UNION BUDGET 2024 HIGHLIGHTS
Sharpen focus on education and health this Budget, experts urge FM
Although the pandemic is behind us, the focus on the health sector shouldn't be diluted, he added. There were also suggestions to tightly monitor the implementation of all such social sector schemes, he added. Facilities at schools and hospitals need to be further improved and vacancies filled up on time, some of them said in the meeting. In the interim Budget for FY25 in February, the government had pegged the outlay for the Ministry of Health and Family Welfare at ₹90,659 crore, up marginally from the FY24 budget estimate of ₹89,155 crore. This outlay also includes spending on health research.
Who will present Budget 2024 and how is it prepared?
Union Budget 2024: Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget since 2019, joining a distinguished group of finance ministers who have delivered at least five consecutive Union Budgets. This year's budget will be the first full budget presented as part of Modi 3.0, with a notable shift to a paperless format. The budget-making process typically begins in September, over six months before the presentation date, generally on February 1. The Finance Ministry issues budget-related circulars to various entities, including states, Union Territories, Union Ministries, Defense forces, government departments, and autonomous bodies.
Budget 2024: Three types of Budgets in India and their meanings
A government budget is an annual financial document outlining projected government revenues and outlays for the next fiscal year. There are three types of budgets: balanced, surplus, and deficit, based on how accurate these projections are. The three distinct budget kinds are discussed below.
RSS-affiliated union demands extension of MGNREGS to 200 days
Bharatiya Mazdoor Sangh presses for extending MGNREGS, raising pensions, and improving worker benefits, including for beedi and National Health Mission workers.
Budget Preview: Govt could use part of RBI dividend to reduce fiscal deficit, says Motilal Oswal
A transfer of Rs 2.11 lakh crore by the RBI implies excess receipts of about Rs 1.5 lakh crore in FY25, the MOFSL note said. MOFSL sees the new government largely retaining its tax and non-debt capital receipt (including disinvestment) projections as presented during the interim Budget in February.
RSS-affiliate union seeks extension of mandatory work under MGNREGA to 200 days in pre-Budget meet
BUDGET EXPECTATION: In its pre-budget meeting with the finance minister Nirmala Sitharaman on Monday, BMS general secretary Ravindra Himte demanded increasing the minimum pension under the Employees’ Pension Scheme (EPS), 1995 from Rs 1,000 to Rs 5,000 while enhancing of honorarium of scheme workers, especially for Asha, Aanganwadi, Mid-day Meal and National Health Mission workers, the central trade union said in a statement issued on Tuesday.
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Union Budget 2024: Incentivise capex, rationalise GST rates on EVs, components make part of ACMA's Budget wishlist
Auto components industry body ACMA has proposed measures to boost the auto component sector, including incentivizing capex expenditure, increasing depreciation rates on plant and machinery, and rationalising GST rates on EVs and their components. The recommendations were submitted to the Ministry of Finance and the Ministry of Heavy Industries.
Dream Budget to Black Budget: Revisiting the iconic Budgets of India
Yashwantrao B. Chavan presented the Budget in 1973-74 under Indira Gandhi's rule. This Budget, marked by a staggering fiscal deficit of Rs 550 crore, earned the infamous nickname "The Black Budget." It was a proof of the severe financial hardship India was facing at that time.
Budget 2024: Sitharaman underlines Centre's support to states via timely tax devolution, GST compensation arrears
Union Budget: Finance Minister Nirmala Sitharaman emphasised the Centre's commitment to supporting states through timely tax devolution and GST compensation arrears to boost economic growth during a pre-budget meeting with state finance ministers. She encouraged states to utilize the 50-year interest-free loan scheme for reforms. States appreciated the assistance and provided suggestions for the upcoming Union Budget, with specific requests for projects and allocations.
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
Budget 2024: What will happen to Income Tax in this Budget, will it be cut?
Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget 2024 in late July, her seventh budgetary address. Following the interim budget in February, expectations are high regarding potential income tax rate cuts to stimulate consumption and address economic priorities. Industry bodies like FICCI and CII have advocated for tax relief, while the Ministry of Finance explores measures targeting higher-spending individuals, potentially introducing a new tax bracket.
Budget 2024: What is a Populist Budget and why is it controversial?
A populist budget is a fiscal plan focused on immediate public appeal through measures like tax cuts and social spending increases. Criticized for prioritizing short-term benefits over long-term economic stability, such budgets can lead to fiscal deficits, inflationary pressures, and disparities in resource distribution, while potentially undermining independent economic institutions.
How is the Budget prepared: Insights and expectations for this year
The Indian Union Budget preparation is a meticulous process overseen by the Ministry of Finance (MoF), involving NITI Aayog and other ministries. It begins around August-September, culminating in the February 1 presentation, in a non-General Election year. Defined by Article 112 of the Constitution, it forecasts revenues and expenditures, balancing fiscal prudence with developmental goals through circular issuance, revenue scrutiny, stakeholder consultations, allocation decisions, and the symbolic Halwa Ceremony.
Union Budget 2024 date and time; Check the common FAQs, answers to budget related questions here
Budget 2024: India’s Finance Minister Nirmala Sitharaman will present the Budget for 2024-2025 in late July amidst global uncertainties and conflicts. Business leaders have called for reduced income taxes, increased capital expenditure, and measures to control food inflation. Emphasis is also on bolstering infrastructure and the MSME sector to sustain economic growth.
Budget 2024: Modi 3.0 may have to redo the Budget math to provide more money to Naidu & Nitish-ruled states
Union Budget: Following recent Indian election results, Prime Minister Narendra Modi reasserts control over the federal government. Despite depending on various allies for support, none have significant ministerial roles. The focus shifts to relations between New Delhi and influential state governments, with demands for increased federal funds. The upcoming budget will reveal potential shifts in India's policy landscape.
Looking Back at Modi's Budget: 10 key Budget announcements in 10 years of Narendra Modi government
In its first ever Budget, the Narendra Modi government announced the much-famed Beti Bachao Beti Padhao Yojana. The then finance minister Arun Jaitley allocated Rs 100 crore to the scheme, aimed at educating, empowering and protecting the girl child. The scheme also focused on general awareness and better delivery of welfare services.
Budget 2024: India looks for infra push; may tap funds from UK, Saudi & Japan
In the upcoming Budget, Finance Minister Nirmala Sitharaman is set to prioritise infrastructure investment to boost demand for steel, cement, and create jobs. The Indian government eyes funding from the UK, Saudi Arabia, and Japan for specific projects like roads and highways. Investor concerns, equity offerings, and environmental considerations are key factors in attracting investments.
Union Budget: India mulls income tax cuts in Budget as part of $6 billion consumer boost
India Budget Tax Expectations: India's government under Prime Minister Narendra Modi is considering measures worth over 500 billion rupees to boost consumption in the upcoming budget. This includes tax cuts for lower income individuals for the first time in seven years. The plan aims to target consumers with high propensity to spend amidst economic challenges.
Union Budget 2024: Here is how revenue, fiscal and primary deficit impacts the Indian economy
Union Budget 2024: A revenue deficit arises when a government's day-to-day expenses surpass its total revenue receipts, necessitating borrowing, divestments, or adjustments in taxes to bridge the shortfall. In contrast, a fiscal deficit occurs when government expenditure exceeds its total receipts, influencing aspects like economic growth, price stability, production costs, and inflation.
Why the Government needs a Budget: Understanding the importance and role
Union Budget 2024: Any political party that assumes government, whether through majority or coalition, in India shoulders significant responsibilities towards society, politics, and the economy. It is crucial to allocate resources in a manner that facilitates progress in a country as diverse as India, with its rich cultural, religious, and economic diversity.
Budget 2024: Five steps of India's Budget formation explained
Budget 2024: The Union Budget, crafted annually by the Department of Economic Affairs within the Ministry of Finance, functions as a comprehensive financial blueprint for the nation. It details projected revenues and expenditures for the forthcoming fiscal year. The preparation process for Budget 2024 commenced six months ahead of its presentation, initiating with the dissemination of Budget Circulars to pertinent ministries and departments.
Budget 2024 FAQs: Quick guide on how to read and understand the Budget
Budget 2024 FAQs: The Budget acts as a detailed plan outlining the government's anticipated income and spending for a fiscal year, covering from April 1 to March 31 of the subsequent year. This financial blueprint is pivotal in defining the nation's economic priorities and allocating resources accordingly. After the finance minister delivers the budget speech in the Lok Sabha, these essential documents are promptly uploaded to the official website, ensuring quick and widespread access to critical financial information.
Union Budget 2024: Key facts and insights you need to know
Union Budget 2024: India's inaugural Budget was announced in pre-independent India on April 7, 1860, by Scottish economist and politician James Wilson of the East India Company, presenting it to the British Crown. Following Independence, India's first post-independence budget was presented on November 26, 1947, by then Finance Minister R K Shanmukham Chetty.
Hike capex by 25%, reduce GST slabs to maximum of 3 in Union Budget: FICCI tells Nirmala Sitharaman
Budget 2024: Industry lobby group FICCI in pre-budget consultation with Finance Minister Nirmala Sitharaman in Delhi emphasized the need to support growth momentum, infrastructure development, rein in food inflation, support MSMEs, and prioritize innovation and research & development for accelerated growth.
Focus on agriculture sector in Budget 2024 as it can generate employment: PHDCCI
Budget expectations: In its pre-Budget recommendations to the Finance Ministry, PHD Chamber of Commerce and Industry (PHDCCI) emphasized focusing on the agriculture sector as a vital employment generator. With a significant portion of India's workforce in agriculture, PHDCCI advocates for boosting rural infrastructure, increasing public and private investments, and reducing post-harvest losses.
Budget 2024: How about a 'Robot Tax' in Budget? Economists pitch the idea for AI-hit jobs
Union Budget: Economists discussed the upcoming Budget with Finance Minister Nirmala Sitharaman, focusing on growth, fiscal policy, investment, private sector involvement, food inflation, and debt. Key topics included the impact of AI on employment, 'robot tax' proposal, IMF recommendations, challenges faced by developing countries in adapting to AI technology, and insights from Gita Gopinath.
India's Budget leaked in 1950: What happened? Who did it? Consequences
Finanace Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget soon. The Budget, which is set to be presented in July, is a Full Budget. In February, she presented the Interim Budget, owing to the Lok Sabha elections that was scheduled to start from April. The FM has already started preparing for the Budget, holding meetings with stakeholders. However, all these are top secret affairs and any information is privy to only a select few.
Budget 2024: Most Budget speeches to longest speech, Nirmala Sitharaman's records
Nirmala Sitharaman took charge as the Union Finance Minister, which means that she will present the Full Budget of this year. During the Interim Budget of 2024, Sitharaman equalled the record of Moraji Desai, by giving back-to-back six Budget speeches. This time, Sitharaman is set to break Desai's record with her seventh Budget speech. The Budget is set to be presented next month, according to report.
Budget 2024: Five steps to prepare the Budget
Six months before the official Budget announcement, the groundwork begins. The Ministry of Finance distributes crucial instructions and guidelines to all relevant government departments through "Budget Circulars." These circulars reach the hands of both disbursement officers and field personnel. In turn, these individuals provide a detailed breakdown of their department's finances. This breakdown includes spending and income for both the current and previous fiscal years, along with their financial needs for the upcoming year. This exchange of information lays the foundation for the Budget.
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