New Delhi, Feb 2 (SocialNews.XYZ) The Department of Fisheries has been allocated an amount of Rs 2,584.5 crore in the interim budget for financial year 2024-25 which is 15 per cent higher than the current financial year and its highest ever annual allocation.

Finance Minister Nirmala Sitharaman highlighted that a separate Fisheries Department was established to assist fishermen that has resulted in doubling both inland and aquaculture production, doubling of seafood exports since 2013-14.

The flagship scheme, Pradhan Mantri Mastya Sampada Yojana (PMMSY) is being stepped up to enhance aquaculture productivity from existing 3 to 5 ton/Ha, doubling exports to Rs 1 lakh crore and generate 55 lakh employment opportunities along with big infrastructural changes of establishing 5 integrated aquaparks.

In addition, the Blue economy 2.0 will be launched to focus on promoting climate resilient activities, restoration and adaptation measures and development of coastal aquaculture and mariculture with integrated & multi-sectoral approach.

Fisheries sector plays an important role in the Indian economy.

It contributes to the national income, exports, food and nutritional security as well as employment generation.

Fisheries sector is recognized as the 'Sunrise Sector' and is instrumental in sustaining the livelihoods of around 30 million people in India particularly that of the marginalized and vulnerable communities.

The allocation for the fisheries sector since the first five-year plan to 2013-14 was only Rs 3,680.93 crore. However, since 2014-15 to 2023-24, an amount of Rs 6,378 crore has already been released for various fisheries developmental activities in the country.

With record fish production of 175.45 lakh tonnes in FY 2022-23, India is the third largest fish producing country in the world accounting for 8 per cent of global production and contributing about 1.09 per cent to the country's Gross Value Added (GVA) and over 6.724 per cent to the agricultural GVA.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Education Ministry's Department of School Education and Literacy (DoSEL) has been allocated Rs 73,498 crore for the 2024-25 fiscal year in the Interim Budget presented by Finance Minister Nirmala Sitharaman on Thursday, a Ministry official said.

The Ministry of Education said that this Budget is the highest ever for the DoSEL.

There has been an overall increase of Rs 12,024 crore (19.56 per cent) in the Budget allocation of DoSEL in the 2024-25 fiscal year from Revised Estimates 2023-24, the official added.

The Ministry of Education added that the highest ever Budget allocation may be seen in the autonomous bodies of Kendriya Vidyalaya Sangathan (KVS) and Navodaya Vidyalaya Sangathan (NVS) at Rs 9,302 crore and Rs 5,800 crore, respectively.

Allocation in KVS has increased by Rs 802 crore while allocation in NVS has increased by Rs 330 crore with respect to Revised Estimates 2023-24.

Budget allocation in flagship schemes have increased that are Samagra Shiksha (by Rs 4,500 cr), PM-POSHAN (by Rs 2,467 crore) and PM Schools for Rising India (PM-SHRI) by Rs 3,250 crore as compared to Revised Estimates 2023-24, the official said.

While highlighting the success of Skill India Mission, the Finance Minister informed that under the mission 1.4 crore youth have been trained, 54 lakh youth were upskilled and reskilled, and 3,000 new ITIs were established.

She also said that the recently launched PM Vishwakarma Yojana provides end-to-end support to artisans and craftsmen engaged in 18 trades.

Sitharaman added that a large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up in the country.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) A lower fiscal deficit versus estimated is likely to raise government bond prices and a treasury gain is very likely for the public sector banks, LKP Securities said in a report on sectoral impact of Interim Budget 2024.

PSU banks were the top gainers in trade on Thursday. Nifty PSU Bank was the sector which outperformed, up by 3.11 per cent.

ITDC was up 20 per cent following the Budget announcement on the push for tourism. Hudco was up 19 per cent following the announcement on affordable housing scheme.

Infra spending increasing 11.1 per cent YoY to Rs 11 trillion (3.4 per cent of GDP) in FY25 may boost capital expenditure across the economy and is a boost for infrastructure finance companies, LKP Securities said.

The PM Awas Yojana (Rural) is close to achieving a target of three crore houses and an additional target of two crore houses (rural + urban) in next five years. It is likely to boost affordable HFC's credit.

Additionally, a housing for middle class scheme will be launched for promoting middle class to buy/build their own houses.

The GNPA ratio of PSU banks stands at a decade low of 3.2 per cent (as of 2QFY24).

Lower fiscal deficit results into lower government borrowings thus support G-sec yields. Positive impact on treasury income for banks. Fiscal deficit target for FY24 has been set to be 5.8 per cent, for FY25 is projected at 5.1 per cent of GDP and for FY26 it is projected at 4.5 per cent of GDP, IDBI Capital said in a report.

Under the Rooftop Solar Scheme, 10 million households will get 300 units of free electricity every month and the scheme would enable these households to sell their surplus solar energy and is projected to yield annual savings of over Rs 15,000 for these households. Solar power companies are the beneficiaries, LKP Securities said.

Promotion to adopt e-buses for public transport network and strengthening the e-vehicle ecosystem by supporting manufacture and charging infrastructure will benefit Tata Motors, Olectra, and Ashok Leyland, it added.

The government will also launch an affordable housing scheme for the middle-income category citizens. Affordable housing finance companies and NBFCs providing home loans could have an opportunity to grow their advances in order to meet the credit demands, IDBI Capital said.

Also, coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help reduce imports of natural gas, methanol, and ammonia.

Ministry-wise data suggests major increase is seen for the Department of Economic Affairs (sunrise sector), Telecom (infusion in BSNL), and Petroleum (capital support to OMC), the report said.

Source: IANS

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Amaravati, Feb 1 (SocialNews.XYZ) The Centre has allocated Rs 9,138 crore for Andhra Pradesh and Rs 5,071 crore for Telangana for railways in the interim Union Budget, Railway Minister Ashwini Vaishnav said on Thursday.

Addressing a virtual press conference, he said that the budget allocation for Andhra Pradesh has been enhanced by 10 per cent. He mentioned that from 2009 to 2014, the state got only Rs 886 crore for railway projects and now new railway lines to a length of 240 km are being laid every year in the state.

The railways have also completed 98 per cent of electrification in the state.

Vaishnaw also stated that the state government has not yet allotted land for Visakhapatnam Railway Zone. The railways had requested the state to allot 53 acres for setting up the zone. He assured that the works will be taken up as soon as the land is allotted by the state government. The detailed project report is done and sanctions are in place for establishing the railway zone.

The Centre has allocated Rs 5,071 crore for railways in Telangana. There has been a consistent increase in the funds allocation to Telangana in successive Budgets in recent times, he said. He also said that 142 km of track is being laid across Telangana every year as compared to just 70 kms per year during 2009-2014.

In the last 10 years, 414 road over bridges and road under bridges have been constructed. The investment in railways in the state has substantially increased. The railways have completed 100 per cent electrification in the state, he said.

Last year, the Prime Minister laid the foundation stone for the coach factory at Kazipet and the work has already started, he added.

Source: IANS

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Mumbai, Feb 1 (IANS The ruling MahaYuti welcomed the Interim Budget - 2024-2025 as common-man oriented and laying the foundation of a self-reliant and strong India, while the Opposition Maha Vikas Aghadi slammed it as full of empty promises and giving 'gyan', here on Thursday.

Maharashtra Chief Minister Eknath Shinde said that the interim budget will take the country closer to the Prime Minister Narendra Modi's goal of making India a superpower and a $5 trillion economy.

"It is comprehensive, gives justice to the common people, women, youth, the elderly, farmers, workers and all others. Not changing the direct and indirect tax structure is a relief to commoners. The move to amend the schemes introduced in the last ten years to avoid the loss of farmers, more arrangement of godowns, self-sufficient oil seed campaign, comprehensive scheme for dairy farmers will definitely help the farmers to stand on their own feet," said Shinde.

The CM highlighted other proposals like benefits for women, Anganwadi Sevikas, the universal cancer scheme for women, housing for poor, the interest-free loans scheme for the youth, the increase in IITs, IIMs, promotion of electric vehicles, and other that would boost development.

Congress' Leader of Opposition (Assembly) Vijay Wadettiwar attacked the interim budget as meaningless, cheating the farmers, youth and commoners, while giving an impression of creating development.

"It's a last-ditch attempt to show day-dreams to India. The Bharatiya Janata Party government cares for and stands only behind its rich business and industry friends. The corporate tax is reduced but not tax exemption granted to the masses. The Interim Budget is a statement on PM Modi-led government's failure in the last 10 years," declared Wadettiwar.

He said ironically, the government claims that 20 crore people are lifted out of the poverty line, yet they are giving free foodgrains to 80 crore people, which means that the number of poor have actually increased in the country, but the BJP creates a religious frenzy to divert attention.

"The budget will further widen the schism between the rich and poor, the future of farmers and agriculture, industry, the growing number of jobless people, infrastructure, investors and other sections appears bleak, the tradition of doing injustice to the backward classes, minorities, farmers continues in the latest Interim Budget as well but Finance Minister Nirmala Sitharaman was indulging in 'self-praise' over broken dreams," said Wadettiwar.

Shiv Sena (UBT)'s Leader of Opposition (Council) Ambadas Danve said the country expected new schemes and financial provisions for peasants and agro-sector, but nothing has been given.

"Modi government has again shown it is insensitive towards the farmers by not making any provision for them. Without coming up with any concrete plan for rural areas, farmers and farm labourers, Modi government is under the impression that it will be re-elected only by talking of religion," said Danve.

Bharatiya Janata Party's Deputy CM Devendra Fadnavis said that the Interim Budget has paid special attention to all sections like women, farmers, poor, youth and the middle classes.

"It is envisaged to provide free electricity upto 300 units through solar power system to one crore families, housing schemes for the poor and middle-classes in urban centres who live in chawls or rentals, the Rs 1 lakh-crore corpus for interest-free loans to youth is revolutionary and many will become entrepreneurs, boosting the startup ecosystem and research," said Fadnavis.

He lauded the proposal to make three-crore women millionaires under the 'lakhpati didi programme', include 9 crore women to the economic centre-stage through SHGs, etc as other major highlights in the confidence-boosting presentation.

Nationalist Congress Party (AP)'s Deputy CM Ajit Pawar lauded the Interim Budget as instrumental in laying "the foundations of a developed India by 2047", and giving top priority to the welfare of the poor, women, youth and farmers.

"The financial assistance to 11.80 crore farmers through Pradhan Mantri Kisan Yojana, benefit of PM crop insurance scheme to 4 crore farmers, special efforts to produce mustard, sesame, sunflower, groundnut, soybean oil seeds in the country under self-sufficient oil seed campaign, comprehensive scheme for dairy farmers, etc are highly laudable. The move for 3,000 new ITIs, 7 IITs, 16 IIITs, 7 IIMs and 15 AIIMS plus 390 universities will promote higher education, and enhance the quality of education," said Ajit Pawar.

Shiv Sena (UBT) MP Priyanka Chaturvedi slammed the budget saying: "In this chilly weather, they have poured cold water on peoples' expectations, and this is happening consistently for the past 10 years… even the policies announced by the PM in 2014 are yet to be fulfilled."

Vanchit Bahujan Aghadi President Prakash Ambedkar said that the government is only giving 'gyan' (smart-talk) but nothing tangible for the deprived sections of the country, Sitharaman engaged "only in self-patting, rhetorics and lies" in the Interim Budgets.

"If the economy is performing well then why 12,88,293 high-net-worth people and entrepreneurs have left India in last 9 years? Why 725,000 people, mostly from Gujarat, tried to enter the US illegally. The government only imparts 'gyan', but has cheated all sections of society," said Ambedkar sharply.

SS-UBT MLA Aditya Thackeray said the government has realised after a decade in power that they need to focus on the poor, women, youth and farmers, all of whom had voted for BJP with great hope, but are still unhappy.

"The FM spoke about UDAN and rapid airport expansion, but why Maharashtra was not considered an equal part of the entire scheme, now word on Pune's proposed new airport and the one mooted by the MVA government was scrapped," said Aditya Thackeray.

Congress Legislative Party Leader Balasaheb Thorat termed the Interim Budget as a 'slap' on the people of India who are already burdened by high inflation, growing unemployment with women, middle-classes and farmers continuing to suffer.

"There is no relief from the funds owed by the Centre to the states, which will make it difficult for the latter to progress. It's a disappointing and losing budget, but the BJP leaders are cheering it through the media," said Thorat.

Congress Chief Spokesperson Atul Londhe said that this is another example of unkept promises of the last 10 years of 'jumla-baazi', this is the last time Sitharaman has played the joke on the masses. Dwelling in detail on various proposals, he mentioned aspects of the critical financial position of the country, the debt of Rs 205 lakh-crore and the International Monetary Fund's warnings to India of the looming dangers.

"Sitharaman said one crore households will be given free solar energy upto 300 units, but in the Union Budget 2022, it was promised to get 40GW of rooftop solar power, of which only 10GW was generated, and later this was changed to 2.2GW. Rs 22,000 crore loans are said to be given through the Mudra Yojana, but most of these accounts are NPAs, only 17.8 per cent of announcements made in the Union Budget of 2023-2024 have been implemented," said Londhe.

(Quaid Najmi can be contacted at: q.najmi@ians.in)

Source: IANS

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Chennai, Feb 1 (SocialNews.XYZ) Indian banks have played a key role in implementing the social schemes of the Central government and also in achieving a savings of Rs 2.7 lakh crore through Direct Bank Transfer (DBT) mode, said A.K. Goel, Chairman, Indian Banks' Association (IBA) and Managing Director & CEO, Punjab National Bank.

Reacting to the Interim Budget for 2024-25 presented by Finance Minister Nirmala Sitharaman in the Parliament on Thursday, Goel said: "It is gratifying to note that Direct Benefit Transfers of Rs 34 lakh crore facilitated through banks to the beneficiaries has led to the saving of Rs. 2.7 lakh crore."

"The budget has highlighted the achievements of the social schemes like PM SVANIDHI, PM KISAN SAMMAN, PMAY, PM Mudra Yojana etc which has helped to provide relief to the needy sectors. Banks have played a key role in implementing all these schemes of the government," he said.

According to Goel, the budget is aiming to provide more opportunities for the lower end of the pyramid, increased infrastructure spending for development, measures for reaching Net Zero by 2070 and focus on fiscal consolidation.

"The allocation for capital expenditure for FY 25 is at Rs 11.11 lakh crore which is 11.1 per cent higher than the capex for FY 24. This capex going to infrastructure would have cascading effect on employment and also aid several ancillary industries supporting infrastructure sector," Goel said.

The decision to waive disputed direct tax demands ranging from Rs 10,000 to Rs 25,000 until 2009-10 provides relief to taxpayers. Gross borrowing for FY 2025 is estimated to be Rs 14.13 trillion as against Rs 15.4 trillion for FY 2024, he added.

Reduced government borrowing programme will provide more space for banks to provide credit for growth. Sticking to the fiscal consolidation roadmap shows the resolve of the government to maintain discipline in finances, Goel said.

Source: IANS

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Mumbai, Feb 1 (SocialNews.XYZ) Nifty saw the lowest intra-day volatility on a Budget Day in at least six years on Thursday as the expectation buildup ahead was limited, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The Nifty 50 fell 67 points on Thursday to hit an intra-day low of 21,658.75 before ending 28 points, or 0.13 per cent, lower at 21,697.45.

Cash market volumes on the NSE were high at Rs 1.35 lakh crore. Broad market indices fell a little more than the Nifty, even as the advance decline ratio fell to 0.77:1. The Sensex fell 177 points to hit an intra-day low of 71,574.89, before ending 107 points, or 0.15 per cent, down at 71,645.30.

The 21,832-21,851 band remains a tough resistance on the upside, while 21,429 could provide support.

Markets could soon breakout on either side after remaining in a range over the last few weeks, Jasani said.

Asian shares were mixed on Thursday after Wall Street fell to its worst loss since September as the US Federal Reserve indicated that cuts to interest rates are not imminent. European stocks were slightly lower ahead of euro zone inflation data for January and the Bank of England’s latest monetary policy decision on Thursday, he said.

Indian bonds rallied, with the benchmark 10-year yield falling by the most in more than a year, after the government announced a lower-than-expected borrowing programme.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman provides for a total expenditure estimated at Rs 47.66 lakh crore which is an increase of Rs 2.76 crore compared to the revised estimate of the 2023-24 budget.

The allocation large infrastructure projects in sectors such as highways, ports and railways has been hiked by over 11 per cent to Rs 11.11 lakh crore.

The ministry-wise allocation is as follows:

• Defence Ministry: Rs 6.1 lakh crore

• Ministry of road transport and highways: Rs 2.78 lakh crore

• Ministry of railways: Rs 2.55 lakh crore

• Ministry of consumer affairs, food & public distribution: ₹2.13 lakh crore

• Ministry of home affairs: Rs 2.03 lakh crore

• Ministry of rural development: Rs 1.77 lakh crore

• Ministry of chemicals and fertilizers: Rs 1.68 lakh crore

• Ministry of communications: Rs 1.37 lakh crore

• Ministry of agriculture and farmer's welfare: Rs 1.27 lakh crore

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman provides for a total expenditure estimated at Rs 47.66 lakh crore which is an increase of Rs 2.76 crore compared to the revised estimate of the 2023-24 budget.

The allocation large infrastructure projects in sectors such as highways, ports and railways has been hiked by over 11 per cent to Rs 11.11 lakh crore.

The ministry-wise allocation is as follows:

• Defence Ministry: Rs 6.1 lakh crore

• Ministry of road transport and highways: Rs 2.78 lakh crore

• Ministry of railways: Rs 2.55 lakh crore

• Ministry of consumer affairs, food & public distribution: ₹2.13 lakh crore

• Ministry of home affairs: Rs 2.03 lakh crore

• Ministry of rural development: Rs 1.77 lakh crore

• Ministry of chemicals and fertilizers: Rs 1.68 lakh crore

• Ministry of communications: Rs 1.37 lakh crore

• Ministry of agriculture and farmer's welfare: Rs 1.27 lakh crore

Source: IANS

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Chennai, Feb 1 (SocialNews.XYZ) Uttar Pradesh will get the highest share of the Union tax and duties at a whopping Rs 2,18,86.84 crore in 2024-25.

According to the Union 2024-25 Budget Estimates, Uttar Pradesh is followed by Bihar with Rs 1,22,685.76 crore, Madhya Pradesh Rs 95,752.96 crore, West Bengal Rs 91,764.26 crore and Maharashtra Rs 77,053.69 crore.

And Tamil Nadu -- where the ruling party DMK complains of step motherly treatment by the Central government over sharing of tax revenues -- will get Rs 49,754.95 crore after Rajasthan that would receive Rs 73,504.11 crore and Odisha which would get Rs 55,231.76 crore.

The taxes and duties that would be shared by the Central government with the states are -- Corporation Tax, Income Tax, Wealth Tax, Central Goods and Services Tax, Customs, Union Excise Duty, Service Tax and Other Taxes and Duties.

The total estimated taxes and duties to be shared by the central government with the state governments in 2024-25 is Rs 12,19,782.85 crore, which is 41 per cent of the Centre's tax revenue.

Source: IANS

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Amaravati, Feb 1 (SocialNews.XYZ) The Telugu Desam Party (TDP) hailed the interim Union Budget for 2024-25 but slammed Andhra Pradesh Chief Minister YS Jagan Mohan Reddy for utterly failing to get funds for implementing the promises made in the Andhra Pradesh State Bifurcation Act.

TDP state unit president Kinjerapu Atchen Naidu hailed the Union budgetary proposals presented to the Lok Sabha by the Minister for Finance Nirmala Sitharaman.

"The Union budgetary proposals are designed in such a way that by 2047 by which time the country will be completing a century of becoming an independent India to take the nation to join the list of the developed countries in the world," Atchen Naidu said in a statement here.

The decisions taken by the Centre in designing the budgetary proposals are certainly towards achieving this goal, the TDP State unit president felt. Atchen Naidu welcomed the top priority to creating basic amenities and providing job opportunities to the youth.

"It is highly appreciable that Rs 11 lakh crore has been allocated in the budgetary proposals for creating basic amenities which will totally transform the nation's profile besides announcing the decision to implement the Skill India Mission to the youth in the country," the TDP State president felt.

Atchen Naidu recalled that Andhra Pradesh stood on top in the country during 2014-19 in providing job opportunities to the youth through skill development.

He, however, said that the Jagan Mohan Reddy government has miserably failed in getting funds for the State though it is almost 10 years since the State Bifurcation Act has come into force.

"The state has suffered heavily in all sectors in the past five years due to the negligent attitude adopted by the Jagan government," Atchen Naidu said and demanded a reply from Jagan what is that he has achieved in the past five years though his party has 31 MPs.

"Is it not the failure of Jagan that he did not even allocate funds for the 11 Central educational institutions set up in the state during the TDP regime as part of the bifurcation promise," he asked.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Delhi Police has been allocated Rs 11,397.98 crore, a decrease of 4.47 per cent from the last fiscal, in the Interim Budget for 2024-25.

In the Union budget 2023-24, Delhi Police was allocated Rs 11932.03.

Finance Minister Nirmala Sitharaman on Thursday presented the interim Union Budget for 2024-25 in the Parliament.

In a statement after the budget, the Delhi Police said that it is responsible for maintaining and enforcing law and order in the National Capital Territory.

“The responsibility also includes Traffic Management in the city. The provision is for routine expenses as well as for various schemes to be implemented by Delhi Police such as developing traffic and communication network in NCR Mega Cities and Model Traffic System, upgradation or expansion of communication infrastructure, upgradation of training, induction of latest technology and installation of traffic signals, etc,” it added.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Finance Minister Nirmala Sitharaman said on Thursday that the eastern region comprising Bihar, Jharkhand, Chhattisgarh, Odisha and West Bengal will become the engines of growth for achieving a 'Viksit Bharat' in the future.

She said that the next generation reforms that the government was implementing would propel these states to the forefront of economic development.

While the government would continue with its emphasis on developing the northeastern region, the five eastern states would be playing a major role in accelerating the country’s economic growth, she added.

The Finance Minister said that the setting up of three new major railway economic corridors would benefit this region.

The corridors include an energy, mineral and cement corridor, a port connectivity corridor and a high traffic density corridor.

The corridors would be linked to multi-modal connectivity.

The Finance Minister said that the decongestion of high traffic corridors will result in improving operations, which in turn would "result in safety and higher travel speeds for passengers".

She also said that 40,000 railway coaches would be upgraded to Vande Bharat standards for the comfort of passengers.

Sitharaman said that the government was working sincerely to improve the life of the people and that is why Amrit Kaal had also become Kartavya Kaal.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Union Finance Minister Nirmala Sitharaman on Thursday said that Governance, Development and Performance is the new 'GDP' formula that the government has adopted to steer the country to a 'Viksit Bharat' (Developed India).

Addressing a post-budget press conference, the Finance Minister said that the Governance was evident in the way that the government had managed and steered the economy and the Development was reflected in the better standard of living of the people with average income having gone up by 50 per cent.

The Performance of the government could also be seen in the fact that the economy had been growing at over 7 per cent for three consecutive years and inflation in the country had come down. She also highlighted the fact that the government had cleaned up the banking system which was earlier carrying a huge burden of non-performance assets or bad loans that had led to losses.

She pointed out that the government had succeeded through proper management of its finances to bring down the fiscal deficit to 5.8 per cent of GDP which was even lower than the targeted level of 5.9 per cent for 2023-24. Now with the fiscal deficit target having been fixed at 5.1 per cent the country was well on its way to achieve the glide path of a fiscal deficit at 4.5 per cent of GDP by 2025-26.

She pointed out that the allocation of Rs 11.11 lakh crore for capital expenditure on big infrastructure projects has gone up 11 per cent on a high base and the private sector was also stepping up investment which would lead to an acceleration in the country’s economic growth.

She also said that the budget-making process has been made completely transparent as all the figures pertaining to the economy were being released on a monthly basis.

She also highlighted that Digital Public Infrastructure (DPI) had emerged as factor of production that was contributing to the efficiency of the economy and leading to a higher growth.

Sitharaman further said that the government would be coming out with a White Paper on the performance of the economy in the last 10 years and its comparison with the country’s economic performance with the 10 years before that.

In answer to a question, the Finance Minister said that the rating agencies should take on board that the fiscal consolidation that had been achieved was even been better than the prudence level that was targeted.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The government on Thursday hiked the Defence Budget to Rs 6.21 lakh crore in the Interim Budget for 2024-25 -- 4.72 per cent higher than the previous year's allocation of Rs 5.94 lakh crore.

The allocation to the Defence Ministry accounted for over 13 per cent of the total Budget presented by Union Finance Minister Nirmala Sitharaman in the Parliament on Thursday.

According to the Defence Ministry, the enhanced budgetary allocation will facilitate in equipping the armed forces with state-of-the-art, niche technology lethal weapons, fighter aircrafts, ships, platforms, unmanned aerial vehicles, drones, and specialist vehicles, among others.

Planned modernisation of existing Su-30 fleet along with additional procurement of aircraft, acquisition of advanced engines for existing MiG-29, acquisition of transport aircraft C-295 and missile systems will be funded out of the budget being allocated, the ministry said in a statement.

Apart from this, to take the initiative of 'Make in India' further, the LCA MK–I IOC/FOC configuration will be additionally funded to ensure state-of-the-art technology in domestic production, it added.

"The Indian Navy projects such as acquisition of Deck-based fighter aircraft, submarines, next generation survey vessels etc. will all materialise through this allocation," the ministry said.

Large portion of the allocation will be utilised for procurement through domestic sources to provide domestically manufacutured next generation weapon system to the country which will have a multiplier effect on the GDP, create employment, ensure capital formation and provide a stimulus to the domestic economy, the ministry said.

The budgetary allocation to the Defence for FY24-25 is higher by approximately one lakh crore (18.35 per cent) than the allocation for the FY 2022-23 and 4.72 per cent more than allocation of FY23-24.

Of the total allocation, a major share of 27.67 per cent goes to capital, 14.82 per cent for revenue expenditure on sustenance and operational preparedness, 30.68 per cent for pay and allowances, 22.72 per cent for pensions and 4.11 per cent for civil organisations under the ministry.

Budgetary allocation for capital expenditure in Defence for FY 24-25 is Rs 1.72 lakh crore which is 20.33 per cent higher than the actual expenditure of FY 22-23 and 9.40 per cent more than the Revised Allocation of FY 23-24. The allocation is in line with the Long Term Integrated Perspective Plan (LTIPP) of the three Services aimed to fill the critical capability gaps through modernisation of the Armed Forces by materialising some big ticket acquisitions in FY 2024-25, the ministry said.

Source: IANS

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Mumbai, Feb 1 (SocialNews.XYZ) The domestic market was marginally disappointed by lower than expected infra spending in the Interim Budget, Vinod Nair, Head of Research at Geojit Financial Services, said on Thursday.

However, the government's commitment to fiscal prudence, targeting a fiscal deficit of 5.1 per cent for FY25BE, is expected to improve the outlook on economic ratings. This led to a significant drop in India's 10-year yield by 100 bps to 7.04 per cent, reflecting optimism due to lower-than-expected government borrowing, Nair said.

The Nifty 50 fell 67 points to hit an intra-day low of 21,658.75 before ending 28 points, or 0.13 per cent, lower at 21,697.45, while the Sensex fell 177 points to hit an intra-day low of 71,574.89 before ending 107 points, or 0.15 per cent, down at 71,645.30.

Meanwhile, the US Fed's decision to maintain rates without clear guidance on future cuts dampened market sentiments, Nair added.

Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, said that the Nifty PSU Bank was the sector which outperformed on Thursday, up by 3.11 per cent, even as most of the other sector closed in red.

The top gainers on the Nifty were Maruti, PowerGrid, Cipla, SBI Life, and Eicher Motor, while Grasim, L&T, Ultratech Cement, Dr. Reddy's, JSW Steel, and Titan were the top losers.

Source: IANS

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Bengaluru, Feb 1 (SocialNews.XYZ) Union Minister for Mine, Coal and Parliamentary Affairs Pralhad Joshi, praising the union budget on Thursday said that it is a transformative Viksit Bharat Budget.

“Gratitude to PM Narendra Modi for visionary leadership and Finance Minister Nirmala Sitharaman for presenting the transformative Viksit Bharat Budget. It is dedicated to realising the aspirations of the people and envisioning the emergence of a new and progressive India,” Joshi said.

He said that two crore houses in next 5 years is Prime Minister Modi’s dream project which aims to provide affordable housing to the poor and has renewed its goal to build 2 crore houses in the next five years.

“There is an enhanced emphasis on upgrading the country's logistics infrastructure. The Railway Corridor programme will supplement the coal ministry’s First Mile Connectivity Projects and bring about coordinated implementation of connectivity infrastructure projects,” Joshi said.

He said that with growing environmental concerns globally and India expanding renewable energy capacity, the country is moving towards diversification of coal for sustainable use.

“With growing environmental concerns and India expanding renewable energy capacity, we are moving towards diversification of coal for sustainable use,” he said.

He said that the government has prepared a National Mission Document for gasification of 100 Million Tonnes of coal by 2030.

“Cervical Cancer Vaccinations for girls aged 9-14 years, various schemes for maternal and child healthcare will be brought in synergy,” he said.

He said that the Anganwadis will be upgraded and girls aged 9-14 will be encouraged to receive vaccination for cervical cancer.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The Interim Budget presented on Thursday by Union Finance Minister Nirmala Sitharaman lacks focus on mental health, rising cost of medical devices, said experts.

The experts hailed the government’s proposal to encourage vaccination for girls in the age group of 9 to 14 years for prevention of cervical cancer, and lauded the plan to make one comprehensive programme for various schemes for maternal child care.

“We welcome the announcements made by the government towards the health sector including the need for strengthening the primary healthcare facilities. But, as a mental health expert, we are disappointed that nothing much has been announced for strengthening mental health,” said Dr Jyoti Kapoor, Founder & Director, Manasthali Wellness.

“We had expected that mental illness would be included in the Ayushman Bharat scheme to increase accessibility to treatment for financially disadvantaged populations. We also wished that insurance policies and schemes cover mental illnesses to improve affordability,” she added.

Experts noted that the need to address mental health is urgent as approximately 150 million Indians require mental health care services, and there is a stark shortage of professionals -- only 0.3 psychiatrists, 0.07 psychologists, and 0.07 social workers per 100,000 people.

“While the interim budget lacked specific policies or initiatives for the mental health sector, we remain optimistic that post-election, the full budget will address this critical area,” said Dr Neerja Agarwal, Psychologist and Co-founder Emoneeds (Mental & Health Wellness).

The Budget also stressed on upgradation of anganwadi centres under saksham anganwadi and Poshan 2.0 for improved nutrition delivery, early childhood care, and development.

“While the government's laudable efforts, such as cervical cancer vaccination and maternal healthcare schemes, tackle vital health concerns, there remains room for improvement. Greater emphasis on budgetary allocations for healthcare infrastructure, telemedicine expansion, medical research funding, could have significantly enhanced accessibility and healthcare delivery across the nation,” said Lovekesh Phasu, Group COO, Sakra World Hospital, Bengaluru.

The experts said that the budget also failed to focus on the rising cost of medical devices.

“The budget has fallen short of expectations for addressing the rising import graph of medical devices and soaring import bills worth over Rs 63,200 crore ($8 billion),” said Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry (AiMeD).

“We do hope to see in the fine print action on the assurances from various government departments to implement the National Medical Devices Policy 2023 and make it attractive and profitable to make in India rather than import into India,” Nath said.

As per GTRI report of August 2023, the Indian medical devices industry can expand from $12 billion to $50 billion by 2030, reducing import reliance to 35 per cent and boosting exports to $18 billion.

Nath noted that supporting policies are needed so that the industry can make quality healthcare accessible and affordable for the common masses. This will also help aim to place India among the top five medical devices manufacturing hubs worldwide and help end the 80-85 per cent import dependence forced upon us and an ever-increasing import bill of over 63,200 crore,” he said.

Pavan Choudary, Chairman, Medical Technology Association of India (MTaI) hailed the government's plan to bring schemes for maternal and child care under one common. He said this would help deliver optimal and comprehensive care throughout India.

However, “the customs duty has not gone down, which was our expectation, and remains at the same level.”

“This will take FDI in MedTech to a never-before high this financial year. However, if the government had reduced the customs duties, the FDI in MedTech could have taken a meteoric trajectory,” Choudary said.

Source: IANS

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Kolkata, Feb 1 (SocialNews.XYZ) Hailing Finance Minister Nirmala Sitharaman's announcement of plans to upgrade 40,000 regular bogies to Vande Bharat standards, mobility solutions provider Jupiter Wagons Limited managing director Vivek Lohia, said it is a dynamic move in the right direction.

Describing the announcement as a significant milestone in India's railway modernisation journey, Lohia said that this initiative reflects a dedicated effort to elevate passenger safety, comfort, and operational efficiency to global standards.

"As the nation progresses towards modernising its railway infrastructure, this move underscores a commitment to excellence and sets a benchmark for future development. It is a testament to the ongoing efforts to enhance the quality and reliability of our railway services, ultimately benefiting millions of passengers across the country," Lohia added.

Lohia said that the proposal seems to have a transformative vision for the rail sector, emphasising strategic initiatives such as the port connectivity corridor, energy, mineral and cement corridor and more specially the high traffic density corridor.

According to him, these corridors will signify a pivotal step towards enhancing connectivity, driving economic growth, and ensuring passenger safety.

"With a focus on outcomes over outlays, the government underscores its commitment to timely delivery and cost-effective logistics solutions. Also, these are core infrastructures and every penny invested in core infrastructure has a rebound effect on the economy. The announcement reflects a bold stride towards holistic transformation and underscores the government's dedication to modernizing India's railway infrastructure," he added.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The Union Cabinet chaired by Prime Minister Narender Modi on Thursday approved the extension of the sugar subsidy scheme for Antyodya Anna Yojna (AAY) families distributed through the Public Distribution Scheme (PDS) for two more years till March 31, 2026.

Under the scheme, the Central government gives a subsidy of Rs 18.50 per kg per month of sugar to AAY families of participating states. The approval is expected to extend benefits of more than Rs 1,850 crore during the period of 15th Finance Commission (2020-21 to 2025-26). The scheme is expected to benefit about 1.89 crore AAY families in the country.

“The scheme facilitates access of sugar to the poorest of the poor and adds energy to their diet so that their health improves,” an official statement said.

The Government of India is already giving free ration under Pradhan Mantri Garib Kalyan Anna Yojna (PM-GKAY). Sale of ‘Bharat Atta’, ‘Bharat Dal’ and tomatoes and onions at affordable and fair prices are the measures to ensure sufficient food in the plate of the citizens beyond PM-GKAY, the statement added.

So far, about 3 lakh tonnes of Chana dal and about 2.4 lakh tonnes of Atta have already been sold, benefiting ordinary consumers. Thus, availability of subsidised dal, atta and sugar have completed the food for a common citizen of India, fulfiling Modi ki Guarantee of ‘Food for All, Nutrition for All’, the statement added.

With this approval, the government will continue giving subsidy to the participating states for distribution of sugar to AAY families through PDS at the rate of one kg per family per month. States have the responsibility to procure and distribute sugar.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The Union Cabinet chaired by Prime Minister Narendra Modi on Thursday approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for export of apparel/garments and made-ups up to March 31, 2026.

Continuation of the Scheme for the proposed duration of two years will provide a stable policy regime which is essential for long-term trade planning, more so in the textiles sector where orders can be placed in advance for long term delivery.

The continuation of RoSCTL will also help remove the burden of taxes and levies and provide level playing field on the principle that "goods are exported and not domestic taxes".

The Union Cabinet had given approval of the scheme up to 31.03.2020 and further approval was given for continuation of RoSCTL till March 31, 2024.

The objective of the scheme is to compensate for the State and Central Taxes and Levies in addition to the Duty Drawback Scheme on export of apparel/garments and made-ups by way of rebate. It is based on an internationally acceptable principle that taxes and duties should not be exported, to enable a level playing field in the international market for exports. Hence, not only indirect taxes on inputs are to be rebated or reimbursed but also other un-refunded State & Central taxes and levies are to be rebated.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The announcement of the interim budget for fiscal year (FY) 2024–25 by Union Finance Minister Nirmala Sitharaman reflected the ruling BJP's mood for the 2024 Lok Sabha elections, S&P Global Market Intelligence said in a report on Thursday.

Different from the run-up to the 2019 Lok Sabha elections, today's interim budget announcement indicated high political confidence in the BJP's tone, with multiple references underscoring policy continuity and expansion for the post-election budget announcement in July 2024, it said.

The budget speech was framed as a report card on government performance, with particular emphasis on social welfare expansion and infrastructure development. Despite the modest amount of voter-friendly spending ahead of the general elections, the government has signaled its continuous focus on capital investment and infrastructure spending with a goal to crowd in private investment, sustain high economic growth, and improve India’s competitiveness, the report said.

Although the Finance Minister highlighted an increase in actual capital expenditure outlay by 11 per cent, this is well below the capital spending growth target of 33 per cent in the FY 2023–24 budget. This would nonetheless keep the government’s infrastructure investment agenda rolling and, if realized, bring the capital investment share in GDP to a record 3.4 per cent.

However, the contribution of fixed investment to GDP growth in the financial year starting April 2024 is unlikely to rise meaningfully. Combined with another round of rising food prices, still high interest rates and lingering external risks, this would lead to a milder real GDP growth, which S&P Global Market Intelligence now projects at 6.3 per cent for FY2024–25, it added.

With respect to fiscal consolidation, the Central government is aiming to bring its fiscal deficit down to 5.1 per cent of GDP from the revised estimate of 5.8 per cent of GDP in FY 2023–24. This is an aggressive target, considering a likely slowdown in overall growth and the difficulty in meeting government's disinvestment targets. At this point, this is more of a signal that the government remains committed to reducing its budget deficit in line with its medium-term fiscal consolidation plan, with the actual fiscal deficit target likely to be revised in the final budget after the elections, the report noted.

The references in today’s budget to continue development under Prime Minister Gati Shakti is risk-positive. Continued development of railway and port corridors, and high traffic density corridors will be crucial as the government aims to increase India’s participation in global supply chains and to develop new trade routes globally. Improving intermodal connectivity and bringing cost-competitiveness in logistics to below 10 per cent of GDP will facilitate India’s efforts, it said.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The Interim Budget, presented by Finance Minister Nirmala Sitharaman, on Thursday gives a major thrust to stepping up value addition in the agricultural sector and boosting farmers’ incomes.

The interim budget also proposes to formulate a strategy to achieve ‘atmanirbharta’ (self-reliance) in oilseeds such as mustard, groundnut, sesame, soybean, and sunflower.

The Finance Minister said in her speech that this will cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance.

Mentioning the steps being taken to ensure efficient fertiliser use, she said: "After the successful adoption of Nano Urea, application of Nano DAP on various crops will be expanded in all agro-climatic zones."

Terming farmers as “our Annadata”, Sitharaman stated that the minimum support prices for the farm produce are being periodically increased appropriately and direct financial assistance is being provided 11.8 crore farmers every year under PM-KISAN SAMMAN. Besides crop insurance is being given to 4 crore farmers under PM Fasal Bima Yojana.

“Besides, several other programmes are assisting ‘Annadata’ in producing food for the country and the world and added that the worries about food have been eliminated through free ration for 80 crore people,” she added.

Sitharaman said private and public investment would be further promoted in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding to ensure faster growth of the agriculture and food processing sector.

"The sector is poised for inclusive, balanced, higher growth and productivity. These are facilitated from farmer-centric policies, income support, coverage of risks through price and insurance support, promotion of technologies and innovations through start-ups," she said in her speech.

She said that the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh self-help groups and 60,000 individuals with credit linkages.

The Finance Minister added that other schemes are complementing the efforts for reducing post-harvest losses, and improving productivity and incomes. She pointed out that Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated employment for 10 lakh people.

She also said that Electronic National Agriculture Market has integrated 1,361 mandis, and is providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore.

"These and the provision of basic necessities have enhanced real income in the rural areas. Their economic needs could be addressed, thus spurring growth and generating jobs," the Finance Minister asserted.

Source: IANS

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Bengaluru, Feb 1 (SocialNews.XYZ) Bengaluru South MP Tejasvi Surya on Thursday said that the biggest takeaway for Bengaluru from the Interim Budget presented by Finance Minister Nirmala Sitaraman was the establishment of a corpus for research and innovation.

“Biggest takeaway from the Viksit Bharat Budget (Interim Budget) for Bengaluru is the setting up of a corpus of Rs 1 lakh crore with 50-year interest-free loan for research and innovation,” he said.

He said that the Namma Bengaluru leads the way in innovation with institutes like IISc, NIMHANS, HAL, NAL, IIM, IIIT and other universities and plethora of private companies.

“This scheme will herald a golden era for the youth and streamline innovation for the nation's development,” he said.

Elaborating on the significance of the corpus for Bengaluru, Surya said that 60 per cent of the country's biotech companies have a base in Bengaluru according to the Karnataka Innovation Report.

“The state houses 400 R&D centres and 85 chip designing houses,” he said.

He said that 1 in every 4 companies in Deep Tech, Health Tech and Fintech Sectors raise funding in Bengaluru.

“The city is home to over 800 colleges, out of which more than 100 are engineering colleges. It also has important academic institutions fostering research like IISc, IIM-B and IIIT,” he said.

He said that the therefore will provide impetus to such institutes and private companies to invest in research and innovate in sunrise domains.

During her Budget 2024 speech, Sitharaman said that a new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting ‘Atma Nirbharta’.

She also mentioned about the measures taken by the Central government to empower youth and utilise their talent for nation building.

“The Skill India Mission has trained 1.4 crore youth, up-skilled and re-skilled 54 lakh youth, and established 3000 new ITIs. A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up,” Sitharaman said.

She said that the PM Mudra Yojana has sanctioned 43 crore loans aggregating to Rs 22.5 lakh crore for entrepreneurial aspirations of our youth.

“Fund of Funds, Start Up India, and Start Up Credit Guarantee schemes are assisting our youth. They are also becoming ‘rozgardata’,” she said.

Commenting about it, Surya said that in the last 10 years alone, 3,000 new ITIs, 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities have all been set up.

“The Modi government’s impetus to youth-led development has given wings to their dreams and aspirations,” he said.

Source: IANS

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Chennai, Feb 1 (SocialNews.XYZ) Out of the two strategic sectors – space and atomic power, a higher budgetary allocation has been proposed for one and lower for the other, as compared to previous year, in the Interim Budget presented by Finance Minister Nirmala Sitharaman on Thursday.

As per the interim budget papers, an allocation of Rs 13,042.75 crore has been made for Department of Space for 2024-25 up from the Budget Estimates of Rs 12,543.91 crore for 2023-24.

The Revised Estimates for 2023-24 for Department of Space was Rs.11,070.07 crore.

On the other hand, for 2024-25 the Budget Estimates for Department of Atomic Energy stands at Rs 24,968.98 crore – net of recoveries - down from 2023-24 figures of Rs 25,078.49 crore.

The Revised Estimates – net of recoveries- for Department of Atomic Energy for 2023-24 was Rs 26,799.78 crore. Prior to recoveries, the Budget Estimates for 2024-25 for the Department of Atomic Energy stands at Rs.36,159.93 as against a Revised Estimate of Rs 36,905.45 crore and a Budget Estimate of Rs 35.262.49 crore for 2023-24.

(Venkatachari Jagannathan can be reached at v.jagannathan@ians.in)

Source: IANS

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Lucknow, Feb 1 (SocialNews.XYZ) Lauding the interim union budget, Uttar Pradesh Chief Minister Yogi Adityanath said that the financial statement is a vision for a 'Developed India' and the roadmap to make 'New India' the growth engine of the world.

He conveyed his heartfelt gratitude to Prime Minister Narendra Modi and thanked Finance Minister Nirmala Sitharaman, saying: "It is a public welfare budget that paves the way for making the country a five trillion-dollar economy.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Finance Minister Nirmala Sitharaman's announcement while presenting the Interim Budget on Thursday to do away with and withdraw old outstanding tax demands of up to Rs 25,000, which are still appearing in the government’s books as ‘outstanding tax demand’, will provide relief to a large section of small and mid-level taxpayers, said Sanjay Sanghvi, Partner, Khaitan & Co.

Sitharaman said that there are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax payers and hindering refunds of subsequent years.

“I propose to withdraw such outstanding direct tax demands up to Rs 25,000 pertaining to the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about one crore tax-payers," she said in her Interim Budget speech.

Sudipta Bhattacharjee, Partner, Khaitan & Co, said that as expected, the Interim Budget primarily featured few tax proposals.

However, a notable proposed amendment in the GST law under the Finance Bill 2024 could significantly impact businesses once implemented.

Under current GST regulations, different branches of the same legal entity are considered separate taxable entities, requiring them to charge GST on goods/services supplied to each other (known as ‘cross-charge’).

Additionally, there's the concept of the 'input service distributor' (ISD) for distributing input GST credit among different branches. Disputes have arisen over ISD versus cross-charge methodologies, prompting the GST Council to recently clarify that taxpayers have the option to choose.

However, the proposed amendment to the Finance Bill seems targeted to make the ISD route mandatory, necessitating a review of inter-branch transactions and potential changes in business processes and compliance.

This change may also trigger new disputes between taxpayers and GST authorities, underscoring the need for clarifications before implementation. Bhattacharjee added.

Source: IANS

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New Delhi, 1 Feb (SocialNews.XYZ) In a bid to boost the fisheries sector, Finance Minister Nirmala Sitharaman has said that five integrated Aqua Parks will be set up in India.

While presenting the Interim Budget in Parliament on Thursday, the Minister said, “It was our Government which set up a separate Department for Fisheries realising the importance of assisting fishermen. This has resulted in doubling of both inland and aquaculture production.”

The Minister highlighted that seafood export since 2013-14 has also doubled.

Sitharaman announced that the implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to enhance aquaculture productivity from existing three to five tonnes per hectare; double exports to Rs 1 lakh crore and generate 55 lakh employment opportunities in the near future.

The minister emphasised on Blue Economy 2.0 and announced that for promoting climate-resilient activities a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.

Sitharaman also announced that a comprehensive programme for supporting dairy farmers will be formulated.

She stated that efforts were already on to control foot and mouth disease. Sitharaman said, “India is the world’s largest milk producer but with low productivity of milch-animals.”

The programme will be built on the success of existing schemes such as Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry, she added.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The Rs 1 lakh crore corpus to provide long-term, interest-free financing for the youth in the technology sector is a positive measure as access to capital is a critical factor to support innovation and growth in sunrise industries like manufacturing, industry leaders said on Thursday.

Presenting the Interim Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said that this corpus will provide "long-term low or nil interest rates so that the youth can innovate at scale".

“For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with a 50-year interest free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates,” said the finance minister.

This will encourage the private sector to scale up research and innovation significantly in sunrise domains. “We need to have programmes that combine the powers of our youth and technology,” she said.

Lt Gen Dr SP Kochhar, Director General, Cellular Operators Association of India (COAI), said that the long-term, interest-free or low interest rate loans and focus on deep tech will “further encourage the private sector to scale up research and innovation”.

Ankur Bansal, Co-Founder and Director, BlackSoil Capital, said the move will encourage entrepreneurship. “In addition, such initiatives will attract investment from the private sector and foreign investors, driving growth and propelling India towards self-reliance,” said Bansal.

According to the government, the priority is to provide ample training and empower the Indian MSMEs to compete globally and to meet their needs.

The finance minister said that a new scheme will be launched to strengthen the deep-tech sector for defence purposes.

Peeyush Vaish, Partner and TMT Industry Leader, Deloitte India, said that the large interest free outlay will further boost our tech start-up ecosystem in emerging areas around 5G, generative AI, Agritech and health tech.

“The Rs 1 lakh crore corpus that will be made available with 50-year interest-free (long-term financing or refinancing) to encourage the private sector to scale up R&D in Sunrise domain is a welcome move for the sector. This will push India to be on the forefront of innovation and skill enhancement,” said Vaish.

Neeraj Bansal, Co-Head and COO, India Global, KPMG in India, said the corpus will help in improving India’s research and innovation ecosystem, critical to the country’s aspirations of being an $5 trillion economy.

Source: IANS

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New Delhi, 1 Feb (SocialNews.XYZ) With focus on Yuva Shakti and marching towards the goal of a Viksit Bharat by 2047, Finance Minister, Nirmala Sitharaman proposed setting up of more medical colleges in India, as she presented the Interim Budget 2024-25 in Parliament on Thursday.

Sitharaman said that the new medical colleges will be set up by utilising the existing hospital infrastructure under various departments.

A committee will be set up for this purpose to examine the issues and make relevant recommendations, the Finance Minister added.

She said that this initiative would not only create opportunities for the youth to become doctors but it will also improve healthcare services to the people.

Sitharaman proposed that ASHA workers, Anganwadi workers and helpers will also be covered under the Ayushman Bharat Scheme.

She said that in the science, technology, engineering and mathematics (STEM) stream, girls and women make up 43 per cent of the student strength, among the highest in the world.

She also emphasised on the need for research and innovation for catalysing growth, employment and development.

She said, "A corpus of Rs.1 lakh crore to be established with a 50-year interest-free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates.”

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Prime Minister Narendra Modi hailed the budget presented in Parliament on Thursday, saying that it is not merely an interim budget but an inclusive and innovative budget.

"This budget carries the confidence of continuity. It will empower all pillars of developed India -- the youth, the poor, women, and farmers," PM Modi said.

Commending Finance Minister Nirmala Sitharaman for her vision, Prime Minister Modi said that Nirmala's budget is a budget for building the future of the country.

"This budget carries the guarantee of strengthening the foundation of Viksit Bharat by 2047," Modi said.

He said that this budget is a reflection of the aspirations of Young India.

He highlighted two decisions taken in the budget, saying that a fund of Rs 1 lakh crore has been announced for research and innovation.

He also highlighted the extension of tax exemptions for startups in the budget.

While keeping the fiscal deficit under control, the Prime Minister informed that the total expenditure has seen a historic increase to Rs 11,11,111 crores in this budget.

“In economists’ parlance, this is a kind of sweet spot,” Modi said.

He said that the announcement to manufacture 40,000 modern bogies of Vande Bharat Standard and install them in general passenger trains will further heighten the comfort and travel experience of crores of passengers on different rail routes of the country.

"We set a big goal, achieve it, and then set an even bigger goal for ourselves," he said.

Highlighting the government's efforts for the welfare of the poor and middle class, he informed about the construction of over 4 crore houses in villages and cities and increasing the target to build 2 crore more houses.

Emphasising the empowerment of women, PM Modi said, "Our goal was to make 2 crore 'Lakhpatis' among women. Now, this goal has been increased to make 3 crore Lakhpatis."

He also praised the Ayushman Bharat Yojana for its significant assistance to the poor, extending its benefits to Anganwadi and ASHA workers.

He emphasised on the government’s emphasis to empower the poor and middle class by creating new opportunities for them in this budget.

He also mentioned the Roof Top Solar Campaign where 1 crore families will avail free electricity, while also earn an income of Rs 15,000 to Rs 18,000 per year by selling excess electricity to the government.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Finance Minister Nirmala Sitharaman prioritised farmers' welfare and rural demand enhancement in the Interim Budget presented in the Lok Sabha on Thursday.

Referring to farmers as 'Annadata,' Sitharaman mentioned the periodic increase in Minimum Support Prices for their produce.

Underlining the commitment to the agricultural sector, she said that every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers, while crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana.

These measures, along with other programmes, aim to support farmers in producing food for both the nation and the global market, with free ration provisions benefiting 80 crore people.

The interim budget promises to elevate value addition in agriculture, focusing on boosting farmers' income.

Sitharaman also pledged to encourage private and public investments in post-harvest activities, including aggregation, modern storage, supply chains, processing, and branding. She envisioned inclusive growth and productivity, facilitated by farmer-centric policies, income support, risk coverage, and technology promotion through start-ups.

Highlighting successful schemes, Sitharaman mentioned the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, benefiting 2.4 lakh Self-Help Groups (SHGs) and 60,000 individuals.

The Pradhan Mantri Kisan Sampada Yojana, with 38 lakh farmers and 10 lakh employment generated, and the Electronic National Agriculture Market integrating 1361 mandis, were also commended for their contributions.

The Minister, addressed the rural economic landscape, stated that these initiatives, coupled with the provision of basic necessities, have increased real income in rural areas, addressing economic needs, spurring growth, and generating employment.

She also cited the Atma Nirbhar Oil Seeds Abhiyan, a strategy aimed at achieving self-reliance in oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. She said that this will cover research for high-yielding varieties, modern farming techniques, market linkages, procurement, value addition, and crop insurance.

Building on the success of Nano Urea, Sitharaman announced the expanded application of Nano DAP on various crops across all agro-climatic zones, reinforcing the government's commitment to innovation and sustainable agriculture.

Source: IANS

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Chennai, Feb 1 (SocialNews.XYZ) Welcoming Finance Minister Nirmala Sitharaman's announcement on creation of a Rs 1 lakh crore corpus to fund technology companies, space sector officials are of the view the funding should be for deep tech companies.

They also said the funding should be only to India-registered parent companies and not to the Indian subsidiaries of overseas registered companies.

Presenting the Interim Budget for 2024, Sitharaman said: "A corpus of Rs one lakh crore will be established with fifty-year interest free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates

"This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology."

She also said a new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting 'atmanirbharta’ or self-reliance.

"It is really a welcome announcement by the Finance Minister. But before disbursing the loan, a proper and detailed scrutiny of the business proposal should be made. The government should also look at converting the loan into equity at a later stage," Tapan Misra, Founding Director and Chief Scientist, Sisir Radar Private Ltd and a former Director at ISRO's Space Applications Centre, told IANS.

Sisir Radar has developed a drone based synthetic aperture radar (SAR) and is also in the process of L/P band Continuous Wave SAR payload for LEO Small Satellites and unfurlable, electronically steering antenna for L/P band SAR payload for Indian Air Force.

Suyash Singh, Co-founder & CEO, GalaxEye Space Solutions Pvt Ltd, another space sector start-up, told IANS: "The funding from the corpus should be done only to the parent companies registered in India and not to the Indian subsidiaries of overseas registered companies."

GalaxEye Space plans a high resolution multi payload microsatellite constellation, comprising optical and SAR payloads.

Singh also said if there has to be sectoral sub-limits for funding from the proposed corpus, then at least 20 per cent should be allocated for the space sector companies.

However, Misra said there need not be any sectoral sub-limits but the funding should be only for companies engaged in deep technology as the boundaries between space and air defence is vanishing.

"The corpus should fund only hardware players and not software players if India should be self-reliant," Singh said.

Misra also said there are venture capital funds and angel investors to fund software ventures.

Both of them were of the view that the proposed scheme would bring in more players into the space sector.

(Venkatachari Jagannathan can be reached at v.jagannathan@ians.in)

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Finance Minister Nirmala Sitharaman on Thursday said that the government will form a high-powered committee for an extensive consideration of the challenges arising from fast population growth and demographic changes.

She said that the committee will be mandated to make recommendations for addressing these challenges comprehensively in relation to the goal of ‘Viksit Bharat’.

She said that the 75th year of India’s republic should be ‘Kartavya Kaal’ to realise the vision of ‘Viksit Bharat’.

“We commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities. It is indeed our Kartavya Kaal,” she said while tabling the Interim Budget in Lok Sabha.

Stressing that many reforms are needed in the states for realising the vision of ‘Viksit Bharat’, the Finance Minister announced that seventy-five thousand crore rupees as fifty-year interest free loan to support the state governments.

She said that the government is prepared to assist the states in faster development of aspirational districts and blocks through the ‘Aspirational Districts Programme’.

She said that the government will pay utmost attention and focus on the development of the East to make the eastern region and its people a powerful driver of India’s growth.

“In the full budget in July, our government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’,” she said.

She added that the government stands committed to strengthen the economy with high growth and to create conditions for people to realise their aspirations.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) Finance Minister Nirmala Sitharaman rolled out a scheme for the comprehensive development of tourist centres in the country as part of the Interim Budget proposals presented in Parliament on Thursday.

Sitharaman said that states will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at a global scale. She further added that long-term interest free loans will be provided to states for financing such development on a matching basis.

In order to promote comprehensive development of the centres, the Minister said that a framework for rating of the centres based on quality of facilities and services will be established.

The Finance Minister highlighted the fact that India’s middle class also now aspires to travel & explore; and tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship.

In continuation to this, she said that to address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up on the islands, including Lakshadweep and this will help in generating employment.

Source: IANS

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