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<keyword id="20305504" type="General" weightage="20" keywordseo="Khelo-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Khelo India" meta.hostid="261" meta.entityid="Khelo India">Khelo India</keyword>, which is the government's flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">budget</keyword> for the <keyword id="19896478" type="General" weightage="20" keywordseo="sports-ministry" source="keywords">sports ministry</keyword> as it was assigned Rs 900 crore from the overall allocation of Rs 3,442.32 crore on Tuesday. Kehlo <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s share, announced in the budget presented by finance minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> here, is Rs 20 crore more than the revised allocation of Rs 880 crore during the previous financial year. With the <keyword id="19986816" type="General" weightage="20" keywordseo="Olympic" source="keywords">Olympic</keyword> cycle set to come to an end in Paris in August this year, and the <keyword id="19895708" type="General" weightage="20" keywordseo="Commonwealth-Games" source="keywords">Commonwealth Games</keyword> and <keyword id="20007738" type="General" weightage="20" keywordseo="Asian-Games" source="keywords">Asian Games</keyword> still two years away, the budget for the Sports Ministry has seen only a marginal increase of Rs 45.36 crore from the previous cycle. The budget for the previous cycle was Rs 3,396.96 crore for the previous financial year. The government has invested heavily in Khelo India over the years as the programme continues to unearth talent from all parts of the country. While Khelo India's actual allocation in 2022-23 stood at Rs 596.39 crore, it was increased by more than Rs 400 crore, to Rs 1,000 crores, in the 2023-24 budget, before being revised to Rs 880 crore. The government has continued to add programmes ever since the inaugural Khelo India Youth Games (KIYG) were held in 2018. The ministry added Khelo India University Games in 2020, before also launching the Khelo India Winter Games the same year and the Khelo India Para Games in 2023. Hundreds of Khelo India State Centres of Excellence (KISCE) have been set up across the country, which aim to provide facilities for athletes with potential. Several Khelo India athletes are currently in India's Olympic-bound contingent. The government's assistance to <keyword id="20418970" type="General" weightage="20" keywordseo="National-Sports-Federations" source="keywords" meta.keywordsubtype="org" meta.entityname="National Sports Federations" meta.hostid="261" meta.entityid="National Sports Federations">National Sports Federations</keyword> (NSFs) has also seen an increase of Rs 15 crore -- from Rs 325 crore in 2023-24 to Rs 340 crore in the latest budget. The budget for Sports Authority of India, which apart from maintaining its stadia across the country also manages the Target Olympic Podium Scheme (TOPS) to prepare athletes for the global sporting extravaganzas, has also been enhanced from Rs 795.77 crore to Rs 822.60 crore, which is a jump of Rs 26.83 crore. The <keyword id="20524251" type="General" weightage="20" keywordseo="National-Anti-Doping-Agency" source="keywords" meta.keywordsubtype="org" meta.entityname="National Anti-Doping Agency" meta.hostid="261" meta.entityid="National Anti-Doping Agency">National Anti-Doping Agency</keyword> (NADA) and the National Dope Testing Laboratory (NDTL), which does all the testing, have received marginal increase in their budgets. While NADA's budget has gone up from Rs 21.73 crore last year to Rs 22.30 crore, NDTL has got Rs 22 crore, up from Rs 19.50 last year.

Khelo India once again gets lion's share in Union Budget for sports

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 <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> in the Parliament on Monday. The Economic Survey tabled today projected India to grow at 6.5-7.0 per cent in 2024-25. Global institutions, including <keyword id="19896779" type="General" weightage="20" keywordseo="IMF" source="keywords" meta.keywordsubtype="org" meta.entityname="IMF" meta.hostid="261" meta.entityid="IMF">IMF</keyword>, OECD, World Bank, S&amp;P, ADB, and Fitch, have projected India to grow in a range of 6.6-7.2 per cent. The International Monetary Fund (IMF), in its latest outlook, has raised India's growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies. According to official data of the Indian government, the country's GDP grew at an impressive 8.2 per cent during the financial year 2023-24. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22 respectively. Further, the CEA in his press conference projected that India's <keyword id="20089672" type="General" weightage="20" keywordseo="per-capita-income" source="keywords">per capita income</keyword> is expected to increase from around Rs 2 lakh in 2022-23 to Rs 14.9 lakh in 2046-47. Further, CEA said <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> of Indians in physical assets have been increasing over the past three financial years through 2023-24. The CEA, addressing the press conference, said household savings in physical assets rose from 8 per cent in 2020-21 to 12.9 per cent in 2022-23. "Households are not in distress, they are investing in <keyword id="20792385" type="General" weightage="20" keywordseo="financial-assets" source="keywords">financial assets</keyword> that have done very well. Financial assets of households are not marked to market so households are doing quite well in the aggregate," he said. India needs both banks and capital markets to provide the required finances sourced from a sustained high level of household savings, according to the Survey. <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> Nirmala Sitharaman on Monday tabled the economic survey in Parliament, a day ahead of the full Budget presentation for 2024-25. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year. The Economy Survey document also gave some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday. (ANI)

India to remain fastest growing major economy in 2024-25, says CEA Nageswaran

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

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

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

Ahead of the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword>, Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them. <keyword id="679937" type="General" weightage="70" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to the middle class taxpayers, besides others. "I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she said while speaking at a function organised by the Panchjanya magazine, an RSS- associated weekly. In the same breath, the minister reminded the audience that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax. She said the government has taken various measures like developing the metro rail network in 27 cities and building 100 smart cities to promote ease of living. The minister assured them that the government can do more for the middle class as its population is growing and it has become sizeable now. "I quite recognise their problems. The government has done a lot for them and continue doing the same," she said without making any commitment. Sitharaman said the government has been raising the outlay on capital expenditure in each Budget since 2020. For current financial year, she said, it has been increased by 35 per cent to Rs 7.5 lakh crore as it has a multiplier effect on the economy. On the banking sector, she said, the government's 4R strategy --Recognition, <keyword id="1518048" type="General" weightage="50" keywordseo="recapitalization" source="Orion">Recapitalization</keyword>, Resolution and Reform--has helped in revival of public sector banks (PSBs). As a result of this, non-performing assets (NPAs) have declined and health of PSBs has improved greatly, she said. The government implemented an unprecedented recapitalization programme for PSBs amounting to Rs 2.11 lakh crore to support capital adequacy and prevent their default. PSBs turned the corner during 2020-21 with a combined net profit of Rs 31,820 crore supported by massive recovery, reduction in NPAs and windfall gains on their bond portfolio. Subsequently, the combined profit more than doubled to Rs 66,539 crore in FY22 despite COVID-19 pressure. They had booked collective losses to the tune of Rs 2,07,329 crore for five straight years from 2015-16 to 2019-20. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> last month said, banks' gross NPA ratio has fallen to a seven-year low of 5 per cent and the banking system remains sound and well-capitalised. Speaking about farmers, Sitharaman said the government is committed to doubling their income and has taken various steps in that direction. On trade with Pakistan, she said the neighbouring country never offered Most Favoured Nation (MFN) status to India. Trade relations with Pakistan have suffered since the Pulwama terror attack in 2019, she said. With regard to freebies, the minister said, promises have to be made keeping in mind the financial health of the state and there has to be full transparency about it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/more-unicorns-focused-on-profitability-now-than-just-burning-cash-as-funding-winter-sets-in/articleshow/97030045.cms">More unicorns focused on profitability now than just burning cash as funding winter sets in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/over-5-4-lakh-housing-units-to-be-completed-across-top-7-cities-in-2023-anarock-report/articleshow/97029912.cms">Over 5.4 lakh housing units to be completed across top 7 cities in 2023: Anarock report</a>

I belong to middle class, understand their pressures: Sitharaman before Budget

The government is unlikely to announce capital infusion for public sector banks (PSBs) in the upcoming <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword> as their financial health has improved significantly and they are on track to earn a combined profit of Rs 1 lakh crore, sources said. Their capital adequacy ratio is much above the regulatory requirement and varies between 14-20 per cent. To augment their resources, banks are raising growth funds from the market and also by selling their non-core assets, they added. The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants. The government infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks. Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> is scheduled to present the fifth and final full Budget of the Modi 2.0 government on February 1. All the 12 public sector banks earned a cumulative profit of about Rs 15,306 crore in the first quarter which increased to Rs 25,685 crore in the September quarter. On a year-on-year basis, the growth was 9 per cent in the first quarter while it surged to 50 per cent in the second quarter. During the second quarter, <keyword id="13451504" type="COMPANY" weightage="80" keywordseo="sbi" source="Orion" meta.marketcap="528426.26077014" meta.tagname="State Bank of India" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="11984" meta.tagseoname="state-bank-of-india" meta.sector="Banks" meta.tagnameorg="State Bank of India">SBI</keyword> reported the highest-ever profit of Rs 13,265 crore. On a year-on-year basis, this was 74 per cent higher. In the first half of FY23, the cumulative net profit of all PSBs increased by 32 per cent to Rs 40,991 crore. The combined profit more than doubled to Rs 66,539 crore in 2021-22 despite COVID-19 pressure. Many state-owned banks after a hiatus also declared dividends in last financial year. In all, nine banks, including SBI, declared dividends of Rs 7,867 crore to shareholders. Recently, the Finance Minister had said the government's efforts to reduce bad loans are yielding results with 12 PSBs reporting a 50 per cent jump in combined net profit at Rs 25,685 crore in the September quarter. NPAs declined as a result of the government's 4Rs strategy of Recognition, Resolution, Recapitalisation and Reforms, she had said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-breaches-80-level-against-usd-for-the-first-time-in-2-months/articleshow/97241273.cms">Rupee breaches 80 level against USD for the first time in 2 months</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>

Govt may not announce capital infusion for PSU banks in Budget 2023-24

Soaring requirement for electric vehicles as well as energy storage applications in India are necessary drivers for the government of India to commit to serious investment in lithium-ion battery manufacturing in Budget 2022-23, finds a new report from JMK Research and the Institute for Energy Economics and Financial Analysis (IEEFA). India's transition to a future powered by clean, affordable, and reliable <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> is underway, yet critical battery storage is still an expensive imported technology. Report co-author Vibhuti Garg told IANS battery storage can help India transition by storing excess renewable energy when it is not needed and then discharging it when it is. "In addition, batteries can also provide essential grid services," says Vibhuti. "In Budget 2022-23, the government must offer essential funding for domestic manufacturing of lithium-ion batteries (LiB) as well as, for instance, offering duty rebates in sourcing the raw materials for LiB manufacturing." India is expected to be the world's largest automotive market by 2026. The report finds automotive applications will account for 90 per cent of LiB demand, with annual capacity growing nearly 50-fold -- from 2.3 gigawatt hours (GWh) in financial year (FY) 2021 to 104GWh by FY 2030. The growth for non-automotive applications is almost as spectacular, from 0.3GWh to 12GWh in the same period, applied to telecom towers, data centres, grid-scale renewable energy integration, and rooftop solar, as well as newer areas, including material handling and power tools. The second phase of the Faster Adoption and Manufacturing of Hybrid and EV scheme (FAME-II), which aims to increase adoption of EVs and specifically electric two- and three-wheelers, is driving battery localization requirements and the setting up of battery assembly plants in India. The PLI Advanced Chemistry Cell (ACC) scheme is a step towards local cell manufacturing. Furthermore, the government's renewable energy targets will make stationary storage a significant contributor to this growth, says co-author of the report, Jyoti Gulia. "Adding 450 gigawatts of renewables by 2030 will need 136 gigawatt hours of battery storage. India is poised to become a key LiB consumer," she says. The report also highlights the challenges for battery pack and cell manufacturing in India, primarily the reliance on imports for key raw materials, the lack of safety standards in place, and the dearth of local technological know-how. "End-use customers are wary of the quality of local assemblers' packs, battery management systems (BMS), and the associated safety issues. There are lucrative opportunities, but current and potential players must be prepared for massive investments and low profit margins," says co-author, Neha Gupta. LiB technology has superseded lead-acid batteries in mobile and stationary applications alike, its growth encouraged in part by government of India support allowing 100 per cent foreign direct investment (FDI) and mandating domestic manufacture of battery packs. The government further boosted manufacturing via the Production-Linked Incentive (PLI) scheme, as part of which, investments of over Rs 450,000 m ($6,120 m) for 50GWh of capacity is planned. India has huge cost opportunities in terms of cheap labour and power. Cell manufacturing costs in India, as of 2020, were the lowest ($92.8/kWh) when compared with the US, European nations, and even China ($98.2/kWh) and South Korea ($98.1/kWh). Because of the lack of availability of key minerals and metals in India, the report also suggests battery recycling as a solution to meet surging LiB demand, recovering 80-90 per cent of lithium, cobalt, nickel, manganese and graphite and putting India on the path to a circular economy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/railways-stocks-rally-on-expectation-of-strong-budget-allocation-to-the-sector/articleshow/89173796.cms">Railway stocks have been buzzing for the last one month on expectation of significant budget allocation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a>

Budget 2022 needs to maximise on lithium-ion battery manufacturing for rising EV demand

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>

You Searched For "union budget 2020" and got 8 results

Khelo India once again gets lion's share in Union Budget for sports

PTI

India to remain fastest growing major economy in 2024-25, says CEA Nageswaran

ANI

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

ANI

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

Ira Alok Puranik

I belong to middle class, understand their pressures: Sitharaman before Budget

PTI

Govt may not announce capital infusion for PSU banks in Budget 2023-24

PTI

Budget 2022 needs to maximise on lithium-ion battery manufacturing for rising EV demand

IANS

Centre should create buffer stock of mustard: Oil industry association

IANS

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