After the Union budget, attention shifts to CM Mohan Majhi's first budget for the BJP-led Odisha government, set to be presented in the Odisha Assembly. CM Majhi, also holding the state finance portfolio, will unveil the full-fledged budget amid high public interest.
Union Railway Minister Ashwini Vaishnaw announced a record allocation of Rs 10,586 crore for the development of Railway projects in Odisha. Prime Minister Narendra Modi is keen on enhancing the state's infrastructure and personally reviews progress. The allocation during BJP governance has increased twelve-fold compared to the UPA regime.
Presenting the first budget of the third term of the Modi government, Union Finance Minister Nirmala Sitharaman announced the allocation of ₹1.52 lakh crore for the agriculture sector.
The government announced a reduction in the basic customs duty on mobile phones, printed circuit board assembly (PCBA), and chargers from 20% to 15%. This move, revealed by Finance Minister Nirmala Sitharaman during the Union Budget 2024-2025 presentation, aims to boost domestic production and exports. Industry leaders like Pankaj Mohindroo of ICEA welcomed the decision, highlighting its potential to enhance manufacturing competitiveness. India’s electronics sector has seen significant growth, with mobile phones now making up 43% of total production.
Finance Minister Nirmala Sitharaman announced a 50% increase in standard deduction to Rs 75,000 and revised tax slabs under the new income tax regime. Salaried employees could save up to Rs 17,500 annually. These changes aim to boost consumption and will benefit around four crore individuals and pensioners.
Finance Minister Nirmala Sitharaman's Union Budget 2024 announces significant customs duty reductions on cancer drugs, mobile phones, and several other products. Cheaper goods include imported gold, silver, leather goods, and seafood. Tax relief is provided to over 4 crore salaried individuals with enhanced standard deductions.
Union Finance Minister Nirmala Sitharaman, in the Union Budget 2024, announced customs duty exemptions on three cancer drugs—Trastuzumab deruxtecan, Osimertinib, and Durvalumab—to ease financial burdens on patients. Additionally, she proposed exemptions for X-ray tubes and flat panel detectors to boost domestic manufacturing capacity.
Finance Minister Nirmala Sitharaman announced a reduction in the basic customs duty (BCD) for mobile phones and chargers to 15%, potentially lowering import costs and benefiting consumers.
Finance Minister Nirmala Sitharaman announced significant relief for four crore salaried individuals and pensioners in the Budget 2024-25. The standard deduction for salaried employees will increase from Rs 50,000 to Rs 75,000 and the family pension deduction will rise from Rs 15,000 to Rs 25,000 under the new tax regime. New tax rates have also been proposed.
The government announced the abolition of angel tax to boost local talent and innovation, responding to calls from the startup industry. The removal of Section 562viib of the Income Tax Act, which imposed cumbersome conditions on startups for tax exemption, was a key highlight in Budget 2024. Experts like Raj Ramachandran welcomed this change. The Finance Ministry noted that over 1.14 lakh startups have created 12 lakh jobs, with cumulative funding exceeding $70 billion from 2019 to 2023.
The government announced over Rs 3 lakh crore for women and girls' schemes, emphasizing women's workforce participation. Union Finance Minister Nirmala Sitharaman highlighted hostels, skilling programs, and market access for Self Help Groups. Women's welfare allocation increased by 218.8% from FY14 to FY25.
Union Finance Minister Nirmala Sitharaman announced during the Union Budget 2024 presentation that the Centre is committed to making Odisha a premier tourism destination.
Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-2024 on Monday, preceding the introduction of Budget 2024. Today, she will present
The first session of the 17th Odisha Legislative Assembly began tumultuously with BJD and Congress staging a walkout. Governor Raghubar Das, in his address, emphasized Odia Asmita and committed to unbiased governance.
The first session of the 17th Odisha Legislative Assembly started contentiously with BJD and Congress walking out during Governor Raghubar Das's address on 'Odia Asmita'. The 2024-25 budget will be presented on July 25 by Chief Minister Mohan Majhi’s BJP government.
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