Page 50 - Union Budget

Delhi govt alleges step-motherly treatment on Rs 1,168 cr Budget allocation

The Union Territory of Delhi was allocated Rs 1,168 crore in the interim budget for 2024-25 on Thursday, the same as in 2023-24, with the AAP government accusing the BJP-led Centre of meting out "step-motherly" treatment to the national capital. The transfer to Delhi from the Union home ministry included Rs 1,168 crore under the revenue head and Rs 0.01 crore under the capital head. In the 2022-23 budget, Delhi was allocated Rs 960 crore. The amount was increased to Rs 1,168.01 crore in 2023-24 and it remains the same for 2024-25. There were no grants in lieu of its share in central taxes and duties for Delhi. It was Rs 325 crore in the 2022-23 budget. The grants in return of Delhi's share in the pool of central taxes and duties were clubbed under the "central assistance to Union Territories" in the budget estimates of 2023-24 and have remained so in the interim budget for 2024-25. The allocation under central assistance to Delhi in the 2024-25 budget estimates was Rs 951 crore li

Interim Budget: Equip youth for nation's progress, says FM Sitharaman

When it comes to youth, skilling has been a major focus area. The Skill India Mission has trained 14 million youth, upskilled and reskilled 5.4 million youth, shared FM Sitharaman

Budget: India Inc results may mirror govt expenditure in upcoming qtrs

In comparison, Larsen & Toubro, Maruti Suzuki, and Bajaj Auto have seen strong double-digit growth in net sales and net profit. fuelling a rally in their share prices

Governance, development, performance key themes for Budget 2024-25: FM

We're not just aligning with fiscal consolidation path but bettering it: FM

Budget: Defence allocation at Rs 6.21 trillion, but stays below 2% of GDP

As a percentage of government expenditure, the budget allocated to defence is 13 per cent, continuing a multi-year trend of falling allocations

Interim Budget: Fiscal consolidation hits 26 of 37 welfare schemes in FY24

The interim Budget showed the total revised estimates (RE) for these 37 schemes fell by 6 per cent to Rs 4.41 trillion in FY24 from the budget estimate (BE) of Rs 4.69 trillion

Interim Budget: Tax-GDP ratio projected to be highest in FY25 since 2008-09

Personal income tax is the only tax that was shown to collect more in RE for this financial year

Absence of surprises in Budget: Mkts flat as investors look for triggers

The Sensex ended the session at 71,645, a decline of 107 points or 0.2 per cent, while the Nifty50 index fell 17 points, or 0.08 per cent, to end 21,709

Demand to rise as Budget proposes to help middle-class buy homes: Realtors

Realtors on Thursday hailed the Budget proposal of launching a scheme to help middle-class people buy or build their own homes, saying this will boost demand for residential properties and help in the overall growth of the real estate sector. In the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorised colonies' to buy or build their own houses. She also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen). Commenting on the Budget proposals, CREDAI President Boman Irani said these initiatives are "encouraging and will aid in the growth of the housing market". Sustained focus on infrastructure development will further boost growth in the housing sector, he said. With tax rates remaining unchanged, Irani said the common man will not have ...

Decoding Interim Budget 2024 with AK Bhattacharya and Shailesh Dobhal

Interim Budget 2024: Business Standard Editor Shailesh Dobhal talks to Business Standard's Editorial Director AK Bhattacharya about Finance Minister Nirmala Sitharaman's Interim Budget speech.

Interim Budget: Rama's radiance in FM Sitharaman's six yards of optimism

The Opposition made only half-hearted efforts to interrupt the speech and did not appear to notice that in the Budget speech, the Prime Minister was quoted five times

Budget 2024: Allocation for Auto PLI rises over seven-fold to Rs 3,500 cr

The government on Thursday announced an over seven-fold increase in allocation for the automotive industry's production-linked incentive scheme for 2024-25 to Rs 3,500 crore, the interim budget documents showed. According to the Expenditure Budget, a sum of Rs 3,500 crore has been earmarked towards the Production Linked Incentive (PLI) scheme for automobiles and auto components in the financial year beginning March, up from a revised estimate of Rs 483.77 crore in the current fiscal. Additionally, the budget for the PLI scheme for advanced chemistry cell and battery storage has been hiked from Rs 12 crore to Rs 250 crore in 2024-25. The Ministry of Heavy Industries recently extended the tenure of the PLI scheme for automobile and auto components by one year, with incentives now applicable for five consecutive financial years starting 2023-24. The Union Cabinet had approved the PLI-Auto scheme on September 15, 2021 with a budgetary outlay of Rs 25,938 crore for a period of 5 years .

Civil aviation ministry to get Rs 2,300 cr budgetary allocation for 2024-25

The budgetary allocation for the civil aviation ministry has come down to Rs 2,300 crore for the next financial year. For the ministry, the allocation in the revised budgetary estimate for the current fiscal ending March 2024 stood at Rs 2,922.12 crore. According to the documents of the interim Budget for 2024-25, the ministry will get an allocation of Rs 2,300 crore, including the revenue component of Rs 2,257.79 crore. Out of the total amount, Air India Asset Holding Ltd (AIAHL) will get Rs 1,158.79 crore in the next fiscal, higher than Rs 713.92 crore allocated for 2023-24. The provision is kept for servicing of loans transferred to AIAHL as a result of financial restructuring of Air India, as per the Budget document. AIAHL is a special purpose vehicle formed by the government that holds various assets of the national carrier Air India. The allocation for Production-Linked Incentive (PLI) Scheme for Drone and Drone Component has been hiked to Rs 57 crore for 2024-25, from Rs 3

India to sustain exports growth, Budget provides strong foundation: Goyal

India has sustained its export growth notwithstanding the global challenges emerging due to issues like the Israel-Hamas war and the Budget has laid out a strong foundation to push the economic growth, Commerce and Industry Minister Piyush Goyal said on Thursday. The minister said that certainly, the country is facing "very severe" challenges due to these conflicts. "But despite these challenges, India continues to be a bright spot in terms of economy, economic growth, and we continue to broadly sustained our exports...I think, the Indian story is a story of resilience, and strength," Goyal told PTI in a post-budget interaction. In her budget speech, Finance Minister Nirmala Sitharaman stated that geopolitically, global affairs are becoming more complex and challenging due to wars and conflicts. Globalization is being redefined with reshoring and friend-shoring, disruption and fragmentation of supply chains, and competition for critical minerals and technologies. A new world order

Viksit Bharat: Centre to provide Rs 75,000 cr interest-free loan to states

The Union government will provide Rs 75,000 crore as interest-free loan for 50 years to support reforms by states for realising the vision of 'Viksit Bharat'. The government has set a vision to make India a developed nation by 2047. Finance Minister Nirmala Sitharaman made the proposal in this regard in her Budget speech in the Lok Sabha on Thursday. Many growth and development enabling reforms are needed in states for realizing the vision of 'Viksit Bharat', she said. "A provision of seventy-five thousand crore rupees as fifty-year interest-free loan is proposed this year to support those milestone-linked reforms by the state governments," the minister said. According to the Budget documents, total resources being transferred to the states, including the devolution of states' share, grants/loans and releases under centrally sponsored schemes in 2024-25 (Budget Estimates), stand at Rs 22,22,264 crore. This is an increase of Rs 4,13,848 crore over actuals of fiscal year ...

Interim Budget: A path of fiscal prudence towards Viksit Bharat by 2047

The government has outlined a vision for Viksit Bharat by 2047, with GDP being given a new connotation of 'Governance, Development and Performance'

eCourts Ph-3 project gets Rs 825 cr this fiscal, Rs 1,500 cr for next FY

The phase-III of the ambitious eCourts project, which seeks to upgrade the lower judiciary's digital infrastructure, has been allocated Rs 825 crore this fiscal after the revised estimates, while an enhanced sum of Rs 1,500 crore has been allocated for the next financial year. The phase-III received a Cabinet nod in September last year with a financial outlay of Rs 7,210 crore. According to the revised estimates for 2023-24, the Law Ministry has been granted Rs 825 crore for the Phase III of the project. The project will get Rs 1500 crore, according to the budget estimates for 2024-25. This phase of the the project, which is to be implemented over four years, will see digitisation of entire court records, both legacy and pending cases, at an estimated cost of Rs 2,038.40 crore. A total of 3,108 crore documents will be digitised, official sources had said. The eCourts Mission Mode Project has been described by the government as the prime mover for improving access to justice using

Budget 2024: Govt to keep spending on border roads after 30% overrun

The countries have been in a military standoff since July 2020 when at least 24 Indian and Chinese troops were killed in the worst clashes between the two sides in five decades

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 balances need for equitable growth, says CII president

He welcomed govt's push for infrastructure, capex-led growth