Page 33 - Union Budget

Fiscal deficit at 46.5% of full-year target at Oct-end, shows govt data

The Centre's fiscal deficit at the end of the first seven months of financial year 2024-25 touched 46.5 per cent of the full-year target, government data showed on Friday. In absolute terms, the fiscal deficit -- the gap between government's expenditure and revenue -- was at Rs 7,50,824 crore during April-October period, according to data released by the Controller General of Accounts (CGA). The deficit stood at 45 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24. In the Union Budget, the government projected to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current 2024-25 financial year. The deficit was 5.6 per cent of the GDP in 2023-24. In absolute terms, the government aims to contain the fiscal deficit at Rs 16,13,312 crore during the current fiscal. The revenue-expenditure data of the Union government for the first seven months of 2024-25 showed that the net tax revenue was about Rs 13 lakh crore or 50.5 per

Sitharaman to meet state FMs for pre-Budget, GST Council meet on Dec 21-22

Union Finance Minister Nirmala Sitharaman is likely to meet her state counterparts on December 21-22 for pre-budget consultations and meeting of the GST Council, an official said. The meeting assumes significance as states finance ministers would present their recommendations for 2025-26 Budget to be unveiled on February 1, 2025. The 55th GST Council meeting would be held during one of these two days in which the much awaited decision on exemption or lower GST rate on health and life insurance would be taken. The Council may also take up some rationalisation exercise and reduce tax rates on a host of common items from 12 per cent to 5 per cent as per the recommendations of a panel of state ministers. The two-day meeting is slated to take place in Rajasthan, either in Jaisalmer or Jodhpur, the official added. Last month, the group of ministers (GoM) on health and life insurance GST broadly agreed on exempting insurance premiums paid for term life insurance policies, and senior ...

Govt's big job plan: Labour ministry to announce new employment schemes

The labour ministry is expediting discussions with various stakeholders about employment-linked incentive (ELI) schemes

Call on fresh sovereign gold bonds to be taken after assessing markets

Indications were that decision on this would be taken in September

Centre's H2 borrowing likely to stay in line with budgeted amount

May borrow around Rs 6.3 trillion during the period

No tax rate reductions for old regime, clarifies Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said that the government is not compelling anyone to switch from the old to the new tax regime

Fiscal prudence through disclosure: A key Budget move that went unnoticed

Statement 27-A, a voluntary disclosure of state-owned entities' borrowings, introduced in the Budget for 2024-25, enhances fiscal transparency and signals prudent fiscal management

Defence stocks tumble up to 27% since Budget presentation; time to buy?

"A correction was needed in defence stocks as they were overvalued after the Interim Budget amid high expectations from the Budget," said Palka Arora Chopra, director of Master Capital Services

India's GDP growth slowed down to six-quarter low of 6% in Q1 FY25: ICRA

The credit rating agency expects India's GDP to grow by 6.8 per cent for the full fiscal year 2024-25, lower than the 8.2 per cent achieved in 2023-24

How to trade Titan, other jewellery stocks amid rising Gold prices?

Stocks like PC Jeweller, TBZ, Kalyan Jewellers and Senco Gold can potentially rally up to 27% from current levels, suggest technical charts.

Centre sets up team to implement internship scheme announced in Budget

The Union Ministry of Corporate Affairs is holding discussions with corporate HR leaders in Delhi and Mumbai to finalise the contours of the scheme

Onwards to Viksit Bharat

Initiating policy reforms on the priorities outlined in the Budget without delay is crucial for India's developmental goal

DPDP rules to be out for public consultation at end of Budget session

The ongoing budget session will get over on August 12

India Inc braces for share buyback rush ahead of changes to tax rules

At least 11 firms, including Indus Towers Ltd., have or are set to approve share buybacks shortly after the new regime was proposed in the budget on July 23

J&K govt gets Rs 7,900 crore from centre to clear dues with J&K Bank

The official said the money will be used by the J&K government to cover dues for pensions, salary payments, and other expenses of J&K Bank

Finance Minister Nirmala Sitharaman to address RBI board on August 10

Finance Minister Nirmala Sitharaman is scheduled to address the Reserve Bank of India's central board on August 10 and highlight key points of the Budget FY25, including the fiscal consolidation roadmap. The post-budget meeting has been scheduled for August 10 where the finance minister will address the board members and talk about announcements made in the Budget 2024-25 that strike a fine balance between growth, employment, and fiscal prudence, sources said. It is customary for the finance minister to address the Reserve Bank of India board after the budget. Unveiling the Budget on July 23 in the Lok Sabha, Sitharaman said the total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore, respectively, for 2024-25. The net tax receipts are estimated at Rs 25.83 lakh crore, she said, adding that the fiscal deficit is estimated at 4.9 per cent of the GDP. The gross and net market borrowings through dated securities dur

Puducherry CM Rangasamy presents Rs 12,700 cr tax-free budget for UT

Puducherry Chief Minister N Rangasamy presented a tax-free budget involving allocation of Rs 12,700 crore for the fiscal 2024-2025 in the territorial Assembly on Friday. He said the budget size of Puducherry has been fixed at Rs 12,700 crore. Rangasamy, who holds the Finance portfolio, also stated that the Union Territory's own receipts have been estimated at Rs 6,914.66 crore while the Central assistance including State Disaster Relief fund has been estimated at Rs 3,268.98 crore. The Central road fund has been estimated at Rs 20 crore while allocation under Centrally-sponsored schemes has been estimated at Rs 430 crore. During his 80-minute-long address, Rangasamy also said that he was extremely happy to present his fourth budget in the fifteenth legislative Assembly. The Central government had conveyed its approval for the net borrowing ceiling to the extent of Rs 2,066.36 crore "to bridge our fiscal deficit," he said. He said out of the budget estimate of Rs 12,700 crore, a su

'Nothing has structurally changed on either food or fertiliser subsidy'

Somanathan responded to a range of queries arising from the Budget and explained the government's thinking, on employment schemes, capital gains indexation and fiscal roadmap and many more

Centre's fiscal deficit in Q1 at 8.4% of FY25 target, shows CGA data

Total non-tax revenue for first three months of FY25 stands at Rs 2.8 trillion

FM Nirmala Sitharaman stresses commitment to cooperative federalism

The FM said the Budget has struck a healthy balance between growth, employment, welfare spending and fiscal consolidation, and promotes cooperative federalism