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In a significant move to safeguard <keyword id="19913584" type="General" weightage="20" keywordseo="public-health" source="keywords">public health</keyword>, the Indian government has banned 156 widely sold fixed-dose combination (FDC) drugs, many of which are used to treat common ailments such as fever, colds, allergies and pain. The banned FDCs include several popular antibacterial and pain-relief medications, which the government has declared "likely to involve risk to human beings." The ban was officially announced through a gazette notification issued by the <keyword id="19897332" type="General" weightage="20" keywordseo="Union-Health-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Health Ministry" meta.hostid="261" meta.entityid="Union Health Ministry">Union Health Ministry</keyword> on August 12. <keyword id="22891947" type="General" weightage="20" keywordseo="FDC-drugs" source="keywords">FDC drugs</keyword>, often referred to as "cocktail" drugs, contain a combination of two or more active pharmaceutical ingredients in a fixed ratio. While such combinations are intended to offer multi-faceted treatment, concerns have been raised about their safety and efficacy. Among the drugs on the banned list is the well-known combination of Aceclofenac 50 mg and <keyword id="20687368" type="General" weightage="20" keywordseo="paracetamol" source="keywords">Paracetamol</keyword> 125 mg, a popular pain reliever produced by several major pharmaceutical companies. Other banned FDCs include Mefenamic Acid Paracetamol Injection, Cetirizine HCl Paracetamol Phenylephrine HCl, Levocetirizine Phenylephrine HCl Paracetamol, Paracetamol Chlorpheniramine Maleate Phenyl Proanolamine, and Camylofin Dihydrochloride 25 mg Paracetamol 300 mg. A particularly notable ban is on the combination of Paracetamol, Tramadol, Taurine, and Caffeine. Tramadol, an opioid-based painkiller, has drawn attention for its potential for abuse and addiction, adding to the concerns surrounding its inclusion in over-the-counter FDCs. <div type="Article" hostid="261" msid="112557689" title="The drugmaker that hopes to legalize MDMA is cutting 75% of its staff after the FDA rejected the drug" mstype="2" mssubtype="0"></div>According to the government's notification, the Central government has determined that the use of these FDCs "is likely to involve risk to human beings," and that "safer alternatives to the said drugs are available." The decision follows an in-depth examination by an Expert Committee, which found many of these FDCs to be "irrational." The apex panel Drugs Technical Advisory Board (DTAB) also reviewed the combinations and concluded that there was "no therapeutic justification" for the ingredients in these FDCs. In light of the potential risks, the government deemed it necessary to prohibit the manufacture, sale, and distribution of these drugs under Section 26A of the Drugs and Cosmetics Act, 1940. The notification emphasised that "in the larger public interest, it is necessary to prohibit the manufacture, sale, or distribution of this FDC" as regulation or restriction would not be sufficient to protect patients. This is not the first time the Indian government has intervened to address the sale of FDCs. In 2016, the Centre had announced a ban on 344 FDCs after an expert panel — established at the direction of the Supreme Court — found that many of these combinations were being sold without sufficient scientific evidence supporting their efficacy. Although that decision was contested in court by <keyword id="22603498" type="General" weightage="20" keywordseo="drug-manufacturers" source="keywords">drug manufacturers</keyword>, it set a precedent for regulatory scrutiny of FDCs in India. In June 2023, 14 FDCs from the original list of 344 were also banned. Many of the drugs included in the recent list of 156 were part of this original 344-drug combination ban, reinforcing the government's continued efforts to remove unsafe and unjustified medications from the market. Several of the banned products had already been discontinued by manufacturers, but the new regulations ensure that these combinations will no longer be available for sale in India, further emphasising the government's commitment to public safety and rational drug use. <div type="Article" hostid="261" msid="112374485" title="Govt waives clinical trial requirement for several drugs approved in select countries" mstype="2" mssubtype="0"></div>

156 ‘combination medicines’ containing Cetirizine, Paracetamol and other common drugs banned by Centre

<keyword id="22976106" type="General" weightage="20" keywordseo="indoor" source="keywords">Indoor</keyword> <keyword id="19900550" type="General" weightage="100" keywordseo="air-pollution" source="keywords">air pollution</keyword> is a bigger <keyword id="21117961" type="General" weightage="20" keywordseo="health-risk" source="keywords">health risk</keyword> than <keyword id="20543591" type="General" weightage="20" keywordseo="outdoor" source="keywords">outdoor</keyword> air pollution in India, and sometimes cities are cleaner than nearby villages where <keyword id="22976772" type="General" weightage="20" keywordseo="household-pollution" source="keywords">household pollution</keyword> is higher, according to the country's two top policy experts. Addressing the India <keyword id="20445293" type="General" weightage="20" keywordseo="clean-air" source="keywords">Clean Air</keyword> Summit (ICAS) 2024, Principal Advisor, <keyword id="19904190" type="General" weightage="20" keywordseo="Ministry-of-Health-and-Family-Welfare" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Health and Family Welfare" meta.hostid="83" meta.entityid="Ministry of Health and Family Welfare">Ministry of Health and Family Welfare</keyword>, Soumya Swaminathan said, "Studies done in Delhi have shown that women's average exposure to high levels of <keyword id="20827287" type="General" weightage="20" keywordseo="black-carbon" source="keywords">black carbon</keyword> (women <keyword id="19895006" type="General" weightage="20" keywordseo="WHO" source="keywords">who</keyword> are mostly at home) is as much as auto-rickshaw passengers going around outdoor exposed to the ambient air pollution in Delhi, resulting in high systolic blood pressure." "Cities contribute less than 20 per cent to the overall state emissions, wherever they have been assessed, but household emissions predominate, ranging between 20 per cent and 40 per cent. Across the country, we are seeing is that sometimes cities are cleaner than the surrounding villages where household air pollution predominates," she said at the summit organised by think-tank Center for Study of Science, Technology and Policy. This builds a strong case for expanding the scope of India's National Clean Air Programme (<keyword id="20133150" type="General" weightage="20" keywordseo="NCAP" source="keywords">NCAP</keyword>), which currently focuses on non-attainment cities. Air pollution is a major threat to public health and contributes to a significant amount of morbidity as well as mortality. Apart from PM2.5 and PM10, short-lived climate pollutants such as black carbon, methane, ozone, and hydrocarbons have the potential to harm the environment and warm the atmosphere even more than CO2. Black carbon can cause chronic respiratory illnesses, lung cancer, emphysema, pneumonia, asthma, heart disease, and low birthweight. "In terms of reducing our life expectancy, globally, PM2.5 is contributing to about 2.3 years of life lost. Just below that is tobacco. In fact, there's so much attention on tobacco and global frameworks for control, but not the same level of attention has been paid to PM2.5 and certainly not the same level of commitments," Swaminathan said. The impact of air pollution is not limited to public health but has a significant economic cost as well. Recently, the World Bank published a study highlighting that air pollution has resulted in a loss of around USD 8.1 trillion in 2019, which is 6.1 per cent of the global gross domestic product (GDP). "We are always talking about air pollution as a problem but studies also show a strong economic case for action on clean air. There are significant positive consequences to investing in cleaning up the air in terms of the return on investments. We know air pollution is not just bad for our health, but it's also bad for agriculture, because it reduces the sunlight that's reaching the crops and it's bad for our economy or any country's economy as it deters people from coming and living or visiting those places," Swaminathan added. Kalpana Balakrishnan, Director, WHO Collaborating Center for Occupational and Environmental Health, said that the main barrier to shifting to clean cooking fuels that can help reduce household air pollution levels is finance. "If we give free LPG to women for two years, they are unlikely to shift back to biomass cooking even if you remove the subsidies," she said. Through Pradhan Mantri Ujjwala Yojana (PMUY) launched in May 2016, more than 100 million households in India received LPG cylinders by the end of March 2023. Studies shows over 50 per cent of the households that received new LPG cylinders under PMUY did not choose to refill it even once. Around a third of the world's population - 2.4 billion people globally (including 500 million people in India) - still lack access to clean cooking solutions. Although the Ministry of Petroleum and Natural Gas (MOPNG) claims that the country's household LPG "coverage" stands at 99.8 per cent, the National Family Health Survey conducted in 2019-21 (NFHS-5) shows that 41 per cent of the population still cooks on biomass.

Indoor air pollution poses greater health risk than outdoor: Experts

In a post-budget interaction with industry stakeholders today, <keyword id="20419783" type="General" weightage="20" keywordseo="revenue-secretary" source="keywords">Revenue Secretary</keyword> Sanjay Malhotra highlighted that the government aims to comprehensively review the <keyword id="19985623" type="General" weightage="20" keywordseo="Direct-Tax-Code" source="keywords">Direct Tax Code</keyword> within the next 6 months, and it is too early to say whether or not that would entail any significant overhauls. However, "we would like to have a collaborative approach for its implementation, and would certainly present the draft for public opinion” Malhotra added. Buybacks taxed as dividend Starting October 1, 2024, the amount received by the shareholder on buyback of his/her shares by the company will be treated as dividend income, and will be taxable at the hands of shareholders. Also, the cost incurred by the investor to acquire those shares will not be allowed as a deduction against the income, but can be set off as a capital loss, only against other <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword>, for a maximum of 8 subsequent years Malhotra explained the government's rationale behind this proviso, noting that buyback does not fundamentally alter the company's capital structure, and like dividend distribution, is a way for the company to give out its surplus. Moreover, it is up to the investor, whether or not they want to participate in a buyback or not. Hence, going ahead, funds from buyback will be deemed as dividend income. Credit on TCS paid Previously, in case your employer has already deducted TCS (tax collected at source) from your monthly salary, it would not be accounted for, or considered while calculating your annual tax liability. As a result, it had to be claimed back separately as a refund, resulting in duplication of processes. However, effective April 1, 2025, salaried employees will be able to adjust the TCS they've already, previously paid while calculating their tax due. The Old tax regime heading towards a sunset? While the officials have given no clarity on this, they noted that the idea of taxation is not to push people into investing, saving or buying insurance for the sole purpose of saving taxes as the old regime did. "It is a moral debate on whether tax regimes are supposed to push people towards financial planning measures like buying health or life insurances. However, as we go ahead, the focus will entirely on greater, more deep-rooted focus on how tax filing and compliance can be simplified and transformed into a hassle-free, smooth process. The new tax regime was finding increased grounding amongst both investors and corporates. For the previous assessment year, 2/3rd of total taxpayers had opted for the new tax regime, while 58% of corporate tax flows had come via them. Loss of indexation benefit only psychological Raman Chopra, Joint Secretary, CBDT, <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> noted that scrapping away indexation benefits is only psychological, and tax payers will not have to bear any real losses as such. "Indexation was a complicated process. Think of this as the cost of simplification of the tax process. Now, we only have two holding periods across all asset classes, making it easier. While indexation benefits continues for properties purchased before 2001, investors continue to receive rollover benefits in case they find that their tax incidence under the reduced tax rates is high.

Comprehensive review of the IT Act imminent in 6 months, notes revenue secretary

Ahead of the union <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> 2024, which is set to be presented on the 22nd July, finance minister Nirmala Sitharaman kicked off pre-budget consultations on 19th June. In their pre-budget memorandum to the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="261" meta.entityid="finance ministry">finance ministry</keyword>, the <keyword id="20366533" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-and-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce and Industry" meta.hostid="261" meta.entityid="PHD Chamber of Commerce and Industry">PHD Chamber of Commerce and Industry</keyword> proposed 10 reforms it deemed essential for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>’s journey towards <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Viksit Bharat" meta.hostid="261" meta.entityid="Viksit Bharat">Viksit Bharat</keyword>. Amongst the proposals submitted were introducing reforms to enhance the share of the manufacturing sector in India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword> to 25% by 2030, and the expansion of the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> beyond its existing scope of 14 sectors. In addition to this, <keyword id="20366532" type="General" weightage="100" keywordseo="PHDCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="PHDCCI" meta.hostid="261" meta.entityid="PHDCCI">PHDCCI</keyword> also emphasised on rationalising direct taxes for the middle class, infrastructure enhancement and smart village development, with special focus on tier-2 and 3 cities. As per Sanjeev Agrawal, President, PHDCCI, “In order to strengthen the share of the manufacturing sector in the country's GDP, we recommend the status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after October 1, 2019. The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs. 40 lakh, this will support consumption demand in this country”. In addition to this, PHDCCI also emphasised on strengthening linkages between universities and industries for bettering research and development activities in the country, and also appealed for reducing cost of doing business. Here’s a snapshot of some prominent demands placed forth by the PHDCCI ahead of the budget : <ol><li>Change in NPA classification limit from the present 90 days to 180 days</li><li>Fostering AI education, skill development and competitiveness in the service sector</li><li>Increase agricultural exports to US$100 billion in the next 3 years via increased public investments in infrastructure,</li><li>Ensure the presence of schools within a radius of 1 km, colleges within a 10 km radius and universities within a 25 km radius in the next five years.</li><li>Make health centres available within the radius of 1 km and hospitals within the radius of 10 km.</li><li>Propose a Voluntary Disclosure Scheme (VDS) for legal cases older than 10 years, offering settlement opportunities at a nominal 15% penalty. </li></ol>

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

<ul><li>Union <keyword id="19955368" type="General" weightage="100" keywordseo="budget-2024" source="keywords">Budget 2024</keyword> to be presented on July 23, 2024, at 11 am</li><li>Changes in the new <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> regime possible in the budget </li><li>Budget is a detailed estimate of the government's revenue and expenses</li></ul>Next week, Nirmala Tai will present the 2024 <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">union budget</keyword>. While the internet is already abuzz with the endless expectations of different industries and sectors, what the common man wishes for, and more, are we aware of how the budget comes to life in the first place? What do some of its terms like expenditure and revenue budgets even mean? And what exactly is the finance bill? If you have all these questions running through your mind, here's a ready reckoner for you, answering all your questions 1. Why should I care about the budget? Most of all, because it holds the answer to how your money will be taxed in the coming financial year, or years. Yes, you can (and perhaps will) choose to gloss over most of it, like when Tai talks about its capital expenditure or allocations made to various ministries. But you should know if there are any major changes introduced in the existing income tax slabs, because that would mean an automatic increase or decrease in your taxes. If there are some deductions or exemption that have just been introduced and can help you reduce your taxable income, you'd certainly want to use it to your benefit, wont you? (Unless you're a stickler for paying high taxes)! But for that, you should first know how your hard-earned money is being taxed, and that is why, you should tune into the <a href="https://www.businessinsider.in/budget/article/budget-2024-a-handy-guide-for-major-terms-around-the-upcoming-union-budget/articleshow/111688482.cms" data-type="tilCustomLink" target="_blank">upcoming union budget</a>. 2. What will happen to Income taxes in this budget? Will they be cut? We wouldn't know anything for sure until July 23rd, but there is news that the new tax regime might be made more attractive for the salaried class by way of increasing the <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> threshold (which is currently Rs 50,000 for both old and new regime), or by raising the total deduction limit under the old regime from the present Rs 2,00,000. Akhil Chandna, Partner at Grant Thornton Bharat also believes enhancing the standard deduction limit will do a world of good to salaried Indians. "With the introduction of the standard deduction in 2018 and the last increase in 2019 from ₹ 40,000 to ₹ 50,000, it is essential to raise the threshold to ₹75,000 now to align with current living costs and inflation. Raising the standard deduction can help improve people's purchasing power, especially those with fixed incomes like pensions", he said. Krishan Mishra, CEO, FPSB India also wishes for the tax exemption limit under new regime be raised from Rs 7 lakh to Rs 10 lakh, since "it will be a crucial step to encourage savings and investments among the mid-income group and will provide much-needed relief to taxpayers". The government may make the new tax regime more lucrative by enhancing its basic exemption limit (up to which no income tax is payable) from Rs 3,00,000. But that's a lot of MIGHTS, that will have to wait the final bell till 23rd! 3. How is the Budget is prepared? It is a lengthy, long-drawn process, which starts with the finance ministry asking all departments, states, ministries and union territories to give them an estimate of how much money they'd potentially need during the year. In addition to this, they also have to present details of all their revenues and expenditures in the past year. Then begins a super duper long process of consultations and discussions and deliberations and consultations and dialog (you get the gist!), after which the allocations are made. Weeks before the budget presentation, the <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">finance minister</keyword> also meets representatives from various industries like agriculture, trade, manufacturing and more to know what they want. Based on that, the budget is fine tuned. 9-10 days before the budget is to be presented in the parliament, a halwa ceremony takes place, which commenced today, marks the start of budget printing. From this time on, the finance ministry staff goes super hush-hush and in lockdown, with no one allowed to leave the ministry premises till the budget is tabled in the parliament. 4. Why did India have 2 budgets this year? Because 2024 was an election year. That is why you saw an <keyword id="547606" type="General" weightage="20" keywordseo="Interim-budget" source="Orion">interim budget</keyword> in February, where the government presented a budget, the aim of which was just to fund its regular expenses and spending over the next 2-3 months, till elections. After the elections, it is the responsibility of the newly elected government to prepare a full-fledged budget. Think of this as borrowing from your friends just to fund your mid-month, small term, interim cash crunch. You pay them back as soon as you get your salary, and your budget is set again (at least for the time being!) 5. What are the various types of budget documents The union budget is a hefty set of documents! There's Annual Financial Statement, which lays out how much money it needs in revenue, and how much does it plan to spend that during the year. There's demands of grants, which tells us how these receipts and expenditures will be utilised by different ministries and departments, down to each scheme. There's the finance bill, which outlines any changes the government intends to make, in order to raise these proposed funds. This primarily includes change in tax structures. Then there is appropriation bill, which highlights how the government plans to withdraw money from the consolidated fund of India (where all of government's revenue from income tax, customs and excise and other sources flow in). Once approved, both finance and appropriation bill become acts. The extremely complex sounding "medium term fiscal policy cum fiscal policy strategy statement" has all your important macro- economic indicators like GDP, fiscal deficit, revenue deficit, primary deficit and more. But of course, you can skip through all this to just check out budget at a glance and highlights, which presents the key features and decisions made in the budget in a concise manner. <h4 style="color: rgb(0, 0, 0); font-family: Mulish, sans-serif; font-size: 16px; white-space-collapse: preserve; background-color: rgb(255, 255, 255); text-align: justify;"> </h4>6. What is a revenue and <keyword id="2745241" type="General" weightage="20" keywordseo="expenditure-budget" source="Orion">expenditure budget</keyword>? Think of this as a detailed breakdown of how the government plans to raise money for everything during the year by of tax or non-tax revenues, borrowings and more. The <keyword id="425836" type="General" weightage="20" keywordseo="revenue-budget" source="Orion">revenue budget</keyword> also outlines how much revenue the government had to forego to fund various tax incentives or subsidies. There's no chance you wont spend what you've earned! And so, how the government plans to spend its receipts are mentioned in the expenditure budget. It highlights what each ministry gets, how much money will be spent on a certain scheme and more. 7. What is a populist budget? No, its not another budget document, but just a fancy name for a budget that is prepared with the sole intention to appeal to the people by slashing down income taxes, increasing subsidies and spending more on social schemes. Such a budget might seem lucrative in the short run, but it do not contribute to the country's long-term economic development in any way. On the contrary, it only adds to the overall fiscal burden of the country. Its as if a character came in for a short cameo in your favorite series, won people's hearts, and then vanished into thin air, with no meaningful contribution to the story line. You'd feel short-changed, wont you? So, time to listen to Nirmala Tai and the budget's humdrums with some understanding and interest! Also read: <a href="https://www.businessinsider.in/budget/news/budget-2024-how-will-budget-affect-indias-position-in-the-global-space-race/articleshow/111855546.cms" data-type="tilCustomLink" target="_blank">Budget 2024: How will budget affect India’s position in the global space race?</a> <a href="https://www.businessinsider.in/budget/article/despite-pandemic-and-growing-health-scares-indias-budget-share-for-healthcare-continues-to-decline/articleshow/111807009.cms" data-type="tilCustomLink">Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline</a>

Union Budget 2024: A handy FAQ guide to decode the upcoming budget

New Delhi [India], July 21 (ANI): As the Union <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword>, <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>, is set to present her seventh <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>, the <keyword id="21660910" type="General" weightage="20" keywordseo="Monsoon-Session" source="keywords">Monsoon Session</keyword> of Parliament will commence on July 22. With the presentation of this year's budget, Sitharaman will establish herself as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai's six budget presentations. Desai, who was the country's Finance Minister from 1959 to 1964, presented a record six budgets for the country, of which five were full budgets and one was an interim budget. Like the previous few full Union Budgets, <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections. As part of the <keyword id="20321465" type="General" weightage="20" keywordseo="budget-preparation" source="keywords">budget preparation</keyword>, the Finance Ministry has completed several rounds of deliberations with different stakeholders of the economy. These meetings started on June 20, during which Sitharaman met representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as representatives from the infrastructure, energy, and urban sectors. During the meetings, economists discussed several critical issues, such as boosting capital expenditure and reducing the fiscal deficit. The group of economists suggested to the ministry that the focus should be on reducing the fiscal deficit in the upcoming budget, along with the need to generate employment growth. The industry body, the Confederation of Indian Industry (CII), suggested that the government increase capital expenditure in the upcoming budget. The economists also emphasised the need to enhance capital expenditure. Farmer associations urged the Finance Minister to enhance the budgetary allocation for the agriculture sector. Representatives from the skilling and employment sectors suggested ways to skill the youth for better utilization of the workforce. This year's Monsoon Session will have 19 sittings until August 12. The Modi government is expected to present six bills, among which the Aircraft Act and Parliament's nod for the budget of Jammu and Kashmir are prominent. The government will also present the Finance Bill after the announcement of the budget on July 23. Among the other bills, the disaster management law, the Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill will be tabled in this year's Monsoon Session. The Bhartiya Vayuyan Vidheyak 2024 will replace the Aircraft Act of 1934 and streamline regulations in the civil aviation sector, aiding industry players in the sector. The interim budget, tabled on February 1, addressed the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was supposed to be presented by the new government in July. The Union Budget documents will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and is available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).

FM Sitharaman to present historic seventh consecutive Union Budget in paperless format

Wooing the middle class ahead of the general elections, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Thursday announced a scheme to help those living in rented accommodations or slums to acquire a house. Parallely, she also announced building 2 crore more houses for the rural poor in the next five years under the continuing <keyword id="3905678" type="General" weightage="20" keywordseo="PM-Awas-Yojana" source="Orion">PM Awas Yojana</keyword> (Grameen). Presenting a vote on account for 2024-25, also known as interim budget for the period till the new government comes into office after general elections, she said the Modi government in the last 10 years has endeavoured to provide each a house, water, electricity, cooking gas and bank account as part of the inclusive development. "Our government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorized colonies' to buy or build their own houses," she said. The finance minister highlighted that the implementation of the PM Awas Yojana (Grameen) continued despite the disruptions caused by the COVID-19 pandemic. "Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families," she said. In order to achieve the target of 'Housing for All' in rural areas, the <keyword id="19910940" type="General" weightage="20" keywordseo="ministry-of-rural-development" source="keywords">Ministry of Rural Development</keyword> is implementing Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) with effect from 1st April 2016 to provide assistance to eligible rural households. The overall target is to construct 2.95 crore pucca houses with basic amenities by March 2024. The central assistance under PMAY-G is released directly to the State/UT considering the State/UT as a unit. Further release of these funds to beneficiaries in various Districts/Blocks/GPs is done by the respective State Government/UT Administration. "The amount of Central Share of funds released to the States/UTs for construction of houses under PMAY-G during the last five years, which is from the financial year 2018-19 to 2022-23 was around Rs 1,60,853.38 crore," according to an official statement in December.

Govt to launch scheme to help middle class buy or build own house; 2 cr more rural houses

<keyword id="19951168" type="General" weightage="100" keywordseo="RBI-governor-Shaktikanta-Das" source="keywords">RBI governor Shaktikanta Das</keyword> was awarded an A+ grade, the highest of the lot, for the second time in a row by the <keyword id="22855254" type="General" weightage="20" keywordseo="Global-Finance-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance Magazine" meta.hostid="261" meta.entityid="Global Finance Magazine">Global Finance Magazine</keyword>'s <keyword id="22862849" type="General" weightage="20" keywordseo="Central-Banker-Report-Card-2024" source="keywords">Central Banker Report Card 2024</keyword>. While the full list will be available in October, Das was ranked the highest, along with Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan. Fed chairman Jerome Powell scored an A- on the list. Before Das, former RBI governor Raghuram Rajan had also made to this list in 2015, securing A grade. Taking to X, PM <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> and <keyword id="19982618" type="General" weightage="20" keywordseo="Anand-Mahindra" source="keywords">Anand Mahindra</keyword>, who heads Mahindra and Mahindra, congratulated Das, with the billionaire calling him "a <keyword id="21663281" type="General" weightage="20" keywordseo="gold-medalist" source="keywords">gold medalist</keyword> in central bank Olympics". <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1826100085672857771"></div> <div type="twitter" handle="anandmahindra" handlename="anandmahindra" favoritecount="0" retweetcount="0" id="1825919281957159052"></div> Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Sri Lanka's Nandalal Weerasinghe and Vietnam's Nguyen Thi Hong received a A grade, while EU's Christine Lagarde, Cambodia's Chea Serey and Sweden's Erik Thedéen were amongst those receiving the A-grade. Since 1994, Global Finance has been grading the central bank governors of nearly 100 countries. They are rated at a scale of A+ (excellent) to F (failure) depending on their success across specific parameters such as inflation control, economic growth goals, currency stability and interest rate management. <h2>Who is Shaktikanta Das? </h2>With a seasoned bureaucratic legacy of 35 years, Das is an IAS officer from the 1980 Tamil Nadu cadre. He graduated from St. Stephens College, Delhi with a degree in history, and was appointed as the 25th governor of the apex bank five years ago, on December 12th, 2018. Prior to assuming this position, Das had also served as secretary in the Department of Revenue and also, Economic Affairs under the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>. He also served as the DM (district magistrate) for Dindigul and Kanchipuram. Having worked with 4 different finance ministers (Pranab Mukherjee, Arun Jaitley, P Chidambaram and Nirmala Sitharaman), Das had previously also been a member, 15th Finance Commission, along with being a G20 Sherpa in 2017. Das had been instrumental in preparation of India's last 8 union budgets, along with serving as India's alternate governor at various fora, like World Bank, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank and more. Das has several economic laurels to his name. From drafting the Insolvency and Bankruptcy Code to executing tax devolution under GST for states and demonetisation, , Shaktikanta Das has played a crucial role in shaping India's overall economic health

Gold medalist in central bank Olympics-All you need to know about RBI governor Shaktikanta Das

<ul class="summary-list"><li>Gretchen Kay and her husband Robert moved to Ecuador to afford retirement.</li><li>She said healthcare and housing costs in Ecuador are significantly lower than in the US.</li></ul>Gretchen Kay, 69, and her husband Robert, 69, worked successful careers for most of their lives. But when it came time for their <a target="_blank" class="" href="https://www.businessinsider.com/boomer-moving-texas-panama-retirement-cheaper-tourism-weather-social-security-2024-7">retirements</a>, they realized they were very <a target="_blank" class="" href="https://www.businessinsider.com/moving-latin-america-retirement-expensive-social-security-panama-costa-rica-2024-6">unprepared</a>.After years of not investing enough in their retirement accounts, they discovered that they wouldn't be able to afford healthcare in the US. This pushed them to consider other living arrangements, and they decided to leave the US entirely, settling in a new complex along the beach in <a target="_blank" class="" href="https://www.businessinsider.com/american-moved-to-cuenca-ecuador-cant-afford-move-home-montana-2024-4">Ecuador</a> for a fraction of the cost they were paying in <a target="_blank" class="" href="https://www.businessinsider.com/moving-california-utah-cost-of-living-san-diego-weather-slc-2024-7">Utah</a>.The town, located between the towns of Canoa and San Vicente, was popular among expats but had a robust local culture. Gretchen, who asked to use her first and middle name for privacy reasons, said prices for healthcare were in some cases over 10 times <a target="_blank" class="" href="https://www.businessinsider.com/retired-boomer-moved-florida-panama-weather-best-places-move-cheaper-2024-7">cheaper</a> than in the US, and housing was about five times less expensive. She said she went from stressing constantly about retirement to living comfortably, though life is at times lonely."You don't have to just give up and say, I'm going to be a Walmart greeter and live in an RV for the rest of my life on a rented piece of land," Gretchen said. "You can come down here and live well."<h2 id="f0086189-1bbb-41ba-880d-b2b3a90659d2">Moving to Ecuador</h2>Gretchen said she always had an entrepreneurial mindset, as she was raised by a "pretty affluent" family of business owners.She and her first husband ran a commercial printing company for eight years before they got divorced, and she later built spec houses. In the decade before she moved, she worked at a resort, which she said was physically demanding. Her current husband worked for four decades in Moab in uranium exploration and started a solar grid company.With her earnings, she traveled frequently, once on a horseback trip through the <a target="_blank" class="" href="https://www.businessinsider.com/why-i-quit-my-job-to-hike-from-mexico-canada-2022-4">Pacific Crest Trail</a> for over 1,000 miles. She said she had no regrets about her adventures, even though they were costly."Between all those things, the result of that wonderful, exciting life was that I didn't save for retirement," Gretchen said. "It never even occurred to me. My dad never talked about it. I knew nothing about retirement, and that's my own fault."Because she ran her own businesses early in her career, she wasn't directed to put much toward her 401(k). Robert had enough to get by but not enough for long-term savings. They ended up with about $3,000 a month in <a target="_blank" class="" href="https://www.businessinsider.com/boomer-living-on-social-security-retirement-savings-401k-bus-driver-2024-7">Social Security</a>."We did a lot of math and realized that we just couldn't afford to retire in the US unless it was some really dire situation we wouldn't be happy in," Gretchen said. "We had to be pretty judicious about what we could afford later on."As with many boomers facing down retirement, <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-medical-costs-baby-boomers-paying-for-cancer-treatment-2024-9">medical costs</a> were daunting. The copays for her joint replacements were "a devastating amount," Gretchen said.Gretchen had relatives in <a target="_blank" class="" href="https://www.businessinsider.com/moving-abroad-with-credit-card-points-us-south-america-argentina-2024-9">South America</a>, including her sister in Peru. In 2013, she read that <a target="_blank" class="" href="https://www.businessinsider.com/boomers-retire-to-ecuador-cheaper-living-healthcare-savings-2024-8">Ecuador</a> was the top country for retirement, according to the magazine <a target="_blank" class="" href="https://cdn.internationalliving.com/wp-content/uploads/2014/03/Ecuador-infographic-21.pdf">International Living</a>, as well as the lowest income requirements of any country she considered. She also read that the local communities were more welcoming to tourists than other Latin American countries.Her husband went on a real estate tour along Ecuador's coast, exploring the many new developments along the water. They settled on an American-constructed building with more robust architecture, though the paperwork to move was difficult. They hired an immigration attorney and underwent various screenings and background checks, and made the move in 2016.<h2 id="22a8ceed-ec40-4151-a6aa-4a6a784e857b">Living comfortably for cheaper</h2>With $3,000 a month and a small brokerage account, Gretchen and her husband live comfortably in <a target="_blank" class="" href="https://www.businessinsider.com/moved-us-student-visa-work-microsoft-green-card-2024-9">Ecuador</a>. They live on less than $1,000 and save the rest to return to the US, where they spend a few months a year in <a target="_blank" class="" href="https://www.businessinsider.com/family-lives-san-diego-spends-three-months-bali-yearly-2024-9">San Diego</a> where her sister lives. Their neighbors are mostly expats, though she said many wealthier Ecuadorians are also moving to the beaches.<div type="image" title="Expat complex in Ecuador" height="960" width="1280" msid="113522827" hostid="261" sizebytes="87022"></div>They bought their brand new condo on the beach for $115,000 in Ecuador and said similar condos rent for $800 monthly. She said the prices have stayed rather low because of a huge earthquake in 2016 that damaged many properties along the coast.Gretchen said her HOA fee — which includes property insurance — is $160 a month, her electricity is about $100 monthly, and property taxes are $60 yearly. In Utah, they paid over $1,000 a year in property insurance and about $1,000 in property taxes."There's hardly any cost of living here," Gretchen said, noting that groceries are the only expense similar to the US due to tariffs on many imported goods. Still, eating out is often about a third of the cost of a similar meal in the US. They decided not to have a car given frequent buses and inexpensive taxis, which are about $8 to the grocery store.Her <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-medical-costs-baby-boomers-paying-for-cancer-treatment-2024-9">medical expenses</a> are much lower in Ecuador. After a hip replacement she received in the US failed, she was rushed to the hospital in Ecuador and paid $6,000 for the surgery. When she asked the Mayo Clinic how much that surgery would have cost in the US, she was told $80,000. Whereas she said an MRI in Ecuador is $190, it's over $1,000 in the US. She also said she's taken care of immediately and can easily secure medical appointments, while she often waited months to get a similar appointment in the US.<div type="image" title="Cacti in the Galapagos" height="960" width="1280" msid="113522824" hostid="261" sizebytes="150026"></div>"Even Medicare, with all the supplements that you need and the different parts, was way over our financial ability, and you still have to pay 20%," Gretchen said. "Here, we could get on the national health plan for $80 a month for both of us."It took some time to get adjusted to Ecuador's emphasis on independence and "personal responsibility." She said many homes are surrounded by barbed wire, while her complex has four security doors. She added that police often won't respond to smaller incidents, and the infrastructure is often "chaotic" and hard to navigate.<h2 id="13f57b5b-0f4f-4e86-989f-50f95e902e29">Life is sometimes lonely and monotonous</h2>They've taken some trips to other parts of the country including Quito, Cuenca, and the <a target="_blank" class="" href="https://www.businessinsider.com/what-to-do-on-the-galpagos-islands-according-to-frequent-visitor">Galapagos</a>. However, Gretchen said they have little desire to continue exploring as the roads are often difficult to navigate, and they're content with spending their time in their small town."We had a much more lively social group here a couple of years ago, and they had cars, so we would go the nearest little town for karaoke or trivia nights," Gretchen said. "Then, those people moved away or died, and my husband and I decided it wasn't worth it for us to keep taking taxis into town. We don't really go unless someone else invites us, and that's kind of a shame."At her age, she said she's lost some of the energy to explore and get acquainted with the locals in her area, though she said she regrets not putting in more effort. She said many locals are welcoming and appreciative that many expats are respectful of their heritage and culture."We're really polite and careful and deferential to the locals; we never act like loud Americans," Gretchen said.She said she has plenty of hobbies she wanted to start in Ecuador, though her hip problems and skin cancer put a wrench in her plans. She's trying to find more sedentary hobbies such as cooking or reading."I'm kind of embarrassed to admit we're in the category of never leaving the complex; we found a gringo complex here, and we pretty much just stay here," Gretchen said. "Our only interactions are at the grocery store, our taxi drivers, and repair people, and for that, we use Google Translate. We thought we would learn Spanish by osmosis, but we haven't."Have you recently left the United States for a new country? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

A boomer who couldn't afford retirement in the US moved to Ecuador and said she's living an 'upscale life on a modest budget'

<ul><li>These private companies were eligible for a 100% tax rebate on profit for a period of three years in the first ten years of their existence.</li><li>“In view of the COVID pandemic, I propose to extend the period of incorporation of eligible startups by one more year up to 31/3/2023,” the <keyword id="6355261" type="General" weightage="20" keywordseo="finance-minister" source="Orion">finance minister</keyword> said.</li><li>Startups incorporated between April 1, 2016 till 31st March 2023 will be eligible for this scheme.</li></ul>Finance Minister Nirmala Sitharaman has proposed to increase the tax incentives for startups by another year. The union minister, during the budget speech of 2022, highlighted that “startups have emerged as a driver of growth for our economy”. “Eligible startups, established before 31/3/2022, had been provided a tax incentive for three consecutive years out of the 10 years from incorporation. In view of the COVID pandemic, I propose to extend the period of incorporation of eligible startups by one more year up to 31/3/2023,” Sitharaman said during her budget speech. These private companies were eligible for a 100% tax rebate on profit for a period of three years in the first ten years of their existence. The government of India had extended the <keyword id="3384803" type="General" weightage="20" keywordseo="tax-holiday-for-startups" source="Orion">tax holiday for startups</keyword> by one year during the budget of 2021 as well. Startups incorporated between April 1, 2016 till 31st March 2023 will be eligible for this scheme. According to the Department of Promotion of Industry and Internal trade (DPIIT), a company is recognised as a startup till 10 years after its incorporation. These companies should have a revenue threshold of ₹100 crore. SEE ALSO <a href="https://www.businessinsider.in/budget/news/budget-makes-a-special-allocation-for-loans-for-small-travel-operators-and-other-players-in-hospitality/articleshow/89266720.cms" data-type="tilCustomLink" style="">Budget makes a special allocation for loans to small travel operators and other players in hospitality</a> <a href="https://www.businessinsider.in/budget/news/budget-2022-a-fund-for-agritech-startup-inclusion-of-drones-to-boost-indian-farming/articleshow/89266345.cms" data-type="tilCustomLink" style="">A fund for agritech startup, inclusion of drones to boost Indian farming</a>

Finance ministry proposes to extend tax holiday for startups by another year

<keyword id="19900881" type="General" weightage="20" keywordseo="delhi" source="keywords">Delhi</keyword>'s finance minister Atishi presented the FY25 budget in the state assembly on Monday with an outlay of Rs 76,000 crore, announcing the 'Mukhyamamantri Mahila <keyword id="20820458" type="General" weightage="20" keywordseo="samman-yojana" source="keywords">Samman Yojana</keyword>' under which women aged 18 and above will get Rs 1,000 per month, and asserted the government is inspired by the ideals of <keyword id="20017410" type="General" weightage="20" keywordseo="ram-rajya" source="keywords">Ram Rajya</keyword>. In the budget tabled in the state assembly ahead of the general elections, she also announced that the Business Blasters scheme, which was till now being implemented in schools, will now be implemented in universities and Industrial Training Institutes (ITIs). Last year, the government had allocated Rs 78,800 crore for the financial year 2023-24 and announced nine schemes as part of the G20 preparations. The Delhi government's budget size for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the preceding year. This was the first time that Atishi presented the budget after taking charge of the finance department last year. In her budget speech, she remembered Manish Sisodia, former education minister, and <keyword id="20115511" type="General" weightage="20" keywordseo="satyendar-jain" source="keywords">Satyendar Jain</keyword>, former health minister, for their roles in shaping the education and health models in the national capital. "This is a moment of pride that the Kejriwal government is presenting its tenth budget today. I am not just presenting the tenth budget but a picture of changing Delhi. Kejriwal came as a ray of hope. We are all inspired by Ram Rajya. We are working hard towards realising the dream of Ram Rajya," she said. She proposed an allocation of Rs 16,396 crore for the education sector and highlighted the achievements of the AAP (Aam Aadmi Party) government in the field. Under the education budget, Rs 100 crore has been allocated to the State Council of Educational Research and Training (SCERT) for training teachers, and another Rs 150 crore has been proposed for the construction of new schools and classrooms. She proposed Rs 45 crore for the maintenance of existing classrooms and Rs 42 crore for Schools of Specialised Excellence in the 2024-25 fiscal. The minister announced an allocation of Rs 118 crore for sports education, Rs 1,212 crore for higher education and technical education and Rs 15 crore for "Business Blasters Senior". "The Kejriwal government will implement Business Blaster scheme in its universities and Industrial Training Institutes through Rs 15 crore allocation in budget," she added. The government announced a budget of Rs 8,685 crore for the health sector with Rs 6,215 crore being proposed for hospitals to maintain good facilities. "Under the Delhi government, there are 38 hospitals where treatment is provided free of cost to more than 81,000 OPD patients daily and 65,806 IPD patients monthly," she said. OPD stands for out-patient department, while in-patients department is referred as IPD. There are 530 Mohalla Clinics in Delhi currently, where every day, 64,000 people receive free medicines, tests, and treatment. So far, Mohalla Clinics have conducted more than seven crore OPD visits, she said. 'Farishtey Dilli Ke' scheme has saved the lives of 22,000 people, she shared. The minister announced a budget outlay of Rs 6,216 crore for various schemes under the Social Welfare Department, Women and Child Development Department and SC/ST/OBC Welfare Department. The government announced an allocation of Rs 2,000 crore for the 'Mukhyamantri Mahila Samman <keyword id="19955331" type="General" weightage="20" keywordseo="yojana" source="keywords">Yojana</keyword>' for the welfare and empowerment of women from 2024-25. Under this scheme, woman above 18 years of age will get Rs 1,000 per month, she said. For a woman to become eligible under the scheme, she should be a Delhi voter, should not be availing benefits under any other government scheme and should not be an income taxpayer, she said. According to the final electoral roll of Delhi published in January this year, there are 67,30,371 female voters in the national capital. Atishi announced an allocation of Rs 664 crore for all nutrition-related schemes. In 2014-15, the budget for law and justice was Rs 760 crore, she said. "I am delighted to share that by 2024-25, it has increased by nearly four-fold to reach Rs 3,098 crore," she said. The minister announced that in 2024-25, the Delhi government will begin the construction of four court complexes in Rohini, Karkardooma, Shastri Park, and Rouse Avenue. "These will include courtrooms, lawyer chambers, libraries, and modern facilities, totalling 250 new courtrooms. The number of people receiving free legal services through the Delhi State Legal Services Authority was 33,000 in 2016. Last year, this figure increased nearly four-fold, reaching 1.25 lakh," she shared. The finance minister announced an allocation of Rs 902 crore for unauthorised colonies. Talking about the transport sector, she said that Delhi will have over 10,000 buses in its fleet, including 80 per cent electric buses. She announced Rs 7,195 crore for the Delhi Jal Board, Rs 510 crore for induction of electric buses in DTC and cluster buses fleet and Rs 500 crore for Delhi Metro. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-with-dimensity-7050-chipset-to-launch-in-india-on-march-6/articleshow/108129873.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-with-dimensity-7050-chipset-to-launch-in-india-on-march-6/articleshow/108129873.cms" target="_blank">Realme 12+ 5G with Dimensity 7050 chipset to launch in India on March 6</a><a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank">Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-march-2024/slidelist/108095936.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-march-2024/slidelist/108095936.cms" target="_blank">Upcoming cars launching in India in March 2024</a>

Delhi govt presents FY25 budget with ₹76,000 crore outlay; to give ₹1,000 per month to every woman

<ul><li>Before presenting the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> in the parliament, the Indian government releases the annual <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword>.</li><li>The Economic Survey throws light on the trends in different sectors and tracks the state of the country’s economic performance in the past one year.</li><li>The Chief Economic Advisor authors the Economic Survey in India and is later approved by the Union Finance Minister.</li></ul>In India, the Economic Survey prepares the background framework for the Union Budget. It facilitates a bird’s eye view of the trends noticed in different sectors over the previous year like agriculture, manufacturing, employment, infrastructure, prices, exports, imports, foreign exchange reserve, and money supply for example. <cmsannotation type="cmsannotation" annotationid="Economic Survey’s objectives" comment="subhead" text="Economic Survey’s objectives">Economic Survey’s objectives</cmsannotation> The various objectives of the Economic Survey in India can be summed up under three heads: <ul><li>Reviewing the country’s economic development over the past 12 months.</li><li>Summarising how the different development projects of the country perform.</li><li>Highlighting the government’s policy initiatives.</li></ul><cmsannotation type="cmsannotation" annotationid="The format of the Economic Survey" comment="subhead" text="The format of the Economic Survey">The format of the Economic Survey</cmsannotation> After Arvind Subramanian took charge as the Chief Economic Advisor (CEA) of the country, the Economic Survey became a two-volume report and his successor KV Subramanian continued the same trend. The first volume generally has chapters on the future course of the economy. Therefore, the first volume provides a scope for the CEAs to narrate their views. The second volume lists the country’s economic developments over the past year. The principal focus of the second volume is to explain the immediate economic issues faced by the different sectors with the help of statistical data. It throws light on the major challenges anticipated along with the solutions presumed. <cmsannotation type="cmsannotation" annotationid="Trends and practices" comment="subhead" text="Trends and practices">Trends and practices</cmsannotation> The first economic survey was released in the financial year (FY) 1950-51. In the next 14 years that followed, it was presented along with the Union Budget. Starting from 1964, it preceded the budget and was released a day before the budget session in the parliament. As per some reports, the 2021-22 Economic Survey might get back to its one-volume format after eight consecutive years. Most probably, this year’s Economic Report might contain the key data for the FY across different industry segments while leaving out the policy prescriptions that are usually a part of the main volume. <cmsannotation type="cmsannotation" annotationid="Why is the Economic Survey Important?" comment="subhead" text="Why is the Economic Survey Important?">Why is the Economic Survey Important?</cmsannotation> The Economic Survey is one of the most critical documents in the country’s administration. It gains utmost importance in financial planning as it contains insights on the country’s economic health. It talks about the different economic factors that might impact the budget. This is an invaluable document in highlighting the key concerns about the economy. The Economic Survey also reviews resource allocation in the budget. <cmsannotation type="cmsannotation" annotationid="Is releasing the Economic Survey mandatory for the government?" comment="subhead" text="Is releasing the Economic Survey mandatory for the government?">Is releasing the Economic Survey mandatory for the government?</cmsannotation> The Indian Constitution neither binds the government to present the Economic Survey nor is the government obliged to go with its recommendations. It is completely left to the government to decide if it will adopt or reject the suggestions made in the Economic Survey. We can say the Economic Survey is a kind of report card of the country’s economy and it also serves as the vehicle to promote economic reforms. <cmsannotation type="cmsannotation" annotationid="Where can we access the Economic Survey?" comment="subhead" text="Where can we access the Economic Survey?">Where can we access the Economic Survey?</cmsannotation> The document of the Economic Survey is made available to the public in PDF format on the exclusive website for the Union Budget <a href="https://www.indiabudget.gov.in/">https://www.indiabudget.gov.in/</a> or on the <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword>’s website <a href="https://finmin.nic.in/">https://finmin.nic.in/</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/with-covid-expenses-rising-taxpayers-need-more-than-an-insurance-rebate-says-a-wealth-manager/articleshow/89199947.cms">With COVID expenses rising, taxpayers need more than an insurance rebate, says a wealth manager ⁠</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2022-expectation-why-india-needs-an-urban-mgnrega/articleshow/89199969.cms">Budget 2022 expectation: Why India needs an urban MGNREGA</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/heres-why-there-is-less-adoption-of-the-new-tax-regime-and-how-budget-2022-can-make-it-more-attractive/articleshow/89195776.cms">Here’s why there is less adoption of the new tax regime and how budget 2022 can make it more attractive</a>

EXPLAINED: India’s annual Economic Survey

New Delhi, <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> would consider capital infusion in three loss-making public sector general insurance companies based on their financial performance of nine months. The infusion if required would be made in the fourth quarter of the current financial year, sources said. According to sources, the finance ministry last year asked three insurers -- National Insurance Company Limited, <keyword id="94451" type="General" weightage="80" keywordseo="oriental-insurance-company-limited" source="Orion">Oriental Insurance Company Limited</keyword> and <keyword id="356117" type="General" weightage="80" keywordseo="united-india-insurance-company" source="Orion">United India Insurance Company</keyword> -- to chase bottomlines rather than topline and underwrite only good proposals. The financial review would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. The government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Kolkata-based National Insurance Company Limited was given the highest, Rs 3,700 crore, followed by Delhi-based Oriental Insurance Company Limited (Rs 1,200 crore) and Chennai-based United India Insurance Company (Rs 100 crore). According to sources these companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150 per cent. The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the ability of the company to pay claims and meet future contingencies and business growth plans. Barring the solvency ratio of <keyword id="6369780" type="General" weightage="80" keywordseo="new-india-assurance" source="Orion">New India Assurance</keyword>, this key indicator of the three public sector general insurance companies stood below the regulatory requirement of 150 per cent. During 2019-20, the government infused Rs 2,500 crore in these three companies. It increased substantially to Rs 9,950 crore in the following year and Rs 5,000 crore in 2021-22. In all, the government infused Rs 17,450 crore into these insurance firms so far to improve their financial health. Public sector general insurance companies are undergoing various reforms, including organisational restructuring, product rationalisation, cost rationalisation and digitalisation. For efficient use of capital and to push profitable growth, the sources said, a set of key performance indicators linked reforms have been initiated by all public sector general insurance companies effective 2020-21, when the maximum capital infusion was made. Of the four state-run general insurance companies only New India Assurance Company is listed on the stock exchanges, the remaining three are wholly owned by the government. The government has already announced its intention to privatise one general insurance company. To facilitate privatisation, Parliament has already approved amendments to the General Insurance Business (Nationalisation) Act (GIBNA). Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in the Budget 2021-22 announced a big-ticket privatisation agenda, which included two public sector banks and one general insurance company. "We propose to take up the privatisation of two public sector Banks and one general insurance company in the year 2021-22. This would require legislative amendments," she had said.

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EXPLAINED: India’s annual Economic Survey

BI India Bureau

Govt may infuse capital in PSU general insurers in Q4 based on performance

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