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Union Cabinet headed by Prime Minister Narendra Modi met in Parliament on Tuesday to approve the Union Budget ahead of its presentation by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>. Prime Minister Narendra Modi arrived in Parliament this morning to attend the cabinet meeting. On Monday, Prime Minister said the Economic Survey highlighted the prevailing strengths of the economy and identifies areas for further growth and progress as the government "moves towards building a Viksit Bharat". Union Ministers Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament earlier for the Cabinet meeting today. At 11 am, Finance Minister Nirmala Sitharaman will present the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Earlier today, Sitharaman met with President Droupadi Murmu before leaving for Parliament. This would mark Sitharaman's seventh consecutive budget and eclipses 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. Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth. "The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector. "The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI) 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/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024-25: Focus on employment, skilling, MSME and middle class</a>

Union Cabinet meets in Parliament ahead of Budget presentation

New Delhi, In a significant change amid digitalisation, <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> this year unveiled a 'Made in India' tablet replacing the traditional briefcase before presenting <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> 2021. With the move aimed at a paperless Budget, now 'bahi khata' (a ledger wrapped in a red cloth) has been completely removed from this year -- a move to reinforce Prime Minister Narendra Modi's ambitious '<keyword id="50691" type="COMPANY" weightage="20" keywordseo="Digital">Digital</keyword> India' mission. In 1947, India's first Finance Minister R. K. Shanmukham Chetty carried a leather portfolio to present the first Budget. In January, the Central government also launched '<keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword> Mobile App' on the occasion of the Halwa ceremony to enable MPs and people to access Budget documents digitally. It was launched as no budget papers will be printed this year in the wake of the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. Sitharaman, who will present the Budget for the third time, is expected to lift and give an impetus to the Indian economy that has been battered due to the pandemic and subsequent lockdown. The Budget comes at a time when India has been battling with the Covid-19 pandemic and the economy is reeling under the aftereffects of the lockdown. Sitharaman will present the Budget at 11 a.m. in the Lok Sabha. This is in a series of three-four mini Budgets presented during last year considering the pandemic. This would be Sitharaman's third Budget under the <keyword id="105903" type="COMPANY" weightage="20" keywordseo="National-Democratic-Alliance">National Democratic Alliance</keyword> (NDA) government led by Prime Minister Narendra Modi. At the beginning of the joint session of Parliament on Friday, Prime Minister Narendra Modi had also said that the Finance Minister had already announced 3-4 mini Budgets and that the 2021-22 Budget would be historic. It is expected that the Budget will help in the revival by various sectors like agriculture, infrastructure, healthcare, rural economy and MSMEs sectors that faced the worst impact of the Covid-19 pandemic and lockdown restrictions. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-union-budget-2021-live-news-and-highlights/liveblog/80621593.cms">Budget 2021 Live Updates : Finance Minister Nirmala Sitharaman to present the first-ever digital Union Budget today</a>

Digital Budget 2021: 'Made in India' tablet replaces 'bahi-khata'

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday presented the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword> after the Cabinet gave its approval. In her intial comments, Sithamraman said India's economic growth will be a shining exception. "We are determined all Indians regardless of religion and age achieve life goals and aspirations," Sitharman said. The Finance Minister presented first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament. The Economic Survey 2023-24 was tabled yesterday in the Parliament. Union Cabinet headed by Prime Minister Narendra Modi met in Parliament today to approve the Union Budget ahead of its presentation by the Finance Minister. This would mark Sitharaman's seventh consecutive budget and eclipses 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. Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth. "The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman emphasized the resilience of the Indian economy and its stable post-Covid recovery. The Survey underscored the government's commitment to "Nari Shakti" through various legislative measures and provisions aimed at boosting women's participation in diverse professions. According to the Economic Survey, the budget for women's welfare and empowerment schemes has surged by 218.8 per cent, growing from Rs 97,134 crore (BE) in FY14 to Rs 3.10 lakh crore in FY25. Additionally, the Gender Budget Statement (GBS) has seen a 38.7 per cent increase compared to FY24 BE, with its share in the total Union Budget rising to 6.5 per cent in FY25, the highest since GBS was introduced in FY06. 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" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

"India's economic growth will be shining exception" FM Nirmala Sitharaman presents Union Budget 2024-25

<ul><li>The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> Estimates for 2023-24, will be provisionally finalised after completion of pre-Budget meetings.</li><li>It will be the fifth Budget of the Narendra Modi 2.0 government and Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>.</li><li>The Budget 2023-24 is likely to be presented on February 1, during the first half of Parliament's Budget session. </li></ul> The government on <keyword id="21684" type="General" weightage="20" keywordseo="monday" source="Orion">Monday</keyword> will kick off its annual Budget making exercise for financial year 2023-24, that is expected to look at measures to revive growth amid a gloomy <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> outlook. The meeting would start with consultations with various ministries and departments on the revised estimates (RE) of expenditure for ongoing financial year and the fund requirement for 2023-24. On the first day on Monday, RE meetings with <keyword id="48413" type="General" weightage="20" keywordseo="Ministry" source="Orion">Ministry</keyword> of Environment, Forest and Climate Change, Ministry of Labour And Employment, Ministry of Information and Broadcasting, Ministry of Statistics and Programme Implementation and Ministry of Youth Affairs and Sports would take place. Most of these discussions to finalise RE for ongoing financial year (2022-23) and Budget Estimate for 2023-24 would be chaired by the <keyword id="46929" type="General" weightage="20" keywordseo="Finance-Secretary" source="Orion">Finance Secretary</keyword> and Expenditure Secretary. The month-long deliberations would end on November 10, with consultations with Ministry of Cooperation, Department of Agriculture and Farmers Welfare, Department of Agricultural Research and Education, Ministry of Road Transport and Highways, Ministry of Railways and Ministry of Petroleum and Natural Gas, as per a notification of Budget Division of the finance ministry. The Budget Estimates for 2023-24, will be provisionally finalised after completion of pre-Budget meetings. These meetings would take place against the backdrop of many institutions, including the <keyword id="50847" type="General" weightage="20" keywordseo="Reserve-Bank" source="Orion">Reserve Bank</keyword> and the World Bank slashing India's growth forecast to 7 per cent and 6.5 per cent, respectively. It will be the fifth Budget of the Narendra Modi 2.0 government and Finance Minister Nirmala Sitharaman and the last full Budget before the general elections due in April-May 2024. During the <keyword id="6359191" type="General" weightage="20" keywordseo="election" source="Orion">election</keyword> year, the government presents Vote on Account for the limited period. Usually, the Budget is cleared till July. The Budget 2023-24 is likely to be presented on February 1, during the first half of Parliament's Budget session which usually begins in the last week of January every year. The Budget 2022-23 had projected a growth rate of 7-7.5 per cent in real terms while fiscal deficit was pegged at 6.4 per cent of gross domestic product (GDP). Prime Minister Narendra Modi-led government scrapped the colonial-era tradition of presenting the Budget at the end of February. The then finance minister Arun Jaitley had for the first time presented the annual accounts on February 1, 2017. With the change in the date of Budget presentation, ministries are now allocated their budgeted funds from the start of a financial year beginning April. This gives government departments more leeway to spend as well as allow companies time to adapt to business and taxation plans. Previously, when Budget was presented at the end of February, the three-stage Parliament approval process would get completed some time in mid-May, weeks ahead of the onset of monsoon rains. This meant government departments would start spending on projects only from August-end or September, after the monsoon season ended. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/pakistani-rupee-becomes-worlds-best-performing-currency/articleshow/94724119.cms">Pakistani rupee becomes 'world's best performing currency'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/middle-east-destinations-see-an-upsurge-amongst-indian-travellers/articleshow/94723228.cms">Middle East destinations see an upsurge, amongst Indian travellers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-struggle-as-prices-of-vegetables-grains-go-through-roof-says-report/articleshow/94723150.cms">People struggle as prices of vegetables, grains go through roof, says report</a>

Govt to kick off FY24 Budget making exercise on Monday

<keyword id="161813" type="POSITION" weightage="20" keywordseo="Union-finance-minister">Union Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> will today meet state finance ministers to discuss the next year’s <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="Union-Budget">Union budget</keyword>. Thereafter, the finance minister will commence pre-budget consultations with industrialists, trade unions and other stakeholders. 
 Jaitley will meet industry and trade groups on January 6, 2015. The following day, he will hold discussion on the agriculture sector. This would be the first full-fledged budget of the Narendra <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword>. Modi government had assumed power in May this year and Jaitley had presented the budget in July. 
 In his meeting state finance ministers, Jaitley is likely to discuss issues pertaining to the proposed Goods and <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">Service Tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>). A broad consensus on the constitutional amendment Bill for the new indirect tax system was recently reached. The government is keen to implement GST in the next financial year in a bid to accelerate economic growth.

Jaitley To Meet State Finance Ministers To Discuss Union Budget

<ul><li>Foreign investors had pulled out billions from India's equity market ever since the tax surcharge was announced in the latest budget.</li><li>The Narendra Modi government also announced a slew of measures including tax reforms to revive a sluggish economy.</li><li><keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> and her team addressed a press conference to restore the faith in the economy and the government.</li><li>Reform is a continuous process, she said in her opening remarks.</li></ul>In a bid to restore the faith in the Indian economy and the Narendra Modi government, Finance Minister Nirmala Sitharaman assured the investors that the government respects wealth creators and declared that the surcharge on foreign and domestic equity investors has been rolled back. The benefit of the rollback is not available to the high net worth individuals. They will continue to pay the additional surcharge. However, the Finance Minister said that the government will review the decision in 2022, the seventy-fifth year of Indian independence. The latest budget for the financial year ending March 2020 imposed an additional tax on the country's super rich and foreign portfolio investors (FPIs) got caught in the crossfire. The subsequent anger and market sell-off has wiped off billions of rupees in share market wealth since then as foreign investors rushed for the exit. Most foreign portfolio investors in India operate as non-corporate entities such as trusts and associations, which are taxed like individuals and therefore the additional tax would fall on them. The government will lose ₹1,400 crore by rolling back the additional surcharge imposed in the latest budget. For now, the capital gains on trading of shares by foreign and domestic investors will be exempt but the country's super rich will continue to pay the additional levy on their total taxable incomes. SEE ALSO: <a href="https://www.businessinsider.in/politics/policy/nirmala-sitharam-address-on-india-economic-stimulus-live-updates-and-highlights/articleshow/70804926.cms" data-type="tilCustomLink" target="_blank">India unveils economic stimulus-- from homes to cars to banks to infrastructure to equity markets</a>

The higher tax on India's super rich continues-- only the capital gains are exempt

<ul><li>The incumbent <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government in India led by the <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> (BJP) has released election <keyword id="42763" type="PERSON" weightage="20" keywordseo="Manifesto">manifesto</keyword> 3 days before the first polling date. </li><li>As expected, the 2019 manifesto builds on a lot of pledges the government made in its interim budget announcement and on the campaign trail, especially with regards to rural distress, job creation and national security. </li><li>The manifesto - the first ever under Prime Minister Narendra Modi - comes a week after rival party Congress released its own, giving the BJP the chance to counter the opposition party’s promises, specifically NYAY, its minimum income support scheme. </li></ul>The incumbent Narendra Modi government, led by the Bharatiya Janata Party (BJP), has released its election manifesto 3 days before the first polling date. Speaking at the launch of the manifesto, Modi said that the government had made 75 proposals in line with India’s 75-year independence celebration in 2022, all of which would be implemented in a “time-bound” manner. As expected, the 2019 manifesto builds on a lot of pledges the government made in its interim budget announcement and on the campaign trail, especially with regards to rural distress, job creation and national security. The Prime Minister <a href="https://www.thehindu.com/news/national/pm-promises-farmers-income-doubling-by-2022/article24212508.ece">had already promised </a>to double all farmers incomes by 2022. Under the government’s already-announced PM Kisan Yojana, cash will be transferred to beneficiaries, which hold 2 hectares of land or less, in three installments of ₹2000 each every year, culminating in a total payment of <a href="https://www.businessinsider.in/as-expected-the-modi-administration-just-launched-a-direct-benefit-transfer-scheme-for-the-nations-farmers/articleshow/67786710.cms">₹6,000 per year</a>. Under pressure after rival Congress’ income support scheme, the BJP has extended this benefit to all farmers, as opposed to only smallholding farmers, which will significantly increase the outlay of the scheme. In addition to the farmer handouts, the BJP outlined a pension scheme for informal sector workers in its interim budget. The scheme proposes a monthly pension of ₹3,000 above the age of 60. It is also offering tax breaks for workers in the formal sector that earn less than ₹500,000 a year. In another play towards farmers, the manifesto promised interest-rate free credit cards loans less than ₹100,000 to all farmers. The BJP also plans to mobilise ₹100 trillion of investments into infrastructure within the next five years and improve road connectivity between cities by doubling the amount of national highways It also wants to ensure that every Indian doesn’t live more than 5 kms away from a banking outlets and push India to a top 20 position in the World Bank and IMF’s Ease of Doing Business index from current level <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=184513">of 77</a>. The policy document also reiterated the BJP’s commitment to implementing a uniform civil code across all Indian states and revoking <a href="https://www.thehindu.com/news/national/what-is-article-35a/article19567213.ece">Article 35A</a> of the Constitution, which it explains went against the interests of non-permanent residents of Jammu &amp; Kashmir as t conferred special rights on residents especially in the acquisition of property and eligibility for public sector jobs. This manifesto lays down the foundation of a continuing government, finance minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> said. The manifesto announcement by party president <keyword id="6355521" type="PERSON" weightage="20" keywordseo="amit-shah">Amit Shah</keyword> started with a rundown of the Modi administration’s purported achievements over the past five years - a crackdown on corruption and black money, strikes against terrorists, a reining in of prices, the construction of 80 million toilets etc in line with <a href="https://www.businesstoday.in/current/economy-politics/what-promises-did-the-bjp-make-in-its-2014-manifesto/story/334812.html">its 2014 manifesto</a>. The manifesto had 75 pledges to celebrate 75 years of India’s independence in 2022. These included the doubling of farmers incomes, the continued strengthening of the armed forces and border security patrols, the passage of the contentious Citizenship Amendment Bill, the construction of the also-contentious Ram Mandir and the expansion of its Ayushman Bharat health insurance scheme. The manifesto - the first ever under Prime Minister Narendra Modi - comes a week after rival party Congress released its own, giving the BJP the chance to counter the opposition party’s promises, <a href="https://www.businessinsider.in/lok-sabha-elections-2019-can-congress-nyay-scheme-end-indias-poverty/articleshow/68577960.cms">specifically NYAY,</a> its minimum income support scheme. SEE ALSO: <a href="https://www.businessinsider.in/congress-manifesto-released-plans-for-separate-farmers-budget/articleshow/68684769.cms">India’s Congress party proposes a separate farmer’s budget and single rate GST in its election manifesto</a> <a href="https://www.businessinsider.in/lok-sabha-elections-2019-heres-a-comparison-of-the-income-sops-offered-by-the-bjp-and-the-congress/articleshow/68576480.cms">Here’s a comparison of the election sops offered by the BJP and the Congress</a>

Narendra Modi's election manifesto packs larger doles and a rosy narrative

<a href="http://www.businessinsider.in/searchresult.cms?query=Prime+Minister+Narendra+Modi+&amp;sortorder=effectivedate">Prime Minister Narendra Modi </a>lauded <a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley&amp;sortorder=effectivedate">Finance Minister Arun </a><a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley&amp;sortorder=effectivedate">Jaitley</a>’s <a href="http://www.businessinsider.in/searchresult.cms?query=Budget+2017+&amp;sortorder=effectivedate">Budget 2017 </a>as futuristic, saying it will fulfill dreams of people from all the sections. However, <a href="http://www.businessinsider.in/searchresult.cms?query=Congress+Vice-President&amp;sortorder=effectivedate">Congress Vice-President</a> and scion of Nehru-Gandhi dynasty termed it a damp squib. 
 
The opposition tore into the Budget 2017, saying it lacked vision. The Congress slammed the budget for "lacking a vision" for creating jobs and for not announcing a loan waiver for farmers. 
 
"We were expecting fireworks, instead it was a ... it was a sher-o-shayari budget. "The main issue facing India today is creation of jobs. How are you going to solve that problem? On that front, there was no vision, no idea, and for farmers, there is absolutely nothing," Congress vice-president <a href="http://www.businessinsider.in/searchresult.cms?query=Rahul+Gandhi&amp;sortorder=effectivedate">Rahul Gandhi</a> said. 
 
He also mocked the Modi led government by asking, "Modi had promised the bullet train. Where is the bullet train now? Railways' fundamental problem is safety." 
 On the other hand, PM Modi termed the <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="Union-Budget">Union Budget</keyword> as "futuristic" and also said that it will usher in a new beginning to fulfil the dreams of every section. 
 
"This is a Budget for the future - for farmers, underprivileged, transparency, urban rejuvenation, rural development and enterprise," Modi said in a televised message about the Budget proposals. 
 
He also praised Jaitley for a "good" Budget, and said, will speed up the development of the country, create new employment opportunities, double farmers' income. 
 
"The Budget will bring a big change in the financial condition of the villages, raise middle class incomes without any increase in fiscal deficit," Modi said.

Clash of Clans: Modi terms Budget 2017 futuristic; Rahul Gandhi calls it a ‘damp squib’

<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

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday called on <keyword id="19895704" type="General" weightage="20" keywordseo="President" source="keywords">President</keyword> <keyword id="19934334" type="General" weightage="20" keywordseo="Droupadi-Murmu" source="keywords">Droupadi Murmu</keyword> before presenting the full Budget for 2024-25. As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament. President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025). Expectations are running high as Sitharaman presents her seventh Budget in the Lok Sabha on Tuesday. The Budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation. Sitharaman continued with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition. She keeps a digital tablet in a red 'bahi khata' style pouch. The economy is projected to expand by 6.5-7 per cent in the current fiscal, as per the Economic Survey tabled in Parliament on Monday. 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" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a><a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a>

Finance Minister Nirmala Sitharaman meets President ahead of Budget speech

India just unveiled its first annual budget after Narendra Modi government took office earlier this year. Finance Minister Nirmala Sitharaman, while presenting the 2019-20 budget to the parliament, said the government is going to hike the customs duty of several commodities including gold, imported books making them costlier than they were. On the flip, the government reduced customs duty on certain products like raw material and electric appliances among others. <div type="Slideshow" msid="70092292" hostid="261" title="Petrol, diesel and gold are set to become costlier" firstImageMsid="70092856" slideCount="9"></div>

In budget 2019, Petrol, diesel and gold are set to become costlier

The NDA government headed by <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> has been focusing enough on the rural development as evident from the allocation of funds towards this sector through the consecutive budgets presented by the government during its five year term starting from 2014-15. While presenting the budget for the fiscal year, the Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> remarked that the government would spend Rs 14.34 lakh crores in the rural areas of the country that will lead to creating employment opportunities of 321 crore person days besides developing the rural infrastructure significantly. In addition to creating enough employment opportunities to the rural folk, the 2018-19 budget also intended to construct 3.17 lakh km of roads, 1.88 crore toilets, and 51 lakh houses. The budget speech of Jaitley observed that 1.75 crores of new households would receive electricity connections. While talking about the merits of the 2018-19 budget in terms of creating enough room to facilitate the rural development in the country, Rural development minister Narendra Singh Tomar praised that the budget under reference was the one for ‘New India’ which would lead to the comprehensive development of the nation. The Modi government increased the budgetary allocation for the Rural Development Ministry to Rs 1.124 lakh crores for 2018-19 from Rs 1.054 lakh crores. The ministry estimated a total expenditure of Rs 1.09 lakh crores in the financial year 2018-19. “The government is committed to the overall development of the country and like the current year, the Modi government has allocated highest ever amount of Rs 55,000 crores to the MNREGA for the next fiscal,” Tomar said. While the 2017-18 budget allocated Rs 48,000 crores to MNREGA, the 2018-19 budget increased it to Rs 55,000 crores. The ministry estimated that the scheme will need a spending of Rs 55,000 crores in the year 2018-19. Also the allocation of funds to different schemes under the National Social Assistance Program rose up to Rs 99.75 crores from Rs 95 crores allocated during the last fiscal year. The allocation towards the flagship scheme of the NDA government for rural roads ‘<keyword id="126970" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Gram-Sadak-Yojana">Pradhan Mantri Gram Sadak Yojana</keyword> (PMGSY)’ remained unchanged over the two budgets remaining at Rs 19,000 crores. While talking about the proposals as part of the 2018-19 budget, Jaitley highlighted about the government’s intention to augment the agriculture and rural development along with the developments across other sectors. He said, “As my proposals outlined indicate, focus of the government next year will be on providing maximum livelihood opportunities in rural areas by spending more on livelihood, agriculture and allied activities and construction of rural infrastructure.” Pushing it up significantly from Rs 4,500 crores (2017-18 budget), Jaitley said the allocation for the <keyword id="180113" type="ORGANIZATION" weightage="20" keywordseo="National-Rural-Livelihood-Mission">National Rural Livelihood Mission</keyword> (NRLM) was increased to Rs 5,750 crores in the 2018-19 budget. The loans given to the women Self Help Groups (SHGs) in the country touched about Rs 42,500 crores in 2016-17. The government voiced its confidence that the SHG loans will increase to Rs 75,000 crores in the fiscal year 2018-19. However, the budget allocation for the rural <keyword id="35061" type="DOMAIN" weightage="20" keywordseo="housing">housing</keyword> scheme PMGAY (Gramin) came down significantly to Rs 21,000 crores for the year 2018-19 from Rs 23,000 crores allocated in the 2017-18 budget.

How budget allocations for rural development in India fare

<keyword id="6360189" type="COMPANY" weightage="100" keywordseo="Union-Budget">Union Budget</keyword> gave priority to farmers and weaker sections, a much needed measure. "The budget is for everybody. Budget has been provided for infrastructure like ports, rail, airports. In the health sector, for poor people, upto Rs 1 lakh cost of hospitalisation will be borne by the government. This is a progressive and visionary budget," Union Environment Minister <keyword id="119642" type="PERSON" weightage="100" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> told PTI. 

	Similar views were echoed by other ministers of the ruling party with Union minister Mukhtar Abbas Naqvi calling it a "perfect, people-friendly and progressive budget". 
 

	"India is a country where agriculture holds a prime place but it is after years that this has been reflected in a budget which gives priority to farmers as well as weaker sections. This budget is one which will also lead to empowerment of the youth," he said. 
 

	Union Health Minister J P Nadda termed it as a "positive and balanced" budget and said that there were several initiatives for health and other social sectors which reflect Prime Minister Narendra Modi's vision of 'Sabka Saath Sabka Vikas'. 
 

	"My congratulations to the finance minister Arun Jaitley for bringing such a good, positive and balanced budget. There are several initiatives for health and other social sectors which truly reflect PM Narendra Modi 's vision of Sabka Saath,Sabka Vikas. 
 

	"Proposed Health Protection Scheme will greatly benefit the common people of the country. This budget will help India achieve twin objectives of economic growth, equitable distribution of benefits and resources at an accelerated pace," Nadda said in a series of tweets. 
 

	He said that farmers, artisans, women, unorganised workers, people living below the poverty line and the youth of the country will greatly benefit through this budget.

	 
	 
	(Image credits: indiatimes)

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