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A day before the official release of India's Gross Domestic Product (<keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword>) figures for <keyword id="21593310" type="General" weightage="20" keywordseo="Q1-FY25" source="keywords">Q1 FY25</keyword>, a report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword> research estimates the GDP to grow by 7 per cent, primarily driven by the robust performance of the services sector. The financial advisory firm also maintains its full-year <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection at 7 per cent, though it warns of potential downside risks. Utilities GVA is expected to rise by 11.5 per cent, while the construction sector has slowed due to election-related disruptions and the impact of heat. The mining sector remains strong, supported by increased coal production. The services sector is expected to be the primary driver of GDP growth in Q1 FY25. Despite reduced <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> ahead of the elections, which is likely to dampen growth in some service sectors, financial, real estate, and professional services are expected to have performed well. This performance is attributed to strong market activity and credit growth. However, the trade and transport sectors present a mixed picture, with some indicators showing improvement while others remain moderate. Overall, Services Gross Value Added (GVA) is expected to grow by 8.2 per cent in Q1 FY25. As per the report, Investment was a key growth driver in FY24, fuelled by government infrastructure projects and a real estate upswing. However, the momentum appears to have slowed in Q1 FY25 due to pre-election restrictions. Despite this, the report predicts a significant rise in government capital expenditure in the coming months, supported by greater budget allocations. The report highlights the changing dynamics of private consumption in India. FY24 saw weak consumption, especially in rural areas, with final consumption expenditure growing by just 3.8 per cent. However, as FY25 begins, there are signs of a rural revival. Indicators such as increased two-wheeler sales and improving Fast-Moving Consumer Goods (FMCG) volume growth signal a rebound in rural demand. In contrast, urban demand continues to show signs of sluggishness. The muted sales of passenger vehicles, weaker retail credit transfers, and flat Goods and Services Tax (GST) collections underscore this trend. While consumption is not expected to see a significant rise in Q1 FY25, the outlook for the remainder of the year appears positive. This optimism is bolstered by anticipated higher agricultural output and sharper government focus on rural areas. The agriculture sector is expected to post a subdued growth of 2.1 per cent in Q1 FY25, affected by scorching heat and uneven rainfall last year, which led to lower reservoir levels and hindered farming activities. However, the outlook is more promising for the remainder of the fiscal year, with better rains and improved sowing conditions expected to boost agricultural output Additionally, a rebound in stamp duty collections suggests buoyant real estate sales. Private capital expenditure, which was previously subdued, is expected to expand in FY25, driven by rising capacity utilisation and strong order books. The industrial sector, which grew by 9.5 per cent in FY24, is expected to see a shift in growth drivers in Q1 FY25. The focus is now moving towards utilities and mining, with manufacturing growth slowing. While government infrastructure projects and private capital expenditure will continue to support industrial growth, the global growth slowdown poses potential risks.

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

<ul class="summary-list"><li>Two researchers in the US say Russia's promised payouts to its wounded and dead would take $26 billion.</li><li>That's about 6% of the country's budget for 2024, which is $414 billion.</li></ul>The Kremlin would need to spend some 2.3 trillion rubles, or $26 billion, in promised one-time payouts to wounded soldiers or families of those killed in Ukraine, according to two researchers estimates.That's about 6% of Russia's total budget for 2024, which is 36.6 trillion rubles, or $414 billion.The figures were calculated by Thomas Lattanzio, a public service fellow at the Johns Hopkins School of Advanced International Studies, and Harry Stevens, a research assistant at the US think-tank Center for the National Interest.In a commentary for <a target="_blank" href="https://warontherocks.com/2024/07/wounded-veterans-wounded-economy-the-personnel-costs-of-russias-war/">War On The Rocks,</a> they used estimates from <a target="_blank" href="https://www.france24.com/en/europe/20240503-france-estimates-that-150-000-russian-soldiers-have-been-killed-in-the-ukraine-war">French </a>and <a target="_blank" href="https://ukdefencejournal.org.uk/britain-estimates-450000-russian-troops-killed-or-wounded/">British</a> officials to ballpark Russia's casualties from the Ukraine war. They arrived at a total of 400,000 wounded or dead, including 100,000 soldiers killed.Russian law entitles families of killed soldiers to a one-time payment of <a target="_blank" href="https://base.garant.ru/12111156/">8.8 million rubles</a>, with another <a target="_blank" href="https://base.garant.ru/403615454/#p_18">5 million rubles</a> from a measure passed in 2022 just after the war began.Lattanzio and Stevens wrote that stacked with additional payments of between 1 and 3 million rubles from local authorities, most families would receive one-time payments totaling about 14 million rubles, or $158,000.Wounded soldiers also receive <a target="_blank" href="http://publication.pravo.gov.ru/Document/View/0001202205110007?index=5">3 million rubles</a>, per the 2022 decree."Simple math shows that one-time payments would equate to 900 billion rubles for wounded personnel and at least 1.4 trillion for families of the dead, 2.3 trillion rubles total," wrote Lattanzio and Stevens.The cost of the one-time payments would be a "staggering amount," they wrote.Representatives for the Russian Ministry of Defense did not immediately respond to a request for comment sent outside regular business hours by Business Insider.Still, it's not clear if Russia has consistently been <a target="_blank" href="https://www.businessinsider.com/russia-soldier-denied-compensation-3-million-rubles-friendly-fire-2023-10">rolling out its one-time payments</a> to its wounded or its deceased soldiers' next-of-kin.<a target="_blank" href="https://www.reuters.com/world/europe/some-wounded-russian-soldiers-find-compensation-elusive-despite-putins-pledge-2022-07-29/">Reuters reported in June 2022</a> that some soldiers, including four servicemen interviewed by the outlet, were struggling to receive their compensation after sustaining battlefield injuries.In November, <a target="_blank" href="https://www.currenttime.tv/a/voina-dengi-systema/32665148.html">Radio Free Europe's Russian investigative unit, Systema</a>, found that multiple Russian contract soldiers and families of those killed were still not receiving their payments despite trying to acquire them.In April, <a target="_blank" href="https://t.me/DIUkraine/3677">Ukraine published </a>what it said was a recording of an intercepted call from a Russian soldier who claimed that Russia designated those killed as "missing in action" so it could deny full payouts to their families.<a target="_blank" href="https://x.com/DefenceU/status/1798582013005635997?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet">Ukraine claimed in June</a> that Russia has suffered 515,000 casualties, while Moscow does not release regular updates on how many of its soldiers were killed or wounded.Independent Russian outlet Mediazona, which tracks the names of those killed in the war, <a target="_blank" href="https://en.zona.media/article/2022/05/11/casualties_eng">estimated in a July 5 update</a> that between 106,000 to 140,000 Russian troops have died, including 39,000 this year.<h2 id="39c7ab26-4240-414e-a280-a3a03d511315">Yearly cost of treating PTSD at 2% of budget, researchers say</h2>Lattanzio and Stevens also estimated the cost of Russia treating Post-Traumatic Stress Disorder among its servicemen, arriving at about $15,000 yearly for each patient treated.They used cost figures from the US on its own <a target="_blank" href="https://www.researchgate.net/publication/360178169_The_Economic_Burden_of_Posttraumatic_Stress_Disorder_in_the_United_States_From_a_Societal_Perspective#:~:text=Beyond%2520the%2520individual%252C%2520the%2520societal,et%2520al.%252C%25202022)%2520.">PTSD treatment</a>, adjusted them for purchasing power parity in Russia, and assumed that 500,000 Russian veterans would acquire some "sort of post-traumatic stress disorder" from the war.In total, this amounts to a yearly 660 billion rubles, or $7.4 billion, to treat PTSD from the war, which is about 2% of Russia's total budget.Russia plans to spend nearly a third of its total 2024 budget on defense, or about 10.8 trillion rubles, which is $122 billion.That's nearly double the amount it spent on defense in 2023, and much of the funds are expected to flow toward weapons production.Many observers say such a skew toward military expenditure indicates that Russia intends to fight out the Ukraine war for a prolonged period."By staking everything on rising military expenditure, the Kremlin is forcing the economy into the snare of perpetual war," <a target="_blank" href="https://carnegieendowment.org/russia-eurasia/politika/2023/09/russias-2024-budget-shows-its-planning-for-a-long-war-in-ukraine?lang=en">wrote analysts </a>from the Carnegie Endowment for International Peace's Russia and Eurasia Center.

Russia would need to spend 6% of its entire 2024 budget to pay wounded soldiers and families of dead troops, 2 researchers estimate

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, The Centre's <keyword id="6365485" type="General" weightage="20" keywordseo="fiscal-deficit" source="Orion">fiscal deficit</keyword> in the first five months of 2023-24 touched 36 per cent of the full-year target, government data showed on Friday. In absolute terms, the fiscal deficit -- the gap between expenditure and revenue -- was Rs 6.42 lakh crore as of August-end, according to the data released by the Controller General of Accounts (CGA). The deficit stood at 32.6 per cent of the <keyword id="578082" type="General" weightage="20" keywordseo="budget-estimates" source="Orion">Budget Estimates</keyword> (BE) in the corresponding period of the financial year 2022-23. In the Union Budget, the government projected to bring down the fiscal deficit to 5.9 per cent of the gross domestic product (GDP) in the current 2023-24 financial year. The fiscal deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent. Unveiling the revenue-expenditure data of the central government for the April-August period of 2023-24, CGA said the net tax revenue was Rs 8.03 lakh crore, or 34.5 per cent, of the BE for the current fiscal. The net tax revenue collection was 36.2 per cent at August-end 2022. The central government's total expenditure in the first five months stood at Rs 16.71 lakh crore, or 37.1 per cent, of the BE. The expenditure was 35.2 per cent of the BE a year ago. Of the total expenditure, Rs 12.97 lakh crore was on the revenue account and Rs 3.73 lakh crore towards the capital account. Fiscal deficit is the difference between the total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government.

Centre's fiscal deficit at Aug-end touches 36% of full-year target: CGA

<ul class="summary-list"><li>Used electric vehicles became more affordable after a new tax credit kicked in in January 2023.</li><li>Driving range and driving habits can affect the type of used EV you should shop for.</li></ul>Electric-vehicle prices are falling across the board. And as <a href="https://www.businessinsider.com/nissan-kicks-review-price-rare-find-under-30k-2024-10">more models flood the market</a>, you can get a particularly good deal on a used EV.But shelling out thousands of dollars on an unfamiliar piece of technology (especially one that's been around the block a few times) is daunting for some shoppers.Aside from wondering <a href="https://www.businessinsider.com/cheapest-electric-car-affordable-kia-ford-chevy-hyundai-nissan-2022-6">which car to buy</a>, used-EV shoppers might be wondering whether the battery could die. Shoppers on a budget might also be looking for more ways to save money, as EV tax credits broadened to include used electric cars in January 2023.The research can be a lot to take on at once. We talked to car-buying experts to demystify the process.<h2>Consider where and how much you drive</h2>Scott Case, the cofounder and CEO of Recurrent, a startup that tracks EV battery health, recommended starting by considering how far you typically drive and the climate you live in — those factors will affect how much range you'll want, as EVs perform best in temperate weather and can't drive quite as far in cold temperatures."Let's say you live in Florida and you drive 30 to 50 miles every day — you can pretty much buy anything," Case said. On the other hand, people who travel 150 miles daily and live in the occasionally frigid Midwest would need to shop around for a long-range vehicle.<div type="image" title="A gray Tesla Cybertruck plugged in at a public charging station." height="1150" width="1533" msid="114294136" hostid="261" sizebytes="313240"></div>Most older electric cars don't have the range of the latest offerings — you might find models with estimates from the Environmental Protection Agency of only 80 to 120 miles.<h2>Battery range will degrade over time</h2>Anyone who's owned a smartphone knows that lithium-ion batteries wear out over time. Pretty much the same goes for EVs.As the years go by, cycles of charging and driving wear out an EV's battery pack, reducing driving range. The vehicle-data firm Geotab has estimated that EV batteries <a href="https://www.geotab.com/blog/ev-battery-health/" target="_blank" rel="noopener">tend to lose about 2% of their capacity each year</a>.The good news is that an EV's battery is unlikely to fail completely or render the car useless.But understanding how much life a vehicle has left isn't all that simple. Case said that exposure to extreme temperatures, frequent trips to powerful DC fast chargers, and variations in battery chemistry mean some used cars perform better than others with identical mileage.<div type="image" title="A charging cable extending from a Tesla Supercharger to a Chevrolet Equinox EV." height="3024" width="4032" msid="114294138" hostid="261" sizebytes="789912"></div>Jim Fish, a vice president of Opus IVS, a tech-focused collision-repair company, said the best question to ask about a battery's care is how often it was left below 20% and above 80% of its charge.Leaving a battery too close to empty or on a full charge for too long affects its ability to hold a charge, Fish said."Of course, you might struggle to find out the truth to that question," Fish said.Recurrent provides reports on EV battery health aimed at helping shoppers choose between cars.<h2>You can get up to $4,000 off thanks to federal tax credits</h2>At the start of last year, a <a href="https://www.businessinsider.com/federal-state-electric-car-vehicle-tax-credits-rebates-qualify-2023-1">used-EV tax credit went into effect</a> as part of a larger incentive program in the Inflation Reduction Act. Automotive retail analysts described it as a welcome change for EV shoppers on a budget.To <a href="https://www.businessinsider.com/ev-tax-credit-suv-tesla-model-y-ford-mach-e-2023-2">qualify for the credit</a>, the vehicle must be purchased at a dealership so that the dealer can report the required information to the IRS.The buyer must be purchasing the vehicle for personal use and not for resale, must not be the original owner of the vehicle, must not be able to be claimed as a dependent, and must not have used any other clean-vehicle credit in the previous three years. Income caps for buyers range from $75,000 to $150,000, depending on their tax-filing status.The vehicle must have a sale price of $25,000 or less and must be at least two model years old.Many states also have tax incentives for purchasing EVs. More detailed information and required forms can be found on the <a href="https://www.irs.gov/credits-deductions/used-clean-vehicle-credit" target="_blank" rel="noopener">IRS's website</a>.

Considering an electric vehicle? Experts explain how to pick one for your lifestyle and budget

<ul class="summary-list"><li>Trump's proposals would dramatically worsen Social Security's finances, a nonpartisan budget group is warning.</li><li>The group predicts Trump's agenda would push up Social Security insolvency by 3 years.</li></ul>Americans are in danger of <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">losing their full benefits by the mid-2030s</a> — and a nonpartisan budget group is warning that if Trump is elected, his policies could push the funding crisis years sooner.The Committee for a Responsible Federal Budget (CRFB), <a target="_blank" class="" href="https://www.crfb.org/about-us">a nonpartisan nonprofit</a> that examines the impacts of fiscal policies, <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">released a report</a> Monday outlining the negative effects it predicts a second Trump presidency would have on Social Security."We find President Trump's campaign proposals would dramatically worsen Social Security's finances," the CRFB wrote in its report.In a recent report, the Congressional Budget Office <a target="_blank" href="https://www.cbo.gov/publication/60691">predicted</a> that a main Social Security trust fund could be exhausted in 2034, meaning that Americans wouldn't get their full benefits. The <a target="_blank" href="https://www.ssa.gov/oact/trsum/">Social Security and Medicare Boards of Trustees</a> estimated that the fund would run out a year later, in 2035.But the CRFB estimates in its report that if Trump wins a second term and enacts his current campaign proposals, those funds would become insolvent three years sooner than the CBO's prediction, in 2031. The CRFB says that would lead to Americans losing 33% of their Social Security benefits across the board by 2035 — a bigger cut compared to the CBO's current 23% projection.The CRFB estimates that the Republican presidential nominee's promises to <a target="_blank" class="" href="https://truthsocial.com/@realDonaldTrump/113109583526373402">stop taxing Social Security benefits</a>, <a target="_blank" href="https://truthsocial.com/@realDonaldTrump/113165952199823385">eliminate taxes on tips and overtime</a>, <a target="_blank" href="https://www.businessinsider.com/trumps-tariff-outlook-trade-policy-income-tax-consequences-fiscal-crisis-2024-7">impose tariffs</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-mass-deportation-immigraiton-plan-federal-reserve-inflation-2024-9">increase deportations</a> would worsen Social Security's cash deficits when combined.But that's not all the damage Trump's proposals would do, according to the CRFB.In addition to advancing the insolvency timeline and reducing Americans' benefits, Trump's agenda would raise Social Security's ten-year cash shortfall by $2.3 trillion through 2035 and raise its annual shortfall by about 50% in 2035, the CRFB predicts in its report. For Social Security to restore 75-year solvency under these conditions, current law benefits would need to be decreased by about a third, or revenue would need to increase by half.The Trump campaign's national press secretary, Karoline Leavitt, disputed the CRFB's report in a statement shared with Business Insider."The so-called experts at CRFB have been consistently wrong throughout the years. President Trump delivered on his promise to protect Social Security in his first term, and President Trump will continue to strongly protect Social Security in his second term," Leavitt said in the statement."By unleashing American energy, slashing job-killing regulations, and adopting pro-growth America First tax and trade policies, President Trump will quickly rebuild the greatest economy in history and put Social Security on a stronger footing for generations to come, all the while eliminating taxes on Social Security for America's well-deserving seniors," Leavitt continued.Meanwhile, the CRFB had a rosier outlook when it examined Kamala Harris' policy proposals.The CRFB says in its report that the Democratic presidential nominee's campaign proposals "would not have large effects on Social Security trust fund solvency." Because Harris's policies would only affect the insolvency timeline by weeks or months, the group did not create a similar report for her, CRFB's senior policy director Marc Goldwein said, <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/21/social-security-crfb-trump-harris/">according to the Washington Post</a>.Both <a target="_blank" class="" href="https://www.donaldjtrump.com/platform">Trump</a> and <a target="_blank" class="" href="https://abcnews.go.com/Politics/read-kamala-harris-full-speech-democratic-national-convention/story?id=113086031">Harris</a> have said they would protect Social Security, but neither candidate has laid out specific plans to alleviate the expected <a target="_blank" class="" href="https://www.crfb.org/blogs/16500-cut-awaits-retirees-if-social-security-isnt-reformed">$16,500/year cut to benefits</a> that a typical couple retiring just before insolvency could face, the CRFB said in its report.The Harris campaign did not immediately respond to a request for comment from Business Insider.The promise of Social Security to provide a retirement free from poverty is <a target="_blank" class="" href="https://www.businessinsider.com/boomer-retirement-savings-social-security-pension-budgeting-2024-7">already not living up to the reality</a> many Americans are facing.Business Insider <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">previously spoke to over 40 baby boomers and some Gen Xers</a> who said they're struggling to reach a comfortable retirement, and Social Security isn't doing enough to keep them afloat. Some <a target="_blank" class="" href="https://www.businessinsider.com/social-security-benefits-loopholes-mean-teachers-police-get-less-retirement-2024-9">retirees have even had their benefits unexpectedly slashed</a> thanks to murky provisions.

A Trump presidency would drain Social Security's finances faster, budget group warns 

New Delhi [India], July 23 (ANI): <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> is set to present the <keyword id="15626720" type="General" weightage="20" keywordseo="Union-Budget-2024" source="Orion">Union Budget 2024</keyword> in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament. All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25: Focus on employment, skilling, MSME and middle class" mstype="2" mssubtype="0"></div>She will table the budget one hour after the conclusion of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 in the Lok Sabha. The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement. The Finance Minister will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature). The interim budget, tabled on February 1, took care of the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was to be presented by the new government. With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. The <keyword id="105431" type="General" weightage="20" keywordseo="budget-session" source="Orion">budget session</keyword> of Parliament began on July 22 and, according to schedule, will end on August 12. Before presenting the Budget, the finance minister will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget. About half an hour before the budget is presented, a Cabinet meeting headed by the prime minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken. Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed. The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October, with budgets typically tabled on February 1. Another key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. The Halwa ceremony is significant as it also marks the beginning of a lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound. Everyone on the budget team is allowed to leave only after the financial document is presented in Parliament. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980. A day before the budget is scheduled to be tabled, the government typically releases its Economic Survey. This year, too, the same norms were followed. The Economic Survey serves as a crucial input for budget formulation. It is prepared by the Chief Economic Advisor and provides an overview of the country's economic performance, prospects, and policy recommendations, including future outlook. India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled projected India to grow at 6.5-7.0 percent in 2024-25. As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong and stable footing, demonstrating resilience in the face of geopolitical challenges. The first Economic Survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the budget documents and presented a day before the Union Budget. The budget, once it is presented, is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. Following its presentation and approval by Parliament, the Union Budget sets in motion a series of post-budget activities aimed at implementing its provisions and achieving the outlined objectives. Like the previous few full Union budgets, the Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections later in the year. All the Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), and Finance Bill, as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/budget/news/why-did-the-latest-economic-survey-of-india-heavily-shun-the-western-ways-of-climate-action/articleshow/111947230.cms" data-type="tilCustomLink" target="_blank">Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?</a>

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

The Department of Empowerment of Persons with Disabilities has been allocated a total of Rs 1,225.27 crore in the <keyword id="20093202" type="General" weightage="20" keywordseo="fiscal-year" source="keywords">fiscal year</keyword> 2024-2025, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore. The <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> emphasises the continuation and expansion of key programmes aimed at improving the lives of persons with disabilities through various schemes and projects. A significant portion of the budget is dedicated to the National Program for the Welfare of Persons with Disabilities, with Rs 615.33 crore allocated for this fiscal year, up from Rs 502 crore in the revised budget for 2023-24. The Department of Empowerment of Persons with Disabilities (DEPwD) has been allocated a total of Rs 1,225.27 crore in the fiscal year 2024-25, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore. This programme includes Rs 315 crore for <keyword id="22518195" type="General" weightage="20" keywordseo="Assistance-to-Disabled-Persons" source="keywords">Assistance to Disabled Persons</keyword> for Purchase/Fitting of Aids and Appliances, an increase from Rs 305 crore. The <keyword id="22518194" type="General" weightage="20" keywordseo="Deendayal-Disabled-Rehabilitation-Scheme" source="keywords">Deendayal Disabled Rehabilitation Scheme</keyword> has seen a notable increase from Rs 130 crore to Rs 165.00 crore. Additionally, the Scheme for Implementation of the <keyword id="22345050" type="General" weightage="20" keywordseo="Persons-with-Disabilities-Act" source="keywords">Persons with Disabilities Act</keyword> is allocated Rs 135 crore, more than doubling the previous year's revised estimate of Rs 67 crore. <keyword id="21579628" type="General" weightage="20" keywordseo="Educational-support" source="keywords">Educational support</keyword> remains a priority, with Rs 142.68 crore earmarked for Scholarships for Students with Disabilities. This is slightly down from the previous year's Rs 155 crore but continues to reflect a commitment to empowering students with disabilities through higher education opportunities. The department's support for autonomous bodies includes significant funding, although there are some reductions compared to the previous year. The National University of Rehabilitation Science and Disability Studies and the Rehabilitation Council of India maintain steady allocations. However, funding for the Centre for Disability Sports has been reduced from Rs 76 crores to Rs 25 crores. Support to national institutes is set at Rs 370 crore, a decrease from the revised estimate of Rs 408.75 crore. The budgetary support to the national trust is reduced from Rs 35 crore to Rs 25 crore. Public sector undertakings, such as the <keyword id="22518196" type="General" weightage="20" keywordseo="national-handicapped-finance" source="keywords">National Handicapped Finance</keyword> and Development Corporation and the Artificial Limbs Manufacturing Corporation of India, have been allocated a combined total of Rs 194 crore, maintaining consistent support for these critical organisations. The establishment expenditure for the central administration, including the Secretariat and the Chief Commissioner of Persons with Disabilities (CCPD), is set at Rs 42.75 crore. This includes Rs 41.55 crores for the Secretariat and Rs 20 lakh for the CCPD. The department also focuses on regional development, with Rs 75.8 crore allocated for the North Eastern Areas, up from Rs 65.7 crores.

Disability affairs department receives hike of 0.02%, allocated Rs 1,225 crore in budget

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<ul class="summary-list"><li>Southwest Airlines is ending its famous open-seating policy.</li><li>Assigned seating could generate up to $2 billion in revenue for Southwest, one analyst estimated.</li></ul>Budget airlines are upending many of their original business plans as increased costs wreak havoc on their bottom lines.On Thursday, <a target="_blank" class="" href="https://www.businessinsider.com/southwest-is-getting-rid-of-open-seating-on-all-flights-2024-7">Southwest Airlines announced the end of its open-seating policy</a>, a 50-year practice of letting passengers choose their seats based on their boarding order versus having them assigned.Instead, the airline will follow most other airlines in the world by assigning seats and offering premium options on all its flights, saying internal research found the vast majority of customers preferred this system. It plans to announce more details in September.The move was an expected but nonetheless stunning reversal by <a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-history-2021-8">perhaps the last remaining low-cost US airline</a> that had thus far resisted many competitors' changes.But industry conditions, such as higher labor and fuel costs and overcapacity, mean airlines like Southwest <a target="_blank" class="" href="https://www.businessinsider.com/why-airlines-are-struggling-despite-record-travel-demand-profits-revenue-2024-6">are struggling with reduced profits</a> despite record travel demand — forcing them to seek alternative revenue opportunities.Savanthi Syth, an airlines analyst at Raymond James, estimated in June that paid seat assignments could generate between $600 million and $2 billion in revenue. Adding <a target="_blank" class="" href="https://www.businessinsider.com/flying-ultra-low-cost-airlines-spirit-frontier-not-worth-it-2024-6">basic-economy and premium seating </a>could add another $400 million and $1 billion in revenue, respectively, she said.<h2 id="cbb4dcfe-8dcf-4bb2-ae2c-7dda77d02fa6">Budget flying has been moving in this direction for years</h2>The <a target="_blank" class="" href="https://www.businessinsider.com/airlines-united-delta-scrambling-fix-crisis-too-many-cheap-flights-2024-7">industry's sea change</a> has left budget carriers scrambling to increase revenue without turning away customers, prompting major policy changes.Henry Harteveldt, a travel analyst, told Business Insider these adjustments come as operators evolve to keep up with changing customer preferences, adding that credit cards and certain routes could be lucrative for these carriers."The new seating policy can further pump up Southwest's credit card, where maybe it can offer cardholders free seats or other awards for being loyal frequent flyers," he said, adding that the introduction of red-eye flights would make it more competitive against legacy competitors.Other budget airlines have been similarly evolving their business models in recent years.<a target="_blank" class="" href="https://www.businessinsider.com/spirit-frontier-fees-bags-seats-snacks-how-to-avoid-paying-2024-6">Frontier Airlines and Spirit Airlines</a>, for example, ditched most cancellation and change fees for ticket holders. These typically made money for the carriers but irritated customers.This month, <a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-says-flyers-spending-less-extras-like-food-baggage-2024-7">Spirit</a> warned of a revenue decline because fewer passengers were buying its add-ons, a mainstay of the budget-airline business model.Those fees were critical to carriers like Spirit, whose revenue models don't accommodate free carry-ons and sodas, unlike legacy airlines.Meanwhile, JetBlue now charges up to $50 for "Core Preferred" seats — the window and aisle seats toward the front of the regular economy cabin.That came after a federal judge <a target="_blank" class="" href="https://www.businessinsider.com/jetblue-spirit-merger-deal-blocked-by-federal-judge-2024-1">blocked JetBlue's planned merger with Spirit</a>. Struggles with profitability also saw <a target="_blank" class="" href="https://www.businessinsider.com/jetblue-cutting-20-routes-leaving-5-cities-see-list-2024-3">JetBlue shake up its route network</a>.The carrier has even delved into business-class seating with its lie-flat <a target="_blank" class="" href="https://www.businessinsider.com/jetblue-mint-business-class-apartment-studio-jfk-edinburgh-scotland-2024-5">Mint product</a> — something not typically seen on budget carriers.Frontier has recently added a "business class" where the middle seat is blocked off to attract more high-paying customers, while Spirit has its "<a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-big-front-seat-premium-review-2022-6">Big Front Seat</a>."<a target="_blank" class="" href="https://www.businessinsider.com/united-ceo-low-cost-carriers-frontier-spirit-flawed-business-model-2024-6?mrfhud=true">United Airlines CEO Scott Kirby</a> previously criticized ultra-low-cost airlines. "It's a fundamentally flawed business model," he said. "The customers hate it."<h2 id="f0000ec4-7701-4d49-8837-0020c28ca323">What comes next for Southwest?</h2>Southwest said more details about its plans would be announced at its September investor day."This is what our customers want," CEO Bob Jordan told CNBC Thursday, adding that the company had been working toward the changes for over a year.An activist <a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-call-for-changes-new-leadership-ceo-elliott-management-2024-6">hedge fund breathing down the company's neck</a> and demanding a C-suite shake-up, he said, had nothing to do with the changes."I know there are going to be customers who say, 'I want to stay with open seating,'" Jordan said. "It's a minority, but we had the same thing when we switched from plastic boarding passes; we had the same thing when we when we took peanuts out of the cabin, so I'm convinced we can win them over."

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