Budget LIVE | Aim is to widen tax net either directly or indirectly: Sitharaman
NDA allies Nitish and Chandrababu Naidu bag jackpot funding for Bihar and Andhra Pradesh; newly minted 'BJP state' Odisha gets big schemes
Big boost for allies in Bihar and Andhra Pradesh, major relief for taxpayers in new scheme, incentives for investors -- all this capped up Finance Minister Niramala Sitharaman's Budget Speech on Tuesday (July 23).
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- 23 July 2024 12:02 PM IST
FM has taken leaf out of Congress's Nyay Patra with its internship programme: Jairam Ramesh
The Congress on Tuesday said Finance Minister Nirmala Sitharaman has taken a leaf out of its 2024 Lok Sabha polls manifesto by announcing an internship programme but "in their trademark style", the scheme has been designed to "grab headlines with arbitrary targets" rather than a programmatic guarantee.
In the Union Budget of 2024-25, Sitharaman announced that the government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies over five years.
Congress general secretary in-charge communications Jairam Ramesh said, "The Finance Minister has taken a leaf out of the INC's Nyay Patra 2024, with its internship program clearly modelled on the INC's proposed Apprenticeship Program that was called Pehli Naukri Pakki." "However, in their trademark style, the scheme has been designed to grab headlines, with arbitrary targets (1 crore internships) rather than a programmatic guarantee for all diploma holders and graduates, like the Indian National Congress had envisioned," Ramesh said.
In another post, Ramesh said that after "ten years of denial -- where neither the non-biological PM nor his party's Lok Sabha Elections Manifesto would even mention jobs -- the Union Government seems to have finally come around to tacitly admitting that mass unemployment is a national crisis that requires urgent attention".
"It's far too late, and as it turns out, far too little - the Budget speech is more focused on posturing than action," he said.
In its 2024 Lok Sabha polls manifesto, the Congress had promised that if it comes to power it will bring in a new Right to Apprenticeship Act to provide a one year apprenticeship with a private or a public sector company to every diploma holder or college graduate below the age of 25.
"Apprentices will get Rs 1 lakh a year. The apprenticeship will impart skills, enhance employability and provide full-time job opportunities for millions of youth," the manifesto had said.
- 23 July 2024 12:01 PM IST
FM: Govt to come out with document on energy transition pathway
A policy to support pump storage projects will be brought to provide round-the-clock energy, she said while presenting Budget for 2024-25 in the Lok Sabha.
The finance minister said state-owned enterprises NTPC and BHEL in joint venture will set up 800 MW super critical thermal power plants with higher efficiency.
Further, she said PM Surya Ghar Muft Bijli Yojana generated remarkable response with 1.8 crore people registering under it.
- 23 July 2024 12:00 PM IST
Budget proposes interest subsidy scheme to facilitate loans for urban housing segment
The government on Tuesday proposed a central assistance of Rs 2.2 lakh crore for urban housing over the next five years as well as an interest subsidy scheme to facilitate loans at affordable rates for urban housing works.
The announcements were made by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25.
She also said the government will put in place measures for an efficient and transparent rental housing market with enhanced availability.
Among others, the minister has proposed transit-oriented development plans for large cities having a population of over 30 lakh and a scheme to support the development of 100 weekly haats in five years.
Also, the government will develop digital public infra applications in seven areas, including those related to credit and MSME service delivery.
- 23 July 2024 11:59 AM IST
Pradhan Mantri Janjatiya Unnat Gram Abhiyan for tribal communities
Pradhan Mantri Janjatiya Unnat Gram Abhiyan will be launched to improve the socio-economic condition of tribal communities. The scheme will adopt saturation coverage for tribal families in tribal-majority villages and aspirational districts. This will cover 63,000 villages benefitting 5 crore tribal people.
- 23 July 2024 11:56 AM IST
Changes will be made to IBC to strengthen tribunals: FM
Finance Minister Nirmala Sitharaman on Tuesday said appropriate changes will be made to the Insolvency and Bankruptcy Code (IBC) and steps will be taken to strengthen tribunals in the country.
She also proposed integrated technology platform for improving outcomes under the Code, besides additional debt recovery tribunals to be set up in the country.
While presenting the Union Budget for 2024-25, she proposed the development of digital public infra application for productivity gains, business opportunities and innovation by the private sector.
She informed that the IBC has resolved more than 1,000 cases, which has resulted in realisation of Rs 3.3 lakh crore to creditors.
Defaults worth Rs 10.2 lakh crore have been settled at the stage of pre-admission of insolvency cases since the inception of IBC in 2016, and more than one-fifth of the companies undergoing resolution process are from the real estate space, the Economic Survey said on Monday.
Since FY18, the IBC has enabled over Rs 3 lakh crore recovery for banks, which was much more than what lenders recovered through previous mechanisms of Lok Adalats, DRTs, and the SARFAESI Act, it said.
Since the implementation of IBC in 2016, a total of 31,394 corporate debtors cases "involving a value of Rs 13.9 lakh crore" have been disposed of (including pre-admission case disposals) as of March 2024.
