Page 17 - Finance Minister

Is old tax regime over? What FM Sitharaman said about old and new regimes

Union Budget 2024-25: Govt to review old tax regime. What is the current tax system and what has the Budget 2024 proposed for FY25

Union Budget 2024: Budget allocation for Ladakh rises by 32% to Rs 5,958

The Centre has allocated Rs 5,958 crore for the Union Territory of Ladakh in the Union Budget 2024-25 announced on Tuesday, a massive 32 per cent rise from last year's allotment of Rs 4,500 crore. The Ladakh UT, which was carved out of Jammu and Kashmir after the abrogation of Article 370 in 2019, has received Rs 2,035.49 crore for establishment expenditure of the Centre to meet its secretariat-related expenses and establishment of other departments and offices. The Budget, announced by by Finance Minister Nirmala Sitharaman, has allocated to Ladakh Rs 3,922.51 crore for other Central sector expenditure, including agriculture and allied schemes, water supply and sanitation, rural development, power, forestry and wildlife, medical and public health, and education among other departments.

Budget 2024-25 commits reforms to strengthen IBC, strengthen tribunals

Finance Minister says integrated technology platform will be set up for improving bankruptcy code outcomes

Budget 2024: Sitharaman's Budget cuts subsidy bill by 7.8% to Rs 3.81 trn

In a move that signals fiscal prudence, the government reduced its subsidy outlay for food, fertiliser, and fuel by 7.8 per cent in the full Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday. The total subsidy allocation stands at Rs 3,81,175 crore for the current fiscal, down from the previous year's figure of Rs 4,13,466 crore. This reduction aligns with the estimates projected in February's interim budget. Breaking down the allocations, the food subsidy has been set at Rs 2,05,250 crore, a decrease from the revised estimates of Rs 2,12,332 crore for the fiscal ending March 31, 2024. This subsidy covers the difference between the economic cost of foodgrains procured by the government and their sales realisation under the National Food Security Act (NFSA) and other welfare schemes, benefiting approximately 80 crore individuals. The fertiliser subsidy has seen a more significant cut, with Rs 1,64,000 crore earmarked for 2024-25 against

Census, NPR unlikely in 2024 too as only Rs 1,309.46 cr allocated in Budget

The Budget 2024-24 on Tuesday allocated Rs 1,309.46 crore for census, a significant reduction from 2021-22 when Rs 3,768 crore was allocated for the decadal exercise, an indication that it may not be carried out even after a significant delay. A meeting of the Union cabinet on December 24, 2019 had approved the proposal for conducting census of India 2021 at a cost of Rs 8,754.23 crore and updating the National Population Register (NPR) at a cost of Rs 3,941.35 crore. The house listing phase of the census and the exercise to update the NPR were scheduled to be carried out across the country from April 1 to September 30, 2020 but were postponed due to the COVID-19 outbreak. The census operation continues to be on hold and the government has not yet announced the new schedule. Officials said since general elections had taken place this year, the census exercise will not be able to be carried out in 2024. According to the Budget 2024-25, Rs 1,309.46 crore has been allocated for censu

Union Budget 2024: Rahul Gandhi calls it a copy-paste 'kursi bachao' Budget

Budget 2024: Congress leader Rahul Gandhi said the Budget 2024 document was copied from the Congress party's election manifesto

Budget 2024: Rajnath Singh thanks FM for highest allocation to defence

This Budget is unique in many ways and by clearly outlining the NDA Government's 9 key priorities for all-round and inclusive development, defence minister Singh added

Budget 2024: FM's speech sparks praise for employment scheme, angel tax cut

Budget 2024: Industry experts react to Finance Minister's announcement of three employment-linked incentive schemes, abolition of angel tax, among others

Union Budget 2024: Jewellery shares rally as govt cuts custom duty on gold

India Budget news 2024: Customs duty on gold and silver has been reduced to 6% which may lead to a decline in domestic prices and perhaps lift demand

Budget 2024: FM cuts basic customs duty on mobile phones, chargers to 15%

Reduction in BCD on these items was a major demand from the electronics manufacturing bodies

Budget 2024: 'FM taking ideas from Congress manifesto', says Jairam Ramesh

Union Budget 2024: Congress leader Jairam Ramesh said the Finance Minister has taken a leaf out of the INC's Nyay Patra 2024, with its internship programme. Here's how the Opposition reacted

From capital gains tax to job creation, understanding Union Budget 2024

Budget 2024: While some of the announcements were on expected lines, many have led to a surprise among investors

Budget 2024: FM Sitharaman reduces fiscal deficit for FY25 to 4.9% of GDP

This is 20 basis points lower than 5.1 per cent announced in the interim budget

Budget 2024: FM announces 3 schemes under employment-linked incentives

Union Budget 2024: Finance Minister Nirmala Sitharaman announced three employment-linked incentive schemes for employees and employers

Rupee rises 4 p to 83.62 against US dollar in early trade ahead of Budget

The rupee appreciated 4 paise to 83.62 against the US dollar in early trade on Tuesday, ahead of the Budget presentation. Forex traders said the local currency gained strength as crude oil prices and the American currency retreated from their elevated levels. Moreover, foreign fund inflows also supported the rupee. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an early high of 83.62, registering a gain of 4 paise from its previous close. On Monday, the rupee consolidated in a narrow range to settle 4 paise higher at 83.66 against the American currency. Forex traders said marketmen will closely watch the Union Budget for further cues on fiscal deficit, capital expenditure, tax revenue and GST among others. Finance Minister Nirmala Sitharaman will present her 7th straight Budget that would lay a roadmap for Viksit Bharat (developed India) by 2047, while giving a glimpse of 10 years' performance. The Indian rupee has been down as dollar buying

Eco Survey updates: FM Nirmala Sitharaman on Monday presented Economic Survey 2023-24 in Lok Sabha

Economic Survey 2024 LIVE news: The Economic Survey stated that short-term inflation outlook benign, but India faces persistent deficit in pulses

Pre-budget Eco Survey highlights urgent need for agricultural reforms

The pre-budget Economic Survey on Monday underscored the pressing need for comprehensive reforms in India's agricultural sector, citing structural issues that could impede the country's overall economic growth trajectory. The Survey, tabled in Parliament by Finance Minister Nirmala Sitharaman, identifies several key challenges facing the agriculture sector, including the need to sustain growth while managing food price inflation, improving price discovery mechanisms, and addressing land fragmentation. "Despite its centrality in India's growth trajectory, the agriculture sector continues to face structural issues that have implications for India's economic growth," the Survey said. According to the document, policymakers must strike a delicate balance between incentivizing farmers to increase production and keeping food prices within acceptable limits. This dual objective requires careful policy interventions, the Survey noted. Other critical issues highlighted in the report, prepar

Rising obesity a concern, healthier lifestyle must: Economic Survey

Raising concerns over growing obesity and increase of consumption of highly processed foods laden with sugars and fat, the Economic Survey said 54 per cent of the total disease burden in India is due to unhealthy diets. Obesity presents a "concerning situation" and preventive measures must be taken to enable citizens to have a healthier lifestyle, it said. "Obesity is emerging as a serious concern among India's adult population," said the Survey, which was tabled on Monday by Finance Minister Nirmala Sitharaman in Parliament. If India needs to "reap the gains of its demographic dividend, it is critical that its population's health parameters transition towards a balanced and diverse diet", it said. Citing a report from the Indian Council for Medical Research, the Economic Survey observed that the rise in consumption of highly processed foods laden with sugars and fat, coupled with reduced physical activity and limited access to diverse foods, exacerbate micronutrient deficiencies a

Delhi should get Rs 10,000 cr from Rs 2 trillion paid as income tax: Atishi

Ahead of Budget 2024, Delhi Minister Atishi demanded the release of additional funds for Delhi for improving infrastructure across roadways, transportation, and power sectors

Budget 2024: What do women entrepreneurs expect from FM Nirmala Sitharaman?

Union Budget 2024: Experts seek women-centric initiatives that harness their entrepreneurship potential by providing credit opportunities, improve financial literacy and foster skill development