Latest Indian Economy News

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 [...]

The government has raised non-tax revenue collection estimate from the telecom sector by 30 per cent to Rs 89,469.17 crore in 2023-24, according to the Union budget document. The government has revised the revenue estimate to Rs 68,784 crore for the current fiscal from earlier projection of Rs 52,806 crore in the previous budget. The [...]

Finance Minister Nirmala Sitharaman on Wednesday announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP. Presenting the Budget for 2023-24, she said the newly established infrastructure finance secretariat will assist in attracting more private investment. [...]

The capital outlay for the railways has been increased to the highest-ever Rs 2.40 lakh crore in the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman said on Wednesday. Presenting the budget in Lok Sabha, Sitharaman said the outlay for the railways is nine times the amount provided in 2013-2014. She said 100 critical transport [...]

The IMF has expressed concern that Pakistan's opposition parties might create hurdles in the way of implementing the tough economic decisions of the cash-strapped Shehbaz Sharif-led government, media reports said on Wednesday. The views of the global lender came as a high-level delegation led by the International Monetary Fund (IMF) Mission Chief Nathan Porter on [...]

The government on Wednesday said 50 additional airports, heliports, water aerodromes and advance landing grounds will be revived for improving regional air connectivity in the country. The announcement was made by finance minister Nirmala Sitharaman while presenting the Union Budget for 2023-24. Over the past few years, the government has been taking various initiatives, especially [...]

Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes. Fully imported cars, including electric vehicles, and those assembled in India with imported parts [...]

The government plans to borrow a record Rs 15.4 lakh crore from dated securities in FY24 to meet its expenditure requirement to prop up the economy. This is higher than the total borrowing of Rs 14.21 lakh crore for the current financial year ending March 31, 2023. Finance Minister Nirmala Sitharaman while presenting the Budget [...]

The defence budget was increased to Rs 5.94 lakh crore for 2023-24 from last year's allocation of Rs 5.25 lakh crore. In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday, a total of Rs 1.62 lakh crore has been set aside for capital expenditure that includes purchasing new weapons, aircraft, [...]

The government on Wednesday announced 11 per cent hike in agriculture credit target to Rs 20 lakh crore for next fiscal year with focus on animal husbandry, dairy and fisheries. The agricultural credit target is Rs 18 lakh crore for the current 2022-23 fiscal. Among other big ticket announcements, Finance Minister Nirmala Sitharaman in her [...]

A revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1, Finance Minister Nirmala Sitharaman said on Wednesday. In her Budget 2023-24 presentation, she also said the Centre will launch the 'Dekho Apna Desh' initiative to promote domestic tourism. Further, the government will set up National [...]

The government is targeting 5 million tonnes (MT) of green hydrogen production by 2030, Finance Minister Nirmala Sitharaman announced on Wednesday in her Budget speech. She also said that the Budget provides for Rs 35,000 crore for priority capital investment towards energy transition and net zero objectives. The government would support setting up of battery [...]

Finance minister Nirmala Sitharaman on Wednesday announced that Pradhan Mantri-Promotion of Alternate Nutrients for Agriculture Management Yojana (PM-PRANAM) will be launched to incentivise states to promote alternative fertilisers. The move would help to encourage states to reduce use of fertilisers. She said that 30 Skill India international centres will be be set up and Pradhan [...]

The government will bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes, finance minister Nirmala Sitharaman said on Wednesday. Presenting the Budget 2023-24, she also said a one stop solution for reconciliation and updating of identity of individuals would be established. The Vivad Se Vishwas scheme provides for settlement of disputed [...]

Finance Minister Nirmala Sitharaman on Wednesday announced launch of a new programme to promote research in pharmaceuticals with a view to promoting growth of the sector. She also said facilities in select ICMR (Indian Council of Medical Research) labs will be made available for research by public and private medical faculties. The domestic pharma industry [...]

Finance Minister Nirmala Sitharaman on Wednesday listed seven priorities of Union Budget 2023-24, including infrastructure, green growth, financial sector and youth power. She said four transformative opportunities can be used in Amrit Kaal for enhancing economic empowerment. The finance minister said digital public infrastructure for agriculture will be built as open source, open standard and [...]

The government made cash transfer of Rs 2.2 lakh crore under the PM-KISAN scheme, Finance Minister Nirmala Sitharaman said on Wednesday. Presenting the last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024, she said the mission of the government is to achieve knowledge-driven economy. She [...]