Union Budgets

How govt navigates headwinds, challenges will shape the FY26 Budget

It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Sitharaman, rare in Indian polity

Govt to kick off FY26 Budget making exercise from 2nd week of next month

The finance ministry will commence the exercise to prepare the annual budget for 2025-26 from the second week of next month in the backdrop of the Indian economy recording 7 per cent growth rate for the fourth consecutive year. The budget for the next financial year would focus on reforms to be pushed to further accelerate growth momentum and measures to generate jobs and boost demand in the economy. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2024. Financial Advisers shall ensure that necessary details...are properly entered in UBIS (Union Budget Information System) before/latest by October 7, 2024," Budget circular 2025-26 issued by the Department of Economic Affairs said. Hard copies of the data in the specified formats should be submitted for cross-verification, it said. It will be the second budget of the Modi 3.0 government and 8th straight Budget for Finance Minister Nirmala Sitharaman, a rare distinction in Indian ...

Indian energy cos lag in R&D, innovation metrics compared to global peers

India's leading energy companies do not fare better than global firms on R&D intensity, proportion of employees with a PhD degree, and patents per billion dollar revenue, according to FAST India

Budget a right start to resolve jobs issues: Experts at 'Budget with BS'

At the 'Budget with BS' event in Mumbai on Wednesday, economic experts shared their perspectives on the recently introduced Budget during an insightful panel discussion with Business Standard

Global trade trends and Budget initiatives

The Budget signals a move towards a more open trade policy, but further broadening and deepening are essential

FIIs cash out from equities post Budget 2024 on capital gains tax tweaks

FIIs net sold stocks worth Rs 10,712 crore in the cash market, and index futures worth Rs 10,336 crore in the derivatives segment in the three trading sessions post Budget 2024.

Budget proposals for marine sector to boost India's aquaculture: MPEDA

Budget announcements for the marine sector such as rationalisation of customs duties and financing facilities will help boost the country's India's aquaculture and seafood exports, MPEDA said on Thursday. The Marine Products Export Development Authority (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on shrimp production and export. Various inputs used in the manufacture of shrimp and fish feed will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty. The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrim

Arunachal Pradesh Dy CM presents Rs 993 crore deficit budget for FY25

Arunachal Pradesh Deputy Chief Minister Chowna Mein on Wednesday presented a Rs 993.08-crore deficit budget for 2024-25, focusing on infrastructure, urban development and healthy human resource. Mein, who also holds the Finance, Planning and Investment portfolios, said the budget estimate is pegged at Rs 35,840.79 crore, a 20.85-per cent increase over the 2023-24 figure. Our vision is people-centric and progressive... We are committed to fulfill the aspirations of every person, especially our youth, women and farmers. Staying on this trajectory, by the time we complete the third term in government, there should be no development gaps in the state. We shall be guided by the transformative idea of Viksit Bharat, Viksit Arunachal' as envisioned by Prime Minister Narendra Modi, Mein said. The deputy chief minister said the share of central taxes for the 2024-25 budget has been pegged at Rs 21,431.59 crore, an increase of 19.42 per cent over the 2023-24 estimate.

LTCG tax changes to benefit most real estate investors: Revenue secy

Revenue Secretary Sanjay Malhotra on Wednesday said the changes in Long-Term Capital Gain Tax (LTCG) announced in the Budget by Finance Minister Nirmala Sitharaman will benefit most of the people investing in the real estate sector. The Budget has lowered the LTCG from 20 per cent to 12.5 per cent but removed the indexation benefits. The indexation benefit allowed taxpayers to compute gains arising out of the sale of capital assets after adjusting inflation. The proposal has raised apprehensions that a person selling his property will have to pay a higher capital gain tax. "This is mostly a simplification exercise. Some people have expressed apprehension on the removal of indexation. I want to allay their concerns that while indexation has been removed at the same time the tax rates have been substantially reduced from 20 pc to 12.5 pc. This will benefit most of the people investing in real estate in the long term as the rate of return is more than 10-11 per cent," Malhotra told PT

UK businesses, investors community receive Union Budget with enthusiasm

The Union Budget tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday has been received with much enthusiasm within the UK business and investor community, with the fall in the Corporate Tax rate for foreign companies from 40 to 35 per cent and the abolition of the "Angel Tax" among the stand-out proposals. Announcements by the minister on India's fiscal deficit being on a downward trajectory, estimated at 4.9 per cent of GDP for this financial year, were among the aspects that experts feel would help boost foreign investor sentiment towards the economy. The country clocking an 8.2 per cent growth in the previous financial year and efforts to create jobs and enhance skills were among the other key highlights for UK business and industry. Overall, I would say it's a positive Budget for the Indian economy. There have been some really positive measures, particularly on infrastructure and supporting the agricultural economy, said Anuj Chande, Partner and Head of the

Budget 2024: Minority affairs ministry's allocation increases by Rs 574 cr

The budgetary allocation for the Ministry of Minority Affairs has increased by Rs 574.31 crore to Rs 3,183.24 crore for 2024-25 as against the revised estimate of Rs 2,608.93 crore in 2023-24. Union Finance Minister Nirmala Sitharaman presented the Budget for 2024-25, her seventh straight presentation, surpassing the record of former prime minister Morarji Desai. This was the first budget of Prime Minister Narendra Modi-led government's third term in office. The budget allocation for the ministry was Rs 3,097.60 in 2023-24. However, the revised estimate was Rs 2,608.93, according to official documents. The budget estimate for the Ministry of Minority Affairs this year is Rs 3,183.24. Of the proposed allocation for the ministry, Rs 1,575.72 crore is for education empowerment. The allocation for Pre-Matric Scholarship for Minorities is Rs 326.16 crore and for Post-Matric Scholarship for Minorities is Rs 1,145.38 crore. A total provision of Rs 2,120.72 crore has been made for the ma

Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0

Income tax changes in Budget 2024: On the personal income-tax front, the tax slab rates have been rationalised only under the new tax regime

Budget 2024: Adequate capital buffers, credit-deposit ratio may weaken

PSBs to develop capabilities to assess MSMEs for credit, reducing external reliance

Budget 2024: Will make up for revenue forgone, says FM Nirmala Sitharaman

Gradually, we are moving towards a simplified taxation regime, while bringing down the incidence of tax itself. Therefore, we are taking this review, says FM

Union Budget 2024: Govt puts focus on shipbuilding, cruise tourism reforms

Shipbuilding, Cruise Push to Pave Way for Employment, says Sonowal

TN govt says Union Budget has betrayed; AIADMK calls it 'a disappointment'

The Tamil Nadu government and the opposition AIADMK slammed the Union Budget on Tuesday allegedly for ignoring the state and for favouring the BJP allies ruled states. The Centre has consistently chosen to ignore the demands raised by Chief Minister M K Stalin on a numerous issues and also the requests that he had placed before the Union government, state Finance Minister Thangam Thennarasu said. "It is true that Tamil Nadu has been betrayed. Though the Centre has been lavish in allocating funds to several states, it has not accepted the demands of our Chief Minister," Thennarasu told reporters here. Responding to a question on the Union Budget presented by Finance Minister Nirmala Sitharaman in the Parliament earlier in the day, he said, the Centre has not accepted the demands that he had conveyed on behalf of the Tamil Nadu government. Opposition AIADMK termed the Budget as "a big disappointment" in all aspects and claimed that it was prepared "only to satisfy" the BJP allies' ru

Budget 2024: Poor, middle class continue to get tax benefits, says PM Modi

Union Budget 2024: PM Modi made the remarks about the Budget hours after Finance Minister Nirmala Sitharaman made her presentation in the Lok Sabha

Budget 2024: Karnataka CM says FM has done injustice to people of state

Terming the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman as "disappointing", Karnataka Chief Minister Siddaramaiah on Tuesday said the State has been totally neglected. "As Nirmala Sitharaman is the Rajya Sabha member from Karnataka, we had expected her to do justice for the state and hoped that she would protect the interest of the state, but she has disappointed and done injustice to the people of Karnataka," he said. "In this budget Nirmala Sitharaman has given Karnataka 'Chombu' (a small, round water container). Karnataka has got nothing. Andhra Pradesh and Bihar got special grants, no other states have got grants. Because for Nandra Modi Modi to continue as Prime Minister Andhra Pradesh and Bihar's support is required," Siddaramaiah said. Speaking to reporters here, he said no impetus has been given to Karnataka in this budget including in sectors like industries and railways, despite five central ministers being from the state. "The budget is totall

Union Budget 2024: Rs 13,539 cr allocated to social justice department

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing welfare programmes for marginalised communities and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister Nirmala Sitharaman said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure inclusive human resource development, a social justice saturation approach will be adopted. Social justice through the saturation approach refer

Civil aviation ministry gets Rs 2,357 cr budgetary allocation for 2024-25

The budgetary allocation for the civil aviation ministry has been reduced to Rs 2,357.14 crore for the current fiscal ending next March, with regional air connectivity scheme set to get Rs 502 crore during the same period. In the revised budgetary allocation for 2023-24, the amount for the ministry was at Rs 2,922.12 crore. As per documents of the Union Budget 2024-25 that was presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday, the ministry will get an allocation of Rs 2,357.14 crore. The money set aside for the regional air connectivity scheme has been cut to Rs 502 crore from Rs 850 crore in the revised budgetary allocation for 2023-24. The amount is for revival of 22 airports as well as commencement of 124 RCS routes and Viability Gap Funding for North East Connectivity. To improve connectivity in the northeast region, a new scheme has also been formulated for providing air connectivity and aviation infrastructure, as per a document. However, the Product