BUSINESS
India Climbs in Global Passport Rankings, Granting Visa-Free Access to 58 Countries
The Henley Passport Index ranks countries according to the number of travel destinations their ordinary passports allow without a visa.
Finance Minister Sitharaman Slams Opposition’s 'Biased' Budget Claims as Unfounded
Addressing the Rajya Sabha, Sitharaman clarified that the omission of a state’s name in the Budget speech does not imply that it has been excluded. She criticized opposition parties, including the Congress, for creating the false impression that states governed by non-NDA parties were being neglected.
Budget Allocates ₹11.11 Lakh Crore for Major Infrastructure Projects, Offers Incentives for State Contributions
Finance Minister Nirmala Sitharaman said the Central government's investment in infrastructure during the past few years had made a huge difference in terms of greater economic growth. She said, "The spending of the Central government in infrastructure has given substantial multiplier effect to the economy. We remain committed to continuing the strong fiscal support for infrastructure in the coming five years, all the while staying focused on other priorities and supporting fiscal consolidation. This year, I proposed ₹11,11,111 crore for capital expenditure, 3.4% of our GDP."
Union Budget Increases Defence Allocation by 4.79% to Rs 6.22 Lakh Crore
More importantly, just outside of this would be the Union's Budgetary Estimates of about 12.9 per cent of the total. More particularly, the FY 2024-25 capital budget itself at ₹1.72 lakh crore is higher by 20.33% over the actual expenditure last year and 9.40% over this year's Revised Estimate of allocation.
UK Foreign Secretary's Brief Delhi Visit Highlights FTA Discussions
The 51-year-old senior Labour Party MP had last month praised the close relationship and "very special friendship" between India and the UK, citing strong business, cultural, and people-to-people links. This visit follows up on a visit to India in February in his capacity as Shadow Foreign Secretary.
Government Removes Angel Tax on Startups Across Investor Categories
Angel tax is a charge levied by the government on the funds that unlisted companies, especially startups, raise if their shares' valuation is more than the fair market value.
FM Sitharaman Unveils Major Infrastructure Boost for Bihar and Andhra with New Expressways and Rs 15,000 Cr Allocation
In her announcement, FM Sitharaman introduced two major Expressways for Bihar: the Patna-Purnia Expressway and the Buxar-Bhagalpur Expressway. Additionally, two land bridges over the Ganga River will be constructed in Buxar District. These initiatives, with a combined investment of Rs 26,000 crore, aim to significantly enhance Bihar's road infrastructure and promote economic growth. Furthermore, she revealed plans for new airports, medical colleges, and sports facilities in Bihar. "The Bihar government’s request for external assistance from multilateral banks will be prioritized," she added.
Government Maintains Capex at Rs 11.11 Lakh Crore, Allocates 3.4% of GDP
For FY24, the government's capex has reached Rs 9.5 lakh crore, which is up 28.2% year-on-year and 2.8 times than FY20. According to the Economic Survey, the capital expenditure of the private sector has also gone up in the financial year to March compared with FY23.
Union Budget Increases Mudra Loan Ceiling to Rs 20 Lakh
The Pradhan Mantri Mudra Yojana (PMMY), a key government program, offers microcredit of up to Rs 10 lakh to micro enterprises in the non-farming sector. This includes enterprises involved in manufacturing, trading, or services, as well as agriculture-related activities like poultry, dairy, and beekeeping. It also subsidizes these micro and small units through financial support provided by its member-lending institutions.
Government Unveils Plan to Build One Crore Homes for Urban Poor
It aims at giving a further boost to the government's efforts towards affordable housing.
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