Nirmala Sitharaman News

Rail Vikas Nigam (RVNL) and Indian Railway Finance Corporation (IRFC) rallied 15.5% and 9% to their new all-time highs of Rs 567 and Rs 206 respectively on BSE in Monday's trade ahead of the Union Budget, where the focus is likely to be on infrastructure investment. The sentiment around RVNL also remains positive as in the last week, the company signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation (DMRC) for participation in upcoming projects in India and abroad.

economic policy towards 2047 with an emphasis on job creation through labour-intensive manufacturing, credit for MSMEs and continued focus on services exports by expanding GCCs, according to Goldman Sachs. “We expect the general government to stick to the announced fiscal deficit target of 5.1% of GDP for FY25 (or even slightly lower) and announce further consolidation to a deficit of below 4.5% of GDP by FY26”, Goldman Sachs said in a note Monday. Union finance minister Nirmala Sitharaman will present the full budget for FY25 on July 23. In her interim budget, presented in February, she had pegged fiscal deficit at 5.1% of GDP

staffing industry and human resources (HR) industry is anticipating significant tax breaks and increased investment in skill development from the upcoming budget for FY25, which union finance minister Nirmala Sitharaman is expected to present on July 22, 2024. Currently, the Goods and Services Tax (GST) on employment services in India stands at 18%, applicable to a broad range of services, including executive search and recruitment services, permanent placement services, and contract staffing services. According to Suchita Dutta, executive director at the Indian Staffing Federation (ISF), employment-related services should be considered under ‘merit services’ with a 5% GST.

Budget 2024: Ahead of the Union Budget presentation, Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday met Union Finance Minister Nirmala Sitharaman, pressing for enhanced financial support to the debt-burdened state. Sources said Naidu, during the meeting in North Block, highlighted various ongoing projects in Andhra Pradesh that require urgent central assistance. «The CM presented a detailed memorandum outlining the state's financial requirements and the rationale behind the demand for increased allocation,» the sources added. TDP ministers in the Centre were present during the meeting.

Narendra Modi & Co may have a few speed bumps on their road to a 'Viksit Bharat'. The recent meeting between Telugu Desam Party (TDP) supremo Nara Chandrababu Naidu, a key ally of the NDA government, and BJP's top-brass has sparked concerns after the Andhra Pradesh CM has listed his state-specific demands. Further, a Bloomberg report has stated that Naidu has sought more than Rs 1 lakh crore handout for Andhra Pradesh in the forthcoming Budget 2024.

Union Budget 2024: In the 2024 interim Budget, Finance Minister Nirmala Sitharaman allocated ₹2,449.62 crore to the tourism sector, signaling a substantial 44.7% increase from the revised allocation in the current fiscal year. This marked a significant improvement over the 2023 Union Budget, initially set at ₹2,400 crore for the tourism ministry and later revised downward to ₹1,692.10 crore. With the industry experiencing a surge in travel, the upcoming Budget announcements later this month are eagerly awaited by stakeholders in the tourism sector. Hotel operators, who significantly downsised their workforce during the Covid-19 pandemic, are now actively hiring to support expansive growth plans and address high turnover rates in India. Over the next 12-18 months, an estimated 200,000 jobs are anticipated to be generated in the hotel, restaurant, and tourism sectors, as per TeamLease Services, a staffing services firm. This surge in employment comes as hotels expand their capacities, open new locations, and experience robust demand from both business and leisure travelers.

₹6-18 lakh come under the ambit of middle-income group, while those in the ₹6-12 lakh income slab are under the middle-income group-I (MIG-I) and those with income in the range of ₹12-18 lakh fall under MIG-II. Households with an annual income of ₹6-12 lakh per year can currently buy or build a property with a carpet area of up to 90 sq. m under the scheme, while households with an annual income of ₹12-18 lakh per year can build or buy a property with a carpet area of up to 110 sq.

SBI) has sought income tax parity on bank fixed deposits (FDs) in line with other asset classes in Budget 2024. «In line with mutual funds and equity markets, we propose that the government should tweak the 'tax on deposits interest' and make flat tax treatment across maturity ladder,» Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, said in his suggestions for the Union Budget 2024 which would be presented by Finance Minister Nirmala Sitharaman in the Parliament on July 23.

Cabinet Committee on Accommodation, Economic Affairs, Parliamentary Affairs, Political affairs, Security, Investment and Growth and Skill Employment and Livelihood. The Appointments Committee of the Cabinet includes Prime Minister Narendra Modi and Home Minister Amit Shah. The Committee on Accommodation features Shah, Minister of Road Transport and Highways Nitin Gadkari, Finance Minister Nirmala Sitharaman, Minister of Housing and Urban affairs Manohar Lal, and Minister of Commerce and Industry Piyush Goyal. The committee will have Minister of State (Independent Charge) of Ministry of Science and Technology Dr Jiterndra Singh as a special invitee.

Populist Budget Chances: Finance Minister Nirmala Sitharaman will be presenting her seventh full budget on July 23. Her five budgets have been marked with fiscal prudence as well as aggressive capital expenditure and an emphasis on making India Atmanirbhar and boost manufacturing. The interim budget Sitharaman presented in February surprised many for its lack of populist proposals which were expected since it was a pre-poll budget. But between the interim budget and the upcoming full budget, the situation has changed drastically. The BJP fell short of majority in the Lok Sabha elections and its NDA government is propped up by its allies, M. Chandrababu Naidu's TDP and Nitish Kumar's JD(U). After the results, there was speculation that both the allies will extract their pound of flesh for supporting the government by asking for key ministries and the speaker's post. But none of that happened. On the contrary, these allies expressed their unconditional support for the government. However, now there is speculation that the TDP and the JD(U) would want Sitharaman to extend a favorable treatment to their states in the budget. Many think Sitharaman has the tough task to balance fiscal discipline and growth with the excessive demands of these allies.

Budget 2024: As Finance Minister presents Union Budget on July 23 that will set the roadmap for the next five years of Prime Minister's third term, the e-commcerce sector hopes for a push towards Open Network for Digital Commerce (ONDC) and amendment of overall policy. Read More: Budget 2024 date: Finance Minister Nirmala Sitharaman to present Union Budget in Lok Sabha on July 23 «My expectation from the Government of India is to promote ONDC further because ONDC is in a way becoming an e-commerce platform for the small traders of our country, so we should talk about the creation and amendment of the overall e-commerce policy and about the enhancement of platforms like ONDC which have been created by the Government of India...» said Vijay Shekhar Sharma, Founder of Paytm.

Times of India.This is being considered despite the attractive returns for those who remain invested for 25-30 years, especially for those recruited after 2004, said the report.The NDA government’s move is likely to address the concerns of central government employees about the pension.A panel led by Finance Secretary TV Somanathan has gauged the impact of providing an assured return. The committee, which was formed following an announcement by Finance Minister Nirmala Sitharaman, has also reviewed global practices and the adjustments implemented by the Andhra Pradesh government, according to the report.“There is growing acknowledgement within the govt of offering a 50 per cent guarantee" and in case of any shortfall, the government will fill the gap, the report added.The Somanathan panel’s recommendations came amid concerns over the pension system for central government employees.The government pension system operates without funding as the Centre does not have a retirement fund.In the Budget 2024, it is anticipated that the NDA government will create a retirement fund.The National Pension System is a voluntary, long-term retirement savings scheme.

Budget Expectations: Finance minister Nirmala Sitharaman concluded her customary stakeholder consultations for the Union Budget, meeting more than 120 invitees across 10 stakeholder groups over two weeks till Friday to gather their inputs. Participants included representatives, economists and experts from industry, agriculture, trade unions, education, health, employment & skilling, MSME, trade & services, financial sector and capital markets, infrastructure, energy and urban sector, the finance ministry said in a statement on Sunday. The full Budget for FY25 will be presented on July 23.

budget preparation exercise.Sitharaman will present her seventh Budget on July 23.

agriculture and FMCG sectors have requested the government to use the budget to address the challenges they face due to drought, climate change and inflationary pressures. The requests were made during pre-budget consultations with Finance Minister Nirmala Sitharaman. The minister is scheduled to present the Union Budget on July 23, after presenting an interim budget in February due to Lok Sabha elections. Ashok Kumar, Associate Director, Farm Prosperity, Transform Rural India (TRI), tells ET Digital that a robust crop insurance mechanism is of paramount importance for farmers as weather risks have emerged as a major threat due to climate change. The budget should also focus on safe food production practices and support the production of chemical-free products that are safe for consumption. “Value addition and procurement have to be facilitated near farms. That will lead to higher income. Investment should be announced in quality energy access in farms and processing of primary agriculture produce. Photovoltaic systems could be a potential solution to meet the energy requirement of the agri sector,” says Kumar.

Finance Minister Nirmala Sitharaman is set to present the Union Budget on July 23 in Lok Sabha. The Parliamentary session for the Budget will commence on July 22 and continue till August 22. The NDA government’s first Budget is expected to focus on sustaining economic growth with impetus to job creation, with an eye on maintaining the fiscal deficit target. All eyes are now on the Finance Minister as people eagerly await the announcement of policies and initiatives that align with their interests.

Budget date: Narendra Modi’s first Budget of his third term, to be presented on July 23, will see Finance Minister Nirmala Sitharaman leveraging revenue growth and a record dividend from the Reserve Bank of India. The focus will be on infrastructure investment and targeted spending for the middle class, women, and the agricultural sector. Besides showcasing economic resilience, the government plans to introduce reform measures that bypass the need for legislative approval. “Hon’ble President of India, on the recommendation of Govt of India, has approved the proposal for summoning of both the Houses of Parliament for the budget session, 2024 from 22nd July, 2024 to 12 August, 2024 (subject to exigencies of parliamentary business). Union Budget 2024-25 will be presented in Lok Sabha on 23 July, 2024,” parliamentary affairs minister Kiren Rijiju said in a post on X.

Andhra Pradesh Chief Minister N Chandrababu Naidu met Prime Minister Narendra Modi on Thursday and sought the Union government's support for crucial proposals for the state's development. Naidu, whose Telugu Desam Party (TDP) is a vital partner in the BJP-led NDA government, sought enhanced assistance for Andhra Pradesh if the special category status cannot be granted to the state, sources said. The TDP chief, who is on a two-day visit to the national capital, also held talks with Union Ministers Nitin Gadkari and Piyush Goyal on state-specific issues. Sources indicated that Naidu is scheduled to meet several other Union ministers, including Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and Health Minister J P Nadda.

Canara Bank MD & CEO K Satyanarayana Raju has handed a dividend cheque of Rs 1838 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24. Raju handed the cheque at an event in Delhi on Wednesday attended by Prashant Kumar Goyal, joint secretary at the ministry of finance (MoF), and bank’s executive directors Debashish Mukherjee, Ashok Chandra, Hardeep Singh Ahluwalia, and Bhavendra Kumar and Delhi circle chief general manager Rajesh Kumar Singh. This dividend payout reflects Canara Bank's unwavering commitment to its stakeholders and its strong financial health, driven by strategic initiatives and sound banking practices. The bank continues to play a pivotal role in supporting India's economic growth and development through its extensive range of financial products and services, the bank said in a statement.

July financial deadlines and rules change: In the month of July, there are several financial deadlines and changes in rules, which will come into effect. Besides, there is one key economic event – Union Budget, which is likely to be presented on July 23 or 24 in the second leg of the Monsoon Session of parliament.

Defence stocks like Hindustan Aeronautics, Bharat Dynamics, Bharat Electronics and others are in focus after the government granted an extension in the exemption of customs duty on the imports of certain parts. Initially set to expire on July 1, 2024, the exemption has now been extended for five years, until 2029. So how does it impact the stocks?