Nirmala Sitharaman
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."
India has a substantially lower debt-to-GDP ratio than the US, Japan, France, and the UK, Sitharaman
This is very low compared to countries such as Japan, Italy, the USA, France, and the UK. These countries have much higher levels of debt. Besides, Sitharaman pointed out that the growing concern about the rising sovereign default risks in the world, where almost 60 countries were at high debt levels by 2022, from 22 in 2011.
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.
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