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Canada’s Finance Minister Chrystia Freeland Resigns After Policy Clash with PM Trudeau

December 16, 2024, 8:32 pm

Canada’s Finance Minister and Deputy Prime Minister Chrystia Freeland resigns.

Read her letter here:

See my letter to the Prime Minister below // Veuillez trouver ma lettre au Premier ministre ci-dessous pic.twitter.com/NMMMcXUh7A

— Chrystia Freeland (@cafreeland) December 16, 2024

Canadian Finance Minister Chrystia Freeland abruptly resigned, citing policy disagreements with Prime Minister Justin Trudeau. Her departure comes just before the release of a fall economic update, expected to reveal a larger-than-projected deficit. Freeland’s letter suggests a recent offer from Trudeau for a different cabinet position, which she declined.

Canada’s Finance Minister Chrystia Freeland unexpectedly resigned on Monday, saying she was no longer on the same page with Prime Minister Justin Trudeau about the best path forward for Canada.

Freeland quit just hours before she was due to present a fall economic update to parliament, a document widely expected to show the Liberal government had run up a much larger 2023/24 budget deficit than planned.

“For the last number of weeks, you and I have found ourselves at odds over the best path forward for Canada,” Freeland said in a letter to Trudeau posted on X.

Freeland, seen as one of Trudeau’s closest allies in cabinet, also served as deputy prime minister.

Domestic media reports said Freeland and Trudeau had clashed over a government proposal for temporary tax breaks and other spending measures.

Finance Minister to Introduce Banking Laws Bill (Amendment), 2024 in Lok Sabha

December 1, 2024, 11:53 am

Union Finance Minister Nirmala Sitharaman is likely to introduce the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha on Monday. As per the schedule issued by the secretariat, Sitharaman is expected to move the Bill further to amend the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, be taken into consideration and passing tomorrow in Lok Sabha.
Union Railways Minister Ashqini Vaishnaw is also expected to move a bill further to amend the Railways Act, 1989, for consideration and passing, the schedule read.
Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal is expected to introduce the Coastal Shipping Bill, 2024, in Lok Sabha on Monday.
The Bill will seek to amend the law relating to regulation of coastal shipping, promote coasting trade and encourage domestic participation therein, to ensure that India is equipped with a coastal fleet, owned and operated by the citizens of India for its national security and commercial needs, and for matters connected therewith or incidental thereto.
Union Ministers S Jaishankar, Jayant Chaudhary and Pankaj Chaudhary will make statements on key matters.
Jaishankar is likely to make a statement regarding “Recent Developments in India”s Relations with China” while Jayanat Chaudhary is expected to make a statement regarding the status of implementation of the recommendations contained in the 56th Report of the Standing Committee on Labour, Textiles and Skill Development on Implementation of Skill Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Project pertaining to the Ministry of Skill Development and Entrepreneurship.
Minister Pankaj Chaudhary is expected to make a statement correcting the reply given on November 25, 2024, to unstarred question No. 101 asked by MP Selvaganapathi TM
regarding “Increase in Counterfeit Currency”.
Union Ministers Gajendra Singh Shekhawat, Jayant Chaudhary, Pankaj Chaudhary, Kirtivardhan Singh, Sukanta Majumdar and Harsh Malhotra will lay papers on the table in Lok Sabha.
In Rajya Sabha, Union Ministers Hardeep Singh Puri and Kinjarapu Rammohan Raidu are likely to move bills for the respective ministries.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri is likely to move the Oilfields (Regulation and Development) Amendment Bill, 2024, for consideration and passing.
Civil Aviation Minister Kinjarapu Rammohan Naidu is expected to move the Bharatiya Vayuyan Vidheyak, 2024, for consideration and passing. The Bill seeks to provide for regulation and control of the design, manufacture, maintenance, possession, use, operation, sale, export and import of aircraft and for matter connected therewith or incidental thereto, as passed by Lok Sabha.
Union Ministers Shripad Yesso Naik, Shobha Karandlaje, Suresh Gopi, Satish Chandra Dubey, Sanjay Seth, Tokhan Sahu and George Kurian will lay papers on the table in Rajya Sabha tomorrow.
The winter session of Parliament commenced on November 25 and will conclude on December 20.
Both houses faced brief sessions in the past week following ruckus amid opposition’s demand to discuss Adani indicment.

FM: Only Rs 138 Crore Refunded of Rs 25,000 Crore Due to Sahara Investors

August 5, 2024, 4:33 pm

Finance Minister Nirmala Sitharaman reported on Monday that only Rs 138.07 crore has been refunded to investors out of the over Rs 25,000 crore owed under the two Sahara schemes. Speaking in the lower house, she explained that of the 19,650 claims received, only 17,256 were deemed eligible, resulting in the partial refund.

Sitharaman noted that efforts to reach out to the public through advertisements have been unsuccessful. “Repeated attempts by the Supreme Court to use advertisements for public outreach in this SEBI-related case have not yielded results,” she informed Parliament.

The Supreme Court had directed SEBI in 2012 to refund the money invested in Optionally Fully Convertible Debentures (OFCDs) issued by Sahara companies SIRECL and SHICL, after verifying their validity. Approximately Rs 25,781.37 crore is due to 3.07 crore investors, with a 15% interest as directed by the court.

Despite SEBI’s advertising campaigns in 2013, 2014, and 2018 urging investors to claim their refunds, the response has been inadequate. Sitharaman urged more claimants to come forward by registering on the Ministry of Cooperation’s portal, where a committee, including a retired judge, will review claims and facilitate refunds.

She emphasized that the government is actively working on the issue, with three panels of retired Supreme Court judges overseeing the process. Sitharaman also assured that rejected claims are not permanently dismissed; claimants are asked to provide additional documentation to strengthen their cases.

On inquiries about refunds for investments made through agents, Sitharaman said the apex court-monitored committee will address these concerns, and she will forward recommendations to them.

Further Reforms Will Be Carried Out By Govt, Says Piyush Goyal

July 30, 2024, 1:33 am

Commerce and Industry minister Piyush Goyal assured that there will be continuity in the government policy and further reforms will be carried out.
“I can assure you that going forward also, Prime Minister Narendra Modi looks at 140 crore Indians, respective of the state the May reside in, respective of who runs that state, he looks at the country at one, and he she is to it unless the entire country develops, India won’t be able to become a developed nation,” the minister said.

“I can assure you that going forward also, Prime Minister Narendra Modi looks at 140 crore Indians, respective of the state the May reside in, respective of who runs that state, he looks at the country at one, and he she is to it unless the entire country develops, India won’t be able to become a developed nation,” the minister said.“I can ensure you that there will be continuity in policy and there will be further reform and tell me further improvement in the policy there will be greater thrust to various programs of the government, Prime Minister 2 days ago is on record at having advised all the chief minister to take all our policy at saturation show that all the beneficiaries get the benefit of our various program, I have just come out from the meeting of footwear manufacturers and we are introducing is quality standard, so that all the consumers 140 crore Indians get good quality of footwear and all to these Aaj things that are going on for several years,” the minister said.

Asked about the boycott factor launched by the broad based opposition Goyal said, people at large want good things to happen in their life, let me also assure you one thing most of the states are willing to implement the schemes launched by the centre.
“So when I let’s take the industrial parts, on the finance minister announced 12 industrial parks setup, it’s not that all the parks are in BJP ruled states. …”

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.

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.

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

Nirmala Sitharaman’s Budget Speech: Will She Reveal the Roadmap for Vision 2047?

July 23, 2024, 2:07 pm

Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2024 in Parliament today. This will be her seventh consecutive budget speech, breaking the record previously held by late Morarji Desai, who presented the budget six times in a row.

What to Expect from the Budget

This budget will be the first for Modi’s third term as Prime Minister. All eyes are on Nirmala Sitharaman as she might announce changes to income tax, improvements for businesses, and new developments for railway infrastructure. She will also detail the Central government’s planned income and expenses for the fiscal year 2024-2025 in the Rajya Sabha.

Recent Economic Developments

On February 1, the Central government presented an interim budget to meet the country’s financial needs before the Lok Sabha elections. Additionally, on Monday, Nirmala Sitharaman shared the Economic Survey, which reviews the economy’s current state and future projections.

According to the Economic Survey, India’s economy is expected to grow at a rate of 6.5-7% in the current financial year, which is lower than last year’s 8.2% growth and below the RBI’s 7.2% growth estimate for this year. The survey praised the government’s efforts to manage retail inflation, which is currently at 5.4%, the lowest since the pandemic began. It also recommended increasing exports.

Boosting Exports

The Economic Survey suggested two main strategies for improving exports:

Integrate into China’s Supply Chain: Join China’s global supply network.
Promote Foreign Direct Investment (FDI) from China: Encourage Chinese companies to invest in India, which could help boost exports to the US, similar to successful strategies used by East Asian countries in the past.

Key Points

Seventh Budget Speech: Nirmala Sitharaman will give her seventh consecutive Union Budget speech today.
First Budget of Modi’s Third Term: This budget will be the first one under Modi’s third term as Prime Minister.
Expected Announcements: Look for possible updates on income tax, business regulations, and railway projects.
Economic Survey Highlights: The survey predicts 6.5-7% economic growth and praises efforts to control inflation.
Export Strategy: The survey recommends focusing on FDI from China to boost exports, particularly to the US.

Why the Union Budget Presentation Time Changed From 5 Am to 11 Am?

July 20, 2024, 12:13 pm

The Union Budget will be presented by Finance Minister Nirmala Sitharaman on July 23 at 11 am. This budget is significant as it marks the first budget of the Bharatiya Janata Party-led National Democratic Alliance (NDA) after winning the general elections for the third consecutive term in June.

Two Budgets in 2024

This year, India will see two budgets – an interim one in February and a full one in July. The interim budget was presented before the general elections, as the incumbent government cannot present a full budget before elections.

Historical Time Change

From 5 pm to 11 am- During the colonial era, the Union Budget was presented at 5 pm to align with British Summer Time (BST), which is 4 hours and 30 minutes behind Indian Standard Time (IST). This practice continued post-independence until 1999.
In 1999, then Finance Minister Yashwant Sinha changed the presentation time to 11 am. This change reflected India’s independence from British time zones and allowed more time for parliamentary debate and analysis of the budget.

Change in Budget Date- Historically, the Union Budget was presented on the last working day of February. However, in 2017, former Finance Minister Arun Jaitley moved the date to February 1. This change provided the government with more time to implement new policies and changes by the start of the new fiscal year on April 1.
Integrated Railway Budget- The BJP-led NDA government also integrated the Railway Budget with the Union Budget, ending the practice of presenting a separate Railway Budget.

Budget 2024 Expectations

The Union Budget outlines the government’s projected expenses and revenues for the upcoming fiscal year. Expectations are high, particularly for income tax relief and changes in the tax regime.

Sneha Poddar, VP of research, broking, and distribution at Motilal Oswal Financial Services (MOFSL), expects the government to maintain its tax and non-debt capital receipt projections and stick to its fiscal deficit consolidation path. There may also be increased fiscal spending due to higher RBI dividends.

Additionally, the government is expected to focus on enhancing consumption through higher allocation for the rural economy, welfare schemes, and agriculture, with a continued emphasis on infrastructure, capex, and manufacturing.

Budget 2024: Why FM Nirmala Sitharaman Will Present Budget Twice This Year

June 12, 2024, 12:53 pm

On Wednesday, Nirmala Sitharaman took on the role of union finance minister for her second consecutive term, preparing to present the full union budget in July 2024.

Anticipation is building for the full budget, where she is expected to outline the vision for the next five years and introduce key policy announcements. A major focus will be on addressing unemployment through measures to boost manufacturing.

Sitharaman, India’s first full-time woman finance minister, has presented six budgets, including one interim budget. In the interim budget for FY25, she adhered to tradition by sticking to vote-on-account measures only.

Detailed Explanation:

Interim Budget: At the beginning of the year, the finance minister presented an interim budget on February 1. This temporary financial statement is designed to keep the government operational until the new government takes office.

The interim budget includes necessary expenditures and allocations but typically avoids major policy announcements or changes. This practice ensures continuity of government functions and funding until a new government is established post-election.

Full Budget: Following the general elections, the newly elected government presents a full budget for the financial year. This year, the budget is expected to be presented in July. The full budget will detail the new government’s economic policies, expenditures, and revenue plans for the entire fiscal year, reflecting the administration’s priorities and policy changes.

Why Two Budgets?

This dual-budget approach ensures that the outgoing government does not make long-term commitments or major policy changes right before an election, allowing the incoming government to implement its financial strategies and policies. This standard practice in India during election years facilitates the transition between the outgoing and incoming administrations.

A union budget is valid until the end of the financial year on March 31, giving the government financial authority only until that date. For government expenditure occurring between March 1 and the formation of a new government, the incumbent government needs Parliament’s permission to incur costs during the interim period. Thus, the interim budget is released.

FM Sitharaman to present The Finance Bill 2024 in Lok Sabha today

February 6, 2024, 9:35 am

Union Finance Minister Nirmala Sitharaman is set to present The Finance Bill, 2024, for consideration and passage in the Lok Sabha on Tuesday. The Lower House will also engage in a general discussion on the Interim Union Budget for 2024-25, presented on February 1 during the ongoing Budget Session. The agenda includes a proposal to continue the existing income-tax rates for the financial year 2024-2025 and provide relief to taxpayers. Union Home Minister will move a Bill to amend the Jammu and Kashmir Panchayati Raj Act, 1989, the Jammu and Kashmir Municipal Act, 2000, and the Jammu and Kashmir Municipal Corporation Act, 2000.

In the Rajya Sabha, discussions on the Motion of Thanks on the President’s address will resume, and Union Minister Arjun Munda will introduce the Constitution (Scheduled Tribes) Order (Amendment) Bill, 2024, aiming to modify the list of Scheduled Tribes in relation to the State of Andhra Pradesh. Union Parliamentary Affairs Minister Pralhad Joshi will move a motion to suspend certain provisions for the consideration and passage of several bills, including the Constitution (Scheduled Tribes) Order (Amendment) Bill, 2024, the Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bill, 2024, and the Water (Prevention and Control of Pollution) Amendment Bill, 2024.

Additionally, Union Minister Bhupender Yadav is expected to present the Water (Prevention and Control of Pollution) Amendment Bill, 2024, for consideration and passage in the Rajya Sabha. During Monday’s Lok Sabha session, Prime Minister Narendra Modi responded to the Motion of Thanks to the President’s Address, expressing confidence in the NDA winning over 400 seats in the upcoming elections and highlighting achievements, including the construction of the Ram Temple and the abolition of Article 370.

Govt will encourage vaccination for girls to prevent cervical cancer: Nirmala Sitharaman

February 1, 2024, 1:23 pm

During her interim budget speech, Union Finance Minister Nirmala Sitharaman announced the government’s initiative to encourage vaccination for girls aged 9 to 14 years to prevent cervical cancer. She highlighted the government’s commitment to improving healthcare services by setting up more medical colleges and serving the people.

“Several youth aspire to become doctors to serve our people through improved healthcare services. Our government plans to establish more medical colleges by utilizing existing hospital infrastructure under various departments. A committee will be set up to examine the issues and make relevant recommendations,” Sitharaman stated.

She also mentioned the extension of health coverage under the Ayushman Bharat scheme to all ASHA and Anganwadi workers and helpers. Sitharaman emphasized the consolidation of various schemes for maternal and child care into one comprehensive program for effective implementation.

“Upgradation of Anganwadi centers under ‘Saksham Anganwadi and Poshan 2.0’ will be expedited for improved nutrition delivery, early childhood care, and development,” she added. Additionally, the Finance Minister announced the swift rollout of the newly designed U-WIN platform for managing immunization and intensified efforts of Mission Indradhanush throughout the country.

The ‘Ayushman Bhav’ initiative aims to saturate healthcare services in every village or town, ensuring accessibility to healthcare for everyone in society. The initiative includes interventions such as ‘Ayushman – Apke Dwar 3.0’, ‘Ayushman Sabhas’, ‘Ayushman Melas at Health and Wellness Level and Medical Camps by Medical Colleges at CHCs,’ with the goal of achieving the status of ‘Ayushman Panchayat’ or ‘Ayushman Urban Ward’ in saturation mode for Gram/Nagar Panchayats or Urban Wards.

PM Modi requests MPs to not create ruckus ahead of the budget session

January 31, 2024, 12:02 pm

Prime Minister Narendra Modi on Wednesday while giving an address outside the parliament before the budget session advised his fellow legislators, saying that MPs who have a habit of disrupting parliamentary proceedings should self-analyze.

“…I will definitely say this… those MPs who have formed a habit of creating a ruckus, who habitually tear apart democratic values, when they are meeting today in the last session, they will definitely introspect,” PM Modi said, adding, that no one remembers those who created a ruckus. He further requested the members to ensure that there is decorum in the house to perform their best and provide the best ideas for the house.

He also claimed the beginning of the budget session as a “festival of women power” before saying that Finance Minister Nirmala Sitharaman will present the interim budget 2024-25 with encouraging words and expressed hope that his government would present the full budget after returning to power.

PM Modi also said that at the beginning of the budget session President Droupadi Murmu will address the joint sitting of both Houses and on Thursday, Sitharaman will present the interim budget. “In a way, this is a festival of women power,” Modi said.

“When election time is near, the full budget is generally not kept. Following the same tradition, we will also present the full budget before you after the formation of the government. This time, the country’s finance minister Nirmala ji is going to present her budget in front of all of us tomorrow with some guiding words.”

Modi concluded his remarks with the greeting of “Ram-Ram”.

Sitharaman reviews PSBs amid increased volatility in US finance industry

March 25, 2023, 4:53 pm

Union Finance Minister Nirmala Sitharaman presided over a meeting on Saturday to assess the performance of government-owned banks. The banking sector’s financial, efficiency, and health metrics were examined. This review meeting took place against the backdrop of increased volatility in the US financial industry as a result of the recent failure of Silicon Valley Bank and several other institutions in jeopardy.

For the record, the Silicon Valley Bank, a significant global lender in the world of technology companies, collapsed on 10 March after a run on the bank, requiring the US federal government to intervene.

Regulators closed the tech lender and transferred ownership to the US Federal Deposit Insurance Corporation(FDIC). The FDIC is currently serving as receiver, which means it will liquidate the bank’s assets to repay its clients, including depositors and creditors.

Union minister Rajeev Chandrasekhar has stated that startups should choose Indian banks as their preferred partners, citing the Indian banking sector’s resilience and strength in the face of the Silicon Valley Bank-led crisis in the US financial system. Union Electronics and IT Minister Chandrasekhar said that the special provisions available at Gift City in Gujarat can be a quick and effective support for Indian startups.

The MoS also said a transfer of bank deposits worth over USD 200 million was already made into GIFT City, Gujarat, which according to him was a sign of the Indian banking system’s growing prominence.

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.

UP Finance Minister Khanna offers prayer in Lucknow temple ahead of presenting state budget

February 22, 2023, 11:22 am

On Wednesday, Uttar Pradesh Finance Minister, Suresh Khanna offered prayers at a temple in Lucknow ahead of presenting the budget of the State for the financial year 2023-24 in the Vidhan Sabha. Khanna will table the second budget of Yogi’s government in its second term. It’s the seventh overall budget of the government since 2017. While conversing with reporters earlier, Khanna said that his goal is to achieve around USD 1 trillion economy. “Organised crime has been eradicated from UP in the last few years. The state has only moved towards development. Today, our second Budget will be presented. Our focus is on the infrastructure sector and our goal is to achieve USD 1 trillion economy,” he said. The budget session In Uttar Pradesh started on Monday, February 20, 2023. While addressing both houses of UP legislature during the first day of Budget Session, the governor said that the government was sensitive towards issues related to woman, farmers and businessmen. He further claimed that they aren’t leaving any stone unturned to addresses them effectively.

What Ashwini Vaishnav has to say about Union Budget 2023?

February 2, 2023, 5:24 pm

In a recent interview with newsX, Ashwini Vaishnav presented his views on Union budget 2023. Ashwini vaishnav is an Indian politician and former IAS officer, currently serving as Minister of Railways, Communications and Electronics & Information Technology.

TDG NETWORK: What do you make of the budget? Has it covered everything that the Aam Aadmi Party was hopeful for? How would you rate the budget?

ASHWINI VAISHNAV: I will focus on the three responsibilities that I hold today, railway, telecom and Information and electronics. Now first of all I would like to thank the Honourable PM for giving a visionary budget in these hard times when India has already emerged as a ray of hope and a bright spot. This budget will make India the global engine of growth. First of all, within railways, the allocation for investment in infrastructure is very good. We have given Rs two lakh 41 thousand crores. This will help us meet the deficit infrastructure, the deficit which has been there for decades and as you can see that it is now getting completed in the last 8 years. Using this allocation, there will be a lot of focus on improving passenger amenities. We are taking up 1275 stations for complete redevelopment to world standards. Then Vande Bharat Express trains which are very well received by the passengers and which was developed as per his vision. The production will now be ramped up; right now it is manufactured in Chennai, now it will also be manufactured in Haryana, UP, Maharashtra. In the spirit of green growth, Railways is developing a hydrogen train by December 2023. It will be indigenously designed, made in India, manufactured in India, and designed in India. That way the budget is very good for railways. I thank the Honourable PM and Honorable FM for that.

TDG NETWORK: 2.4 Lakh crores for the railways. The railway is the backbone of India when it comes to the common man and his aspirations. In your opinion, how is India poised, even if you consider the capital expenditure announced today, how do you think India is poised, to become the next destination for the world when it comes to investment and an alternative to China?

ASHWINI VAISHNAV: I will give an example, electronic manufacturing which has brought great results when the Prime Minister announced the make in India programme 7 years back. At that time electronic manufacturing was practically negligible. Today, it is close to 87 billion dollars. The export of smartphones itself is 9 billion dollars. It is one of those multiple factors which have propelled India to the situation where the entire world sees India as a bright spot, a very reliable and trusted partner. With diverse talent and stable policies, India is emerging as an investment destination in the world.

I will take the example of telecom also. See, on 1st October last year, PM launched 5G and the target was to complete 200 cities by March 2023. I am very happy to share with all of you that we are in February and we have already covered more than 200 cities. So this is one of the fastest cases of 5G rollout. The Union Budget 2023 has provided enough for the industries.

Union Budget 2023: Here’s what Dr. Jitendra Singh has to say

February 2, 2023, 5:13 pm

In a recent interview with newsX, Dr. Jitendra Singh presented his views on Union budget 2023. Dr. Singh is an Indian physician and politician. He is the Minister of State for the Ministry of Science and Technology and Minister of state for ministry of earth science.

TDG NETWORK: The FM spoke about the Amrit Kaal which is at play here. Do you think that this grand scheme of things is being understood by the common man?

Dr Jitendra: I believe so. All the things are unfolding in a very substantial way one after the other. For example, in the global innovation index, we have jumped 40 ranks higher, from 81 to 40. In the startup ecosystem, we are number 3. It gives a huge degree of self-esteem to the common Indian citizen. We have overtaken the economy of the UK, a country which ruled over us for 200 years has been overtaken despite so many restrictions and constraints that we face. Over the last 8-9 years Prime Minister Modi has sought to streamline and channel the resources in the most optimum way, most objectively and scientifically. Look at the concept which was mentioned today the aspirational blocks and districts. I was highly impressed when PM Modi presented this concept. It is absolutely out of the box. Earlier on, we had a backwards district with subjective parameters. Here we have 41 aspirational districts. So we are preparing ourselves over the last 8-9 years and in the next 25 years, I am sure we are going to be a front-line nation.

Union Budget 2023: Start-ups get warm hug from govt, IT-benefits extend till March 31 next year

February 1, 2023, 5:49 pm

In her Budget speech on Wednesday, Union Finance Minister Nirmala Sitharaman announced that the government proposed an extension of the date of incorporation for income tax benefits to start-ups from 31 March 31 2023 to 31 March 31 2024.

According to the Union Budget, the government also said it would provide the benefit of carry-forward of losses on change of shareholding of start-ups from seven years of incorporation to 10 years.

During her Budget speech in Parliament today, the finance minister also announced an agriculture accelerator fund that will be set up to encourage agriculture based start-ups by young entrepreneurs in rural areas. This will aim at bringing innovative and affordable solutions for challenges faced by farmers. It will also bring in modern technologies to transform agricultural practices and increase productivity and profitability.

In her speech, Sitharaman also added that a similar digital document wallet will be launched for business entities as well. “An entity DigiLocker will be set up for micro, small and medium enterprises (MSMEs), large businesses and charitable trusts. This will be towards storing and sharing documents online securely, whenever needed with various authorities, regulators, banks, and business entities,” Sitharaman said.

According to government data, DigiLocker has onboarded more than 14.6 crore individuals on the platform, and issued 5.6 billion documents. Among the top issued documents are Aadhaar Card, policy documents, PAN verification records, and insurance policy for two-wheelers.

The Finance Minister said that to unleash innovation and research by start-ups and academia, a National Data Governance Policy will be brought out, which will enable access to anonymized data.

Sitharaman announced that an Entity DigiLocker will be set up for use by Micro, Small and Medium Enterprises, large business and charitable trusts for storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.

‘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.

Union Budget 2023: Mobiles to get cheaper, Jewelry prices to upscale

February 1, 2023, 2:58 pm

Union Finance Minister Nirmala Sitharaman presented the union budget 2023 which is the last full-fledged budget of Modi government before the Lok Sabha election rings in 2024. Ms. Sitharaman’s budget speech outlined which items would be cheaper and which would be more expensive.

Here is the list of items which are set to get cheaper and which are going to get costlier.

Things that are set to be costlier:

Cigarettes
Imitation Jewellery
Silver Products
Electric kitchen chimney
Imported bicycles and toys
Electronic vehicle imports

Things that will become cheaper

Parts for mobile phones
Parts for TV panels
Machinery for lithium ion batteries
Raw materials for EV industry

The budget session of the Parliament began on Tuesday with the President’s address after which the Economic Survey for 2022-23 was tabled. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.

Govt. not addressing common man’s issues: KC Venugopal on Union Budget

February 1, 2023, 2:43 pm

KC Venugopal, Congress General Secretary responded negatively on the Union Budget presented by finance Minister, Nirmala Sitharaman on Wednesday and stated that the government is not addressing the serious economic conditions in the country including common man’s plight.

The Congress General Secretary said, “The government is not addressing the serious concerns of the country’s economic condition and the common man’s plight. This is my first reaction.” Stating that people are in a distressed mood in the country, he said, “The actual problem is whether the Budget is addressing the current economic issues including price rise, and unemployment. There is no income for the people. How can they benefit by increasing the tax limit?”

On Wednesday, Finance Minister stated that the new tax regime will now be the default tax regime and announced an increase in the income tax rebate limit from Rs.5 lakh to Rs.7 lakh. She also proposed to change the tax structure in this regime by increasing the tax exemption limit to 3 lakh and reducing the number of tax slabs to 5.
“Tax for income of Rs.0-Rs. 3 lakh is nil, for income above Rs.3 lakh and up to Rs.5 lakh will be taxed at 5 per cent, for income of above Rs.6 lakh and up to Rs.9 lakh will be taxed at 10 per cent and for income above Rs.12 lakh and up to Rs.15 lakh to be taxed at 20 per cent and above 15 lakhs at Rs.30 per cent.” Finance minister stated addressing personal loan.

Venugopal also attacked the government regarding poor track record of previous unfulfilled promises.

Price rise on Cigarettes leads to meme fest on Social Media

February 1, 2023, 1:57 pm

The union budget for the financial year 2023-2024 is out. The finance minister has introduced many exemptions for the middle class, however, the budget has not been modified much. As soon as the budget was introduced, netizens got active on the social media. The one thing that is being doing rounds is the Finance Minister’s announcement on the 16 % tax hike on cigarettes. The netizens are going crazy over hiked cigarette price and sharing hilarious memes, have a look at some of the quirky ones here…

Budget 2023: Squad responsible for preparing the budget

February 1, 2023, 1:54 pm

The Union Budget 2023 has been presented by Finance Minister Nirmala Sitharaman. Though the union minister is the face of the budget, yet it requires a significant amount of team work in preparing budget as it impacts every sector and individual of the country at a large scale. Here is a look at the core members responsible for carrying out the budget:

Finance Minister Nirmala Sitharaman

The finances of the government have traditionally been controlled by the Ministry of Finance. The Second woman Finance Minister after Indira Gandhi, Sitharaman took charge as Finance Minister in 2019 when the country was already slowing down. The uncertainties during her tenure have been much worse than than her predecessors P Chidambaram and Pranab Mukherjee, which made her job more difficult.

T V Somanathan

T V Somanathan is the finance secretary in the government, the senior-most officer in the finance ministry. He is also in charge of the finance ministry’s expenditure department. Before taking charge finance secretary, he was an additional secretary and joint secretary in the Prime Minister’s Office.

Ajay Seth

Ajay Seth is the secretary of the finance ministry’s economic affairs department designated with a core position in deciding budget as Ajay Seth is the secretary of the finance ministry’s economic affairs department.

Tuhin Kanta Pandey

Tuhin Kanta Pandey is the secretary of the finance ministry’s DIPAM (Department of Investment and Public Asset Management). He is a 1987-batch IAS officer from Odisha cardre. He was responsible for Major disinvestments like LIC and Air India.

Sanjay Malhotra

Sanjay Malhotra in December 2022 took charge as the finance ministry’s revenue secretary. He is a 1990-batch IAS officer of the Rajasthan cadre. Malhotra was working as an officer on special duty in the revenue department since October 2022.

Vivek Joshi

Vivek Joshi is the secretary of the finance ministry’s Department of Financial Services (DFS). The department is responsible for functioning of banks, financial institutions, insurance companies and NPS. A 1989-batch IAS officer of Haryana cadre, Joshi was earlier the Registrar General and Census Commissioner under the Ministry of Home Affairs.

V Anantha Nageswaran

V Anantha Nageswaran is the chief economic advisor of the government. Nageswaran spearheaded the drafting of the Economic Survey for 2022-23. Nageswaran has served as a part-time member of the Prime Minister’s Economic Advisory Council from 2019 to 2021.

57 new nursing colleges will be established in core locations, says FM

February 1, 2023, 11:31 am

Budget copies reaches Parliament ahead of Union Budget 2023

February 1, 2023, 10:53 am

The much awaited budget copies have reached the parliament and the session will begin soon. Sitharaman will present the Union Budget for 2023-24 with a digital device instead of the traditional ‘bahi-khata’ in her hands. In 2019, the Union Budget was presented in a traditional ‘bahi-khata’ rather than a leather briefcase. It was the first time since independence that any Finance Minister had ‘opted out’ of a briefcase or a hardbound leather bag.

FM Sitharaman meets President Murmu ahead of Union budget presentation

February 1, 2023, 10:39 am

Ahead of tabling of the Union budget 2023 in Parliament on Tuesday, 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.
As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament to present the Union Budget. This is the fifth budget presentation by Sitharaman.

“Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan,” the President of India tweeted.
Prime Minister Narendra Modi will chair a cabinet meeting at 10 am before the Budget is tabled in Parliament.
Speaking to ANI ahead of the Budget, MoS Finance Pankaj Chaudhary said that the people’s expectations would be reflected in the Budget.
“UnionBudget2023 will meet the expectations of every section of society. Modi govt has always worked in the favour of the people of the country”, Union minister of state for finance Pankaj Chaudhary told ANI.
MoS Finance Dr B Karad speaking to ANI this morning said that the “Country has made good recovery from COVID. If we look at Economic Survey, all sectors are making progress. Compared to other countries, our economy is good. When PM took oath in 2014, India was 10th (in terms of economy), today it is fifth.”
On January 31 the first day of the budget session of Parliament, Sitharaman tabled the pre-budget Economic Survey for 2022-2023.
Finance Minister laid on the table, a copy (in English and Hindi) of the Economic Survey, 2022-23 along with Highlights and a Statistical Appendix.
The budget session of Parliament that began with the President’s address to a joint sitting of the houses will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers.
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser V Anantha Nageswaran, gave insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year.
Meanwhile, addressing reporters outside Parliament before the start of the budget session, Prime Minister Narendra Modi said, “Our Finance Minister will present one more Budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget. Amid the unstable global economic situation, India’s Budget will attempt to meet the hopes and aspirations of the common citizens. I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations.”
This budget will be the last full-fledged Union Budget of PM Narendra Modi’s government before the 2024 Lok Sabha elections.
Like the previous two years, the Union Budget will be delivered in paperless form this year also.
The 259th Session (Budget) of the Rajya Sabha is likely to be concluded on April 6. In order to enable the Standing Committees to consider the Demands for Grants of Ministries and Departments and prepare their Reports, both the Rajya Sabha and the Lok Sabha will adjourn on February 13 to meet again on March 13.

Budget 2023: Sitharaman reaches North Block

February 1, 2023, 10:38 am

Union Finance Minister Nirmala Sitharaman on Wednesday morning arrived at the Ministry of Finance in the North Block in the Central Secretariat building ahead of the Budget presentation today in Parliament.

This Budget marks the last Budget of Prime Minister Narendra Modi government in the Parliament of this term. The Finance Minister will table the Union Budget 2023-24 at 11 am in Lok Sabha today, following which she will address the House.

The government will present the Union Budget in paperless form like the previous two ones. The government had presented the first paperless budget in 2021.

On Tuesday, Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in Lok Sabha, which said that India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24.

This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22. In view of the upcoming budget, top business leaders of the country have also put forward their suggestions for Nirmala Sitharaman.

Arihant Infrastructures, CMD, Ashok Chhajer told ANI on Monday that the government should focus on reducing home loan rates. “The government should reduce home loan rates. The affordable housing segment, which is capped at Rs 45 lakh, should be changed to Rs 60-75 lakh which is the average cost of a house in Metro cities and 2-tier cities,” said Chhajer.

Hiranandani Group MD, Niranjan Hiranandani said the Budget should focus on further investments in roads, railways, ports, airports and highways, as well as slum rehabilitation schemes.

“There should be more focus on further investments in roads, railways, ports, airports and highways. The focus must also be on the slum rehabilitation schemes to make India a slum-free country,” said Hiranandani.

The Budget Session of the Parliament began on January 31 with President Droupadi Murmu’s Address to the joint session of both houses.

The President touched upon various subjects during her inaugural address, which was her first one after being elected to the topmost office of the country last year. She mentioned women empowerment, India’s defence exports, and Aatmanirbhar Bharat by 2047 among others.

Ahead of the President’s Address, Prime Minister Narendra Modi addressed the media outside the Parliament. Prime Minister Modi said that India’s Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation.

“Our Finance Minister will present one more Budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget,” PM Modi said.

The Prime Minister firmly exuded confidence that Union Finance Minister Nirmala Sitharaman will make efforts to meet the expectations.

“Amid the unstable global economic situation, India’s budget will attempt to meet the hopes and aspirations of the common citizens. The ray of hope being seen by the world grows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations,” PM Modi said while addressing the media.

The Prime Minister cited the “credible voices from the world of economy” and said that they have brought a positive message ahead of the session.

“Today, the Budget Session is commencing. Credible voices from the world of economy, have brought in a positive message, a ray of hope and a beginning of enthusiasm,” he said.

The budget session that began on Tuesday with the President’s address will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers.

The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and will conclude on April 6.

The whole world has its eyes on India’s Budget, says PM Modi ahead of Parliament Session

January 31, 2023, 5:39 pm

Ahead of the Budget session of Parliament, Prime Minister Narendra Modi on Tuesday said that India’s Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation.
“Our Finance Minister will present one more Budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget,” PM Modi said. The Prime Minister firmly exuded confidence that Union Finance Minister Nirmala Sitharaman will make efforts to meet the aspirations.
“Amid the unstable global economic situation, India’s budget will attempt to meet the hopes and aspirations of the common citizens, the ray of hope being seen by the world glows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations,” PM Modi said while addressing the media.
The Prime Minister cited the “credible voices from the world of economy” and said that they have brought a positive message ahead of the session.
“Today, the Budget Session is commencing. Credible voices from the world of economy, have brought in a positive message, a ray of hope and a beginning of enthusiasm. It is an important event today,” he said.
PM Modi said the maiden inaugural address by President Droupadi Murmu to the joint session of both Houses is a matter of pride for the Constitution.
“The President is going to address a joint session for the first time today. The President’s first address to the joint session of Parliament is a matter of pride for our Constitution, and especially for respect of women. The whole world has its eyes on India,” he said.
“Our Finance Minister is a woman too. She will present one more budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget,” PM Modi added.
The budget session will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and will conclude on April 6.