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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

The Centre should create a buffer stock of mustard seeds of at least 2.5 million tonnes, like pulses, to enhance domestic production and reduce imports of cooking oils, the <keyword id="1086632" type="General" weightage="20" keywordseo="central-organization-for-oil-industry-and-trade" source="Orion">Central Organization for Oil Industry and Trade</keyword> (<keyword id="1598377" type="General" weightage="20" keywordseo="cooit" source="Orion">COOIT</keyword>) said on Tuesday as part of its wish list ahead of the budget. "The procurement for the proposed creation of buffer stock should be made at market price at the very beginning of crop season, which will ensure oil processing units would operate throughout the year," the COOIT, an apex body for the vegetable oils sector, said in a statement. It also wants the government to widen the gap between import duties of crude edible oils and refined edible oils. India imported edible oils worth Rs 1.17 lakh crore, an all-time high, in the 2020-21 oil marketing year ended October, mainly due to a sharp rise in global prices. COOIT feels that its high time the central and state governments focus on increasing domestic production of oilseeds. "We urge the government to launch a dedicated scheme in the upcoming budget with a significant allocation to encourage farmers for cultivation of various oilseeds crops like mustard, soyabean and sunflower," COOIT chairperson Suresh Nagpal said. The government had in August 2021 launched the National Mission on Edible Oils - Oil Palm (NMEO-OP) with a financial outlay of Rs 11,040 crore to boost domestic production of palm oil. "A similar initiative should be undertaken to increase the cultivation of mustard," he said. "Like wheat and rice, a small quantity of <keyword id="589337" type="General" weightage="20" keywordseo="mustard-oil" source="Orion">mustard oil</keyword> can be supplied every month to over 80 crore beneficiaries covered under the National Food Security Act at a subsidised rate. This will prompt farmers to cultivate mustard," the COOIT chairperson said. The government has offered an increased MSP for mustard this year and the results have started showing with the area under mustard cultivation likely to increase by 25 per cent and mustard production estimated to be at 110 lakh tonnes. "If the government creates a buffer stock of 25 lakh tones of mustard, it will further encourage mustard cultivation and also act as a price stabilization mechanism in case of sharp fluctuations in mustard prices as it was witnessed during 2021," Nagpal said. The association also strongly said that the difference between import duty on crude edible oils and refined edible oils should be larger to protect the interest of domestic processors. Earlier the difference was 11 per cent, which is now at 5.5 per cent. "This is adversely impacting crude palm oil (CPO) refining industry in India and hence, duty differential needs to be increased,a the statement said. Established in 1952, COOIT is the national apex body representing the interests of the entire vegetable oil sector in the country and its members include state-level associations, prominent manufacturing/business, trade, and export house. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/decline-in-car-bike-and-scooter-sales-is-now-hurting-hdfc-bank/articleshow/88960539.cms" style="">Shrinking car and two-wheeler sales is now hurting India’s biggest private bank</a>\ <a href="https://www.businessinsider.in/careers/news/8-in-10-people-are-looking-to-switch-jobs-in-2022-linkedin-says/slidelist/88966651.cms">8 in 10 Indians are looking to switch jobs in 2022</a>

Centre should create buffer stock of mustard: Oil industry association

<ul><li>Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has arrived at the Ministry of Finance in the North Block ahead of the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> presentation today.</li><li>The Finance Minister will table the Union Budget 2023-24 at 11 am in Lok Sabha today, following which she will address the House.</li><li>The government will present the Union Budget in paperless form like the previous two ones.</li></ul> Union Finance Minister Nirmala Sitharaman on Wednesday morning arrived at the Ministry of Finance in the North Block in the Central Secretariat building ahead of the Budget presentation today in Parliament. This Budget marks the last Budget of Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> government in the Parliament of this term. The Finance Minister will table the Union Budget 2023-24 at 11 am in Lok Sabha today, following which she will address the House. The government will present the Union Budget in paperless form like the previous two ones. The government had presented the first paperless budget in 2021. On Tuesday, Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in Lok Sabha, which said that India's economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22. In view of the upcoming budget, top business leaders of the country have also put forward their suggestions for Nirmala Sitharaman. Arihant Infrastructures, CMD, Ashok Chhajer told on Monday that the government should focus on reducing home loan rates. "The government should reduce home loan rates. The affordable housing segment, which is capped at Rs 45 lakh, should be changed to Rs 60-75 lakh which is the average cost of a house in Metro cities and 2-tier cities," said Chhajer. Hiranandani Group MD, Niranjan Hiranandani said the Budget should focus on further investments in roads, railways, ports, airports and highways, as well as slum rehabilitation schemes. "There should be more focus on further investments in roads, railways, ports, airports and highways. The focus must also be on the slum rehabilitation schemes to make India a slum-free country," said Hiranandani. The Budget Session of the Parliament began on January 31 with President Droupadi Murmu's Address to the joint session of both houses. The President touched upon various subjects during her inaugural address, which was her first one after being elected to the topmost office of the country last year. She mentioned women empowerment, India's defence exports, and Aatmanirbhar Bharat by 2047 among others. Ahead of the President's Address, Prime Minister Narendra Modi addressed the media outside the Parliament. Prime Minister Modi said that India's Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation. "Our Finance Minister will present one more Budget before the country tomorrow. In today's global circumstances, not only India but the entire world is looking at India's budget," PM Modi said. The Prime Minister firmly exuded confidence that Union Finance Minister Nirmala Sitharaman will make efforts to meet the expectations. "Amid the unstable global economic situation, India's budget will attempt to meet the hopes and aspirations of the common citizens. The ray of hope being seen by the world grows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations," PM Modi said while addressing the media. The Prime Minister cited the "credible voices from the world of economy" and said that they have brought a positive message ahead of the session. "Today, the Budget Session is commencing. Credible voices from the world of economy, have brought in a positive message, a ray of hope and a beginning of enthusiasm," he said. The budget session that began on Tuesday with the President's address will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and will conclude on April 6. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2023-expectations-india-will-need-talent-in-quality-and-quantity-to-fuel-growth/articleshow/97438062.cms">India budget expectations: Reform in ESOP taxes, allocations needed to address skill gaps</a> <a href="https://www.businessinsider.in/budget/news/budget-2023-funding-support-liberal-tax-regime-and-other-things-fintechs-expect-from-the-government/articleshow/97373905.cms">Budget 2023: Funding support, liberal tax regime and other things fintechs expect from the government</a> <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a>

Nirmala Sitharaman arrives at North Block ahead of Union Budget 2023 today

Fully imported cars, including electric vehicles, will cost more with <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announcing hike in <keyword id="6360806" type="General" weightage="80" keywordseo="customs" source="Orion">customs</keyword> duty in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2023-24. Customs duty on vehicles in completely built units (CBUs) costing less than USD 40,000 or with engine capacity of less than 3,000 cc for petrol-run vehicles and less than 2,500 cc for diesel-run vehicles has been raised from 60 per cent to 70 per cent, as per the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> document. Similarly, customs duty on electrically operated vehicles in CBU form, other than with cost, insurance and freight (CIF) value of more than USD 40,000, has also been raised to 70 per cent from 60 per cent. The Budget also outlined that customs duty on vehicles, including electric vehicles, in semi-Knocked down (SKD) form will rise to 35 per cent from 30 per cent earlier. Already, cars imported as CBUs with CIF of more than USD 40,000 or with engine capacity of more than 3,000 cc for petrol-run vehicles and more than 2,500 cc for diesel-run vehicles attract 100 per cent customs duty. "The Government has proposed to increase the duties on completely built units (CBUs) to 70 per cent from 60 per cent earlier. "This is unlikely to have a material impact as most of the luxury cars are now assembled in India, barring the top-end variants. Nonetheless, an increase in customs duty will further aim to promote domestic manufacturing going ahead," Icra Senior Vice President &amp; Group Head Corporate Ratings Shamsher Dewan said. On the other hand, Sitharaman proposed "to further provide impetus to green mobility, customs duty exemption is being extended to import of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles. The Finance Minister also noted that replacing old polluting vehicles is an important part of "greening the country's economy". "In furtherance of the vehicle scrapping policy mentioned in Budget 2021-22, I have allocated adequate funds to scrap old vehicles of the Central Government," she said. States will also be supported in replacing old vehicles and ambulances, Sitharaman added. "Multiple proposals in the Union Budget are seen favourable for the automotive sector. A sharp 33 per cent increase in capital investment outlay, identification of critical transport projects for first and last-mile connectivity, and relaxation in personal tax rates shall aid the demand for the auto sector," Dewan stated. Thrust on green energy continues with specific budgetary allocation for old vehicle scrappage, energy transition, and viability gap funding for battery storage solutions with 4000 MWh, he added. Customs duty exemption on the import of capital assets for manufacturing lithium-ion cells for batteries used in electric vehicles shall facilitate EV ecosystem development and aid faster penetration, Dewan said. "An increase in the duty rates on compounded rubber from 10 per cent to Rs 25 (or) 30 per kg, whichever is less, is a challenge for the tyre industry, which significantly depends on imported rubber," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-for-stipend-to-47-lakh-youth-under-apprenticeship-scheme/articleshow/97522243.cms">Budget for stipend to 47 lakh youth under apprenticeship scheme</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-will-fulfil-dreams-of-aspirational-society-farmers-and-middle-class-pm-modi/articleshow/97522670.cms">Budget will fulfil dreams of aspirational society, farmers and middle class: PM Modi</a>

Budget 2023: Fully imported cars, including EVs, to cost more

Here’s how the advertising and marketing industry reacted to Union Budget 2021

<ul><li>India’s Chief <keyword id="193571" type="POSITION" weightage="20" keywordseo="economic-advisor">Economic Advisor</keyword> KV Subramanian claims that private sector healthcare is not much better than public sector healthcare even though it is much more expensive.</li><li>Coming a couple of days before the budget, this may be a shock for the likes of hospital chain operators like Apollo Hospitals, Fortis Health and Metropolis.</li><li>To address the information asymmetry in the healthcare system, the Economic Survey proposes setting up a central database for patient information and a regulator to oversee all stakeholders.</li></ul>Private sector healthcare in India is considered to be superior to the public sector because it’s more expensive and the quality is better. However, the latest economic survey points out that may not necessarily be the case. Therefore, India’s Chief Economic Advisor (CEA), KV Subramanian, has recommended the government must seriously consider a regulator for both <keyword id="10673739" type="UNKNOWN" weightage="20" keywordseo="private-hospitals-and-doctors">private hospitals and doctors</keyword>. Coming a couple of days before the budget, this may be a shock for the likes of hospital chain operators like Apollo Hospitals, Fortis Health and Metropolis. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage change in stock price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.14% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fortis Health </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metropolis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.06% </td></tr></tbody></table>Source: NSE closing prices on January 29 Data shown by the CEA to back his argument The rate of readmission — going back to a hospital for care after original admission — is higher in the <keyword id="6371888" type="UNKNOWN" weightage="20" keywordseo="private-hospitals">private hospitals</keyword> and healthcare facilities than in the public sector. This is based on data collected from the government-funded health programme, Prime Minister’s Jan Arogya Yojana (PMJAY) — also called the Ayushman Bharat Yojana. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Private sector admission rate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public sector readmission rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64% </td></tr></tbody></table> According to the CEA, this is worrying not only because the private sector is more expensive, but also because readmissions tend to pinch the pocket more than original admissions and original. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metric </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Original admission </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Readmission </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average claim amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12,652 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹19,295 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average length of stay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5 days </td></tr></tbody></table> “So, a large proportion of deaths in India manifesting due to poor quality of healthcare is likely to reflect that the quality of treatment in the private sector may not be significantly better than that in the public sector in India,” said the Economic Survey. <div type="image" title="snapshot-1611921714260" msid="80585582" hostid="261" caption="&amp;lt;p&amp;gt;Variation in costs between private and public healthcare sector&amp;lt;/p&amp;gt;"></div> The government now plans to increase public healthcare spend to 2.5% of GDP to reduce the out of pocket spend from 65% to 35%. “Given the market failure due to asymmetric information, regulation in the healthcare sector is required,” said Subramanian, during the press conference. The CEA proposes this asymmetry can be mitigated using information from within the National Digital Health Mission, even within the framework of data privacy. “A standardised system for quality reporting on healthcare for hospitals, physicians, and insurance companies can start with basic input indicators to be reported mandatorily by healthcare stakeholders,” said the Survey. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/budget/news/highlights-from-indias-annual-economic-survey-ahead-of-budget-2021/slidelist/80574947.cms">Highlights from India’s annual economic survey ahead of budget 2021</a> <a href="https://www.businessinsider.in/policy/economy/news/latest-economic-survey-has-an-entire-chapter-on-sp-fitch-and-moodys-being-biased-against-the-indian-market-/articleshow/80579836.cms">India’s Chief Economic Advisor trains his guns on global rating agencies</a> <a href="https://www.businessinsider.in/india/news/mumbai-local-trains-will-be-open-to-public-from-february-1-divides-service-into-three-time-slots/articleshow/80573902.cms">Maharashtra opens up Mumbai local trains for public from February 1 — divides service into three time slots</a>

India needs a regulator for private hospitals and doctors, says Chief Economic Advisor

The people have high expectations from the <keyword id="4183143" type="General" weightage="50" keywordseo="rail-budget" source="Orion">Rail Budget</keyword> as the Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will present her fifth <keyword id="6358021" type="General" weightage="80" keywordseo="budget" source="Orion">Budget</keyword> on February 1. In its first term, the Modi government the Centre had linked the Rail Budget with the General Budget, under which the money for the <keyword id="6356740" type="General" weightage="100" keywordseo="railway" source="Orion">Railway</keyword>s is now provided. According to the information, the Centre is going to increase the Railway Budget this time by up to 20 per cent. Earlier, in the pre-Budget meeting, the Railway Board demanded 25-30 per cent more funds in the allocation of the Finance Ministry. In such a situation, the government can give a fund of about Rs 2 trillion to the Ministry of <keyword id="6360676" type="General" weightage="80" keywordseo="railways" source="Orion">Railways</keyword> in the Budget leading to an atmosphere of enthusiasm in sectors related to the Railways. There have also been various demands from the passengers. This is the last full Budget of the Modi government before the upcoming Lok Sabha elections. Along with this, before the 2024 Lok Sabha polls, elections will be held in 10 states of the country in this year, including big states like Rajasthan, Chhattisgarh, Madhya Pradesh, Karnataka, Telangana and Tripura, Meghalaya, Nagaland and Mizoram in the Northeast. Elections can be held in Jammu and Kashmir this year. In this Railway Budget, the Central government can announce many new railway facilities for passengers. It is believed that this time, the Rail Budget can prove to be an election budget, especially in those states where elections are to be held. This may result in some special announcements from the Centre for these states. However, the Union Ministry of Railways so far has achieved Rs 42,370 crore more revenue as compared to the previous financial year. The Railway's income has increased by 71 per cent, whereas earlier in 2021, there was a loss of Rs 26,338 crore, which led to the government decreasing the concessions provided to the common people. In view of the strong figures of Railways earnings, people from all sections have raised demands to again implement the subsidies, including the one where senior citizens above 60 years of age used to get up to 50 per cent discount before the Covid-19 pandemic, which has now been discontinued. According to the Railways, there is no plan in this Budget to give concession in rail tickets to senior citizens. The Central government will invest mostly in the modernisation of the Railways. Railways have also been focusing on building better domestic infrastructure for manufacturing trains. In this, plans are also being made to reduce foreign dependence. In this Budget, emphasis can be laid on making new Vande Bharat Express trains and Vande Bharat 2.0 with sleeper berth facilities. This train will work like the Rajdhani Express in which passengers will get the facility of sleeper AC coaches. In the Rail Budget 2023, a scheme of Rs 2.70 lakh crore can be announced for 500 Vande Bharat trains, 35 hydrogen trains, 5000 LHB coaches and 58000 wagons. Significantly, during the announcement of the last Rail Budget, the Finance Minister announced the National Rail Plan 2030, under which preparations were made for the development of the Railways. The Centre had talked about investing Rs 1 lakh crore, for the same. By December 2023, 100 per cent electrification of broad gauge railways will be completed. Similarly, a metro rail system is being prepared in two cities of the Tier-2 category and outer parts of Tier-1 category cities, under which Indian Railways will become the world's first 100 per cent green rail service by the end of this year. Along with this, the Centre can announce the adoption of hyperloop technology in the rail budget. In this, pods carrying passengers travel through tubes or tunnels. This technology is faster than bullet trains. Along with this, the government can make announcements regarding infrastructure in this Budget. However, under Vision 2024 projects, in the second half of the decade, multitracking and signalling upgrades of congested routes are targeted, in addition to the commissioning of new dedicated freight corridors and high-speed passenger corridors. The new railway track will be a part of the new vision document of Indian Railways and will be completed in a phased manner. In the next financial year, a target of laying about 4,000 km long lines can be fixed. An announcement to electrify a 7,000 km broad gauge line in the upcoming Budget can also be expected with an allocation of Rs 10,000 crore. With the electrification of a 7,000 km long broad gauge line, the target of electrifying the entire railway network will be achieved. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/govt-may-not-announce-capital-infusion-for-psu-banks-in-budget-2023-24/articleshow/97247553.cms">Govt may not announce capital infusion for PSU banks in Budget 2023-24</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/canara-bank-q3-profit-surges-92-to-2882-crore/articleshow/97245895.cms">Canara Bank Q3 profit surges 92% to ₹2,882 crore</a>

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