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Minister Patel gives solutions for Jaipur’s Traffic and Drainage Issues

August 8, 2024, 6:04 pm

District in-charge minister Jogaram Patel held a review meeting on budget announcements in the Collectorate on Thursday. He said that the work of all departments regarding budget announcements is satisfactory. In the meeting, Jogaram Patel also gave instructions to the officials regarding the traffic system.

After the meeting, Patel said that this was the first year in the history of Rajasthan when the government started work to implement the budget announcements on the second day itself. He said that land allotment, administrative and financial approval regarding budget announcements, and problems being faced in them were discussed in the meeting. He said that the work of most of the departments has been found satisfactory. Jaipur Collector has allotted all the land regarding budget announcements. 80 percent of the land has also been allotted by JDA. Similarly, all other departments are doing good work at their level regarding budget announcements.

Minister Jogaram Patel addressed the challenges facing Jaipur’s traffic system during a recent meeting, acknowledging the city’s current traffic issues. Patel emphasized that the existing traffic conditions are problematic for residents and noted that these issues were thoroughly discussed during the meeting. He instructed officials to take necessary actions to address these concerns.

Patel pointed out that the increasing number of vehicles in Jaipur is contributing to the worsening traffic situation. To manage this, he announced that the city has been equipped with eight new flyovers, Road Over Bridges (ROBs), and additional roads. These infrastructure developments are intended to improve traffic flow and are expected to help manage Jaipur’s traffic system effectively for the next 20 years.

Minister Jogaram Patel addressed concerns regarding Jaipur’s drainage system, acknowledging that it is causing significant issues for the public. He assured that improvements would be made to address these problems. Patel also highlighted the need for proactive measures to combat seasonal diseases during the rainy season. Instructions were given to ensure that medicines were available, additional hospital beds were provided, and adequate medical staff were on hand to manage potential outbreaks.

In addition, Patel reviewed the progress of the Hariyalo Rajasthan Abhiyan. He reported that all departments have met their targets, with over two lakh saplings planted in Jaipur district. The government has decided to maintain these plants under MNREGA to ensure their survival. Patel praised the state’s achievements under the Hariyalo Rajasthan initiative and expressed confidence in reaching the goal of planting 7 crore saplings.

Regarding encroachment issues, Patel acknowledged the difficulty in removing established encroachments. To mitigate this, he proposed identifying government lands and marking them with signs to clearly distinguish them from private property. The meeting was also attended by District Collector Prakash Rajpurohit, Jaipur Commissioner Biju George Joseph, IAS Aarti Dogra, and IPS Preeti Chandra.

Watch: FM Nirmala Sitharaman On Budget Debate In Lok Sabha, Addressing Controversy Over State Allocations

July 30, 2024, 5:39 pm

Union Finance Minister Nirmala Sitharaman is addressing the Lok Sabha in response to the ongoing discussion on the national budget. In her remarks, Sitharaman expressed gratitude to the members of the House for their active participation and interest in the presented Budget. She also extended her thanks to the people of India for granting Prime Minister Narendra Modi and his government a historic third consecutive term in office.

Sitharaman highlighted that this mandate reaffirms the public’s trust in the government and underscores the commitment of Prime Minister Modi to lead the nation with stability and implement people-centric policies. She emphasized the government’s dedication to working collectively towards the vision of a “Viksit Bharat” (Developed India) by the year 2047.

#WATCH | Union Finance Minister Nirmala Sitharaman replies to budget discussion in Lok Sabha, she says “I would like to thank every member of the House who has spoken and taken interest in the Budget which has been presented here. I would like to thank the people of the country… pic.twitter.com/bF60CoekVz

— ANI (@ANI) July 30, 2024

The Union Budget, presented by Sitharaman on July 23, included special financial packages for BJP’s ally states of Bihar and Andhra Pradesh, alongside several tax-related announcements. The focus on Bihar and Andhra Pradesh, governed by key NDA partners JD(U) and TDP respectively, has sparked controversy, with opposition states such as West Bengal, Karnataka, and Tamil Nadu accusing the BJP-led NDA government of “ignoring” their needs and describing the budget as an act of “appeasement.”

In response to these allegations, Sitharaman addressed the concerns in the Rajya Sabha last week, dismissing the claims as “outrageous.” She clarified that not every state can be mentioned in the Budget speech and emphasized that government programs are designed to benefit all states, regardless of specific mentions.

“In every Budget, you don’t get an opportunity to name every state of this country. Maharashtra’s name was not taken in the Budget yesterday. Does this mean that Maharashtra feels ignored? If a particular state is named in the speech, does it mean that programs of GOI don’t go to these states?” Sitharaman remarked.

Meanwhile, Leader of Opposition Rahul Gandhi criticized the government’s pre-budget ‘Halwa’ ceremony, pointing out the lack of diversity among the officers involved in budget preparation. He noted, “20 officers have prepared the budget of India, in which there is only one minority and one OBC. The budget halwa is being distributed, but 73% of the country’s people are not included in it.”

The Union Budget 2024 has received mixed reactions, with some criticizing the government’s tax policies. Sitharaman has defended these policies, stating that they aim to rationalize and simplify the tax process for all taxpayers, not just the middle class.

India On Track To Be 3rd Largest Global Economy With 8% Growth, Says PM Modi

July 30, 2024, 3:05 pm

Prime Minister Narendra Modi, addressing a post-budget conference in New Delhi organized by the Confederation of Indian Industry (CII), lauded the record-setting achievements of his administration over the past decade.

He emphasized that the central government has significantly increased allocations to various ministries while reducing tax rates to unprecedented lows. According to PM Modi, these efforts reflect a transformative shift in economic management aimed at fostering growth and efficiency.

During his speech, PM Modi underscored that India is currently experiencing an impressive growth rate of 8%. He expressed confidence that this trajectory will propel India to become the third-largest economy globally. Reflecting on the achievements since 2014, PM Modi noted that his administration has prioritized the implementation of budgetary measures and schemes, a departure from previous governments that he claimed failed to execute their promises effectively. He highlighted that past administrations often made grand announcements without ensuring their practical execution.

VIDEO | Prime Minister Narendra Modi (@narendramodi) addresses at the inaugural session of CII Post Budget Conference on ‘Journey towards Viksit Bharat’. Here’s what he said.

“During the times of pandemic, we were discussing to get the growth back. I then said that India will… pic.twitter.com/FqeRkq9TT4

— Press Trust of India (@PTI_News) July 30, 2024

In his address, PM Modi also remarked on the progress India has made despite challenges such as the COVID-19 pandemic. He credited his government’s commitment to development and transparency for the country’s current economic status.

Modi encouraged further study and debate on the government’s white paper detailing economic reforms and progress. He concluded by affirming that India’s ongoing economic growth and development are evidence of the successful implementation of his administration’s policies, which are steering the nation towards becoming a global economic powerhouse.

CM Bhajan Lal Unveils New Budget Announcements, Addresses Opposition Allegations

July 29, 2024, 10:38 pm

During the budget reply in the Rajasthan Assembly on Monday, Chief Minister Bhajan Lal Sharma made several announcements. He made announcements for almost all sections. Along with this, he also replied to the allegations made by the Leader of the Opposition and the members of the opposition during the discussion on the grant demands. In his reply, the Chief Minister has announced to make a separate plan for further development of Jaipur’s Dravyavati river. Along with this, he announced the development of RIMS on the lines of AIIMS by building a super specialty wing in RUHS hospital. He announced to operation of one thousand electric buses instead of 500 in the state. It is likely that Jaipur can get a large number of electric buses under this announcement.

Along with this, some new roads will be constructed in Sanganer area at a cost of Rs 20 crore. While in Kishangarh-Rainwal, Major District Road No. 81 will be repaired at a cost of Rs 10 crore. Roads will be repaired in about 25 km in different colonies on Agra Road, which will cost Rs 12 crore. At the same time, in Phase-2 of Bisalpur Project Jaipur, a Common intake well with a transmission line will be constructed, which will cost more than Rs 100 crore. While the 132 kV GSS present in Jamwaramgarh Andhi will be upgraded to 220 kV. A lab will be built in Jaipur for testing minerals, anyone can get the test done by paying money. At the same time, the Chief Minister has announced to opening a new government college in Banipark. Along with this, a new trauma center will be built in Raisar of Jamwaramgarh, Veer Hanumanji temple at Samod, Mahengeshwar Mahadev temple, Dant Mata temple, renovation and beautification work of Jamwaramgarh will be done. A new police station will be built in Jamdoli. Along with this, the construction work of the building of Mahavidyalaya Sambhar Lake Phulera will be done.

CM said, ‘Julie’s competition is with Dotasara ji’

Bhajanlal Sharma took a dig at the Leader of Opposition and said that your competition is not with Rohit Bohra but with Congress state president Govind Singh Dotasara. Regarding Julie’s objection to naming the scheme after PM Modi, he said that how many schemes will you name in the name of one family? Along with this, the Chief Minister has announced that the salary allowances and pensions of MLAs and former MLAs will automatically increase every year. Now there is no need to bring a bill every time to increase them. Rooftop solar plant will also be installed on the flats built in front of the Vidhan Sabha for the MLAs.

These people please only one family

CM Bhajanlal Sharma said that the people of Congress are busy pleasing only one family. They bring Indira Gandhi, and Rajiv Gandhi in every scheme. The names of old schemes are also changed and named after them. The CM said that these people work only to please one family. He quipped that how much will you please one family.

Now loans up to 2 crores will be available at concessional rates

The Chief Minister said that under the scheme to set up industries for the youth, loans up to 2 crores will now be given at concessional rates. An announcement has also been made to develop an IT park in Ajmer. Along with this, the marks limit in the Common Entrance Test for government services has now been reduced to 40 percent, now even those with 40 percent marks will be able to give CET. The CM has approved the formation of an Electropathy Board. Its budget has been fixed at five crores. Let us tell you that during the previous Vasundhara Raje government, Electropathy was recognized.

Centre Clarifies ‘Not All Residents’ Need Tax Clearance for Foreign Travel

July 28, 2024, 2:06 pm

Amid social media anger over the Budget plan, which would need tax clearance certificates for international travel, the government clarified on Sunday that the proposed modification does not apply to all Indian residents. It stated that only individuals suspected of financial wrongdoing or with significant tax arrears require such clearance.

In the Finance Bill 2024, the finance ministry has proposed including the Black Money Act, 2015, in the list of statutes requiring individuals to clear their liabilities before obtaining a tax clearance certificate.

“The proposed amendment does not require all the residents to obtain the tax clearance certificate,” the ministry stated.

According to Section 230 of the Income Tax Act, not everyone requires a tax clearance document. Only specific individuals will be required to earn the certificate.

According to a 2004 announcement, the Finance Ministry stated that the Income Tax Department has stipulated that people domiciled in India may be required to get a tax clearance certificate only under particular situations.

In some cases, a person’s presence is required to investigate serious financial irregularities under the Income-tax Act or Wealth-tax Act, or if they have outstanding direct tax arrears exceeding ₹10 lakh that have not been stayed by an authority.

The I-T department stated that a person can be asked to acquire a tax clearance certificate only after noting the reasons for the request and receiving approval from the Principal Chief Commissioner of Income Tax or Chief Commissioner of Income Tax.

Budget 2024-25 Boosts Funds To Stabilize Food Prices And Support Farmers

July 25, 2024, 4:12 pm

The Budget for 2024-25, presented on Tuesday, has significantly increased funding for schemes aimed at stabilizing food prices and protecting farmers’ incomes during market downturns. This move comes after previous years saw minimal allocations for these programs. The rise in allocations responds to persistent high consumer food prices, which surged 9.6% in June 2024, driven largely by perishable goods, according to recent official data.

One of the key schemes targets reducing price fluctuations in tomatoes, onions, and potatoes, which have been costly in both 2023 and this year. The agriculture department’s budget has been bolstered by nearly ₹5000 crore, with a substantial ₹6437 crore allotted specifically to the PM Aasha scheme. Launched in 2018, PM Aasha includes three sub-schemes that empower state governments to buy agricultural produce like pulses and oilseeds at government-mandated minimum prices when market rates fall below these levels, causing losses to farmers.

In previous years, the PM Aasha scheme faced severe funding cuts, with allocations plummeting from ₹2200 crore in revised estimates for 2023-24 to just ₹1 lakh in budget estimates, disappointing farmers. Similarly, the price stabilisation fund under the consumer affairs ministry, established in 2014-15, has seen its allocation rise dramatically to ₹10000 crore for 2024-25, up from negligible amounts in recent years.

This fund is crucial for maintaining buffer stocks of volatile commodities, which can be released strategically into the market to stabilize prices. It also facilitates direct purchases from farmers. The recent funding boost aims to enhance support for farmers and mitigate the impact of price volatility on essential food items.

Old vs New Income Tax Regime: What Will Be Beneficial For Whom?

July 24, 2024, 4:21 pm

The Budget 2024, recently unveiled by Finance Minister Nirmala Sitharaman, has introduced the new income tax regime, sparking discussions on whether the old or new tax structure will be more beneficial for various taxpayers.

New Income Tax Regime: Key Features and Implications

Starting April 1, 2024, the new income tax regime maintains a basic exemption limit of ₹3 lakh, with income up to this amount being tax-free. The revised tax slabs are as follows:

Income from ₹3 lakh to ₹7 lakh: 5%
Income from ₹7 lakh to ₹10 lakh: 10%
Income from ₹10 lakh to ₹12 lakh: 15%
Income from ₹12 lakh to ₹15 lakh: 20%
Income above ₹15 lakh: 30%

One significant change is the increase in the standard deduction to ₹75,000, up from ₹50,000, which reduces taxable income for salaried individuals. Vaibhav Jain, Head of Business – Equities at Share.Market, notes that these adjustments aim to increase disposable income, particularly benefiting the salaried class and potentially boosting consumption.

Lohit Bhatia, President of the Indian Staffing Federation, highlights that the new regime, despite offering fewer exemptions, is especially advantageous for young professionals and new entrants to the job market. For example, individuals earning around ₹7.5 lakh annually could see zero tax liability under this regime, making it attractive for lower income brackets.

Old Income Tax Regime: Benefits and Considerations

The old income tax structure continues to allow for various deductions under sections such as HRA, 80C investments, medical insurance premiums, education loan interest, and charitable donations. According to Chintak Shah, Vice President at Anand Rathi Wealth Limited, those availing substantial deductions—exceeding ₹4.3 lakh—may find the old regime more beneficial in terms of tax savings.

For instance, deductions under section 80C alone can reach ₹1.5 lakh annually, significantly lowering taxable income. Additionally, deductions for HRA and medical insurance can further reduce tax liability, making the old regime preferable for individuals with considerable investments in these areas.

Choosing Between the Regimes: Key Factors

Deciding between the old and new tax regimes largely depends on individual financial situations and the extent of available deductions:

Deductions and Investments: If you are currently benefiting from deductions such as HRA, 80C investments, or have significant medical or education expenses, the old regime might offer greater tax savings.
Simplicity vs. Savings: The new regime, with its fewer deductions, offers simplicity but might not be as advantageous for those who fully utilize the deductions available under the old regime.
Income Level: Higher earners, especially those above the ₹15 lakh threshold, may find the new regime less attractive due to higher tax rates.
Long-term Planning: Future financial goals and potential changes in income levels should be considered when choosing between the two regimes.

While the new regime simplifies the tax process and could potentially reduce taxes for some, particularly those with moderate incomes and fewer deductions, the old regime continues to be advantageous for those with significant tax-saving investments and expenses. Consulting a financial advisor is recommended to make an informed decision based on individual circumstances and long-term financial goals.

Chidambaram Criticizes ELI Scheme, Accuses Government Of Copying Congress Manifesto

July 24, 2024, 3:55 pm

Senior Congress leader and former finance minister P. Chidambaram on Wednesday voiced mixed reactions to the newly proposed Employment-Linked Incentive (ELI) scheme, while taking a swipe at the government for copying his party’s poll manifesto.

“I am particularly happy that she (finance minister Nirmala Sitharaman) had an opportunity to read the Congress manifesto. I would urge friends on treasury benches to read the Congress manifesto so that in your party meetings, you can persuade the prime minister and the finance minister to take some more ideas from our manifesto,” Chidambaram said in the Rajya Sabha. “Copying is not prohibited in this house, in fact, copying is encouraged, rewarded in this house. Please copy a little more,” he added.

Questioning the Government’s Strategy

Chidambaram expressed scepticism about the Production-Linked Incentive (PLI) scheme’s impact on job creation, suggesting the shift to ELI might be an admission of PLI’s shortcomings.

“When you introduced the employment-linked incentive – it must be for some reason. I suspected the PLI scheme didn’t create the kind of jobs you wanted to create,” he said.

The Congress leader called on Sitharaman to disclose the PLI scheme’s outcomes to provide context for evaluating the ELI’s potential.

Chidambaram said his primary concern revolved around the lack of clarity and confidence in the ELI’s execution and its ambitious targets. “Neither I nor any of my learned colleagues are able to get a whole picture of the ELI. It is an interesting idea but it does not inspire confidence that you’ll be able to place 290 lakh people under the ELI,” he warned, urging the government to avoid making the ELI another “election jumla” akin to the unfulfilled promise of 2 crore jobs.

Sitharaman’s Budget Speech

In her budget speech, Sitharaman outlined three key schemes under the ELI, aimed at benefiting 290 lakh individuals. The schemes include direct benefit transfers to new employees, incentives for the manufacturing sector, and reimbursements to employers for additional employment, with a focus on supporting first-time employees and formal sector engagement. The detailed plans involve direct benefit transfers of up to ₹15,000, incentives linked to EPFO contributions, and reimbursements up to ₹3,000 per month to employers for each additional employee.

Criticism of Government’s Approach to Inflation

Chidambaram also took issue with the finance minister’s brief mention of inflation, criticising the government’s seemingly casual approach. “The finance minister dismissed the subject of inflation in 10 words. Is inflation such a trivial subject you can deal with it casually and dismiss it in 10 words? WPI inflation is 3.4%, CPI inflation is 5.1%, food inflation is 9.1%. Go into the hinterlands of India, the inflation is much higher,” he said.

He referenced the Chief Economic Adviser’s (CEA) economic survey, which claimed that “India’s inflation continues to be low, stable and moving towards the 4% target.” Chidambaram questioned this assertion, noting that if inflation was indeed moving towards this target, the Reserve Bank of India (RBI) would have revised the bank rate set in June 2023.

“This is the 13th month of 6.5% bank rate. Bank rate is a good measure of where inflation is moving. If inflation is moving towards the 4% target, why is the RBI keeping the bank rate at 6.5% for the last 13 months?” he asked.

“I think what the CEA said in his economic survey is injury and the finance minister dismissing the subject in 10 words is adding insult to injury,” he added.

Budget 2024: 4 Key TDS Changes Announced By Nirmala Sitharaman That Will Affect You

July 24, 2024, 3:27 pm

Finance Minister Nirmala Sitharaman has announced significant changes to the Tax Deducted at Source (TDS) framework that will impact salaried individuals. These modifications are set to increase disposable income and simplify tax processes. Nirmala Sitharaman stated, “A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions, and capital gains taxation.”

Section 192 of the Income Tax Act, which governs TDS on salary income, will be amended to include all TCS paid and TDS deducted under other sections. This change, effective from October 1, 2024, is expected to put more money in the hands of salaried employees.

Previously, there was ambiguity regarding the deduction of tax on the sale of immovable properties (excluding agricultural land) when multiple buyers or sellers were involved, and the sale value exceeded ₹50 lakh. The Finance Bill clarifies that the exemption applies only when the total sale value is less than ₹50 lakh, irrespective of the number of buyers or sellers.

Additionally, the Finance Bill proposes a reduction in the TDS rate on rent payments. Currently, individuals or Hindu undivided families paying monthly rent exceeding ₹50,000 must deduct TDS at a rate of 5 percent. The proposed amendment reduces this rate to 2 percent.

Furthermore, the Budget addresses the issue of Tax Collected at Source (TCS) credited in a minor’s name. Previously, TCS could only be claimed in the minor’s name. Now, the adjustment of TCS credits in the minor’s name with the parent’s tax liability is allowed, provided the minor’s income is clubbed with that of the parent.

These changes are part of a broader effort to streamline tax processes and provide financial relief to taxpayers. The amendments are expected to take effect from October 1, 2024.

Budget 2024: How Does It Shape The Road Map For Viksit Bharat?

July 24, 2024, 2:15 pm

The recently unveiled Budget 2024-2025, presented by Finance Minister Nirmala Sitharaman, offers a detailed and comprehensive blueprint for achieving Viksit Bharat, or a developed India. Embracing a broad vision, the budget outlines nine priority areas, echoing the focus of FICCI’s own priorities, which include manufacturing, farm-led growth, women-led development, and sustainability. These areas are crucial as the nation aims for further progress and growth.

This year’s budget introduces a forward-looking economic policy framework aimed at next-generation reforms. These reforms are designed to enhance the productivity of essential factors such as land, labor, capital, entrepreneurship, and technology, thereby making markets and sectors more efficient. As global productivity growth shows signs of slowing, these reforms are critical for sustaining India’s economic expansion over the next 25 years.

Infrastructure investment has been a major focus in recent years, with spending nearly doubling over the last six to seven years. Significant progress has been made in developing roads, highways, ports, electricity, and more. This infrastructure push has had a considerable positive impact on the economy, and the government’s commitment to maintaining robust fiscal support for infrastructure is expected to continue. This year’s budget includes a record-high allocation of ₹11.11 trillion for capital expenditure, representing 3.4% of GDP.

The budget also emphasizes manufacturing, MSMEs (Micro, Small, and Medium Enterprises), and employment. Key incentives include support for employment, strengthened backing for MSMEs, and measures to reduce the cost of doing business. These initiatives are essential as India strives to become a Viksit Bharat.

Manufacturing is highlighted as a critical sector for India’s development. The sector, now valued at $467 billion and ranking fifth globally, has significant room for growth compared to leading economies like Japan, Germany, and China. With only 11.4% of the workforce currently in manufacturing, there is a pressing need to expand this sector to provide stable, high-quality jobs and absorb the growing labor force.

The Economic Survey 2024 noted that while manufacturing job creation has been subdued, recent budget measures are expected to boost employment. The Prime Minister’s Package for Employment and Skilling, which includes incentives for first-time job seekers and support for employers, aims to address this need. Additionally, the budget includes provisions for MSMEs such as a credit guarantee scheme, support during stress periods, and the development of “plug and play” industrial parks in up to 100 cities.

Investors will find reassurance in the government’s commitment to reducing the fiscal deficit to below 4.5% by next year, down from the current 4.9%. This demonstrates a strong commitment to ongoing reforms and a resilient economic growth trajectory.

Anant Goenka, vice-president of FICCI and vice-chairman of RPG Enterprises, commends the budget for its strategic focus and comprehensive measures aimed at fostering sustainable development and economic stability.

INDIA Bloc Criticize Budget 2024; Protests Intensify

July 24, 2024, 1:58 pm

Opposition leaders from the INDIA bloc have strongly criticized the newly presented Budget 2024, accusing the government of prioritizing political interests over genuine economic reforms. Their dissatisfaction has led to widespread protests across the country, emphasizing the deep divide between the ruling party and its critics.

Main Criticisms

The opposition argues that the budget reflects the government’s political compulsions rather than offering effective solutions for the country’s economic challenges. They have highlighted several key issues:

Short-Term Focus: Critics claim that the budget does not provide a clear long-term strategy for economic stability and growth. Instead, they believe it focuses on temporary measures that do not address underlying problems.
Uneven Resource Allocation: There are concerns that the budget unfairly distributes resources. The opposition argues that certain regions and sectors receive more funding, while others, which are equally important, are left underfunded.
Insufficient Support for Crucial Sectors: The budget has been criticized for not allocating enough funds to critical areas such as education, healthcare, and infrastructure. Opposition leaders feel these sectors are vital for the country’s development and should receive more attention.
Political Motivations: The opposition suggests that the budget is designed to gain favor with specific voter groups rather than addressing genuine economic needs. They argue that this political angle undermines the budget’s effectiveness.

“Compulsion of government visible in Budget” say opposition leaders as INDIA bloc protests Budget

Read @ANI Story | https://t.co/G6jlOrJVKj #Budget2024 #INDIAbloc #Protest pic.twitter.com/2gbdRZ0sDN

— ANI Digital (@ani_digital) July 24, 2024

Nationwide Protests

The opposition’s concerns have sparked protests in various cities. Demonstrators, led by the INDIA bloc, have taken to the streets to voice their discontent with the budget. These protests reflect the seriousness of the opposition’s critique and the potential impact of the budget on upcoming elections.

Government’s Defense

In response, government officials have defended the budget, stating that it is a balanced document aimed at fostering economic growth and addressing current challenges. They believe the budget will benefit the country both now and in the future.

The opposition’s protests and criticisms highlight the significant political and economic debates surrounding Budget 2024. The INDIA bloc’s dissatisfaction underscores their concerns about the budget’s focus and implications for the country’s future.

Markets Open Lower as Union Budget Fails to Boost Nifty and Sensex

July 24, 2024, 12:41 pm

Indian benchmark indices started the day on a downward note as the Union Budget was perceived as uneventful by market participants. The Sensex opened at 80,343.38, down by 85.43 points or 0.11 percent, while the Nifty 50 began at 24,445.00, losing 34 points or 0.14 percent. Similarly, the Bank Nifty opened lower at 51,657.70, a decrease of 120.60 points or 0.23 percent.

In the initial trading hours, stocks in sectors such as Banking, Auto, Financial Services, IT, Pharma, Private Banks, Realty, and Healthcare were in the red. Conversely, stocks from the FMCG, Media, Metal, PSU Bank, Consumer Durables, and Oil and Gas sectors also showed negative performance.

The stock market experienced notable volatility during the Union Budget announcements on Tuesday. Following the presentation of the Union Budget 2024, domestic indices closed slightly lower on the final trading day. During the trading hours, consumer durables, FMCG, and pharma sector stocks attracted buyers in response to the Finance Minister’s proposed incentives. The market movement was influenced by the focus on employment, skill development, and ongoing infrastructure investment.

On Tuesday, foreign investors became net sellers in the Indian market after almost a week, offloading stocks worth Rs 2,975.3 crore. In contrast, domestic investors were net buyers, purchasing stocks worth Rs 1,418 crore, according to National Stock Exchange (NSE) data.

Asian markets followed Wall Street’s downward trend, with Japan’s Nikkei 225 and South Korea’s Kospi both trading lower on Wednesday. Hong Kong’s Hang Seng index futures indicated a flat opening.

In the US, major indices closed slightly lower on Tuesday amid earnings reports from Alphabet and Tesla. The Dow Jones fell by 57.35 points (0.14 percent) to 40,358.09, the S&P 500 declined by 8.67 points (0.16 percent) to 5,555.74, and the Nasdaq Composite dropped by 10.22 points (0.06 percent) to 17,997.35. Tesla shares decreased by 2 percent in regular trading and an additional 8 percent in after-hours trading, while Alphabet’s shares saw a modest increase of 0.1 percent.

ITC Shares Top ₹500 As Budget 2024 Keeps Tobacco Taxes Steady; Jefferies Upgrades To Buy

July 24, 2024, 12:40 pm

ITC shares surged by nearly 4% on July 24, surpassing the ₹500 mark for the first time. This rise continues the momentum from the previous day’s 5.5% rally, fueled by favorable developments in the Indian Budget 2024. Finance Minister Nirmala Sitharaman’s decision to leave tobacco taxes unchanged has been a key driver of this boost. Bro ITC shares surged by nearly 4% on July 24, surpassing the ₹500 mark for the first time. This rise continues the momentum from the previous day’s 5.5% rally kerage firm Jefferies responded by upgrading ITC’s stock rating to a “buy,” setting a target price of ₹585, which implies a potential upside of 15.5%. The stock hit a new intra-day high of ₹510.60.

Over the past year, ITC’s stock has increased by 10.5%, including a 4.4% gain in the last month alone. Notably, the stock has climbed over 19% in July and nearly 28% from its 52-week low of ₹399.30 recorded on March 12, 2024. The unchanged tobacco taxation, following last year’s 16% hike in the National Calamity Contingent Duty (NCCD), has been a relief for ITC, helping it to become one of the top performers on the Nifty 50 and Sensex indices.

Jefferies remarked that “no news is great news” for ITC, emphasizing that the stability in tobacco taxes and likely unchanged GST rates until March 2026 are significant positives for the company. Additionally, the demand outlook for the staple sector, including ITC’s non-tobacco segments like FMCG and agriculture, is improving. The Finance Minister’s announcement of a 12% increase in the rural budget allocation is expected to bolster rural demand, benefiting ITC’s diverse business portfolio.

Furthermore, the Budget’s introduction of higher tax rates under the New Tax Regime, alongside an increase in standard deductions from ₹50,000 to ₹75,000, is anticipated to result in net tax savings of around ₹17,500 for individuals. This is expected to boost spending in the FMCG sector, benefiting companies like HUL, Dabur, Nestle, and, of course, ITC.

Overall, the Budget 2024 announcements have positioned ITC shares for potential growth, as investors respond positively to the stability in taxation and favorable market conditions.

Budget 2024: Top Performing And Struggling Sectors In The Stock Market

July 24, 2024, 10:36 am

Domestic brokerage firm Emkay Global has praised the Union Budget 2024, describing it as ‘solid’ and emphasizing its policy continuity and commitment to fiscal consolidation. The firm noted that the budget maintained the fiscal consolidation path and continued to focus on capital expenditure.

The brokerage mentioned that a minor hike in capital gains tax is not significant, while the introduction of direct incentives for employment is a substantial measure. Regarding the stock market, Emkay Global expressed caution, stating, “The stock market is vulnerable at these valuations and could correct in the short term. Our favored sectors are FMCG, IT, and consumer durables, while we remain negative on industrials and financials.”

Emkay Global also pointed out that the upcoming earnings season might be lackluster, with moderate topline growth and diminishing margin benefits. The firm added that rate cuts are at least 1-2 quarters away and noted that valuations are stretched at 21.4 times the 1-year forward P/E of Nifty, with no imminent upgrades.

The brokerage noted that the increase in Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) taxes has been minimal and is not a major concern, though the tax on buybacks could negatively impact payouts. It also observed that the increase in Securities Transaction Tax (STT) on derivatives is minor. “Overall, the increase in taxes on capital markets has not been severe and is unlikely to affect market valuations materially,” it added.

Emkay Global sees potential growth for retail, Non-Banking Financial Companies (NBFCs), and Microfinance Institutions (MFIs). The firm explained, “Half the windfall gain from the RBI dividend was diverted to revenue expenditure, with transfers to states being the most prominent expenditure head. We see both as positive and addressing the K-shaped post-Covid recovery. Our positive stance on FMCG and two-wheelers is reinforced by these moves.”

Additionally, Emkay Global highlighted two budget positives: the jewelry sector, which will benefit from a cut in gold import duties, and battery manufacturers, who are likely to gain from lower import duties on critical metals.

“Capital market participants were hit by the CGT and STT hikes, but the impact is negligible. There was a relief rally in some stocks, as there were expectations of more severe measures, especially on derivatives trading,” the firm concluded.

‘Purvodaya’ Plan: How Will It Benefit The Growth Of Bihar, Jharkhand, And 3 Other States?

July 24, 2024, 10:27 am

Union Finance Minister Nirmala Sitharaman announced on Tuesday the introduction of the ‘Purvodaya’ plan, aimed at the comprehensive development of five key states: Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. This initiative is seen as pivotal for the continued support of the NDA government.

“The states in the eastern part of the country are rich in endowments and have strong cultural traditions,” Sitharaman said in her statement about the budget. The ‘Purvodaya’ plan, she explained, will focus on human resource development, infrastructure enhancement, and creating economic opportunities, with the goal of transforming the region into a driving force for a ‘Viksit Bharat’ (Developed India).

Prime Minister Narendra Modi also emphasized the significance of this plan, noting that it would bring new momentum and energy to the development of the country’s eastern region. He highlighted that the plan would advance critical infrastructure projects, including highways, water projects, and power projects.

Union Home Minister Amit Shah echoed these sentiments, stating that the ‘Purvodaya’ scheme aims to provide fresh impetus to the region’s development. He highlighted that the initiative would invigorate infrastructure, human resources, employment, and economic opportunities, positioning these states as crucial players in building a developed and self-reliant India.

The selection criteria for these five states under the ‘Purvodaya’ plan have not been explicitly detailed. The concept of ‘Purvodaya’ was first introduced by Prime Minister Modi in 2015, following the dedication of an Indian Oil Corporation Limited refinery in Paradip.

Through the ‘Purvodaya’ plan, the government aims to harness the untapped potential of the eastern states, leveraging their rich cultural heritage and natural endowments to spur holistic development and economic growth.

Will the Budget 2024 Make You Richer or Poorer? Key Factors That Will Affect Your Finances

July 24, 2024, 10:18 am

As soon as the Budget 2024-25 announced, the middle class is keenly examining how it will affect their financial situation. Key factors influencing this include individual income levels, the chosen tax regime, and the nature of their investments.

A significant change announced by Finance Minister Nirmala Sitharaman is the adjustment of tax slabs and an increase in the standard deduction to Rs 75,000. This adjustment will result in an annual tax saving of Rs 17,500. Additionally, since this reduction also lowers the health and education cess by Rs 700 (which is 4% of Rs 17,500), the total savings come to Rs 18,200.

Who Benefits from the New Tax Regime?

Under the new tax regime, the enhanced standard deduction and updated tax slabs provide relief for many middle-class taxpayers. For example, those earning up to Rs 7.75 lakh per year can now avoid paying any taxes.

Here’s the breakdown: Income up to Rs 3 lakh remains tax-free. Income between Rs 3 lakh and Rs 7 lakh is taxed at 5%. Thus, someone earning Rs 7 lakh would face a tax liability of Rs 20,000. However, a rebate of Rs 25,000 under Section 87A nullifies this tax. Including the new standard deduction of Rs 75,000 ensures that individuals with incomes up to Rs 7.75 lakh will pay no taxes.

Old Tax Regime Remains Unchanged

The old tax regime has not been altered by Budget 2024. For those sticking with this regime, the new tax slab changes do not apply. The old regime may still be more advantageous for individuals who claim deductions such as HRA, LTA, 80C, and 80D. Conversely, the new tax regime might be more beneficial for those who do not use these deductions.

Changes to Capital Gains Taxes

The Budget also introduces adjustments to capital gains taxation. Short-term capital gains from equities will now face a 20% tax rate, up from the previous 15%. For instance, if you earn Rs 2 lakh from equities in a year, the tax due will increase from Rs 30,000 to Rs 40,000.

Moreover, the treatment of long-term capital gains has been revised. Although the tax rate on these gains has been reduced from 20% to 12.5%, the benefit of indexation (which adjusted for inflation) has been eliminated. For example, if you purchased a property for Rs 1 crore five years ago and sell it for Rs 1.2 crore today, the removal of indexation means you will face a tax of Rs 2.5 lakh on a gain of Rs 20 lakh, whereas previously, inflation adjustment might have allowed for no capital gains tax.

India’s Budget 2024 Praised for Job Creation Focus: USISPF President Mukesh Aghi

July 24, 2024, 8:38 am

Commending India’s Union Budget 2024, Mukesh Aghi, President and CEO of the US-India Strategic Partnership Forum, praised it as a balanced budget focused on job creation. Aghi highlighted the goal of reducing the fiscal deficit from 5.3% to 4.9%, calling it a responsible approach.

“It’s a pretty balanced budget. From a macro perspective, the focus is to bring the deficit from 5.3 per cent to 4.9 per cent. So that’s a very responsible budget. The budget focuses on job creation, skills in attracting FDI to create more jobs,” he told ANI.

A significant portion of the budget is allocated to first-time wage earners and skill development. Aghi noted that only 51% of graduates are currently skilled enough for the workforce, compared to 34% a decade ago. The government aims to improve this percentage through substantial investments in skill development.

“So the government has made a lot of effort and progress, but I think we have to go beyond 51 per cent and that’s where the whole investment is going to take place. But more important is that by reducing the income tax on foreign companies by 5 per cent, that’s going to attract multinationals to come in and invest more in India,” he added.

Aghi further mentioned the goal of increasing Foreign Direct Investment (FDI) from USD 70 billion to USD 110 billion annually. This influx of capital is expected to create more jobs, reinforcing the budget’s focus on employment.

Noting that 65% of India’s population is below 35, Aghi emphasized the need to make the workforce more productive. Currently, about 50% of the workforce is in agriculture, which contributes only 15% of the GDP. He stressed the importance of skilling the workforce to compete globally, with investments in Industrial Training Institutes (ITIs) and other centers to ensure graduates are work-ready.

Finance Minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25 on Tuesday during the Budget Session of Parliament. She makes history as 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.

FM Sitharaman, in her seventh consecutive Union Budget for 2024-25, outlined key priorities aimed at fostering economic growth and creating ample opportunities. The priorities include Productivity and Resilience in Agriculture, Employment and Skilling and services.

“I think the focus is job creation and that’s where the budget is focused on,” Aghi concluded.

Were Congress’ ‘Pehli Naukri Pakki’ Proposals Reflected In The Budget’s Job Plans?

July 24, 2024, 1:06 am

The Congress has alleged that Finance Minister Nirmala Sitharaman borrowed elements from its 2024 Lok Sabha election manifesto, specifically the apprenticeship program named pehli naukri pakki (first job guaranteed).

Congress party president Mallikarjun Kharge labeled it a “copy and paste budget”, while party leader Jairam Ramesh accused Sitharaman of ‘taking a leaf’ from the Congress manifesto.

Ramesh wrote on X, “The finance minister has taken a leaf out of the INC’s Nyay Patra 2024, with its internship programme clearly modelled on the INC’s proposed Apprenticeship Program that was called Pehli Naukri Pakki.”

But what was the Congress’s election promise? Did the Budget take inspiration from it?

Let’s take a closer look:

What was the election promise?

According to the Indian Express, the Congress had developed a “right to apprenticeship program” entitled pehli naukri pakki (first job guaranteed).

The Congress pledged that every degree or diploma holder under the age of 25 would receive apprenticeship training with a private or public sector company.

This would ensure they earn at least Rs 1 lakh per year.

“The apprenticeship will impart skills, enhance employability and provide full-time job opportunities for millions of youth,” the Congress manifesto stated.

“We brought MNREGA which benefitted lakhs of people. Pehli naukri pakki is going to be a scheme like that,” Rahul said at a rally in Rajasthan, as per Hindustan Times.

The Congress also vowed to establish “a new employment-linked incentive (ELI) scheme for corporates.”

“The Congress will reform the production-linked incentives (PLI) scheme to target specific sectors that can create thousands of jobs by making India one of the top 5 producers in the world in that sector. We will introduce a new employment-linked incentive (ELI) Scheme for corporates to win tax credits for additional hiring against regular, quality jobs,” the manifesto read.

Did the Budget draw from it?

On Tuesday, Sitharaman announced a “comprehensive scheme for offering internship opportunities.”

“As the fifth scheme under the Prime Minister’s package, our government will launch a comprehensive scheme for providing internship opportunities in 500 top companies to one crore youth in five years. They will gain exposure for 12 months to real-life business environments, varied professions and employment opportunities,” Sitharaman said.

According to NDTV, Sitharaman announced an internship allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000.

She mentioned that companies would cover the cost of training and allocate 10 percent of their internship expenses from their corporate social responsibility (CSR) funds.

Sitharaman also introduced other employment schemes, including a one-time allowance for new private sector employees.

This includes providing Rs 15,000 in three installments to those earning up to Rs 1 lakh per month.

Sitharaman stated that the scheme would benefit 2.1 crore youth.

Additionally, she offered an incentive to employers in the manufacturing sector for hiring first-time employees.

“An incentive will be provided at a specified scale directly to the employee and employer with respect to the EPFO contribution in the first four years of employment. This scheme is expected to benefit 30 lakh youth… and their employers,” Sitharaman was quoted as saying by Indian Express.

“All additional employment within a salary of Rs 1 lakh per month will be counted,” she added.

She stated that the Centre would reimburse employers up to Rs 3,000 per month for two years towards the EPFO contribution for each additional employee.

According to the Indian Express, the government also announced the establishment of working women hostels to boost women’s participation in the workforce.

This initiative was also included in the Congress manifesto.

“In partnership with state governments, the Central government will double the number of working women hostels in the country, with at least one Savitribai Phule Hostel in each district,” the Congress manifesto had stated.

Congress slams Sitharaman

“The Finance Minister has taken a leaf out of the INC’s Nyay Patra 2024, with its internship program clearly modelled on the INC’s proposed Apprenticeship Program that was called Pehli Naukri Pakki. However, in their trademark style, the scheme has been designed to grab headlines, with arbitrary targets (1 crore internships) rather than a programmatic guarantee for all diploma holders and graduates, like the Indian National Congress had envisioned,” Congress communications head Jairam Ramesh said.

Congress leader P Chidambaram also entered the debate.

“I am also happy that she has introduced the Apprenticeship scheme along with an allowance to every apprentice spelt out on page 11 of the Congress Manifesto. I wish the FM had copied some other ideas in the Congress manifesto,” Chidambaram said.

Budget halved for farmers in 5 years, income won’t double – Dushyant Chautala

July 23, 2024, 10:59 pm

Former Deputy Chief Minister of Haryana Dushyant Chautala has called the budget presented by the Central Government as a management budget to save the Central Government and not a budget in the interest of the common man. He said that the Union Budget has focused only on Andhra Pradesh and Bihar and the state of Haryana has been completely ignored. He said that this is the worst budget ever.

Former Deputy CM Dushyant Chautala said that the NDA government of the country has not only discriminated against the states but this budget has disappointed every section including the poor, farmers, laborers, youth. Dushyant Chautala said that the BJP, which has been running the central government for 10 years, has not made any mention of giving permanent jobs to the youth in the budget, the youth have only been misled by giving them the assurance of loans. He said that the government neither paid any special attention to the higher education of the youth in the budget nor did it make any provision for digital library etc. towards improving the education system at the rural level.

Dushyant Chautala said that for the last five years, the Modi government has been continuously reducing the agriculture budget, which today seems to be half as compared to the year 2019. He said that in 2019, there was a provision of 5.44 percent of the total budget for agriculture, which has been reduced to around three percent this time. The former Deputy CM said that due to the low agriculture budget, the government will not be able to implement any major scheme for farmers in the future, in such a situation how will the income of farmers double? Dushyant Chautala said that the limit of Kisan Credit Card for farmers has not been increased by the government, which should have been increased from three lakh to 10 lakh in the interest of farmers.

Former Deputy CM Dushyant Chautala said that by not giving any special exemption in income tax, the central government has broken the back of the employees and the middle class. He said that the budget is only a shadow of slogans because the public is troubled by inflation and the government is busy hiding the real figures of inflation with slogans. Further, Chautala said that the government has not taken any step in the budget to guarantee a safe market to MSMEs in the direction of promoting India’s products abroad, which is a setback for small entrepreneurs. He also said that the marginal increase in the budget of the Sports Ministry by the Central Government is insufficient to promote sports.

Budget disappointed Haryana, and The Country – Hooda

July 23, 2024, 10:54 pm

Former Chief Minister and Leader of Opposition Bhupinder Singh Hooda has criticized the Union Budget, stating that Haryana is deeply disappointed as the budget makes no mention of the state. Hooda claimed the budget has also failed to address the concerns of farmers, small traders, the middle class, the poor, and housewives, who are suffering from ongoing inflation and heavy taxes without any relief.

He noted that the budget did not address the issue of MSP (Minimum Support Price) guarantee, and there was no increase in the Kisan Samman Nidhi amount. Hooda highlighted that the number of Kisan Samman Nidhi beneficiaries has decreased from 11.39 crore in June 2022 to 9.26 crore.

Hooda also criticized the budget for lacking a clear plan to tackle unemployment, calling the BJP’s budget presentation a mere formality. He added that without providing relief to the common man, the government is exacerbating the country’s debt, which has increased by 10% this time.

Union Budget 2024: Finance Minister Nirmala Sitharaman Delivers Smallest Speech In The Parliament

July 23, 2024, 9:44 pm

Breaking veteran Finance Minister Morarji Desai’s record in presenting the union budget, finance minister Nirmala Sitharaman presented 7th union budget consecutively.

But this year in 2024, FM Nirmala Sitharaman donning white and pink saree, has given smallest speech in union budget today. The duration of her speech was 1 hour 25 minutes. It stood at 86 minutes.

Earlier while presenting the interim budget in February, Sitharaman’s duration of speech was 56 minutes.

According to Deccan herald report, the duration of her maiden speech was 10,965 words, but this time, the 2024 speech consisted of 5,271 words.

But in the year 2020, her budget speech in February was the longest, which was more than 2 hours 40 minutes. Despite her speech being long, it was forced to be trimmed by two pages. It still managed to cross 2 hours 40 minutes duration.

Length Of Nirmala Sitharaman Union Budget Speech Over The Years

2019- 2 Hours 15 Minutes

2020- 2 Hours 42 Minutes

2021- 1 Hour 40 Minutes

2022- 1 Hour 30 Minutes

2023- 1 Hour 27 Minutes

Brief Highlight Of Union Budget 2024

Meanwhile recently in her budget speech, finance minister announced some major decisions this year.

Nirmala Sitharaman has presented nine important priorities in Union Budget 2024-25 which primarily focuses on productivity in agriculture, employment and skill, inclusivity in human resource development and focusing on social justice, manufacturing & services, urban development, energy security, infrastructure, innovation, research & development and another set of reforms.

Harsh Goenka Praises Budget 2024 as ‘Detailed and Well-Researched’

July 23, 2024, 6:07 pm

Harsh Goenka, chairman of RPG Enterprises, has lauded the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman. He described the budget as “meticulous, detailed, and well-researched,” praising it for addressing the needs of the common man.

Goenka’s Comments on Social Media

After a world cup win by the men in blue, a match winning budget by FM Sitharaman for Team India – focusing on common man’s interests. Meticulous, detailed and well researched, ingraining the pulse of the country, under an experienced Captain’s leadership.#Budget2024 #Inclusion

— Harsh Goenka (@hvgoenka) July 23, 2024

On social media platform X, Goenka drew a parallel between the budget and a recent cricket World Cup victory, stating: “After a world cup win by the men in blue, a match-winning budget by FM Sitharaman for Team India – focusing on common man’s interests. Meticulous, detailed and well-researched, ingraining the pulse of the country, under an experienced Captain’s leadership.”

In the midst of rain all around, FM holds up an umbrella for all, though the market ends up getting some splashes!#Budget2024

— Harsh Goenka (@hvgoenka) July 23, 2024

In a follow-up post, he commented: “In the midst of rain all around, FM holds up an umbrella for all, though the market ends up getting some splashes!”

Public Reactions to Goenka’s Posts

Goenka’s posts sparked a variety of reactions from social media users:

One user questioned, “But once again, at the cost of the salaried and middle class?”
Another asked if Goenka’s praise was sarcastic.
A third user criticized the budget, calling it “boring, lifeless, and meaningless,” echoing BharatPe co-founder Ashneer Grover’s sentiments.
Another commented on the high taxes and additional charges, expressing frustration about the overall tax burden.

Highlights from Budget 2024

In her seventh consecutive Union Budget presentation, Finance Minister Nirmala Sitharaman announced several key measures:

Reduction of basic customs duty (BCD) on mobile phones, mobile chargers, gold, silver, and other items.
Exemption of BCD for three cancer treatment medicines.
Allocation of ₹2 lakh crore for job creation over five years and launch of three new employment-linked incentive schemes.
Revision of tax slabs under the new regime, with the standard deduction for salaried employees increased from ₹50,000 to ₹75,000.
The nine priorities of the Budget include productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms.

Overall Impact

While Goenka’s praise highlights positive aspects of the Budget 2024, the varied public responses reflect ongoing debate about its effectiveness and impact on different segments of society.

Kharge Criticizes Budget as a “Copycat” Attempt to Save Government

July 23, 2024, 5:58 pm

Congress President Mallikarjun Kharge sharply criticized the NDA government on Tuesday, calling the recently presented Budget a “copycat budget” and accusing the BJP of failing to properly replicate the Congress party’s Nyay Patra justice guarantee.

In a post on X (formerly Twitter), Kharge, who also serves as the Leader of Opposition in the Rajya Sabha, stated, “Modi government’s ‘copycat budget’ could not even copy Congress’ justice guarantee properly.”

Kharge derided the government for what he described as half-hearted “rewadis” (rewards) intended to deceive coalition partners and ensure the NDA’s survival. “This is not a budget for the ‘progress of the country’; it is a ‘save Modi government’ budget,” he said.

He pointed out that after a decade in power, the government has made only limited announcements for the youth, who are still waiting for the promised two crore jobs per year. Kharge criticized the superficial promises made to farmers, including the one-and-a-half times MSP and income doubling, calling them electoral frauds. He also accused the government of having no real plan to increase rural wages.

The Congress leader further argued that there is no groundbreaking scheme for Dalits, Adivasis, backward classes, minorities, the middle class, or the rural poor, unlike those implemented by the Congress-UPA. “The word ‘poor’ has become just a branding tool with no substantial content,” he said, adding, “There is nothing in this budget to enhance women’s economic capacity or increase their participation in the workforce.”

Kharge also claimed that the government is celebrating rising inflation while robbing people of their hard-earned money and distributing it among capitalist friends. He noted that less money has been allocated to agriculture, health, education, public welfare, and tribals than what was originally budgeted, suggesting these are not BJP priorities. “Similarly, Rs 1 lakh crore less has been spent on capital expenditure; how will jobs increase?” Kharge asked.

He further criticized the government for discussing various sectors such as urban and rural development, infrastructure, manufacturing, MSME, and EV schemes without making any significant announcements. Regarding Indian Railways, Kharge lamented that railway accidents continue, train services are disrupted, and the number of coaches has been reduced, yet the budget made no mention of these issues or provided any accountability.

Kharge also questioned the government’s handling of the census and caste census, noting that this is the fifth budget presented without addressing these matters. “This is a shocking and unprecedented failure, contrary to democracy and the Constitution,” he said.

Targeting Prime Minister Narendra Modi, Kharge recalled Modi’s claim on May 20, 2024, that “We already have a 100-day action plan.” “If the action plan was in place two months ago, it should have been reflected in the budget. There is no plan in the budget; the BJP is merely engaged in deceiving the public,” Kharge added.

These remarks followed the presentation of the first budget of the NDA 3.0 government by Union Finance Minister Nirmala Sitharaman on Tuesday.

Opposition Criticizes Government Over Andhra Pradesh, Bihar Bonanza

July 23, 2024, 4:50 pm

Minutes after Union Finance Minister Nirmala Sitharaman unveiled the Modi administration’s 3.0 Budget 2024, the opposition slammed the BJP-led NDA government for appeasing allies N. Chandrababu Naidu and Nitish Kumar.

Rahul Gandhi, the Congress leader, accused the Modi administration of using the budget to “appease allies” for the “kursi bachao” scheme.

“Kursi Bachao” Budget. Appease Allies: Make empty promises to them at the expense of other states. Appease Cronies: Benefits for AA but little alleviation for the average Indian. – Copy & Paste: Congress Manifesto and Previous Budgets.”

Mamata Banerjee’s Trinamool Congress criticized the government’s “Andhra-Bihar Budget!”. The party described the Union Budget as an opportunity to save power. “Kursi bachane ki akhri prayas!” it announced.

“This BUDGET is a complete failure with ZERO WARRANTY, presented by a FAILED FINANCE MINISTER OF A FAILED GOVERNMENT. Instead of tackling urgent issues like unemployment, rising prices and growing inflation, the BJP has crafted a budget to bribe its coalition partners and buy time before the government IMPLODES!” TMC’s Abhishek Banerjee added.

Kursi bachane ka akhri prayas!#Budget2024 pic.twitter.com/HFpPEqisOO

— All India Trinamool Congress (@AITCofficial) July 23, 2024

“There is an English proverb which says that the tail wags the dog, and that’s the political message of this Budget,” Congress leader Manish Tiwari said.

Tharoor and Chidambaram Praise Angel Tax Abolition But Criticize Budget’s Overall Impact

July 23, 2024, 4:02 pm

Congress leaders Shashi Tharoor and P Chidambaram expressed mixed reactions to Finance Minister Nirmala Sitharaman’s recent Budget announcement. While they criticized the overall approach, they found one aspect particularly commendable.

Shashi Tharoor, a prominent Congress MP, labeled the Budget as lackluster, criticizing it for not addressing significant issues affecting the common man. He noted the absence of important topics such as the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) and questioned the government’s commitment to improving income levels.

Tharoor deemed the employment initiatives in the Budget as inadequate, describing them as mere “token gestures.” However, he was supportive of Sitharaman’s decision to abolish the angel tax, a move Tharoor had long advocated.

Similarly, P Chidambaram, a former finance minister, acknowledged the positive step of eliminating the angel tax. He highlighted that this provision was part of the Congress party’s manifesto, suggesting that Sitharaman’s move echoed some of the Congress’s previously proposed ideas.

Chidambaram also pointed out other manifesto proposals like the Employment-linked Incentive (ELI) and an apprenticeship scheme that were incorporated into the Budget. He expressed regret that other key suggestions from the Congress manifesto were overlooked.

Both leaders’ responses reflect a broader sentiment of cautious approval mixed with disappointment regarding the Budget’s broader scope and effectiveness.

Rahul Gandhi Takes A Jab At FM Sitharaman’s Budget: ‘To Appease…’

July 23, 2024, 3:57 pm

On Tuesday, Leader of Opposition Rahul Gandhi criticized Finance Minister Nirmala Sitharaman’s Union Budget, claiming it was intended to appease the BJP’s allies and “cronies.”

The Congress leader labeled the budget as the “Kursi Bachao” Budget, alleging that it was copied from the Congress party’s Lok Sabha election manifesto.

“Kursi Bachao Budget. Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets,” Rahul Gandhi posted on X.

Other Congress leaders also echoed the sentiment that the Budget was plagiarized.

“I am glad to know that the Hon’ble FM has read the Congress Manifesto LS 2024 after the election results. I am happy she has virtually adopted the Employment-linked incentive (ELI) outlined on page 30 of the Congress Manifesto. I am also happy that she has introduced the Apprenticeship scheme along with an allowance to every apprentice spelt out on page 11 of the Congress Manifesto. I wish the FM had copied some other ideas in the Congress Manifesto. I shall shortly list the missed opportunities,” Congress leader P Chidambaram wrote on X.

Congress leader Jairam Ramesh critiqued the employment scheme as being “designed to grab headlines rather than a programmatic guarantee.”

“The Finance Minister has taken a leaf out of the INC’s Nyay Patra 2024, with its internship program modeled on the INC’s proposed Apprenticeship Program that was called Pehli Naukri Pakki,” Jairam Ramesh posted on X. “However, in their trademark style, the scheme has been designed to grab headlines, with arbitrary targets (1 crore internships) rather than a programmatic guarantee for all diploma holders and graduates, like the Indian National Congress had envisioned,” he added.

On the other hand, Union Home Minister Amit Shah praised the Budget as being pro-people and pro-development.

“The Budget 2024-25 not only exemplifies Bharat’s newfound sense of purpose, hope and optimism under the PM Modi Ji-led NDA government but also fortifies them. Harnessing the power of Bharat’s youth, Nari Shakti, and farmers, the budget fuels the nation’s pace on the path of emerging as a developed nation by ushering in a new era of employment and opportunities,” he wrote on X.

Amit Shah also commended Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the Budget.

In response to the rejection of ally JD(U)’s demand for special status for Bihar, the Central government made several announcements for the state.

Ashneer Grover Slams Budget 2024 As “Boring” And “Meaningless”

July 23, 2024, 3:55 pm

BharatPe co-founder Ashneer Grover didn’t hold back in his criticism of Budget 2024, which was presented by Finance Minister Nirmala Sitharaman. He described the budget as “boring, lifeless, and meaningless.” According to Grover, the budget failed to make an impact and was not worth paying attention to.

In a post on X (formerly Twitter), Grover expressed his frustration by comparing the budget to watching yet another Ambani wedding. He said, “Instead of presenting this Budget, they could have just said, ‘I’m not feeling up to it right now—let’s see if we can do something next time if needed.’” Grover suggested that watching another Ambani wedding would have been a better way to spend time than listening to the budget announcement.

Grover’s comments highlight his disappointment with the budget’s content and delivery. He felt that the budget lacked substance and failed to address important issues, making it less engaging and meaningful.

Take a look at Ashneer Grover’s post here:

Budget 2024 – ‘Boring, Lifeless and Meaningless’.

Instead of delivering this budget they could’ve just said – “Iss baar man sa nahi kar raha – agli baar dekh lenge agar kuchh karna hai toh”.

Actually watching yet another Ambani wedding function over this – would’ve been more…

— Ashneer Grover (@Ashneer_Grover) July 23, 2024

Budget 2024: Over ₹3 Lakh Crore Allocated For Benefit Of Women And Girl

July 23, 2024, 3:19 pm

Finance Minister Nirmala Sitharaman, in her seventh consecutive budget speech, presented the Union Budget 2024-25 on Tuesday in the Lok Sabha. She announced a substantial allocation of more than ₹3 lakh crore for schemes benefiting women and girls, underscoring the government’s commitment to promoting women-led development.

Key Highlights for Women’s Development:

Sitharaman emphasized that the significant budgetary allocation is a clear signal of the government’s dedication to enhancing the role of women in economic development. “For promoting women-led development, the Budget carries an allocation of more than ₹3 lakh crore for schemes benefitting women and girls,” she stated.

In a bid to further support women in the workforce, the government plans to collaborate with industry partners to establish working women’s hostels and creche facilities. This initiative aims to create a supportive environment that encourages women’s participation in professional activities and fosters their career growth.

Additionally, this industry-government partnership will launch women-specific skilling programs and promote market access for women-led Self-Help Group (SHG) enterprises, enhancing their economic opportunities.

Social Justice and Inclusive Development:

The budget also reflects the government’s commitment to social justice. Sitharaman announced a saturation approach to cover all eligible individuals through various schemes, focusing on health and education. The objective is to achieve inclusive human resource development, a core priority of the Union Budget 2024-25.

“Our government is committed to all-round, all-pervasive, and all-inclusive development of people, particularly farmers, youth, women, and the poor,” Sitharaman remarked. She highlighted the increased implementation of schemes supporting economic activities by craftsmen, artisans, SHGs, SC/ST and women entrepreneurs, and street vendors, including PM Vishwakarma, PM SVAnidhi, NRLM, and Stand-Up India.

Urban Development Initiatives:

Under urban development, the government has encouraged the moderation of high stamp duty by all states for urban-related development. Additionally, it has called for further reduction of duties for properties purchased by women, facilitating easier property ownership and investment for women.

Budget 2024: What’s Cheaper, What’s Costlier? | Complete List

July 23, 2024, 3:18 pm

Finance Minister Nirmala Sitharaman introduced the Union Budget 2024 on Tuesday, using a bottom-up approach. The Budget aimed to make medications more cheap, particularly for cancer patients, and contained initiatives to decrease customs charges on precious metals, decreasing the rate to 6% for gold and silver and 6.5% for platinum.

Meanwhile, communications equipment and plastic items are expected to grow more expensive.

“PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, I propose to raise the BCD on them from 10 to 25%,” she added.

-Here’s a list of things that got cheaper:

Exempted three cancer drugs from customs taxes.
Reduced BCD to 15% on mobile phones, PCBA, and mobile chargers.
Reduced customs charge on gold and silver to 6%, and platinum to 6.5 percent.
Reduced BCD on fish feed and shrimp to 5%.
Exemption from customs duty on 25 key minerals.

-Here’s a list of products that will become pricey:

BCD increased from 10% to 15% on PCBA of specific telecom equipment.
BCD increased from 10% to 25%.