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New Delhi, Along with the sharp decline in poverty in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, there has also been a marked reduction in the rural-urban income divide in the country, according to an SBI Research analysis of a Consumer Expenditure Survey released on Tuesday. Rural Poverty has staged a significant 440-basis point decline since 2018-19 and <keyword id="20742154" type="General" weightage="20" keywordseo="urban-poverty" source="keywords">Urban Poverty</keyword> a 170-basis point decline post-pandemic, which shows that the government initiatives for promoting the welfare of the bottom of the pyramid are having a significant beneficial impact on rural livelihood, the report states. Rural Poverty is now at 7.2 per cent (25.7 per cent in 2011-12 while <keyword id="19945793" type="General" weightage="20" keywordseo="urban" source="keywords">Urban</keyword> Poverty is at 4.6 per cent (13.7 per cent in 2011-12), official data show. The report further states that India is becoming more aspirational as indicated by the increasing share of discretionary consumption (like spending on beverages, intoxicants, entertainment, durable goods, etc.) in rural and urban areas. The speed of aspiration is swifter in rural areas as compared to urban areas The SBI report states that the difference between rural and urban monthly per capita consumption expenditure (MPCE) is now at 71.2 per cent, a rapid decline from 88.2 per cent in 2009-10. Around 30 per cent of the Rural MPCE is explained mainly due to steps taken by the government in terms of DBT transfers, investments in building of rural infrastructures, augmenting farmer's income, all together improving the rural livelihood significantly. Enhanced physical infrastructure is enabling two-way rural-urban mobility, which is the prime reason for the incrementally shrinking horizontal income gap between the rural and urban landscape and the vertical income gap within rural Income classes, according to the SBI report. The states once considered laggards are showing the maximum improvement in rural and urban gap. States like Bihar, <keyword id="19894922" type="General" weightage="20" keywordseo="uttar-pradesh" source="keywords">Uttar Pradesh</keyword>, Madhya Pradesh are showing increasingly the impact of these factors, the report adds. The bottom half of the rural pyramid are now having consumption patterns mostly converging to urban counterparts. The report also states that revised MPCE weights in CPI computation could help India real GDP growth for FY24 to top 7.5 per cent. Other highlights: *Rural and Urban consumption are growing, on an average, at nearly the same growth rate (2.66 per cent for rural, 2.59 per cent for Urban) across classes. Using the statistical equivalent of <keyword id="20744250" type="General" weightage="20" keywordseo="gini-coefficient" source="keywords">Gini Coefficient</keyword>, Horizontal Consumption Inequality between Rural and Urban across fractiles has declined from 0.560 to 0.475 *Urban Rural gap as a percentage of rural consumption is on a declining trend. It has declined from 90.8 per cent in 2004-05 to 71.2 per cent in 2022-23 and we believe, is projected to further decrease to 65.1 per cent in 2029-30 *In the lowest segment, urban consumption is only 46 per cent more dissimilar than the rural counterpart. Across fractile classes, urban consumption is only 68 per cent more dissimilar than rural counterpart, a number much less than the all India average. This indicates the bottom half of the rural pyramid are now having MPCE patterns mostly converging to Urban counterparts.

India's rural-urban income gap declines sharply amid fall in poverty level: SBI Report

<ul class="summary-list"><li>Ahmed Sourani of Gaza came to the UN climate summit to accept a $1 million prize for his nonprofit.</li><li>He said the money will go to emergency food aid and rebuilding small farms when the war ends. </li></ul>DUBAI, United Arab Emirates — Ahmed Sourani was physically in Dubai, but his mind was in Gaza.The founder of a nonprofit that promotes local food production and women-owned businesses traveled to this year's UN climate summit to accept a $1 million sustainability prize from the United Arab Emirates.Back home, his wife, children, and grandchildren were in the south of Gaza in shelters, having fled from the northern part of the strip that's <a target="_blank" href="https://sheltercluster.s3.eu-central-1.amazonaws.com/public/docs/SC-PC%20Joint%20advocacy%20note_241123-1.pdf?VersionId=kPEn3lsQx.2lA5.f5YXzNV3vuWmntrxi">largely been reduced to rubble</a> by the Israeli military's bombardments."We are praying all the time for a lasting ceasefire," Sourani, founder and general coordinator of Gaza Urban and Periurban Agriculture Platform, told Business Insider over Zoom. "That's our most important wish."The Israel-Hamas war erupted after the militant group Hamas and other Palestinian fighters attacked Israel on October 7, killing about 1,200 civilians, according to Israeli authorities. Israel has responded with a now two-month-long air and ground campaign that has killed more than 17,000 Palestinians in Gaza, most of them civilians and many of them children, according to Gazan health officials.<div type="image" title="UN workers gesture as trucks carrying aid arrive at the Palestinian side of the border with Egypt, as the conflict between Israel and Palestinian Islamist group Hamas continues, in Rafah in the southern Gaza Strip, October 21, 2023." height="2496" width="3744" msid="105912529" hostid="261" sizebytes="276328"></div>Israel has pushed into southern Gaza, where millions of residents were previously told to evacuate. Hospitals, refugee camps, and schools have all been hit by bombing, and Gazans are in desperate need of food, water, and shelter, humanitarian groups say."Nowhere is safe in Gaza," United Nations Secretary General <a target="_blank" href="https://www.youtube.com/watch?v=WW1HFaHcl0c">Antonio Guterres said</a>. He <a target="_blank" href="https://news.un.org/en/story/2023/12/1144447">invoked a rarely used power, known as Article 99</a>, to call on the 15-member UN Security Council to vote for a ceasefire. But the US for the third time blocked the resolution on Friday, the sole veto. The UK abstained and 13 other countries voted in favor.Even before the war, the majority of Gazans struggled to find food on a daily basis and relied on aid distributed by the UN, Sourani said. Most farming in the densely populated strip is done on small plots in urban areas or just outside the cities.Israel has maintained tight control over the territory through a land, air, and sea blockade since 2007, after Hamas was elected to power, while Egypt controls the southern border. Israel provides half of the Gaza Strip's electricity and there are restrictions on the movement of people and goods.<h2>Food insecurity is a constant problem in Gaza</h2>Sourani said the food insecurity crisis is why he founded the Gaza Urban and Periurban Agriculture Platform six years ago. The nonprofit has helped expand access to local food and boost incomes for family farmers, particularly women.Before the war, there were about 3,000 micro-agricultural businesses led by women, such as crop and animal production and food processing, Sourani said. The nonprofit works on developing more markets in grocery stores and malls, securing quality control certificates for their products, and providing opportunities for women to network and speak with policymakers."We need to help women restore their enterprises and the thousands of families who are in need of food, especially those who are displaced in the shelters," Sourani said.He estimated that at least 50% of those enterprises have been completely or partially destroyed during the war, with hundreds of millions of dollars lost.Sourani said it was a difficult decision to leave Gaza to accept the Zayed Sustainability Prize, but he had the support of his family and help from the UAE and its humanitarian arm, the Emirates Red Crescent, to get to Dubai.He felt it was important to share the mission of the Gaza Urban and Periurban Agriculture Platform and be a voice for Palestine at the UN summit attended by more than 100,000 world leaders, foreign diplomats, corporate executives, reporters, and activists.Palestine can speak at UN meetings, but <a target="_blank" href="https://www.un.org/unispal/history/">has non-member observer status</a> and therefore can't vote on resolutions — including on the war in Gaza.<h2>Protests spill into the UN summit in Dubai</h2>The war has at times spilled into the UN climate summit, known as COP28, including during the first days as world leaders arrived to give speeches. The Iranian delegation left Dubai in <a target="_blank" href="https://www.irna.ir/news/85308217/%D9%87%DB%8C%D8%A7%D8%AA-%D8%AC%D9%85%D9%87%D9%88%D8%B1%DB%8C-%D8%A7%D8%B3%D9%84%D8%A7%D9%85%DB%8C-%D8%A7%DB%8C%D8%B1%D8%A7%D9%86-%D9%85%D8%AD%D9%84-%DA%A9%D9%86%D9%81%D8%B1%D8%A7%D9%86%D8%B3-%D8%AA%D8%BA%DB%8C%DB%8C%D8%B1%D8%A7%D8%AA-%D8%A7%D9%82%D9%84%DB%8C%D9%85%DB%8C-%D8%B1%D8%A7-%D8%AA%D8%B1%DA%A9-%DA%A9%D8%B1%D8%AF">protest of Israel's presence</a>. On Saturday, hundreds of climate activists, many wearing the black and white checkered keffiyeh and holding up watermelon signs that are both symbols of Palestinians, <a target="_blank" href="https://www.businessinsider.com/climate-activists-join-palestinian-cause-during-rare-protest-in-dubai-2023-12">marched through Expo City</a> where the summit is being hosted. They called for a ceasefire and an end to Israel's occupation of Palestine.<div type="image" title="Protesters march at the UN climate summit in Dubai." height="3024" width="4032" msid="105912530" hostid="261" sizebytes="887804"></div>"We cannot talk about climate change in isolation from the humanitarian tragedies unfolding around us," Jordanian King Abdullah II said during his speech at the start of COP28. "The massive destruction of war makes the environmental threats of water scarcity and food insecurity even more severe."Palestinians have little say over land and water resources, Sourani said, which is why climate justice is so important.He said the prize money awarded to the Gaza Urban and Periurban Agriculture Platform will be used for emergency response to help distribute food aid to the 1.9 million Gazans – or 85% of the population – <a target="_blank" href="https://reliefweb.int/report/occupied-palestinian-territory/unrwa-situation-report-47-situation-gaza-strip-and-west-bank-including-east-jerusalem-information-valid-6-december-2023-2230-local-time-day-61-hostilities-published-8-december-2023-enar#:~:text=Since%207%20October%2C%20up%20to,again%20in%20search%20of%20safety.">who've been displaced by the war</a> and to help women restore their businesses when the war is over."The world is thirsty for real and just peace," Sourani said.

As hunger worsens in Gaza, one man wants to help local farmers feed families

<ul class="summary-list"><li>The GOP's agriculture appropriations bill would mean major benefit cuts for WIC recipients.</li><li>Low-income parents and babies are eligible to receive the benefit, which subsidizes food and care.</li></ul>As the GOP eyes spending priorities, one program that provides access to nutritious food and health screenings for low-income parents and babies might see major cuts.Under the <a href="https://www.congress.gov/bill/118th-congress/house-bill/4368" target="_blank" rel="noopener">House GOP agriculture appropriations bill</a>, the Special Supplemental Nutrition Program for Women, Infants, and Children — known as WIC — would not be funded to the extent the program needs, according to the nonpartisan <a href="https://www.cbpp.org/research/food-assistance/hundreds-of-thousands-of-young-children-and-postpartum-adults-would-be" target="_blank" rel="noopener">Center on Budget and Policy Priorities</a>, potentially leading to hundreds of thousands of kids and postpartum parents getting turned away or cutting their food budgets.In total, according to CBPP's analysis, the $6 billion the GOP bill allocates to WIC would lead to 5.3 million children and pregnant, postpartum, or breastfeeding parents seeing their food assistance cut, or completely gone. Among them would be 650,000 to 750,000 babies and parents turned away from services completely. Per the USDA, 6,260,000 people participated in <a href="https://fns-prod.azureedge.us/sites/default/files/resource-files/wisummary-7.pdf" target="_blank" rel="noopener">WIC in fiscal year 2022</a>; as of <a href="https://fns-prod.azureedge.us/sites/default/files/resource-files/37wic-monthly-7.pdf" target="_blank" rel="noopener">April 2023</a>, there were over 6.6 million Americans participating, including nearly 1.5 million infants and 3.6 million children. To <a href="https://www.fns.usda.gov/wic/frequently-asked-questions" target="_blank" rel="noopener">qualify for WIC</a>, a family of two would have to make $36,482 or less annually.WIC is meant to, in part, help subsidize purchases of nutritious foods. Per the <a href="https://www.fns.usda.gov/wic/frequently-asked-questions" target="_blank" rel="noopener">program's website</a>, participants are able to use their benefits on groceries like baby food, eggs, and fruit and vegetables; participants are also able to use WIC benefits at some farmers' markets. But the proposed GOP funding levels for WIC would particularly slash access to fruit and vegetables, according to CBPP. If that bill is enacted, those participating in the program would get just $11 to $15 monthly to spend on fruits and vegetables — a cut of over 50%. That all comes as <a href="https://fred.stlouisfed.org/series/CUSR0000SAF11" target="_blank" rel="noopener">food prices stay high</a>, and in <a href="https://www.businessinsider.com/ftc-to-investigate-baby-formula-seller-price-gouge-scam-parents-2022-5">the wake of a baby formula shortage that left parents vulnerable to huge markups and price gouging</a>."The Administration is deeply concerned that the funding level provided in the bill for WIC would put the program at significant risk of being unable to serve all eligible women and children who seek assistance, which could result in waiting lists, greater hardship, and poorer health outcomes for this vulnerable population," the White House's Office of Budget Management said in a <a href="https://www.whitehouse.gov/wp-content/uploads/2023/07/SAP-H.R.-4368.pdf" target="_blank" rel="noopener">statement</a> on the appropriations bill. OMB said that were the president to receive the bill on his desk, he would veto it.As the <a href="https://www.washingtonpost.com/opinions/2023/07/27/farm-bill-house-gop-wic-children/?pwapi_token=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJyZWFzb24iOiJnaWZ0IiwibmJmIjoxNjkwNDMwNDAwLCJpc3MiOiJzdWJzY3JpcHRpb25zIiwiZXhwIjoxNjkxODEyNzk5LCJpYXQiOjE2OTA0MzA0MDAsImp0aSI6IjFhNWFmMDhjLTk0YjItNGU1NC05ZjI1LTE1MzZmNWY4Mzk0MSIsInVybCI6Imh0dHBzOi8vd3d3Lndhc2hpbmd0b25wb3N0LmNvbS9vcGluaW9ucy8yMDIzLzA3LzI3L2Zhcm0tYmlsbC1ob3VzZS1nb3Atd2ljLWNoaWxkcmVuLyJ9.St1wn6pCz8MJixDJ5LknCA7N861HlC4eAKvHSeQka40" target="_blank" rel="noopener">Washington Post's Catherine Rampell notes</a>, WIC is a rare bipartisan program that both sides of the aisle have historically agreed to fund. The OMB said in its statement that it "urges the Congress to continue the long bipartisan agreement to provide enough funds for WIC to serve all eligible participants without harmful benefit cuts."The proposed cuts to WIC come after an already-precarious time for low-income Americans receiving food subsidies. Earlier this year, a <a href="https://www.businessinsider.com/millions-americans-will-lose-snap-benefits-groceries-march-2023-2">pandemic-era SNAP expansion abruptly wound down</a>, with millions of lower-income, elderly, and disabled Americans suddenly seeing their SNAP allocations fall by $258 monthly. "The truth of the matter is, and I hate to say this, but the poorer you are, the poorer you eat," Tonyia Canales, a disabled grandmother raising her grandson on her fixed income in Texas, <a href="https://www.businessinsider.com/millions-americans-hunger-cliff-snap-benefits-food-stamps-getting-cut-2023-2">previously told Insider</a> about her SNAP benefits falling to just $36 a month. "It was so nice to be able to go to the store and actually buy groceries," Canales said. "But now that that's over, we're going to have to go right back to where we were, which is struggling, and now it's going to be worse because the prices have all gone sky high."Are you a parent receiving WIC and considered about cuts? Contact this reporter at <a href="mailto:jkaplan@insider.com" target="_blank" rel="noopener">jkaplan@insider.com</a>.

Republicans want to cut food assistance for 5 million low-income babies and parents

This article is part of Insider's "The True Cost of Extreme Weather" project. <a href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">Read more here</a>.Texas' citrus farmers have a nickname for a deep freeze that struck in February 2021: the Valentine's Day Massacre.The Arctic cold front dropped temperatures to <a href="https://www.weather.gov/hgx/2021ValentineStorm#:~:text=The%20extreme%20cold%20temperatures%20not,at%20just%205%C2%B0F." target="_blank" rel="noopener">as low as 5 degrees Fahrenheit</a> in some parts of the state and dumped snow and freezing rain. The weeklong winter storm couldn't have arrived at a worse time for grapefruit and orange groves in the Rio Grande Valley of Southeast Texas.In February, trees bear both fruit that's ready to be harvested and bloom flowers for the next year's crop. The massacre was a double whammy that set growers back several seasons. Trees also suffered damage after being exposed to the cold for days."I stood out in my grove looking at ice coating everything, and I knew the fruit was going to fall on the ground," Dale Murden, who's grown citrus and raised cattle in Harlingen, Texas, since 1980, told Insider. "It was a pretty sick feeling."The deep freeze was the second disaster in two years to hit Southeast Texas. In July 2020, Hurricane Hanna brought high winds and some 15 inches of rain. Murden said more than two-thirds of his grapefruit crop were on the ground before harvest, which typically lasts from October to May.Farming has always been vulnerable to the whims of nature. But the back-to-back blows were out of the ordinary. Murden was left wondering whether the climate crisis had played a role and if the disasters were a harbinger for the region's citrus industry. Texas leads among states in both cumulative damages due to extreme weather as well as frequency of these events, according to a NOAA analysis going back to 1980.While it's difficult to tie a specific disaster to the climate emergency, the vast majority of scientists agree that rising global temperatures in the atmosphere and oceans <a href="https://climate.nasa.gov/news/3184/a-force-of-nature-hurricanes-in-a-changing-climate/" target="_blank" rel="noopener">are fueling hurricanes</a> with more intense rainfall and higher winds.The relationship between climate change and winter weather is a trickier question with no clear answer. Globally, winters are becoming warmer as temperatures rise, but cold snaps are becoming more common and more severe. Some emerging research suggests a paradoxical effect in the Arctic might be partly to blame. The polar vortex — a swirling mass of cold air that forms in the far north — is weakened by warmer air. This allows the <a href="https://www.science.org/doi/10.1126/science.abi9167" target="_blank" rel="noopener">polar vortex to travel farther south</a>, a recent study published in the journal Science found. <div type="image" title="Man holding a cut up orange." height="3840" width="5119" msid="103845377" hostid="261" sizebytes="1361444"></div><h2>It can take years for citrus trees to recover from a deep freeze</h2>The flood and the freeze took an emotional and financial toll on Murden, who owns fewer than 100 acres of grapefruit trees. During the latest normal year, 2019, his orchard produced 22 tons of grapefruit per acre and earned about $2,643 in net income per acre.Following Hurricane Hanna, that dropped to 8 tons per acre, and the grapefruit was sold to juice makers, fetching lower prices than in the fresh market. Murden said he lost $2,075 in net income per acre that year.As for the deep freeze, any temperature below 28 degrees Fahrenheit is devastating for citrus trees, Murden said. In the Rio Grande Valley, trees were exposed to about 50 hours of below-freezing temperatures. At those levels, the juice inside the fruit freezes, making it inedible. Then the damaged fruit falls off the tree and the blooms for the following year's crop turn black. Parts of the tree die if the bark on its trunk and limbs splits open. Even if the tree survives, it can take a few years to return to normal productivity. If the tree has to be ripped out and replanted, that timeline is even longer. Murden said he yielded only 7 tons of grapefruit per acre in 2021 and lost about $711 per acre in net income.Those losses balloon when you zoom out industrywide: Over the past two decades, citrus growers in Southeast Texas have produced nearly 274,000 tons of grapefruit and oranges on average per season. That was nearly cut in half during the 2020-21 season, according to data compiled by the Texas Valley Citrus Committee. The following year was even worse, yielding just under 74,000 tons. Economists at Texas A&amp;M University tallied overall losses at nearly $228 million and more than 1,000 jobs because the citrus harvest relies on seasonal workers who pick fruit. <div type="image" title="Dale Murden in his orange farm." height="3840" width="5119" msid="103845378" hostid="261" sizebytes="2568992"></div><h2>Are times changing?</h2>Now Murden is contemplating the future of his orchard. His insurance policy didn't cover grapefruit destroyed by the hurricane or deep freeze. It did cover the 20 acres of freeze-damaged trees that Murden had to rip out, at $3,636 an acre. It's enough to replace that particular grove, though not enough to make him whole, Murden said. More than two years later, that grove still sits fallow for several reasons. There's limited availability of new trees, which are grown in greenhouse nurseries for at least 18 months before they're ready to plant. There's also a lingering drought along the Rio Grande, which snakes along the Texas-Mexico border before dumping into the Gulf of Mexico. The river supplies two reservoirs with water — <a href="https://waterdatafortexas.org/reservoirs/individual/falcon" target="_blank" rel="noopener">Falcon</a> and <a href="https://waterdatafortexas.org/reservoirs/individual/amistad" target="_blank" rel="noopener">Amistad</a> — that Murden relies on to irrigate his land. The reservoirs combined are hovering around 24% full, so it's a gamble as to whether there'll be enough water available for a new grove.Even if Murden does replant, it'll be three to four years before those trees start to produce fruit. "It's pretty frustrating," Murden said. "The freeze made me think, 'Are times changing? Am I not going to be in a subtropical climate in the future?' I'm no weather expert, but the last four-year cycle has been bizarre."

Texas farmers are getting hammered by volatile weather events, making it harder for many to make a living

<ul><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> made five announcements in the personal income tax front including changing the income tax rebate limit. </li><li>The allocation to PM Awas Yojana was also enhanced by 66% to ₹79,000 crore. </li><li>PAN will be common identification for all digital systems which will increase ease of doing business. It will be facilitated via a legal mandate. </li></ul>Finance Minister Nirmala Sitharaman said on Wednesday that those earning below ₹7 lakh income per annum need not pay any income tax in the new tax regime. This limit has been increased from ₹5 lakh earlier. “This is for our hard working middle class,” she said in her Budget speech insisting that this is the announcement ‘everyone’ is waiting for. The government also said it will increase its capital outlay by 33% to ₹10 lakh crore in FY24 – that’s 3.3% of GDP. The allocation to PM Awas Yojana was also enhanced by 66% to ₹79,000 crore. She also allocated ₹15,000 crore over three years to the Schedule Tribe Mission. The FM also allocated ₹35,000 crore as energy transition investment. She also said that FY23 fiscal deficit at 6.4%, adheres to budget estimates. She fixed FY24 fiscal deficit target at 5.9%. India is heading towards a bright future despite challenges, as she delivered her fifth budget in the parliament. She identified seven priorities for the budget — inclusive growth, reaching the last mile (digital public infra for agriculture), infrastructure and investment, unleashing potential, green growth, youth power, and financial sector. “Three things will be in focus – ample opportunities for citizens to youth to fulfill growth, strong impetus to growth and job creation and strengthening macro economic stability,” Sitharaman said. It is the last budget that the government will deliver before India goes into a general election next year. Here are the Budget speech highlights: 5 Personal Tax Announcements <ul><li>The FM today changed the income tax rebate limit from ₹5 lakh per annum to ₹7 lakh per annum in the new tax regime. Those with an annual income of ₹7 lakh and below need not pay income tax. </li><li> In the second announcement, FM said that she is changing the tax structure and reducing the number of slabs and increasing the tax exemption limit, under the new tax regime. The new tax rates are </li></ul><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Slab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹0-3 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3-6 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 6-9 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 9-12 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12-15 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15 lakh and above </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody></table> <ul><li>The third proposal is for the salaried class and the pensioners including family pensioners. She extended the benefit of standard deduction to the new tax regime. Each salaried person with an income of ₹15.5 lakh or more will thus stand to benefit by ₹52,500. </li><li>The FM reduced the highest surcharge rate in personal income tax from 37% to 25% in the new tax regime. This would result in reduction of the maximum tax rate to 39%. </li><li>The limit of ₹3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees is increased to ₹25 lakh. </li></ul>She also said that the new income tax regime will be the default tax regime. However, citizens can continue to avail the benefit of the old tax regime. Other speech highlights <ul><li>It’s the first budget in Amritkaal. It hopes to build on the foundation laid in previous Budgets and the blueprint drawn for India@100. </li><li>Current year eco growth is estimated to be at 7% – highest among all major economies in spite of the massive slowdown globally caused by war and Covid-19. </li><li>Despite challenges, India is heading to a bright future. </li><li>The government will provide 5 kg grains to 81 crore people free of cost. This will result in a food subsidy bill of ₹2 lakh crore for the next one year. </li><li>Three things will be in focus – ample opportunities for citizens to youth to fulfill growth, strong impetus to growth and job creation and strengthening macro economic stability. </li><li>Seven priorities – inclusive growth, reaching the last mile (digital public infra for agriculture), infrastructure and investment, unleashing potential, green growth, youth power, financial sector. </li><li>Agricultural credit target raised to ₹20 lakh crore. An agricultural accelerator fund to be set up. </li><li>157 new nursing colleges to be started. </li><li>Age appropriate reading material to be provided to children and adolescents with non-curricular titles via National Book Trust and more to make up for the loss of learning during the pandemic. </li><li>Allocation to PM Awas Yojana enhanced by 66% to ₹79,000 crore. </li><li>₹15,000 crore allocated over three years to the Scheduled Tribe Mission. </li><li>Computerisation of 63,000 primary agricultural credit societies with an investment outlay of ₹2,516 crore. </li><li>More than 39,000 compliances have been reduced and over 3,400 legal proceedings have been decriminalised to enhance Ease of Doing Business. </li><li>PAN will be common identification for all digital systems which will increase ease of doing business. It will be facilitated via a legal mandate. </li><li>₹35,000 crore allocated for energy transition investment. </li><li>₹7,000 crore for the third phase of e-courts. </li><li>Will facilitate 1 crore farmers to adopt natural farming methods. For this, 10,000 bio-input resource centers will set-up. </li><li>A unified skill India digital platform will be set-up linking with employers, facilitating entrepreneurship schemes and stipends to students. </li></ul>Customs Duty The number of basic customs duty rates on goods reduced, other than textiles and agriculture, from 21 to 13. There are minor changes in the basic custom duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha, FM said in her speech. Savings &amp; Deposits Mahila Samman Bachat Patra – a one-time small savings scheme called Mahila Samman Savings Certificate will be made available for a 2-year period upto March 2025. This will offer ₹2 lakh for women and girls for 2 years at a FD rate of 7.5% with partial withdrawal option. The maximum deposit for senior savings increased from ₹15 lakh to ₹30 lakh. Fiscal Deficit <ul><li>FY23 fiscal deficit retained at 6.4%, adheres to budget estimates. </li><li>FY24 fiscal deficit target is at 5.9%. To bring fiscal deficit below 4.5% by FY25-26 </li></ul>Calamity related duty on cigarettes hiked by 16%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-overtakes-gautam-adani-as-the-richest-indian/articleshow/97519749.cms">Mukesh Ambani overtakes Gautam Adani as the richest Indian on the Forbes Real-Time Billionaires List</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-incorporated-till-march-2024-to-get-income-tax-benefits-fm/articleshow/97519570.cms">Startups incorporated till March 2024 to get income tax benefits: FM</a>

Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax

<ul class="summary-list"><li>Many Hmong restaurants, farms, and nonprofits have recently opened, combining tradition and innovation.</li><li>It marks a renaissance of sorts for the Hmong community, which has historically been insular.</li></ul>Yia Vang never wanted to be a chef.His siblings received postgraduate degrees, while Vang just scraped by in college. A part of him, though, wanted to preserve what his parents did for him by bringing his Hmong heritage to the world through food.He recalled his father telling him: "I came to this country so you can be free, so you can work in a corner office in a nice, tall building signing people's checks for them and telling them what to do. I don't want you to work in a kitchen where it's hot and it's hard on your body."But Vang wanted to pursue cooking anyway, and he discovered a way to make his parents proud, while sharing Hmong foodways with the US."I wake up every morning getting to work with food in the way that I want to and the way that I love, telling an incredible story, and somehow, by the grace of God, I still can make a little money and provide for myself doing that," Vang told Insider.<div type="image" title="Yia Vang stands with his parents" height="3664" width="4886" msid="101800402" hostid="261"></div>Vang, now a James Beard award finalist for Union Hmong Kitchen in Minneapolis, is launching a brick-and-mortar restaurant called Vinai. He also recently appeared on "Iron Chef" and was the first to serve Hmong food at the Minnesota State Fair.Across the US, many Hmong business owners, chefs, and creatives have recently received national recognition for their work. Leading Hmong chefs are opening restaurants this year. Oakland, California, elected the first Hmong mayor of a major US city. Kao Kalia Yang wrote the libretto to the first main-stage Hmong opera in the US. And after the gymnast Sunisa Lee won silver at the 2020 Summer Olympics, "Hmong" was among the top Google searches.For many in the community, these feats are grounded in decades of hardship and success. For others, these leading Hmong figures are continuing what the first Hmong Americans did to survive. Now a new generation of restaurateurs and farmers is trying to bring Hmong culture to the masses.<h2>A savvy new generation of Hmong entrepreneurs</h2>The Hmong people have struggled to spread beyond their native community, but a young generation is changing that.Many older Hmong Americans immigrated to the US as refugees after the Vietnam War and the Laotian Civil War, Lee Pao Xiong, the director of the Center for Hmong Studies at Concordia University, St. Paul, said. <a href="https://www.pewresearch.org/social-trends/fact-sheet/asian-americans-hmong-in-the-u-s/" target="_blank" rel="noopener">The Pew Research Center</a> found that in 2019, nearly one in five Hmong Americans lived in poverty, a few percentage points above the national average, and 46% had a high-school education or less.<div type="image" title="Lee Pao Xiong headshot" height="1023" width="1365" msid="101800404" hostid="261"></div>Much is changing in the community to encourage Hmong entrepreneurship. Though for decades, Xiong said Hmong businesses struggled to market outside the Hmong community. Some businesses would label themselves as "Asian" or "Thai" to attract more customers.Xiong said the younger generation has been influential in not only starting their own businesses but also helping older Hmong Americans enter larger state and national markets."These young people are politically savvy as far as marketing, and social media contributed to the visibility of our cuisines, our culture, and our history, which prompted interest by the majority community," Xiong said.Many young Hmong entrepreneurs have been branching out into new industries, including tech startups, floral stores, and social-services nonprofits, said Peng Her, the CEO of the Hmong Institute in Madison, Wisconsin, which helps local Hmong residents with economic and professional development."These young business owners know how to create a business plan. They know how to market and attract non-Hmong customers, and so that's why they're getting into all these different industries," Her said. "They're not afraid to try new things, whether it's in fashion, in using traditional techniques and designs, incorporating in new styles."<h2>Spreading Hmong cooking across the US</h2>Some chefs have recently been able to pull in new demographics by explaining to diners that "this is what we eat at home; this is what my mom makes," Xiong said.Vang has grown his brand through his belief that Hmong food is not one cuisine but a philosophy in which "we use our living world around us to create food, and then using that food to invite the world in."His concept, featuring dishes such as Hmong sausage and fried fish with purple sticky rice, is nothing particularly new, he said. Hmong chefs for decades have opened restaurants and hustled in whatever jobs they can find after coming to Minnesota."All the things that the media is saying, like, 'Oh, my gosh, look at this new thing,' for us it's like, 'You guys are 10 years off. We've been doing that all the time,'" Vang said.Some entrepreneurs, including Diane Moua, who worked as an executive pastry chef at numerous Twin Cities restaurants, have looked to preserve history and tradition while thinking about the next generation. Moua decided in fall to pursue opening her first restaurant, an Asian bistro incorporating Hmong foodways and ingredients from her parents' garden. Moua, who has hosted numerous pop-ups, said she pulls from the philosophy of her parents, who owned a farm and never took anything for granted; her father would eat apples to the core to not waste, she said.<div type="image" title="Diane Moua decorates a cake." height="1000" width="1333" msid="101800407" hostid="261"></div>An emphasis on fresh, Hmong-produced ingredients was a pull for Mai Vang, who moved to Siskiyou County in far-north California and opened one of the area's first Hmong-owned restaurants in late 2021. The county, she said, attracted thousands of Hmong Americans for agricultural opportunities, particularly marijuana farming.She moved from New York and opened MaiYaj Asian Bistro in Montague with her partner, who sold Hmong sauces. The couple, whose restaurant is in a building that used to serve local ranchers, decided to call the eatery an "Asian bistro" to appeal to those unfamiliar with Hmong cuisine.<div type="image" title="Mai Vang (right) stands with her partner Pom Amaritnant" height="3185" width="4247" msid="101800409" hostid="261"></div>"We thought opening up a restaurant serving Hmong food would be a good way to connect with the people here because at that point when we first opened, there was a lot of controversy about who are Hmong people, why are they here, because these areas are a little bit more rural," she said.La Vang-Herr also opened her Hmong business in an area with few Hmong residents. In 2017, she started La's food cart, alongside her artisan-products brand and farm, in Oregon after 18 years in nonprofit management. She opened her business after noticing an upscale restaurant use the name "Hmong" in a dish. She disagreed with the way the ingredients were used."If anybody's going to screw up Hmong food, it probably should be me," Vang-Herr said. "I wanted to make sure that I have a voice in that whatever it is, Hmong-related."<div type="image" title="La Vang-Herr stands in front of her food cart La's" height="809" width="1079" msid="101800411" hostid="261"></div>Mortchee's, a Hmong eatery in a former Wausau, Wisconsin, ice-cream stand, has also been a lifeline for the local Hmong community since opening earlier this year. About 90% of its catering business comes from Hmong families hosting events for the community's roughly 7,000 Hmong residents, Sa Sor Lee, the owner, said.Some locals have supported the business without even intending to. A handful stumbled upon it expecting to get ice cream, instead leaving with Hmong sausage and papaya salad."There's a lot of people who know about the Hmong people, but there's still a lot of people out there that don't know us," Lee said. "Having small, growing businesses shows that we can do things like other people do and then keep improving ourselves."<h2>Farming-industry influence</h2>The Hmong community has a major influence on the agricultural landscape. <a href="https://foodprint.org/blog/hmong-farmers/" target="_blank" rel="noopener">More than 50%</a> of growers at the Twin Cities' metro markets are Hmong, and Hmong farmers are responsible for a decent portion of the nation's strawberries and poultry.The <a href="https://www.hmongfarmers.com/" target="_blank" rel="noopener">Hmong American Farmers Association</a> has helped give farmers the space and opportunities to grow and sell their produce through its Food Hub, recently launching a community-supported agricultural model.Such initiatives have helped some of the over 200 vendors at Hmongtown Marketplace in St. Paul, opened by Toua Xiong in 2004. "We have never had to advertise one single time over the last 19 years to get a tenant: That's how strong we are," Xiong said. "We are 100% full, and we've had more and more people now asking for spaces."Pheng Her, who owns the recently opened farm Guerrilla Pastures on the outskirts of the Twin Cities, agreed the future would be fruitful for Hmong farmers. He wanted to take Hmong agricultural traditions and apply them to regenerative farming, selling various beeswax products, which he said was unprecedented among Hmong farmers.<div type="image" title="Pheng Her stands with his family" height="3000" width="4000" msid="101800413" hostid="261"></div>"We're in this unique spot right now where we're still very new to the country. We're still learning and adapting to Western culture, and so we still seek refuge and comfort in being around people that speak our language and look more like us," Her, who left his job in nonprofit management to pursue farming, said.He still works overnight shifts as a mechanic, though he hopes to teach those in north Minneapolis, many of whom live in food deserts, about sustainable agricultural practices."The Hmong community is growing in population, we're slowly entering the middle class, we have more and more expendable income, and we want to support looking for more people of color or other Hmong businesses," he said.

Hmong cuisine and culture are having a moment in the US. We spoke with the restaurateurs and farmers driving innovation.

New Delhi, The government has paid ₹1,364 crore to 20.48 lakh undeserving beneficiaries under its ambitious <keyword id="7292387" type="COMPANY" weightage="20" keywordseo="pm-kisan">PM-KISAN</keyword> scheme, a reply to a Right to Information (<keyword id="6356198" type="COMPANY" weightage="20" keywordseo="RTI">RTI</keyword>) query by the <keyword id="166166" type="COMPANY" weightage="20" keywordseo="Union-agriculture-ministry">Union Agriculture Ministry</keyword> reveals. Pradhan Mantri Kisan Sammann Nidhi (PM-KISAN) was launched by the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> in 2019 and under the scheme, an income support of ₹6,000 per year in three equal installments is paid to small and marginal farmer families having combined land holding or ownership of up to 2 hectares. The Union Agriculture Ministry, in response to the RTI application, identified two categories of undeserving beneficiaries who received PM-KISAN payouts as "ineligible farmers" and "<keyword id="10572807" type="UNKNOWN" weightage="20" keywordseo="income-tax-payee-farmers">income tax payee farmers</keyword> . RTI applicant Venkatesh Nayak of Commonwealth Human Rights Initiative (CHRI) who received the data from the government said, "More than half (55.58%) of these undeserving persons belong to the income tax payee category'." "The remaining 44.41% belong to the ineligible farmers' category'," he added. Nayak said according to media reports, proceedings have been initiated to recover these funds transferred to undeserving persons. He said data obtained under RTI Act, 2005, indicated that since the commencement of the PM-KISAN Yojana in 2019, ₹1,364.13 crore (USD 186.59 million) has been paid to ineligible persons' and income tax payee farmers' till July 31, 2020. "Government's own data indicates money went into the wrong hands," he added. A major chunk of these ineligible beneficiaries belongs to five states -- Punjab, Assam, Maharashtra, Gujarat and Uttar Pradesh, as per the data. "Punjab tops the list accounting for 23.16% (4.74 lakh) of the total number of undeserving persons across the country who received payouts, followed by Assam with 16.87% (3.45 lakh beneficiaries) and Maharashtra with 13.99% (2.86 lakh beneficiaries). These three states account for more than half (54.03%) of the number of undeserving persons who received payouts," Nayak said Gujarat is at the fourth position with 8.05% (1.64 lakh beneficiaries), followed by Uttar Pradesh at fifth position with 8.01% (1.64 lakh beneficiaries), he said. Sikkim with just one undeserving beneficiary reported the lowest figure, Nayak said. "The total amount of ₹1,364.13 crore was paid to recipients across the states in 68.20 lakh installments (where each installment of ₹2,000 paid out per recipient is counted separately). Out of this, 49.25 lakh installments were paid to IT payee farmers' while 18.95 lakh installments were paid to ineligible farmers' across the country," he said quoting the RTI data. Under the scheme, an amount of ₹6,000 per year is transferred in three installments of ₹2,000 every four months directly into the bank accounts of the farmers, subject to certain exclusion criteria relating to higher income status, a PIB statement had said. The scheme was formally launched on February 24, 2019, by Prime Minister Narendra Modi at a grand function in Gorakhpur, Uttar Pradesh. Several categories of farmers are excluded from the scheme like institutional landholders; farmer families in which one or more members is among beneficiaries -- former and present holders of constitutional posts; former and present ministers, MPs, MLAs, MLCs, mayors and chairmen of district panchayat; serving and retired government employees; pensioners receiving over ₹10,000 monthly pension; income tax payees and professionals such as doctors, engineers, chartered accountants and architects etc. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-delivers-yet-another-strong-quarter-with-16-growth-in-profit-as-covid-drives-tech-spending/articleshow/80173561.cms">TCS delivers yet another strong quarter with 16% growth in profit as COVID drives tech spending</a> <a href="https://www.businessinsider.in/retail/news/dmart-the-nearly-two-trillion-dollar-indian-retailer-may-post-strong-earnings-watch-out-for-the-progress-on-e-commerce/articleshow/80172629.cms">DMart, the nearly two trillion dollar Indian retailer, may post strong earnings ⁠— watch out for the progress on e-commerce</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a>

Government pays ₹1,364 crore to over 20 lakh undeserving beneficiaries under PM-KISAN, reveals RTI data

Jaipur, Feb 6 () Rajasthan Chief Minister Ashok Gehlot on Saturday said it is his government would endeavour to make provisions in the upcoming budget that will increase farmers' income. Gehlot was interacting with farmers, livestock owners, functionaries of dairy associations and representatives of tribal areas via video conferencing. The meeting was held in run up to the budget session of the state assembly which will commence from February 10. Gehlot, who also holds the finance portfolio, said agriculture, animal husbandry and allied sectors have a significant contribution in the state's economy. He said, "Despite the difficult geographical conditions and lack of water, the farmers have made a meaningful effort to keep the state at the forefront in the field of agriculture with their hard work. "It is our endeavour to make such provisions in the budget that will increase the income of farmers and livestock owners and make them happy." He said there are huge possibilities for development in the agriculture and dairy sectors in Rajasthan. These areas can be developed rapidly through technology and innovations, he said. The chief minister said the welfare of farmers and livestock owners is one of the top priorities of his government. For this, the government has taken many important decisions in the last two years, which are bringing positive changes in the field of agriculture, he said. He said under the Prime Minister Crop Insurance Scheme, about 55 lakh farmers have been paid insurance claims worth about Rs 8,000 crore under the tenure of the present government. A total of 1.08 crore farmers have been insured in the year 2020-21, which is 24 lakh more than the previous year, Gehlot said. To create a conducive environment for the development of agricultural industries and to promote agricultural exports, the state government has implemented the 'Rajasthan Agro Processing, Agribusiness and Agri Export Promotion Policy-2019', he said, adding that this policy is a major step towards making the farmers prosperous. Agriculture Minister Lalchand Kataria said farmers have always enhanced the honour of the state with their tireless hardwork. AG TDS TDS

Govt would endeavour to make provisions in budget to increase farmers' income: Gehlot

New Delhi, Mar 3 () Minister of State for Agriculture Kailash Chaudhary on Tuesday expressed confidence of achieving the target of doubling farmers income by 2022.The average monthly income of farmers' income stood at Rs 8,167 during 2016-17, while at Rs 6,426 in 2013-14, as per the National Sample Survey Office (NSSO) report, he said."...doubling farmers' income is the priority of the government. ...I am confident (that) the target set by the Prime Minister will definitely be achieved," the minister said at the closing of three-day Krishi Vigyan Mela here.He said a number of schemes have been launched towards fulfilling this goal, and budget allocation for the sector has also been increased substantially for the next fiscal.The budget allocation for agriculture has crossed Rs 1,50,000 crore for 2020-21, he said in a statement.It may be noted that an high-level committee has recommended series of measures for boosting the farmers income.Lauding Indian Council of Agricultural Research (ICAR) for organising the Farmers' Fair, think-tank Niti Aayog member Ramesh Chand expressed satisfaction that during the three-day fair the sale of seeds has crossed Rs 45 lakhs. In his address, ICAR Director General Trilochan Mohapatra said more than 80,000 farmers have taken part in Krishi Vigyan Mela this year.He said under the "Mera Gaon, Mera Gaurav" scheme, 13,500 villages are being covered. Agriculture scientists go to these villages every month and address problems of farmers. LUX BAL

Govt confident of doubling farmers income by 2022

<ul><li>Income tax bonanza for the salaried class and the government’s capital expenditure push have emerged as the stars of Budget 2023-24.</li><li>While the income tax exemptions are expected to increase disposable incomes of taxpayers and thereby boost demand, the capex push is aimed at promoting growth and increasing job opportunities, say experts.</li><li>The government also announced a slew of measures for the agriculture and green energy sectors, promoting the use of technology to boost output and transition to green energy.</li></ul>An upward revision in income tax slabs and a continued push on capital expenditure investments emerged as the key highlights of the Union Budget 2023-24. While the revised tax slabs under the new tax regime will benefit the middle-class and salaried individuals, the government also announced a 33% increase in its capital investment outlay for FY24 to boost growth and promote job creation. “We are steering an ambitious people-centric agenda to address global challenges and to facilitate sustainable economic development,” finance minister Nirmala <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> said, announcing the budget. Despite an increase in capital expenditure outlay, the government has continued on its path of fiscal consolidation. Sitharaman said that while the government will meet the fiscal deficit target of 6.4% in FY23, it has been reduced to 5.9% in FY24, and further below 4.5% in FY 25-26. Sitharaman also announced that the gross borrowings are estimated at ₹15.43 lakh crore in FY24, lower than the Economic Survey 2023 estimate of ₹15.77 lakh crore. “This budget is a Bahubali budget. With one arrow multiple targets are shot. Fiscal prudence is achieved with lower deficit and path set till FY26. Consumption is supported through tax cuts. Investment outlay is enhanced. Numbers are realistic or conservative to enhance the credibility,” said Nilesh Shah, managing director, Kotak Mahindra Asset Management Company. <cmsannotation type="cmsannotation" annotationid="Here are all the major announcements of Budget 2023-24" comment="subhead" text="Here are all the major announcements of Budget 2023-24">Here are all the major announcements of Budget 2023-24</cmsannotation> Slabs for income tax computation enhanced under the new regime: Under the new income tax regime, individuals with an annual income of up to ₹9 lakh will now have to pay an income tax of ₹45,000, which is an effective tax rate of 5%. The government has also increased the limit for rebate under section 87A of the Income Tax Act to ₹7 lakh from ₹5 lakh earlier. The following are the new tax slabs: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Slab </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹0-3 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3-6 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6-9 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9-12 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12-15 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15 lakh and above </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> In addition to this, there’s good news for salaried individuals as well, with the standard deduction being hiked to ₹52,500 from ₹50,000 earlier. Further, the tax exemption limit for leave encashment has been raised from ₹3 lakh to ₹25 lakh. Lastly, the new income tax regime will be applicable by default going forward. However, assessees will have an option to opt out and file their returns under the old regime. “More money in the hands of the middle class will have a cascading effect across the economy which needs this push as we continue to depend on domestic demand to beat the global uncertainty,” Sanjeev Krishan, chairperson, PwC in India. Capital expenditure outlay gets a major boost: In a bid to promote growth and job creation, the government has announced a 33% increase in capital expenditure outlay to ₹10 lakh crore for FY24, or about 3.3% of the gross domestic product (GDP). The capex outlay for FY23 is estimated at ₹7.5 lakh crore. Sitharaman outlined that infrastructure is one of the seven priorities of the government, which is now backed by the 33% increase in capex outlay for this segment. Overall, the government’s capex outlay has increased over three-fold from ₹3.1 lakh crore in FY19 to ₹10 lakh crore in FY24. Here’s how the government’s capex spending has trended since 2019 <div type="image" title="Capex spending FY19-FY24." msid="97524051" hostid="261" sizebytes="16064" caption="&amp;lt;p&amp;gt;Indian government&amp;#39;s capex spending trends since FY19&amp;lt;/p&amp;gt;"></div> “This is a positive development for domestic commercial vehicle space and more so for medium and heavy commercial vehicle (M&amp;HCV) domain,” said ICICI Direct. The government announced an allocation of ₹2.7 lakh crore for roadways and ₹2.4 lakh crore for railways. “A 33% increase in capital expenditure to ₹10 lakh crore, the highest ever, will go a long way in building roads, ports, and airports — crucial for making India a reliable investment destination. Investment of ₹2.4 lakh crore in railways is commendable,” said Anand Rathi, founder and chairman, Anand Rathi Group. Apart from this, Sitharaman also announced an outlay of ₹10,000 crore per annum to develop urban infrastructure. The government has also announced a 66% increase in funding for the PM Awaas Yojana to ₹79,000 crore in FY24, which will benefit engineering, production and construction companies. Further detailing the infrastructure push, Sitharaman said that the government has identified 100 critical transport infrastructure projects for steel, ports, fertilizers and other sectors with an investment outlay of ₹75,000 crore, which includes a private sector investment of ₹15,000 crore. Agri Accelerator Fund to encourage innovation: In a bid to promote the adoption of technology in the agriculture sector, the government announced a new Agri Accelerator Fund to promote agri-tech startups in rural areas, with a cluster-based and value chain approach through public-private partnerships. “The proposal to set up an Agri Accelerator Fund for agri-tech startups is a welcome move, and was much anticipated. Agri-tech startups who are focusing on improving the market reach for agricultural products and produce, as well as last mile delivery of products to farmers should benefit from this move,” said Raj Ramachandran, partner, JSA. Sitharaman also announced a slew of measures for the agriculture sector, which are: <ul><li>Increase in agriculture credit target to ₹20 lakh crore, with a special focus on animal husbandry, dairy and fisheries.</li><li>A new sub-scheme of PM Matsya Sampada Yojana with a targeted investment of ₹6,000 crore to further enable activities of fishermen and fish vendors.</li><li>Computerisation of 63,000 primary agricultural credit societies with an investment outlay of ₹2,516 crore.</li></ul>Green energy ambitions get a boost: The government also announced a slew of measures to encourage and promote green energy in India, including ₹35,000 crore priority capital for transition from fossil fuels to green energy. Of this, the specific outlay for National Hydrogen Mission has been set at ₹19,700 crore. The government has set a target of 5 million metric tonnes of hydrogen production capacity by 2030. Key players in the hydrogen space are Mukesh Ambani and Gautam Adani. Their green energy bets, primarily based on green and blue hydrogen, amount to $125 billion. <cmsannotation type="cmsannotation" annotationid="‘Force multiplier’ budget, say analysts" comment="subhead" text="‘Force multiplier’ budget, say analysts">‘Force multiplier’ budget, say analysts</cmsannotation> Overall, the budget has been well-received by experts, with the broad consensus being that this is a growth-oriented budget. “Growth with fiscal consolidation continues to be the continuing theme with capital expenditure at 3.3% of GDP while being committed to the long term 4.5% deficit target. Providing more incentives under the new tax regime to middle class Indians, will also widen the net of those who can invest,” said Radhika Gupta, MD and CEO, Edelweiss Asset Management. Sensex zoomed 1,180 points reacting to the tax announcements made by the government. The tax exemptions under the new regime will increase the disposable income in the hands of taxpayers, according to ICICI Securities, helping boost demand. “In keeping with its focus on inclusive growth, the Union Budget has hiked outlays on infrastructure and agriculture which in our view would have a force multiplier impact on the economy,” said S Ranganathan, head of research at LKP Securities. According to economists, the reduction in fiscal deficit targets for FY24 through FY26 will also offer relief for bond markets, with the 10-year bond yield projected to moderate to 7-7.1% in FY24, according to Abheek Barua, chief economist, HDFC Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-zooms-as-finance-minister-delivers-tax-bonanza-to-middle-class/articleshow/97510050.cms">Sensex zooms 1,180 points as FM delivers tax bonanza to middle-class</a> <a href="https://www.businessinsider.in/budget/news/budget-2023-24-nirmala-sitharaman-speech-highlights-and-updates/articleshow/97512649.cms">Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax</a> <a href="https://www.businessinsider.in/budget/news/government-to-set-up-three-centres-of-excellence-in-artificial-intelligence/articleshow/97520242.cms">Budget 2023 gives a boost to artificial intelligence – government to set up three centers of excellence</a>

Income tax bonanza, capex push emerge as the stars of Budget 2023-24

Here's a list of 16 action points laid down by Finance Minister, Nirmala Sitharaman. 1. Government to push for renewable energy through PM KUSUM scheme. 15 lakh additional pumps to be setup. Use of barren land for generation of solar power to be promoted. 2. Government to also push for water conservation in 100 water stressed districts. 3. Government to encourage states to takeup model agricultural laws. 4. Balanced used of all kinds of fertilizers, organic and synthetic/chemical fertilizers. This is a necessary step to stop the excessive use of chemical fertilizers. We want to promote the use of organic and innovative fertilizers and revise the incentives for chemical fertilizers. 5. Village storage schemes to be operated by SHGs. This will provide villagers better storage capacities. Women SHGs can use this opportunity to regain their position as "Dhan Lakshi" and they can avail Mudra loans for opening storage facilities. To build a national cold supply chain, Indian Railways will set up a Kisan Rail to transfer perishable goods easily. Krishi UDAN will be launched by Civil Aviation ministry to help north-east and tribal districts. NABARD to also take up geo-tagging of agricultural warehouses, cold storages and other inventories. 6. Adricultural credit avaulability to be set at 15 lakh crore. 7. Government aims to eliminate foot and mouth diseases in sheep and goats by 2025. 8. 9. Horticulture sector with its current product of 311 million metric tonnes exceeds the production of food grains. Government will not take it to one product one district. 10. Zero budget natural farming: Online national organic products market is being strengthened. 11. Financing negotiable warehouse receipts 12. Non banking finance companies, active in the adricultural space, the NABARD credit scheme will be expanded. For this scheme, 1.5 lakh crore is set aside. 13. Reduce diseases in cattle. 14. 108 million metirc tonners of milk production to be increased to 108 million metric tonnes. 14. 15. Proposed fish production to 200 lakh tonnes. Government will involve youth in fish production through more than 3000 'sagar mitras'. 16. 58 lakh SHGs have been mobilised under poverty alleviation program.

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