Nirmala Sitharaman News

interim budget for FY25, from the budget estimate for this year, as it aims to balance the need for sustained growth with fiscal consolidation imperatives, people aware of deliberations said. With the economy continuing to grow at a robust pace, the government is of the view that fiscal consolidation needs greater attention, they said. According to the first advance estimate, India's gross domestic product (GDP) is forecast to grow 7.3% in FY24, bettering the preceding fiscal year's 7.2%. FY24's budget had raised spending by 14.1% over the FY23 budget estimate — to ₹45 lakh crore. FY24 expenditure growth was up 7.5% over the provisional number for the last fiscal year. The Centre will continue quality spending next fiscal by raising capital expenditure, albeit at a slower pace than in recent years, a government official told ET. Muted hike in capex This, while lifting revenue spending at a moderate rate, the official said.

India will become the third largest economy in FY28, finance minister Nirmala Sitharaman said at the recent Vibrant Gujarat summit. This is the view of the International Monetary Fund as well, and is a good thing, but it won’t by itself bring major improvements to the quality of life of the average Indian. Unless India can achieve double-digit growth for a decade or more, GDP per capita will remain low, not just relative to that of larger economies, but to those of middle-income countries as well.

Mexico, and Brazil. Appreciating the development, Roland Landers, CEO of All India Gaming Federation (AIGF), said, “This decision will help with responsible innovation and provide a bouquet of choices to the Indian consumer.

fiscal deficit target at 5.3% of GDP and keep disinvestment proceeds estimates to below ₹50,000 crore in the interim budget for 2024-25. The fiscal deficit, which is the indication of government borrowing to bridge the gap between total revenue and expenditure, is estimated at 6% of GDP in the current financial year, a tad higher than 5.9% projected in the Budget presented in February, last year.

Read our complete Budget 2024 coverage here An Interim Budget is traditionally supposed to be just a vote-on-account shorn of any mega announcements or benefits to people. The government is likely to stay on the fiscal course-correction glide path in the Interim Budget for FY25, shunning populist spending or incentives ahead of the summer general election, ET has reported recently, based on information from people aware of deliberations on the subject. The government is also concerned that any consumption booster could exacerbate inflationary pressures and jeopardise efforts to rein in prices. At the same time, capital expenditure may be raised again in FY25 from the ₹10 lakh crore budgeted in the current fiscal year to spur economic growth, given its high multiplier effect, including the crowding in of private investment. The government expects to meet the FY24 fiscal deficit target with a higher-than-anticipated revenue mop-up, making up for the increase in spending under some heads. Where does all this leave the taxpayer who expects Finance Minister Nirmala SItharaman to announce income-tax incentives and benefits in the Interim Budget?

Gujarat Global Summit, Finance Minister Nirmala Sitharaman provided a comprehensive overview of the current financial ecosystem within the Gujarat International Finance Tec-City (GIFT City). Emphasizing the city's strategic importance, the Minister highlighted the significant presence of various financial entities and the thriving derivatives market. Sitharaman said, «There are now three exchanges, twenty-six banks, and twenty-six aircraft lessors in the IFSC. The GIFT City is required to host the offices of aircraft firms.

Standard deduction is one of the most widely used deductions as salaried taxpayers can claim it without making any investments. There has been a longstanding demand to increase the standard deduction limit. The demand has become louder after standard deduction was made a part of the new income tax regime last year. It has been almost five years since standard deduction was revised; the previous instance was in 2019. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping Finance Minister Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000? This is what experts are saying:

NEW DELHI : Union finance minister Nirmala Sitharaman’s pre-election budget is set to focus on welfare schemes for five key sections of society—women, poor, youth, farmers and tribals—as the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) aims a third term in office on the back of Prime Minister Narendra Modi’s promise of inclusive growth. Accordingly, allocations for existing schemes for these sections of the society are likely to see an enhancement while new schemes may be announced, two persons privy to discussions in the government said.

Indian companies to list directly on foreign stock exchanges, a senior Nasdaq executive said. Indian companies are currently not allowed to list their shares directly on overseas markets, but global investors and top Indian startups have been calling for this to change. Allowing Indian companies to list abroad on exchanges like Nasdaq will give them wider access to capital, Nasdaq's Executive Vice Chairman Edward Knight said in an interview.

Budget 2024: Speaking at an event by industry chamber CII a month ago, Finance Minister Nirmala Sitharaman casually remarked that the upcoming Interim Budget might not have any «spectacular» announcements. If you also consider the BJP's recent victories in three big states which are seen to have placed the party on a strong footing for the Lok Sabha elections in May, you can assume that the Interim Budget, to be presented on February 1, will be shorn of any grand populist schemes that require hefty financial support. Catch our full Budget 2024 coverage here The BJP-led NDA government at the Centre, however, may not let the opportunity a pre-election budget presents go waste.

Bloomberg Index Services has proposed to include Indian bonds under the fully accessible route (FAR) in its emerging market local currency index. This comes four months after JPMorgan said it would include India bonds in its Global Bond Index — Emerging Markets, starting June this year.

NEW DELHI : The Supreme Court on Monday issued a notice to the government seeking a response to a plea filed by online gaming companies on tax demands adding up to ₹1.5 lakh crore. The court, however, did not issue a stay on the tax notices issued by the government. A three-judge bench of the Supreme Court led by Chief Justice D.Y.

NEW DELHI : The interim budget on 1 February is likely to increase the tax rebate under the new personal income tax regime, two people close to the discussions said, giving relief for the middle class ahead of the approaching general elections. The plan is to raise the tax rebate, which is now available for income up to ₹7 lakh, to about ₹7.5 lakh under the new regime, the people said on the condition of anonymity. Tax rebate eligibility is calculated on the net income after taking into account standard deduction of ₹50,000.

Bengaluru, there's a discussion about extending the Namma Metro rail network to suburban areas, and not everyone is excited about it. Many people are asking, «Why go outside the city when the main parts are still not connected?» The deputy chief minister, DK Shivakumar, recently talked to Union Finance Minister Nirmala Sitharaman to get permission for this extension. The plan is to reach places like Bidadi, Hoskote, Harohalli, and Nelamangala. However, some are not happy with this idea.

Union Budget 2024-25: Four income tax benefits you could expect from Finance Minister Nirmala Sitharaman. Details here The target will be between 5.2% to 5.4% of gross domestic product for the year starting April 1, according to officials with knowledge of the matter, who asked not to be named as the deliberations are private. A final decision will be taken closer to the budget presentation, due Feb.

Lok Sabha Election 2024 is due in April-May this year. From new tax regime to changes in rebates, let's take a quick look at six top income tax announcements made by Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023 The rebate limit in the new tax regime has been increased to ₹7 lakh, meaning that persons in the new tax regime with income up to ₹7 lakh will not have to pay any tax.

personal income tax, particularly in the New Tax Regime, Gupta added. The deduction limit under Section 80D for medical insurance premiums should be increased from ₹25,000 to ₹50,000 for individuals and ₹50,000 to ₹75,000 for senior citizens, reflecting rising healthcare costs.

Congress General Secretary and Karnataka incharge Randeep Singh Surjewala on Wednesday urged the union government to immediately release Centre's grants to the State including drought relief without any further delay. He also questioned the «silence» of BJP MPs on the matter. In a statement here, he said the state government had declared 223 taluks among the total 236 as drought-hit, and there is a loss of standing crop in over 48.19 lakh hectare, as per study report from experts.

Tamil Nadu Sports Minister Udhayanidhi Stalin on Wednesday said he would call on Prime Minister Narendra Modi in Delhi on January 4 to invite him to the Khelo India Youth Games to be held this month in Tamil Nadu. For the first time, Khelo India Youth Games would be held in the state and it is slated to be conducted from January 19 to 31, Udhayanidhi told reporters, adding he would be inviting Modi for the event.

Interim Budget: India's fiscal deficit might surpass the government's 5.9% target for FY24 due to escalated revenue expenses and a lower-than-expected nominal GDP, according to India Ratings and Research. The agency predicts that despite increased tax and non-tax revenue, an anticipated second supplementary demand for grants could escalate the deficit to 6% of GDP, slightly exceeding the budgeted limit. “Higher-than-budgeted revenue expenditure triggered through the first and likely second supplementary demand for grants in combination with lower-than-budgeted nominal GDP will push the fiscal deficit to 6.0% of GDP, 10bp higher than budgeted 5.9%,” said Ind-Ra researchers. While announcing the federal budget for this fiscal year, Finance Minister Nirmala Sitharaman said India aims to narrow the fiscal gap to 5.9% of gross domestic product from 6.4% in the last financial year. There are mushrooming speculations that the Narendra Modi-led government will soon have to unleash various fiscal measures and particularly so as to rein in galloping inflation rate. India's fiscal deficit for the first seven months of this fiscal year through October stood at 8.037 lakh crore rupees, or 45% of annual estimates, government data showed today. The fiscal deficit marginally narrowed from 45.6% reported in the comparable year-earlier period.

HDFC and ICICI, on Tuesday received threatening mail demanding resignation of Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das. The sender has claimed that bombs would be planted at RBI's and premises of two banks if their demands are not met, media reports suggest. «We have planted „11“ bombs in different locations of Mumbai RBI along with private sector banks have executed the biggest scam in the history of India,» the email read.