BUSINESS
IMF Managing Director Highlights India's Success Grounded in Pursuit of Reforms Over the Years
She identified India's digital initiatives, including digital public infrastructure, digital ID, and the emphasis on making digital a comparative strength, as significant advantages. Georgieva commended India for recognizing the need to enhance female participation in the labor market and Prime Minister Narendra Modi's commitment to empowering Indian women economically.
Centre's Tax Revenue Distribution: Uttar Pradesh and Bihar Expected to Receive Lion's Share
In contrast, Tamil Nadu, where the ruling party DMK has voiced concerns about perceived unequal treatment from the Central government in tax revenue sharing, is slated to receive Rs 49,754.95 crore. This places Tamil Nadu after Rajasthan, which is expected to receive Rs 73,504.11 crore, and Odisha, set to get Rs 55,231.76 crore.
RBI Announces 97.5% Return of Rs 2,000 Banknotes: Latest Update on Currency Circulation
Since the withdrawal announcement, the facility for the exchange of Rs 2,000 banknotes has been accessible at the 19 Issue Offices of the Reserve Bank. Notably, starting from October 9, 2023, these RBI Issue Offices have also been accepting Rs 2,000 banknotes from individuals and entities for deposit into their bank accounts.
Government Sets FY'25 Disinvestment Target at Rs 50,000 Crore; Expected to Receive Rs 30,000 Crore in the Current Fiscal Year
With respect to disinvestment, the government has thus far collected Rs 12,504 crore in the current fiscal year through minority stake sales in 7 Central Public Sector Enterprises (CPSEs), including notable entities like Coal India, NHPC, RVNL, and IREDA. The government aims to generate a total of Rs 30,000 crore from disinvestment by March.
Government Unveils Housing Scheme to Assist Middle Class in Homeownership, Targets 2 Crore Additional Rural Houses: FM Sitharaman
Despite the challenges posed by the COVID-19 pandemic, the implementation of the PM Awas Yojana (Grameen) has continued, with the government nearing the target of three crore houses. To address the increasing demand due to the rise in the number of families, the government aims to take up the construction of an additional two crore houses in the next five years.
Finance Minister Sitharaman Affirms Government's Top Priority: Welfare of Poor, Women, Youth, and Farmers
She expressed the goal of making India 'Viksit Bharat' by 2047 and stressed the importance of improving people's capabilities and empowering them to achieve this objective. Sitharaman identified the four major castes as the poor, women, youth, and farmers, stating that their needs, aspirations, and welfare are the highest priority.
FM Unveils Plans for Port Connectivity and Tourism Infrastructure Projects in Lakshadweep and Other Islands
Sitharaman highlighted the economic strength that has made India an attractive destination for business and conference tourism. The mention of Lakshadweep is notable, as Prime Minister Narendra Modi visited the island on January 4, emphasizing its appeal for adventure enthusiasts.
Government Unveils Rs 1 Lakh Crore Corpus, Offers 50-Year Interest-Free Loans for Tech-Savvy Youth
Sitharaman highlighted the importance of innovation for development, especially for the tech-savvy youth, referring to this period as a "golden era" for them. The corpus of Rs 1 lakh crore will offer 50-year interest-free loans, providing long-term financing at low or nil interest rates for the private sector to enhance research in sunrise sectors.
Government's Emphasis on Promoting Rooftop Solarisation and Ensuring Access to Free Electricity: Insights from Sitharaman
Sitharaman highlighted the potential savings for households, estimating that they could save between Rs 15,000 to Rs 18,000 through free solar power and selling excess power to distribution companies. This initiative aligns with Prime Minister Narendra Modi's announcement of the Pradhanmantri Surydaya Yojana, aiming to install rooftop solar on one crore houses.
Sensex Records Slip Following Presentation of Interim Budget
Maruti experienced a gain of over 3%, and Powergrid increased by more than 2%. However, Ultratech Cement and L&T witnessed a decline of more than 1%. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that while both the Federal Reserve's decision and the Budget would impact the market, the primary focus would be on the Budget.
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