Page 50 - Finance Ministry

Budget 2023: 113% increase in allotment for northeast, highest ever

The Finance Ministry has budgeted Rs 5892 crore for FY24 for the region, which is 113 per cent more than the RE 2022-23

Borrowing limit: Kerala FM says Centre has adopted "wrong policy"

Kerala Finance Minister K N Balagopal on Thursday said the Centre's imposition of cuts in the borrowing limit of the states would adversely impact the southern state's economy, which is yet to completely recover from the challenges due to the COVID-19 pandemic and back-to-back natural disasters. The BJP-led union government adopted a "wrong policy" to reduce the state's borrowing capacity after including the loans taken by the special purpose vehicles like Kerala Infrastructure Investment Fund Board and Kerala Social Security Pension Limited within the state government's overall borrowing limit, he told the state Assembly. "The cutting down of the borrowing capacity of states to three per cent from the previous five per cent will adversely impact the state's economy," Balagopal said during Question Hour. Despite repeated requests to restore the previous borrowing limit of the states and to avoid the inclusion of the loans taken by the KIIFB and KSSPL in the state's overall borrowing

Budget will lead India towards self-reliance: Byju's Divya Gokulnath

The co-founder of Byju's Divya Gokulnath has said the Union Budget 2023-24 will take the country to become a self-reliant economy. The Indian multinational education technology company co-founder said the push for infrastructure in the budget, which was presented by Union Finance Minister Nirmala Sitharaman on Wednesday, will create huge jobs and encourage investment in this sector. "The budget strengthens India's progress towards becoming a self-reliant economy. It also reinforces the government's commitment to making India a major player in the global economy," Gokulnath told PTI here. "The allocation of substantially more funds towards infrastructure development will create millions of jobs and encourage the private sector to invest more, she added. Speaking about the education sector, she said, "The budget proposals like teachers training and National Digital Library align with the NEP schools and by investing in cutting-edge digital infrastructure and nurturing an innovation .

Want to make exemption-free tax regime attractive for people: FM Sitharaman

Sitharaman said large macroeconomic considerations had been kept in mind, and fiscal consolidation had not been ignored

Investing, not saving

More effort on deficit reduction was needed

Union Budget 2023-24: A great year for Indian Railways, says expert

IR, which stimulates almost all sectors of industries and commerce by transporting raw materials and finished goods, is moving much more BTKMs (Billion Tonne Kms) during and post-pandemic times

FM may address RBI board on Feb 11 to highlight key points of Budget 2023

Finance Minister Nirmala Sitharaman is likely to address the Reserve Bank of India's central board on February 11 and highlight key points of the Union Budget, including the fiscal consolidation roadmap and high capital expenditure plan. The post-budget meeting has been scheduled for February 11 where Sitharaman would be addressing the board members and talk about announcements made in the Budget 2023-24 to perk up growth in view of geopolitical tension and tightening interest environment by central banks across the world, sources said. It is customary for the finance minister to address the Reserve Bank of India board after the budget. "The revised estimate of the total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore. The revised estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore," she said in her Budget speech on Wednesday. The fiscal deficit is estimated t

Union Budget 2023 gives EVs a big charge; boosts vehicle scrappage

Centre and states to provide 25% tax rebate on road tax for vehicles purchased to replace scrapped ones

FM announces savings scheme for women with 7.5% interest rate for 2 years

Union Finance Minister Nirmala Sitharaman Wednesday announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well. "One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced. She also said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been created by mobilising rural women. "We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members," she said. Financial assistance of more than Rs 2.25 lakh crore

Union Budget 2023: Capital expenditure to be hiked by 33% to Rs 10 trillion

Budget 2023: PAN cards will be used as a common identifier for all government schemes, the FM said in her Budget speech

Congress to hold MPs' meeting ahead of Budget presentation in Parliament

Congress has convened a meeting of its Lok Sabha MPs ahead of the budget presentation in Parliament to devise strategy

Budget 2023: FM Nirmala Sitharaman takes tablet in red pouch to Parliament

Budget 2023: With the tablet carefully kept inside a red cover with a golden-coloured national emblem on, FM Nirmala Sitharaman went to the Parliament after meeting President Droupadi Murmu

Day ahead of Budget, FinMin reports robust GST mop up of Rs 1.56 trn in Jan

The figure amply indicates that tax revenues are likely to remain strong in 2022-23, and may help the Centre retain the 6.4% fiscal deficit target for the current financial year

2nd highest gross GST collection in January 2023 amounting Rs 1.55 trn

Revenues in the current financial year upto January 2023 was 24% higher than the GST revenues during the same period last year

Budget 2023: Experts expect a boost to decarbonisation, energy transition

Issues that need to be addressed include expanding funding for renewable manufacturing, extending PLI to wind and green hydrogen, among others

Union Budget likely to test govt's fiscal resolve ahead of 2024 elections

A review of budgets since Modi came to power shows he's been chipping away at subsidies, barring the pandemic years when assistance saw an increase

Budget 2023-24: With all eyes on growth, it's over to FM Sitharaman

Even as India is a relatively bright spot in the global economy, most of its big trading partners in the West, and China are bracing for a deep slowdown and, in some cases, a recession

Green debut

Green bonds can help lower borrowing cost

FinMin to stick to privatisation of already announced CPSEs next fiscal

The Finance Ministry will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the Budget for 2023-24 is unlikely, sources said. The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal. In the current fiscal, the government had budgeted to collect Rs 65,000 crore from disinvestment. However, so far, it has realised only Rs 31,106 crore by selling minority stakes in public sector companies. After tasting success in privatising loss-making Air India in 2021, the progress of PSU sell-off has not been very impressive over the past year, and experts say that with the general election around the corner in 2024, no major disinvestment announcement is expected in this Budget either. "The plan is to move ahead with the

PSE dividends likely to cross govt's target for first time in 8 years

The government has so far garnered Rs 36,835 crore, which is 92 per cent of the Budget estimate of Rs 40,000 crore