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With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

<ul class="summary-list"><li>The cost of childcare is weighing on American families.</li><li>Below are some of the policies Harris and Trump have proposed to address these worries.</li></ul>With the presidential election days away and early voting already underway in most states, America's parents are wondering how the next administration could affect the rising <a target="_blank" class="" href="https://www.businessinsider.com/how-much-kids-cost-raising-child-inflation-childcare-tax-exemptions-2024-1">cost of raising children</a>.In the last of Business Insider's five-part series in the final stretch before the election, we're looking at the ways each candidate and their proposed policies could influence the price of childcare. The series has already covered each how each candidate is expected to impact <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">investments</a>, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">overall </a><a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">costs</a>, <a target="_blank" class="" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">housing</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">taxes</a>.Former President Donald Trump and Vice President Kamala Harris have both talked about the importance of making childcare more affordable. Harris has put forth specific plans to help alleviate the high costs of raising children, while Trump's campaign has focused mainly on increasing the amount of the child tax credit.Below are three elements of the childcare equation and what the Harris and the Trump camps have either proposed or already done.<h2 id="fbba22c8-b4a8-4c15-9104-0610fb961271">Childcare-cost assistance</h2>Harris has <a target="_blank" class="" href="https://www.youtube.com/watch?v=VRJciXc4UcQ&amp;t=1206s">promised</a> to cap families' childcare costs at no more than 7% of their incomes, compared to the <a target="_blank" class="" href="https://blog.dol.gov/2023/01/24/new-childcare-data-shows-prices-are-untenable-for-families">between 8% and 19.3%</a> spent by the median American family in 2022. The policy was first proposed in President Joe Biden's <a target="_blank" class="" href="https://www.businessinsider.com/democrats-bench-build-back-better-face-obstacles-with-voting-rights-2022-1">2021 Build Back Better package</a> but was not passed by Congress.<a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/02/29/fact-sheet-vice-president-harris-announces-action-to-lower-child-care-costs-for-more-than-100000-families/">As vice president</a>, Harris said she's working to encourage states to lower childcare costs by cutting copayments for the Child Care and Development Block Grant — a federal program that provides childcare subsidies for low-income families. Harris wants to make these subsidies more accessible for families of children who have disabilities, are experiencing homelessness, or are in foster care, and families living at or below 150% of the federal poverty line.Trump has not included a specific policy to mitigate childcare costs in his 2024 campaign. <a target="_blank" class="" href="https://www.edweek.org/policy-politics/new-plan-from-donald-trump-aims-to-address-costs-of-child-care/2016/09">While in office</a>, Trump expanded the child tax credit, but he made no other major policy changes.Neither Trump nor Harris have proposed plans to fund childcare facilities or boost <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-childcare-plan-providers-teachers-criticize-policy-2024-9">hiring</a>, though experts told BI that skyrocketing costs are in part because the industry is <a target="_blank" class="" href="https://www.businessinsider.com/providers-struggle-to-keep-funding-rising-childcare-costs-2023-9">underfunded.</a> The number of childcare workers is <a target="_blank" class="" href="https://www.chicagofed.org/publications/chicago-fed-insights/2024/childcare-labor-market">still below</a> pre-pandemic levels."What's partially driving that conundrum is that we put so much burden right now on parents — and parents alone — to foot the bill for childcare," said Anne Hedgepeth, the senior vice president of policy and research at the advocacy organization Child Care Aware of America.Cindy Lehnhoff, the director of the advocacy group National Child Care Association, said that previous federal funding pools, such as the <a target="_blank" class="" href="https://www.businessinsider.com/biden-to-sign-19-trillion-american-rescue-plan-on-thursday-2021-3">2021 American Rescue Plan Act,</a> helped to fund childcare facilities at the local and federal levels. She said more plans like it in the future could expand childcare options and make it more affordable for parents.<h2 id="e8cf6a27-c056-425e-a8d8-f31d090d9888">Child tax credits</h2>Trump and Harris have both proposed expanding the child tax credit, which currently provides <a target="_blank" class="" href="https://www.whitehouse.gov/child-tax-credit/">up to $2,000</a> per child.Harris' <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-proposals-boost-child-tax-credit-give-parents-money-2024-8">child tax credit</a> policy would restore the enhanced <a target="_blank" class="" href="https://www.businessinsider.com/child-poverty-rate-america-congress-cut-biden-expanded-tax-credit-2023-9">pandemic-era credit,</a> giving parents up to $3,600 annually per child, with the amount dependent on a child's age and family income. The plan also includes a $6,000 tax credit for middle- and low-income families for the <a target="_blank" class="" href="https://www.businessinsider.com/child-tax-credit-new-parents-cut-taxes-harris-economic-policy-2024-8">first year of their child's life</a>, which Harris said can be used to <a target="_blank" class="" href="https://kamalaharris.com/wp-content/uploads/2024/09/Policy_Book_Economic-Opportunity.pdf">offset expenses</a> like diapers, car seats, baby formula, and childcare. She has also proposed <a target="_blank" class="" href="https://www.businessinsider.com/what-you-need-to-know-about-kamala-harris-opportunity-economy-2024-9">other tax cuts</a> for middle- and low-income Americans, which would benefit some parents.In August, the vice presidential candidate JD Vance floated a child tax credit proposal that would include $5,000 per child for families of all income levels. Previously, Trump's 2017 Tax Cuts and Jobs Act provided about $2,000 of relief per eligible child, though the Center on Budget and Policy Priorities said the plan <a target="_blank" class="" href="https://www.cbpp.org/research/federal-tax/child-tax-credit-increases-in-gop-tax-plan-exclude-millions-of-children-in-low">excluded some</a> low-income families and single-parent households.The US's pandemic-era child tax credit <a target="_blank" class="" href="https://www.businessinsider.com/child-poverty-rate-america-congress-cut-biden-expanded-tax-credit-2023-9">expired</a> at the end of 2021 because Republicans in Congress opposed it. A renewed one — which would have boosted the amount of money families receive — was <a target="_blank" class="" href="https://www.businessinsider.com/child-tax-credit-boost-bipartisan-plan-lift-kids-from-poverty-2024-1">introduced to Congress</a> earlier this year, but it failed to pass the Senate.<h2 id="4d34e818-8e07-40ed-ba56-9b3d5c44fa5f">Paid leave</h2>During her <a target="_blank" class="" href="https://www.vox.com/identities/2019/10/7/20902697/paid-family-leave-kamala-harris">run for president in 2020</a>, Harris supported a six-month paid-leave policy for Americans with a new child or a sick relative. Protecting paid leave at the federal level has been one of her key 2024 talking points, and she's expected to build on Biden's agenda, which supported <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/02/fact-sheet-biden-harris-administration-announces-new-actions-to-support-and-advance-womens-economic-security/">12 weeks</a> of paid parental leave.While in office, Trump signed a bipartisan bill that provided federal employees with 12 weeks of paid <a target="_blank" href="https://www.npr.org/2019/12/13/787631029/paid-parental-leave-how-republicans-learned-to-love-a-democratic-priority">parental leave</a>. He hasn't emphasized the issue on the campaign trail.While parents are legally allowed to take 12 weeks of unpaid leave under the <a target="_blank" class="" href="https://www.businessinsider.com/why-pregnant-workers-parental-maternity-leave-can-be-laid-off-2023-3">Family and Medical Leave Act</a>, the US does not have a federal paid-leave policy. Some states have their own paid-leave requirements, and others leave policies up to individual employers.Without federal paid-leave protections, many <a target="_blank" class="" href="https://www.businessinsider.com/high-childcare-costs-in-us-women-workforce-cheapest-countries-kids-2024-2">families</a> would not have access to parental leave — which could lead to higher childcare costs and lower job security.

How the cost of childcare is expected to change under Trump or Harris

<ul class="summary-list"><li>A millennial couple who each make six figures say they're struggling to afford a home in Portland.</li><li>They don't want their monthly mortgage payment to exceed 30% of their take-home income.</li></ul>Laura Graves and her husband Samuel never thought they'd be raising their two children in an apartment, but they said the <a target="_blank" href="https://www.businessinsider.com/california-demographia-housing-markets-affordability-crisis-home-prices-selling-sunset-2024-6">housing market</a> has left them with little choice.Over the last three years, the couple, who are both 36 and based in a Portland suburb, has been looking for a home. They want to keep their monthly <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/mortgage-calculator">mortgage payment</a> between $3,000 and $3,500 — or around 30% of their monthly take-home income of about $11,000. Laura is a financial analyst, and Samuel is an electrician: They each made six figures last year, totalling $250,000.However, rising <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/home-prices-drop">home prices</a> and <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/will-mortgage-rates-go-down-this-year">mortgage rates</a> in recent years have made this goal difficult to accomplish. Laura said most homes they're interested in would require a monthly mortgage payment of at least $5,000, or about half of their monthly income. So rather than splurging on a home outside their budget, they've decided to wait, pay $2,700 a month for a two-bedroom apartment and storage unit, and cross their fingers that the market moves in their favor."We refuse to become 'house-poor' and, like many others, are choosing to sit it out until the housing market is reasonable again," Laura said. Someone is "<a target="_blank" href="https://www.businessinsider.com/homeowners-house-poor-working-second-jobs-taking-on-debt-mortgages-2021-12">house-poor</a>" when they're struggling financially because their homeownership costs are too high.Laura and Samuel are among a group of Americans with six-figure incomes who say they <a target="_blank" href="https://www.businessinsider.com/millennial-cant-afford-house-six-figure-salary-mortgage-rates-2024-6">can't find a home</a> they desire that's in their budget. In recent years, high home prices and elevated mortgage rates have propelled the cost of homeownership in the US to near-record-high <a target="_blank" href="https://www.businessinsider.com/house-price-outlook-homes-unaffordable-real-estate-economy-goldman-sachs-2023-10">unaffordability levels</a>. While the Federal Reserve's expected <a target="_blank" href="https://www.businessinsider.com/emergency-rate-cut-fed-recession-july-jobs-report-unemployment-powell-2024-8">interest rate cuts</a> might lower mortgage rates, they might not do much to help housing affordability in the immediate future. That's because lower rates could cause buyers to flood the market and <a target="_blank" href="https://www.businessinsider.com/housing-market-mistake-buyers-sellers-mortgage-rates-time-to-buy-2024-3">push up prices</a>, and a slight reduction in rates might be enough to persuade homeowners with ultra-low mortgage rates to <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-mortgage-affordable-homes-high-prices-inventory-rates-2024-3">sell their homes</a> — keeping the housing supply lower and home prices higher.To be sure, the average 30-year fixed mortgage rate recently fell to its <a target="_blank" class="" href="https://www.businessinsider.com/best-mortgage-refinance-rates-today-friday-9-2024-8">lowest level</a> in more than a year, but it's still considerably higher than it <a target="_blank" class="" href="https://fred.stlouisfed.org/series/MORTGAGE30US">was</a> in 2021 and 2022.Laura and Samuel shared whether they've considered moving for cheaper housing and how they're trying to save for a home.<h2 id="2be368d5-c504-4754-b9ad-c3fe2091f9bc">There's not enough money for a home, retirement, and childcare</h2>Homes don't come cheap in the Portland area. Per Zillow, the average home value in Portland is <a target="_blank" href="https://www.zillow.com/home-values/13373/portland-or/">$541,000</a>, and <a target="_blank" href="https://www.zillow.com/home-values/48521/wilsonville-or/">$642,000</a> in Wilsonville, Oregon, the Portland suburb where the couple currently resides. A SmartAsset <a target="_blank" href="https://smartasset.com/data-studies/most-expensive-housing-markets-2024">analysis</a> of home sale prices published in June found that Portland was the 15th-most expensive housing market in the country.Laura pointed to one home in Wilsonville they were interested in that was listed for $635,000. With an 11% downpayment, they estimated their monthly mortgage payment would be about $5,000 — about 43% of the couple's take-home monthly pay.The couple knows that other areas of the US might have <a target="_blank" href="https://www.businessinsider.com/real-estate-home-prices-population-growth-best-cities-for-homebuyers-2024-6">more affordable housing</a>, but they're not sure they'd want to move again.The couple lived in Portland for six years before moving to their hometown of <a target="_blank" href="https://www.businessinsider.com/real-estate-best-cities-for-homebuyers-prices-affordability-mortgage-rates-2023-5#26-spokane-spokane-valley-washington-26">Spokane, Washington</a> in 2018. Housing was <a target="_blank" href="https://www.zillow.com/home-values/20604/spokane-wa/">more affordable</a> — Laura said they bought a home with a monthly mortgage payment of $2,200 — but she and Samuel found themselves missing their work back in Portland.In 2021, after Laura's old supervisor offered to double her current pay if she returned to her old job, the couple decided to sell their home and move back to Portland."We actually tried uprooting the kids to a more affordable town and found ourselves less happy in the end," Laura said.When they first moved back and began looking for homes, Laura said they were a "little picky" because they didn't want to overpay for a home they didn't love. They weren't rewarded for their patience — home prices and mortgages continued to tick up.To save for a home, Laura said she and Samuel aren't saving as much for retirement as they'd like to. Ideally, they'd be putting 15% of their annual income toward retirement — some experts <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/how-much-do-i-need-to-retire">recommend this</a> — but Laura said they've only been able to set aside roughly 3%.The couple has also opted for the part-time <a target="_blank" href="https://www.businessinsider.com/mom-of-two-would-have-pay-8000-for-summer-camp-2023-1">summer camp</a> option for their two children, who are seven and nine years old. Laura said sending her kids to their camp full-time would have collectively cost around $5,000 a month. When they're not at camp, Laura said the kids stay home with her while she works remotely.Going forward, Laura said they plan to continue monitoring the housing market for a home they like that's in their budget. While they're trying to remain patient, Laura said they're not optimistic that home prices or mortgage rates will drop considerably anytime soon."Our children have begun talking about how they want a house so badly and their own rooms," she said. "We'll never get these years back. By the time we buy, we won't even need room for a play set."Are you struggling to afford a home? Are you willing to share your story? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

A millennial couple who make $250,000 say they can't find a home in their budget: 'We refuse to become house-poor'

As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>. "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties," Sitharaman said in her Budget speech on Thursday. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units are expiring in March 2024. To provide continuity in taxation, she proposed to extend the date by another year. Moreover, in line with the government's vision to improve ease of living and ease of doing business, she announced to improve tax-payer services. "There are 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 tax-payers and hindering refunds of subsequent years," she said. She proposed to withdraw such 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. "This is expected to benefit about a crore tax-payers," she added. Presenting the Union Budget 2023, Sitharaman on Thursday pegged the fiscal deficit target for 2024-25 at 5.1% of gross domestic product (GDP). In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9% of gross domestic product (GDP). Today, Sitharaman said that the fiscal deficit of 2023-24 was downwardly revised to 5.8%. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. A capital expenditure, or capex, is used to set up long-term physical or fixed assets. Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government's second term, the government proposed to increase capital expenditure outlay by 33% to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3% of the GDP. With the substantial increase in capex, it is central to the government's efforts to enhance growth potential and job creation, crowd in private investments and provide a cushion against global headwinds. The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July. With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The Indian economy is projected to grow close to 7% in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2% in 2022-23 and 8.7% in 2021-22. The Indian economy is expected to grow 7.3% in the current financial year 2023-24, remaining the fastest-growing major economy.

FM Nirmala Sithraman keeps tax slabs unchanged

New Delhi [India], February 1 (ANI): Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry. The Union Finance Minister will table the interim budget as the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy. "The year 2023 was a historic year for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said. The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days. A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address. However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties. In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

<ul class="summary-list"><li>Airbus' A321XLR promises airlines new long-haul market options as it nears certification.</li><li>Boeing's absence at an upcoming international airshow means all eyes will be on Airbus' new plane.</li></ul><a target="_blank" href="https://www.businessinsider.com/boeing-whistleblower-said-was-threatened-to-keep-quiet-about-safety-2024-4">Boeing's quality control problems</a> following the Alaska Airlines door plug blowout have forced it to scale back production and cut delivery targets for its 737 Max aircraft.To better focus on cleaning up its latest Max mess, the manufacturer is <a target="_blank" href="https://www.businessinsider.com/boeing-not-bringing-commercial-jets-to-farnborough-airshow-2024-6">not bringing any passenger planes to the Farnborough</a> International Airshow this year, one of the aviation industry's biggest and most-attended events.With nothing commercial to show from <a target="_blank" href="https://www.businessinsider.com/see-inside-boeings-first-ever-777x-aircraft-folding-wingtips-2022-8">Boeing, which usually has its 777X</a> and Max test jets on display, all eyes will be on European rival Airbus. Of particular interest is the planemaker's new, soon-to-be-certified single-aisle aircraft, the Airbus A321XLR.Airbus has secured over 550 orders for the highly-anticipated "Xtra Long Range" model from American Airlines, <a target="_blank" href="https://www.businessinsider.com/frontier-airlines-a321neo-review-hard-seats-2023-10">Frontier Airlines</a>, JetBlue Airways, United Airlines, Spain's Iberia, India's IndiGo, Qantas, Malaysian low-cost carrier AirAsia X, Chile-based budget carrier Sky Airline, Czech Airlines, and others.The XLR plane is the longest-ranged option in the <a target="_blank" href="https://www.businessinsider.com/airbus-lowers-targets-after-benefiting-from-boeing-struggles-2024-6">A321neo family</a>, which has outsold Boeing's 737 since 2019, when two fatal crashes grounded the plane's Max variants. According to Airbus, the XLR is uniquely equipped for long-haul flying, thanks to an extra rear center fuel tank that helps the narrowbody fly up to 5,400 miles (11 hours) nonstop.It also boasts a 30% reduced fuel burn compared to previous-generation competing aircraft, with half the trip cost of dual-aisle planes, according to Airbus.The XLR's enhanced range and economics make it a versatile option for airlines wanting to <a target="_blank" href="https://www.businessinsider.com/the-evolution-of-transatlantic-flying-in-photos-2021-10">capitalize on niche money-making long-haul markets</a> but without the costs or capacity of a widebody plane.Historically, Boeing's 757 was the prime transatlantic narrowbody option, but <a target="_blank" href="https://www.businessinsider.com/inside-jetblues-newest-plane-taking-flyers-to-london-photos-details-2021-7">airlines like JetBlue Airways</a> and Air Canada have since shifted to the more efficient A321neoLR and Max, respectively, between the East Coast and Europe.<div type="image" title="JetBlue A321neo at the Paris Air Show in June 2023, view looking forward with TVs showing." height="2918" width="3891" msid="111413576" hostid="261" sizebytes="482256"></div>The XLR's design builds on this growing long-haul trend and is expected to open new city pairs that would otherwise require a layover or wouldn't financially make sense to fly.Fortunately, airlines and customers won't have to wait much longer.In May, <a target="_blank" href="https://www.airbus.com/en/newsroom/stories/2024-05-preparing-for-the-a321xlrs-entry-into-service">Airbus</a> announced that the XLR was in the final stages of certification, noting heavy paperwork has prolonged the process beyond the initially expected June timeline.Still, Unlike Boeing's Max 7 and <a target="_blank" href="https://www.businessinsider.com/delta-boeing-max-10-order-see-inside-737-max-jet-2022-7">Max 10 planes</a> — which are sitting in certification limbo — Airbus expects the XLR to enter service as soon as November.<h2 id="3e1a3e3d-4f06-4794-85fa-08c3280cbbaf">Airbus' new XLR jet will open route options that are otherwise difficult</h2>Spanish national carrier <a target="_blank" href="https://grupo.iberia.com/pressrelease/details/19757">Iberia</a> is the launch customer for the XLR and is selling tickets for the first-ever passenger flight from Madrid to Boston on November 14, according to its website.Flights to Washington Dulles will follow on January 15. The XLR will replace the <a target="_blank" href="https://www.businessinsider.com/airbus-order-for-worst-selling-plane-a330-800neo-2023-12">Airbus 330 widebody</a> Iberia is presently flying to Boston, while the Dulles route will be a new offering.According to Iberia, its new XLR planes will feature 182 seats across economy and business cabins, though the plane can <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://aircraft.airbus.com/en/aircraft/a320/a321xlr">carry</a> up to 220 people in two classes.The <a target="_blank" href="https://www.businessinsider.com/best-airlines-in-the-world-business-class-seats-skytrax-survey-2024-6">premium seating offers lie-flat beds</a> typical to what customers find on long-haul widebody flights, and is likely to be the norm on long-haul XLRs.JetBlue plans to install its Mint business class, for example, while <a target="_blank" href="https://www.businessinsider.com/see-american-airlines-new-business-class-flagship-suite-for-the-a321xlr-787-2022-9">American plans to install its XLRs with new Flagship suites</a>.<div type="image" title="American's new Flagship Suite on its A321XLR, complete with sliding doors." height="1563" width="2084" msid="111413574" hostid="261" sizebytes="197360"></div>In <a target="_blank" href="https://aviationweek.com/air-transport/airports-networks/american-eyes-multi-uses-airbus-xlr-leverages-ba-partnership">March</a>, American's managing director of global network planning, Jason Reisinger, said the XLR is favorable because it enables the airline to serve "routes that cannot support a 787 but where we still have a nice onboard product."He <a target="_blank" href="https://www.businessinsider.com/see-airbus-new-game-changing-a321xlr-aircraft-launching-2024-2023-7">suggested routes like Raleigh, North Carolina</a>, direct to London — meaning passengers wouldn't have to stop in the carrier's Charlotte or New York hubs along the way.Meanwhile, United's EVP and CCO, Andrew Nocella, said during a 2019 order announcement that the <a target="_blank" href="https://www.businessinsider.com/united-orders-airbus-a321xlr-replace-757-boeing-nma-2019-12">XLR would be a good replacement for the "older, less-efficient aircraft</a> currently operating between some of the most vital cities in our intercontinental network."IndiGo and Frontier's XLR orders suggest the plane fits into both mainline and budget models.IndiGo's former CCO Willy Boulte said in the summer of 2021 that the XLR would fill the gaps in flying between Indian cities and Europe and Asia, pointing to options like Beijing, Seoul, and Amsterdam.Frontier CEO Barry Biffle has suggested that the XLR may allow Frontier to ditch its mostly domestic presence to serve more cities in South America, and launch new services to Hawaii and Europe.Airbus said the XLR could also be used on already popular routes that may sometimes benefit from a lower-capacity option."Even well-established city pairs such as London-Miami or Sydney-Kuala Lumpur will benefit from the year-round sweet spot the XLR offers airlines," Airbus marketing specialist Ludek Jando <a target="_blank" href="https://www.airbus.com/en/newsroom/stories/2023-09-airbus-a321xlr-the-network-opener-that-puts-distant-cities-within-reach">said</a> in September 2023.

Boeing rival Airbus is set to launch its game-changing A321XLR plane this year. Here's where it's expected to fly.

The decline in the tax-GDP ratio over the years and declining share of direct taxes in total tax revenue, clearly suggest that the Central government should emphasize in the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2022-23 on substantially improving the tax revenue, Primus Research said in a note. The policies regarding 'tax effort' could be designed through various ways such as, rationalising tax rates, policies regarding widening tax base and net, and improving tax compliance and tax administration. This process would have enormous implications on ameliorating economic growth, deficit (in both the absolute term and as per cent to GDP) would come down. It added that the Budget for FY 2022 should continue to provide more support on the demand side than the supply side by reviving the informal sector and MSMEs. It is expected that against contraction in revenues, increase in expenditures could collectively revive the aggregate demand in the economy. This could lead to a high growth in the near future, henceforth, reducing the fiscal deficit (estimated to be 6.8 per cent in 2021-22) both in absolute terms and as a percentage of GDP. In this regard, it is expected that central government would re-assess its ministry-wise allocations, and increase spending on social and economic sectors to boost aggregate demand in the economy. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a>

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