Budget And Politics

Political parties routinely make pre-poll promises of subsidies and freebies, but the fiscal burden of such guarantees weighs heavily on state budgets once in power

Prime Minister Narendra Modi's government has made some significant progress in terms of farmer welfare, healthcare and governance (Bharatiya Nyay Samhita), attracting some criticisms as well

Finance Minister Nirmala Sitharaman on Wednesday said the Union Budget strikes a fine balance between growth, employment, and fiscal consolidation, and promotes cooperative federalism. Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26. Sitharaman, also a former defence minister, said the Agniveer Scheme to recruit people in the age group of 17.5 to 21 years, is aimed at keeping the armed forces fit, young and battle-ready. The minister, who presented her seventh Union Budget, also said the economic document proposes unflinching support for cooperative federalism. "I would like to underline that our unflinching commitment to cooperative federalism. The total resources proposed to be transferred to the states in 2024-25 are estimated at Rs 22.91 lakh crore. This actually entails an increase of R

Union Minister of State for Information and Broadcasting, L Murugan on Saturday said absence of a state's name in the Union Budget does not mean that funds were not allocated to them. He claimed that states are always getting sufficient funds from the Centre. Absence of the name of a state in the Union Budget does not mean no funds were allocated to it. Uttar Pradesh was not mentioned, Rajasthan was not mentioned. Even Madhya Pradesh was not mentioned. It does not mean that sufficient funds were not allocated, he told reporters. Further, he said that Prime Minister Narendra Modi gave his commitment to the people of Andhra Pradesh during his visit to the state earlier that similar to Viksit Bharat (developed India) the government will also go ahead for Viksit Andhra Pradesh. Earlier, addressing a press conference, the Union Minister highlighted several allocations made to the southern state in the Union Budget 2024-25. Customs duty exemption on shrimp production, impetus to natural

Lok Sabha and Rajya Sabha news: Catch all the news updates related to the developments in the Parliament here

Finance Minister Nirmala Sitharaman during her Budget 20204 speech unveiled 'Purvodaya' plan, focusing on human resource development, infrastructure, and economic opportunities in the eastern region

Capital gains tax rates between listed, unlisted equity aligned

The opposition Congress in Manipur on Tuesday criticised the BJP-led government at the Centre, alleging that it ignored the plight of the state, which not only suffered a major flood but also bore the brunt of ethnic violence, in the Union Budget. State Congress president K Meghachandra alleged that there was a partisan approach in the Budget. "There was a partiality in the budget. The entire Northeast was not taken care of. Manipur was once again neglected. While flood-hit Assam was mentioned, Manipur that witnessed a catastrophic hailstorm and two of the worst floods in more than 20 years was not," he said. "Not providing any aid to more than 60,000 displaced people is also a setback. We are very much disappointed," he said. Meanwhile, the ruling BJP in the state hailed the Budget, asserting that it was dedicated to the holistic and inclusive development of all citizens. In a statement, state BJP spokesperson M Asnikumar said, "To achieve comprehensive social justice, we will em

Finance Minister Nirmala Sitharaman's Union Budget 2024 speech focused on increased spending, job creation, and tax reforms

From the introduction of wealth tax to economic liberalisation to privatisation, here is a look back at landmark Union Budgets

The finance ministry's Economic Survey on Monday suggested that governments renounce some of their powers as it would be good for 'both the governed and the governing'. Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 a day before the Union Budget in the Lok Sabha. While contemplating the challenges that lie ahead, one should not be daunted because the social and economic transformation of democratic India is a remarkable success story, the document, authored by a team lead by Chief Economic Advisor V Anantha Nageswaran, stated. "We have come a long way. The economy has grown from around USD 288 billion in FY93 (1992-93) to USD 3.6 trillion in FY23," it said. India has generated more growth per dollar of debt than other comparable nations and abject poverty has all but been eliminated. Human development indicators have improved, and more Indians, especially women, are getting educated, the 476-page document said. "However, it would be a missed opportunity --

The 22-day long Monsoon session is anticipated to have 16 sittings and tentatively conclude on August 12, with a focus on financial businesses related to the Budget

PM Modi says Budget will be crucial for Amrit Kaal, accuses Opposition parties of 'scuttling his voice' in last Parliament session

While relying on some regional parties to form the government, the BJP has retained most ministers from its second term, signaling continuity in fiscal policy

Seeking more funds to tide over the state's financial woes, Kerala Finance Minister K N Balagopal on Sunday said the Centre should have a state-specific rather than a uniform financial approach towards states as each of them has different kinds of developmental activities. Balagopal, part of the CPI(M)-led Left Democratic Front (LDF) which is in power for the second consecutive term in the southern state, emphasised that monolithic thinking about overall development is not practical and also called for flexibility in utilisation of Centrally Sponsored Schemes (CSS) depending on the requirements of the state. Flagging serious concerns about reduced central fund transfers and borrowing restrictions, Kerala has demanded a special package of Rs 24,000 crore in the upcoming Union Budget to tackle the liquidity stress. "A monolithic thinking about the total development and administration of the country is not practical in India because different states should be considered differently, ..

In his meeting with Nitin Gadkari, Naidu sought support for construction of the Outer Ring Road project in Amaravati, widening of the Hyderabad-Vijayawada highway and support for other road projects

It will be interesting to see the path the FM opts for in the Budget and how she strikes a balance between the govt's political compulsions and economy's medium-term needs

Several BJP-backed state govts, over the past month, have unveiled a number of schemes targeting the poor, women, farmers, and students, following setback in the Lok Sabha polls