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Updated: 2 hours 53 min ago

Union Budget allocates Rs 1,024 cr for expenditure, salaries of ministers

Sat, 02/01/2025 - 07:24
The Union Budget 2025-26 has allocated Rs 1,024.30 crore for expenses incurred by the Council of Ministers, the Cabinet Secretariat and the Prime Minister's Office, and for hospitality and entertainment of state guests. The allocated amount is a bit more than the Rs 1,021.83 crore earmarked in 2024-25. In the Budget presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Saturday, a total of Rs 619.04 crore has been allotted for the expenses of council of ministers in the coming fiscal. It was Rs 540.95 crore in 2024-25. This allocation is for expenditure on salaries, sumptuary and other allowances and travel by Cabinet ministers, ministers of state, and former prime ministers. It also includes a provision for special extra session flight operations for VVIPs. The National Security Council Secretariat has been allocated Rs 182.75 crore, against Rs 270.08 crore allotted in 2024-25. The provision is for meeting the administrative expenses and space programme of the Nationa

Export Promotion Mission to help promote shipments, says Piyush Goyal

Sat, 02/01/2025 - 07:14
The commerce, MSME and finance ministries will work together to identify sectors which will really need support measures under the export promotion mission to boost the country's outbound shipments, Union Minister Piyush Goyal said on Saturday. Commerce and Industry Minister Piyush Goyal on Saturday said issues which could be part of the mission include ways to extend credit to the exporting community at affordable rates. The government on Saturday announced setting up of an Export Promotion Mission with an outlay of Rs 2,250 crore to promote the country's outbound shipments. The mission will driven jointly by the Ministries of Commerce, MSME, and Finance. It will facilitate easy access to export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets. "The Finance Minister has given flexibility for export promotion. All three ministries will work together and design that which all sectors really need support," Goyal told PTI.

UK businesses 'encouraged' by Budget focus on growth, trust-based approach

Sat, 02/01/2025 - 06:59
The Union Budget tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha on Saturday has been received with much enthusiasm within the UK business and investor community, with the focus on economic growth, boosting private investment and a trust-based economic governance approach being highlighted among some of the stand-out proposals. In what marked Sitharaman's eighth consecutive Union Budget, the minister announced key allocations and policy measures across crucial sectors. Richard McCallum, CEO of UK India Business Council (UKIBC), highlighted a focus on simplifying conditionalities associated with foreign direct investment (FDI), skilling and policy reforms among some early takeaways. I'm encouraged by the focus on economic growth, on invigorating private investment [because] we do need more private investment for growth to be sustainable, on skilling and stimulating more consumer spending. We also welcome the focus on domains like tax administration and policy reform, ..

Coal minister calls budget 'empowering for farmers, women, entrepreneurs'

Sat, 02/01/2025 - 06:47
The Union Budget for 2025-26 is a visionary budget that empowers farmers, the middle class, women, and entrepreneurs, while laying a strong foundation for a 'Viksit Bharat,' said Union Coal Minister G Kishan Reddy on Saturday. The budget introduced major economic reforms that will enhance 'Ease of Doing Business', expand access to finance for MSMEs, startups, and entrepreneurs, and foster a strong investment environment, he said in a post on social media platform X. Further, the budget strengthens Centre-State cooperation to drive inclusive growth and it reinforces the NDA government's commitment towards 'Viksit Bharat' (developed India) by achieving Atmanirbharta (self-reliance), sustained growth, and through global competitiveness, he said. "I congratulate & thank Hon'ble PM Shri @narendramodi ji and Finance Minister Smt. @nsitharaman for presenting a visionary budget that empowers Annadatas, the middle class, women, and entrepreneurs," Kishan Reddy said.

Chhattisgarh CM hails Union Budget as 'historic for middle class, farmers'

Sat, 02/01/2025 - 06:35
The Union Budget for 2025-26 fulfils the dreams of every citizen and is a document of India's golden future, Chhattisgarh Chief Minister Vishnu Deo Sai said on Saturday. The budget will prove to be a milestone for the upliftment of the middle and working classes, he asserted. "With the Union Budget 2025-26 presented today, the promise of Prime Minister Narendra Modi Ji has been fulfilled again that Modi Ji takes care of those who are not being taken care of by anyone. This budget is historic for the upliftment of the middle and working classes of the society. It is a document of India's golden future. It is one of the few historical budgets in the history of Independent India," Sai said. Honouring the country's taxpayers and middle class, the Modi government has taken a decision which people had not even imagined, the CM added. "While during the Congress government, tax was levied on an annual income of Rs 2 lakh, in Modi Ji's government, no tax will be imposed on annual income up

Govt projects dividend income of Rs 2.56 trn from RBI, PSBs in FY26

Sat, 02/01/2025 - 06:23
The government on Saturday projected a dividend income of Rs 2.56 lakh crore from the Reserve Bank and public sector financial institutions in FY2025-25, as per the Budget documents. In the current financial year, receipts from dividend/surplus of RBI, nationalised banks and financial institutions are estimated at Rs 2.34 lakh crore, about Rs 1,410 crore higher than the previous estimates. The documents stated that the total central government's receipts from 'dividends from public sector enterprises and other investments' would be Rs 3.25 lakh crore, up from Rs 2.89 lakh crore. In her Budget speech, Finance Minister Nirmala Sitharaman said the total receipts other than borrowings and the total expenditure are estimated at Rs 34.96 lakh crore and Rs 50.65 lakh crore, respectively. The net tax receipts are estimated at Rs 28.37 lakh crore. The Centre's fiscal deficit is estimated at 4.4 per cent of GDP during the next financial year. To finance the fiscal deficit, the net market .

Budget: Law min gets Rs 14k cr for carry forward spending on LS polls, EVMs

Sat, 02/01/2025 - 06:17
The Union Budget 2025-26 has allocated more than Rs 1,400 crore to the law ministry to meet carry forward expenditure for holding the 2024 Lok Sabha elections and purchase of new electronic voting machines for the Election Commission. The legislative department in the law ministry is the nodal agency for the Election Commission (EC), polls, electoral laws and appointment of members to the poll panel. According to the Budget presented by Finance Minister Nirmala Sitharaman on Saturday, the law ministry has been allotted Rs 500 crore for Lok Sabha elections, another Rs 300 crore for identity cards for voters, and Rs 597.80 crore for "other election expenses". Separately, it has been allocated Rs 18.72 crore for the purchase of new electronic voting machines (EVMs) by the election watchdog. One control unit, at least one ballot unit and one paper trail machine make up for an EVM. Carry forward expenses have been described by law ministry officials as a "book keeping" exercise where

Budget 2025: Centre boosts Tribal ministry funding by 45%, focus on infra

Sat, 02/01/2025 - 06:13
The central government has increased the budget for the Union Tribal Ministry by over 45 per cent compared to the last year, allocating more funds to bridge infrastructure gaps in tribal-dominated areas across the country. For 2025-26, the ministry has been allocated Rs 14,925.81 crore, up from Rs 10,237.33 crore in 2024-25. Eklavya Model Residential Schools, which provide quality education to tribal students, will receive Rs 7,088.60 crore, up from Rs 4,748 crore last year. The budget for the Pradhan Mantri Janjatiya Vikas Mission, which ensures year-round income-generating opportunities for tribals, has been increased from Rs 152 crore to Rs 380 crore. The government has allocated Rs 335.97 crore for the Pradhan Mantri Adi Adarsh Gram Yojana (PMAAGY), compared to Rs 127.51 crore last year. Under PMAAGY, funds are provided to states and union territories with Scheduled Tribe (ST) populations to improve education, healthcare, agriculture, skill development and employment ...

Union Budget will help accelerate Bihar's growth, says Nitish Kumar

Sat, 02/01/2025 - 06:02
Bihar Chief Minister Nitish Kumar on Saturday lauded the Union Budget 2025-26 as one that was "positive" and would help in accelerating development of the state. Kumar, whose JD(U) is a key constituent of the ruling BJP-led NDA at the Centre, also profusely thanked Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman. In a statement, the longest-serving CM of Bihar said the proposal for setting up a "Makhana board" will give a boost to cultivation of foxnuts, for which the state is known far and wide. He also said greenfield airports proposed in the budget will go a long way in improving flight connectivity, which would give a fillip to the state's economic growth.

Rahul Gandhi criticises Union Budget as 'band-aid for bullet wounds'

Sat, 02/01/2025 - 05:39
Congress leader Rahul Gandhi on Saturday slammed the Union Budget as a "band-aid for bullet wounds," saying that the Centre was "bankrupt of ideas". He said solving the economic crisis demanded a paradigm shift. "A band-aid for bullet wounds! Amid global uncertainty, solving our economic crisis demanded a paradigm shift," Gandhi said in a post on X The Congress earlier criticised the Union Budget as bereft of cure to "illnesses" of stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment, and a complicated GST system that the economy is suffering from. It also accused the Narendra Modi government of appearing to offer "bonanza" to Bihar, governed by NDA ally Nitish Kumar, and "cruelly" ignoring Andhra Pradesh, another pillar of the same alliance.

Budget 2025: Civil aviation gets Rs 2,400 cr, UDAN funds cut to Rs 540 cr

Sat, 02/01/2025 - 05:34
The budgetary allocation for the civil aviation ministry has been cut by nearly 10 per cent to Rs 2,400.31 crore for the next financial year, with the regional air connectivity scheme UDAN set to get a lower amount of Rs 540 crore. The allocation in the Union Budget 2025-26, presented by the Finance Minister Nirmala Sitharaman in Parliament on Saturday, is less compared to Rs 2,658.68 crore in the revised 2024-25 Budget. Out of the total allocation for the next fiscal starting from April 1, 2025, UDAN will get Rs 540 crore, which is 32 per cent lower compared to Rs 800 crore in the year-ago period. Interestingly, Sitharaman has announced that UDAN (Ude Desh ka Aam Naagrik) scheme will be modified to connect 120 new destinations. As per the budget papers, the allocation for the DGCA and BCAS have increased marginally to Rs 330 crore and Rs 95 crore, respectively, for 2025-26. For the Customs Cost Recovery (CCR) charges to Airport Authority of India (AAI) and AAI Cargo Logistics and

'Tax cuts to boost consumption', say top executives across sectors

Sat, 02/01/2025 - 05:26
The government's plan is estimated to help around 25-30 million personal tax payers save about 100,000 rupees annually, according to Kamal Bali, managing director of Volvo Group India

Budget FY26: Centre to give infra to vessels to boost shipbuilding in India

Sat, 02/01/2025 - 01:52
Sitharaman announces shipbreaking credit note scheme, Maritime Development Fund

Profitability vs hiring in India Inc needs a relook, says CEA Nageswaran

Fri, 01/31/2025 - 11:57
He spoke about investments from China, India's potential to develop cost-effective artificial intelligence solutions, and the role of India Inc in driving demand

From avocados to autos, US tariffs on Canada, Mexico could drive inflation

Fri, 01/31/2025 - 11:23
The 25 per cent tax that President Donald Trump plans to slap on imports from Canada and Mexico as soon as Saturday could drive up the price of everything from gasoline and pickup trucks, to Super Bowl party guacamole dip. The tariffs would also invite retaliation. Doug Ford, the premier of Ontario, has already vowed to counterpunch by pulling American alcohol off store shelves in the Canadian province no idle threat; Canada is the world's No. 2 market for America's distilled spirits (behind the 27-nation European Union). Trump's tariffs threaten to blow up the trade agreement he himself negotiated with America's neighbours in his first term. His US-Mexico-Canada Agreement the fairest, most balanced, and beneficial trade agreement we have ever signed into law", Trump once declared -- was supposed to bring predictability to North American trade, giving businesses the confidence to make investments. But when it comes to the self-proclaimed Tariff Man", Trump and his passion for ...

India needs 8% growth for at least 10 years for 2047 goal: Economic Survey

Fri, 01/31/2025 - 11:11
Investment, jobs, and deregulation vital for India's development

Economic Survey: Centre bats for 'wholehearted acceptance' of PPPs in infra

Fri, 01/31/2025 - 10:21
EcoSurvey says PPP contract management and execution capacities need substantial improvement

Labour reforms balance workers' rights, ease of business, foster job growth

Fri, 01/31/2025 - 09:45
The survey presented a comparative study on restrictions on overtime for factory workers in India and other countries

Infra lending slows in December; gold loan growth sees sharp uptick

Fri, 01/31/2025 - 09:27
According to Reserve Bank of India (RBI) data, in absolute terms, bank credit to infrastructure rose by Rs 12,657 crore in 12 months to Rs 13.14 trillion in December 2024

Eco Survey: Skilled labour, simpler regulations to drive services growth

Fri, 01/31/2025 - 09:23
Globally, shifting economic trends are reshaping the demand and growth trajectory of services, making it imperative for India to stay competitive

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