Page 11 - India Economy

Bihar govt tables Rs 2.79 trillion Budget in Assembly for 2024-25 fiscal

The Bihar government on Tuesday tabled a Rs 2.79 lakh crore budget in the assembly for the financial year 2024-25. Bihar Deputy Chief Minister Samrat Choudhary, while presenting the budget, said the current 2023-24 financial year saw 2.5 crore people rising above the poverty line in the state. The state registered a growth rate of 10.64 per cent in the current fiscal, Choudhary, who holds the finance portfolio, said.

India should be atmanirbhar in all aspects: Principal secretary to PM Modi

India should go beyond achieving the desired level of per capita income and be 'atmanirbhar' in all aspects, Principal Secretary to the Prime Minister PK Mishra said on Saturday. Speaking at the 56th annual conference of the Odisha Economic Association at Sambalpur, he also stressed on sustainable growth while achieving high growth trajectory to become a developed nation by 2047. "High growth that is not sustainable will not be meaningful," Mishra said. "India should go beyond achieving the desired level of per capita income and be 'atmanirbhar' (self-reliant) in all aspects. Women will be leading India's development story, the economy will be more inclusive and innovative, and corruption, casteism and communalism will have no place in our national life," he said. Mishra said that the G20 Presidency led by India was recognised globally for its unprecedented scale and success, emphasising the adoption of new concepts for a sustainable and better future. "The concept of LiFE (Lifesty

Goa CM presents revenue surplus budget of Rs 26,765 cr for 2024-25

Goa Chief Minister Pramod Sawant on Thursday presented a Rs 26,765 crore revenue surplus budget for 2024-25 in the Assembly, with no additional taxes being imposed on the citizens of the coastal state. The revenue surplus was Rs 1,720 crore, while the Gross State Domestic Product (GSDP) is expected to witness a growth of 13.87 per cent, with per capita income of Rs 7.64 lakh, he said. Sawant also announced a one-time amnesty scheme for residential houses that are being operated illegally as home stays, hotels and restaurants. Sawant, who holds the finance portfolio, said Goa received Rs 750 crore as financial assistance from the Centre for fiscal 2023-24 and this is expected to rise to Rs 1,506 crore for 2024-25. Despite financial liabilities like social welfare schemes, servicing of debt and infrastructure development, the state government in the last financial years has not imposed additional tax burden on citizens, the chief minister told the House. "We have worked out our fina

FM Sitharaman moves Finance Bill 2024 for consideration in Rajya Sabha

Finance Minister Nirmala Sitharaman on Thursday moved the Finance Bill 2024 for consideration in the Rajya Sabha. The Finance Bill 2024 will be considered for returning to the Lok Sabha which passed the bill on Wednesday. The finance minister also moved a bill related to Jammu and Kashmir budget bill and appropriation Bill authorising the government to meet expenses for four months in the next financial year. "I move that the bill to continue the existing rates of income tax for the financial year 2024-25 and to provide for certain relief to taxpayers and to make amendments in certain enactments as passed by Lok sabha be taken into consideration," Sitharaman said while introducing the Finance Bill 2024-25. The minister moved the appropriation vote on Account Bill 2024 as passed by Lok Sabha as part of the discussion on the interim budget. The Appropriation Bill 2024 , The Jammu and Kashmir Appropriation 2 Bill, and the Jammu and Kashmir Appropriation Bill 2024 were also moved by t

Fuel consumption rises 8.2% in January on strong industrial activity

Total consumption, proxy for oil demand, totalled 20.04 mn tonnes in January, up from 18.51 mn tonnes a year earlier, data from Petroleum Planning and Analysis Cell (PPAC) of oil ministry showed

Govt will seek an end to WTO's 1998 tariff freeze on trade of digital goods

The WTO has had a moratorium on customs duties on electronic transmissions since 1998, and members have extended the rule every two years

Andhra Pradesh govt tables interim budget of Rs 2.86 trillion for FY25

In terms of percentage, revenue deficit amounted to 2.19 percent of the GSDP while the fiscal deficit was 4.18 percent

No delay in disbursal of sops under PLI scheme for white goods: DPIIT

Applications of certain companies for claiming incentives under the production linked incentive (PLI) scheme for the white goods (AC and LED lights) are under examination and there is no delay in disbursement, an official statement said on Wednesday. The Department for Promotion of Industry and Internal Trade (DPIIT) said that investors were given the option to choose one of the two gestation period - up to March 2022 (one year) and up to March 2023 (two years). All 15 projects -- companies which have opted for gestation period 2021-22 -- have been commissioned. "Companies opting for one year of gestation period are eligible for PLI in the current year (2023-24) based on achieving the threshold investment and net incremental sales in 2022-23. Their online applications are under examination by the PMA (project management agency). The PLI will be disbursed by March 2024. There is no delay in PLI disbursement under the scheme," it said. The scheme has attracted a mix of multinational

Inflation within tolerance, taking steps to check price rise: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said the inflation has come down within the tolerance band as a result of the steps taken by the government to check price rise, especially in perishable commodities. Replying to a question in the Rajya Sabha, Sitharaman said Bhabha Atomic Research Centre (BARC) is working with the government on de-humidification of onions through Gamma Rays to give it a longer shelf life. "The government is seized of the difficulties, which arise due to shortage of perishable goods, which are not grown in India. The committee sits and reviews periodically, and the efforts have shown on the ground that inflation is now within the tolerable band," she said. India's retail inflation has declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of 2023. The retail inflation is now stable and within the notified tolerance band of 2 per cent to 6 per cent. The minister said that in order to check the volatil

Rome seeks larger Indo-Pacific role, will step up defence ties with Japan

The leaders of Japan and Italy said on Monday they will bolster their cooperation in security and defence, including their joint next-generation fighter jet development with Britain, as Tokyo welcomed the European nation's shift toward playing a greater role in the Indo-Pacific. Japanese Prime Minister Fumio Kishida, after meeting his Italian counterpart Giorgia Meloni, welcomed Italy's move to increase its presence in the Indo-Pacific region, where several visits by Italy's warships, including its strike group, and joint exercises are planned this year. Japan and Italy are valuable strategic partners that share values and principles such as freedom, democracy, human rights and the rule of law, Kishida said. Kishida also praised progress in their joint development of a new advanced fighter jet with Britain. The three countries in December signed an agreement to establish a joint organisation to develop a new advanced jet fighter for deployment in 2035. Meloni said that the ...

Hiring activity down 5% in January, but registers sequential rise: Report

Hiring activity saw a 5 per cent decline in January, while sequentially it was up 3 per cent, a report said on Monday. The sequential increase was largely due to an improvement in demand for skilled talent in the tourism, telecom, and Banking, Financial Services and Insurance (BFSI) industries, foundit Insights Tracker said in the report. The hiring activity was down 5 per cent in January compared to the same month last year, it said. "...we could trace the steady growth of the tourism industry, which aligns with global trends and the government's interests," Sekhar Garisa, CEO, foundit (previously Monster APAC and ME), a Quess company, said. He said the Budget's focus on developing iconic tourist destinations and promoting spiritual tourism aligns with the increasing demand for unique and immersive travel experiences. "This forward-thinking approach aligns perfectly with the evolving trends we observed at foundit, where the travel and tourism sector has seen an impressive 21 per

FinMin releases Rs 66,745 cr loan to 28 states for investment in Apr-Jan

The Ministry of Finance has released loans worth Rs 66,745 crore to 28 states under the Scheme for 'Special Assistance to States for Capital Investment'. In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the scheme is aimed at boosting capital expenditure by states. Under the scheme, special assistance is being provided to the state governments in the form of a 50-year interest-free loan up to an overall sum of Rs 1.3 lakh crore during the financial year 2023-24. Between April 1, 2023, and February 1, 2024, Rs 66,745.21 crore has been released to 28 states under the Scheme for 'Special Assistance to States for Investment', Chaudhary said. In the 2022-23 fiscal, Rs 81,195.35 crore was released under the scheme. Capital investment projects in diverse sectors have been approved, including health, education, irrigation, water supply, power, roads, bridges and railways. Funds for meeting the state share of Jal Jeevan Mission and Pradhan Mantri Gram S

Too soon to declare victory over inflation: OECD tells central banks

Global economic growth is proving more resilient and inflation in the US and Europe is easing faster than the organization expected in its November outlook

Govt seeks Parliament nod for Rs 78,673 cr more as spendings this fiscal

The government on Monday sought Parliament's nod for a net additional spending of Rs 78,673 crore in the current financial year, including Rs 10,798 crore expenditure towards MGNREGA. The second batch of supplementary demands for grants for 2023-24 was tabled in Parliament by Finance Minister Nirmala Sitharaman also provides for additional spending of Rs 9,231 crore and Rs 3,000 crore towards food and fertiliser subsidy, respectively. The supplementary demands for grants include a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore. The proposal involves net cash outgo aggregating to Rs 78,672.92 crore, said the document tabled in Parliament. The Interim Budget for 2024-25 has pegged the government's total expenditure in the current financial year at Rs 44.90 lakh crore, up 7.1 per cent from 2022-23. Other major spending heads include Rs 9,162 crore for payments to defence services and Rs 3,890 crore towards defence ...

'One nation, one election' to improve govt efficiency, economy: CII

Expressing its support to simultaneous elections that would synchronize the electoral cycles at the central and state levels, industry body CII said 'One Nation One Election' would enhance governance efficiency, and foster economic development. The Confederation of Indian Industry (CII) presented its views to the High-Level Committee on One Nation One Election (ONOE) on Friday. The High Level Committee on One Nation One Election, chaired by former President Ram Nath Kovind held its fifth meeting. "CII's view was based on the economic benefits of streamlining the electoral process, that would enhance governance efficiency, and foster economic development," the industry body stated. It argued that asynchronous multiple elections lead to frequent disruption in policy making and administration, leading to uncertainty about the government's policies. "It also affects the working of the Government due to its officials being roped in for election duties. Investment decisions by the privat

Budget focused on transforming country into developed economy by 2047: TDP

TDP state president K Atchen Naidu on Thursday appreciated the interim budget presented by Union Finance Minister today for focusing on transforming the country into a developed economy by 2047. Naidu noted that the budget focused on primary sectors and employment generation. "The implementation of the Skill India Mission programme for 1.4 crore youth, alongside the allocation of Rs 11 lakh crore for the primary sectors will significantly impact the nation's trajectory," said Naidu, talking to reporters. The TDP joined forces with Jana Sena party led by actor-politician Pawan Kalyan, which is a part of the NDA at the Centre, after party chief N Chandrababu Naidu was arrested in a corruption case. The two parties plan to contest jointly in the upcoming assembly polls in the state, which are to be held alongside the Lok Sabha elections. Lashing out at Chief Minister Y S Jagan Mohan Reddy, the TDP leader asserted that Andhra Pradesh used to be a top job creator through skill training

Interim Budget 2024 focuses on $5 trillion economy target: Assocham

The interim budget focuses on the government's objective of making India a USD 5 trillion economy and a developed nation by 2047, Assocham President Ajay Singh said on Thursday. Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday in which she announced a Rs 11.11 lakh crore spending on infrastructure among other proposals. "It is an India-first budget. A confident budget of a confident government that focuses on the objective of ensuring that India becomes a 5 trillion-dollar economy by 2025 and a developed nation by 2047," Singh told PTI in a post-budget interaction. Speaking further, he said the government has focused on infrastructure, startups, and rail corridors in the Budget. The Finance Minister also announced a Rs 1 lakh crore fund for research and development and the startup sector which is a very significant move. There is no question that the Budget will have a significant impact on the common man, Singh, who is also the CMD of airline company ...

Power consumption rises nearly 6% to 133.83 billion units in January

India's power consumption grew nearly six per cent to 133.83 Billion Units (BU) in January 2024 as compared to the year-ago period, according to government data. In January 2023, power consumption stood at 126.30 BU, higher than 111.80 BU recorded in the same month a year ago, the data showed. The peak power demand met -- the highest supply in a day -- rose to 222.32 GW in January 2024. The peak power supply stood at 210.72 GW in January 2023 and 192.18 GW in January 2022. Experts said that power consumption as well as demand improved in January as mercury fell sharply in the month, especially in North India. The cold wave resulted in increased use of heating equipment like heaters, blowers and geysers which led to increase of power demand as well as consumption. The power ministry had estimated the country's electricity demand to touch 229 GW during the summer in 2023. The demand did not reach the projected level in April-July due to unseasonal rains. The peak supply, however,

GST collections to drive FY25 gross tax revenue to Rs 38.31 trillion

The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent. Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore. The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in cur

GST collections rise 10.4% to Rs 1.72 trn in January, second highest-ever

Goods and Services Tax (GST) collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, the finance ministry said on Wednesday. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more. "The gross GST revenue collected in the month of January 2024 (till 05:00 PM of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4 per cent y-o-y growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," the ministry said. During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent year-on-year growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 lakh crore against Rs 14.96 lakh crore collected in the same period of the previous year(April 2022-January 2023). The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.