Page 9 - Union Budgets

Interim Budget 2024: 'A transformative yet prudent financial statement'

Overall, the government has presented a forward-looking Budget with enough assurances to trust it to lay down the roadmap through the full Budget and sticking to GDP

Interim Budget: Apparel industry will surely benefit, says Sunil Sethi

We hope this Budget will act as a catalyst to impact Indian craftsmanship and design by holding expositions, as was done at 60 locations during G20

Interim Budget: Allocation for tribal ministry up by 70% at Rs 13,000 cr

The government has allocated Rs 13,000 crore to the Tribal Affairs Ministry in the interim Budget 2024-25, a massive increase of 70 per cent from the allotment in the previous financial year. The tribal ministry was allocated Rs 7,605 crore in the financial year 2023-24. The Centre has earmarked Rs 6,399 crore for the construction of Eklavya Model Residential Schools (EMRS) in 2024-25, a 150 per cent increase over Rs 2,471.81 crore allocated for this purpose in 2023-24. The objective of EMRS is to provide quality middle and high-level education to tribal students in remote areas, enabling them to access reservation in high and professional educational courses and jobs in government, public, and private sectors, as well as having access to the best opportunities in education at par with the non-ST population. The allocation for the Pradhan Mantri Adi Adarsh Gram Yojana has been increased from Rs 300 crore to Rs 1,000 crore. Under the scheme, funds are provided to states or UTs havi

Interim Budget: Continuity of policies strongest feature, says Ajay Bijli

Inclusive development through direct benefit transfers, empowering the youth, women empowerment, focusing on health and housing for all

Interim Budget: The focus on women is the best thing, says Sanjeev Kapoor

Youth, poor, farmers, all include women, and incentives to all these groups only highlights the focus on women with schemes such as Lakhpati Didis

Tech corpus positive, hope for full telcos' wishlist consideration: COAI

The long-term, interest-free or low interest rate loans and focus on deep tech will further encourage the private sector to scale up research and innovation, according to COAI

Net-zero goal: Interim budget focuses on green economy, climate investments

In an effort to achieve net-zero carbon emissions, India will solarise rooftops of one crore households and provide viability gap funding for harnessing offshore wind energy potential with an initial capacity of one gigawatt, Finance Minister Nirmala Sitharaman said on Thursday. Presenting the interim budget for 2024-25, she also said that the government will mandate the phased blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and natural gas (PNG) for domestic purposes. The finance minister emphasised that the government would enable one crore households to obtain up to 300 units of free electricity every month through the rooftop solar programme. This will result in savings of up to Rs 18,000 annually for households from free solar electricity and selling the surplus to distribution companies, Sitharaman said. According to an analysis by the Council on Energy, Environment, and Water (CEEW), 20-25 gigawatts of rooftop solar capacity could be support

Health Budget: Experts hail more medical colleges, vaccination for girls

Healthcare experts on Thursday gave a thumbs up to the Centre's plan to set up more medical colleges by utilising the existing hospital infrastructure, with some saying the move demonstrates a "holistic commitment" to health. Finance Minister Nirmala Sitharaman, while presenting the interim Union Budget for 2024-2025 on Thursday, among other announcements, also said the government will encourage vaccination for girls in the 9-14 year age group for the prevention of cervical cancer. Serum Institute of India (SII) CEO Adar Poonawalla hailed the government's announcement. "I applaud the announcement to vaccinate girls aged 9-14 against cervical cancer. Let's pledge to prevent HPV (Human Papillomavirus) and ensure easy access to vaccination. Extending health cover for ASHA and anganwadi workers, setting up more medical colleges and streamlining maternal and child healthcare schemes demonstrate a holistic commitment to health," he wrote in a post on X. Other medical experts said creatio

Interim Budget: 'Fiscally prudent, growth-promoting pronouncement'

The underlying nominal GDP growth assumption of 10.5 per cent for the Budget and tax collection estimates are realistic

Interim Budget: U-WIN platform to be rolled out for managing immunisation

The U-WIN portal is linked with Co-WIN portal and the beneficiary records from Co-WIN can be accessed through U-WIN using the registered mobile number for facilitation of registration of children

Govt to spend less on farmer fertiliser subsidy as world prices soften

India's budget deficit is projected to be 5.8% of gross domestic product in 2023-24. The government aims to curb the deficit to 5.1% in the next financial year

Interim Budget evokes mixed response from Indian business community in Gulf

India's interim Budget for 2024-25 received mixed reactions from the Indian business community in the Gulf with some hailing it as forward-looking and a vision statement for the journey from developing to a developed country by 2047 while others voiced disappointment over the absence of tax reliefs for individuals. Presenting a vote on account for 2024-25 in Parliament, Finance Minister Nirmala Sitharaman proposed no changes in income tax rates for individuals and corporations, as well as customs duty. She hiked capital expenditure to Rs 11.11 lakh crore for 2024-25 while trimming the fiscal deficit for this financial year to 5.8 per cent, from the budgeted 5.9 per cent of GDP, and further lowering to 5.1 per cent in the next fiscal. In the interim Budget 2024, there is a need to enhance digitalisation of tax return filing-linked procedures such as changing residency status, assessments and even alternative tax return verification systems linked to NRIs," said Deepak Bhatia, Managin

Govt seeks to boost oilseed output to cut expensive vegetable oil imports

India, the world's biggest vegetable oil importer, spent a record $20.8 billion on its edible oil purchases in the fiscal year to March 2023

SBI, BoB, PSB: Track these levels while riding the rally in PSU Banks

The Nifty PSU Bank index was the top performing sector post Interim Budget on Thursday; the index was up almost 12 per cent in the last four days.

India negotiating bilateral investment treaties with different nations: FM

India is negotiating bilateral investment treaties with different countries with a view to promote foreign inflows, Finance Minister Nirmala Sitharaman said on Thursday. She said that foreign direct investment (FDI) has doubled during 2014-23 to USD 596 billion compared to the inflow received during 2005-14. "For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners, in the spirit of 'first develop India'," she said while presenting the interim Budget 2024-25. India is negotiating this treaty with countries such as the UK. These investment treaties help in promoting and protecting investments in each other's countries. These pacts are important as India has earlier lost two international arbitration cases against British telecom giant Vodafone and Cairn Energy plc of the UK over the retrospective levy of taxes. Foreign direct investment (FDI) equity inflows in India declined 24 per cent to USD 20.48 billion in ...

Budget 2024: Upto 10 mn taxpayers to be free from petty tax claims dating back to 1962

The government has decided to waive outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15.

Interim Budget 2024: FM bets big on spiritual and island tourism in India

The interim budget proposed to greater enhance infrastructure and connectivity to facilitate domestic tourism on islands, including Lakshadweep.

Interim Budget 2024: FM enhances Lakhpati Didi scheme to target 3 cr women

Last year, Prime Minister Narendra Modi announced the scheme, which aims to encourage women to start micro-enterprises, during his Independence Day speech on August 15, 2023.

Govt to set up committee to look into population growth challenges, says FM

The government will form a high-powered committee to look into the challenges arising from fast population growth and demographic changes, Finance Minister Nirmala Sitharaman said on Thursday. Presenting the interim Budget 2024-2025 in Parliament, she said the committee will be mandated to make recommendations for addressing these challenges comprehensively in relation to the goal of 'Viksit Bharat'. Sitharaman said various schemes for maternal and child healthcare will be brought under one comprehensive programme for synergy in implementation. "Upgradation of anganwadi centres under the Saksham Anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care and development," she stated.

Govt okays continuation of apparel exports incentive scheme till Mar 2026

The government on Thursday approved the continuation of an export incentive scheme - RoSCTL - for apparel, garments and made-ups up to March 31, 2026. The Rebate of State and Central Taxes and Levies (RoSCTL) scheme is aimed at compensating for the state and central taxes and levies in addition to the rebate provided under duty drawback scheme on export of apparel/garments and made-ups. "The Union Cabinet chaired by Prime Minister Narendra Modi approved the continuation of scheme for RoSCTL for export of apparel/garments and made-ups up to March 31, 2026," an official statement said. It said that the move will provide a stable policy regime which is essential for long-term trade planning, more so in the textiles sector where orders can be placed in advance for long-term delivery. "The continuation of RoSCTL will ensure predictability and stability in policy regime, help remove the burden of taxes and levies and provide level-playing field on the principle that goods are exported a