Union Budgets

Budget 2024: Lower GST demand listed by Delhi Market Association officials

Union Budget 2024: The Delhi Market Association has urged the government to consider measures to lower the Goods and Services Tax (GST) rates on essential items and on shop rentals

'Tax relief for the middle class will be a big positive for the markets'

Nifty is comfortably trading at 15-year average PE of 19.2x. As long as valuations are not frothy in large caps, there's not much to worry about, said Siddharth Vora of Prabhudas Lilladher

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Centre hikes MGNREGA wages, new rates to be applicable from April 1

In a notification released on March 24, the Union Ministry of Rural Development declared revisions to the rural job guarantee programme for the financial year 2023-24

PM Modi to address post budget webinar on VIKAS scheme on Saturday

Prime Minister Narendra Modi will address the post Budget webinar on PM VIshwakarma KAushal Samman scheme on Saturday. It is part of a series of 12 post Budget webinars being organised by the government to seek ideas and suggestions for effective implementation of the initiatives announced in the Union Budget. "The webinar will have four breakout sessions covering the Budget announcement for the MSME sector - PM VIshwakarma KAushal Samman (VIKAS). "This will involve holding discussions and deliberations with regard to design, structure, and implementation of the new scheme," an official statement said on Friday. PM VIshwakarma KAushal Samman (PM VIKAS) aims to improve the quality, scale and reach of products/services of artisans/crafts people by integrating them with the domestic and global value chains. The webinar will have four breakout sessions covering themes like access to affordable finance, including incentives for digital transactions and social security. It will also ha

Social capital and Budgets: The picture is varied, not just black or white

India's ranking on the UN's HDI has remained more or less unchanged, suggesting the country is doing no better or worse than others, though most are growing much slower than India, writes T N Ninan

Budget prepared keeping mind external challenges also: FM Sitharaman

The Union Budget 2023-'24 has been prepared keeping growth in focus and also external economic challenges such as fuel prices, Finance Minister Niramala Sitharaman said on Thursday. In an interactive session on the Budget, she said the focus was on the common man and weaker sections and to ensure that their businesses are supported, their education is supported, the opportunities which are available for them to skill themselves are also given enough provision. "The priority is to keep the growth momentum as it is and also to make sure that the further support measures for sustaining growthAnd be conscious of the fact that challenges which are extraneous to India. External challenges will have to be kept in mind. We should be ready for any unpredictable events from outside of our border," she said when asked what the priorities were when the budget was given a final shape. "Economic challenges which are even today prevalent in terms of fuel and fertilisers. Fertilisers are coming dow

Union budget 'exclusionary', minorities 'brutally discriminated': Congress

Dubbing the Union Budget "exclusionary", Congress leader in Lok Sabha Adhir Ranjan Chowdhury alleged on Friday that the minorities have been "brutally discriminated" against in the allocations and that many view it as part of a series of Islamophobic policy decisions by the government. Concluding a discussion on the budget in Lok Sabha, Chowdhury also asked the government to answer questions raised in the US-based short seller Hindenburg Research's report on billionaire Gautam Adani's companies that triggered an unprecedented stock crash. He reiterated the Opposition's demand for a joint parliamentary committee probe or a Supreme Court-monitored investigation into the matter. Chowdhury alleged that the Union Budget for 2023-24 was nothing but "skewed numbers" and had neglected regions such as Ladakh, Jammu and Kashmir and the Northeast. He claimed that the budget had failed to cater to vulnerable sections of society, including women, Scheduled Castes, Scheduled Tribes and ...

Budget 2023-24 will give boost to fund-starved sectors: MSME secretary

The Centre has acknowledged MSMEs' contribution to the country's economic growth, and the Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances, an official said on Wednesday. Availability, accessibility and affordability of credit/funds are the main challenges of the sector, said B B Swain, Secretary to the Union Ministry for Micro, Small and Medium Enterprises (MSMEs). He was addressing a session at the launch of the three-day Indian Foundry Congress (IFC) and India Foundry Equipment Exhibition (IFEX), being organised by the Institute of Indian Foundrymen (IIF) at the India Expo Centre in Greater Noida. "The government has acknowledged the contribution of MSMEs to the economic growth of the country. Union Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances," Swain said. He said the launch of a revamped credit guarantee scheme worth Rs 9,000 crore for MSMEs .

Singapore chamber says pro-SME budget offers opportunities in India

Describing India's budget for the financial year 2023-24 as a pro-business and pro-SME friendly, the Singapore Indian Chamber of Commerce and Industry (SICCI) on Friday said it provides many collaborative opportunities in developing close business ties with the small and medium enterprises of both Singapore and India. SICCI chairman Neil Parekh said he was particularly encouraged by Finance Minister Nirmala Sitharaman's announcement of the target of Saptarishi' unleashing the potential, green growth, youth power and growth of the financial sector. My team at the Singapore Indian Chamber of Commerce and Industry intend to build on these announcements and work closely with our counterparts in India to grow the opportunities between the SMEs of both countries, Parekh said on the Budget 2023-24. Describing the budget as A pro-business and a pro-SME friendly Budget, Parekh said: As an immediate step, we will be contacting the leadership of ASSOCHAM (The Associated Chambers of Commerce an

Budget 2023: Understanding 20% TCS on foreign remittance transactions

Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances

Borrowing limit: Kerala FM says Centre has adopted "wrong policy"

Kerala Finance Minister K N Balagopal on Thursday said the Centre's imposition of cuts in the borrowing limit of the states would adversely impact the southern state's economy, which is yet to completely recover from the challenges due to the COVID-19 pandemic and back-to-back natural disasters. The BJP-led union government adopted a "wrong policy" to reduce the state's borrowing capacity after including the loans taken by the special purpose vehicles like Kerala Infrastructure Investment Fund Board and Kerala Social Security Pension Limited within the state government's overall borrowing limit, he told the state Assembly. "The cutting down of the borrowing capacity of states to three per cent from the previous five per cent will adversely impact the state's economy," Balagopal said during Question Hour. Despite repeated requests to restore the previous borrowing limit of the states and to avoid the inclusion of the loans taken by the KIIFB and KSSPL in the state's overall borrowing

Banking sector should cheer Budget

The Budget estimated the nominal GDP growth at 10.5 per cent in FY23, lower than what the Economic Survey, tabled a day ahead, projected

Union Budget cuts MGNREGA allocation by 30% to Rs 61,032 cr for 2023-24

During the Coronavirus-induced lockdown, lakhs of migrant workers had found work under it when they were forced to return to their native places

Govt to launch Atmanirbhar Clean Plant Programme with outlay of Rs 2,200 cr

The Finance Minister said that the agriculture credit target will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries

Union Budget 2023: Allocations for women's issues higher than last year

Housing and rural employment schemes are also part of gender budget, which was first introduced in 2005-06

Govt doubles deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh

Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh. In her Budget Speech, the minister also announced a new small savings scheme for women. "The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh," the minister said in her 87-minute long speech. She also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account. Announcing a new 'Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra', Sitharaman said a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. "This will offer deposit facility up to Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cen

Budget 2023: Experts expect a boost to decarbonisation, energy transition

Issues that need to be addressed include expanding funding for renewable manufacturing, extending PLI to wind and green hydrogen, among others

Top headlines: India,China to drive 2023 growth, PLI scheme to be extended

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Budget 2023: Fintechs expect subsidies for growing digital payments network

Firms operating in this space expect easing of taxes alongside special budgetary allocations for the sector to grow