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Page 24 - Union Budget

Give back entrepreneurs & households their time and mental bandwidth: CEA

Give entrepreneurs and households back their time and mental bandwidth, Chief Economic Advisor V Anantha Nageswaran said while making a strong case for significant roll back of regulations both by the Union and state governments. In the Preface of the Economic Survey 2024-25, he said 'Getting out of the way' and allowing businesses to focus on their core mission is a significant contribution that governments around the country can make to foster innovation and enhance competitiveness. "The most effective policies governments - Union and States - in the country can embrace is to give entrepreneurs and households back their time and mental bandwidth. That means rolling back regulation significantly. That means vowing and acting to stop micromanaging economic activity and embracing risk-based regulations," Nageswaran wrote. Effective government policies also means changing the operating principle of regulations from 'guilty until proven innocent' to 'innocent until proven guilty'. Add

Updated On : 31 Jan 2025 | 4:46 PM IST

Coordinated efforts from all crucial for making India mfg hub: Eco Survey

Coordinated efforts from the government, private sector, academia, R&D institutions, and financial stakeholders are crucial for India to achieve its goal of becoming a manufacturing powerhouse amid an uncertain global environment, Economic Survey 2024-2025 said on Friday. It also said that the rise of China as a manufacturing powerhouse and its impact on the manufacturing aspirations of other nations, as well as the supply of minerals, materials, machinery, and equipment needed for energy transition, pose challenges. Amidst this, it said, India is in the middle of a change that represents an unprecedented economic challenge and opportunity. The survey stressed that China is a dominant force in the global manufacturing and energy transition ecosystems as it has gained a strategic advantage leveraging its competitiveness and economic policy to access and control key resources recognised today as critical for global supply chains. "Hence, in a rather unsupportive global environment, .

Updated On : 31 Jan 2025 | 4:30 PM IST

Karnataka seeks Rs 11,495 crore special grants among others in Union Budget

Special matching grants for the development of the backward region of Kalyana Karnataka, approval for the Mekedatu project and release of Rs 11,495 crore of special grants recommended by the 15th Finance Commission were among the suggestions and requests made by the Karnataka government during a pre-budget consultation with the Centre. Last month, Union Finance Minister Nirmala Sitharaman met finance ministers of states and union territories (UTs) to take their demands and suggestions for the Union Budget 2025-26, to be presented on February 1. In his presentation at the meeting, Karnataka Revenue Minister Krishna Byre Gowda on behalf of the state government led by Chief Minister Siddaramaiah sought release of Rs 5,300 crore promised in the Union Budget to Upper Bhadra project to provide water to drought prone central Karnataka and special matching grants for the development of backward region of Kalyana Karnataka and the global eco sensitive Western Ghats. The state urged the Centr

Updated On : 31 Jan 2025 | 4:23 PM IST

Tap water connections in rural household crossed 150 mn mark: Eco Survey

Tap water connections in rural households under the Jal Jeevan Mission (JJM) have grown four-fold to about 15.30 crore as of November 2024, according to the Economic Survey 2024-25. Around 3.23 crore (17 per cent) of rural households had tap water connections at the time of the launch of the mission in August 2019, the pre-budget document for the 2024-25 fiscal said. The mission improved access to safe drinking water in rural areas, particularly in regions affected by water quality issues like arsenic and fluoride. Its impact includes better health outcomes and enhanced water security for vulnerable populations, it noted. "Since then, over 12.06 crore families have been added, increasing the total to more than 15.30 crore (79.1 per cent) out of approximately 19.34 crore rural households as of November 26, 2024," the survey said. Eight states -- Arunachal Pradesh, Goa, Haryana, Himachal Pradesh, Gujarat, Punjab, Telangana and Mizoram, and three union territories, namely, Andaman & .

Updated On : 31 Jan 2025 | 4:12 PM IST

Eco Survey asks financial regulators to balance stability, innovation

Financial sector regulators need to maintain an optimal balance between the stability and innovation to foster financial inclusion, said Economic Survey 2024-25 tabled in Parliament on Friday. The financial sector is primarily governed through independent regulatory bodies (IRBs) RBI, SEBI, IRDAI, PFRDA and IBBI -- with FSDC having a broader financial stability mandate, enabling inter-regulatory coordination and promoting financial sector development, the survey said. Each IRB varies in design, the nature of delegated functions, and the degree of autonomy, which are unique to the socio-political context of its evolution and the regulated domain, it said. "Regulation in the financial sector must strike an optimal balance between the imperative of stability and the goals of fostering innovation, efficiency, and competition. Given the country's low financial literacy and lower-middle-income status, ensuring stability is essential to prevent systemic risks and protect consumers," it ..

Updated On : 31 Jan 2025 | 4:04 PM IST

Budget 2025: PM Modi hints at new measures for women, poor, middle class

Prime Minister Narendra Modi on Friday hinted at new initiatives for the poor and middle class as well as women as he laid out his government's vision a day before the Union Budget is presented in Parliament. Modi began his customary pre-session remarks to the media by invoking Lakshmi, the goddess associated with wealth and prosperity, and said he prayed for special blessings for the poor and middle class. Stressing the importance of ensuring equal rights for women free from religious and sectarian differences, he asserted that significant decisions towards the goal will be taken during the Budget Session, which started from Friday. He emphasised the importance of establishing the dignity of women, who have been at the centre of the ruling BJP's welfare measures. Modi said several historic bills and proposals will be discussed in this session, leading to laws that will strengthen the nation. President Droupadi Murmu in her address to the joint sitting of Parliament also underscor

Updated On : 31 Jan 2025 | 4:04 PM IST

Air connectivity improved considerably with new airports, UDAN: Eco Survey

Air connectivity in the country has improved considerably with new airports and regional air connectivity scheme, the Economic Survey said on Friday and highlighted that airport developers and operators have achieved 91 per cent of the Rs 91,000-crore capital expenditure envisaged for the FY20-FY25 period. "India is the fastest-growing aviation market globally. To accommodate the substantial growth in air traffic, Indian airlines have placed amongst the largest orders for aircraft globally," the Survey for 2024-25 tabled in the Parliament said. Domestic airlines have ordered more than 1,700 planes as they look to expand their networks amid rising air traffic demand. In the sphere of the Maintenance, Repair, and Overhaul (MRO) industry, the Survey said the government is encouraging original equipment manufacturers to establish facilities in India and has introduced policies to align the sector with global standards. "New airports and improved regional connectivity under the Ude Desh

Updated On : 31 Jan 2025 | 3:56 PM IST

Economic Survey 2024-25: Key highlights and challenges the CEA presents

India's economy is expected to grow between 6.3 per cent and 6.8 per cent in FY26. Chief Economic Adviser believes India is on a steady growth path while globalisation is slowing down

Updated On : 31 Jan 2025 | 3:46 PM IST

5G rollout, regulatory reforms boosting digital connectivity: Eco Survey

The rollout of 5G services in most districts along with regulatory reforms directed at improving telecom infrastructure and user experience has boosted digital connectivity in India, the Economic Survey 2024-25 has noted. The document tabled in Parliament on Friday stated that telecom infrastructure in India is being significantly improved through the BharatNet Project, which aims to extend broadband access to rural areas, including villages, and enhance mobile coverage in regions such as the North-East, border areas, and islands. "Digital connectivity has made major advancements in digital inclusion, technological innovation, and regulatory reforms this fiscal year, all in line with the government's vision for a Digital India. "The rollout of 5G services, along with the introduction of new policies aimed at enhancing telecommunications infrastructure and user experience, has played a crucial role in digital connectivity," the pre-budget document said, noting that currently, 5G ...