Category: Budget

Interim Budget 2024 – Key Highlights and Impact on various sector

India’s Finance Minister Nirmala Sitharaman presented the much-anticipated Interim Budget, outlining the government’s spending plans. Overall Focus of the Budget :
• Meeting the needs and aspirations of the poor, women, youth, and farmers
• Making India a “Viksit Bharat” (Developed India) by 2047
• Focusing on “sabka sath, sabka vikas” (inclusive development)
• Prioritising “GDP” – Governance, Development, and Performance
• All-round, all-pervasive, and all-inclusive approach to development

Read more...
Finance Ministry releases “The Indian Economy: A Review – January 2024” instead of ‘Economic Survey 2023-24’ ahead of Interim Budget 2024-25

Every year, a day before the presentation of the budget document, the central government presents an Economic Survey. However, a survey will not be presented on January 31, the budget being of an interim nature and in light of the upcoming elections. A complete budget and the Economic Survey will be presented in July, when the results are declared and a new cabinet is appointed. Chief Economic Adviser V Anantha Nageswaran outlines India’s potential to reach a $7 trillion economy by 2030 in the recently released mini-annual Economic Survey titled ‘The Indian Economy: A Review,’ .

Read more...
Union Budget 2023-24 – Key Highlights, Budget Allocation & Impact on various Sectors

The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on 1st February 2023. The Budget has a vision for Amritkaal and has seven Priorities known as Saptrishi 7.

Read more...
Union Budget 2022-23 – Key Highlights and Impact on various sectors

FM Nirmala Sitharaman presented Union Budget 2022 in Parliament. While keeping the Income Tax Slabs unchanged, FM announced a major change in taxation as far as virtual digital assets are concerned. Union Finance Minister Nirmala Sitharaman proposed a 30 per cent tax on income from transactions in such assets. Furthermore, FM Also proposed Gati Shakti Programme which will boost infrastructure and create more jobs. On education sector, FM has announced launch of a new Digital University as well as expansion of PM eVIDYA with addition of new TV channels for supplementary education.

Read more...
ECONOMIC SURVEY 2021-22 – Key Highlights

The Economic Survey 2021-22 was tabled in Parliament on Monday by Finance Minister Nirmala Sitharaman soon after the President’s address to both Houses of Parliament. The survey, presented a day before the Union Budget, underlines the state of the economy and outlines suggestions for policy actions.

Read more...
Union Budget 2021- Budget at a glance, Key Takeaways & Highlights

The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st February 2021 in the Parliament. The Budget speech was given by the FM from 11 a.m. to 1 p.m.
This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. Several regulations around the securities market are proposed to be merged as a single code. Several direct taxes and indirect taxes amendments were also proposed.

Read more...
Economic Survey 2020-21 Key Highlights: Govt pegs FY22 GDP growth at 11%, FY21 GDP to contract 7.7%

Union Finance Minister Nirmala Sitharaman tabled Economic Survey 2020-21 in the Parliament on January 29, 2021. The survey is generally presented a day before the Union Budget. This year, the survey is being presented earlier because the day-before-budget is a Sunday. The real growth rate for FY21 has been taken as -7.7% (MoSPI) in Economic Survey 2020-21 and real growth rate for FY22 is assumed as 11.5 % based on IMF estimates.
Following the presentation of the Economic Survey in both the houses of the Parliament by Finance Minister Nirmala Sitharaman, Chief Economic Adviser KV Subramanian addressed a press conference in which he introduced the highlights of the annual survey document.

Read more...
Union Budget 2020 – Highlights, Key Takeaways, Detailed Analysis & Impact on various Sectors

The Union Budget has been structured on the overall theme of “Ease of Living.” The Finance Minister said that the Union Budget Aims: To achieve seamless delivery of services through Digital governance; To improve physical quality of life through National Infrastructure Pipeline; Risk mitigation through Disaster Resilience; Social security through Pension and Insurance penetration.
The budget is woven around three prominent themes:
Aspirational India in which all sections of the society seek better standards of living, with access to health, education and better jobs. Economic development for all, indicated in the Prime Minister’s exhortation of “SabkaSaath, SabkaVikas, SabkaVishwas”. Caring Society that is both humane and compassionate, where Antyodaya is an article of faith.

The three broad themes are held together by

Corruption free – policy-driven good governance
Clean and sound financial sector.

The three components of Aspirational India are- a) Agriculture, Irrigation and Rural Development , b) Wellness, Water and Sanitation and c) Education and Skills

Read more...
State Finances: A Study of Budgets of 2019-20

Reserve Bank of India (RBI) released the report titled “State Finances: A Study of Budgets of 2019-20”, an annual publication that provides information, analysis and an assessment of the finances of state governments. With several states facing state elections this summer, presentation of their final budgets was delayed till July-September 2019. This year’s Report analyses the underlying dynamics of budget estimates (BE) for 2019-20 against the backdrop of actual for 2017-18 and revised (and provisional accounts) outcomes for 2018-19. The Report addresses the theme of “Debt: States’ Medium Term Fiscal Challenges”. A time-series data published in State Finance Reports from 1990-91 is also released along with this Report.

Read more...
Corporate tax cut, MAT relief: Key takeaways from Nirmala Sitharaman’s press conference and Impact on Economy

The NDA government slashed corporate taxes in the boldest economic step yet in its second term in an attempt to awaken animal spirits and revive private investment. Finance Minister Nirmala Sitharaman on Friday slashed corporate tax rates worth ₹1.45 trillion paid by domestic manufacturers, making the country one of the lowest tax regimes in Asia.

Read more...