Author: InvestPolicy

Union Finance Minister Nirmala Sitharaman addresses the Post-Budget Virtual Industry Roundtable of the U.S.-India Strategic Partnership Forum (USISPF), in New Delhi. | Photo Credit: ANI Union Finance Minister Nirmala Sitharaman on February 4 said growth is the main focus of the Budget for FY24 presented by her recently. The Budget proposals establish both fiscal consolidation and growth, especially inclusive growth, Ms. Sitharaman said during her maiden interaction with stakeholders outside the National Capital since presenting the Union Budget on February 1.“Growth is the main focus. We want to sustain that recovery, sustain that growth,” Ms. Sitharaman, accompanied by the top…

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The privatisation of two public sector banks and one general insurance firm announced in the Union Budget two years ago, is off the table for now, the top Finance Ministry official in charge of the government’s disinvestment drive said on Friday.The focus of the strategic disinvestment process in the coming year will be to execute the approved transactions that are already in the pipeline rather than initiate work on more such companies, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told The Hindu.“It is not on the table for now and it cannot be on the…

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The EPF rate for 2021-22 was declared at 8.1%, the lowest level since 1977-78, in March 2022 and was approved by the Finance Ministry in June. File | Photo Credit: The Hindu Nearly two years after the Budget 2021-22 introduced a tax on annual Employees’ Provident Fund (EPF) contributions of over ₹2.5 lakh, implementation challenges continue to affect lakhs of EPF members with interest dues for that year still not credited into their accounts. The EPF rate for 2021-22 was declared at 8.1%, the lowest level since 1977-78, in March 2022 and was approved by the Finance Ministry in June. In October 2022, Finance Minister…

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Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world’s third-largest economy by 2027-28.Currently, India is the fifth largest economy “so it’s another five years. We are already in (the year) 2023. So 2027-28, India should be the third-largest economy,” Mr. Panagariya, Columbia University Professor and former vice-chairman of NITI Aayog, told PTI in an interview in New York.A day before Finance Minister Nirmala Sitharaman presented the Union Budget on February 1, the Economic Survey tabled in Parliament pegged India’s GDP growth…

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Finance Minister Nirmala Sitharaman holding the Budget Papers at the North Block in New Delhi on February 01, 2023. | Photo Credit: R.V. Moorthy Finance Minister Nirmala Sitharaman on February 1 raised the personal income tax rebate limit, doled out sops on small savings, and announced one of the biggest hikes in capital spending in the past decade as she did a tightrope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.Ms. Sitharaman’s fifth straight Budget comes at a time when the economy is slowing and there is a need for…

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Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 in the Lok Sabha, in New Delhi on February 1, 2023. | Photo Credit: PTI “To unleash innovation and research by start-ups and academia, a National Data Governance Policy will be brought out,” Finance Minister Nirmala Sitharaman said while presenting the Union Budget 2023–24 on February 1. “This will enable access to anonymised data,” she added. Also Read |Budget 2023 | PAN will be used as common identifier for all digital systems of government agencies: FM SitharamanThe Ministry of Electronics and Information Technology (MeitY) released a draft of this policy…

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It was encouraging that the Finance Minister today opened the Union Budget speech by talking about India’s economic growth, which is expected to be at 7%, the highest among the major economies. It was reassuring as across the world, there are several nations standing at the brink of a slowdown. India’s success in managing the COVID-19 pandemic, even as it put people first, and yet managing to minimisethe economic impact, stands as a valuable lesson for generations to come; that populations are the bedrock of an economy. Further, the crisis underlined that a nation must ensure its healthcare ecosystem is not…

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Finance Minister Nirmala Sitharaman at a press conference in Delhi, after the Budget | Photo Credit: ANI The much-anticipated Budget for 2023-24 has been presented. The Budget speech began with a self-congratulatory note: that India has successfully overcome the troubles that came with the COVID-19 pandemic, to a large extent, by ensuring the free food distribution scheme for 800 million people and other ongoing food security programmes. And, it added, India has fully recovered from the output contraction after one year to emerge as one of the world’s fastest growing economies. In fact, while commenting on the Economic Survey that…

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Ashok Hinduja. Photo: Special Arrangement The 45-trillion-rupee-spending budget 2023 announced by the Finance Minister on 1 February 2023 outlined the contours of the Indian economy, which has witnessed an increase in size from the 10th to the fifth largest in the world, in the last nine years. India has assumed the presidency of the G20. The road to the future of India is to travel to 2047 and arrive as a developed nation. The Prime Minister of which party will hoist the flag from Delhi’s Red Fort on 15 August 2047 is moot in 2023, but the direction is not…

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A brilliant balancing act is how I will describe the Union Budget proposals, moving forward on the path of fiscal consolidation while also delivering high growth and inclusion.The continued emphasis on capex-led growth strategy is a welcome move. Last year’s boost impacted the gross fixed capital formation (GFCF) positively, with the first advanced estimates expecting an 11.5% increase in GFCF in FY23.A further increase of 33%, on top of a 35% increase last year, is in line with CII recommendations. This will boost economic productivity unlocking India’s growth potential. The multiplier impact of capex will also boost demand, helping crowd…

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