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New Delhi [India], July 25 (ANI): The discussion on the <keyword id="6360189" type="General" weightage="20" keywordseo="Union-Budget" source="Orion">Union Budget</keyword> 2024-25, presented on July 23, will continue in both <keyword id="244400" type="General" weightage="20" keywordseo="Houses-of-Parliament" source="Orion">Houses of Parliament</keyword> on Thursday. The discussion on <keyword id="6358021" type="General" weightage="20" keywordseo="Budget" source="Orion">Budget</keyword> of <keyword id="17605" type="General" weightage="20" keywordseo="jammu-and-kashmir" source="Orion">Jammu and Kashmir</keyword>, 2024-25, which was also presented on Tuesday, will also continue today. Union Minister Gajendra Singh Shekhawat, Jitendra Singh, Arjun Ram Meghwal and Kirtivardhan Singh will lay papers on the table today. Union Minister Sukanta Majumdar is likely to make a statement regarding status of implementation of recommendations and observations contained in the 250th report of the department-related parliamentary standing committee on Home Affairs on action taken by the government on the recommendations and observations contained in the 243rd report of the committee on demands for grants (2023-24) of the Ministry of Development of North Eastern Region. Both Houses of <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword> took up discussion on the <keyword id="15626720" type="General" weightage="20" keywordseo="union-budget-2024" source="Orion">Union Budget 2024</keyword> on July 24, with opposition parties accusing it of being "discriminatory" to most states and lacking vision. The discussion was initiated by former Finance Minister and Congress MP P Chidambaram in Rajya Sabha and Congress MP Kumari Selja initiated the discussion in Lok Sabha. Raising four major challenges, Chidambaram said the most significant challenge is unemployment and data released by the Centre for Monitoring Indian Economy (CMIE) indicates that the unemployment rate for June 2024 is 9.2 per cent . Chidambaram emphasised that the primary challenge for the economy is creating sufficient employment opportunities. He pointed out that the budget's announcement of the employment-linked incentives (ELI) scheme suggests that the Production Linked Incentives (PLI) scheme is not generating the expected employment. He urged the finance minister to disclose the number of jobs created by the PLI scheme. Radha Mohan Das Aggarwal of the BJP highlighted the achievements made by the government led by Prime Minister Narendra Modi in the last ten years. He said the Jan Dhan Yojana has provided banking services to crores of people in the country. Biplab Kumar Deb of the BJP said the Economic Survey has estimated real GDP growth of 6.5 per cent to 7 per cent in 2024-25. He highlighted the provisions in the budget for various sections, including farmers and the education sector. Trinamool Congress MP Abhishek Banerjee launched a strong attack on the Modi government, alleging that the Union Budget lacks clarity or vision, that it has been rolled out to satisfy the coalition partners of the BJP and that it "was planned by two individuals to keep another two in good faith." The budget session of Parliament began on July 22 and, according to schedule, will end on August 12.

Discussions on Union Budget, Budget for Jammu and Kashmir to continue in Parliament today

New Delhi [India], July 24 (ANI): Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Wednesday lashed out at the opposition's claim that the budget was 'discriminatory' and said that it was an '<keyword id="22528799" type="General" weightage="20" keywordseo="Outrageous-allegation" source="Orion">outrageous allegation</keyword>' and a deliberate attempt by the opposition parties led by the Congress to give the people the wrong impression that their states were not allocated funds or schemes. The Finance Minister reacted after Leader of Opposition <keyword id="19897159" type="General" weightage="20" keywordseo="Mallikarjun-Kharge" source="keywords">Mallikarjun Kharge</keyword> made claims that the budget was discriminatory towards the states of the country. Speaking in the Rajya Sabha, the Finance Minister said, "It is unfortunate that the opposition, particularly a senior leader, Mallikarjun Kharge, stood up to say what he heard of the budget yesterday. Now that the leader of the opposition raised issues on the budget, which was presented and tabled in the house yesterday." "Just to the point he raised, I have not named many states and only spoken of two states. There are a few points I would like to make here as to what happens in a speech. The Congress party has been in power for a very long time in this country and they have presented so many budgets that they would know clearly that in every budget, you don't get an opportunity to name every state of this country," she said. "I'll take this example: between the vote on account which was presented on February 1 this year and the full budget that was presented yesterday for this year, I have not named very many states. The Cabinet, under the leadership of Prime Minister Narendra Modi, decided to set up a port at Vadhvan, but Maharashtra's name was not included in the budget yesterday. Does this mean that Maharashtra feels ignored?" she said. The Finance Minister said that 76 thousand crores have been announced for Mahrashtra for that project. "Maharashtra's name was not taken on vote-on-account. The state's name was not mentioned even yesterday; does that mean the state got ignored?" she stated. Adding further, she said, "And I can take the name of so many different states that have so many major projects. If the speech does not mention the name of a particular state, does that mean the schemes and programmes of the government of India, the externally aided assistance that we obtain from the World Bank, ADB, AIB and so on, do not go to these states?" "They go as per routine, and, in the expenditure statement of the government, the department-wise allocation of the government mentions all this," she stated. "I am saying with responsibility that this is a 'deliberate attempt' of the opposition parties led by the Congress to give the people the wrong impression that their states were not allocated funds or schemes," said Sitharaman. Challenging the Congress, the Finance Minister said, "I would challenge the Congress party that for all the budget speeches they have delivered. Have they named every state of the country in each of their budget speeches? This is an outrageous allegation," she stated. This comes after Mallikarjun Kharge condemned the budget presented yesterday and claimed that no other states other than Andhra Pradesh and Bihar received anything. "Sabke thali khali aur sirf do ke thali mai pakoda aur jalebi. Ye do states ko chodkar, kisi ko kuch nai mila. Neither Tamil Nadu Kerala nor Karnataka got anything. Neither Maharashtra nor Punjab or Rajasthan and neither Chhattisgarh," he said. "Even Delhi did not receive anything nor did Odisha. I have not seen this kind of budget until now. This budget has been presented only to keep some people happy and it has all been done save their chairs, 'Kursi bachane ke liye' kiya gaya. We condemn this budget and protest against it. The whole of INDIA bloc condemns this," said Kharge. Meanwhile, the opposition INDIA bloc MPs held a protest in the Parliament complex on Wednesday, against the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword>, presented on Tuesday by Finance Minister Nirmala Sitharaman. "Opposition virodhi kursi bachao Budget murda baad" slogans were raised by the INDIA bloc leaders as they protested holding placards in the Parliament building, claiming that the Budget is "discriminatory" in nature. Leader of Opposition Rahul Gandhi, Congress MP Sonia Gandhi, Congress president Mallikarjun Kharge, party General Secretary KC Venugopal, Samajwadi Party chief Akhilesh Yadav, TMC MP Dola Sen were seen participating in the protest.

"Outrageous allegation!": Nirmala Sitharaman reacts to opposition protesting budget, labeling it 'discriminatory'

The <keyword id="19915423" type="General" weightage="20" keywordseo="Indian-Chamber-of-Commerce" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Chamber of Commerce" meta.hostid="153" meta.entityid="Indian Chamber of Commerce">Indian Chamber of Commerce</keyword> (ICC) has suggested the government to rationalise <keyword id="6360806" type="General" weightage="20" keywordseo="customs" source="Orion">customs</keyword> duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword>. Finance Minister Nirmala Sitharaman is scheduled to present the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> for financial year 2024-25 on July 23. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. "There is a need for rationalisation of <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> in these specific sectors in a holistic manner. Huge potential is there to boost domestic manufacturing and make India a global hub for manufacturing," Prabhu said. He added that levies on raw materials impact domestic players particularly the downstream firms. He also asked for correction in inverted duty structure by cutting down duty on mixed petroleum gas from 5 per cent to 2.5 per cent. "To boost domestic manufacturing, there is a need to increase duty on polymers - polyvinyl chloride, polyethylene terephthalate, polypropylene and polyesters to 10 per cent. This will help in reducing import dependency and will drive India towards self-sufficiency in the petrochemical manufacturing segment," Prabhu said. Talking about the importance of the aluminium foil sector, the President said the domestic industry has been facing severe losses as there is anti-dumping duty on raw materials whereas the finished goods are not subject to any duties on imports from China. "This dual effect has resulted in extensive net losses to the companies that have made significant investments into this industry," Prabhu noted. On the taxation side, the chamber has suggested setting up a commission to review the Income Tax Act 1961 in its entirety and simplify the provisions. "This is an old Act. Every year in the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword>, amendments are made which has made this Act complex to understand. These amendments have resulted in many anomalies which in turn have given rise to a large number of legal cases," the chamber has said. Prabhu further recommended the government not to impose tax on dividends. He added that during his tenure so far the ICC has spread its wings further nationally and internationally and become a truly world-class chamber. "We have opened 25 chapters globally in countries including New Zealand, the US, Europe, Australia, Korea and Middle East nations," he said.

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

The first full budget of the BJP-led NDA government in its third successive term will be presented by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on July 23. The government on Saturday announced the dates of the budget session of Parliament which will start on July 22 and conclude on August 12. Finance Minister Nirmala Sitharaman, who will present the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25, has been holding pre-budget consultations. As part of the deliberations, she has met economists, experts in finance and capital markets, industry representatives and agriculture experts. Industry bodies, including the Confederation of Indian Industry (CII), have urged the government to increase capital expenditure in the upcoming budget. This will be Sitharaman's seventh budget in a row. She will be the first Union Finance Minister to present seven consecutive union budgets. Former Prime Minister Morarji Desai had presented six budgets in a row. Parliamentary Affairs Minister Kiran Rijuju announced the dates of budget session. "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July 2024 to 12 August 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July 2024," he posted on X. The <keyword id="19916814" type="General" weightage="20" keywordseo="Modi-government" source="keywords" meta.keywordsubtype="org" meta.entityname="Modi government" meta.hostid="153" meta.entityid="Modi government">Modi government</keyword> had presented an interim budget in February this year. Sitharaman had announced in the interim budget that the capital expenditure outlay for the next year is being increased by 11.1 per cent to Rs 11,11,111 crore, which would be 3.4 per cent of the GDP. The government had also announced that Rs one lakh crore corpus will be established with five-year interest free loan for youth. Newly-elected Lok Sabha members took oath in the first session of 18th Lok Sabha held from June 24 to July 2 following the results of the general elections. President Droupadi Murmu addressed the joint sitting of two Houses on June 27 and both Lok Sabha and Rajya Sabha adopted a motion of thanks on the President's address. Prime Minister Narendra Modi replied to the debate on the motion of thanks in the two Houses of Parliament. BJP-led National Democratic Alliance returned to power for the third successive term in the general elections.

FM Nirmala Sitharaman to present first budget of Modi 3.0 on July 23

Budget announcements for the <keyword id="22541837" type="General" weightage="20" keywordseo="marine-sector" source="keywords">marine sector</keyword> such as rationalisation of customs duties and financing facilities will help boost the country's India's <keyword id="20765822" type="General" weightage="20" keywordseo="aquaculture" source="keywords">aquaculture</keyword> and <keyword id="20765821" type="General" weightage="100" keywordseo="seafood-exports" source="keywords">seafood exports</keyword>, <keyword id="22541838" type="General" weightage="20" keywordseo="MPEDA" source="keywords">MPEDA</keyword> said on Thursday. The <keyword id="181386" type="General" weightage="20" keywordseo="Marine-Products-Export-Development-Authority" source="Orion">Marine Products Export Development Authority</keyword> (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on <keyword id="22541839" type="General" weightage="20" keywordseo="shrimp-production" source="keywords">shrimp production</keyword> and export. Various inputs used in the manufacture of shrimp and <keyword id="22526510" type="General" weightage="20" keywordseo="fish-feed" source="keywords">fish feed</keyword> will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty. The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5 per cent. Import duty for insect meal and single-cell protein has been cut down to 5 per cent. "These announcements made in the Union Budget 2024-25 are set to significantly enhance aquaculture and seafood export sectors," the authority said. It also said that the government has committed to providing substantial financial support to establish a network of <keyword id="22541840" type="General" weightage="20" keywordseo="Nucleus-Breeding-Centres" source="keywords">Nucleus Breeding Centres</keyword> (NBCs) for shrimp broodstocks. "This initiative is anticipated to drastically reduce India's reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually," it said adding hatchery operators are expected to benefit significantly, with projected savings of 50 per cent on broodstock costs. About one lakh farmers will benefit from a 30 per cent reduction in shrimp seed costs. Further, it said the National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in facilitating financing for <keyword id="20342132" type="General" weightage="20" keywordseo="shrimp-farming" source="keywords">shrimp farming</keyword>, processing, and export. "This intervention is designed to cover 80 per cent of project costs for farmers, accompanied by an interest subvention of up to 3 per cent," MPEDA said. It added that a total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD. DV Swamy, Chairman of MPEDA, said that the proposed measures will substantially lower production costs, elevate quality, and enhance the international competitiveness of Indian marine products. The marine products sector has been a vital contributor to India's export earnings, with seafood exports reaching an all-time high of over Rs 60,000 crore in the last financial year. The authority was established in 1972 under the Ministry of Commerce and it is responsible for the development of the marine products industry with a special focus on exports.

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

New Delhi [India], July 24 (ANI): A <keyword id="4261957" type="General" weightage="20" keywordseo="general-discussion" source="Orion">general discussion</keyword> on the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> and the budget for the Union Territory of Jammu and Kashmir for the fiscal year 2024-25 will be held in the <keyword id="19895369" type="General" weightage="100" keywordseo="Rajya-Sabha" source="keywords">Rajya Sabha</keyword> later on Wednesday. <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented both the Union Budget and the <keyword id="22525621" type="General" weightage="20" keywordseo="Jammu-and-Kashmir-Budget" source="keywords">Jammu and Kashmir Budget</keyword> in the House on July 23. The discussion is crucial as both the budgets shape the financial direction of the country and the Union Territory, respectively. The Union Budget outlines the government's revenue and expenditure plans for the upcoming fiscal year, while the budget for the Union Territory of Jammu and Kashmir is a significant event considering the developmental needs. As per the list of businesses of the Rajya Sabha, the discussion on these two budgets will be convened later in the day. The discussion over these two budgets is expected to start in the second half of the day. According to the list of business of the Rajya Sabha, the ministers that are set to lay the papers on the table are Jayant Chaudhary for the Ministry of Education; Pankaj Chaudhary for the Ministry of Finance; Nityanand Rai for the Ministry of Home Affairs; and Sukanta Majumdar for the Ministry of Education. Besides, Rajya Sabha Secretary General PC Mody will lay on the table the Public Accounts Committee reports. This includes the 124th Report on Construction of Toilets in Schools by CPSEs; the 125th Report on Rejuvenation of the Ganga (Namami Gange); the 126th Report on Avoidable Payment due to Non-Charging of Service Tax/GST from the Passengers; and the 127th Report on Action Taken by the Government on the Observations and Recommendations of the Committee contained in their 46th Report (16th Lok Sabha) on Implementation of the Public-Private Partnership Project at Chhatrpati Shivaji International Airport, Mumbai, among others. The reports were presented to the Speaker on February 23 and April 29, 2024, and to the Chairman, Rajya Sabha, on February 28 and May 13, 2024, before the dissolution of the 17th Lok Sabha. The Speaker had ordered the printing, publication and circulation of the reports. As per the business list of the Rajya Sabha, Union Minister for Parliamentary Affairs Kiren Rijiju will move the motion for election to the committee on the welfare of other backward classes. Kiren Rijiju will also move the motion for nomination to the committee on the welfare of scheduled castes and scheduled tribes. The motion for nomination to the committee on public accounts will also be moved by Union Minister Rijiju in the House today. Moreover, Kiren Rijiju will move the motion for nomination to the committee on public undertakings. Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday during the Monsoon Session of <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword>. Nirmala Sitharaman became the first finance minister to present seven consecutive budget speeches, surpassing former prime minister Morarji Desai's record of six consecutive budgets as finance minister between 1959 and 1964. In her seventh budget, Nirmala Sitharaman outlined key priorities aimed at fostering economic growth and creating ample opportunities. These included productivity and resilience in agriculture, employment, and skilling and services. Prime Minister Narendra Modi on Tuesday hailed the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> presented by Finance Minister Nirmala Sitharaman. "This budget strengthens every section of society. It takes the country's poor, village and farmers on the path of prosperity," the prime minister said in a video message. The Prime Minister praised the budget, emphasising its potential for job generation by incentivizing the top 500 companies to recruit more youth and also induct interns. The PM said the budget would help India achieve its objective of becoming the third largest economy, besides laying a strong foundation for Viksit Bharat. Union Home Minister Amit Shah on Tuesday also said the Union Budget 2024-25 is game-changing and will go down in history for coupling Bharat's economic growth with the torque of its youth power. He also lauded the government's decision to provide training and internship programmes to youth. The Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, welcomed the Union Budget 2024 laid before Parliament on Tuesday. Calling the Union Budget 2024 a 'visionary document', Sonowal said, "The Union Budget, 2024 lays the roadmap for renewed and holistic growth towards Viksit Bharat. This visionary budget is aimed at empowering the 'Garib' (poor), 'Mahilayen' (women), 'Yuva' (youth), and Annadata' (farmers) so that the process of development reaches every citizen of the country." Assam Chief Minister Himanta Biswa Sarma said on Tuesday that Union Budget 2024 stands out for its unprecedented push towards employment generation and powering small businesses.

Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today

The <keyword id="20417468" type="General" weightage="20" keywordseo="department-of-drinking-water-and-sanitation" source="keywords">Department of Drinking Water and Sanitation</keyword> has received a budgetary allocation of Rs 77,390.68 crores for the fiscal year 2024-2025. This figure reflects a minimal increase of only 0.5 per cent from the revised estimate of Rs 77,032.65 crore announced in budget 2023-2024. A substantial portion of this financial year's allotment for the <keyword id="22519676" type="General" weightage="20" keywordseo="drinking-water-and-sanitation" source="keywords">Drinking Water and Sanitation</keyword> department is directed towards the <keyword id="19971121" type="General" weightage="20" keywordseo="jal-jeevan-mission" source="keywords">Jal Jeevan Mission</keyword> (JJM), which received Rs 69,926.65 crore, a marginal rise from the revised estimate of Rs 69,846.31 crore in 2023-2024. This flagship programme aims to provide functional household tap connections to every rural household by 2024, focusing on ensuring regular and adequate <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword>. Additionally, the Dr Syama Prasad Mookerjee National Institute of Water and Sanitation (SPM-NIWAS) has been allocated Rs 95 crore, a huge rise from the Rs 3 crore it got in the last revised estimate. The <keyword id="20200832" type="General" weightage="20" keywordseo="swachh-bharat-mission" source="keywords">Swachh Bharat Mission</keyword> (Gramin), which focuses on maintaining Open Defecation Free (ODF) status and enhancing waste management in rural areas, has been allocated Rs 7,192 crore. This allocation remains consistent with the budget for the previous fiscal year and continues to support <keyword id="22519675" type="General" weightage="20" keywordseo="sanitation-efforts" source="keywords">sanitation efforts</keyword> nationwide. The budget also includes significant funding for water supply and sanitation at Rs 64,302.85 crore, an increase from the previous year's Rs 64,138.41 crore. For economic services, the budget includes Rs 35.78 crore for the Secretariat and capital outlay on general economic services. This is an increase from Rs 32.65 crore in the revised budget, indicating a focus on enhancing administrative and infrastructural capacities. Additional allocations include Rs 7,632.19 crore for Northeast India, aimed at improving water and sanitation facilities in these regions. Grants-in-aid to state governments have been set at Rs 5,169.86 crore, while grants to Union Territories are allocated at Rs 250 crore.

Budget 2024-25: Drinking water and sanitation dept gets a mere 0.5% boost

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

The government on Tuesday proposed a <keyword id="20789519" type="General" weightage="20" keywordseo="transit-oriented-development" source="keywords">transit-oriented development</keyword> plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities. Presenting the Budget in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> underscored that the Union government will work with states to facilitate the development of cities as "growth hubs". "This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising <keyword id="22517779" type="General" weightage="20" keywordseo="town-planning-schemes" source="keywords">town planning schemes</keyword>", the minister said. "Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy," Sitharaman said in her budget speech. The minister also announced Central assistance of Rs 2.2 lakh crore for <keyword id="20957520" type="General" weightage="20" keywordseo="urban-housing" source="keywords">urban housing</keyword> over the next five years as well as an <keyword id="22517780" type="General" weightage="20" keywordseo="interest-subsidy-scheme" source="keywords">interest subsidy scheme</keyword> to facilitate loans at affordable rates for urban housing works. She said the Central government will put in place measures for an efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> market with enhanced availability. The minister proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities. Sitharaman added that rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public-private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries." Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, she said. About <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword> and <keyword id="20082835" type="General" weightage="20" keywordseo="sanitation" source="keywords">sanitation</keyword>, the minister announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and <keyword id="19973309" type="General" weightage="20" keywordseo="solid-waste-management" source="keywords">solid waste management</keyword> projects and services for 100 large cities through bankable projects. According to her, these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas. The minister stressed that the Central government will encourage states, which continue to charge high stamp duty, to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, she added.

Budget 2024-25: Govt announces transit-oriented development plan for large cities

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing <keyword id="20312810" type="General" weightage="20" keywordseo="welfare-programmes" source="keywords">welfare programmes</keyword> for <keyword id="21384605" type="General" weightage="20" keywordseo="marginalised-communities" source="keywords">marginalised communities</keyword> and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure <keyword id="22517725" type="General" weightage="20" keywordseo="inclusive-human-resource-development" source="keywords">inclusive human resource development</keyword>, a social justice saturation approach will be adopted. Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives. The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction. The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore. The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore. The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore. Central sector schemes and projects are among the focus areas of this budget, with the <keyword id="22517726" type="General" weightage="20" keywordseo="scholarships-for-higher-education" source="keywords">Scholarships for Higher Education</keyword> for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore. This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs. The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore. The department also prioritises <keyword id="22024434" type="General" weightage="20" keywordseo="economic-assistance" source="keywords">economic assistance</keyword> and <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword> through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the <keyword id="20245482" type="General" weightage="20" keywordseo="venture-capital-fund" source="keywords">Venture Capital Fund</keyword> for SCs and OBCs -- that has bee allocated Rs 50 crore. Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy. Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore. This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs. Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

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