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<ul><li>The Indian government today announced the <keyword id="12255350" type="General" weightage="20" keywordseo="pm-mitra-yojana" source="Orion">PM Mitra Yojana</keyword> to support the <keyword id="110104" type="General" weightage="20" keywordseo="textile-industry" source="Orion">textile industry</keyword>. </li><li>Under the scheme, seven mega integrated <keyword id="711772" type="General" weightage="20" keywordseo="textile-parks" source="Orion">textile parks</keyword> will be set up across the country. </li><li>An outlay of ₹4,445 crore has been estimated for the scheme. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>In a bid to give a boost to India's textile sector, the government today announced the PM Mitra Yojana (Plan), inviting states across the country to bid for setting up seven mega integrated textile regions and apparel parks. Addressing a press conference, union ministers Piyush Goyal and Anurag Thakur announced that the PM Mitra Yojana has a total outlay of ₹4,445 crore ($593 million), hoping that it will provide direct employment to 7 lakh people and indirect employment to 14 lakh people. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scheme </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Outlay </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Details </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Development capital support </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,345 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to ₹500 crore per greenfield park, ₹200 crore per brownfield park </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Competitive incentive support </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,100 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to ₹300 crore per park, ₹10 crore per unit per year for 3 years </td></tr></tbody></table> The new plan has come within a month after the government <a href="https://www.businessinsider.in/policy/news/union-cabinet-approves-pli-scheme-worth-10683-crore-for-textiles/articleshow/86035041.cms">announced</a> a production-linked incentive (PLI) scheme worth ₹10,683 crore for the textile industry in September, 2021. These are the highlights of the PM Mitra Yojana, as revealed in the cabinet briefing on Oct 6: According to Goyal, the scheme is divided into two parts – development capital support and competitive incentive support. Under the development capital support option, the government will offer to pour in 30% of the total project cost, which is estimated to be around ₹1,700 crore per park. This brings the government’s contribution to ₹500 crore per park. Goyal further clarified that greenfield parks will get ₹500 crore support, while brownfield parks will get ₹200 crore only. Greenfield parks refer to those which will be built up from scratch. The term brownfield refers to the expansion or improvement of existing projects. The second option is competitive incentive support, which aims to provide support to those firms which are the first-movers in these textile parks. This scheme is first-come first-serve for the firms which want to reap the benefits will have to approach the government or the textile park. Each unit will have to employ a minimum of 100 people to be eligible. Eligible units will get an incentive of ₹10 crore per annum for the first three years. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/triton-model-h-electric-suv-india-live-pictures-leaked/articleshow/86805977.cms">Exclusive: First live pics of Triton Model H electric SUV leaked ahead of next week’s launch</a> <a href="https://www.businessinsider.in/india/news/heres-why-indias-coal-shortage-may-not-immediately-push-up-electricity-bills-but-household-expenses-will-still-rise/articleshow/86806149.cms">Here’s why India’s coal shortage may not immediately push up electricity bills but household expenses will still rise</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-network-down-in-india-no-internet-no-calls/articleshow/86802857.cms">#JioDown: Reliance Jio network goes down in certain circles, users report they cannot use internet or make calls</a>

India’s plan for new textile parks includes a ₹10 crore incentive each year for units with 100 employees

Pradhan Mantri Kisan Samman Nidhi Yojana also popularly called as PM-Kisan is a scheme that is meant to benefit the farmers in the country. Under the <keyword id="7289466" type="UNKNOWN" weightage="20" keywordseo="pm-kisan">PM Kisan</keyword> scheme, every farmer in the country will be given a total amount of Rs. 6,000 issued in three instalments of Rs. 2,000. PM-Kisan yojana targets to provide financial assistance to the small and marginal level farmers in the nation. The PM Samman Nidhi Yojana benefits the Indian farmers in all states by providing INR 6,000 financial assistance for the purchase of seeds, fertilizers, farming supplies and pesticides. The payment is released as per the details published on the official website of the scheme <a href="http://pmkisan.gov.in">pmkisan.gov.in</a>. You can follow the steps given below to check the PM Kisan balance. How to check PM Kisan Samman Nidhi status or PM Kisan balance Visit the official website of the Indian Government’s <a href="http://pmkisan.gov.in">PM Kisan Samman Nidhi</a> scheme. You can find the latest updates on the PM Kisan Samman Nidhi on this website. Move the mouse curser on the ‘Farmer’s Corner Section. You will find a drop down menu. Select the option ‘Beneficiary List’. In this list, you will find the status of your application for the PM Kisan Samman Nidhi. Alternatively, you can also click on the direct link <a href="http://pmkisan.gov.in/">pmkisan.gov.in</a>. Here also you will find the PM Kisan Samman Nidhi list for your village. In this list, you will find the name of the farmer and the amount allotted for the farmer in their bank account. After landing on the beneficiary list of the PM Kisan Samman Nidhi, you need to choose the name of your state, district, Sub-District, Block and Village one by one from the drop down menus. Once you have selected all these entries, you must click on the ‘Get Report’ section for checking the list of your village for the details of the Kisan Samman Nidhi with regard to this present phase. On the list of Kisan belonging to your village, choose your name from the alphabetical list to know the status of the financial aid given to you under this scheme. See Also - <a href="https://www.businessinsider.in/finance/article/how-to-check-pradhan-mantri-jan-dhan-yojana-account-balance/articleshow/75182470.cms">How to check Pradhan Mantri Jan Dhan Yojana Balance</a>

How to check PM Kisan scheme money and balance

New Delhi, Apr 16 () Prime Minister Narendra Modi on Thursday reviewed the impact of COVID-19 on the Indian economy and a possible second stimulus to boost sectors hit hard by the pandemic.Modi held discussions with Finance Minister Nirmala Sitharaman as the pandemic hit sectors from small industries to the aviation sector hard with millions of jobs at stake.The meeting comes amid drastic reduction in GDP growth forecast by various multi-lateral funding agencies for the current fiscal due to the impact of COVID-19 and consequent lockdown.State of the economy was discussed in details during the meeting, sources said, adding resource mobilisation for taking on the future challenges was also highlighted.As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent. Similarly, the IMF on Tuesday projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in 1930s.The pandemic and consequent lockdown have hit various sectors, including MSME, hospitality, civil aviation, agriculture and allied sector.The government constituted an empowered group - headed by Economic Affairs Secretary Atanu Chakraborty - which is entrusted with the task of suggesting measures that can bring back economy back on track quickly post the lockdown.Besides, it was also asked to work on relief and welfare measures for various sectors of the economy as well as for the poor and needy.In his address to the nation, the Prime Minister had expressed concern over problems being faced by poor and daily wagers and farmers."The government has made every possible effort to help them through Pradhan Mantri Gareeb Kalyan Yojana. Their interests have also been taken care of while making the new guidelines," he had said.To ease the pain and misery, the Finance Minister last month announced a Rs 1.7 lakh crore stimulus that included free foodgrains and cooking gas to poor for three months, and cash doles to women and poor senior citizens as it looked to ease the economic impact of the nationwide lockdown.As per the announcement, 80 crore poor ration card holders will each get 5 kg of wheat or rice and one kg of preferred pulses free of cost every month for the next three months, while, 20.4 crore women having Jan Dhan bank accounts would get cash help of Rs 1,500 spread over three months.Over 8.3 crore poor women, who were handed out free cooking gas connections since 2016, will get free LPG refills for the next three months, while poor senior citizens, widows and disabled will get an ex-gratia cash of Rs 1,000.Sitharaman had hinted at more announcements if need arises.In a bid to save resources, the government has already put restrictions on expenditure and funds are being diverted towards the fight against COVID-19.Besides, the Union Cabinet approved a 30 per cent reduction in salary and allowances of Members of Parliament for one year.President, Vice President and Governors voluntarily decided to take a pay cut as a gesture towards concerted effort to contain the spread of the deadly virus.At the same time, the government has decided to suspend MPLADS and funds would be directed towards improving medical infrastructure.An MP gets Rs 5 crore every year as part of the Members of Parliament Local Area Development Scheme (MPLADS). DP ANZ BAL

PM reviews impact of COVID-19 on economy; 2nd stimulus in consideration

New Delhi, Mar 17 () The Pradhan Mantri Kisan SammanNidhi Yojana (PMKSNY) has been implemented successfully acrossthe country, barring West Bengal as the eastern state did notjoin the scheme, Lok Sabha was informed on Tuesday.Union Minister of State for Agriculture Kailash Choudharysaid the PM-KISAN scheme has been successfully implementedacross the country."So far, as on March 11, 2020, financial benefit underthe scheme has been released to 8,69,79,391 beneficiaries.However, these exclude about 69 lakh farmers of West Bengal asthe government of West Bengal has not yet decided to join thescheme," he said during Question Hour.The minister said the entire responsibility ofidentification of eligible beneficiary farmer families anduploading their correct details on the PM-KISAN portal restswith State/UT governments concerned.State governments have been continuously requested andvigorously pursued for expeditious registration and uploadingof data of beneficiaries, in mission mode and by organisingcamps.Meeting is held weekly through video conferencing withstate governments and other stakeholders concerned so as toremove any handicaps coming in the way of smooth and seamlessimplementation of the scheme, he said.Choudhary said the target of the government is to achieve100 per cent saturation by enrolling every eligible farmerfamily of the country.To achieve this, States and UTs have been asked toconduct various saturation drives, he said. ACBDV DV

PM-KISAN scheme being implemented across India except W Bengal

New Delhi, Apr 2 () The Centre on Thursday asked the states and union territories to take all necessary steps for the smooth disbursement of Rs 27,500 crore to beneficiaries of the Pradhan Mantri Garib Kalyan Yojana (PM-GKY) through banks from Friday, amid the ongoing lockdown to combat the coronavirus threat. In a letter to all chief secretaries, Union Home Secretary Ajay Bhalla said money will be disbursed under the PM-GKY package to a large number of beneficiaries beginning Friday. In this regard, the Department of Financial Services, Ministry of Finance, has given detailed guidelines such as staggering of account holders to avoid crowding and maintaining social distancing, publicising the modalities of staggering and cash distribution and provision of adequate security personnel at bank branches and business correspondents (BCS) to maintain law and order and social distancing, reads the letter. "The concerned departments of the state government/ UT administration, district authorities and field agencies may please be informed on the above for strict compliance. "They shall take all necessary measures to ensure smooth disbursal of money to the beneficiaries of PM-GKY," Bhalla said. On Tuesday, Bhalla had asked the states and UTs to ensure smooth functioning of banks and ATMs for the disbursement of the PM-GKY funds. Cabinet Secretary Rajiv Gauba had also asked the states to implement the PM-GKY within next week. The 21-day nationwide lockdown was announced by Prime Minister Narendra Modi on March 24 to contain the spread of the coronavirus. ACB AQS

Centre asks states, UTs to take all steps for smooth disbursement of Rs 27,500 cr under PM-GKY

The Budget 2024-2025 announcement by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> saw productivity and resilience in <keyword id="19931887" type="General" weightage="20" keywordseo="agriculture" source="keywords">agriculture</keyword> being prioritised above all else. With a desire to turn focus on <keyword id="19934969" type="General" weightage="20" keywordseo="farmers" source="keywords">farmers</keyword>, or Annadatas, ₹1.52 lakh crore has been allocated for agriculture and its allied sectors. This is quite an increase from the Interim Budget announcement of ₹1.27 lakh crore in February 2024. It is being speculated that this substantial focus on the agricultural sector stems from the BJP's vote share dipping in semi-urban and rural areas during the recent Lok Sabha elections. In fact, when Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> returned for a third term in office, the first file he signed was for the release of the 17th instalment of the PM <keyword id="22000840" type="General" weightage="20" keywordseo="kisan-nidhi" source="keywords">Kisan Nidhi</keyword> scheme, ET reported. However, the government's commitment to transforming agriculture and potentially the lives of Indian farmers could lead to the agricultural sector growing at 3.7% in the current fiscal, compared to 1.4% last year, as per the CII. <h2>Key initiatives in agriculture</h2>Transforming Agriculture Research The government is set to conduct a comprehensive review of the agricultural research framework, with an emphasis on enhancing productivity and developing climate-resilient crop varieties. Funding will be allocated on a challenge basis, including to private sector initiatives. This research will be overseen by domain experts from both governmental and non-governmental organizations. Release of New Varieties A total of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be introduced for farmers to cultivate. Promoting Natural Farming In the next two years, the government plans to transition one crore farmers to natural farming practices, supported by certification and branding efforts. This initiative will be carried out through scientific institutions and willing <keyword id="20030597" type="General" weightage="20" keywordseo="gram-panchayats" source="keywords">gram panchayats</keyword>, with 10,000 bio-input resource centers to be established based on need. Missions for Pulses and Oilseeds To achieve self-sufficiency in pulses and oilseeds, the government will strengthen their production, storage, and marketing. As outlined in the interim budget, a strategy is being implemented to attain 'atmanirbharta' (self-reliance) for oilseeds like mustard, groundnut, sesame, soybean, and sunflower. <div type="Article" hostid="261" msid="111930255" title="Economic Survey calls for urgent agricultural reforms; cites growth hurdles" mstype="2" mssubtype="0"></div>Vegetable Production &amp; Supply Chains Large-scale clusters for vegetable production will be developed near major consumption centers. The government will support Farmer-Producer Organizations, cooperatives, and startups to streamline the vegetable supply chain, including collection, storage, and marketing. Digital Public Infrastructure for Agriculture Building on the success of a pilot project, the government, in partnership with states, will facilitate the implementation of Digital Public Infrastructure (DPI) for agriculture over the next three years. This year, a digital crop survey for Kharif crops will be conducted in 400 districts, integrating details of six crore farmers and their lands into registries. Additionally, Jan Samarth-based Kisan Credit Cards will be issued in five states. Shrimp Production &amp; Export Financial support will be provided to establish a network of Nucleus Breeding Centres for shrimp broodstocks. NABARD will facilitate financing for shrimp farming, processing, and export. National Cooperation Policy A new National Cooperation Policy will be introduced to promote systematic and comprehensive development of the cooperative sector. This policy aims to fast-track rural economic growth and create large-scale employment opportunities. <h2>Budget allocation highlights</h2><ul><li>PM-Kisan Samman Nidhi: Will be retaining its allocation of ₹60,000 crore to provide direct financial assistance to 11.8 crore small and marginal farmers.</li><li>Pradhan Mantri Fasal Bima Yojana: Allocated funds to provide crop insurance to four crore farmers, protecting them from adverse weather conditions.</li><li>e-NAM Expansion: Integration of 1,361 mandis into the e-NAM platform to enhance market efficiency and transparency, benefiting 1.8 crore farmers with an expected trading volume of ₹3 lakh crore.</li></ul><h2>Government committed to Polavaram irrigation project in Andhra Pradesh</h2>The Finance Minister said that the government is fully committed to financing and expeditiously completing the Polavaram irrigation project, which is considered a lifeline for Andhra Pradesh and its farmers. <h2>Future directions</h2>The government aims to increase public and private investment in post-harvest infrastructure and supply chains, promoting aggregation, modern storage, and efficient processing to reduce losses and improve food security. Additionally, the dairy and fisheries sectors will see significant development, with initiatives to boost productivity and exports, contributing to a sustainable and prosperous agricultural ecosystem. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div>

What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?

<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

New Delhi, Apr 2 () Women bank account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) will start getting a sum of Rs 500 per month from Friday in line with the announcement made by Finance Minister Nirmala Sitharaman last week, IBA said. This is the first of the 3 monthly instalments under the Pradhan Mantri Garib Kalyan Yojana announced last week, the Indian Banks' Association (IBA) said in a statement. In order to maintain social distancing and to ensure orderly withdrawal of money by the beneficiaries, IBA has designed a schedule to be followed by all banks for the month of April. The transfer has been staggered over 5 days to avoid rush at the bank branches. As per the schedule, women PMJDY account holders having account number with last digit as 0 and 1 will get the money in their account on April 3, while account number ending with 2 or 3 can approach the bank on April 4. On April 7, beneficiaries with account number ending with 4 or 5 can collect their money and account number with last digit of 6 or 7 may withdraw on the following day. The last tranche would be remitted on April 9 for account number ending with 8 or 9, it said. It further said beneficiaries may withdraw any day at their convenience after April 9. IBA requested all beneficiaries to kindly cooperate and ensure safety and comfort of everyone. "As this money is being deposited into the bank accounts, the beneficiaries need not rush for withdrawal, money can be drawn at your convenience at any later date," it said. Beneficiaries are encouraged to use the neighbourhood ATMs with RuPay cards, Bank Mitras, CSPs as much as possible to avoid crowding at the branches, it said. "Please note that there will be no charges for withdrawing money from other bank ATMs, at present, as per the government directives," it said. Besides, banks will have to handle PM-Kisan. Under this, farmers who get Rs 6,000 annually under scheme will get first instalment of Rs 2,000. Banks have been asked to remit an ex-gratia amount of Rs 1,000 to 3 crore poor widows poor pensioners and poor disabled over the next three months. DP HRS

Banks to start transfer of Rs 500 to Women PMJD account holders from Fri: IBA

<ul><li>Prime Minister Narendra Modi will launch a new digital payment solution called <keyword id="11766571" type="UNKNOWN" weightage="20" keywordseo="e-RUPI">e-RUPI</keyword>.</li><li>Banks will issue electronic vouchers for customers to redeem welfare benefits without having to share bank account details.</li><li>The <keyword id="11772195" type="UNKNOWN" weightage="20" keywordseo="e-voucher">e-voucher</keyword> solution has the potential to eliminate fraud and corruption.</li></ul>The Prime Minister of India, Narendra Modi will be launching 'e-RUPI', an electronic voucher-based digital payment solution at 4:30 p.m IST on Monday. The person-specific, and purpose-specific, payment solution is developed by the National Payments Corporation of India (NPCI) on its Unified Payment Interface (UPI) platform in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority. What is e-RUPI? According to a statement from the Prime Minister’s Office, e-RUPI is a cashless and contactless digital payment e-voucher in the form of a QR code or SMS string delivered to the beneficiary's mobile phone. The e-voucher can be redeemed at the service provider without needing a card, digital payment app or internet banking service. The e-RUPI is a one-time payment mechanism that does not require any physical interface for transactions and is considered safe as it's prepaid in nature. It ensures that the payment to the service provider is made only after the transaction is completed without involving any intermediary. How is e-RUPI different from a virtual currency? e-RUPI can be used to make payments to a specific person, for a specific purpose, and is not transferable. On the other hand, a virtual or digital currency is just like normal currency but in digital form and can be used for any transaction. How are these vouchers issued? The vouchers will be issued by partner banks but the bank account details of the beneficiary are not needed. NPCI has built the e-RUPI system on its UPI platform and anyone who needs to issue the voucher would need to approach partner banks with issuing authority. Entities giving the e-RUPI voucher will have to submit the details of specific beneficiaries and the purpose of the payment to the banks. The beneficiary's identification will be based on their mobile number and name. What's the need for e-RUPI? The Indian government says that e-RUPI is expected to ensure a leak-proof delivery of welfare services and minimise fraud and corruption. Since it removes the middlemen and there's no direct cash involved, it eliminates the possibility of the fund being used for a purpose other than intended. It can be used for delivering services under government welfare schemes like drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc. Not only government schemes but the voucher can also be used by the private sector for employee welfare and corporate social responsibility (CSR) initiatives. SEE ALSO - <a href="https://www.businessinsider.in/stock-market/news/windlas-biotech-to-raise-395-402-crore-through-public-listing-price-band-fixed-at-448-460/articleshow/84854594.cms">Windlas Biotech to raise ₹395-402 crore through public listing, price band fixed at ₹448-460</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

You Searched For "pm mitra yojana details" and got 9 results

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

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Banks to start transfer of Rs 500 to Women PMJD account holders from Fri: IBA

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e-RUPI explained — India’s new electronic voucher-based payment system to reduce leakage in welfare programmes

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