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Did You Know India’s Union Budget Was Leaked Not Once, But Twice?

January 31, 2025, 10:04 am

India is eagerly anticipating the Budget speech of Finance Minister Nirmala Sitharaman on February 1; hence, the careful steps to preserve its confidentiality are rather fascinating. Shrouded in great confidentiality, the Budget details the financial goals—including costs and debt—of the country. Some officials participating in the procedure are even prohibited from contact with outsiders, including their family.

But have you ever asked yourself why such privacy is called for? It comes out of the reality that in Indian history the Union Budget was leaked twice—-not once.

The 1947 Budget Leakage

Months after India became independent in 1947, Prime Minister Jawaharlal Nehru appointed Sir RK Shanmukham Chetty to deliver the first Budget for the freshly sovereign country. November 26, 1947, expected for November 26, 1947, this Budget ran from August 31, 1947, to March 31, 1947.

Before Chetty could give his 5 PM speech—scheduled to enable British colleagues to track the proceedings—the information had already been circulated.

The leak happened when British Chancellor of the Exchequer Hugh Dalton offhandedly let a journalist know major tax suggestions. As per The Guardian, Dalton told Daily Star correspondent John Carvel, “No more on tobacco; a penny on beer; something on dogs and pools but not on horses; increase in purchase tax, but only on articles now taxable; profits tax doubled,” while on way to the Commons chamber.

Carvel’s report was circulating around within 20 minutes, setting off a great deal of quiety. Having no other option, Dalton apologised and stepped down from his job.

The 1950 Budget Draft

The 1947 event was not the only occasion early Budget information became known. In 1950, there was another major leak.

The Budget was printed at the Rashtrapati Bhavan press, where confidentiality had never been breached. But during John Matthais’ term as finance minister, pages from the Budget document were leaked while at the press.

News18 says that following the event Matthai, India’s second finance minister, stepped down under charges of giving unfair favor to prominent people.

Rashtrapati Bhavan’s Budget printing was transferred to a government press based on Minto Road in answer to the violation. The printing process was later moved to the basement of North Block in 1980, where it still occurs.

Securing the Budget for Today

Stringent security protocols now cover the Union Budget to keep it from leaking. Gallery access is limited weeks before the presentation, so little ones accompany their political parent about on his road.being trip on a virtual lockdown weeks before the presentation.

Security is increased by officers from the Central Industrial Security Force (CISF) and Intelligence Bureau (IB) fifteen days before the Budget speech by the Minister. To stop unauthorized entry, CISF sentries are based outside important buildings, which includes those of the finance minister and finance secretary.

Budget staff under quarantine are unable to depart or see their families. Their families can leave messages on a specified telephone in case of emergency; however, direct contact is not allowed. Only the finance minister may go to see them.

The most carefully protected document when printing starts is the address of the finance minister. Only two days before the February 1 show, the printing companies get it. Any pitch of Budget materials violates the Official Secrets Act and attracts harsh consequences.

Still need this level of confidentiality?

Some analysts doubt the necessity for such total privacy, claiming that many important policy statements are not among the budget. Furthermore, several nations release budget proposals many months ahead to the general public.

India, nevertheless, keeps this custom—maybe a heritage of British epoch customs—maintaining the secrecy element until the great reveal.

Union Budget 1950 Leak: How it Shook India’s Financial Transparency

January 25, 2025, 1:33 pm

The Union Budget for the financial year 2025-26 is all set to be presented by Finance Minister Nirmala Sitharaman in Parliament on February 1, 2025. This marks an important milestone as Sitharaman prepares for her second full-fledged budget under Prime Minister Narendra Modi’s third term, and her eighth budget presentation overall. She has previously presented six annual budgets and two interim budgets under the NDA-led government.

1950 Union Budget Leak

The process of printing the Union Budget has been transformed over the years to enhance security and confidentiality. The Budget was first printed at the Rashtrapati Bhavan press on Minto Road, Delhi. In 1950, a major leak from the press led to the shifting of the printing location. The leak made the government shift the printing to a more secure facility as it required stricter security measures.

The Union Budget printing process was shifted to the basement of North Block in Delhi in 1980. It is still printed from there. This sensitive operation has been housed within the premises of the Ministry of Finance and Ministry of Home Affairs located in North Block, which seems a more secure location.

Official lock-in Period starts after the ‘Halwa’ Ceremony

The official “lock-in” period of the Union Budget started on Friday, the day the ‘halwa’ ceremony took place. This has traditionally marked the opening of the Budget preparation process as well as marking the start of the high-intensity security blanket the Budget has since long been seen under. While in the lock-in period, the officials handling Budget preparation remain segregated from the outer world so as to have perfect secrecy.

John Mathai Incident and Resignation

It was during the 1950 Budget leak that John Mathai, who was the then Finance Minister, presented his Union Budget. Accusations have since arisen that Mathai had done too much to please influential quarters. In protest against the Planning Commission, Mathai resigned after presenting the Budget.

Security during Budget Preparation

The security surrounding the Union Budget today is unparalleled. The preparation of the budget team takes place under very strict scrutiny. The officials who are engaged are not allowed to use phones, and they cannot leave the premises before Finance Minister Nirmala Sitharaman has presented the Budget in Parliament. Such steps ensure that the contents of the Budget are secure and confidential until it is formally unveiled.

All are focused on Nirmala Sitharaman as the Union Budget for FY 2025-26 nears, being prepared under intense security and against historical background.

Congress Accuses Government Of Fiscal Mismanagement Over J&K Budget

July 27, 2024, 3:31 am

Days after the Budget for Jammu and Kashmir was presented in Parliament, the Congress on Friday accused the government of “unprecedented fiscal mismanagement” and questioned Union Finance Minister Nirmala Sitharaman’s differing approach to the Union Territory compared to Andhra Pradesh and Bihar.

Jairam Ramesh, Congress general secretary in-charge of communications, highlighted that on July 23, Sitharaman presented the Budget for Jammu and Kashmir in Parliament. “The present Finance Minister has the dubious distinction of being the only Finance Minister of India who has presented six state budgets, since the Union government has refused to hold Assembly Elections since the dissolution of the J&K Legislative Assembly in November 2018,” Ramesh said in a statement.

Ramesh expressed hope that future budgets for J&K would be presented by an elected Finance Minister in the J&K legislature. He criticized the current situation, where the Union finance minister presents the budget, calling it a “tragedy.”

“The Budget documents reveal some astonishing details,” Ramesh claimed. He pointed out that while Parliament approved a borrowing of Rs 12,000 crore last year, the actual borrowings amounted to Rs 24,000 crore. “Borrowings have risen five-fold in the last two years. This is unprecedented fiscal mismanagement,” he said.

Ramesh further criticized the government’s failure to meet its financial targets. “Last year, the finance minister promised to raise Rs 7,800 crore in Additional Resource Mobilisation (ARM) and managed to raise only Rs 1,000 crore,” he said. He noted that the fiscal deficit, initially pegged at 1.6%, had ballooned to 5.36% in FY24—more than three times the original estimate.

Highlighting the economic impact, Ramesh stated, “Under the Union Government’s tutelage, the share of J&K in national GDP has declined from 0.9% in 2015-16 to 0.8% in 2022-23.”

Posing questions to Sitharaman, Ramesh asked how the state’s increased tax/GDP ratio aligns with its financial struggles. “Are the people of J&K being subject to heavy taxation without any corresponding increase in their welfare?” he inquired. He also questioned the national government’s fiscal prudence, asking if it would take responsibility for the fiscal issues at the state level.

Ramesh raised concerns about unemployment, noting that J&K’s rate in February 2023 was 17%, compared to 6.6% in Andhra Pradesh and 12.3% in Bihar. “Why has the FM chosen to be benevolent to AP and Bihar, but not to J&K?” he asked.

Ramesh also questioned the finance minister’s announcement that the Union Government would cover the entire Rs 12,000 crore police budget for J&K. He pointed out that this expense was previously managed through Security Reimbursement Expenditure (SRE) due to militancy since the early 1990s. He asked if this move indicated an intention for the Union Government to control J&K’s home affairs indefinitely.

Ramesh urged the finance minister to clarify if taking over the police salary liability was a permanent measure or a one-time support.

Outrageous Allegation, Nirmala Sitharaman Responds as Opposition Protests ‘Discriminatory’ Budget

July 24, 2024, 1:02 pm

Finance Minister Nirmala Sitharaman strongly rejected the opposition’s allegations on Wednesday that the Union Budget is ‘discriminatory,’ calling the claims an ‘outrageous allegation.’ She accused the opposition, led by the Congress party, of deliberately misleading the public into thinking that certain states were neglected in the budget allocations.

Sitharaman responded after Leader of Opposition Mallikarjun Kharge criticized the budget for allegedly favoring certain states. Addressing the Rajya Sabha, the Finance Minister said, “It is unfortunate that the opposition, particularly a senior leader like Mallikarjun Kharge, is making claims about the budget based on what they heard yesterday. Since Kharge raised issues regarding the budget presented and tabled in the house yesterday, I feel the need to address these concerns.”

She elaborated, “In my budget speech, I mentioned only a few states, not all. The Congress party, which has held power for a long time and presented numerous budgets, should know that not every state is named in each budget.” Sitharaman provided an example to illustrate her point: “For instance, Maharashtra’s name was not mentioned in the budget presentation yesterday, despite a decision by the Cabinet under Prime Minister Narendra Modi to set up a port at Vadhvan. Does this imply Maharashtra is being ignored? The state has been allocated ₹76,000 crores for this project.”

#WATCH | On Opposition’s protest against ‘discriminatory’ Budget, FM Nirmala Sitharaman in Rajya Sabha says,”…In every Budget, you don’t get an opportunity to name every state of this country…The Cabinet had taken a decision to set up a port on Vadavan. But Maharashtra’s name… pic.twitter.com/KSEATuMNpf

— ANI (@ANI) July 24, 2024

Sitharaman further argued, “Just because a particular state’s name isn’t mentioned in the budget speech does not mean that state’s schemes or programs are overlooked. Funding and assistance from international bodies like the World Bank and ADB are allocated routinely and are included in the government’s expenditure statements.”

She emphasized, “I assert with responsibility that this is a deliberate attempt by the opposition, led by Congress, to create a false impression that certain states have not received funds or schemes.” Sitharaman challenged the Congress party, stating, “I challenge the Congress to show if they have named every state in each of their budget speeches. This is an outrageous allegation.”

The controversy follows Kharge’s criticism of the budget, where he claimed that only Andhra Pradesh and Bihar received any significant allocations. “The budget is like serving pakoras and jalebis to just two states, leaving others empty-handed,” Kharge said. He further criticized the budget as being designed to please certain individuals and preserve their positions, referring to it as a ‘Kursi Bachao Budget.’

In response to the budget, MPs from the opposition INDIA bloc staged a protest in the Parliament complex. They chanted slogans like “Opposition virodhi kursi bachao Budget murda baad,” holding placards and condemning the budget as discriminatory. The protest saw participation from leaders such as Rahul Gandhi, Sonia Gandhi, Mallikarjun Kharge, KC Venugopal, Akhilesh Yadav, and Dola Sen.

Mamata slams Union Budget as ‘politically biased’

July 24, 2024, 4:04 am

West Bengal Chief Minister Mamata Banerjee has called the Union Budget presented by Union Finance Minister Nirmala Sitharaman “politically biased”, “directionless” and “an attempt to make the BJP’s NDA partners happy”. She also alleged that the budget was another example of how the Centre “constantly deprives West Bengal”. “The budget is anti-people and anti-poor. Inflation is rising. There is no talk of employment for the next generation. I see no light in the budget. Only darkness,” she said.
The Trinamool Congress supremo slammed the NDA-led Central Government over the issue of special financial packages such as flood relief and reconstruction to States like Bihar and Andhra Pradesh while “depriving” Trinamool-ruled West Bengal. This, she claimed, was the latest in a series of systemic deprivations for her State.
“I have no problem that the Centre has given financial packages to Andhra and Bihar. But the law cannot be discriminatory. They have constantly deprived West Bengal. West Bengal is not a small State,” Banerjee said while reacting to the Budget proposals.
“Our State has faced cyclones like Amphan. They have given flood relief and reconstruction packages to neighbouring states but not to Bengal. We are supposed to get Rs 1,71,000 crore as dues from the Centre. They have not given us a paisa. There is no talk of the dues of 100 days of work. The people of West Bengal will rise up against this deprivation. We are not weak,” she asserted.
Addressing the financial grant given to Sikkim which recently saw landslides and natural calamities, the Chief Minister said: “I am happy that Sikkim was provided financial assistance but the hills of Darjeeling and Kalimpong also faced similar crises.

They seek votes from Darjeeling, but after votes, they forget Darjeeling.”
On cue, other Trinamool Congress leaders came out to criticise the Union Budget and the Central Government on similar lines.
“This BUDGET is a complete failure with ZERO WARRANTY, presented by a FAILED FINANCE MINISTER OF A FAILED GOVERNMENT. Instead of tackling urgent issues like unemployment, rising prices and growing inflation, the BJP has crafted a budget to bribe its coalition partners and buy time before the government IMPLODES!” posted MP and general secretary Abhishek Banerjee on X.
Abhishek Banerjee also said: “You have seen how West Bengal has been constantly deprived by this BJP-led Government. Has there been a positive outcome out of the 12 BJP MPs who were elected from this State? No! The net result is zero because West Bengal has been constantly tortured and deprived.”
He added: “What Suvendu Adhikari (BJP MLA and Leader of the Opposition in the West Bengal assembly) said a few days ago – “Jo humare saath, hum unke saath” (Those who are with us, we are with them) – has been proved today. Just to save their coalition, they have allocated special packages to Bihar and Andhra Pradesh. We don’t have any problem with any State getting any allocation but why should West Bengal be deprived?”
State secretary of the party, Kunal Ghosh, stated on X, “This is not a Union Budget. This is an attempt at appeasing Bihar and Andhra Pradesh for the sake of saving one’s chair.”
Trinamool Congress’s Rajya Sabha MP Sagarika Ghose said the party’s MPs staged a walkout from the Upper House of Parliament in protest even though the Finance Minister in the Budget also referred to West Bengal while stressing on a plan, Purvodaya, “for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh”.

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

July 23, 2024, 10:59 pm

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

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

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

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

Budget 2024: PM Modi Hails Budget, Announces Plans To Strengthen Middle Class

July 23, 2024, 2:44 pm

Prime Minister Narendra Modi has underscored the transformative impact of the Union Budget 2024-25, highlighting the significant strides made in poverty alleviation over the past decade. “In the last 10 years, 25 crore people have come out of poverty,” he stated, emphasizing the budget’s focus on empowering the new middle class and providing extensive opportunities for the youth.

Modi emphasized that the budget aims to enhance education and skill development, crucial elements in fortifying the middle class. He pointed out that the budget includes substantial support for women, small business owners, and Micro, Small, and Medium Enterprises (MSMEs), which are vital components of the economy.

A key feature of the budget is the introduction of the ‘Employment Linked Incentive’ scheme. This initiative is designed to generate numerous employment opportunities by having the government cover the first salary of new workforce entrants. Additionally, the scheme includes an apprenticeship program that allows youth from rural areas to gain experience working in the nation’s top companies.

Overall, Prime Minister Modi’s remarks highlight the government’s commitment to economic empowerment and sustainable growth, focusing on lifting more people out of poverty and supporting diverse sectors through targeted initiatives.

‘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.

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: Anticipated Themes Identified by Nomura

July 15, 2024, 4:06 pm

Nomura, a leading financial institution, has outlined five key themes expected to shape Budget 2024. These themes range from income tax relief to substantial boosts in infrastructure development. According to a report by Times of India, Nomura’s predictions highlight the government’s potential strategies to stimulate economic growth and address key sectors.

Income Tax Relief: Nomura forecasts potential measures aimed at reducing income tax burdens for individuals and businesses alike. This initiative aims to bolster disposable incomes and encourage spending.
Infrastructure Development: The budget is anticipated to allocate significant funds towards infrastructure projects. This includes investments in transportation, energy, and digital infrastructure to enhance connectivity and economic efficiency.
Healthcare and Education: Nomura predicts increased allocations towards healthcare and education sectors. This move aims to strengthen public health infrastructure and improve educational facilities across the country.
Agriculture and Rural Development: Focus on agriculture is expected to continue with measures aimed at enhancing farmers’ income, agricultural productivity, and rural infrastructure development.
Digital Economy: The budget is likely to emphasize the digital economy with initiatives promoting digital literacy, cybersecurity, and the expansion of digital infrastructure.

Nomura’s insights into these potential budget themes suggest a proactive approach by the government towards economic recovery and long-term growth. The final budget announcement will reveal the extent and specifics of these anticipated measures.

Here’s what real estate developers have to say about Union Budget

February 1, 2023, 3:26 pm

The Budget session is the extension of GOI’s overall commitment towards infrastructure growth, spurred urbanization, and affordable housing projects. This will be beneficial to the real estate industry, as it will set the tone for increased growth and demand. The government has allocated INR 10,000 Crore in infrastructure funds that will be managed by National Housing Board (NHB). The fund will boost infrastructure in Tier 2 and 3 cities and drive housing demand. The overall capital expenditure has been raised to INR 10 lakh Crores, almost three times than in 2019. Capital expenditure is an important cog in the wheel of economic prosperity and growth, says Subhash Goel, Director of Goel Ganga Developments.

Gurmit Singh Arora, National President, Indian Plumbing Association says that GOI’s commitment to continuing top-class urban and rural infrastructure development in the form of higher capital investments and dedicated urban infrastructure funds also entails windfall for Indian plumbing and other related industries. The total capital expenditure will be INR 13.7 lakh Crores forming 4.5% of the overall GDP. This will translate into increased investment inflow into roadways, construction, water supplies, urban growth, logistics, etc. This in turn will drive demand for plumbing, pipelines, fittings, etc. Meanwhile, GOI has also announced to increase in the outlay towards PM Awas Yojna to INR 79,000 Crores. The thrust towards affordable housing projects will also unlock new opportunities for the plumbing businesses in India.

The Indian real estate was looking forward to the upcoming budget, as a slew of policy overhauls and regulatory impetus were expected. In this regard, nothing has been announced and this is a little disappointing. However, the silver line is the government’s push toward urban development and infrastructure growth through increased capital investments. The overall Capex for the given fiscal has been increased to INR 10 lakh Crores, close to 3.3% of the total GDP. This will give a huge push to physical infrastructures such as highways & roadways, railway corridors, urban corridors, industrial clusters, aviation, etc. This can have a multiplier effect on the overall economy, job creation, expansion in the entrepreneurial ecosystems, and a general surge in income levels. The positive ramification of such a gigantic shift won’t just be restricted to housing but also commercial, warehouse, retail and other categories of Indian real estate. The government has also increased the allocation for PM Awas Yojna, which is a laudable step, said Atul Goel, MD, Goel Ganga Group.

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…

Union budget 2023: Key Points

February 1, 2023, 1:18 pm

The finance minister Nirmala Sitharaman has just laid the union budget 2023 before the house. This was the fifth time that the lady finance minister presented the budget and the last time before the next general election that are scheduled next year. In a nutshell, budget 2023 is a futuristic budget where the finance minister spoke about need of energy conservation, Artificial Intelligence (AI) and digitization as the foundation for next 50 years. She spoke about an all-inclusive budget where the focus was “Sabka Saath Sabka Vikas”.

The many tax reforms and tax exemptions will definitely ease the burden of inflation from middle-class. This budget was created around seven key points which were;

Inclusive Development
Reaching the last mile
Infra and Investment
Unleashing the potential
Green Growth
Youth Power
Financial Sector

Some of the important highlights announced today were an agriculture accelerator fund will be set up to help agri startups in the country and the government has announced to raise farm credit target to Rs 20 lakh crore.

The FM also announced PM Vishwa Karma Kaushal Samman which will be a package of assistance for traditional artisans and craftsmen. The government said it would improve quality, scale and scale of their products, which will integrate these entrepreneurs with MSME value chain.

Other highlights of the Union Budget 2023 are:

There are no changes to the existing Tax System
Allocation for PM Awas Yojana raised by 66 percent
Individuals with income of Rs 15.5 lakh and above will now be eligible for standard deduction of Rs 52,500 in new tax regime in Budget 2023.
Standard deduction is hiked to Rs 52,500 in new tax regime
An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000
Now anyone can update address, identity proof easily via DigiLocker

Union Budget 2023 allocates 2.40 lakh crores to railways

February 1, 2023, 12:21 pm

The government proposed a capital outlay of about Rs 2.40 lakh crore for railways, said Union finance minister Nirmala Sitharaman on Monday while presenting the Union Budget 2023-24 in Lok Sabha. This is the highest ever allocation to the railways.

This budgeted outlay for the railways, Sitharaman told Parliament, is the highest ever and nine times of what it was in 2013. 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.

Further, the government proposes to increase the agricultural credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries, Sitharaman told Parliament. The agriculture sector of the country has been growing at an average annual growth rate of 4.6 per cent in the last six years.

Union Budget 2023: The first budget of Amrit Kaal focuses on 7 key points

February 1, 2023, 11:58 am

Finance Minister Nirmala Sitharaman has a lot to offer in this Union Budget 2023. The states got a boost with an extension of one year in the interest-free loan. The finance lady focused the budget 2023 on seven key points or the “Saptrishi guiding us through Amrit Kaal” as the finance minister stated. The seven key points are Inclusive Development, Reaching the last mile, Infrastructure & Investment, Unleashing the potential, Green Growth, Youth Power and Financial Sector.

She also highlighted that the capital investment outlay has been increased by 33% to Rs 10 lakh crores that is 3.3% of the GDP. The finance minister addressed the parliament saying that this budget is the blue print of the next 25 years and the first of the Amrit Kaal. She has said the government will implement a scheme to supply food grains from1 January 2023 to all Antyodaya and priority households for the next one year.

There was a lot of focus on including Artificial Intelligence (AI) in the education centre. The Finance minister said that three AI Centre of Excellence will be introduce in collaboration with industries.

The government also focused on decreasing the carbon emission to zero by 2070 by focusing the development on Green Growth. The government plans to spend 35000 Crores towards Energy transmission.

Budget 2023: Fin Minister calls for ‘Sabka Saath Sabka Vikas’

February 1, 2023, 11:38 am

The Budget 2023 is being read by the Finance Minister Nirmala Sitharaman for the last time before the next election in 2024. The union budget 2023, this year is focused on building a more strengthened digital support to various industries and fields in India.

Nirmala Sitharaman began her speech speaking about the need of Inclusive development that would cover all Agriculture, Education, Tribal, Economically weaker sections, neglected sections and others. She focused on “Sabka Saath Sabka Vikas” and “Vanchito ko Variyta”.

The budget was focused on digitizing all the sectors and boosting the growth with the help of modern technology. Many PM schemes like PM Matsya Yojna and PM Housing scheme would be reinforced with sub-schemes to benefit the marginalised.

The FM pushed for a tech and knowledge-driven India. The buzz is that Nirmala Sitharaman’s fifth budget will have sops for India’s middle class and lower middle class, while she balances between populism and prudence. One key announcement is likely to be on changes to the income tax structure.

The government reportedly may introduce a new tax slab at Rs 8-10 lakh with a tax rate of 10-15 percent against 20 percent currently.

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.

High hopes with Budget 2023: Sensex at 60K level today

February 1, 2023, 10:46 am

The domestic equity market opened with gains as Budget expectations lifted investors’ sentiment while the stocks seemed to have recovered from last week’s volatility from Adani Group stocks’ decline.

Most of the global markets’ indices were also trading in the green as investors looked ahead to the US Federal Reserve meeting on Wednesday.

Key indices of the domestic markets — BSE’s Sensex recovered its 60,000 level and went up 470 points to 60,001.17 while NSE’s Nifty surged 105 to 17,766.40 in the opening of Wednesday session.

In Asian markets, Japan’s Nikkei was trading in the green as it went up 49 points and Hong Kong’s Hang Seng surged 63 points. In American markets, Dow Jones had closed with 368 points up, Nasdaq surged 190 points in its closing, NYSE rose and settled 217 points higher while S&P surged 58 points while it closed on Tuesday. US stocks edged higher on Tuesday on the back of strong earnings and encouraging inflation data.

In European markets, FTSE went down 13 points while CAC and Deutsche Borse were trading in the green.

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament today, the last full Budget of the Modi government in its second term. It is expected that taxpayers will get more relief as the government might put some money in the common man’s pockets. There are expectations that the government might raise import duties on certain items to encourage domestic manufacturing.

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.

Private Consumption stood at 58.4 per cent: Economic Survey

January 31, 2023, 3:59 pm

Private Consumption as a percentage of GDP stood at 58.4 per cent in the second quarter OF FY23, the highest among the second quarters of all the years since 2013-14 supported by a rebound in contact -intensive services such as trade, hotel and transport survey points to the lower forecast for growth in global trade by the World Trade Organisation from 3.5 per cent in 2022 to 1.0 per cent in 2023

Increased demand in exports boosted the growth: Economic Survey

January 31, 2023, 3:57 pm

A surge in growth of exports in FY22 and the first half of FY23 induced a shift in the gears of the production process from mild acceleration to cruise mode.

India progresses as fastest-growing economy in the world: Econ Survey

January 31, 2023, 3:54 pm

The nominal terms has been projected at 11 per cent in next fiscal

Econ Survey: Economic recovery from Covid pandemic

January 31, 2023, 3:51 pm

The Indian economy has recovered from Pandemic as per the economy survey.

India’s economy to be steady at 6%-6.8%: Economic Survey

January 31, 2023, 3:33 pm

Finance Minister Nirmala Sitharaman today tabled the economic survey. The survey projected the economic growth of India in the range of 6%-6.8% in the coming financial year.

Chief Economic Advisor Dr V Anantha Nageswaran in a press conference in the national capital said that the India Monentary Fund (IMF) in its World Economic Outlook Update, has maintained India’s GDP forecast for current Fiscal Year at 6.8 per cent, the next Fiscal Year at 6.1 per cent and for 2024-25 at 6.8 per cent.

The Budget 2023 will be presented in the parliament tomorrow by the Finance Minsiter.

In the joint session President Murmu praises the Govt for its headstrong approach

January 31, 2023, 1:26 pm

President Droupadi Murmu on Tuesday addressed the joint sitting of Parliament, with the commencement of the Budget Session 2023. This was President Murmu’s first address to the joint sitting of Rajya Sabha and Lok Sabha members after assuming office.

In her speech, the presidents lauded the efforts of the government and said, “Today, India’s self-confidence is at its highest and the world is looking at us from a different perspective. India is providing solutions to the world.”

The President insisted on building a Aatmanirbhar Bharat by 2047. She said, “We need to build an India which will not have poverty, a country whose middle class will also be prosperous, an India whose youth and women will stand at the front to show a path to society and the country, an India whose youth stays two steps ahead of time.”

She praised the government for its firm decision making while highlighting abrogation of article 370 in Jammu & Kashmir, abolishing Triple Talaq among others.

To ease pressure on bigger cities, PM Modi calls for opportunities in tier 2, 3 cities

September 20, 2022, 2:18 pm

To ease the pressure on bigger cities and create a roadmap for urban development for the next 25 years, setting the ball rolling for sustainable development, Prime Minister Narendra Modi on Tuesday called for a focus on creating economic opportunities in tier two and three cities and making them centres of economic activity.During his virtual address to a conference of BJP’s mayors and deputy mayors in Gujarat’s Gandhinagar, Modi said, “Urbanization will happen and the populations in cities will go up. Mayors need to ensure that their cities have economic opportunities. The Union Budget has focused on urban planning. It is important to ensure that planning is decentralised. Everything cannot be done from Delhi.”Modi also talked about the potential of smaller towns and cities as economic centres. He said, “Apart from satellite towns, we need to focus on tier two and tier three cities because these can also be centres of economic activity. Most of the start-ups now are being set up in tier 2 and tier 3 cities. This will ease the pressure on the bigger cities, and economic opportunities in those places will be provided. We should also increase industrial clusters in such places and understand what the opportunities are to be explored.”Modi called for standardisation in urban planning and capacity building, putting an end to casual and ad hoc planning. “If you plan well, you will see good results. We need to have transparency in decision-making and focus on how the urban local bodies can be made self-reliant.”