Page 66 - Nirmala Sitharaman

Govt seeks LS approval for net additional spending of Rs 78,673 cr in FY25

The government on Monday sought Lok Sabha's approval for a net additional spending of Rs 78,673 crore in the current financial year. The second batch of supplementary demands for grants for 2023-24 fiscal was tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman. The supplementary demands for grants includes 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 the Lok Sabha.

Need more 'SBI-sized' banks: Nirmala Sitharaman on India's economic push

Experts suggest that given the economic size of India and its acceleration towards being the third largest economy, at least a couple of banks of global size are required to facilitate the growth

Qualitative improvement

Higher capex will improve growth prospects

Economic reforms implemented 'despite the odds', says FM Sitharaman

Rating agencies must take note of the country's transparent fiscal consolidation path, FM says

Govt working on scheme to help middle-class buy homes: Manoj Joshi

The government is "working on a scheme" to help middle-class people purchase or construct their own houses, Housing and Urban Affairs Secretary Manoj Joshi on Friday said, as he stressed that real estate has a critical role in the country becoming USD 30 trillion economy by 2047. Inaugurating the real estate association NAREDCO's National Convention, he said real estate is the most critical factor in India becoming a developed nation and reaching a USD 30 trillion economy. Joshi stressed that building urban infrastructure and urban housing would be key to economic growth. The government has been focusing a lot on urban planning in the last few years, he said, adding that states are being given incentives to make reforms in urban planning. A lot of states have undertaken reforms, the secretary said, and highlighted good work done in Gujarat in this area. Referring to the budget announcement that the government will launch a scheme to help the middle class in acquiring homes, Joshi

It's not interim Budget, but 'antim' Budget of BJP govt at Centre: Mamata

West Bengal Chief Minister Mamata Banerjee on Friday dubbed the interim budget for 2024-25 as the antim (last) budget of the BJP government at the Centre, indicating that the saffron party will taste defeat in the Lok Sabha polls this year. Banerjee made the remark during a dharna in Kolkata, which began earlier in the day to demand the state's "dues" from the Centre for various social welfare schemes. "It is not an interim budget, but the 'antim' budget, she asserted. Union Finance Minister Nirmala Sitharaman had tabled the interim budget on Thursday. The chief minister also said her government has submitted utilisation certificates regarding the usage of central funds since 2011, when the TMC assumed power in the state for the first time. Why should we take responsibility for what happened before we came to power, during the Left rule?" she said.

Interim Budget 2024-25: Striking a middle path

Such prudence also seems to have influenced the Finance Minister's fiscal consolidation efforts

I-T dept will erase petty tax demands on its own, says CBDT chairman

The income tax department will "erase" petty tax demands pending against about 80 lakh taxpayers on its own and issue a "speaking order" explaining the process to be followed, CBDT chairman Nitin Gupta said Friday, a day after the measure was proposed in the interim Budget. Union Finance Minister Nirmala Sitharaman had on Thursday declared the government's proposal to withdraw outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years 2010-11 to 2014-15. This was being done, she said, as part of an effort to improve ease of living and ease of doing business for citizens. The finance minister added that there were "a large number" of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years. "We will erase these demands, we will extinguish such a demand from the

Fiscal deficit target of 5.1% ambitious but achievable: Finance secretary

Finance Secretary T V Somanathan has said the government's resolve to bring down the fiscal deficit by 70 basis points to 5.1 per cent in 2024-25 is ambitious but achievable in view of the tax buoyancy and expenditure management. Finance Minister Nirmala Sitharaman in the interim Budget presented on Thursday refrained from announcing any populist measures but significantly trimmed the fiscal deficit to 5.1 per cent of the Gross Domestic Product (GDP) next fiscal and 4.5 per cent in FY26. "So it is ambitious but it is also realistic. There are three pillars on which this is based. One is we have assumed growth in tax revenue about 11.5 per cent. I think that's a very realistic assumption," Somanathan told PTI Videos in an interview. Besides, he said, the government has projected a slight increase in non-tax revenue from a high base during the current financial year. On the expenditure side, he said, "Capex has increased 11.1 per cent... the revenue expenditure we believe is ...

LIVE: Budget will fuel progress, empower people, says Shree Cement MD

Union Budget 2024 Live Updates: Catch all the latest updates here

Budget announcements to boost India's innovation-led economy: DPIIT secy

Announcements in the interim Budget 2024-25 with regard to deep-tech and startups will significantly help boost India's innovation-led economy, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said on Friday. Singh said the 11 per cent increase in capital expenditure (capex) to Rs 11.11 lakh crore for the next financial year, and the provision to provide Rs 75,000 crore as interest-free loan for 50 years to support reforms by states, will help further improve the country's logistics efficiency, connectivity and cut down the logistics cost. Provisions related to research and development "hopefully trigger some greater private sector investments in R&D. Announcement of a new scheme for strengthening deep-tech technologies is good for startups also... It will give a boost to India's increasingly becoming an innovation led economy," Singh told PTI. Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on ...

Budget focused on economic resilience, creates opportunities for all

It carefully allocates public resources and commits to reduce the country's fiscal debt

Mission Shakti: Under longest-serving woman FM, gender Budget hits a high

India's gender Budget was specifically started in 2005-06 to view the budgetary exercise through a gender lens and to ensure that the benefits of development do not exclude women

Govt continues to be bright spot of world despite challenges: Piyush Goyal

The global economic uncertainties have impacted foreign direct investment (FDI) but despite these challenges, India will continue to be the bright spot of the world for overseas players, says Commerce and Industry Minister Piyush Goyal. While signing free trade agreements (FTAs) or bilateral investment treaties (BITs), the government always ensures the terms are best for India, Goyal told PTI in a post-budget interaction. Finance Minister Nirmala Sitharaman in her budget speech on Thursday said India is negotiating BITs with different countries in the spirit of 'first develop India'. She said that geopolitically, global affairs are becoming more complex and challenging with wars and conflicts. "The global uncertainty has certainly impacted FDI, particulary considering that the interest rates in the US and other developed countries have massively seen a spike," Goyal told PTI. He said that because of the high interest rates, there was a reverse flow of capital towards developed ...

Decadal perspective: Modi govt has pushed the pedal on growth, technology

Focus on technology and encouraging research and development to fuel innovation

USIBC President hails India as a 'pillar of stability' in uncertain world

He underscored the mutual recognition that both the United States and India are leading global job creation and prosperity

Interim Budget 2024 supports economic growth story for India: USISPF chief

The Interim Budget 2024 is expected to undergo thorough scrutiny and debate in the coming days in Parliament as stakeholders assess its potential impact on the nation's economic trajectory

TMS Ep621: Interim Budget, BS Budget analysis, markets, top Budget numbers

Why is this Budget more than interim? Did the interim Budget tick the right boxes? What do fiscal targets mean for bond, equity markets? Top Budget numbers and what they mean. Find out here

Best of BS Opinion: Interim Budget 2024-25: Striking a middle path & more

Here is the best of Business Standard's opinion pieces for today

FM Sitharaman's interim Budget extends tax benefits in IFSC till March 2025

Proposal will give 'some breather' business set up in GIFT city, she says