Tag: Union Budget

On Purvodaya, Jay Panda said that Prime Minister Narendra Modi has categorically stated that unless the previously neglected regions get developed, Bharat is not going to become developed.

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.

On the Polavaram issue, Patnaik said allocating more funds for Polavaram without sorting out the genuine grievances of Odisha shows impartiality against Odisha.

The jewellery industry has welcomed Finance Minister Nirmala Sitharaman's announcement of a customs duty reduction on gold, silver, and platinum in the Union Budget 2024.

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 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.