Business
Food Subsidy May Sharply Overshoot Budget Estimate Of Rs 2.05 Trillion
NEW DELHI: The government’s food subsidy outgo in FY25 is likely to see a sharp increase against the budget estimate of Rs 2.05 trillion, because of mounting economic costs of PDS rice, with stocks being 3.5 times the buffer at present. In the budget estimate for FY25, the finance...
Banks Cautious On Lending To Stressed MSMEs Due To NPA Classification Rules
MUMBAI: Even if the Union Budget prompted banks to lend to the stressed micro, small, and medium enterprises (MSMEs), banks are worried that such loans could turn into non-performing assets (NPAs) if the bad loan classification rules are not relaxed. On Tuesday, Finance Minister Nirmala Sitharaman announced a new...
Credit Rating Agencies Upbeat On India’s Fiscal Consolidation Plan
Global credit rating agencies have given thumbs up to the FY25 Budget, lauding the government’s firm commitment to deficit reduction, with Moody’s Ratings noting that the Budget is credit positive. “Policy continuity is reflected in the government’s capital spending on infrastructure, which remains around 23 per cent of total...
Budget Focuses On Review Of Agri Research Setup, New Phase Of Rural Roads
NEW DELHI: The first Budget of the Narendra Modi government’s third term in office has promised a comprehensive review of the agricultural research setup in the country and will launch the fourth phase of the rural roads programme, targeted at connecting 25,000 new habitations. The review of agricultural research...
RBI Dividend Helps Centre Trim Fiscal Deficit To 4.9 Per Cent
MUMBAI: The Centre further pared the fiscal deficit target to 4.9% of GDP for 2024-25 in the full Budget presented on Tuesday from 5.1% projected in the interim Budget in February as it used Rs 1.3 trillion extra dividends from the Reserve Bank of India to trim borrowings as...
Budget 2024: FM Nirmala Sitharaman Unveils Road Map For ‘Viksit Bharat’
NEW DELHI: Finance Minister Nirmala Sitharaman’s Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in “Viksit Bharat”. It sets the stage for sustained economic growth, social development, and technological...
Govt To Implement Three Schemes Via EPFO To Boost Fresh Employment
NEW DELHI: Finance Minister Nirmala Sitharaman in her budget speech on Tuesday said the government will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to...
Budget 2024: Govt Allocates ₹1.19 Lakh Crore For Petroleum And Natural Gas, Focus On Strategic Reserves And Infrastructure
New Delhi: The ministry of petroleum and natural gas has been allocated a total budget of ₹1,19,402.52 crore for the fiscal year 2024-2025, reflecting a significant financial commitment to bolster India’s energy infrastructure and capabilities. This allocation, comprising both budget support and Internal and Extra Budgetary Resources (IEBR), underscores...
Government Retains 14 Per Cent Rise In Capital Investment Of Rs 67,000 Crore By Eight Power PSUs In FY25
NEW DELHI: The government in the Budget presented on Tuesday retained nearly 14 per cent rise in capital investment of Rs 67,286.01 crore proposed in the interim document by eight state-owned power companies for this fiscal. The government had provided for Rs 67,286.01 crore investment by the eight power...
Budget 2024: Steel Industry Cheers Import Duty Cuts, Continued Infra Push
MUMBAI: The Union Budget for 2024-25 gives India’s steel industry several reasons to cheer, including import duty cuts on several raw materials and indirect benefits from increased spending on infrastructure and affordable housing. Finance minister Nirmala Sitharaman said in her budget speech on Tuesday that the government would remove...
Airbus, Tata Sign Contract To Establish H125 Choppers Final Assembly Line In India
FARNBOROUGH: In a latest collaboration, Tata Advanced Systems Limited (TASL) and Airbus Helicopters have formalised a contract to establish the H125 Final Assembly Line (FAL) in India. The FAL will be the first instance of the private sector setting up a helicopter assembly facility here in India, which will...
Govt Cuts Customs Duty On Gold, Silver, Mobile Phones
NEW DELHI: The government on Tuesday slashed customs duties on a range of products, including gold, silver, critical minerals, mobile phones and other electronic items, to cut input costs, increase value addition, promote export competitiveness and boost domestic manufacturing. The duties were also reduced on Shea Nuts; marine sector...
India Can Grow At Over 7% In The Medium Term, Says Economic Survey
NEW DELHI: The Indian economy can grow at more than 7 per cent on a sustained basis in the medium term if the country can build on the structural reforms undertaken over the last decade and carry out next-generation reforms that are bottom-up in nature, the Economic Survey 2023-24,...
Economic Survey Bats For More FDI From China To Tap Export Market
NEW DELHI/CHENNAI: It is termed the most talked-about “frenemyship” in Asia or a not-so-successful “Hindi Chini Bhai Bhai” bonhomie. In the age of the China Plus One, the Economic Survey aims to redraw the relationship with the neighbouring superpower to India’s advantage. While the neighbour is mentioned 132 times...
Need To Create 8 Million Jobs A Year Until 2036, Says Economic Survey
NEW DELHI: The Economic Survey for 2023-24, tabled in Parliament on Monday, asked the private sector to contribute to the creation of approximately eight million jobs annually until 2036. It also cautioned companies against being overly reliant on capital-intensive technologies like artificial intelligence (AI) to reduce employment. Authored by...
Economic Survey Pegs India’s GDP Growth Rate At 6.5-7% For FY25
NEW DELHI: India’s Gross Domestic Product (GDP) is likely to grow at 6.5% to 7% in the current fiscal year amid global challenges which may impact exports, said Economic Survey 2023-24 tabled in Parliament by Union Finance Minister Nirmala Sitharaman on Monday. The anticipated growth rate for 2024-25 is...
SEBI Ready With Speed Gun On IPO Street
MUMBAI: As companies flood the primary market, the Securities and Exchange Board of India (Sebi) has intensified surveillance of initial public offerings (IPOs), slowing approvals, as it looks to safeguard investors. The average approval time for IPOs in calendar year 2024 has lengthened to 125 days, the most in...
Cut Import Duty On Smartphone Components In Budget, Govt Told
NEW DELHI: Economic think tank GTRI on Monday urged the Government to cut import duty on smartphone components in the Budget as it could lead to an increase in superficial assembly plants that rely heavily on imported parts. Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25...
