Nirmala Sitharaman
Indian economy is on upswing, says Finance Ministry
"The month saw impressive milestones being reached, substantial growth in GST collections, and a significant rise in e-way bill generation, pointing to an overall increase in economic activity. The stock market indices also reached record highs in July," it states. On balance, India's economic momentum remains intact.
FM Sitharaman Calls for Increased Deposits and Enhanced Lending by Banks
After the post-Budget meeting with the RBI's Central Board of Directors, she was briefing media on how the banks had "distracted" themselves from their core business — deposits mobilisation and loan disbursement.
PM Jan Dhan and Basic Savings Accounts Exempt from Minimum Balance Requirements: FM Sitharaman
She made this statement while replying to a question in the Rajya Sabha on the recovery of about ₹8,500 crore as penalties by public sector banks during the last five years from their customers for not maintaining minimum balance.
GST Collections for July Rise 10.3% to Reach Rs 1.82 Lakh Crore
The gross GST collections have been Rs 7.39 lakh crore for the first four months of the current fiscal—up 10.2 per cent over the comparative period last year. In July, domestic GST collections were up 8.9 per cent, while revenues from imports rose 14.2 per cent, quite substantially.
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.
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.
Economic Survey Forecasts India's GDP Growth at 6.5-7% for 2024-25
India has managed to carry over the positive momentum from FY23 into FY24, despite numerous external obstacles. In FY24, India’s real GDP expanded by 8.2%, surpassing the 8% growth threshold in three out of four quarters. This achievement was supported by a focus on maintaining macroeconomic stability, which minimized the impact of external challenges on the economy.
FM Sitharaman to Unveil Union Budget on July 23
In a statement, the Minister of Parliamentary Affairs confirmed that "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July 2024 to 12 August 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July 2024."
FM Sitharaman to Unveil Union Budget on July 23
In a statement, the Minister of Parliamentary Affairs confirmed that "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July 2024 to 12 August 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July 2024."
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