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<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> on Tuesday called on <keyword id="19895704" type="General" weightage="20" keywordseo="President" source="keywords">President</keyword> <keyword id="19934334" type="General" weightage="20" keywordseo="Droupadi-Murmu" source="keywords">Droupadi Murmu</keyword> before presenting the full Budget for 2024-25. As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament. President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025). Expectations are running high as Sitharaman presents her seventh Budget in the Lok Sabha on Tuesday. The Budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation. Sitharaman continued with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition. She keeps a digital tablet in a red 'bahi khata' style pouch. The economy is projected to expand by 6.5-7 per cent in the current fiscal, as per the Economic Survey tabled in Parliament on Monday. 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" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a><a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a>

Finance Minister Nirmala Sitharaman meets President ahead of Budget speech

New Delhi [India], July 24 (ANI): A <keyword id="4261957" type="General" weightage="20" keywordseo="general-discussion" source="Orion">general discussion</keyword> on the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> and the budget for the Union Territory of Jammu and Kashmir for the fiscal year 2024-25 will be held in the <keyword id="19895369" type="General" weightage="100" keywordseo="Rajya-Sabha" source="keywords">Rajya Sabha</keyword> later on Wednesday. <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> presented both the Union Budget and the <keyword id="22525621" type="General" weightage="20" keywordseo="Jammu-and-Kashmir-Budget" source="keywords">Jammu and Kashmir Budget</keyword> in the House on July 23. The discussion is crucial as both the budgets shape the financial direction of the country and the Union Territory, respectively. The Union Budget outlines the government's revenue and expenditure plans for the upcoming fiscal year, while the budget for the Union Territory of Jammu and Kashmir is a significant event considering the developmental needs. As per the list of businesses of the Rajya Sabha, the discussion on these two budgets will be convened later in the day. The discussion over these two budgets is expected to start in the second half of the day. According to the list of business of the Rajya Sabha, the ministers that are set to lay the papers on the table are Jayant Chaudhary for the Ministry of Education; Pankaj Chaudhary for the Ministry of Finance; Nityanand Rai for the Ministry of Home Affairs; and Sukanta Majumdar for the Ministry of Education. Besides, Rajya Sabha Secretary General PC Mody will lay on the table the Public Accounts Committee reports. This includes the 124th Report on Construction of Toilets in Schools by CPSEs; the 125th Report on Rejuvenation of the Ganga (Namami Gange); the 126th Report on Avoidable Payment due to Non-Charging of Service Tax/GST from the Passengers; and the 127th Report on Action Taken by the Government on the Observations and Recommendations of the Committee contained in their 46th Report (16th Lok Sabha) on Implementation of the Public-Private Partnership Project at Chhatrpati Shivaji International Airport, Mumbai, among others. The reports were presented to the Speaker on February 23 and April 29, 2024, and to the Chairman, Rajya Sabha, on February 28 and May 13, 2024, before the dissolution of the 17th Lok Sabha. The Speaker had ordered the printing, publication and circulation of the reports. As per the business list of the Rajya Sabha, Union Minister for Parliamentary Affairs Kiren Rijiju will move the motion for election to the committee on the welfare of other backward classes. Kiren Rijiju will also move the motion for nomination to the committee on the welfare of scheduled castes and scheduled tribes. The motion for nomination to the committee on public accounts will also be moved by Union Minister Rijiju in the House today. Moreover, Kiren Rijiju will move the motion for nomination to the committee on public undertakings. Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday during the Monsoon Session of <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword>. Nirmala Sitharaman became the first finance minister to present seven consecutive budget speeches, surpassing former prime minister Morarji Desai's record of six consecutive budgets as finance minister between 1959 and 1964. In her seventh budget, Nirmala Sitharaman outlined key priorities aimed at fostering economic growth and creating ample opportunities. These included productivity and resilience in agriculture, employment, and skilling and services. Prime Minister Narendra Modi on Tuesday hailed the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> presented by Finance Minister Nirmala Sitharaman. "This budget strengthens every section of society. It takes the country's poor, village and farmers on the path of prosperity," the prime minister said in a video message. The Prime Minister praised the budget, emphasising its potential for job generation by incentivizing the top 500 companies to recruit more youth and also induct interns. The PM said the budget would help India achieve its objective of becoming the third largest economy, besides laying a strong foundation for Viksit Bharat. Union Home Minister Amit Shah on Tuesday also said the Union Budget 2024-25 is game-changing and will go down in history for coupling Bharat's economic growth with the torque of its youth power. He also lauded the government's decision to provide training and internship programmes to youth. The Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, welcomed the Union Budget 2024 laid before Parliament on Tuesday. Calling the Union Budget 2024 a 'visionary document', Sonowal said, "The Union Budget, 2024 lays the roadmap for renewed and holistic growth towards Viksit Bharat. This visionary budget is aimed at empowering the 'Garib' (poor), 'Mahilayen' (women), 'Yuva' (youth), and Annadata' (farmers) so that the process of development reaches every citizen of the country." Assam Chief Minister Himanta Biswa Sarma said on Tuesday that Union Budget 2024 stands out for its unprecedented push towards employment generation and powering small businesses.

Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today

Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> made major announcements for <keyword id="19903647" type="General" weightage="20" keywordseo="Bihar" source="keywords">Bihar</keyword> and <keyword id="19896313" type="General" weightage="20" keywordseo="Andhra-Pradesh" source="keywords">Andhra Pradesh</keyword> on Tuesday, including a boost in <keyword id="19916864" type="General" weightage="20" keywordseo="infrastructure" source="keywords">infrastructure</keyword> and special financial support. The announcement covers human resource development, infrastructure and the generation of economic opportunities to make the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra pradesh an engine to attain Viksit Bharat. In her Budget speech in Parliament, Nirmala Sitharaman said, "On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. We will also support the construction of road connectivity projects namely Patna-Purnia Expressway, Buxar-Bagalpur Expressway, Bodhgaya-Rajgir-Vaishali-Darbanga and an additional two-lane bridge over river Ganga at Buxar at a total cost of Rs 26,000 cr." "Power projects, including setting up of a new 2400 megawatt power plant at Pirpainti, will be taken up at a cost of Rs 21400 crore," she added. The Finance Minister said that new airports, medical colleges and sports infrastructure in Bihar will be constructed. An additional allocation to support capital investments will be provided, she said. She emphasised that the requests of the Bihar government for external assistance from multi-lateral development banks will be expedited. The FM also announce an allocation of Rs 11500 crore or flood control measures in Bihar. Funds have also been provided for developing the Temple corridors in the iconic temples in NIhar. The Kashi Model will be implemented in Bodh Gaya. Special funds have also been provided for the Rajgir Jain Temple site. Andhra Pradesh also benefited from the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 as the Finance Minister announced special financial support to the state, recognising the state's need for capital. "Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies," Sitharaman said. "In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years," she added. The Finance Minister is presenting the first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. 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" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/markets-turn-highly-volatile-amid-budget-presentation/articleshow/111950281.cms" data-type="tilCustomLink" target="_blank">Markets turn highly volatile amid Budget presentation</a>

Union Budget 2024-25: FM Sitharaman unveils big sops for Bihar, Andhra Pradesh

Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> in her Budget speech proposed creation of <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> of about 4.1 crore <keyword id="19916812" type="General" weightage="20" keywordseo="youth" source="keywords">youth</keyword> over the next five years. Towards it, the finance minister has made an allocation of Rs 2 lakh crore. Similarly, for <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> the citizens so as to generate job opportunities, she proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period. A total of 1,000 industrial training institutes will be upgraded, she announced. She proposed in her speech that a one-time wage would be provided to all first time employees in all sectors. The incentive for first-timers would be provided through Direct Benefit Transfer (DBT) The Finance Minister said that the government will launch internship opportunities in 500 companies to one crore youth in five years. Interns will get exposure to real-life environment and an allowance of Rs 5000 per month, she said. The companies will bear training and 10 per cent of training cost from CSR funds. Sitharaman said employment, skilling, MSME, and middle class are among key focus areas of this Budget. 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" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Budget 2024: ₹2 lakh crore allocated to employ 4.1 crore youth over next 5 years

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

Union <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will present the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> for 2023-24 with a digital device instead of the traditional 'bahi-khata' in her hands. Wednesday's <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> will be <keyword id="679937" type="General" weightage="50" keywordseo="sitharaman" source="Orion">Sitharaman</keyword>'s fifth Budget presentation as Finance Minister. 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. The minister in 2019 not only garnered huge attention for carrying a 'bahi-khata', but also for implying the rich culture the country holds. A 'bahi-khata' holds prominence in Indian culture, tradition and history. For decades, the Indian way of managing accounts and keeping a record of bills was done in a 'bahi-khata'. Traders, merchants, sailors and even small shopkeepers have retained this way of preserving their data. However in 2021, due to the Covid-19 pandemic, the government had to take necessary steps to maintain the security and safety of everyone. The Finance Minister moved ahead with the first paperless Budget holding a digital tablet wrapped in a red-coloured cover with the national emblem emblazoned on it. The same year, the minister also launched the '<keyword id="10642681" type="General" weightage="50" keywordseo="union-budget-mobile-app" source="Orion">Union Budget Mobile App</keyword>' for hassle-free access of Budget documents by the parliamentarians and the general public. Following the same trend the next year, the Union Budget 2022 was also a paperless budget. On Wednesday, the Budget documents will be available on the 'Union Budget Mobile App' on both the <keyword id="6355645" type="General" weightage="50" keywordseo="android" source="Orion">Android</keyword> and Apple OS platforms after the completion of the Budget Speech by the Finance Minister. Like every year, the Finance Minister will first visit the North Block situated at Raisina Hill ahead of the Budget presentation on Wednesday. Following this, she will meet President Droupadi Murmu and will present the Union Budget 2023 at 11 AM in Parliament. Earlier on Tuesday, Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in the <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword>, stating that the economic recovery of India from the Covid-19 pandemic is complete and the economy is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22. Budget 2023 is likely to be the last full Budget of the Modi government in its second term with the next Lok Sabha election due in April-May of 2024. A large section of people expect reduced taxes, loan rates, and reduced prices of essential commodities. The Budget Session of the Parliament began on Tuesday with President Droupadi Murmu's address to the joint session where she spoke about different topics during her maiden address after being elected to the topmost office of the country last year. Ahead of the Budget session of Parliament, Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Tuesday said, "India's Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/nirmala-sitharaman-arrives-at-north-block-ahead-of-union-budget-2023-today/articleshow/97510053.cms">Nirmala Sitharaman arrives at North Block ahead of Union Budget 2023 today</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-britannia-reliance-industries-among-stocks-in-focus/articleshow/97510050.cms">Sensex, Nifty50 likely to open higher ahead of Union Budget 2023: Adani Enterprises, Britannia, Reliance Industries among stocks in focus</a>

FM Sitharaman to present Budget on digital device instead of 'bahi-khata'

The government has proposed that 100 critical transport infrastructure projects, for last and first-mile connectivity identified in ports, coal, steel, fertilizer and food grain sectors. Presenting the Union <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> for 2023-24 in Parliament, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said these projects will be taken up on priority with an investment of Rs 75,000 crore, including Rs 15,000 crore from private sources. <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> proposed hiking the capital expenditure outlay by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP. Presenting the Budget for 2023-24, she said the newly established infrastructure finance secretariat will assist in attracting more private investment. She said that this will be almost three times the outlay in 2019-20. The 'Effective Capital Expenditure' of the Centre is budgeted at Rs 13.7 lakh crore, which will be 4.5 per cent of GDP. For civil aviation, the finance minister said that 50 additional airports, heliports, water aerodromes and advanced landing grounds will be revived for improving regional air connectivity. Further, as part of its green growth strategy, which is among the seven priorities of the Budget, Sitharaman said the government has been implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors. "These green growth efforts help in reducing carbon intensity of the economy and provides for largescale green job opportunities," the Finance Minister said. "India is moving forward firmly for the 'panchamrit' and net-zero carbon emission by 2070 to usher in green industrial and economic transition. This Budget builds on our focus on green growth," she said. Union Finance Minister announced that the government proposes 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. "(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 the 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. This year's budget is significant being the last full budget of the <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> government's second tenure as the general elections are scheduled for next year. Presenting the Union Budget in Parliament today, Finance Minister Sitharaman pegged the fiscal deficit target for 2023-24 at 5.9 per cent of gross domestic product (GDP). In 2022-23, the government pegged fiscal deficit at 6.4 per cent. The Finance Minister further said that the government intends to bring the fiscal deficit below 4.5 per cent of GDP by the financial year 2025-26. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2023-fully-imported-cars-including-evs-to-cost-more/articleshow/97522899.cms">Budget 2023: Fully imported cars, including EVs, to cost more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-will-fulfil-dreams-of-aspirational-society-farmers-and-middle-class-pm-modi/articleshow/97522670.cms">Budget will fulfil dreams of aspirational society, farmers and middle class: PM Modi</a>

Budget 2023: Govt proposes 100 critical projects for last-mile logistics at ₹75,000 crore

New Delhi, <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Monday called on President <keyword id="6354561" type="PERSON" weightage="20" keywordseo="ram-nath-kovind">Ram Nath Kovind</keyword> before presenting the Union <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> 2021-22. As per established tradition, the Finance Minister met the President at the <keyword id="389151" type="LOCATION" weightage="20" keywordseo="Rashtrapati-Bhawan">Rashtrapati Bhawan</keyword> before heading to <keyword id="6354721" type="COMPANY" weightage="20" keywordseo="parliament">Parliament</keyword>. The <keyword id="6355512" type="COMPANY" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> will meet at 10.15 am to clear the Budget. Also before the actual presentation, the Cabinet headed by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> will approve the Budget for the fiscal year 2021-22. While traditionally, copies of the Budget are brought to the Parliament complex before finance minister arrives, this year no document has been printed following the COVID-19 protocol. Instead, the Budget copies will be disseminated electronically, with documents being uploaded on the government website as well as being made available on a special app developed for the same. Expectations are running high as Sitharaman presents her third budget in the Lok Sabha on Monday. She has her task cut out to fire up a pandemic battered economy and revive the animal instinct in it. Dressed in a red silk saree with off-white detailing and golden border, Sitharaman continued with the tradition she set in 2019 carrying the budget speech in a bahi-khata, which she used ditching the briefcase. She was seen holding a red bahi khata. On the first day of the budget session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2020-21, which projected a 'V'-shaped recovery for the economy in the next financial year. The economy is projected to contract by 7.7 per cent in the current fiscal ending March 31, 2021 and expanding by 11 per cent in the next. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/india-union-budget-2021-live-news-and-highlights/liveblog/80621593.cms">Budget 2021 Live Updates : Finance Minister Nirmala Sitharaman to present the first-ever digital Union Budget today.</a>

Budget 2021: Nirmala Sitharaman meets President Kovind ahead of Budget speech

<ul><li>Millions of Indians are looking for changes in <keyword id="120700" type="PERSON" weightage="20" keywordseo="Income-Tax-slabs">income tax slabs</keyword> hoping for more disposable income.</li><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>'s <keyword id="117156" type="PERSON" weightage="20" keywordseo="Budget-speech">budget speech</keyword> will be a tightrope walk that will have to blend the hopes of an economy slipping into slumber with the reality of limited resources.</li><li>Disinvestment in Air India and <keyword id="7170483" type="UNKNOWN" weightage="20" keywordseo="5G-Spectrum-sale">5G spectrum sale</keyword> could be the big money spinners for the goverment allowing it to spend freely in reviving a distressed rural economy.</li></ul>Finance minister Nirmala Sitharaman will present her maiden Budget and millions of Indians will be keenly watching if she fulfills many of the promises made by the Prime Minister Narendra Modi during his poll campaign that ended in the historic mandate. Millions of middle class Indians are hoping for tax breaks or rebates that will leave more money at their disposal at month end. But, the budget speech will hold a lot more of significance than just a change in income tax slabs. The lady in charge Sitharaman is India's first full-time Finance Minister to deliver the budget speech at 11 am. The Modi government has kicked off the second term with the promise of making Indian economy worth $5 trillion by March 2025. The narrative set by the Prime Minister himself has been followed by many of his team members as well as the newly-appointed Chief Economic Advisor K Subramanian. Some of the issues that the government has not been able to overcome in the recent past are the lack of jobs, the escalating rural distress, bone-dry private investment, and falling consumption. It is widely expected that the government will try to revive the economy's animal spirits-- a term used to describe people's level of confidence in the economy-- which will be essential to the lift the growth in Gross Domestic Product (GDP) from the five year low it hit in the January-March 2019 quarter. The right signals <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">Budget 2019</keyword> offers an opportunity for the government to inspire confidence among the country's private investors who have shied away from betting their money on the country's economic prospects. That has led to a rise in unemployment as millions of young Indians join the workforce every year and there just aren't enough jobs created. That in turn has affected consumption. The two biggest numbers that are key to deciding the market confidence are the fiscal deficit projection for 2019-20 and the government borrowing programme. Fiscal deficit is the difference between the amount of money the government makes and the amount spent. The government had said in February that in 2018-19, the deficit would be 3.4% of the GDP. The fiscal deficit target for 2019-20 will decide whether the government takes its targets seriously. The excess of expenditure over earnings, the deficit, is met by borrowing money from the market. "From an investor point of view we want RBI, which is adeauately capitalised, and we want an economy which is adequately liquid. Today, apart from liquidity it is also transmission of credit which is also important. Today we have a scenario where PSU banks are not lending because they are not adequately capitalised," Nilesh Shah of Kotak Asset Management told Business Insider. Bank recapitalisation And that is one of the most significant numbers to look forward to in Sitharaman's speech-- the amount of money that the government will invest in state-owned banks that have been squeezed by a pile of bad loans threatening to rise further. In the last financial year ending March, the government invested a total of ₹1 lakh crore, according to Financial Services Secretary Rajiv Kumar in February. Still, there still isn't enough money floating around in the economy. "As a matter of fact if you look at the 50 year chart, the money supply has grown in the last few years at the same rate as it used to grow in the 1960s when the economy used to grow at 3-4%," market veteran Vallabh Bhanshali, Chairman of the Enam Group, told Business Insider. Banks need money (and confidence) to lend more and they are looking towards the government for support. Demands galore Essentially, everyone from the individual taxpayer to different industry segments-- from farmers to industrialists, from manufacturers to retailers, from real estate developers to banks to home buyers, from car makers to car buyers--- needs some kind of government support. Where is the money going to come from? Disinvestment One way of making up for the shortfall is for the government to sell stake, or fully priavatise, in companies that it owns. All eyes are on the hoardes of sick government companies that are sitting on millions of assets that are under-utilised and therefore, the companies are turning in losses for years. The most high-profile of them is Air India. The government has already indicated that it is looking for a strategic private investor in the airline. Government-owned telecom operators BSNL and MTNL are two other companies that have run out of cash even to pay salaries. Spectrum sale The other big source of government revenue is the sale of spectrum, which yields a lot of money. The government would want the upcoming auction of 5G spectrum to be a big money spinner but the bidders, the telecom operators are buried in debt. While the government would want 5G to give impetus to its Digital India programme, the 5G spectrum has to be reasonably priced. The Budget on the whole will be a tightrope walk. SEE ALSO: <a href="https://www.businessinsider.in/defence-budget-2019-20indias-defence-budget-has-nearly-doubled-in-5-years/articleshow/70037360.cms" data-type="tilCustomLink" target="_blank">India’s defence budget has nearly doubled in 5 years but the money is not enough to upgrade the weapons</a> <a href="https://www.businessinsider.in/niti-aayog-wants-education-budget-to-increase-further/articleshow/69941463.cms" data-type="tilCustomLink" target="_blank">India’s education budget has improved over the years — but it’s still too low</a> <a href="https://www.businessinsider.in/health-budget-2019-india-might-increase-spending-on-healthcare-but-that-may-not-be-enough/articleshow/69956156.cms" data-type="tilCustomLink" target="_blank">India might increase spending on healthcare but that may not be enough</a>

Income tax, bank recap, Air India, and 5G spectrum sale are some things to watch out for in Finance Minister Nirmala Sitharaman's first budget speech

The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) will today launch the nation's first <keyword id="15195039" type="General" weightage="20" keywordseo="digital-rupee-pilot-project" source="Orion">digital rupee pilot project</keyword> for the <keyword id="3047329" type="General" weightage="20" keywordseo="wholesale-segment" source="Orion">wholesale segment</keyword>. In a statement, the central bank said that it will "soon commence pilot launches of <keyword id="10678165" type="General" weightage="20" keywordseo="digital-rupee" source="Orion">Digital Rupee</keyword> (ea,) for specific use cases. Accordingly, the first pilot in the Digital Rupee - Wholesale segment (ea,-W) shall commence on November 1, 2022". The central bank further informed that "the first pilot in Digital Rupee - Retail segment (ea,-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants. The details regarding operationalisation of ea,-R pilot shall be communicated in due course". RBI has selected nine banks for participation in the digital rupee's wholesale <keyword id="6644808" type="General" weightage="20" keywordseo="pilot-project" source="Orion">pilot project</keyword>. These are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC. Finance Minister Nirmala Sitharaman in her budget speech on February 1 had announced that RBI will launch a Central Bank Digital Currency (CBDC) in this fiscal. CBDC is a digital form of currency notes issued by a central bank. Digital currency or rupee is an electronic form of money, that can be used in contactless transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms" style="">Rupee gains 8 paise to 82.73 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms" style="">L&amp;T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures</a>

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Finance Minister Nirmala Sitharaman meets President ahead of Budget speech

PTI

Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today

ANI

Union Budget 2024-25: FM Sitharaman unveils big sops for Bihar, Andhra Pradesh

ANI

Budget 2024: ₹2 lakh crore allocated to employ 4.1 crore youth over next 5 years

ANI

FM Nirmala Sithraman keeps tax slabs unchanged

ANI

FM Sitharaman to present Budget on digital device instead of 'bahi-khata'

ANI

Budget 2023: Govt proposes 100 critical projects for last-mile logistics at ₹75,000 crore

ANI

Budget 2021: Nirmala Sitharaman meets President Kovind ahead of Budget speech

PTI

Income tax, bank recap, Air India, and 5G spectrum sale are some things to watch out for in Finance Minister Nirmala Sitharaman's first budget speech

Sriram Iyer

RBI to launch the nation's first digital rupee pilot project for the wholesale segment today

IANS

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