Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

In her <keyword id="19906106" type="General" weightage="20" keywordseo="Interim-Budget" source="keywords">Interim Budget</keyword> speech in February 2024, <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> celebrated what she termed as the Modi government's landmark achievement: unleashing 'nari shakti' or women's power through various initiatives since 2014. Among these, the creation of one crore 'Lakhpati Didis' — women whose annual household income exceeds one lakh rupees — under the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), has garnered significant attention. <h2>The hype around it </h2>Imagine being a <keyword id="20416259" type="General" weightage="20" keywordseo="Lakhpati-Didi" source="keywords">Lakhpati Didi</keyword> — a rural woman whose annual household income exceeds Rs. 1 lakh. These women are not just financial achievers; they are community leaders who inspire others through their entrepreneurial journeys. Their success stories highlight the transformative impact of self-help groups (SHGs) and collective action in rural India. Launched amid much fanfare on August 15, 2023 by Prime Minister Narendra Modi himself, the 'Lakhpati Didi' scheme aims to empower women through diverse skill development programs, from producing LED bulbs to operating agricultural drones. Partnering with entities like Patanjali, Flipkart, and the Bill and Melinda Gates Foundation, the initiative also focuses on branding and marketing these products, ostensibly connecting women with credit lines and MUDRA loans for financial support. Almost an year on, the scheme is all set to get some well-deserved boost in the Budget 2024 to be presented on July 23. However, the time also apt to examine if it has actually contributed to <keyword id="20009191" type="General" weightage="20" keywordseo="women-empowerment" source="keywords">women empowerment</keyword> in the country. <div type="Article" hostid="261" msid="111915324" title="Finance Minister Nirmala Sitharaman to table Economic Survey in Parliament today" mstype="2" mssubtype="0"></div> <h2>The reality check </h2>Critics argue that such schemes may inadvertently tether women's SHGs to corporate networks, potentially benefiting transnational agribusiness giants aligned with the government. Programs like 'Namo Drone Didi', allocated Rs. 500 crore in the Interim Budget, exemplify this trend by integrating women into digital agriculture, albeit under the influence of corporate agendas. Further, while the Interim Budget championed the narrative of women's economic prosperity, it failed to adequately address their basic needs. Despite claims of empowerment, essential schemes such as PM Awas Yojana (Rural) and Har Ghar Jal have seen significant budgetary underspending, raising concerns about the government's commitment to women's welfare beyond mere rhetoric. For instance, the underutilisation of funds in Swachh Bharat Mission (Gramin) and the shrinking allocations for crucial subsidies like nutrition and education further highlight the disconnect between budgetary outlays and on-ground impact. This trend suggests a shift in responsibility towards state governments without commensurate support from the Union government, leaving vulnerable populations like widows and rural women at risk. Overall, the well-intentioned narrative around the scheme needs better translation and execution on ground to achieve desired outcomes. <h2>Looking ahead </h2>Until now, the budgetary allocation for women-centric programs have remained disproportionately low, with the Ministry of Women and Child Development having been allocated Rs 26,000 crore in 2024-25, an increase of 2.52% compared to the previous budget. This paltry investment underscores a broader pattern of neglecting systemic issues such as gender-based violence, social discrimination and pro-corporate stance. As Budget 2024 approaches, stakeholders eagerly anticipate policies that not only boost economic growth but also empower rural women as entrepreneurs and leaders. While Lakhpati Didi stands poised to empower rural women with opportunities and support, more steps are needed to make it more sustainable. <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>

Budget 2024: Can Lakhpati Didi Yojana’s reality inspire better focus on women?

<ul><li>Union <keyword id="19955368" type="General" weightage="100" keywordseo="budget-2024" source="keywords">Budget 2024</keyword> to be presented on July 23, 2024, at 11 am</li><li>Changes in the new <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> regime possible in the budget </li><li>Budget is a detailed estimate of the government's revenue and expenses</li></ul>Next week, Nirmala Tai will present the 2024 <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">union budget</keyword>. While the internet is already abuzz with the endless expectations of different industries and sectors, what the common man wishes for, and more, are we aware of how the budget comes to life in the first place? What do some of its terms like expenditure and revenue budgets even mean? And what exactly is the finance bill? If you have all these questions running through your mind, here's a ready reckoner for you, answering all your questions 1. Why should I care about the budget? Most of all, because it holds the answer to how your money will be taxed in the coming financial year, or years. Yes, you can (and perhaps will) choose to gloss over most of it, like when Tai talks about its capital expenditure or allocations made to various ministries. But you should know if there are any major changes introduced in the existing income tax slabs, because that would mean an automatic increase or decrease in your taxes. If there are some deductions or exemption that have just been introduced and can help you reduce your taxable income, you'd certainly want to use it to your benefit, wont you? (Unless you're a stickler for paying high taxes)! But for that, you should first know how your hard-earned money is being taxed, and that is why, you should tune into the <a href="https://www.businessinsider.in/budget/article/budget-2024-a-handy-guide-for-major-terms-around-the-upcoming-union-budget/articleshow/111688482.cms" data-type="tilCustomLink" target="_blank">upcoming union budget</a>. 2. What will happen to Income taxes in this budget? Will they be cut? We wouldn't know anything for sure until July 23rd, but there is news that the new tax regime might be made more attractive for the salaried class by way of increasing the <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> threshold (which is currently Rs 50,000 for both old and new regime), or by raising the total deduction limit under the old regime from the present Rs 2,00,000. Akhil Chandna, Partner at Grant Thornton Bharat also believes enhancing the standard deduction limit will do a world of good to salaried Indians. "With the introduction of the standard deduction in 2018 and the last increase in 2019 from ₹ 40,000 to ₹ 50,000, it is essential to raise the threshold to ₹75,000 now to align with current living costs and inflation. Raising the standard deduction can help improve people's purchasing power, especially those with fixed incomes like pensions", he said. Krishan Mishra, CEO, FPSB India also wishes for the tax exemption limit under new regime be raised from Rs 7 lakh to Rs 10 lakh, since "it will be a crucial step to encourage savings and investments among the mid-income group and will provide much-needed relief to taxpayers". The government may make the new tax regime more lucrative by enhancing its basic exemption limit (up to which no income tax is payable) from Rs 3,00,000. But that's a lot of MIGHTS, that will have to wait the final bell till 23rd! 3. How is the Budget is prepared? It is a lengthy, long-drawn process, which starts with the finance ministry asking all departments, states, ministries and union territories to give them an estimate of how much money they'd potentially need during the year. In addition to this, they also have to present details of all their revenues and expenditures in the past year. Then begins a super duper long process of consultations and discussions and deliberations and consultations and dialog (you get the gist!), after which the allocations are made. Weeks before the budget presentation, the <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">finance minister</keyword> also meets representatives from various industries like agriculture, trade, manufacturing and more to know what they want. Based on that, the budget is fine tuned. 9-10 days before the budget is to be presented in the parliament, a halwa ceremony takes place, which commenced today, marks the start of budget printing. From this time on, the finance ministry staff goes super hush-hush and in lockdown, with no one allowed to leave the ministry premises till the budget is tabled in the parliament. 4. Why did India have 2 budgets this year? Because 2024 was an election year. That is why you saw an <keyword id="547606" type="General" weightage="20" keywordseo="Interim-budget" source="Orion">interim budget</keyword> in February, where the government presented a budget, the aim of which was just to fund its regular expenses and spending over the next 2-3 months, till elections. After the elections, it is the responsibility of the newly elected government to prepare a full-fledged budget. Think of this as borrowing from your friends just to fund your mid-month, small term, interim cash crunch. You pay them back as soon as you get your salary, and your budget is set again (at least for the time being!) 5. What are the various types of budget documents The union budget is a hefty set of documents! There's Annual Financial Statement, which lays out how much money it needs in revenue, and how much does it plan to spend that during the year. There's demands of grants, which tells us how these receipts and expenditures will be utilised by different ministries and departments, down to each scheme. There's the finance bill, which outlines any changes the government intends to make, in order to raise these proposed funds. This primarily includes change in tax structures. Then there is appropriation bill, which highlights how the government plans to withdraw money from the consolidated fund of India (where all of government's revenue from income tax, customs and excise and other sources flow in). Once approved, both finance and appropriation bill become acts. The extremely complex sounding "medium term fiscal policy cum fiscal policy strategy statement" has all your important macro- economic indicators like GDP, fiscal deficit, revenue deficit, primary deficit and more. But of course, you can skip through all this to just check out budget at a glance and highlights, which presents the key features and decisions made in the budget in a concise manner. <h4 style="color: rgb(0, 0, 0); font-family: Mulish, sans-serif; font-size: 16px; white-space-collapse: preserve; background-color: rgb(255, 255, 255); text-align: justify;"> </h4>6. What is a revenue and <keyword id="2745241" type="General" weightage="20" keywordseo="expenditure-budget" source="Orion">expenditure budget</keyword>? Think of this as a detailed breakdown of how the government plans to raise money for everything during the year by of tax or non-tax revenues, borrowings and more. The <keyword id="425836" type="General" weightage="20" keywordseo="revenue-budget" source="Orion">revenue budget</keyword> also outlines how much revenue the government had to forego to fund various tax incentives or subsidies. There's no chance you wont spend what you've earned! And so, how the government plans to spend its receipts are mentioned in the expenditure budget. It highlights what each ministry gets, how much money will be spent on a certain scheme and more. 7. What is a populist budget? No, its not another budget document, but just a fancy name for a budget that is prepared with the sole intention to appeal to the people by slashing down income taxes, increasing subsidies and spending more on social schemes. Such a budget might seem lucrative in the short run, but it do not contribute to the country's long-term economic development in any way. On the contrary, it only adds to the overall fiscal burden of the country. Its as if a character came in for a short cameo in your favorite series, won people's hearts, and then vanished into thin air, with no meaningful contribution to the story line. You'd feel short-changed, wont you? So, time to listen to Nirmala Tai and the budget's humdrums with some understanding and interest! Also read: <a href="https://www.businessinsider.in/budget/news/budget-2024-how-will-budget-affect-indias-position-in-the-global-space-race/articleshow/111855546.cms" data-type="tilCustomLink" target="_blank">Budget 2024: How will budget affect India’s position in the global space race?</a> <a href="https://www.businessinsider.in/budget/article/despite-pandemic-and-growing-health-scares-indias-budget-share-for-healthcare-continues-to-decline/articleshow/111807009.cms" data-type="tilCustomLink">Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline</a>

Union Budget 2024: A handy FAQ guide to decode the upcoming budget

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

<ul><li>Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Thursday presented the Interim Budget 2024-25.</li><li>This budget outlines expenditures and revenues till the formation of the next government.</li><li>Here are the top highlights and major announcements of the Interim Budget 2024-25.</li></ul> Finance Minister Nirmala Sitharaman while presenting the Interim Budget 2024-25 at <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> on Thursday, February 1 announced that the FY25 capex outlay has been increased by 11.1% to ₹11.11 lakh crore. The FY25 capex outlay is now at 3.4% of the GDP. Fiscal deficit, the gap between the government’s revenue and expenses, is expected to be 5.8% of gross domestic product, said the FM. “The gross market borrowing for the financial year ending March 2025 will be ₹14.3 lakh crore (less than the borrowing in the current financial year).” The FM began her speech by giving a summation of the Narendra Modi government's performance in the past ten years. "The Indian economy has witnessed positive transformation in the last 10 years. Our development steps have covered all elements of inclusivity," she said. This is the final budget of the second term of the Narendra Modi government before the country heads to elections later this summer. Sitharaman stressed on the government's aim to make India developed -- Viksit Bharat – by 2047. The government has tried to provide inclusive development and growth, both socially and geographically, she said in the opening minutes of her sixth budget speech as the country’s finance minister. It is to be noted that this Vote on Account or an Interim Budget is only for the next three months as the next government after the election will come out with a comprehensive budget for the financial year 2024-25 later. In other words, this budget outlines expenditures and revenues till the formation of the next government. Key announcements by Finance Minister Nirmala Sitharaman: <ol><li>No relief for taxpayers: Same tax slabs to continue, says FM. “I propose to retain the same tax rates for direct and indirect taxes.”</li><li>FY25 divestment target at ₹50,000 crore. The FY24 target has been curbed to ₹30,000 crore</li><li>Gross market borrowing for FY ending March 2025 will be ₹14.3 lakh crore.</li><li>FY25 capex outlay increased by 11.1% to ₹11.11 lakh crore. The FY25 capex outlay is now at 3.4% of GDP.</li><li>The revised estimate of the fiscal deficit is 5.8% of GDP. The FY25 fiscal deficit target is set at 5.1%.</li><li>The FY25 revenue deficit is set at 2% versus FY24 revised estimate of 2.8%</li><li>The FDI during 2014 to 2023 was $596 billion. India is negotiating bilateral treaties with foreign partners. FM adds that FDI is now “First Develop India”.</li><li>Three major economic railway corridors announced to boost GDP. This includes an energy mineral and cement corridor, port connectivity corridor and high traffic density corridor.</li><li>40,000 rail bogies to be converted to Vande Bharat standards. Airports have doubled to 149 in the last decade.</li><li>Boost for tourism: Projects for enhancing tourism revenue will be taken up, especially for islands, including Lakshawdeep.</li><li>FM says the government has assisted 25 crore people to escape from multidimensional poverty.</li><li>Free ration: Worries of food have been alleviated as 80 crore people are provided with ration.</li><li>Direct benefit of ₹34 lakh crore via Jan Dhan has led to savings of ₹2.7 lakh crore for the government.</li><li>The PM PM SVANidhi scheme has supported over 78 lakh vendors. Out of this, 2.3 lakh vendors have received loans more than two times.</li><li>11.8 crore farmers have been assisted under the PM Kisan Yojna.</li><li>₹30 crore Mudra loans have been given to women entrepreneurs in the last ten years.</li><li>Average real income of people has risen by 50%.</li><li>India-Middle East-Europe Economic corridor is a game changer for India and others.</li><li>Artisanal support: PM Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades.</li><li>GDP new definition: FM Sitharaman has said that the government is focussed on GDP (governance, development and performance)</li><li>Real estate boost: Government close to achieving the target of three crore houses under the PM Awas Yojana Grameen. Additional two crore houses to be built in five years.</li><li>Sustainability &amp; free electricity: Rooftop solarisation scheme announced to help one crore houses, enabling free electricity and selling of surplus energy. First three hundred units for solar homes.</li><li>Nari Shakti: FM says that female enrolment in higher education is up by 28% in 10 years in STEM courses. Free healthcare under Ayushman Bharat to be extended to Asha workers and Anganwadi workers.</li><li>Target for Lakhpati Didi scheme enhanced from 2 crore to 3 crore.</li></ol>

Interim Budget 2024: FY25 capex hiked 11%; no change in tax slab, says FM Sitharaman

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

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

India's government <keyword id="21309215" type="General" weightage="20" keywordseo="healthcare-spending" source="keywords">healthcare spending</keyword> appears to be on the rise, but a closer look reveals a concerning trend. While the headline figures might suggest an increase, the reality is a steady decline in health expenditure as a proportion of both the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> and GDP over the past five years (2018-19 to 2023-24). This decline is even starker when adjusted for inflation. In real terms, spending has barely kept pace since 2019-20. As a percentage of the total budget, health spending has shrunk from 2.4% in 2018-19 to just 1.9% in 2023-24. Similarly, the share of GDP allocated to health has fallen from 0.30% to 0.28%, as per a report from the Times of India. <h2>Growing expectations ahead of <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword></h2>As the Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> prepares to present the full budget for the current fiscal on July 23, the expectations from the health sector has only been growing. “The Union Budget 2024-25 is a pivotal moment for India's healthcare sector. Building on the ₹64,180 crores allocated in 2023-24 under the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana, we need enhanced tax incentives and financial support for healthcare startups to catalyze innovation. Significant investments in <keyword id="21226679" type="General" weightage="20" keywordseo="digital-health-infrastructure" source="keywords">digital health infrastructure</keyword>, particularly AI, will improve patient outcomes and operational efficiency,” says Dr Sravani Reddy G, Founder &amp; CEO, Soprav Healthcare Consulting. “Strengthening public-private partnerships will improve healthcare accessibility and quality, leveraging private sector efficiency. Additionally, focused efforts on affordability and access, such as reducing out-of-pocket expenses and improving insurance coverage, are vital for a more equitable healthcare system.” “The healthcare sector in India is on the brink of excellence. There is an increased focus on treating unique patient cases, robotic surgeries, and increasing prominence of AI for accurate diagnosis. To reach the next phase, emphasis must be laid on innovation, research &amp; development, and infrastructure development. These are the foundations for India’s health sector to achieve an international standard of treatment for all,” hopes Joseph Pasangha, Group COO, SPARSH Hospital, Bengaluru. <div type="Article" hostid="261" msid="111730426" title="Pan-India rollout of U-WIN to track routine immunisations likely by Aug end" mstype="2" mssubtype="0"></div> <h2>Health tax not helping enough </h2>This situation is further complicated by the introduction of the <keyword id="22446013" type="General" weightage="20" keywordseo="health-cess" source="keywords">health cess</keyword> in 2018. This tax levy was intended to boost government spending on healthcare, particularly for the underprivileged. However, the collected funds seem to be merely filling the gap created by cuts to regular budgetary allocations for health. In 2022-23, over Rs 18,300 crore of the central government's health spending came from the health cess. Excluding this amount, the actual budgetary allocation for health stands at a concerning Rs 59,840 crore. This is lower than the pre-pandemic level of Rs 66,042 crore allocated in 2019-20, even without adjusting for inflation. <h2>Where's the money going?</h2>The intended purpose of the health cess seems to be falling short. In 2018, health spending accounted for 2.4% of the government's total expenditure. If this ratio had remained constant in 2023-24, the health budget should have been over Rs 1.07 lakh crore. Instead, the revised expenditure, including the health cess, stands at just Rs 83,400 crore. Even the additional allocations for the COVID-19 pandemic (Rs 10,655 crore and Rs 15,955 crore in 2020-21 and 2021-22 respectively) cannot mask the overall decline. When combined with the regular health budget (excluding health cess), the total spending in these years still falls short of what it would have been if the 2.4% share of 2018-19 had been maintained. <h2>More for alternative medicine</h2>While the share allocated to Ayush (Ayurveda, Yoga &amp; Naturopathy, Unani, Siddha and Homeopathy) has seen a significant increase, spending on crucial areas like health research has seen only marginal growth. Additionally, a major portion of research funding goes to the Indian Council of Medical Research, with only a temporary increase during the peak of the pandemic response. The most concerning decrease is in the allocation for health and family welfare, encompassing national programs, the National Health Mission, and health system strengthening. This critical area has seen a substantial decline in its share of both GDP and total budget expenditure, falling from a peak of over 2% in 2017-18 to a mere 1.7% in 2023-24. Excluding the health cess, this figure drops even further to 1.5%. <h2>What this means</h2>This decline in government health spending raises serious concerns about India's commitment to public healthcare, particularly for its most vulnerable populations. Increased investment in health is crucial for a growing nation like India, and a reversal of this downward trend is essential to ensure accessible and quality healthcare for all. The 2024 Interim Health Budget saw a boost in total healthcare expenditure from Rs. 79,221 crore to Rs. 90,171 crore. Experts have opined that The healthcare budget should encompass at least 2.5% of the total budget. But it remains to be seen how the exact picture will turn out to be on July 23. “The 2024-25 budget presents an opportunity to build on past successes while addressing shortcomings, ensuring that India's healthcare system remains resilient, innovative, and patient-centric. This budget can pave the way for a healthier, more equitable future for all," concludes Dr Reddy. (With inputs from TOI) <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>

Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline

Anticipation is steadily building for the Union Budget of 2024, which President Murmu has hinted could be “historic”. Stakeholders are optimistic about policies aimed at enhancing domestic production and fostering economic growth. Consumers, on the other hand, eagerly await the potential benefits coming their way—including ones from the upcoming <keyword id="12026484" type="General" weightage="100" keywordseo="Railway-budget" source="Orion">Railway budget</keyword>. According to reports thus far, the Union Budget of 2024 is expected to place a significant emphasis on the Railway industry—one of the three cores of the Indian economy. This time, there is a strong expectation that the Railway budget will address various consumer-centric issues, including travel safety and overall experience quality. As Finance Minister Nirmala Sitharaman prepares to present the Union Budget on July 23, here are some key expectations for the Railway industry: <cmsannotation type="cmsannotation" annotationid="Highest-ever allocation for Indian Railways budget" comment="subhead" text="Highest-ever allocation for Indian Railways budget">Highest-ever allocation for <keyword id="6355455" type="General" weightage="20" keywordseo="Indian-Railways" source="Orion">Indian Railways</keyword> budget</cmsannotation> <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> is anticipated to heavily focus on several aspects of the railway sector. In the interim budget of 2024, the <keyword id="19905911" type="General" weightage="20" keywordseo="Ministry-of-Railways" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Railways" meta.hostid="261" meta.entityid="Ministry of Railways">Ministry of Railways</keyword> was allocated Rs 2.55 lakh crore for the fiscal year 2024-25. However, the upcoming budget is expected to increase this allocation significantly, ET NOW reports. It could potentially reach Rs 3 lakh crore, marking the highest-ever allocation for this sector. <cmsannotation type="cmsannotation" annotationid="Increased focus on passenger safety and capacity" comment="subhead" text="Increased focus on passenger safety and capacity">Increased focus on passenger safety and capacity</cmsannotation> During the Lok Sabha elections, the <keyword id="6360676" type="General" weightage="20" keywordseo="railways" source="Orion">railways</keyword> ministry faced significant criticism for various safety incidents and overcrowding in general coaches. To address these issues, the ministry is expected to allocate substantial funds to prevent operational mishaps, expand rail capacity and reduce congestion, the Business Standard reports. The government is expected to focus on the implementation of Kavach, an indigenously developed Automatic Train Protection System. Experts welcome the government’s emphasis on safety upgrades, particularly the network-wide implementation of train protection systems and the mechanisation of maintenance operations. <cmsannotation type="cmsannotation" annotationid="Enhancing passenger travel experience and quality" comment="subhead" text="Enhancing passenger travel experience and quality">Enhancing passenger travel experience and quality</cmsannotation> The budget is also anticipated to focus on improving facilities for passengers, modernising amenities and enhancing the overall quality of railway travel, as per Goodreturns. Capital expenditure will likely be directed towards upgrading coaches, with an initial plan to upgrade 40,000 bogies, and improving sanitation facilities. Passenger comfort and safety will continue to be priorities as the public increasingly values comfort over cost. <cmsannotation type="cmsannotation" annotationid="Possible reinstatement of Senior Citizen Railway Concession" comment="subhead" text="Possible reinstatement of Senior Citizen Railway Concession">Possible reinstatement of <keyword id="22455972" type="General" weightage="20" keywordseo="Senior-Citizen-Railway-Concession" source="keywords">Senior Citizen Railway Concession</keyword></cmsannotation> There is growing anticipation about the potential reinstatement of the Senior Citizen Railway Concession during Budget 2024, according to Business Today. This move is seen as particularly significant ahead of the upcoming general elections later this year. In March 2020, the Indian Railways discontinued discounts on train fares for senior citizens and women, requiring them to pay full fares like other passengers. Previously, the Senior Citizen Railway Concession was available for all classes of mail and express trains. Reports and RTI inquiries have revealed that the withdrawal of these concessions led to significant additional revenue for the Railways. During the suspension period, the Indian Railways accrued Rs 5,062 crore from eight crore senior citizens, with Rs 2,242 crore resulting from the absence of concessions. <cmsannotation type="cmsannotation" annotationid="Prioritising infrastructure spending" comment="subhead" text="Prioritising infrastructure spending">Prioritising infrastructure spending</cmsannotation> The <keyword id="19935166" type="General" weightage="20" keywordseo="Union-Budget-2024" source="keywords">Union Budget 2024</keyword> is expected to prioritise infrastructure spending, the Goodreturns report adds. The focus is likely to be on rapid development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services. Capital funds are likely to be allocated for expanding the metro network, NaMo Bharat corridors, Vande Bharat trains, high-speed corridors and economic corridors. Plans also include developing a high-speed rail network like the Mumbai-Ahmedabad route and allocating funds towards the Rapid Rail Transport System.

Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure

A corpus of Rs 1 lakh crore will be established with 50-year interest free loans to encourage the private sector to scale up research and innovation in sunrise domains, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> announced on Thursday. Presenting the interim Budget 2024-25, Sitharaman said this will be a golden era for India's tech savvy youth. "A corpus of Rs 1 lakh crore will be established with 50-year interest free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates," the minister said. "This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology," she added. EV stocks rally Shares of companies related to the electric vehicle segment jumped on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged. The stock of Olectra Greentech jumped 6.21% to reach its 52-week high of Rs 1,849.25 on the BSE. JBM Auto climbed 4.96% to hit its one-year peak of Rs 2,010.80. Greaves Cotton went up by 3% to the day's high of Rs 168.55. The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged, Finance Minister Nirmala Sitharaman said on Thursday. Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory. Biomanufacturing and bio foundry scheme will be launched to provide environment-friendly alternatives for bio-degradable production, she added.

Corpus of Rs 1 lk cr to scale up research in sunrise domains: FM Sitharaman

As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>. "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties," Sitharaman said in her Budget speech on Thursday. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units are expiring in March 2024. To provide continuity in taxation, she proposed to extend the date by another year. Moreover, in line with the government's vision to improve ease of living and ease of doing business, she announced to improve tax-payer services. "There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years," she said. She proposed to withdraw such outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. "This is expected to benefit about a crore tax-payers," she added. Presenting the Union Budget 2023, Sitharaman on Thursday pegged the fiscal deficit target for 2024-25 at 5.1% of gross domestic product (GDP). In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9% of gross domestic product (GDP). Today, Sitharaman said that the fiscal deficit of 2023-24 was downwardly revised to 5.8%. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. The government intends to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. A capital expenditure, or capex, is used to set up long-term physical or fixed assets. Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government's second term, the government proposed to increase capital expenditure outlay by 33% to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3% of the GDP. With the substantial increase in capex, it is central to the government's efforts to enhance growth potential and job creation, crowd in private investments and provide a cushion against global headwinds. The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July. With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The Indian economy is projected to grow close to 7% in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2% in 2022-23 and 8.7% in 2021-22. The Indian economy is expected to grow 7.3% in the current financial year 2023-24, remaining the fastest-growing major economy.

FM Nirmala Sithraman keeps tax slabs unchanged

New Delhi [India], July 23 (ANI): <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> is set to present the <keyword id="15626720" type="General" weightage="20" keywordseo="Union-Budget-2024" source="Orion">Union Budget 2024</keyword> in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament. All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25: Focus on employment, skilling, MSME and middle class" mstype="2" mssubtype="0"></div>She will table the budget one hour after the conclusion of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 in the Lok Sabha. The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement. The Finance Minister will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature). The interim budget, tabled on February 1, took care of the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was to be presented by the new government. With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. The <keyword id="105431" type="General" weightage="20" keywordseo="budget-session" source="Orion">budget session</keyword> of Parliament began on July 22 and, according to schedule, will end on August 12. Before presenting the Budget, the finance minister will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget. About half an hour before the budget is presented, a Cabinet meeting headed by the prime minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken. Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed. The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October, with budgets typically tabled on February 1. Another key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. The Halwa ceremony is significant as it also marks the beginning of a lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound. Everyone on the budget team is allowed to leave only after the financial document is presented in Parliament. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980. A day before the budget is scheduled to be tabled, the government typically releases its Economic Survey. This year, too, the same norms were followed. The Economic Survey serves as a crucial input for budget formulation. It is prepared by the Chief Economic Advisor and provides an overview of the country's economic performance, prospects, and policy recommendations, including future outlook. India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled projected India to grow at 6.5-7.0 percent in 2024-25. As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong and stable footing, demonstrating resilience in the face of geopolitical challenges. The first Economic Survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the budget documents and presented a day before the Union Budget. The budget, once it is presented, is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. Following its presentation and approval by Parliament, the Union Budget sets in motion a series of post-budget activities aimed at implementing its provisions and achieving the outlined objectives. Like the previous few full Union budgets, the Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections later in the year. All the Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), and Finance Bill, as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/budget/news/why-did-the-latest-economic-survey-of-india-heavily-shun-the-western-ways-of-climate-action/articleshow/111947230.cms" data-type="tilCustomLink" target="_blank">Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?</a>

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

July is abuzz with news of the upcoming union budget, which Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> will present on July 23, 2024. But you couldn't care less, because you’ve already decided that you’ll tune it all out, as soon as our beloved Nirmala Tai starts her budget presentations in the parliament. We get it, having spent less than three decades on this planet, we GenZers have already had a tough time understanding the complexities of the modern world affecting our daily life. When it comes to our national finances, we just can’t seem to make any sense of the words spoken, and the general vibe of complicated terms like <keyword id="19942084" type="General" weightage="20" keywordseo="Fiscal-Deficit" source="keywords">fiscal deficit</keyword> and <keyword id="20018917" type="General" weightage="20" keywordseo="Capital-Expenditure" source="keywords">capital expenditure</keyword> is extremely off-putting! So, why bother? Don’t worry, we have got you covered. As we step into an unforgiving adult world, it's time to tune in, as the Union Budget often has direct implications on your personal finances. To help you start, here’s your very own budget glossary, which will let you decode all budget-related mumbo-jumbo, the <keyword id="20246469" type="General" weightage="20" keywordseo="GenZ" source="keywords">GenZ</keyword> way. A: Annual Financial Statement Think of this as a simple breakdown of how much money the government has received and spent over three time periods — the current year, the previous year, and the budget (upcoming) year. This is required under Article 112 of the Indian Constitution. It has three parts: <ul><li>The consolidated fund of India, consisting of revenue received by the government as direct and indirect taxes, and loans</li><li>Contingency fund of India for emergencies, or disaster management</li><li>Public Account of India — our money that the government receives under various schemes like PPF, small savings and more </li></ul>B: <keyword id="20313429" type="General" weightage="20" keywordseo="Budget-Estimates" source="keywords">Budget Estimates</keyword> Say you set aside Rs 25,000 this month from your salary, to buy an uber-cool smartwatch. But you find a sweet steal deal on Amazon and manage to grab it for just Rs 20,000. The Rs 25,000 you set aside from your monthly budget was an estimate. In the same way, the government sets aside a specific sum for every project or scheme based on its estimates, but in the end, the actual expenses may vary. C: Capital Expenditure See the government allocating funds left, right and centre for building highways, improving rail connectivity, or developing other infrastructures? That's capital expenditure, or capex. The idea of undertaking capex is to build something for the long term, something which keeps contributing to the economy’s growth, long after its creation. D: Divestments Divesting means to sell off and let go of one’s stakeholding or ownership in a company or enterprise. The government generally divests its shares in various public undertakings to raise funds. Remember the much-touted IPO of Life Insurance Corporation of India (LIC) LIC’s IPO in May 2022? That was the government divesting 3.5% of its share in the insurance behemoth. E: Economic Survey This is a snapshot (and a pretty long one) of all the major economic developments that have taken place in the country during a particular financial year. It is usually released a day before the full budget, highlighting the performance of various government schemes, trends seen in various sectors of the economy, the policy initiatives taken by the government, and where the economy is going in the near future. F: Fiscal Deficit As daunting as it sounds, what if I tell you that most of us are perennially in a state of fiscal deficit? Surprised? It's simply when your spending exceeds your earnings. So, it gives you an estimate of how much you need to borrow, to tide over. Turns out, the government isn't faring great either, given that its fiscal deficit, or the difference between its revenue and expenditure currently stands at a staggering Rs 16,85,494 crores, or about 5.1% of India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. G: GDP Gross Domestic Product is the collective monetary value of all the goods produced and services rendered in the country, during a particular period. In other words, it is the combined total of the economic output that is generated by 141.72 crore Indians like us, expressed monetarily. As of 2024, India’s GDP stood at $3.9 trillion. GDP is a measure of how healthy and strong an economy is. Some of the world’s biggest economies, like China and the US, have a GDP of $18.5 trillion and $28.7 trillion, respectively. G: <keyword id="20411624" type="General" weightage="20" keywordseo="Gender-Budgeting" source="keywords">Gender budgeting</keyword> When achieving gender equality, and addressing challenges women face by way of allocating resources and formulating policies accordingly becomes key to preparing a budget, it's known as gender-based budgeting. Such a budget ensures that distribution of public resources between men and women is not heavily skewed towards the former. In 2023-24, India’s gender budget swelled 4.3% to Rs 2.23 trillion, which is about 4.9% of the overall budget. H: <keyword id="21458145" type="General" weightage="20" keywordseo="Household-Income" source="keywords">Household Income</keyword> The total money earned by everyone in your home makes for your household income. So, if you are a family of 4, where your younger sister is studying, and you, along with your parents earn a total of say Rs 25,00,000 per annum, that is your household income. As of 2022-23, India’s average household income stood at Rs 3.6 lakh/annum. O: Outcome of Budget This is a statement of the outcomes achieved by various government departments with the budget allocated to them last year. It answers questions like was the money spent on purposes it was sanctioned for? What was the output achieved? Think of this as a report card, detailing your progress, or money spent during the year, and is indicative of what more needs to be done to achieve the desired results. R: Revised estimates Say are saving up Rs 70,000 for your buying the latest iPhone. But a few months down, you realize that the price point has changed as the release date approaches, and it is likely to cost about Rs 85,000 now. You see, your initial estimate was Rs 70,000, but then, you revised your estimated requirement to Rs 85,000. The government works no differently. 6-months after the budget presentation, the government assesses if the money granted to scheme A is sufficient, or does it need more funds. Are there any other schemes that need more fund allocation? The new, revised estimates then become the benchmark of functioning, against which actual expenditures are compared. S: Subsidy This is a sum that the government gives to an industry or business, with the objective to keep its prices for the general public low. The government pitches in to pay a part of production costs, so that the public does not end up bearing the entire burden of the cost. Remember the recently discontinued FAME (Faster Adoption and Manufacturing of Electric Vehicles) subsidy on electric vehicles (EV) schemes, which boosted EV adoption amongst Indians. Imagine your elder brother or sister funds 40% of your much awaited Goa trip, without wanting anything in return, for the simple purpose of you having fun! That's them subsidizing your travel! V: Vote on Account Remember Nirmala Tai presented an interim budget this year in February, given that elections were due in May? In an election year, the incumbent government does not present a full fledged budget, because who knows if they’ll be voted back to power or not? So, to tide over the next few months before a new government is brought back to power, the government seeks vote on account, which is basically permission or grant needed to fund expenditures for the next few months. Z: Zero-based budgeting The term refers to a budgeting method in which all expenses must be justified for each new period, starting from a "zero base." Think of it like starting with a blank piece of paper every time you make a plan for how to spend your money. Instead of just changing what you spent last year, you think carefully about every rupee you need and why you need it. In 1986, the Indian government implemented ZBB as a system for determining the Expenditure Budget, making it compulsory for all ministries. However, implementation and application of this approach have remained inconsistent in the later years. So, it's time to listen to Tai with rapt attention, and flaunt your newfound budget dictionary to those still afraid of endless budget jargons!

Budget A-Z, for the GenZ: A fun and handy guide for major terms around upcoming Union Budget

Watching the <keyword id="19915128" type="General" weightage="20" keywordseo="Chandrayaan-3" source="keywords">Chandrayaan-3</keyword> lander complete its soft-landing on the far side of the Moon was undoubtedly one of the most proud moments for all Indians in 2023. And yet, we tend to forget that this was an achievement that was somehow completed with a budget less than that of some Bollywood movies. Thanks to monumental achievements such as Chandrayaan and Aditya-L1, in addition to increased government support and a surge in private sector involvement, India’s <keyword id="20242397" type="General" weightage="20" keywordseo="space-sector" source="keywords">space sector</keyword> has been rapidly evolving. However, a defining theme of all the past successful missions in the space sector for <keyword id="19915124" type="General" weightage="20" keywordseo="ISRO" source="keywords" meta.keywordsubtype="org" meta.entityname="ISRO" meta.hostid="261" meta.entityid="ISRO">ISRO</keyword> has been its ability to achieve them in the most economical way possible, often at one-tenth of the cost compared to its western counterparts. Now, as more funds flow in from both public and private routes, India’s space sector is at the precipice of a unmatched growth phase. With another hike in the pipeline for the space sector, the <keyword id="19955368" type="General" weightage="20" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> is poised to further boost India’s position in the <keyword id="22469635" type="General" weightage="20" keywordseo="global-space-race" source="keywords">global space race</keyword> by enhancing funding, providing incentives, and fostering international collaborations. <h2>How does India’s space budget compare to other countries?</h2>As per the interim budget announcement, India’s space budget for 2024-25 will stand at around Rs 13,042.75 crores, a 4% increase from the previous year’s Rs 12,545 crore. To truly contextualise this, let’s compare it with other leading space-faring nations. <div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div>The USA, through <keyword id="19935155" type="General" weightage="20" keywordseo="NASA" source="keywords" meta.keywordsubtype="org" meta.entityname="NASA" meta.hostid="261" meta.entityid="NASA">NASA</keyword>, allocated about Rs 2,12,000 crores ($25.4 billion) in 2023, focusing on the Artemis program, <keyword id="20999262" type="General" weightage="20" keywordseo="Mars-exploration" source="keywords">Mars exploration</keyword>, and advanced satellite technologies, as per the The Planetary Society. China’s space program received approximately Rs 1,18,000 crores ($11 billion), supporting lunar missions, Mars exploration, and building its own space station, as per media reports. Meanwhile, The European Space Agency (ESA) had a budget of around Rs 63,700 crores ($7.6 billion) last year to fund a range of scientific missions, Earth observation, and international collaborations. While India's budget remains categorically minuscule in comparison, it prioritises cost-effective missions and innovative technologies, often achieving impressive results with fewer resources. However, many are concerned how this financial constraint could affect infrastructure development, cause delays in critical projects like <keyword id="6797456" type="General" weightage="20" keywordseo="gaganyaan" source="Orion">Gaganyaan</keyword>, and restrict the private sector's growth and innovation. Furthermore, it may also limit India's influence in global space governance and international collaborations, at a time when most countries seem to be set on a race to transform themselves into a space-faring society. <h2>Upcoming missions and international collaborations</h2>While space spending can be useful for many quality of life aspects — such as agriculture and climate preparedness — it is often the major space missions that steal the spotlight. Key projects in the 2024 budget include the Gaganyaan mission, which aims to send Indian astronauts into space. Additionally, the Mars Orbiter Mission 2 (<keyword id="20475168" type="General" weightage="20" keywordseo="mangalyaan" source="keywords">Mangalyaan</keyword> 2) is slated for a 2024 launch, which — if successful — could mark a significant step in India's interplanetary exploration prowess. <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>International collaborations are also a significant cornerstone of India’s space strategy. The NASA-ISRO Synthetic Aperture Radar (NISAR) mission, scheduled for 2024, exemplifies such partnerships. This mission will provide critical data for understanding Earth’s changing ecosystems, ice mass, and natural hazards. International collaborations are crucial because they help a great deal with enhancing technical expertise and shared resources. As such, joint ventures like NISAR and partnerships with other space agencies help India stay competitive globally. Another significant collaboration is with the United States, where an Indian astronaut will be sent to the International Space Station (ISS) by the end of 2024. <h2>Indian leadership in space tech</h2>The budget may be low, but India’s space spirit is certainly not weak. Despite limited resources, India has demonstrated strengths in many aspects of space technologies. For instance, the Indian Space Research Organisation (ISRO) is known for its reliable and cost-effective launch vehicles, like the PSLV and GSLV, which have successfully placed numerous satellites into orbit. In a tremendous feat, the PSLV-C37 successfully launched 104 satellites in a single flight in September 2023! <div type="Article" hostid="261" msid="111688482" title="Budget A-Z, for the GenZ: A fun and handy guide for major terms around upcoming Union Budget" mstype="2" mssubtype="0"></div>India also excels in manufacturing satellites for communication, weather monitoring, and Earth observation. The upcoming deployment of 50 AI-powered GEOINT satellites will enhance national security and surveillance. With the right investments, India could lead globally in low-cost space missions and innovative satellite technologies. <h2>Long-term visions for India’s space program</h2>The long-term vision for India's space program, as outlined in the Budget, includes establishing a dedicated space station by 2035 and increasing the country’s share in the global space economy. <div type="Article" hostid="261" msid="111807009" title="Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline" mstype="2" mssubtype="0"></div>The Indian government aims to capture nearly 10% of the global space market by 2030, up from its current 2-3% share. This ambition aligns with broader geopolitical and economic goals, positioning India as a key player in space exploration and satellite services. Budget 2024 will be crucial for strengthening India’s position in the global space race. As the country gears up for upcoming missions and technological advancements, the global space community will be closely watching India's progress.

Budget 2024: How will budget affect India’s position in the global space race?

New Delhi [India], July 21 (ANI): As the Union <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword>, <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>, is set to present her seventh <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>, the <keyword id="21660910" type="General" weightage="20" keywordseo="Monsoon-Session" source="keywords">Monsoon Session</keyword> of Parliament will commence on July 22. With the presentation of this year's budget, Sitharaman will establish herself as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai's six budget presentations. Desai, who was the country's Finance Minister from 1959 to 1964, presented a record six budgets for the country, of which five were full budgets and one was an interim budget. Like the previous few full Union Budgets, <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections. As part of the <keyword id="20321465" type="General" weightage="20" keywordseo="budget-preparation" source="keywords">budget preparation</keyword>, the Finance Ministry has completed several rounds of deliberations with different stakeholders of the economy. These meetings started on June 20, during which Sitharaman met representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as representatives from the infrastructure, energy, and urban sectors. During the meetings, economists discussed several critical issues, such as boosting capital expenditure and reducing the fiscal deficit. The group of economists suggested to the ministry that the focus should be on reducing the fiscal deficit in the upcoming budget, along with the need to generate employment growth. The industry body, the Confederation of Indian Industry (CII), suggested that the government increase capital expenditure in the upcoming budget. The economists also emphasised the need to enhance capital expenditure. Farmer associations urged the Finance Minister to enhance the budgetary allocation for the agriculture sector. Representatives from the skilling and employment sectors suggested ways to skill the youth for better utilization of the workforce. This year's Monsoon Session will have 19 sittings until August 12. The Modi government is expected to present six bills, among which the Aircraft Act and Parliament's nod for the budget of Jammu and Kashmir are prominent. The government will also present the Finance Bill after the announcement of the budget on July 23. Among the other bills, the disaster management law, the Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill will be tabled in this year's Monsoon Session. The Bhartiya Vayuyan Vidheyak 2024 will replace the Aircraft Act of 1934 and streamline regulations in the civil aviation sector, aiding industry players in the sector. The interim budget, tabled on February 1, addressed the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was supposed to be presented by the new government in July. The Union Budget documents will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and is available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).

You Searched For "interim budget 2024" and got 13 results

Budget 2024: Can Lakhpati Didi Yojana’s reality inspire better focus on women?

Ashmita Gupta

Union Budget 2024: A handy FAQ guide to decode the upcoming budget

Ira Alok Puranik

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

PTI

Interim Budget 2024: FY25 capex hiked 11%; no change in tax slab, says FM Sitharaman

Sourabh Jain

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

BI India Bureau

Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline

Ashmita Gupta

Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure

Kunal Kambli

Corpus of Rs 1 lk cr to scale up research in sunrise domains: FM Sitharaman

PTI

FM Nirmala Sithraman keeps tax slabs unchanged

ANI

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

ANI

Budget A-Z, for the GenZ: A fun and handy guide for major terms around upcoming Union Budget

Ira Alok Puranik

Budget 2024: How will budget affect India’s position in the global space race?

Ankush Banerjee

FM Sitharaman to present historic seventh consecutive Union Budget in paperless format

ANI

Popular Keywords

Buying Guides