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

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

<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

As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>. "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties," Sitharaman said in her Budget speech on Thursday. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units are expiring in March 2024. To provide continuity in taxation, she proposed to extend the date by another year. Moreover, in line with the government's vision to improve ease of living and ease of doing business, she announced to improve tax-payer services. "There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years," she said. She proposed to withdraw such outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. "This is expected to benefit about a crore tax-payers," she added. Presenting the Union Budget 2023, Sitharaman on Thursday pegged the fiscal deficit target for 2024-25 at 5.1% of gross domestic product (GDP). In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9% of gross domestic product (GDP). Today, Sitharaman said that the fiscal deficit of 2023-24 was downwardly revised to 5.8%. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. A capital expenditure, or capex, is used to set up long-term physical or fixed assets. Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government's second term, the government proposed to increase capital expenditure outlay by 33% to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3% of the GDP. With the substantial increase in capex, it is central to the government's efforts to enhance growth potential and job creation, crowd in private investments and provide a cushion against global headwinds. The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July. With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The Indian economy is projected to grow close to 7% in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2% in 2022-23 and 8.7% in 2021-22. The Indian economy is expected to grow 7.3% in the current financial year 2023-24, remaining the fastest-growing major economy.

FM Nirmala Sithraman keeps tax slabs unchanged

New Delhi [India], February 1 (ANI): Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry. The Union Finance Minister will table the interim budget as the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy. "The year 2023 was a historic year for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said. The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days. A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address. However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties. In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

While the Indian economy was already reeling under the slowdown, the coronavirus blow just made it worse. And, now all eyes are on the Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> today on February 1, as she tables the budget for the next fiscal year in the Lok Sabha. <ol><li>What is the budget for COVID support? Finance Minister Nirmala Sitharaman allocates Rs. 27.1 lakh crore for COVID support.</li><li>What is the health care budget? FM Nirmala Sitharaman allocates Rs. 2,34,846 crore for health care for FY 2021-22.</li><li>What is the budget for Railways for FY 2021-22? FM allocates Rs. 1.10 lakh crore for Railways for FY 2021-22.</li><li>What is the Power sector budget for FY 2021-22? Rs. 3.05 lakh crore have been allocated for power sector by FM Sitharaman during the Union Budget 2021 session.</li><li>What is the budget for Swachh Bharat Abhiyan? Rs. 1.42 lakh crore have been allocated for Swachh Bharat Abhiyan 2.0 by FM Nirmala Sitharaman announced during Union Budget 2021 session.</li><li>What is the budget for Atmanirbhar Health Yojana? FM announces Atmanirbhar Health Yojana with an outlay of ₹64,180 crore over 6 years.</li><li>What is the Infrastructure budget for FY 2021-22? FM Sitharaman allocates Rs. 20,000 crore for Infrastructure for the fiscal year 2021-22.</li><li>What is the capital expenditure for FY 2021-22? The government has increased the capital expenditure from Rs. 4.39 lakh crore last year to Rs. 5.54 lakh crore for FY 2021-22.</li><li>What is the budget for Jal Jeevan Mission? FM Sitharamn allocates Rs. 2.87 lakh crore to Jal Jeevan mission for FY 2021-22.</li><li>What is the Defence budget for FY 2021-22? For FY 2021-21, Rs. 4.78 lakh crore have been allocated for the defence ministry.</li><li>What are the changes in Income Tax slabs for FY 2021-22? Budget 2021 does not lay down any change in income tax slabs.</li></ol><table><tbody><tr><td>Income</td><td>Old Tax Regime Rate</td><td>Old Tax Regime Rate</td></tr><tr><td>Up to ₹2.5 lakh</td><td>Nil</td><td>Nil</td></tr><tr><td>₹2.5 lakh to ₹5 lakh</td><td>5%</td><td>5%</td></tr><tr><td>₹5 lakh to ₹7.5 lakh</td><td>20%</td><td>10%</td></tr><tr><td>₹7.5 lakh to ₹10 lakh</td><td>20%</td><td>15%</td></tr><tr><td>₹10 lakh to ₹12.5 lakh</td><td>30%</td><td>20%</td></tr><tr><td>₹12.5 lakh to ₹15 lakh</td><td>30%</td><td>25%</td></tr><tr><td>Above ₹15 lakh</td><td>30%</td><td>30%</td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-budget-2021-updates-and-highlights-from-nirmala-sitharaman-speech/articleshow/80624564.cms" data-type="tilCustomLink">Union Budget 2021 highlights: Migrant and gig workers to get minimum wages, social security</a> <a href="https://www.businessinsider.in/budget/news/india-union-budget-2021-live-news-and-highlights/liveblog/80621593.cms" data-type="tilCustomLink">Budget 2021 Live Updates : A big jump in health budget, higher foreign investment in insurance and special emphasis on agriculture feature in Sitharaman's speech</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2021-updates-and-key-highlights/slidelist/80625069.cms" data-type="tilCustomLink">Checkout India’s budget 2021 key Highlights</a>

Union Budget 2021 FAQs: Checkout funds allocation in different sectors

The <keyword id="6358021" type="ORGANIZATION" weightage="20" keywordseo="budget">Budget</keyword> session of <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> will commence from January 29, with Union Finance Minister Nirmala Sitharaman set to present the <keyword id="6360189" type="ORGANIZATION" weightage="20" keywordseo="union-budget">Union Budget</keyword> on February 1. The session will be held in two parts -- from January 29 to February 15 and March 8 to April 8. The 5th session of the 17th Lok Sabha will have 35 sittings -- 11 in the first part and 24 in the second part. President Ram Nath Kovind will address both Houses of Parliament -- the Rajya Sabha and the Lok Sabha -- at 11 am on January 29. Sitharaman will present the Union Budget at 11 am on February 1. Parliament will adjourn on February 15 to enable various Standing Committees to consider the Demands for Grants of Ministries/Departments and prepare their reports, and reconvene on March 8.

Budget session of Parliament to start on January 29 – Finance Minister Nirmala Sitharaman to present the Union Budget on February 1

New Delhi, Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Friday said the <keyword id="105431" type="COMPANY" weightage="20" keywordseo="budget-session">Budget Session</keyword> 2021 is a <keyword id="2333560" type="PERSON" weightage="20" keywordseo="golden-opportunity">golden opportunity</keyword> to fulfill the dreams of our freedom fighters. Modi was addressing the media before the Presidential address of the joint session of Parliament to kick start Budget Session, 2021, The session is being held in two parts this year due to Covid-19 pandemic. "This is the first session of this decade. It is a very important session. This is a golden opportunity to fulfill the dreams of our freedom fighters," Modi said. The Prime Minister said the government will take every step to fulfill people's expectations and all MPs will direct their energy to this goal. The Prime Minister said the government had to produce several mini budgets and that this budget will be in that series of three-four budgets presented by the government during pandemic period last year. The two Houses will meet later separately for tabling of the President's Address. The <keyword id="6354872" type="COMPANY" weightage="20" keywordseo="Economic-survey">Economic Survey</keyword> will also be tabled in both Houses in this 30-minute sitting after paying obituary references. The first part of the Budget Session is scheduled to conclude on February 15 while the second part will commence on March 8 and was expected to end on April 8. Given the Covid-19 outbreak, Parliament will sit in two shifts. Morning session is dedicated to <keyword id="48510" type="PERSON" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> while Lok Sabha will sit in the evening. The Rajya Sabha will sit from 9 a.m. to 2 p.m. while the Lok Sabha will sit from 4 p.m. to 9 p.m. Zero Hour and Question Hour will be held. All Covid-19 protocols will be followed in this session in the same lines as the Monsoon session last year. Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> will present the <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword> at 11 a.m. on February 1. Lok Sabha shall hold 12 sittings and during the second phase of the session, there will be 21 sittings of the House. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/priyanka-chopra-jonas-makes-another-tech-investment-this-time-in-us-based-rental-marketplace-apartment-list/articleshow/80554158.cms">Priyanka Chopra Jonas makes another tech investment – this time in US-based rental marketplace Apartment List</a> <a href="https://www.businessinsider.in/budget/news/glee-s-t-january-2021-gst-collection-may-have-beat-the-december-record/articleshow/80512714.cms">Glee.S.T! January 2021 GST collection may have beat the December record</a>

Budget Session 2021 a golden opportunity to fulfill dreams of freedom fighters, says PM Modi

<ul><li>The Finance Minister Nirmala Sitharaman will present the budget at 11 am today (February 1).</li><li>This would be FM Sitharaman’s third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi.</li><li>In a historic move, the upcoming budget will be paperless as the Finance Ministry has decided not to print the budget documents amid the pandemic.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/budget">Budget Insider</a>.</li></ul>While the Indian economy was already reeling under the slowdown, the coronavirus blow just made it worse. And, now all eyes are eagerly waiting for the Finance Minister Nirmala Sitharaman on February 1, as she tables the budget for the next fiscal year in the Lok Sabha. The country has high hopes from the first budget that will come up immediately after a pandemic-induced nationwide lockdown that brought economic activity in the country to a grinding halt forcing the GDP to contract for the very first time in many, many years. Also, a first would be an acute recession that the country stares at and severe unemployment levels that turned from bad to worse post the lockdown. <div type="Article" hostid="261" msid="80596702" title="India’s travel and tourism sector is hoping that the Budget won’t leave them behind" mstype="2" mssubtype="0"></div> With all segments of the Indian economy eagerly waiting to see if their concerns are addressed in the <keyword id="10270141" type="UNKNOWN" weightage="20" keywordseo="Union-Budget-2021">union budget 2021</keyword>, the FM has a challenging task on her table. Though not for the first time, the Budget 2021-22 also faces severe challenges to do a tough balancing act to revive growth in the economy amidst shrinking revenue streams and need to balance expenditure and come back on the path of fiscal consolidation. The Finance Minister herself said that her third budget would be "unprecedented" as the country looks to rebuild after a pandemic-hit year. WATCH: Union Budget 2021-22: Live from Parliament <div type="Youtube" id="Q9wNIyLdZLo" title="Union Budget 2021-22: Live from Parliament" thumbUrl="https://i.ytimg.com/vi/Q9wNIyLdZLo/mqdefault_live.jpg"></div> Schedule of budget 2021 The Finance Minister Nirmala Sitharaman will present the budget at 11 am on February 1, 2021, which happens to be a Monday. Ahead of the budget session, India's chief economic advisor, Krishnamurthy Subramanian <a href="https://www.businessinsider.in/budget/news/highlights-from-indias-annual-economic-survey-ahead-of-budget-2021/slidelist/80574947.cms">presented the economic survey on Friday</a>. This would be FM Sitharaman’s third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. During the first tenure of the Modi government, it was decided that the union budget would be presented on the first working day of February instead of the last working day of February, which will mean the budget sessions have been advanced by a month. Since the move, the tradition has continued till date through all the government's subsequent budgets. The advancing of the date of the union budget was to ensure that the budgeting process starts in February will be completed before the end of March and the spending exercise for the next fiscal year could start on April 1. <div type="Article" hostid="261" msid="80476759" title="A playbook for Budget 2021 to boost electronics manufacturing in India" mstype="2" mssubtype="0"></div> Where to watch the budget session 2021 live? Here is a list of some channels where you can watch the budget session 2020 live at 11 hours on Saturday, February 1, 2020: <a href="https://loksabhatv.nic.in/">Lok Sabha Television</a>, <a href="https://webcast.gov.in/lstvlive/">Lok Sabha live webcast</a>, <a href="https://www.timesnownews.com/livetv/timesnow/video">Times Now</a>, <a href="https://www.timesnownews.com/livetv/etnow/video">ET Now</a>, <a href="https://aajtak.intoday.in/">Aaj Tak</a>. One can also follow <a href="https://www.businessinsider.in/">Business Insider India’s live blog</a> for the latest updates. A paperless budget The upcoming budget scheduled for February 1 will go paperless as the Finance Ministry has decided not to print the budget documents amid the pandemic. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. For the first time, there has been no lockdown in the finance ministry before the Budget presentation as the paperless exercise avoids the need for secrecy associated with printed documents. Usually, when the printing starts, printing staffers stay inside the press until the budget presentation. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The special security forces man the entire facility, loading-unloading and transportation. This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms" data-type="tilCustomLink">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a> <a href="https://www.businessinsider.in/budget/news/here-are-the-major-changes-that-could-reportedly-come-up-with-the-union-budget-2021-by-nirmala-sitharaman/articleshow/80325146.cms" data-type="tilCustomLink">Budget 2021: From Income Tax deductions to creating jobs and boosting healthcare – Here’s all that could be in Nirmala Sitharaman’s fiscal plans</a>

Union Budget 2021: Date, time, schedule and other details you should know

<ul><li>The <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">finance ministry</keyword> had proposed in its latest Budget Session that employee accounts with more than ₹2.5 lakh annual contribution will be taxable sooner.</li><li>Employees' Provident Fund Organisation (EPFO) has over six crore subscribers.</li><li>The move is aimed to tax HNIs who benefit from tax-free interest income on their large contributions to PF accounts.</li></ul>The government on August 31 announced that Employees Provident Fund (EPF) accounts with more than ₹2.5 lakh annual contribution will be taxed. It was proposed by the government in Budget 2021 that interest on Employees’ Provident Fund (EPF) and Voluntary Provident Fund (VPF) contributions above ₹2.5 lakh in a financial year will be taxable. <cmsannotation type="cmsannotation" annotationid="Why did the government decide to impose tax on excess EPF contributions?" comment="subhead" text="Why did the government decide to impose tax on excess EPF contributions?">Why did the government decide to impose tax on excess EPF contributions?</cmsannotation> The government found out that employees were contributing huge amounts to the PF funds as it ensured 8% returns and tax exemptions at all stages. EPF accounts are like a common man’s retirement fund as they earn average earnings. It is mandatory for employees earning up to ₹15,000 a month in firms with over 20 workers, with 12% of the basic pay and dearness allowance (DA) deducted as employees’ contribution and another 12% remitted by the employer. However, government as well as private sector employees are allowed to make voluntary contributions over and above the statutory deductions. So, to exclude high net worth individuals (HNIs) from the benefit of tax-free interest income on their large contributions, the government has set a threshold limit of ₹2.5 lakh for tax exemption. Those who have contributions below ₹2.5 lakh will not be charged. <cmsannotation type="cmsannotation" annotationid="How will the contribution be taxed?" comment="subhead" text="How will the contribution be taxed?">How will the contribution be taxed?</cmsannotation> The new rules say that for better calculation, two separate accounts shall be maintained from 2021-22 for taxable and non-taxable contributions made by a person. For individuals in the higher tax bracket of 30%, the interest income on contributions above ₹2.5 lakh would get taxed at the same marginal tax rate. For instance, if an individual contributes ₹3 lakh every year to the provident fund (including the voluntary PF contribution) then the interest on his contribution above ₹2.5 lakh, which is ₹ 50,000 will be taxed. This only applies to contributions made from 1 April 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/vijaya-diagnostic-ipo-last-day-for-subscription-allotment-on-september-8/articleshow/85879245.cms">Vijaya Diagnostic IPO’s last day to subscribe, grey market indicates ₹15-₹20 premium</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-ipo-last-day-for-subscription-and-allotment-on-september-8/articleshow/85879032.cms">Last day to subscribe to Ami Organics IPO, issue oversubscribed by almost four times</a>

If you contribute more than ₹2.5 lakh yearly to provident fund, it will now be taxed — All you need to know

<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><li>The Production-Linked Incentive scheme was introduced by the central government in March 2020.</li><li>The scheme provides an incentive of 4-6% to eligible companies on sales of goods manufactured in India for a period of five years.</li><li>Domestic brokerage house Sharekhan by BNP Paribas estimates that the scheme may add $520 Billion to India’s GDP over the next five years.</li></ul>The Production-Linked Incentive (PLI) scheme was introduced by the government to incentivise and boost domestic manufacturing, as well as attract foreign manufacturers to move base to India. The aim of the scheme is to generate more employment and cut down the country’s reliance on imports from other countries.The programme has an allocation worth ₹1.97 lakh crore, with auto industries getting a lion’s share at Rs 57,042 crores over the next five years. “There is no incentive for setting up a plant, but if your plant starts producing, then there’s an incentive,” says Nilesh Shah, Group President &amp; MD at Kotak Mahindra AMC. “This is coming at a time when businesses are shifting out of China. While other countries have far better infrastructure, maybe even better ease of doing business, none of them have a large market like India.” <div type="Youtube" id="vXbyqWffxzs" title="Budget 2021: Watch Out For Production Linked Incentives In The Budget⁠ — Here’s How It Will Work." thumbUrl="https://i.ytimg.com/vi/vXbyqWffxzs/mqdefault.jpg"></div> The PLI scheme, initially, only covered mobile phones and allied equipment, pharmaceutical ingredients and medical devices. Later, in November 2020, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> extended the benefits to 10 more labour intensive sectors. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/5097888"></div>]]></cdata></div> “The PLI scheme has been structured well, learning from the textile upgradation fund,” adds Nilesh Shah. “It is coming at the right time. If we can create this kind of momentum, then growth will automatically happen. I feel that the PLI scheme could add a percentage point to India’s GDP over a period of time.” According to the <a href="https://pib.gov.in/PressReleseDetail.aspx?PRID=1662096">Ministry of Electronics and Information Technology</a>, Samsung, Foxconn Hon Hai, Winstron, and Pegatron are among the international manufacturers approved for incentives under the PLI scheme. The latter manufacture components for Apple devices. Domestic players such as Lava and Micromax have also been approved. In the upcoming budget session, brokerage house Angel Broking expects the government to expand the scheme to more sectors like footwear, chemicals, and agrochemicals. There are others who want the period for production-linked incentives to be increased in the sectors where it is already applicable. “A five-year incentive scheme is not enough and the Government should commit 10 years and accordingly, the incentive scheme should be expanded,” Shashi Mathews, partner at Induslaw, told <a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms">Business Insider</a>. Brickwork Ratings, however, has a harsher stance on the scheme, noting that it will make sectors dependent on subsidies. “The need of the hour is to improve the competitiveness of the economy, which requires exposing domestic players to international competition. An overvalued rupee and increased tariff protection cannot make the economy competitive,” their pre-budget expectations report says. “There is clearly a need to reverse protectionist trends and to modify the Atmanirbhar campaign to increase competitiveness, rather than erecting protectionist walls.” SEE ALSO: <a href="https://www.businessinsider.in/budget/news/niti-aayog-public-policy-specialist-cites-budget-2021-priorities-for-education-health-food-and-nutrition/articleshow/80476928.cms" data-type="tilCustomLink">From food coupons to a fund to provide laptops and tablets to the poor⁠— NITI Aayog’s public policy analyst has a wishlist too</a> <a href="https://www.businessinsider.in/budget/news/niti-aayog-public-policy-specialist-cites-budget-2021-priorities-for-education-health-food-and-nutrition/articleshow/80476928.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/budget/news/niti-aayog-public-policy-specialist-cites-budget-2021-priorities-for-education-health-food-and-nutrition/articleshow/80476928.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms" data-type="tilCustomLink">A playbook for Budget 2021 to boost electronics manufacturing in India</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms" data-type="tilCustomLink">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a><a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/budget/news/a-playbook-for-budget-2021-to-boost-electronics-manufacturing-in-india/articleshow/80476759.cms" data-type="tilCustomLink"></a>

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