The allocation for the civil aviation ministry in the Union Budget has more than halved to Rs 3,113.36 crore for next financial year, especially due to a sharp reduction in the amount set aside for Air India Asset Holding Ltd. For 2022-23, the revised allocation is Rs 9,363.70 crore which is lower than Rs 10,667 [...]
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday after Finance Minister Nirmala Sitharaman 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 in Budget 2023-24. Investors also awaited the US Federal Reserve's interest [...]
The budget proposals aimed at encouraging the production of lab-grown diamonds (LGD) including an import duty cut for the raw material will help create a self-reliant diamond industry, industry representatives said on Wednesday. The budget presented by Finance Minister Nirmala Sitharaman addressed a major concern of the LGD industry regarding the 5 per cent import [...]
India's digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform, Finance Minister Nirmala Sitharaman announced on Wednesday, with the Budget laying the roadmap to train lakhs of youth in the next three years. Presenting the Union Budget for 2023-24, Sitharaman said stipend support will be provided [...]
The Union budget for 2023-24 has allocated Rs 1,258.68 crore for various heads of expenditure of the Union cabinet, including salaries, sumptuary and travel by ministers and entertainment of foreign state guests. The amount includes the expenditure for the Prime Minister's Office (PMO), the National Security Council Secretariat, the office of the Principal Scientific Advisor [...]
Kerala Finance Minister K N Balagopal on Wednesday criticised the Union Budget 2023-24 saying the long-pending demands of the southern state were completely ignored and that the proposals were not beneficial for people at the grassroots level. Addressing a press conference here, he pointed out that allocations in major schemes including Mahatma Gandhi National Rural [...]
Total investment by two public sector enterprises under Ministry of New & Renewable Energy is pegged 37 per cent higher at Rs 37,828.15 crore for 2023-24. This is compared with revised estimate (RE) of Rs 27,547.47 crore total investment by the two firms -- IREDA and SECI -- for 2022-23. The budget estimate was Rs [...]
A Urban Infrastructure Development Fund (UIDF) will be set up to ramp up infrastructure in tier-2 and tier-3 cities with an annual allocation of Rs 10,000 crore, Union Finance Minister Nirmala Sitharaman announced Wednesday. Presenting the Union Budget 2023-24, Sitharaman said states will be encouraged to leverage resources from the grants of the 15th Finance [...]
To enhance business activities in GIFT IFSC, Finance Minister Nirmala Sitharaman on Wednesday announced a host of measures, including establishing a subsidiary of EXIM Bank for trade re-financing and allowing acquisition financing by IFSC Banking Units of foreign banks. Besides, she proposed an amendment to International Financial Services Centres Authority (IFSCA) Act for statutory provisions [...]
The government expects 17 per cent higher dividend at Rs 48,000 crore from the Reserve Bank of India (RBI), public sector banks and financial institutions in 2023-24. In current financial year ending March, it aims to garner Rs 40,953 crore from RBI and public sector financial institutions. This is much lower compared to Budget Estimate [...]
