Tag: Finance Minister Nirmala Sitharaman

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.

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.

Union Finance Minister Nirmala Sitharaman presented her seventh Budget, focusing on 'Viksit Bharat' by 2047. Highlights include three new employment schemes, agricultural reforms with Rs 1.52 lakh crore allocation, and extended PM Garib Kalyan Anna Yojana. Modi's government aims to balance fiscal prudence and economic vision.

Union Finance Minister Nirmala Sitharaman will present her seventh Union Budget on Tuesday, outlining a roadmap for 'Viksit Bharat' by 2047. Post presentation, she will address a press conference with key finance officials. The Budget is expected to focus on rural economy, taxation reforms, and infrastructure. Experts see a need for investments in rural areas and highlight GDP growth at 6.5-7% for 2024-25.

Finance Minister Nirmala Sitharaman has proposed a High Power Committee to address the challenges of rising population and demographic shifts. This move aligns with Prime Minister Modi's call for population control during his Independence Day address in 2019. The recent implementation of the Uniform Civil Code in Uttarakhand sets a precedent for other states. As demographic changes influence politics, the need for comprehensive census data and delimitation is emphasized.

Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 on July 23. The Budget Session of Parliament will run from July 22 to August 12. This budget aims to maintain high economic growth and job creation, supported by a reduced fiscal deficit and substantial RBI dividend.

The GST Council, led by Finance Minister Nirmala Sitharaman, has exempted services provided by Indian Railways and certain student hostels from GST. This includes railway tickets, waiting room fees, and intra-railway services. Additionally, hostels for students outside educational institutions with a charge limit of Rs 20,000 per month are also exempt, provided the stay is at least 90 days.

Finance Minister Nirmala Sitharaman announced that Indian banks have recovered over Rs 10 lakh crores from bad loans from 2014-2023, attributing this success to Modi government's reforms. She criticized the opposition for confusing loan write-offs with waivers, emphasizing that no loans have been waived for industrialists.

The Finance Minister said that projects like these renew confidence and boosts morale of the officials that the government continues to provide for their welfare and well-being.