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Rajasthan CM highlights public welfare budget for ‘Developed Rajasthan’

February 21, 2025, 10:19 pm

A meeting of the Legislature Party was held in the Rajasthan Assembly on Friday under the chairmanship of Chief Minister Bhajan lal Sharma. In a recent meeting with the Legislature Party, the Chief Minister emphasized that the state government has presented a budget focused on public welfare and aimed at realizing the vision of a “developed Rajasthan-2047.” He stressed that the government is committed to empowering every section of society and ensuring that every budget announcement directly benefits the common man.

The Chief Minister further informed the MLAs that on Saturday and Sunday, all Ministers and Secretaries in charge of districts would visit their respective areas to oversee the implementation of the budget announcements. He urged the MLAs to remain in their constituencies, spread awareness about the budget’s provisions, and address the issues faced by the common people. He reminded the MLAs that the government is people-centric, and their sole mission is to serve the public.

Additionally, the Chief Minister outlined key initiatives for the future, including the promise of four lakh government jobs for youth. In the coming year, 1.25 lakh government posts will be filled, and the private sector will generate employment for 1.5 lakh youth. He also highlighted significant plans under the 2025-26 budget, including the target of making 20 lakh women “Lakhpati Didi” through the Rajivika Mission, the establishment of the Vivekananda Employment Assistance Center with a Rs 500 crore investment, and the introduction of the Rajasthan Employment Policy 2025 to support youth development and welfare. These efforts, along with various other decisions, aim to fulfill the dreams of the youth and ensure their well-being.

CM said that for the first time the Green Budget has been presented by the state government. In this budget, various announcements have been made including increasing the amount of Pradhan Mantri Kisan Samman Nidhi for farmers to Rs 9 thousand, giving additional bonus of Rs 150 per quintal on MSP of wheat, doubling the number of insured livestock farmers in the Chief Minister Mangala Pashu Bima Yojana. He said that in view of the immense possibilities of tourism, budgetary provisions have also been made to develop heritage tourism, night tourism, rural tourism, tribal tourist circuits.

The Chief Minister said that various budgetary provisions have been made including the formation of Maa Kosh of Rs 3,500 crore for free checkup and medicine for the general public, providing milk to children aged 3 to 6 years in Anganwadi for 5 days a week, establishment of MLA Jan Sunwai Center in every assembly constituency, road construction and improvement with Rs 5 thousand crore, launch of Chief Minister Jal Jeevan Mission Urban to provide tap water in urban areas. Sharma said that this budget is based on the principle of ‘Sabka Saath, Sabka Vikas’ and will lead Rajasthan towards making it a prosperous and inclusive state. During this, Parliamentary Affairs Minister Jogaram Patel, Chief Whip Jogeshwar Garg, ministers and MLAs were present.

MCD unveils Rs 17,266 Cr Budget for 2025-26

February 13, 2025, 11:16 pm

The Municipal Corporation of Delhi (MCD) Commissioner Ashwini Kumar on Thursday presented an estimated budget of Rs 17,266 crore for the financial year 2025-26 during a special budget meeting, as per a press release.

The revised budget estimate for 2024-25 was also tabled for discussion before final approval today.
During the special budget meeting, Commissioner Ashwini Kumar outlined key allocations across various sectors. As per the proposed budget, the education sector has been allocated Rs 1,693.73 crore, while the healthcare sector is set to receive Rs 1,833.51 crore. Additionally, Rs 393.26 crore has been earmarked for the horticulture department, reflecting the corporation’s commitment to enhancing green spaces and urban landscaping across Delhi.

Highlighting key initiatives, the Commissioner emphasised waste management efforts, stating that Delhi generates approximately 6,000 tonnes of construction waste daily.

To tackle this, MCD has set up plants with a total capacity of 5,000 tonnes at Bakkarwala, Ranikhera, Shastri Park, and Burari, with another plant under construction in Tehkhand.

“Delhi Development Authority (DDA) has given 47.348 acres of land to the corporation, out of which an engineering landfill site has been set up on 32.346 acres of land in March 2024. At this place, ash from Tehkhand, Okhla and other power plants is being disposed of.”

“The plants process 6,550 TPD of waste to produce electricity. Apart from this, there is also a proposal to start the work of setting up a waste-to-energy plant of 3600 TPD capacity in Narela-Bawana and a waste-to-energy plant of three thousand TPD capacity is planned to be set up in Ghazipur,” read the statement.

Additionally, bio-methanisation plants, with a capacity to process 200 metric tonnes of organic waste daily, are expected to be operational by March 2025, as per the release.

In the sanitation sector, Kumar noted that MCD has regularised 4,553 sanitation workers and established 308 EV charging stations, with plans to introduce 262 more. The corporation has also removed 105 illegal dumping sites, converting them into clean spaces. A “tree ambulance” initiative has been launched for tree maintenance, with 222 diseased trees treated so far.

On education, the Commissioner reported that MCD runs 1,531 primary schools, 43 grant-aided schools, and 809 recognized institutions, catering to over 7.12 lakh students. In the health sector, MCD operates 13 hospitals, 102 maternal and child welfare centers, 36 urban health centers, and 31 mobile dispensaries.

Regarding revenue, property tax collection for 2024-25 stood at Rs 1,908.06 crore as of January 2025, reflecting an 11.3 per cent increase from the previous year but still short of the Rs 4,300 crore target.
According to Kumar, the parking revenue has also seen steady growth, reaching Rs 145.35 crore by January 28, 2025.
The MCD has further implemented a radio frequency-based road tax collection system at 13 entry points to streamline revenue generation, as per the release.

Budget for an Empowered and Developed India

August 16, 2024, 2:16 am

India, now the world’s most populous nation with over 1.4 billion people, boasts a significant working-age demographic, with about 65 percent of its population between 15 and 64 years. Recognizing this demographic dividend, the Modi government has consistently focused on youth empowerment through initiatives like the Skill India Mission, StartUp India and targeted provisions in the Union Budgets. The Union Budget 2024 explicitly emphasizes on job creation and youth empowerment, crucial for propelling India’s economic growth. Key initiatives include the Production Linked Incentives (PLI) scheme to boost manufacturing and job creation, along with Industry-linked Incentives and the Employment Linked Incentives. Schemes like Pradhan Mantri Kaushal Vikas Yojana, Startup India, Make in India, and Atma-nirbhar Bharat aim to equip youth with skills and opportunities for entrepreneurship. Investments in infrastructure, digital advancements, and education reforms further align with market needs, preparing young Indians for a competitive global economy. The Union Budget 2024 delineates a roadmap to harness India’s demographic dividend, aiming to transform the country’s youthful energy into a powerful driver of economic prosperity and realizing Prime Minister Narendra Modi’s vision of a Viksit Bharat—an empowered and developed India.

The focus of the Union Budget 2024 was to empower youth by job creation, hence, emphasis was laid on creating 8 million jobs annually until 2036. It introduced three ‘Employment Linked Incentive’ schemes: Scheme A -First-time Employment-providing a salary benefit for new EPFO-enrolled employees; Scheme B – Job Creation in Manufacturing-offering EPFO-based incentives to manufacturing employers; and Scheme C – Support to Employers- reimbursing EPFO contributions for workforce expansion. With a total outlay of Rs. 107,000 crores, these schemes highlight the government’s focus on employment generation. The Production Linked Incentive (PLI) Scheme, pivotal in boosting manufacturing and reducing imports, is further strengthened, anticipating over 7 lakh new jobs and fostering innovation and productivity across more sectors. The PLI scheme also supports the MSME sector and women entrepreneurs, contributing to inclusive and equitable growth. These initiatives collectively support PM Modi’s vision which aims to create a dynamic workforce, enhance manufacturing, and boost India’s economic prosperity.

Apart from Incentive linked job creation, the Budget emphasized on skilling and workforce development, which will eventually aid the youth to be self-employed. It introduced a scheme to train 2 million youth over five years and upgrade 1,000 Industrial Training Institutes (ITIs) through a hub-and-spoke model. This initiative, in partnership with state governments and industry, aims to align training with industry needs and emerging technologies like AI and IoT. By enhancing ITI infrastructure and curricula, and focusing on high-demand skills, the Budget focused on fostering innovation and entrepreneurship among youth. This modernization aims to address the evolving job market needs by equipping students with practical skills and knowledge relevant to emerging technologies. By fostering collaboration between industry and educational institutions, supporting research, and encouraging private sector investment, the initiative seeks to bridge the gap between education and employment, enhance job creation, and contribute to economic growth.

Not only this, but also the Budget addressed the need to enhance apprenticeships by introducing an initiative to offer internships to 10 million youth across 500 top companies. These year-long internships will provide hands-on experience, industry-relevant skills, and professional development, with interns receiving a monthly stipend of Rs 5,000 and a one-time aid of Rs 6,000. Companies will contribute through their CSR Budgets, aligning with Section 135 of the Companies Act 2013. The aim of this program is to bridge the skills gap, improve employability, and foster a culture of experiential learning, ensuring young people gain valuable experience and skills that meet industry needs. By integrating CSR funds and involving diverse sectors, the initiative supports the transition from education to employment and contributes to the vision of Viksit Bharat by creating a skilled, adaptable workforce for future economic growth.

Education has always been a prime focus of the Modi Government and therefore the Union Budget introduced the Model Skill Loan Scheme which aligns with the vision of Viksit Bharat. The Scheme offers loans up to Rs 10 lakh for higher education with government-backed guarantees and interest subvention of 3% through e-vouchers. This initiative aims to make higher education more accessible and affordable by reducing financial barriers and providing substantial support to 100,000 students annually. By enabling access to quality education across various fields, the scheme addresses educational inequality and fosters a skilled, versatile workforce. The Union Budget 2024-25 underscores the pivotal role of research and innovation by increasing support for private sector-led initiatives. The Budget allocates substantial funding for research across various fields, establishes new research centers and incubators, and introduces incentives such as tax breaks and grants for companies investing in R&D. These measures aim to foster a culture of innovation, support high-impact research, and encourage private sector participation. The Budget also introduces a dedicated venture capital fund for the space economy, recognizing the potential of space research to drive economic and technological progress. By fostering a culture of discovery and equipping the youth with essential resources, the government aims to position India as a global leader in science and technology, empowering the next generation to lead the country’s future advancements. By creating an environment conducive to breakthroughs and scaling startups, the Budget seeks to enhance India’s global competitiveness and drive economic growth, aligning with the broader vision of making India a leader in technological and economic advancements.

In alignment with its Viksit Bharat vision, India is enhancing international collaboration through the Union Budget 2024-25 by forming partnerships with top global universities and research institutions, initiating joint research projects, and establishing exchange programs for students and faculty. A key proposal is the creation of a Higher Education Commission to oversee and elevate these international collaborations, ensuring that Indian institutions meet and exceed global standards. This focus on global engagement is expected to boost education quality, provide valuable international experience, and expand professional networks for Indian students and researchers. These initiatives are designed to prepare young Indians for a competitive global job market, ultimately strengthening India’s international position and driving innovation and economic growth.

In response to the need for continuous adaptation and skill development, the Union Budget 2024-25 introduces several initiatives to promote lifelong learning. These include funding for adult education programs, online learning platforms, and new skill development opportunities. The Budget supports flexible learning pathways, such as micro-credentials and short-term courses that can be combined into larger qualifications, and recognizes informal and non-formal learning. By investing in lifelong education, the government aims to ensure that all citizens, including the youth, are prepared for future challenges and can contribute to and benefit from India’s progress. This will not only provide job opportunities to the youth in the country but also help them to sustain in their jobs for a longer period of time as well as gain increments and job promotions.

The Budget 2024-25 seemed as a starting point of PM Modi’s vision for 2047 as it dealt with the problem of the youth- the torchbearers of tomorrow’s India. With a strong emphasis on job creation, skill development, and entrepreneurship, the Budget sets a solid foundation for future prosperity through initiatives like the Production Linked Incentive scheme, Pradhan Mantri Kaushal Vikas Yojana, Startup India, and Atma -nirbhar Bharat. By investing in infrastructure, digitization, and vocational training, and focusing on aligning educational outcomes with industry needs, the Budget aims to prepare the youth for an evolving job market and foster innovation. This comprehensive approach positions India to become a global economic powerhouse, ensuring long-term national growth and development.

The author is National Office in Charge, Bharatiya Janata Yuva Morcha

Affordable adventures: Top budget-friendly study abroad options for 2024-25

August 14, 2024, 3:43 am

Studying abroad can provide insightful experiences. Lakhs of Indian students travel overseas each year for their higher studies. A whopping of 7.50 lakh students went to another nation in the year 2022. I have come across many queries where people want to invest in foreign studies but need budget-friendly options. Here is the list of five pocket-friendly countries opted by Indian students.

New Zealand
NZ is a long and narrow country situated in the South Pacific Ocean. It is emerging as a popular study destination among the aspirants. The universities are consistently in the top indices with lots of work benefits. Also, the students can apply for a work permit in order to apply for the permanent residency.
According to the reports of New Zealand Education, 69,135 international students entered the borders to pursue their higher education and shapen their future in the right direction.

Hungary
Hungary has a fascinating history. Also, it is a country enclosed in central Europe. It has become a popular study destination for students from all over the globe. This is because it offers quality education at affordable costs. Talking about the tuition fees at Hungary universities, it ranges between INR 4.5L to 14L per year. Students choose to study here as it is a budget-friendly country with a beautiful landscape.

Malta
An archipelago in Europe. It is one of the affordable European countries to pursue higher education. It is classified as a peaceful country. This makes it a suitable study destination for international students. There are many more reasons to choose Malta for shaping your career in the right direction. This island is student-friendly because of its popular universities and familiar education system. Also, it offers an ideal education system with four age bracket systems.
However, you just have to spend 90 days to extend or convert your study visa into the residence permit. There are two kinds of residence permit for Indian students. The first is the temporary permit and the other is permanent one. Hence, making it a student-friendly nation
Ireland: When talking about budget-friendly nations Ireland is one of the best options.
It is a country known for its rich culture and rocky landscapes. It has become a home to world class universities, international students prefer to study here as the country offers a warm, friendly and welcoming environment. Talking about the cost of living in the country, it is approximately 88,000 INR. Hence, you may consider Ireland as an option, when planning to study abroad.

Germany
Germany cannot be set aside while talking about affordable options to study abroad. It offers one of the best education systems to international students with the lowest of expenses. Moreover, in the last academic year, Germany embraced more than 34,000 Indian scholars.
While attending one of the top colleges in the world, the Indian student has a comfortable stay in Germany with an annual budget of 10,000 EUR, which allows them to maintain a good level of living. In contrast to other developed countries, Germany has a lower cost of living. However, it becomes even better with affordable tuition fees.
In addition to this, students can also select the public institutes in Germany famous for zero tuition fees. These include the University of Bonn, the University of Gottingen, and the Technical University of Berlin.

The author is the Founder of Gradding.com.

Civic bodies fail to address the stray cattle menace in Panchkula

August 12, 2024, 6:06 pm

A budget of several crore allocated by Municipal Corporation of Panchkula has gone down the drain as stray cattle moving on the city roads continue to pose a serious threat for the motorists as well as the morning and evening strollers. To add more to the embarrassment of civil bodies, now the mules and mares have added to the category of animals in addition to bulls, cows, and buffaloes, doting the busy main roads passing through the cities.

According to information, not all the cattle heads and animals are abandoned but the mules and mares are learnt to be owned by slum dwellers who leave them on the streets. So is the case of cows and buffaloes who are released by the dairies operating from within the city limits. Interestingly, the city body officials also blame the officials in neighbouring cities of Zirakpur (Peer Muchalla and Baltana) and UT Chandigarh villages pushing their stray cattle into Panchkula’s territory.

Notably, Panchkula’s erstwhile Municipal Council was formed in January 2000 and even after twenty-four years the problem of stray cattle remains unsolved.

‘The issue is being debated for years now.’ Remarks S K Nayyar, a resident activist, who keeps on highlighting these civil issues. He minced no words in elaborating upon the incidents wherein road accidents involving stray cattle have caused serious causalities.

‘I have to travel to Chandigarh everyday and there was a time where I had to encounter a group of mares and mules at every Panchkula roundabout’ said Anju, a Sector 9 resident, who claimed of hitting her car against a bull.

Meanwhile when contacted Panchkula Mayor Kulbhushan Goyal, he denied the presence of mules and ponies straying on the main roads of the roundabouts, even as The Daily Guardian have seen the mules and ponies grazing and straying near the office of civil bodies in Sector-14, Panchkula.

Mayor Kulbhushan Goyal however claimed that civil bodies are in process to float tenders worth Rs. 1.2 crores to deal with this menace.

Parliament Monsoon Session: Budget Praised and Controversy Erupts

July 31, 2024, 6:32 pm

During today’s Monsoon session in Parliament, Finance Minister Nirmala Sitharaman defended the latest Budget in a spirited address to the Rajya Sabha. She described it as a well-balanced plan, adeptly navigating between fostering economic growth, creating jobs, encouraging capital investment, and maintaining fiscal discipline. Sitharaman emphasized the government’s goal of positioning India as a prime destination for manufacturing.

Meanwhile, the Lok Sabha was abuzz with controversy as BJP MP Tejasvi Surya stirred up a storm with his comments on Rahul Gandhi’s handling of the Wayanad landslides. Surya accused Gandhi of neglecting the issue during his tenure as the MP for Wayanad, alleging that he had never raised the matter of landslides and floods in either the Assembly or Parliament. Surya also criticized the lack of action on a 2020 advisory from the Kerala State Disaster Management Authority, which had recommended relocating families from landslide-prone areas. He further claimed that Kerala’s Forest Minister faced challenges in addressing illegal encroachments due to pressure from religious groups.

In response, Congress MP KC Venugopal demanded an apology from Surya. However, Speaker Om Birla clarified that Surya had not specifically blamed any MP, leading to a tense and heated debate in the House.

JDU Leader G.M. Shaheen Applauds Budget As “Pro-People” And Highlights Inclusive Growth

July 25, 2024, 2:33 pm

In a spirited gathering of party members in Bandipora on Thursday, JDU State President G.M. Shaheen commended the recently unveiled government budget for its strong emphasis on the welfare of the general populace and its comprehensive approach to development.

Shaheen’s address resonated with the attendees as he outlined the budget’s potential benefits across various sectors. “This budget is a significant milestone for the people,” Shaheen remarked. “Its vision is inclusive, ensuring that every segment of society progresses together.”

Education emerged as a key focus in Shaheen’s speech. He elaborated on the budget’s plans to improve educational facilities and increase scholarships nationwide. “Investing in education is crucial for our future,” Shaheen said. “This budget allocates the resources needed to equip our youth with essential knowledge and skills.”

The healthcare sector also received praise, with Shaheen acknowledging the government’s commitment to expanding healthcare services, especially in rural areas. “Quality healthcare is a fundamental right,” he emphasized. “This budget makes notable advancements in making healthcare accessible to all.”

Infrastructure development was another major highlight, with significant funds earmarked for enhancing transportation and public services. Shaheen pointed out that these investments would create jobs and stimulate economic growth by improving connectivity. “Infrastructure is the backbone of development,” he stated. “This budget sets a solid foundation for our future progress.”

Shaheen also praised the budget’s support for small businesses and entrepreneurship. He mentioned the government’s plans to provide financial aid and incentives to foster innovation and growth among small enterprises. “Small businesses are the driving force of our economy,” he said. “This budget equips them with the necessary tools to flourish.”

Throughout his speech, Shaheen commended the government’s holistic approach to development and stressed the importance of transparent and efficient implementation of the budget’s provisions. He urged party members to actively engage with their communities to ensure that the budget’s benefits reach those in need.

“We have a duty to make sure this budget’s potential is realized,” Shaheen concluded. “Together, we can turn these policies into tangible progress and prosperity for all.”

Tax Clearance Certificate Now Mandatory For Leaving India

July 25, 2024, 1:17 pm

The Budget has tightened the criteria for acquiring clearance certificates, which are required to leave India. Starting October 1, everybody living in India will be required to provide a clearance certificate proving their compliance with the Black Money Act.

Section 230 of the Income-tax Act requires anybody residing in India to get a certificate from the tax authorities before leaving the country. This certificate shows that the individual has paid all owing taxes or has made arrangements to pay them.

This obligation applies to taxes under the Income-tax (I-T) Act, as well as the old Wealth Tax, Gift Tax, and Expenditure Tax Acts.

The 2024 Budget proposes abolishing the ₹10 lakh penalty under sections 42 and 43 of the Black Money Act for not declaring foreign assets (except real estate) with a total worth of less than ₹20 lakh. This modification will go effective on October 1, 2024.

Budget 2024: Stock Markets Open Higher On Budget Day

July 23, 2024, 10:00 am

Union Finance Minister Nirmala Sitharaman is about to deliver the inaugural Budget for the third consecutive NDA government led by Prime Minister Narendra Modi.

On Tuesday, the stock markets opened on a positive note, driven by financial and public sector companies, as investors anticipate policy announcements in the Budget. The NSE Nifty 50 increased by 0.24% to 24,568.9, while the S&P BSE Sensex rose by 0.28% to 80,724.3, as of 9:15 a.m. IST.

Nirmala Sitharaman, carrying the Budget wrapped in a red cloth featuring the national emblem, presented it outside the Finance Ministry. Check out the photos:

Budget 2024 FM Nirmala Sitharaman Reaches North Block With Team Watch

Budget 2024: FM Nirmala Sitharaman Reaches North Block With Team, Watch

The Union Budget 2024 represents the first significant economic document of the Modi 3.0 government, expected to outline a roadmap for transforming India into ‘Viksit Bharat’ by 2047. The pre-Budget Economic Survey, presented by Sitharaman in Lok Sabha on Monday, projected a cautious growth rate of 6.5 to 7 percent for the current fiscal year.

‘Service’ And ‘Growth’ Key Themes In Nirmala Sitharaman’s Economic Survey Speech

July 23, 2024, 8:39 am

In her recent presentation of the Economic Survey on July 22, 2024, Finance Minister Nirmala Sitharaman frequently emphasized the terms ‘service’ and ‘growth.’ She mentioned ‘service’ a remarkable 433 times and ‘growth’ 402 times. Other frequently used words included ‘State’ (366 times), ‘global’ (343 times), and ‘development’ (301 times).

Understanding the Economic Survey

The Economic Survey is an annual report that provides a comprehensive overview of the economy’s performance over the past year. Compiled by the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Adviser, and approved by the Finance Minister, it is traditionally presented a day before the Union Budget.

Key Findings of the 2024 Economic Survey

The Economic Survey 2024 forecasts India’s GDP growth to be between 6.5% and 7% for the financial year 2024-25, aligning closely with the International Monetary Fund’s (IMF) projection of 7%. Additionally, the survey revealed a decline in retail inflation to 5.4% for 2023-24, down from 6.7% in the previous year.

Focus on Growth and Service Sectors

Minister Sitharaman’s repeated emphasis on ‘service’ and ‘growth’ underscores the government’s commitment to enhancing these sectors. The frequent use of these terms reflects a strategic focus on driving economic progress and improving service delivery across various industries.

By highlighting these key areas, the Economic Survey sets the stage for the upcoming budget, outlining the government’s priorities and providing a roadmap for sustained economic development.

India’s Economic Survey 2023-24 highlights robust Growth and Strategic Vision

July 22, 2024, 11:09 pm

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 in the Parliament on the first day of the Budget session which had said that India was a resilient economic powerhouse, deftly navigating global headwinds while charting its own course towards sustainable and inclusive growth.

With a robust GDP growth of 8.2% in FY24, the survey underscores India’s economic strength and adaptability in the face of external challenges.
It painted a comprehensive picture of an economy transitioning from recovery to growth, balancing immediate development needs with long-term sustainability goals.

The report has highlighted India’s unique approach to climate action, emphasizes the critical role of strategic sectors like agriculture and MSMEs, and outlines a vision for harnessing technology and human capital to fuel the next phase of growth.

On Tuesday, Sitharaman will present the Budget document. The economic survey is prepared by the Economics Division of the Department of Economic Affairs under the guidance of Chief Economic Advisor, who at the present is V Anantha Nageswaran. It offers an in-depth review of India’s economy for the past financial year and provides a summary of the government’s economic performance, highlighting major developmental programs and policy initiatives and an outlook for the upcoming financial year.

The survey tabled on Monday said that India’s economy has shown remarkable resilience, exceeding the 8% growth mark in three out of four quarters of FY24. This growth came despite external challenges, which highlighted the country’s economic stability.
According to Sitharaman, the focus on maintaining macroeconomic balance has ensured minimal impact from global disruptions even as the Global economic growth was 3.2 per cent in 2023 as per the April World Economic Outlook.

As per the survey document, the government’s thrust on capital expenditure and sustained private investment momentum has boosted capital formation growth, with Gross Fixed Capital Formation increasing by 9% in real terms in 2023-24.

Inflationary pressures, stoked by global issues and supply chain disruptions, have been effectively managed through administrative and monetary policy responses, the survey claimed while adding that retail inflation declined to 5.4% in FY24 from 6.7% in FY23.
The survey pointed out that the transmission of monetary policy to core inflation was unambiguous, with core inflation declining by around four percentage points between April 2022 and June 2024 in response to the RBI’s repo rate increases.

As per it, the Reserve Bank of India projects inflation to fall further to 4.5% in FY25 and 4.1% in FY26, assuming normal monsoons and no external shocks.
The report stated that India’s current account deficit narrowed to 0.7% of GDP in FY24, an improvement from 2.0% in FY23. This was primarily due to strong services exports counterbalancing subdued global demand for goods.

India maintained its position as the top remittance recipient country globally, with inflows reaching $120 billion in 2023. The banking sector showed stellar performance with double-digit credit growth and multi-year low non-performing assets. The market capitalization of the Indian stock market saw a remarkable surge, with India having the fifth-largest market capitalization to GDP ratio globally.

Primary capital markets facilitated capital formation of ₹10.9 lakh crore during FY24, which is approximately 29 per cent of the gross fixed capital formation of private and public corporates during FY23,it noted.

However, the positive report card could not transfer the same positive sentiments to the market with the BSE Sensex going down by 0.13 per cent at 80502 points, while Nifty50 dropped by 0.21 per cent to close at 24509 points from its previous day.

As per the survey report, sectorally, the agriculture and allied sectors registered an average annual growth rate of 4.18% at constant prices over the last five years, though growth moderated to 1.4% in 2023-24 due to weather-related challenges. Industrial growth reached 9.5% in FY24, with manufacturing and construction nearing double-digit growth.

The government claimed that the Production Linked Incentive (PLI) schemes have attracted significant investments, boosting production and exports in key sectors. The services sector, contributing about 55% to the economy, grew by 7.6% in FY24, with services exports maintaining steady momentum and accounting for 44% of India’s total exports.
Significant progress has been made in infrastructure development across various sectors, the survey had said. The average pace of national highway construction increased to 34 km per day in FY24 from 11.7 km per day in FY14.

Capital expenditure on Railways has increased by 77% in the past 5 years. In FY24, new terminal buildings at 21 airports were operationalized, increasing overall passenger handling capacity by approximately 62 million passengers per annum.
Under the Jal Jeevan Mission, tap water connections have been provided to more than 14.89 crore rural households (76.12%).

The survey emphasized India’s commitment to addressing climate change while balancing developmental priorities. India is recognized as the only G20 nation in line with 2-degree Celsius warming targets, it said.
The share of non-fossil sources in installed electricity generation capacity reached 45.4% as of May 2024, and the country has reduced the emission intensity of its GDP from 2005 levels by 33% in 2019.

Importantly, the survey stresses the need for India to adopt climate solutions rooted in its cultural and social fabric, rather than blindly following Western approaches.
In the social and health sector, the Ayushman Bharat scheme has generated over 34.7 crore cards and covered 7.37 crore hospital admissions.

The unemployment rate declined to 3.2% in 2022-23, with rising youth and female participation in the workforce. Net payroll additions under EPFO have more than doubled in the past five years, indicating healthy growth in formal employment.
The document stated that India became a net exporter of finished steel over the past decade, with the sector achieving its highest levels of production and consumption during FY24. Similarly, Coal production has accelerated over the past five years, reducing import dependence. In FY24, India produced 997.2 million tonnes of coal.

It noted that India’s pharmaceutical market is valued at USD 50 billion, making it the world’s third largest by volume while the export of textiles and apparel, including handicrafts, increased by 1%, reaching ₹2.97 lakh Crore.
In the field of electronics manufacturing, domestic production of electronic items increased significantly to ₹8.22 lakh Crore, while exports rose to ₹1.9 lakh Crore in FY23 and India’s share of foreign exchange earnings in world tourism receipts increased from 1.38% in 2021 to 1.58% in 2022.

The report stated that India has 55 active space assets, including various types of satellites and as of June 2024, India had 8.02 lakh mobile towers and 29.37 lakh Base Transceiver Stations (BTSs).

The report card also spoke about the Digital Agriculture Mission 2021-2025 which aims to modernize agriculture through advanced technologies. The DigiLocker platform has reached over 26.28 crore registered users and over 674 crore documents. The number of DPIIT-recognized start-ups increased from around 300 in 2016 to more than 1.25 Lakh by the end of March 2024. Patents granted increased seventeen-fold from 5,978 in 2014-15 to 103,057 in 2023-24.

The report also notes the growth of Global Capability Centres (GCCs) in India, which have increased from over 1,000 centres in FY15 to more than 1,580 centres by FY23. The Indian e-commerce industry is expected to cross $350 billion by 2030, signalling robust growth in the digital economy.

It suggests that in the medium term, the Indian economy can grow at a rate of 7% plus on a sustained basis if it builds on the structural reforms undertaken over the last decade.
While highlighting achievements, the survey also points out challenges that need addressing. These include the need for increased private sector financing in infrastructure development, improving the collection and aggregation of infrastructure-related data, addressing bottlenecks in the MSME sector, enhancing R&D and innovation across industries, and improving workforce skill levels.

Similarly, it noted that the agriculture sector faced challenges due to extreme weather events, depleted reservoirs, and crop damage, which impacted farm output and food prices. Consequently, food inflation stood at 6.6 per cent in FY23 and increased to 7.5 per cent in FY24.

PM Modi’s ‘Amrit Kaal’ Vision: Six Key Focus Areas Revealed In Economic Survey

July 22, 2024, 1:54 pm

Ahead of the Parliament session, Prime Minister Narendra Modi expressed pride in his government’s unique achievement of presenting the Budget for the third consecutive time after 60 years in power. Speaking to the media, Modi emphasized the significance of this Budget for the “Amrit Kaal,” marking a crucial moment that will shape the next five years of governance and contribute to the vision of a “Viksit Bharat” (Developed India).

In his address, Modi underscored that the forthcoming Budget is not just a financial statement but a foundation for India’s growth trajectory. “Today’s Budget will chart the course for the next five years and lay the groundwork for our dream of a developed nation,” Modi remarked.

The Economic Survey preceding the Budget outlined six critical areas that need attention to drive economic growth:

Boosting Private Investment: The survey highlights the need to increase private sector investment as a key driver of economic growth. Encouraging private investment is seen as vital for stimulating economic activity and development.

Expanding MSMEs: The growth and expansion of Micro, Small, and Medium Enterprises (MSMEs) are prioritized. Strengthening these enterprises is viewed as a strategic priority to enhance economic performance.

Agriculture as a Growth Engine: The government aims to leverage agriculture as a significant growth driver. The Economic Survey suggests removing policy barriers to boost the sector’s contribution to economic development.

Green Transition Financing: Securing financial resources for a green transition is deemed essential. This focus aligns with sustainable development goals and environmental protection efforts.

Bridging the Education-Employment Gap: Addressing the disparity between education and employment is identified as crucial. Ensuring that educational outcomes align with job market needs is a key focus area.

Building State Capacity and Capability: Enhancing the effectiveness of state institutions to implement policies and drive growth is emphasized. Strengthening institutional capacities is vital for effective governance and development.

The Economic Survey’s emphasis on these areas reflects the government’s strategy to navigate the economic landscape of the Amrit Kaal and ensure robust growth and development in the coming years.

Delhi Mayor Requests Rs. 10,000 Crore Allocation From Centre Ahead Of Budget

July 21, 2024, 10:23 am

Days before Finance Minister Nirmala Sitharaman is set to present the Union Budget, Municipal Corporation of Delhi (MCD) Mayor Shelly Oberoi has criticized the central government for its alleged “step-motherly” treatment of Delhi.

Oberoi’s comments follow similar accusations made by Delhi Finance Minister Atishi the previous day, targeting the ruling BJP.

In a letter addressed to Sitharaman, Oberoi requested a “fair and equitable” allocation of funds from the Centre for the development and maintenance of Delhi. She stated, “Despite numerous appeals from the Delhi government, no substantial action has been taken to address the issue of disparity in funds.”

The Mayor highlighted that Delhi, as the national capital and a major economic contributor, pays a significant amount in taxes. “In the fiscal year 2023-24, Delhi contributed Rs 2.07 lakh crore in income tax and Rs 25,000 crore in CGST (Central Goods and Services Tax). Yet, the MCD has faced extremely unjust treatment over recent years, receiving no support from the central government,” she said.

Oberoi pointed out that Uttar Pradesh’s urban local bodies (ULBs) receive Rs 13,432 crore annually, Maharashtra gets Rs 7,000 crore, and Bihar receives Rs 6,000 crore. She emphasized, “It is crucial that ULBs are supported with adequate financial resources. The MCD serves 2 crore residents, providing essential services like primary education, healthcare, and solid waste management, similar to ULBs in other states.”

She requested an allocation of Rs 10,000 crore from the central government, which she noted represents only 5% of Delhi’s total tax contribution. Of this amount, Rs 5,000 crore would be used to improve sanitation and cleanliness, Rs 3,000 crore would be allocated for road repairs and upgrades in residential areas, and Rs 2,000 crore would be spent on beautifying and maintaining colony parks.

Oberoi also held a joint press conference with Atishi, where Atishi continued to criticize the central government. On Friday, Delhi BJP chief Virendra Sachdeva responded sharply, saying, “It is disgraceful that Ms. Atishi, who is demanding Rs 10,000 crore in the budget, ignores the fact that the central government spends over Rs 11,000 crore annually just on the Delhi Police.”

Chandrababu Naidu, Nitish Kumar Demand Rs. 50,000 Crore In Budget

July 7, 2024, 12:02 pm

Chandrababu Naidu and Nitish Kumar have requested approximately Rs. 50,000 crore ($6 billion) for their respective states in the upcoming budget to be presented by Finance Minister Nirmala Sitharaman on July 23, as per a Reuters report.

Following the Bharatiya Janata Party (BJP) securing 240 seats, forming the NDA government with the support of key allies Chandrababu Naidu’s Telugu Desam Party (TDP) and Nitish Kumar’s Janata Dal (United), the demand stems from their combined 28 seats won in the recent Lok Sabha elections, results of which were declared on June 4.

The states are seeking around Rs. 48,000 crore as additional funds for FY 2025, and are also advocating for nearly doubling the Rs. 1 lakh crore interest-free long-term loans for capital expenditure provided by the central government, according to the report.

In the interim budget for 2024-25, the central government earmarked Rs. 1.3 lakh crore for special assistance to states for capital investment, similar to the previous fiscal year. Additionally, the states are pushing for relaxed borrowing conditions from the market. Currently, the Union government restricts borrowing to 3% of the State’s income or Gross State Domestic Product (GSDP), the report noted.

Bihar has specifically requested funding for nine new airports, two power projects, two river water initiatives, and the establishment of seven medical colleges, without a specified timeline for the disbursement of funds. Andhra Pradesh is seeking financial support for the development of Amaravati, the state’s capital, and an irrigation project, according to the report.

The government’s interim budget presented in February aims for a fiscal deficit target of 5.1% of GDP.

Modi 3.0’s First Budget Could Bring Relief in New Tax Regime | Key Insights

June 20, 2024, 2:05 pm

Sources have informed Times Now that the Narendra Modi government is considering increasing the exemption limit in the new tax regime in its upcoming budget. The proposed raise would see the tax exemption limit under the new tax regime go up to Rs 5 lakh from the current Rs 3 lakh. The intention behind this move is to stimulate consumption by providing tax relief.

A source mentioned, “This is part of the move to incentivise the new tax regime.” The increase in the tax exemption limit is expected to result in more disposable income for individuals, thereby encouraging consumption.

New Tax Regime:

Up to Rs 3 lakh – Nil
Between Rs 3 lakh and Rs 6 lakh – 5% (Tax rebate u/s 87A)
Between Rs 6 lakh and Rs 9 lakh – 10% (Tax rebate u/s 87A up to Rs 7 lakh)
Between Rs 9 lakh and Rs 12 lakh – 15%
Between Rs 12 lakh and Rs 15 lakh – 20%
Above Rs 15 lakh – 30%

Increasing the tax exemption to Rs 5 lakh from the current Rs 3 lakh in the upcoming budget would reduce the number of tax slabs from six to five. Taxpayers with income between Rs 5 lakh and Rs 9 lakh would receive a tax rebate under section 87A, provided the other slabs remain unchanged and attract the same tax rates.

This change is expected to decrease the tax liability by Rs 10,400 (including a 4% Health and Education cess) for individuals earning between Rs 7.6 lakh to Rs 50 lakh annually. Taxpayers in the income bracket of Rs 50 lakh to Rs 1 crore are anticipated to save Rs 11,440 (including cess and a 10% surcharge).

Bank of Baroda Reports Drop in Capex Use in Election Months

April 15, 2024, 5:20 pm

Bank of Baroda’s report suggests that both the government and corporate sectors adopt a cautious approach towards capital expenditure during election months.

Economist Jahnavi Prabhakar’s study examined macroeconomic indicators during the 2019 election cycle and compared them to the current calendar year, particularly focusing on the April-May period when elections are scheduled.

The report observed that during elections, the government adopts a cautious approach towards capital expenditure, which is also reflected in company investment announcements and foreign investor behavior. The economist highlighted that this cautious stance is evident across various sectors.

Capital expenditure, also known as capex, involves the allocation of funds for the establishment of long-term physical or fixed assets.

“In the months of April and May, coinciding with election periods, only 14.1% of the total capex target of Rs 3.3 lakh crore in the FY20 Budget was utilized. This figure marks a decrease compared to the utilization rates observed in the previous two years.”

“It’s plausible to suggest that the ongoing elections may have influenced government capex spending, leading to the postponement of certain decisions due to the ongoing electoral process.”

Economist Prabhakar finds it intriguing to see how things unfold in 2024. However, indicators like inflation, credit, currency, bond yields, and stock markets didn’t show any clear trends during the last elections, especially during the polling months.

“It will be interesting to see if there are any unexpected events affecting these factors this time,” the economist remarked.

Over the next six weeks, from April 19 to June 1, India will hold its 18th General Elections. The Lok Sabha elections will take place in seven phases over 44 days, with results expected by June 4. In 2019, the elections were held during April and May, with results announced on May 23.

In 2019, inflation remained steady during April and May but started rising from July, peaking in December. For this year, the Bank of Baroda economist anticipates inflation to remain stable, possibly moderating during the election months. Retail inflation in India is within the RBI’s comfort range of 2-6%, but slightly above the ideal 4% mark, standing at 4.85% in March.

Regarding the stock market, the Sensex showed modest gains in April 2019, which were erased in May. The pattern remained erratic in the following months, with no clear trend emerging. In contrast, the domestic market has seen stable gains so far in 2024.

Indian stocks rebound from Budget day declines, Sensex gains over 500 points

February 2, 2024, 10:10 am

Indian stock indices surged at the beginning of Friday’s session, responding positively to the central government’s commitment to fiscal consolidation despite looming General elections. Favorable cues from other Asian markets also provided support. At the opening bell, the Sensex stood at 72,189.10 points, up 543.80 points (0.76%), while the Nifty reached 21,867.95 points, marking a gain of 170.50 points (0.79%). Among the Nifty 50 companies, 42 advanced, and 8 declined, with all widely-tracked Nifty sectoral indices, except Nifty auto, showing gains.

The government set the fiscal deficit target for 2024-25 at 5.1% of GDP, following a downward revision of the 2023-24 fiscal deficit target from 5.9% to 5.8%. There is a plan to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. Finance Minister Nirmala Sitharaman affirmed the government’s commitment to meeting the fiscal consolidation path outlined in 2021-22.

Fitch Ratings noted that the government’s revision of the fiscal deficit for the current fiscal year to 5.8% demonstrates a determined effort to adhere to a gradual fiscal consolidation path during an election year. Importantly, the central government did not introduce any additional tax burden, providing relief to citizens and contributing to positive sentiment among domestic investors.

The interim budget, presented on Thursday, will address financial needs until a new government is formed after the Lok Sabha polls. A full budget is expected to be presented by the new government in July. On Budget Day, the Indian stock indices experienced fluctuations, initially starting in the green but settling marginally in the red by the end of the day. Analysts attributed this fluctuation to factors such as lower-than-expected capital expenditure markup and the US Fed’s unclear guidance on monetary policy. Some also noted mild profit booking as a potential contributing factor.

Budget 2024: Fiscal deficit target pegged at 5.1%

February 1, 2024, 12:45 pm

Finance Minister Nirmala Sitharaman presented the Budget 2024 on Thursday. She pegged the fiscal deficit target for 2024-25 at 5.1% of Gross Domestic Product.

In 2023-24, the government initially set the fiscal deficit target at 5.9 percent of GDP but later revised it downward to 5.8 percent, representing the variance between total revenue and expenditure. The fiscal deficit is indicative of potential government borrowings. The government aims to bring the fiscal deficit below 4.5 percent of GDP by the fiscal year 2025-26.

There were no alterations or increases in the tax burden on citizens, adhering to the convention of maintaining existing tax rates for both direct and indirect taxes, including import duties. However, certain expiring tax benefits for start-ups and investments made by sovereign wealth or pension funds, along with tax exemptions for specific income of certain International Financial Services Centre (IFSC) units, were extended until 31.03.2025.

The government proposed an 11.1 percent increase in the capital expenditure outlay to Rs 11.11 lakh crore in 2024-25, focusing on setting up long-term physical or fixed assets. This follows a 33 percent increase in the capital expenditure outlay to Rs 10 lakh crore in 2023-24, constituting 3.3 percent of the GDP, in the last full Budget under the Prime Minister Narendra Modi-led government’s second term.

The significant boost in capital expenditure plays a crucial role in enhancing growth potential, job creation, attracting private investments, and providing resilience against global challenges.

The interim budget, presented today, caters to financial requirements until a new government is formed after the Lok Sabha polls. The new government is expected to present a full budget in July. With this budget presentation, Finance Minister Sitharaman matches the record set by former Prime Minister Morarji Desai, who, as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.

The Budget Session of Parliament commenced with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The President highlighted the historic achievements of the country in 2023, maintaining momentum as the fastest-growing major economy.

The Ministry of Finance anticipates India’s economy to grow close to 7 percent in the fiscal year 2024-25, beginning in April. The Indian economy expanded by 7.2 percent in 2022-23 and 8.7 percent in 2021-22, with expectations of growing by 7.3 percent in the current fiscal year 2023-24, retaining its status as the fastest-growing major economy.

UP CM Yogi Adityanath Clarifies Budget Distinctions to Akhilesh Yadav

December 2, 2023, 11:36 am

Uttar Pradesh Chief Minister Yogi Adityanath took a dig at the Leader of the Opposition, Akhilesh Yadav, while clarifying differences between the original budget and the supplementary budget. He emphasized that funds were sought specifically for the Ganga Expressway, addressing an increase in GST from 12 to 18 percent during the tender. CM Yogi noted that no budgetary allocations were made for other expressways like Purvanchal, Bundelkhand, or the Gorakhpur Link Expressway.

CM Yogi pointed out discrepancies in Yadav’s statements, stating that the actual cost of the Gorakhpur Link Expressway was Rs 3,500 crore, as opposed to the stated Rs 6,000 crore. He explained how it connects Sant Kabir Nagar and Ambedkar Nagar while passing through low-lying areas.

Reflecting on Uttar Pradesh’s pre-2017 infrastructure, CM Yogi recalled the state’s negative reputation for poorly maintained highways and roads. He emphasized a stark transformation from those times, citing expressions of appreciation from even opposition party members like Shivpal Singh Yadav.

CM Yogi mentioned Shivpal Singh Yadav’s expressed interest in similar initiatives but encountered difficulties garnering support. Using a metaphor (“Boya ped babool ka toh aam kaha se hoye?”), he emphasized the importance of investment and hard work in producing positive results.

Asserting the government’s commitment to achieving a trillion-dollar economy, CM Yogi compared the previous administration’s lack of vision to a state of unrest, riots, and anarchy. He emphasized positive changes, particularly in fostering an environment conducive to industrial growth, citing the 2018 UP Investors Summit as proof of attracting investments and driving development.

Joe Biden urges US Congress to approve Bipartisan Budget Agreement

May 29, 2023, 10:49 am

The Bipartisan Budget agreement, according to US President Joe Biden, is the only way for the country to move forward. He urged Congress to approve the pact on Monday.”We’ve reached a bipartisan budget agreement that we’re ready to move to the full Congress and I think it’s a really important step forward,” Biden said while delivering remarks on the Bipartisan Budget Agreement on Monday. Biden said: “The Speaker and I made clear from the start that the only way forward was a bipartisan agreement, that agreement now goes to the United States House and to the Senate.”
He further said: “I strongly urge both chambers to pass that agreement. Let’s keep moving forward on meeting our obligations and building the strongest economy in the history of the world.”
The US President said the agreement represents compromise, that no one got everything they want, “but that’s the responsibility of governing”.
“I believe you’ll see for the American people the agreement prevents the worst possible crisis on default for the first time in our nation’s history,” he said.
He added: “It also protects key priorities and accomplishments and values that Congressional Democrats and I have fought along for long and hard for investing in America’s agenda.”US President Joe Biden and House Speaker Kevin McCarthy reportedly established a “agreement in principle” to lift the debt ceiling and put a curb on federal spending, according to a recent article in The Washington Post.
The accord represents a crucial step in averting a government default that may occur in nine days.
The new plan raises the legal cap on how much money the country can legally borrow to pay its bills until 2025, according to The Washington Post. In addition, it virtually freezes domestic spending and imposes additional job restrictions on some Americans who receive federal nutrition aid, according to a source with knowledge of the situation who asked to be anonymous in order to detail the delicate discussions.Republicans’ initial demands are reflected in some of the emerging agreement. After Republicans took control of the House in January, they devised a plan to use the debt ceiling to advance their political goals, despite repeated warnings that their brinkmanship could cause the economy to collapse. At 9:30 pm, McCarthy is anticipated to brief his party’s members by conference call.
Before Biden and McCarthy revealed their plan, several Republicans and Democrats had already begun to criticise its size and scope, highlighting the challenging challenge the two leaders faced in trying to force legislation through the pitfalls-prone, finely split House and Senate with about a week to spare.

Delhi govt presents Rs 78,800-crore budget for 2023-24

March 22, 2023, 1:51 pm

Delhi govt presents Rs 78,800 crore budget for 2023-24 Finance minister Kailash Gahlot on Wednesday presented a Rs 78,800 crore budget in the Delhi assembly for the financial year 2023-24 with the announcement of nine schemes as part of the G-20 preparations.

The Delhi government’s budget size for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the preceding year. This was the first time that Gahlot presented the budget after taking charge of the finance department following the resignation of deputy chief minister Manish Sisodia who was arrested by the CBI in connection with the Delhi excise policy scam case.

“I would have been happier if this budget had been presented by Manish Sisodia who is like my elder brother. The budget is an expression of expectations and aspirations of the people,” Gahlot said in his budget speech. Finance minister further said that the budget is dedicated to a clean, beautiful and modern Delhi with Rs 19,466 crore to be spent on upgradation of roads in next 10 years. The AAP presented its ninth consecutive budget. “Every possible help will be given to the MCD to remove the three mountains of garbage in Delhi. We will connect all colonies to the sewer network. Increase capacities of sewage treatment plants to clean the Yamuna river,” he said. In the fiscal year 2023–2024, local bodies will receive financial support of Rs. 8,241 crore, he declared.

The minister told the audience that nine programmes in the budget are related to getting ready for the G-20 conference. The government will upgrade and beautify the road network, build 26 flyovers, three double-decker flyovers in partnership with DMRC, include 1,600 e-buses, electrify bus depots, build ISBTs of the highest calibre, clear the Yamuna River, and work to remove landfill sites.

Ten out of 26 flyovers are under construction, and UTTIPEC has been made aware of the plans for the other 11 projects. Gahlot further bemoaned the fact that, despite its significant contribution, the Center has been giving Delhi just Rs 325 billion as its portion of federal taxes.

Punjab FM tables Rs 1.96 lakh crore Budget with focus on education, health, employment, agriculture

March 10, 2023, 4:58 pm

Finance Minister of Punjab, Harpal Singh Cheema, tabled the Rs 1.96 lakh crore Budget of the AAP government for the financial year 2023–24 on Friday. The size of the Budget was Rs 1.55 lakh crore in 2022–23.

Cheema lauded the AAP government in Punjab under the leadership of Chief Minister Bhagwant Mann. As per the Punjab Finance Minister, Mann has successfully eliminated the ‘mighty mafia.’

In this year’s Budget, a major share of Rs 9,331 crore has been allocated for free power to farmers, and Rs 4,781 is set to be proposed for health and family welfare, which is 11 percent higher than the previous year.

The Punjab government has been putting stress on education and is ready to allocate Rs 17,072 crore for school and higher education, which would be 12 percent more than last year.

Harpal Cheema highlighted the achievements of the one-year-old AAP government in the state. He said overall, 10 lakh people have got free treatment in Aam Aadmi Clinics since the opening of the medical centers.

Lauding the state government’s achievement, the finance minister went on to say that the government opened several quality schools and apart from this, overall 26,797 jobs have been provided in the government as well as its agencies.

Harpal Cheema further added that the government’s focus in this Budget is on education, health, employment, and agriculture.

The government has been planning to form a new agriculture policy, and for this, help will be taken from the experts. The AAP government is adamant about increasing the income of farmers in the state by boosting agriculture and related activities.

Since the beginning of the policy of providing 300 units of free electricity, about 90 percent of households have not had to pay even a single penny.

Cheema regretted that the state government has been facing step motherly treatment from the Center by withholding funds of Rs 9,035 crore.

Inclusive Development: A mantra loudly chanted in the Budget-2023

February 24, 2023, 1:55 pm

As the annual post-budget commotion seems settled, a critical analysis of the budget and the overall opinion seem tilted in favour of Finance Minister (FM) Nirmala Sitharaman. Although it will sound political, the fact remains that the budget has been able to reflect the most used slogan of Prime Minister Narendra Modi Sab ka Saath Sabka Vikas. The idea of inclusive development stressed at the Commencement of the budget speech by the FM was like a mantra loudly chanting to invoke Amrit Kaal’s arrival.

As, unlike other peer economies, the Indian economy possesses unique differentiated demographic properties, inclusive development is a must to scale up and have sustainable development. Inclusive development, as the first saptarishi(seven sages of ancient India who are extolled in the Vedas and other ancient Indian literature)of the Amrit Kaalbudget, has focused heavily on agriculture, health, and education. Decoding the three focus areas under inclusive development,a comprehensive assessment of the budget proposalismade to study how the government plans to achieve – inclusive and sustainabledevelopment.

Agriculture

The Covid 19 pandemic has reaffirmed that agriculture continues to be the backbone of the country’s economy and the most powerful and critical engine of the country’s growth. An increase in overall budgetary allocation for the agriculture ministry to an estimated Rs. 1.25 lakh crore for the next financial year proves that the government is planning to uplift the sector. The government’s favourite PM-KISAN scheme got a hopping share of Rs. 60 thousand crores. The proposal to emphasisedecentralised storage will likely prove the game changer when coupled with multi-faceted operation green.

The proposal to set up an Agriculture Accelerator Fund to encourage startups in rural areas, if implemented in earnest and used in tandem with the establishment of Centres of Excellence for Artificial Intelligence, will revolutionise the entire agriculture and rural economy sooner than expected. This fund will bring innovative and feasible solutions to many problems our agriculture and farmers have been facing.

Digital public infrastructure for agriculture as an open source will facilitate inclusive small farmers-orientedend-to-end farming practices and marketing.

Education

The government’s intention to prepare a solid education structure in the country is largely visible from an 8.3% rise in the financial provisions, which is the highest-ever allocation for education. This year’s budget for education integrates technology, training for trainers, resource distribution, and elementary education to draw a meticulous blueprint for celebrating India at 100.

Allocation of rupees 4000 crores for the PM SHRI (Pradhan Mantri Schools for Rising India) programme to 14500 select schools to impart high-quality education in an equitable, inclusive, and joyful school environment reflects the spirit of strengthening the elementary education system. This year’s increased allocation for Kendriya Vidyalaya Sangathan and Navodaya Vidyalaya Samiti by little more than 11% is aimed at improving our school education. A special focus on the northeastern area by increasing budgetary allocation by 15.6% is a farsighted and welcome step. Further, the plan to extend the accessibility and scope of the National Digital Library (NDL) for school children would enable them to access quality materials. The scheme of assisting states in setting up physical libraries at the panchayat and ward levels can augment the footfalls in NDL for learning. The budget allocation made in Budget-2023 for school education conveys that money will not be aconstraint for having quality elementary education in India.

An estimated expense of rupees 400 crores for the PM research fellowship (PMRF) may see a rise in the number of scholarships for quality research in top-ranked higher education institutions. Further, the outlay for select academic and research institutions has been considerably increased for more focused research and innovation. Premier higher educational institutes of the countries like IITs, IIITs, NITs, IISER, and Central Universities have got sufficient allocation to make India Vishwa Guru again.

Health

The importance of sturdy health infrastructure was well felt during the pandemic’s peak,and the arrangements made in war foot also saved thousands of Indians from the Covid grave. Addressing the needto create a robust health infrastructure, the recent union budget has increased spendingfrom 1.4% of the GDPto 2.1% of the GDP in the current fiscal. To be precise, the health sector has received an increased allocation of rupees 2350 crores from the previous financial year. Specifically, Ayushman Bharat, the flagship health scheme of the union government, has witnessed a hike in the allocation of by rupees 743 crores compared to the previous financial year. Similarly, the national health mission scheme programme has received an allotment of rupees 36,785 crores – which is more than 3000 crores in comparison to revised estimates of the FY 2022-2023.

Pradhan Mantri Ayushman Bharat Health Infrastructure Mission has been provided funds of rupees 4200 crores. Theseincreases in allocation would primarily enhance health services through the creation of infrastructure and skilled human resources. Moreover, the provision for the establishment of 157 new nursing colleges would enrich the human capital dedicated to elementary as well as higher health services.

The overall assessment of the budget-2023 for the health sector indicates that the government aims to improve the entire ecosystem for health and be ready to face any challenge like the covid.

If the intentions and funds allotted to primary sectors of development are to be believed, it seems that the government had a meticulous blueprint for celebrating 100 years of independence as a country which is not only the largest democracy in the world but is also among the few countries which have transformed for better in the most challenging situations. Let’s celebrate and hope for the better.

Sashikanta Khuntia & Niraj Kumar are faculty at the School of Rural Management, XIM University, Bhubaneswar.

PM Narendra Modi’s post-budget talk on ‘Green Growth’

February 23, 2023, 3:40 pm

Prime Minister Narendra Modi recently addressed 12 webinars to ensure the effective implementation of the Union Budget initiatives. The webinars were attended by more than 3.5 lakh people representing about 15000 organisations from all over the country.

In these webinars, the Prime Minister discussed the role of the States and Union Territories in the successful implementation of budget initiatives. He also acknowledged the hard work of the officials involved in the budget making process. Mr. Modi said that the Budget has been prepared with the aim of ensuring the growth of all sectors of the economy.

He also emphasised the importance of focusing on the development of rural India. He pointed out that the government has taken various steps in order to make sure that the rural population is not left behind in terms of development.

The webinars also included discussions on the government’s initiatives on healthcare, education, infrastructure, and job creation. The Prime Minister assured the participants that the government will continue to take the necessary steps to ensure that the budget initiatives are successful in achieving their goals. He also urged them to be proactive in their local governments to ensure that the budget initiatives are implemented properly.

Post-budget talk on Green Growth by Prime Minister Narendra Modi was a powerful call to arms for the nation and its people, emphasizing the need to focus on sustainability as well as economic and energy security. The Prime Minister highlighted the importance of green growth and sustainable development, which he said will be the foundation for India’s economic success in the future.

PM Modi also focused on the need for a shift in the way the country manages its natural resources, noting that it is not enough to just protect them, but that we must also use them sustainably and in a way that preserves their long-term value. He called for increased research and development in renewable energy sources, and for greater investment in efficient technologies that will help reduce pollution, conserve energy, and protect the environment.

The Prime Minister also highlighted the need to combine modern technology and traditional knowledge in order to develop sustainable and environmentally friendly practices in agriculture. He noted that many farmers are still using outdated methods, and urged them to move towards adopting modern and sustainable agricultural practices.

Finally, PM Modi also spoke of the need to prioritize education in order to create a workforce that is well-versed in green growth concepts and able to effectively implement them. He stressed that this is an issue that needs to be addressed on a priority basis in order to ensure India’s sustainable growth and prosperity in the long run.

Rajasthan Assembly: BJP protests after CM Gehlot mistakenly reads previous year’s budget

February 10, 2023, 2:42 pm

Opposition BJP members protested in the Rajasthan Assembly on Friday alleging that Chief Minister Ashok Gehlot was reading from the old budget. Following the alleged blunder made by the Congress leader, Bharatiya Janata Party (BJP) legislators protested and the assembly proceedings got disrupted. Meanwhile, Gehlot clarified by asking if there’s a difference between what’s written in the budget in hand and its copies given to the House members.

BJP workers detained for protesting against Kerala state budget

February 9, 2023, 4:59 pm

Amid the ongoing protest against the state budget in Kerala, the Kerala Police has detained Bharatiya Janata Party workers protesting in Kochi. The protest was against the Left government’s refusal to roll back the tax proposals and social security cess on fuel and liquor, announced in the budget. Police used water cannons to disperse the workers and detained several of them.
Yuva Morcha, the youth wing of the BJP, has also announced that it will organise a march to the assembly today against the budget proposal to impose a cess on fuel.

Earlier, in the day, the opposition Congress-led UDF MLAs staged protest by constituting a march from MLA Hostel to the state Legislative Assembly. The youth wing of the Congress party has also joined the agitation and clashed with the police personnel. The raging Congress workers burned tyre in front of barricades. The police in reply lathi-charged and used water cannons against the protestors which led to a scuffle between both groups.

Leader of Opposition VD Satheesan also hit out at the Pinarayi Vijayan-led Left Democratic Front (LDF) government for not revoking the additional cess imposed on the prices of petrol and diesel in the “worst budget” he has ever seen in the Assembly. The congress leader stated that even the general public is of opinion that the government will be forced to withdraw some taxes. Satheeshan further added, “We will continue the agitation. On the coming February 13 and 14, the Union Democratic Front (UDF) declared a day and night strike state-wide.”

The Kerala government is facing a heavy backlash from the general public after they presented the budget for 2023-24. The government proposed to increase petrol and diesel prices by Rs two per liter in the State. Further the prices of daily necessities have more than doubled in Kerala which is severely affecting the general public.

Rajasthan CM finalises Budget document to be tabled Friday

February 9, 2023, 4:52 pm

As the Rajasthan government is set to present its annual Budget for 2023-24 on Friday, Chief Minister Ashok Gehlot, who also holds the finance portfolio, on Thursday gave the final touch to the Budget document. The finalisation of the Budget document was done in the presence of secretary finance (Revenue) Krishna Kant Pathak, additional chief secretary finance Akhil Arora, Secretary Finance (Budget) Rohit Gupta, Secretary Finance (Expenditure) Naresh Kumar Thakral, and Director (Budget) Brajesh Sharma.This Budget will be significant as it is the last of the incumbent Ashok Gehlot-led government, which will go to polls later this year.

Ministry of Youth Affairs & Sports gets a boost of highest ever budget

February 1, 2023, 4:36 pm

India is all set to play in the Asian Games later this year and the Paris Olympics next year. The centre has furthered its efforts in strengthening the sports arena by allocating the highest ever budget of 3397.32 crores under union budget 2023-2024.

Last year, the sports sector received a budget of Rs 3062.60 crore, which means there has been an increase of 334.72 cr.

‘Khelo India — National Programme for Development of Sports’ India’s flagship sports scheme is being allotted Rs 1,045 crore as against the revised budget of Rs 606 crore in 2022.

The National Sports Federations (NSFs) have received an increase from the previous year’s revised budget of Rs 280 crore and will now get Rs 325 crore.

India was faced with a record number of dope violations this year. The government has now pivoted from its earlier policy of allocating the budget for the National Anti-Doping Agency (NADA), the World Anti-Doping Agency (WADA), and the National Dope Testing Laboratory (NDTL) to the Sports Authority of India.

NADA ( 21.73 cr), NDTL (19.50 cr) and India’s contribution to WADA (4 cr)will take place individually and not under the Sports Authority of India.

‘Will create more jobs’ CII president Sanjiv Bajaj welcomes Union Budget 2023-24

February 1, 2023, 3:55 pm

Confederation of Indian Industry (CII) president Sanjiv Bajaj on Wednesday welcomed the Union Budget for the financial year 2023-24 by saying that this will have a multiplier effect on the economy.
“The government managed a tough balancing act of meeting the priorities of growth through capital spending while keeping a fiscal deficit under check. While at the same time very strong focus on inclusion to ensure prosperity for the masses,” Sanjiv Bajaj said. He also appreciated the government’s proposal of increasing the capital investment outlay to 33 per cent to Rs 10 lakh crore for the Financial Year 2023-24.
“An effect of capex of Rs 13.7 lakh crore would have a multiplier effect on the economy creating jobs and facilitating private sector investment,” he said, adding that the 33 per cent increase on public sector capex by the government as compared to last year is a welcome move.
Overall, the government proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 per cent of the GDP, said Union finance minister Nirmala Sitharaman.
“(This overall outlay) would be 3.3 per cent of GDP, almost three times the outlay made in 2019-20. With the substantial increase, it is central to government’s efforts to enhance growth potential and job creation, the crowd in private investments and provides a cushion against global headwinds,” Sitharaman said in her Budget speech.
Sitharaman started her Budget speech at 11 am, the last full Budget of the Modi government in its second term. Like the previous two Union Budgets, Union Budget 2023-24 is also presented in paperless form.
This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024.
As per established tradition, Finance Minister Nirmala Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary T V Somanathan called on President Droupadi Murmu.
This is the fifth budget presentation by Sitharaman.
The budget session of the Parliament began on Tuesday with President’s address, subsequently tabling the Economic Survey for 2022-23. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.
The Economic Survey, tabled in the Parliament on Tuesday, noted India’s GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22.