The Indian Union Budget is crafted through a multi-step process involving various stakeholders. As the Union Budget 2025 draws closer, let's revisit at the process that goes behind preparing the country's Annual Financial Statement. Watch the video for a quick explainer.

The Indian Union Budget is crafted through a multi-step process involving various stakeholders.

How is the Indian Union Budget prepared?

Waaree Energies on Friday said it has inked a share purchase agreement to acquire entire equity stake in Enel Green Power India Pvt (EGPIPL) for a consideration of up to Rs 792 crore.
The seller is one of Europe's largest renewable energy companies, and the EGPIPL is its Indian business, a regulatory filing stated.
Waaree Energies Ltd has entered into a Share Purchase Agreement (SPA) with Enel Green Power Development S.r.l (Seller) on January 10 to acquire 100 per cent of the share capital of EGPIPL for a total amount of upto Rs 792 crore, subject to customary closing adjustments, according to the filing.
The EGPIPL owns solar and wind projects in India which includes about 640 MWAC (760 MWDC) operational and portfolio under development.
The operational portfolio includes projects jointly owned with a partner where the majority equity stake is with EGPIPL.
Further, pursuant to the acquisition of shares, EGPIPL will become a subsidiary of Waaree Energies.
The acquisition will dive

The EGPIPL owns solar and wind projects in India which includes about 640 MWAC (760 MWDC) operational and portfolio under development

Air India aims to make line maintenance works of aircraft in-house at its 55 domestic stations by April, the airline's CEO Campbell Wilson said on Friday.
Line maintenance works of the planes are carried at 55 domestic stations (airports) and the airline has been working on doing the activities in-house amid expanding fleet.
In a message to the employees, Wilson said the airline is making good progress on taking control of its line maintenance, with 42 of its 55 domestic stations now handled directly by Air India staff.
"This gives much greater control on quality and timeliness and enables us to conduct a wider range of maintenance tasks in-house, including lighter checks during extended transits and overnight stops," Wilson, who is the CEO and MD of the Tata Group-owned airline, said.
He also said that in-housing of the remaining 13 stations is on track to be completed by April.
Loss-making Air India has embarked on an ambitious transformation plan.
Last year, Air India merged .

Line maintenance works of the planes are carried at 55 domestic stations (airports) and the airline has been working on doing the activities in-house amid expanding fleet

Although Meta has clarified that the program is being discontinued only in the US, the implications are being closely watched in India

Xiaomi Pad 7 launched in India. OnePlus 13 along with Sapphire Blue Buds Pro 3 goes on sale. DailyObjects launch new Qi2-certified power banks. Redmi 14C sale. new Google AI features

The Kerala High Court on Friday said the Centre has agreed to the freeing up of Rs 120 crore for immediate use by the Kerala state government in connection with the rehabilitation proceedings ongoing at Wayanad, where a massive landslide occurred on July 30 last year.
While hearing a case taken on its own for prevention and management of natural disasters in the state in the wake of the landslides that devastated three villages in Wayanad district and claimed over 200 lives, a Division Bench of Justices A K Jayasankaran Nambiar and Easwaran S recorded the Central government's consent to free up Rs 120 crore of arrears owed by the state to the Centre in airlift charges over the years.
"The said amount can accordingly be used in relaxation of the SDRF/NDRF norms of the Central Government," an order of High Court stated.
Additional Solicitor General of India A R L Sundaresan placed before the High Court a letter, dated January 2, of the Assistant Director (DM), Ministry of Home Affairs

Additional Solicitor General of India A R L Sundaresan placed before the High Court a letter, dated January 2, of the Assistant Director (DM), Ministry of Home Affairs, Disaster Management Division

The discussions around projects and potential interventions in the sector took place at the Inland Waterways Development Council (IWDC)

The meeting saw the participation of more than 70 AIFs, with discussions focused on capital mobilisation and promoting funding for startups in smaller cities

The official said around 35,000 customs cases, involving over around Rs 50,000 crore are currently pending across various courts

Russia-Ukraine War

The year 2022 is coming to an end and a lot has happened that shaped the world in the year. Let's have a look at some of these significant events

In February 2022, Russia attacked Ukraine&amp;#39;s capital, Kyiv, from the north in an attempt to overthrow President Volodymyr Zelensky&amp;#39;s government. In the months following, artillery bombardment and street fighting continued, with Russia seizing multiple cities.

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After a slew of scandals in his term spanning three years, UK Prime Minister Boris Johnson resigned from office in July. Johnson was succeeded by Liz Truss, who took over the office in September.
						
						But after 45 days in the office, she resigned, becoming the shortest-serving PM in UK history. Her budgetary plans, at the centre of which were tax cut plans, had crashed the markets, making her lose the confidence of almost all her own MPs.
						
						In the days that followed, Rishi Sunak took over as Britain&amp;#39;s 57th prime minister and vowed to fix the mistakes made by his predecessor, Liz Truss.

Russia Invades Ukraine

In April, protests began in the nation following a sharp rise in food and fuel costs. Thousands demanded the resignation of now-ousted President Gotabaya Rajapaksa. The people faced long power cuts daily and shortages of basics, including fuel and food. Sri Lanka&amp;#39;s doctors said they were nearly out of life-saving medicines.
						
						Rajapaksa&amp;#39;s government was being blamed for the chronic mismanagement of the country&amp;#39;s finances. In July, protestors stormed Rajapaksa&amp;#39;s home, pushing him to flee the nation before resigning from office.

UK&amp;#39;s political crisis

In September, 22-year-old Iranian girl Mahsa Amini died after being detained for allegedly violating Iran&amp;#39;s laws requiring women to wear a headscarf. Authorities said she died of illness, but her family claimed she fell into a coma after being mistreated by the police. Sources said the police beat Amini with a baton and banged her head against a vehicle. At her funeral on September 17 in Saqez, women protested by ripping off their hijabs. Protests sparked by her demise have since roped in ethnic minorities and even school children. Thousands of women since then have been showing solidarity by cutting their hair and burning their hijabs in public.
						
						Now, the unrest has spread beyond a women&amp;#39;s right to a movement that is calling for an end to theocratic rule. The protests are now the most broadly supported movement in Iran in over four decades.

Sri Lanka economic crisis

In October, Chinese President Xi Jinping was handed a historic third term in office. He became the first leader of the ruling Communist Party after party founder Mao Zedong to get a third term in power.
						
						This came as China&amp;#39;s economy was running out of steam after decades of high growth. Many expect Xi&amp;#39;s third term may see China revert to more old-school economic management, focusing on shoring up the heavy industry and continuing a crackdown on big tech.

Uprising mounts again in Iran

In a historic first, rich countries agreed to pay for losses and damages caused by climate change. For 30 years, developing nations have been calling for developed countries to compensate for the costs of climate disasters caused by climate change. And rich nations that caused the pollution resisted the demand. But this changed in 2022.

Chinese President Xi Jinping starts record third term in power

In 2022, inflation was rising worldwide, with food and energy prices hitting record highs. The hike was mainly driven by pent-up consumer demand after the pandemic and Russia&amp;#39;s invasion of Ukraine. As the pandemic waned, people wanted to return to normalcy and spend more. This led to companies demanding higher prices. Companies also hired more to serve the pent-up demand. They had to increase wages to attract workers and raise prices to compensate for that.

A landmark deal UN Climate Change Conference (COP27)

In September, Queen Elizabeth II, Britain&amp;#39;s longest-serving monarch, died at 96 after reigning for 70 years. Many said her death would mark a turning point for commonwealth nations as many may disassociate themselves.

The global economy at crossroads

In October, Brazil&amp;#39;s former president, Luiz In&amp;aacute;cio Lula da Silva beat Jair Bolsonaro in the country&amp;#39;s closest presidential race in history. Silva&amp;#39;s win marked Latin America&amp;#39;s shift to the left and pointed to an extraordinary comeback for a man in jail for corruption three years ago.

Queen Elizabeth II dies

In October, billionaire Elon Musk closed his $44 billion deal to buy Twitter after months of dilly-dallying, drama and a lawsuit. The Tesla owner&amp;#39;s Twitter takeover is also one of the biggest tech acquisitions of all time. May fear that Musk&amp;#39;s takeover may turn the social media giant into a hotbed of hate speech.
					
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Brazil elections

Google Messages

In January, Google rolled out end-to-end encryption in group chats for messages app users enrolled in the beta programme

Blend launches Blend Studio: AI tool for ecommerce photography

New Delhi [India], March 16 (ANI/PNN): Blend, an AI-powered design and photography application for DTC brands and ecommerce sellers, recently launched Blend Studio - the Chat GPT for product photos.

Celebrity and Travel Photographer Rahul Lokare from Flamingo Productions creates waves of change in the world of photography.

Xiaomi 13 Pro

Priced at Rs 79,999 for the 12GB RAM and 256GB on-board storage, the Xiaomi 13 Pro offers a novel imaging experience on top of a premium package

How is the Indian Union Budget prepared?

The Indian Union Budget is crafted through a multi-step process involving various stakeholders. As the Union Budget 2025 draws closer, let's revisit at the process that goes behind preparing the country's Annual Financial Statement. Watch the video for a quick explainer.

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