BUSINESS
No great sheen for gold in budget
"While the reduction in custom duty on gold from 12.5 per cent to 10 per cent is a step in the right direction, the hike in the Agriculture Infrastructure and Development Cess has brought the overall duty to 15 per cent, same as before," Somasundaram P.R., Regional CEO, India at World Gold Council, said.
Budget cuts MGNREGA allocation by 30% to Rs 61,032 crore for 2023-24
This is 30 per cent less than the revised estimate of Rs 89,154.65 crore for 2022-23. It is the second straight cut in the scheme's budgetary allocation, as in the 2022-23 budget also, the MGNREGA's budgetary allocation had been cut by 25 per cent to Rs 73,000 crore from the revised estimate of Rs 98,000 crore.
Tax rate revision will increase purchasing power of middle class: Bandhan Bank CEO
According to him, the increase in the purchasing capability of the middle class will push the demands of the products and this will positively impact the economy of the nation. "Of course there is an expression of shooting up of the inflation slightly because of this increase in the purchasing capacity of the middle class
Insurance policies where premium is above Rs 5L no more tax exempt
Kapil Mehta, Co-founder, SecureNow Insurance Broker said the income from traditional insurances where the premium is over Rs 5 lakh will not be tax exempt. While, this will dampen the interest of individuals to buy high value traditional insurances, it will increase the focus on term plans and pure risk covers which is good.
47.8 crore Jan Dhan accounts opened: Finance Minister
Sitharaman said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh self help groups (SHGs). Launched in 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is the national mission for financial inclusion to ensure access to financial services
Budget Relief: No tax for income up to Rs 7L in new tax regime
Suman Chowdhury, Executive Director & Chief Analytical Officer, Acuite Ratings & Research said, "The rationalization of the personal income tax structure is expected to lead to two things (i) raise disposable incomes for the middle class and particularly younger taxpayers (ii) transition the taxpayers to the new tax regime with minimal exemptions and lower and simpler tax slabs. This is expected to give a moderate boost to domestic consumption."
Govt fixes fiscal deficit target at 5.9% of GDP
In her Budget speech, Sitharaman said that in 2021-22, she had announced that the government would continue on its path of fiscal consolidation and would strive to bring fiscal deficit below 5 per cent of the GDP by 2025-26.Fiscal deficit is the difference between total expenditure and revenue of a government in a year.
Indian economy on right track, says Sitharaman
"Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments," she said. Sitharaman further said that the entire expenditure of about Rs 2 lakh crore under the PM Garib Kalyan Anna Yojana is being borne by the Central government, for supplying free foodgrains for a year to all Antyodaya and priority households.
G20 to strengthen India's role in world economic order: FM Sitharaman
"We are steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development," she said while presenting the Union Budget in Parliament on Wednesday. "The Indian economy has increased in size from being tenth to 5th largest in the world in the last nine years. We have made significant progress in many SDGs,
Union Cabinet approves Budget 2023-24
Before the cabinet meeting, Sitharaman along with Minister of States Pankaj Chaudhary and Bhagwat Karad met President Droupadi Murmu. Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Shri Pankaj Chaudhary
Don't Miss
Advertisement