-24 without the people's representatives offering their views on the Budget," he said. The Lower House of Parliament took up the Demands for Grants and Appropriation Bills after two adjournments as the ruling and opposition MPs' verbal duel over their respective demands for an apology by Rahul Gandhi over his remarks in the UK and a joint parliamentary committee probe into the Adani issue continued. Most of the second leg of the Budget Session

MEA's budget insufficient despite India's ambitions for influence: Rpt

The Ministry of External Affairs (MEA)'s budget remains insufficient despite India's ambitions for global influence, according to the parliamentary report by External Affairs Committee

Kailash Gahlot presents Rs 78,800-cr Budget for 2023-24 in Delhi Assembly

Finance Minister Kailash Gahlot on Wednesday presented a Rs 78,800 crore budget in the Delhi Assembly for the financial year 2023-24. The Delhi government's budget size for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the previous year. This was the first time that Gahlot presented the budget after getting charge of the finance department following the resignation of deputy chief minister Manish Sisodia who was arrested by the CBI in connection with the Delhi excise policy scam case. "I would have been happier if it this budget was presented by Manish Sisodia who is like my elder brother. The budget is an expression of expectations and aspirations of the people," Gahlot said in his budget speech. The minister said the budget is dedicated to a clean, beautiful and modern Delhi. This is the ninth consecutive budget of the Aam Aadmi Party (AAP) government. "Every possible help will be given to the MCD to remove the three mountains of garbage in Delhi. We will connect all colon

Work done by Sisodia will be carried forward at double speed: CM Kejriwal

Chief Minister Arvind Kejriwal on Wednesday said that Delhiites are "missing" Manish Sisodia on the day of budget presentation, and asserted that the work started by the former minister will be carried on at double the speed. This time, the budget will be presented by Finance Minister Kailash Gahlot, who was given charge of the finance department after resignation of deputy chief minister Sisodia. Sisodia, who was arrested by the CBI in connection with the Delhi excise policy scam case, had been presenting the AAP government''s budget ever since the party came to power in Delhi. "Today Delhi's budget will be presented. Delhiites are missing Manish ji very much today. But the work started by him will not stop. The work done by him will be carried forward with double the speed," Kejriwal said in a tweet in Hindi. The Union Home Ministry approved the Delhi Budget on Tuesday following a clarification from the AAP government, paving the way for its presentation in the Assembly.

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After LG's concerns, Centre asks Kejriwal govt to resubmit Delhi budget

The Home Ministry sources dismissed the allegations, adding that the MHA has instead sought clarification from the Delhi govt as its budget allocation was focussed on advertisement rather than infra

Budget file received at 9:25 pm, approval sent back at 10:05 pm: LG House

An official at the L-G House said that Saxena had approved the Annual Financial Statement 2023-2024 with certain observations and the file was sent back to the Chief Minister on March 9

Tamil Nadu revenue deficit down 52%, says budget hailing welfare measures

Financial Minister increases commitment to programmes for women, students and health insurance

Tamil Nadu govt presents Budget, says revenue deficit on decline

The Tamil Nadu government on Monday presented its Budget 2023-24 in the Assembly and said reform initiatives have led to a reduction in revenue deficit from about Rs 62,000 crore to Rs 30,000 crore. Finance Minister Palanivel Thiaga Rajan, tabling the Budget said that owing to the unprecedented and difficult reforms undertaken, "we have reduced the annual revenue deficit of around Rs.62,000 crore which we inherited on assuming office (May 2021), to around Rs30,000 crore in the Revised Estimates of the current year." This is notwithstanding the several "massive welfare schemes" that are being implemented during the last two years, he said. Fare free travel for women in State-run buses, breakfast scheme for government school students are among the several schemes being implemented. Even as Rajan began his address, the principal opposition AIADMK attempted to raise issues which led to a din for a while. The Minister announced setting up of a hi-tech 'global sports city' in Chennai, R

Announcements in Budget attempt of Cong to fulfil personal interests: Raje

Senior BJP leader Vasundhara Raje on Friday termed the budget announcements made by Rajasthan Chief Minister Ashok Gehlot an attempt to fulfil "personal political interests". "The new announcements of the Congress government are just an attempt to fulfil their personal political interests. In this effort, he has put the entire economic system of Rajasthan at stake. The consequences of which will have to be borne by the people of the state and the state in the years to come," she said in a statement. The former chief minister said many important facts have been ignored in the process of creating new districts and people would have to face administrative complications. Gehlot on Friday announced his government's decision to form 19 new districts and three new divisions in the state, earmarking Rs 2,000 crore for development of infrastructure for them. The chief minister has tried to politicise the budget and put fiscal indicators of the state at stake, which is unfortunate, Raje said