Gadkari’s Direct Appeal to Sitharaman In a decisive move, Road Transport and Highways Minister Nitin Gadkari wrote to Finance Minister Nirmala Sitharaman, urging the removal of the 18% Goods and Services Tax (GST) on life and medical insurance premiums. The letter, dated July 28, emphasizes the need for a priority review of this tax policy,…
In the first budget of the Modi 3.0 government, Finance Minister Nirmala Sitharaman announced significant changes to income tax slabs and standard deductions aimed at providing relief to taxpayers. The revised tax structure and deductions are expected to result in substantial savings for individuals, particularly benefiting the middle class. Revised Income Tax Slabs The new…
In a historic moment, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25, marking her seventh consecutive Budget speech. This achievement makes her the first finance minister to surpass former Prime Minister Morarji Desai’s record of six consecutive budgets as finance minister between 1959-64. Key Announcements: Tax Reforms:Sitharaman introduced increased standard deductions and revised tax…
Finance Minister Nirmala Sitharaman presented her seventh consecutive budget on Tuesday for the fiscal year 2024-25, marking a significant moment with major announcements for Andhra Pradesh and Bihar. The budget includes substantial investments in infrastructure, education, agriculture, and youth employment, aiming to drive economic growth and development across these states. Andhra Pradesh Capital Development A…
For decades, India’s finance ministers carried a briefcase to present the budget. This practice, rooted in British tradition, symbolized the weight and significance of the financial exercise. However, Finance Minister Nirmala Sitharaman broke this long-standing tradition in 2019 with a bahi khata and further modernized it with a tablet in 2021. As she prepares to…
The Indian economy showcases remarkable resilience and stability despite global geopolitical challenges, according to the Economic Survey 2023-24. Presenting the 476-page survey in the Indian Parliament on July 22, Finance Minister Nirmala Sitharaman highlighted the successful consolidation of India’s post-Covid recovery. Role of Fiscal and Monetary Policies The survey credits both fiscal and monetary policymakers…
As the customary Halwa Ceremony concludes, Finance Minister Nirmala Sitharaman is set to present the 2024 Union Budget. This budget is significant as it will be the first introduced by the Modi 3.0 cabinet, marking Sitharaman’s seventh budget presentation. Analysts from Nomura, CareEdge, and other experts predict five major themes for this year’s budget. Focus…
India’s expenditure on food and fertiliser subsidies is set to reach 3.88 trillion rupees in the 2024 budget. This marks a 5% increase from the interim budget announced by Finance Minister Nirmala Sitharaman before this year’s parliamentary elections. The country is expected to allocate 2.25 trillion rupees ($11.97 billion) for food subsidies, according to four…
