Page 7 - Union Budgets

Unusual election year Budget signals PM Modi's sky-high confidence

India's economy is now the fifth-largest in the world, from the tenth-largest when Modi first took office a decade ago, and the fastest expanding among major nations

Interim Budget indicates the way forward

On the external sector, the Finance Minister said that geopolitically, global affairs are becoming more complex and challenging with wars and conflicts

Statsguru: Railway expenditure for FY25 is pegged at Rs 2.6 trillion

Freight earnings are expected to grow 6.5 per cent in FY25. This is faster than the 2.5 per cent expected in the revised estimates for the current year

Defence preparedness

Govt will have to find more resources

Qualitative improvement

Higher capex will improve growth prospects

Existing taxation structure for corporates very reasonable: Revenue secy

The existing taxation structure for corporates with a 22 per cent tax is "very reasonable" when compared to an economy of the size of India and hence the concessional tax regime which was in force for four years for new manufacturing units was not extended beyond March 2024, Revenue Secretary Sanjay Malhotra said. In an interview with PTI, Malhotra said the Interim Budget 2024-25 provides for continuity in taxation regime and the benefits given to taxpayers in the last years are showing results in the form of huge buoyancy in personal income tax. "Taxpayer services have been a major focus of the government and this will continue going forward. Taxpayer services includes rationalisation, simplification and trust-based taxation with less scrutiny and more pinpointed assessments and use of technology. We are hopeful taxpayer services will continue to improve helping us in compliance and improving tax collection efficiency," Malhotra said. To a question on why the concessional tax regim

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

Budget focused on economic resilience, creates opportunities for all

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

BMC presents Rs 59,954.75 crore budget; 10.5% higher than last year

The Brihanmumbai Municipal Corporation (BMC), India's richest civic body, on Friday presented a Rs 59,954.75 crore budget for the year 2024-25. The budgetary estimates this time are 10.5 per cent more than the 2023-24 amount of Rs 54,256.07 crore. The civic administration presented the budget to municipal commissioner Iqbal Singh Chahal, who was appointed as BMC administrator by the state government after the five-year term of corporators ended in March 2022. The budget estimates for the financial year 2024-25 are proposed at Rs 59,954.75 crore, which exceeds the budget estimates of 2022-23, that is Rs 54,256.07 crore, by 10.5 per cent, said the budget document. This is the second time after 1985 that the BMC administration has presented the budget to an administrator as the five-year term of its corporators has ended.

Budget to boost healthcare sector, bolster bulk drug manufacturing: Expert

India's interim Budget would help in addressing some of the major challenges being faced by the country in the health and pharma sector and reinforce India's standing as the Pharmacy of the World, a well-known pharma industry association head has said. The Union Health Ministry has been allocated Rs 90,658.63 crore in the interim Budget for 2024-2025, a hike of 12.59 per cent over 80,517.62 crore in the Budget (revised estimates) for 2023-2024. Finance Minister Nirmala Sitharaman said the government plans to set up more medical colleges by utilising existing hospital infrastructure and will form a committee to examine the issues and make relevant recommendations. India's commitment to promoting research and development in the life sciences sector will receive a boost with the government's plan to establish more medical colleges in the country, Karun Rishi, president of the USA India Chamber of Commerce said on Thursday. "This initiative will improve healthcare services and contribu

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: Tax base is becoming deeper, wider under Modi govt

Direct tax collections have more than trebled over the last decade

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

Record 10th anti-farmer, anti-people Budget in a row, says Kisan union

The All India Kisan Sabha also claimed that the allocation of resources for women and children, and for Scheduled Castes and Tribes, has also been cut drastically

Union Ministers laud 'inclusive Budget', Oppn terms it 'election Budget'

PM Modi, in his first post-budget remarks, said that the Interim Budget empowers the four pillars of Viksit Bharat

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

No changes in tax regime: Palkhiwala would have been pleased

His constant lament was that he longed for a budget, which would make zero changes in the Income Tax Act

Interim Budget 2024: India's economic future bright, in capable hands

While the IMF estimates the Indian economy to grow at 6.7 per cent in 2023-24, there is no other comparable economy that is growing as rapidly as India

A Budget for extracting outcomes from outlays given to Indian Railways

The year 2023 was a golden era for Railways' passenger business. Intercity passenger journeys at the end of Q3FY24 touched 2.2 billion, a 16 per cent growth over the previous year