Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday called on <keyword id="19895704" type="General" weightage="20" keywordseo="President" source="keywords">President</keyword> <keyword id="19934334" type="General" weightage="20" keywordseo="Droupadi-Murmu" source="keywords">Droupadi Murmu</keyword> before presenting the full Budget for 2024-25. As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament. President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025). Expectations are running high as Sitharaman presents her seventh Budget in the Lok Sabha on Tuesday. The Budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation. Sitharaman continued with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition. She keeps a digital tablet in a red 'bahi khata' style pouch. The economy is projected to expand by 6.5-7 per cent in the current fiscal, as per the Economic Survey tabled in Parliament on Monday. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a><a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a>

Finance Minister Nirmala Sitharaman meets President ahead of Budget speech

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

New Delhi [India], July 24 (ANI): A <keyword id="4261957" type="General" weightage="20" keywordseo="general-discussion" source="Orion">general discussion</keyword> on the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> and the budget for the Union Territory of Jammu and Kashmir for the fiscal year 2024-25 will be held in the <keyword id="19895369" type="General" weightage="100" keywordseo="Rajya-Sabha" source="keywords">Rajya Sabha</keyword> later on Wednesday. <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented both the Union Budget and the <keyword id="22525621" type="General" weightage="20" keywordseo="Jammu-and-Kashmir-Budget" source="keywords">Jammu and Kashmir Budget</keyword> in the House on July 23. The discussion is crucial as both the budgets shape the financial direction of the country and the Union Territory, respectively. The Union Budget outlines the government's revenue and expenditure plans for the upcoming fiscal year, while the budget for the Union Territory of Jammu and Kashmir is a significant event considering the developmental needs. As per the list of businesses of the Rajya Sabha, the discussion on these two budgets will be convened later in the day. The discussion over these two budgets is expected to start in the second half of the day. According to the list of business of the Rajya Sabha, the ministers that are set to lay the papers on the table are Jayant Chaudhary for the Ministry of Education; Pankaj Chaudhary for the Ministry of Finance; Nityanand Rai for the Ministry of Home Affairs; and Sukanta Majumdar for the Ministry of Education. Besides, Rajya Sabha Secretary General PC Mody will lay on the table the Public Accounts Committee reports. This includes the 124th Report on Construction of Toilets in Schools by CPSEs; the 125th Report on Rejuvenation of the Ganga (Namami Gange); the 126th Report on Avoidable Payment due to Non-Charging of Service Tax/GST from the Passengers; and the 127th Report on Action Taken by the Government on the Observations and Recommendations of the Committee contained in their 46th Report (16th Lok Sabha) on Implementation of the Public-Private Partnership Project at Chhatrpati Shivaji International Airport, Mumbai, among others. The reports were presented to the Speaker on February 23 and April 29, 2024, and to the Chairman, Rajya Sabha, on February 28 and May 13, 2024, before the dissolution of the 17th Lok Sabha. The Speaker had ordered the printing, publication and circulation of the reports. As per the business list of the Rajya Sabha, Union Minister for Parliamentary Affairs Kiren Rijiju will move the motion for election to the committee on the welfare of other backward classes. Kiren Rijiju will also move the motion for nomination to the committee on the welfare of scheduled castes and scheduled tribes. The motion for nomination to the committee on public accounts will also be moved by Union Minister Rijiju in the House today. Moreover, Kiren Rijiju will move the motion for nomination to the committee on public undertakings. Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday during the Monsoon Session of <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword>. Nirmala Sitharaman became the first finance minister to present seven consecutive budget speeches, surpassing former prime minister Morarji Desai's record of six consecutive budgets as finance minister between 1959 and 1964. In her seventh budget, Nirmala Sitharaman outlined key priorities aimed at fostering economic growth and creating ample opportunities. These included productivity and resilience in agriculture, employment, and skilling and services. Prime Minister Narendra Modi on Tuesday hailed the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> presented by Finance Minister Nirmala Sitharaman. "This budget strengthens every section of society. It takes the country's poor, village and farmers on the path of prosperity," the prime minister said in a video message. The Prime Minister praised the budget, emphasising its potential for job generation by incentivizing the top 500 companies to recruit more youth and also induct interns. The PM said the budget would help India achieve its objective of becoming the third largest economy, besides laying a strong foundation for Viksit Bharat. Union Home Minister Amit Shah on Tuesday also said the Union Budget 2024-25 is game-changing and will go down in history for coupling Bharat's economic growth with the torque of its youth power. He also lauded the government's decision to provide training and internship programmes to youth. The Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, welcomed the Union Budget 2024 laid before Parliament on Tuesday. Calling the Union Budget 2024 a 'visionary document', Sonowal said, "The Union Budget, 2024 lays the roadmap for renewed and holistic growth towards Viksit Bharat. This visionary budget is aimed at empowering the 'Garib' (poor), 'Mahilayen' (women), 'Yuva' (youth), and Annadata' (farmers) so that the process of development reaches every citizen of the country." Assam Chief Minister Himanta Biswa Sarma said on Tuesday that Union Budget 2024 stands out for its unprecedented push towards employment generation and powering small businesses.

Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today

<keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced a <keyword id="20274081" type="General" weightage="20" keywordseo="credit-guarantee-scheme" source="keywords">credit guarantee scheme</keyword> for facilitating <keyword id="22087606" type="General" weightage="20" keywordseo="term-loans" source="keywords">term loans</keyword> for <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword> to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small &amp; medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units. "We have formulated a package, covering financing, <keyword id="20961204" type="General" weightage="20" keywordseo="regulatory-changes" source="keywords">regulatory changes</keyword> and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said. The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities. "A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget. The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance. She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period. Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage. "Credit availability will be supported through a guarantee from a government-promoted fund," she added. In another move to help MSMEs, the minister announced a new assessment model for credit to the sector. She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. "They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added. The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. It will also cover MSMEs without a formal accounting system. Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and <keyword id="22514802" type="General" weightage="20" keywordseo="e-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs. Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed. Litigations will be reduced in the new <keyword id="22517694" type="General" weightage="20" keywordseo="Vivaad-Se-Vishwas-Scheme" source="keywords">Vivaad Se Vishwas Scheme</keyword>, he added. Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

FM announces credit guarantee scheme, other measures for MSMEs

The <keyword id="19897865" type="General" weightage="20" keywordseo="telangana-government" source="keywords">Telangana Government</keyword> on Tuesday requested the 16th <keyword id="20015455" type="General" weightage="20" keywordseo="finance-commission" source="keywords">Finance Commission</keyword> to increase the share of states in <keyword id="386992" type="General" weightage="100" keywordseo="central-taxes" source="Orion">Central taxes</keyword> from the existing 41 per cent to 50 per cent as over the years cesses and surcharges that are not shared with states have increased. Deputy Chief Minister in-charge of Finance <keyword id="21396591" type="General" weightage="20" keywordseo="bhatti" source="keywords">Bhatti</keyword> Vikramarka in his speech at the meeting with Finance <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> Chairman <keyword id="20016026" type="General" weightage="20" keywordseo="arvind-panagariya" source="keywords">Arvind Panagariya</keyword> and members also urged the finance panel to ensure that states are given the necessary autonomy to tailor <keyword id="20109166" type="General" weightage="20" keywordseo="css" source="keywords">CSS</keyword> (centrally-sponsored scheme) programmes to their specific development needs. "In addition, we propose increasing the share of states in Central taxes from 41 per cent to 50 per cent. Over the years, cesses and surcharges that are not shared with states have increased, leaving states with a smaller share of total gross tax revenue," he said. Increasing the vertical devolution will give states the fiscal space they need to strengthen welfare programmes, address infrastructure gaps and prioritise local development, he further said. He, however, said it is not just a demand for <keyword id="19909031" type="General" weightage="20" keywordseo="telangana" source="keywords">Telangana</keyword> but for all states, ensuring a more cooperative federal structure that will benefit the nation as a whole. Bhatti further said the state government urges the Finance Commission to reconsider the use of per capita income distance as the primary indicator in determining horizontal devolution as measuring prosperity and well-being solely by per capita income would deny Telangana the resources needed to address the inequities that exist within the state. The state government is suggesting that the formula for horizontal devolution be modified to add at least a 50 per cent weightage to <keyword id="20149362" type="General" weightage="20" keywordseo="gsdp" source="keywords">GSDP</keyword> (gross state domestic production) contribution. "A greater weight on GSDP would incentivise states to adopt reforms that improve productivity, attract investment and create jobs, ultimately contributing to the national economy. This approach would not only make states more competitive but also help reduce regional disparities, encouraging more balanced growth across the country," he opined. Pointing out that certain expenditures for schemes such as Rythu Bharosa, farm loan waivers and food subsidies are often mislabelled as "freebies," he urged the Commission to recognise these programmes as necessary investments in the welfare of our people. He mentioned that a large part of the state's resources is now being diverted toward debt servicing and hence requested the Finance Commission's support in either restructuring this debt or providing additional assistance to help free up resources for further development. The 16th Finance Commission, led by its chairman Arvind Panagariya, held meetings with several political parties, representatives of local bodies and industry chambers here on Monday as part of its visit to Telangana.

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

Union <keyword id="25455" type="General" weightage="20" keywordseo="FINANCE" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Wednesday delivered her shortest-ever Budget speech of 86 minutes. This was her fifth budget speech. Her budget speech in 2022 ended in about 92 minutes, while it was 110 minutes long in 2021. Sitharaman broke all records in 2020, when she delivered the longest-ever budget speech of 160 minutes. Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> thumped his desk 124 times during the budget speech on Wednesday. He later said that the first budget of the "<keyword id="13005152" type="General" weightage="50" keywordseo="amrit-kaal" source="Orion">Amrit Kaal</keyword>" provides the foundation to fulfil the resolve for a developed <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. "The first budget of Amrit Kaal will build a strong foundation for building a developed India. It gives priority to the deprived. This budget will fulfil the dreams of an aspirational society including poor people, middle-class people, and farmers. I congratulate Nirmala Sitharaman and his team for this historic budget," he said in a televised address. Prime Minister <keyword id="6354642" type="General" weightage="80" keywordseo="modi" source="Orion">Modi</keyword> described the middle class as a "big force", and said that the government has taken many decisions to empower them. SEE ALSO:

It's Sitharaman's shortest-ever budget speech, during which PM thumped his desk 124 times

<keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> decided to stick to the path of fiscal consolidation path as she pushed for economic growth and inclusive development in the <keyword id="19906106" type="General" weightage="20" keywordseo="interim-budget" source="keywords">interim Budget</keyword> 2024-25 presented in <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> on Thursday. The Finance Minister has reduced the fiscal deficit target to 5.1 per cent of GDP for 2024-25 while increasing the government's capital expenditure on big infrastructure projects to push the economic growth rate. This has been made possible due to the robust increase in tax collections in a fast-growing economy. The allocation for big infrastructure projects to be taken up in 2024-25 has been raised to Rs 11.1 lakh crore which is an 11.1 per cent increase over the previous year. The gross market borrowing of the government has been fixed at Rs 14.13 lakh crore while the net market borrowing is proposed at RS 1.75 lakh crore which is lower than the corresponding figure for 2023-24. "Lower market borrowings by the government will leave more funds for private sector corporates to get loans for investment which will accelerate the country's economic growth further," the Finance Minister said in her Interim Budget speech. The Interim Budget has also created a corpus of Rs 1 lakh crore for a 50-year interest-free loan for the farm sector. The Finance Minister said that she was making any changes in the direct or indirect tax rates in the interim budget. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said that the Indian economy has witnessed a transformational change and fruits have development have started reaching people at a mass scale. "The Modi government's polcy of inclusive development and growth is a deliberate departure from the past governments. Housing water electricity, bank accounts cooking gas have been provided for all. Worries of food have been eliminated with free food for 83 crore people and real incomes have increased," she said. She said the government was committed to social justice with all-round development that would improve the capability of the people and empower them. "Social justice is a necessary model and the government's saturation approach reflects secularism in action that prevents corruption and nepotism. Opportunity for all. Systemic inequality is being addressed for social transformation," she said. Top priority is being given to empower four segments that include the poor, women, youth and farmers for the support of the government, she added. SEE ALSO:<a href="https://www.businessinsider.in/finance/news/interim-budget-2024-speech-updates-and-highlights/articleshow/107313296.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/news/interim-budget-2024-speech-updates-and-highlights/articleshow/107313296.cms" target="_blank">Interim Budget 2024: FY25 capex hiked 11%; no tax relief, says FM Sitharaman</a><a href="https://www.businessinsider.in/stock-market/news/interim-budget-sensex-nifty-open-in-the-green-as-investors-await-blueprint-of-intent/articleshow/107311960.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/interim-budget-sensex-nifty-open-in-the-green-as-investors-await-blueprint-of-intent/articleshow/107311960.cms" target="_blank">Interim Budget: Sensex, Nifty trade flat as FM’s speech concludes</a><a href="https://www.businessinsider.in/stock-market/markets/news/interim-budget-2024-reactions-by-market-experts-and-economists/articleshow/107318778.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/markets/news/interim-budget-2024-reactions-by-market-experts-and-economists/articleshow/107318778.cms" target="_blank">From research funding to positive fiscal deficit surprise – market watchers, economists praise Interim Budget 2024</a>

You Searched For "finance minister speech" and got 8 results

Finance Minister Nirmala Sitharaman meets President ahead of Budget speech

PTI

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

BI India Bureau

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

PTI

Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today

ANI

FM announces credit guarantee scheme, other measures for MSMEs

PTI

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

PTI

It's Sitharaman's shortest-ever budget speech, during which PM thumped his desk 124 times

IANS

Interim Budget hikes outlay on big infra projects to Rs 11.1 lakh crore, cuts fiscal deficit to 5.1% of GDP

IANS

Popular Keywords

Buying Guides