BUSINESS
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.
Interim Budget Boosts Allocations for Major Infrastructure Projects to Rs 11.1 Lakh Crore, Achieves Fiscal Deficit Cut to 5.1% of GDP
The Finance Minister has reduced the fiscal deficit target to 5.1% of GDP for 2024-25, aiming for economic growth by increasing government capital expenditure on major infrastructure projects.
January Sees Manufacturing Growth Reach Four-Month High Amid Sustained Strong Demand
The Manufacturing PMI rose to 56.9 in January from 54.9 the previous month, and the services industry also saw an acceleration in activity, with its PMI rising to 61.2 from 59.0 in December.
RBI Prohibits Paytm Payments Bank from Accepting Deposits Beyond February 29
The RBI, in a statement on Wednesday, stated that withdrawal or utilization of balances by PPBL customers from various accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., will be permitted without restrictions up to their available balance. However, the bank will not be allowed to provide other banking services such as fund transfers (regardless of the name and nature of services like AEPS, IMPS, etc.), BBPOU, and UPI facility after February 29, 2024.
Jan Sees a 10.4% Surge in GST Collections, Reaching Rs 1,72,129 Crore
The government disbursed Rs 43,552 crore to CGST (Central Goods and Services Tax) and Rs 37,257 crore to SGST (State Goods and Services Tax) from the Integrated Goods and Services Tax (IGST) collection.
Burman Family Bolsters Investment, Increases Stake in Religare Enterprises to 25%
Crossing the 25% threshold is pivotal, as it empowers the Burmans to have a decisive say in key resolutions, requiring 75% shareholder approval. Notably, the Competition Commission of India (CCI) approval was obtained last week for this transaction.
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