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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

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

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

<ul class="summary-list"><li><a href="https://www.insider.com/best-easy-cheap-dinners-for-big-families-10-kids-2021-6">I have 11 kids</a>, and I try to stick to a grocery budget of $1,200 a month for my family of 13.</li><li>No matter how good a deal is, if it's not something your family usually eats, it's probably a waste.</li></ul>As a mom of 11, buying food for 13 people can get expensive. If I'm not careful, my grocery bills can easily creep to $2,000 a month, which is way more than the $1,200 I have budgeted. Thankfully, I've learned a few strategies over the years to help keep costs low.Here are my best tips for <a href="https://www.businessinsider.com/things-not-to-do-when-grocery-shopping-mistakes">grocery shopping</a> on a budget. <h2>Start by making a meal plan and breaking down what ingredients you'll need for it</h2>Before I set foot in a grocery store, I plan <a href="https://www.businessinsider.com/best-easy-cheap-dinners-for-big-families-10-kids-2021-6">what I'm going to cook</a> in the coming days or weeks. This way, I know that every ingredient I add to my cart has a purpose. When you know you'll use everything you buy, you save money and also prevent waste. <h2>Bring a shopping list with you to the store</h2><div type="image" title="hands holding a shopping list while pushing a grocery cart" height="1000" width="1334" msid="113102854" hostid="261" sizebytes="46878"></div>You can make a master <a href="https://www.businessinsider.com/costco-best-things-for-moms-to-buy-for-a-big-family">shopping list</a> that you use over and over again or write a new one before each shopping adventure. While you're writing your list, go through your kitchen and check on the status of necessary spices and pantry staples. It's easy to assume that you have something basic on hand, only to realize you're out once you start cooking.After you write the list, it's also crucial that you remember to bring it with you to the store. Too often I write a shopping list but forget it and am stuck shopping from memory, which usually ends with me forgetting ingredients and buying things I don't actually need. <h2>Create a shopping-list method that works for you, whether it's on paper or digital</h2>There isn't one right way to make a shopping list, and if you find the process painful to create and use, you're not going to stick to it. I've tried several styles of shopping lists over the years. What works best for me in this season of life is creating my list in Microsoft Excel, printing it out, and bringing the hard copy with me. It's totally legible — unlike my quirky scrawled handwriting — and I can cross off items as I add them to the cart. Plus, no matter what order I add things in, I can quickly sort them by store and category in Excel. This makes the actual shopping part much easier, as I'm not <a href="https://www.businessinsider.com/best-path-to-take-in-the-grocery-store-2018-12">aimlessly wandering around</a> each part of the store or having to backtrack.<h2>When I'm shopping, I put my kids in charge of the list</h2>I almost always take some of my kids with me to the <a href="https://www.businessinsider.com/chefs-share-their-favorite-foods-to-buy-at-grocery-stores-2019-4">grocery store</a>, which I use to my advantage.I turn my list and a pen over to my middle-grade kids at the start of the shopping trip. They can read off each item to help make the shopping trip go more quickly. Most of my kids take the job of list manager very seriously. If I add something to the cart that's not on the list, they ask me about it. This accountability helps me to decide whether it's something I need to buy or just an impulse purchase.My kids will typically write the item in question on the list if I decide to buy it. This way, they can still cross it out, which is their favorite part.<h2>Know the prices of basic things you buy a lot</h2><div type="image" title="The milk section of a grocery store is pictured in Los Angeles April 7, 2011." height="533" width="711" msid="113102850" hostid="261" sizebytes="65618"></div>On every shopping list, I include the estimated price of each item I buy so I can stay on top of my budget before I even enter the store. Having a general price point in mind also helps me spot bargains. If something is on sale, I can quickly compare it to see how much I'll save. It also allows me to compare prices <a href="https://www.businessinsider.com/grocery-store-shopping-hacks-2018-9">between stores</a> if I suspect one has a better price. If the price changes drastically on an item I buy frequently, I take time to jot down the new one on my list while I'm in the store. Then the next time I open the master list on my computer, I can quickly update it. <h2>No matter how good the deal is, if you aren't going to use it, don't buy it</h2>I like having food on hand so I know that my family will still have things to eat if something happens and we can't make it to the store for a while. But it's easy to take that attitude to the extreme.I used to stock up on almost everything that was on sale because I liked keeping the pantry full and thought it was a frugal way to do it.This was a mistake. I ended up with lots of food in my cupboards that no one in my family actually liked, and everything just sat around for years until it finally reached its expiration date and had to get tossed.<h2>Go to a couple of stores for all your list items</h2>When I go grocery shopping, I almost always visit the same three or four stores. This allows me to take advantage of different products at each without getting burned out from going to too many places. I typically hit <a href="https://www.businessinsider.com/costco-best-things-for-moms-to-buy-for-a-big-family">Costco</a> first because I buy bulk goods there, and they take up a lot of room in the van. I don't want to smash bags of food from another store by piling big boxes on top.<h2>If you shop less often, you'll likely end up spending less money</h2><div type="image" title="coronavirus grocery store" height="2767" width="3689" msid="113102856" hostid="261" sizebytes="535396"></div>I live smack in the middle of nowhere. The nearest grocery store is 15 miles away, and I have to drive almost an hour to get to a decent-sized town with more than one shopping option.I can't just quickly run to the grocery store if I forget something, which makes all my planning and list-making even more important. Even if you live close to the store, you can use this tip to <a href="https://www.businessinsider.com/how-to-save-money-at-the-grocery-store-2018-1">help you save money</a>. Each time you go into a store, you have the opportunity to spend more than you were planning. If you go less often, you can cut down on those purchases. I go on a big shopping trip once a month so I can take advantage of the better pricing in the larger city. Then each week, I make a quick trip to the local store to pick up staples like milk, eggs, and produce. <h2>Extra beverages can jack up your grocery bill if you aren't careful</h2>Things like juice, pop, and sports drinks can really add up. In order to stick to the budget, I have my family drink water throughout the day, and that's often what I serve with meals. Occasionally we'll have iced tea or lemonade, but it's not the norm. Most kids adjust pretty well, especially when you explain why you're making a change. You might have some complaints at first, but mine eventually learned to <a href="https://www.businessinsider.com/how-to-drink-more-water-2019-3">drink (and even enjoy) water</a>. <h2>Cut out the middle man whenever you can</h2>If you can, purchasing directly from a farmer can save a lot of money.I used to raise my own livestock for meat, but when I stopped, I connected with another farmer. Since I have the freezer space and know it'll get used, I often buy a <a href="https://www.businessinsider.com/best-ground-beef-recipes-2018-12">whole cow</a> at a time, along with a whole hog and occasionally a sheep or two.It's definitely a bigger initial expense, but I get steak and roasts for the same price per pound as <a href="https://www.businessinsider.com/which-chef-has-the-best-burger-recipe-review">hamburgers</a>, so it actually saves me money in the long run. Meat isn't the only thing you can purchase from a farmer. Do a little research and see who grows what around you. For instance, you can typically find good prices on produce at local farms.Just make sure you have a plan to preserve what you buy so it doesn't go to waste. Learn how to dehydrate, can, or freeze the extra so you can benefit from your savings all year long.This story was originally published in September 2021 and most recently updated on September 5, 2024.

10 things that help me stick to my grocery budget as a mom of 11

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

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

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

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

Railway Ministry sets in motion ₹ 2-trillion budgetary push

The monetisation of railways' assets is likely to be one of the key agenda items in the forthcoming <keyword id="6360189" type="General" weightage="100" keywordseo="union-budget" source="Orion">Union Budget</keyword> for 2023-24, which Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> is going to present on February 1. In 2021-22, the <keyword id="54441" type="General" weightage="80" keywordseo="railway-ministry" source="Orion">Railway Ministry</keyword> had set a target of monetising railways assets worth Rs 17,000 crore, however due to poor response from the private sector, the target could not be achieved. Even this fiscal's target of railways' asset monetisation of Rs 57,000 crore is likely to be halved as the department has not been able to meet it till now, sources aware of developments, said. It is likely to be brought down to around Rs 25,000 crore as the Railway Ministry has not been able to monetise its assets during the current fiscal and only three months are left for 2022-23 to end, the sources added. Despite lack of enthusiasm shown by investors in railways' assets, the government is bullish on pushing them and in the forthcoming Union Budget, it is likely to set a target, albeit a reasonable one, for monetisation of railways assets, the sources said. Under asset monetisation, the government transfers revenue rights to private parties for a specified transaction period in return for a revenue share and commitment of investments in the assets. The assets are monetised through models like Public Private Partnership (PPP) - Operate Maintain Transfer (OMT), <keyword id="6288212" type="General" weightage="80" keywordseo="toll-operate-transfer" source="Orion">Toll Operate Transfer</keyword> (TOT), and <keyword id="6363823" type="General" weightage="80" keywordseo="operations" source="Orion">Operations</keyword>, Maintenance and Development (OMD). Under monetisation, the government does not sell assets, but leases them for a certain period for redevelopment and operations by a private entity, while continuing to retain their ownership. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fintechs-raised-5-65-bn-in-2022-a-47-drop-from-2021-tracxn/articleshow/97123507.cms">Fintechs raised $5.65 bn in 2022, a 47% drop from 2021: Tracxn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-20000-crore-green-hydrogen-ambitions-and-debt-repayment/articleshow/97123733.cms">Adani Enterprises’ ₹20,000 crore FPO opens on January 27, will fuel its green hydrogen ambitions, repay debt</a>

Government bullish on railway assets monetisation in Union Budget

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.

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