India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles.

"Considering the constraint of space in urban areas for setting up charging stations, battery swapping policy will be brought out and interoperability standards will be formalised," the Finance Minister said.

This comes in as India's Reliance Industries and Britain's BP Plc have collaborated for battery swapping in the country.

<a href="https://www.wionews.com/business-economy/union-budget-2022-indias-finance-minister-sitharaman-says-growth-expected-at-92-449432">Also read&nbsp; |&nbsp;Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2%</a>

After the announcement was made, shares of several Indian battery makers surged by 2 per cent.

In her opening remarks, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus. 
Like last year, the budget was paperless. However, it will be available on an application named "Union Budget Mobile App".&nbsp;

The mobile app allows complete access to 14 Union Budget documents. This includes the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill as prescribed by the Constitution.&nbsp;

(With inputs from agencies)

India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles.

India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles. "Considering the constraint of space in urban areas for setting up charging stations, battery swapping policy will be brought out and interoperability standards will be formalised," the Finance Minister said. This comes in as India's Reliance Industries and Britain's BP Plc have collaborated for battery swapping in the country. Also read | Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2% After the announcement was made, shares of several Indian battery makers surged by 2 per cent. In her opening remarks, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus. Like last year, the budget was paperless. However, it will be available on an application named "Union Budget Mobile App". The mobile app allows complete access to 14 Union Budget documents. This includes the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill as prescribed by the Constitution. (With inputs from agencies)

Budget 2022: India to introduce a new policy to promote battery swapping

Indian FM Nirmala Sitharamn said that "the government will conduct a spectrum auction this year, which will facilitate the roll-out of 5G services by private telecom operators during the financial year 2022-23".

Indian FM Nirmala Sitharaman announces 5G spectrum auction rollout

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget. The allocation came down from Rs 20,72,610 millon in years 2020 to Rs 15,33,260 million in year 2021.&nbsp;

Indian President Ram Nath Kovind, during his speech that kicked off Indian Parliament's budget session on MOnday underlined the role and importance of participation of women in the country's development. The president said that women's empowerment is one of the top priorities of the government.

"Women participation in the development of the rural economy is increasing. In the year 2021-22, 28 lakh Self Help Groups (SHGs) were given financial support of Rs 65,000 crore by the banks," the President said while addressing both the houses of Parliament on the first day of the Budget session.

Also Read | <a href="https://www.wionews.com/business-economy/india-budget-2022-economic-survey-projects-8-85-gdp-growth-for-2022-23-449130">India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23</a>

He said this figure is four times higher than that of 2014-15 financial year.

Kovind further informed that the Centre has trained thousands of such groups and helped them participate as `Banking Sakhi`. "These women are connecting banking services in rural areas to each and every household there," he said.

Highlighting the schemes introduced by the Centre to help women, the President said that the success of Ujjwala Yojna has been witnessed by all and with the help of schemes like Mudra Yojna, more than 15 crore people have been benefited and around 4 crore people have started their own business.

Kovind also mentioned the `Beti Bachao, Beti padhao` campaign, adding that it yielded positive results as the number of girls taking admission in schools has increased significantly.

To ensure equality between genders, the Centre has proposed to increase the marriageable age of women from 18 to 21, he said.

He said that by brining in a law against Triple Talaq, the Centre has abolished a social evil prevalent in Muslim society, "and Muslim women will no longer need to be accompanied by a blood-relative (Mehram) to go for Haj pilgrimage," he added.

Upliftment of the gender demographic needs investment in government-backed programmes, incubation centres for businesses led by women. MSMEs led by women would benefit from, interest-free loans. Similarly focussing on girls' and women's education would go a long way in building a better society.

(With inputs from agencies)

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget.

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget. The allocation came down from Rs 20,72,610 millon in years 2020 to Rs 15,33,260 million in year 2021. Indian President Ram Nath Kovind, during his speech that kicked off Indian Parliament's budget session on MOnday underlined the role and importance of participation of women in the country's development. The president said that women's empowerment is one of the top priorities of the government. "Women participation in the development of the rural economy is increasing. In the year 2021-22, 28 lakh Self Help Groups (SHGs) were given financial support of Rs 65,000 crore by the banks," the President said while addressing both the houses of Parliament on the first day of the Budget session. Also Read | India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23 He said this figure is four times higher than that of 2014-15 financial year. Kovind further informed that the Centre has trained thousands of such groups and helped them participate as `Banking Sakhi`. "These women are connecting banking services in rural areas to each and every household there," he said. Highlighting the schemes introduced by the Centre to help women, the President said that the success of Ujjwala Yojna has been witnessed by all and with the help of schemes like Mudra Yojna, more than 15 crore people have been benefited and around 4 crore people have started their own business. Kovind also mentioned the `Beti Bachao, Beti padhao` campaign, adding that it yielded positive results as the number of girls taking admission in schools has increased significantly. To ensure equality between genders, the Centre has proposed to increase the marriageable age of women from 18 to 21, he said. He said that by brining in a law against Triple Talaq, the Centre has abolished a social evil prevalent in Muslim society, "and Muslim women will no longer need to be accompanied by a blood-relative (Mehram) to go for Haj pilgrimage," he added. Upliftment of the gender demographic needs investment in government-backed programmes, incubation centres for businesses led by women. MSMEs led by women would benefit from, interest-free loans. Similarly focussing on girls' and women's education would go a long way in building a better society. (With inputs from agencies)

India Union Budget 2022: What women want

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health.

What exactly is the Sin Tax?

A sin tax is placed on goods and services that are seen to be socially detrimental.

Tobacco, gambling ventures, alcohol, cigarettes, and other things are examples of products that are subject to a sin tax.

What is the primary goal of the sin tax?

Sin taxes are intended to discourage people from engaging in socially detrimental activities.

The goal is to make dangerous products more expensive to obtain in order to reduce or eliminate their consumption.

They also provide governments with a source of revenue.

Alcohol, tobacco, and cigarettes are primarily included among these items, and governments strive to tax them at a higher rate in order to prevent usage while also using the funds gained to fund welfare programmes.&nbsp;

Tobacco products are taxed at a rate of 28 per cent in India, whereas tobacco leaves are taxed at a rate of 5%.&nbsp;

Is it coming this year?

Over the last two years, the Indian government has not increased taxes on these commodities.

However, the government established an expert panel a few months ago in order to create a comprehensive tax policy plan that would include all tobacco products from a public health standpoint.

This time, analysts anticipate a higher'sin' tax on cigarette products as a result of this move.&nbsp;

(With inputs from agencies)

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health. What exactly is the Sin Tax? A sin tax is placed on goods and services that are seen to be socially detrimental.

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health. What exactly is the Sin Tax? A sin tax is placed on goods and services that are seen to be socially detrimental. Tobacco, gambling ventures, alcohol, cigarettes, and other things are examples of products that are subject to a sin tax. What is the primary goal of the sin tax? Sin taxes are intended to discourage people from engaging in socially detrimental activities. The goal is to make dangerous products more expensive to obtain in order to reduce or eliminate their consumption. They also provide governments with a source of revenue. Alcohol, tobacco, and cigarettes are primarily included among these items, and governments strive to tax them at a higher rate in order to prevent usage while also using the funds gained to fund welfare programmes. Tobacco products are taxed at a rate of 28 per cent in India, whereas tobacco leaves are taxed at a rate of 5%. Is it coming this year? Over the last two years, the Indian government has not increased taxes on these commodities. However, the government established an expert panel a few months ago in order to create a comprehensive tax policy plan that would include all tobacco products from a public health standpoint. This time, analysts anticipate a higher'sin' tax on cigarette products as a result of this move. (With inputs from agencies)

India's Budget 2022: What is the Sin Tax? Is it in this year's budget? 

With India’s Budget announcement round the corner, every tax payer longs for some pleasing announcements to be made by the government. &nbsp;

The best examples are the hike in the standard deduction and new ways to save tax. &nbsp;

The standard deduction is actually a relief allowed in gross salary income for salaried individuals and pensioners by the government under the rules. &nbsp;

Although the standard deduction affects every individual, whether one has opted for old or new tax regime, the ways to save tax, such as kids' education, belong to only the people, who have gone for old regime. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-budget-2022-important-terms-you-should-know-448628" hreflang="en">India's Budget 2022: Important terms you should know</a>

This year would not be any different. The citizens of the country have already pinned hopes on the Indian Finance Minister’s announcement about the Budget in this regard. &nbsp;&nbsp;

Till now, the standard deduction for salaried taxpayers, who are below the age of 60 years, is Rs 2,50,000. The rate is same for both tax regimes, new and old. &nbsp;&nbsp;

In the old tax regime, the deduction is Rs 3,00,000 for taxpayers above 60 years of age and Rs 5,00,000 for people above 80 years of age. In new regime, the deduction is Rs 2,50,000 for everyone. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-budget-2022-what-is-the-sin-tax-is-it-in-this-years-budget-448627" hreflang="en">India's Budget 2022: What is the Sin Tax? Is it in this year's budget?&nbsp;</a>

Another standard deduction of Rs 50,000 is allowed for every individual going for old regime as per rules. &nbsp;

The deduction for the children’s tuition fee comes under section 80C and has a limit of Rs 1,50,000. &nbsp;&nbsp;

The raising of these limits by around 20% would be warmly welcomed by citizens as they have been witnessing tough times for last two years due to coronavirus pandemic. &nbsp;&nbsp;

The hike in the above limits would also encourage people to do more savings for future. If the government comes up with a tax relief related to COVID-19, the citizens will get the much-needed respite. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

With India’s Budget announcement round the corner, every tax payer longs for some pleasing announcements to be made by the government. The best examples are the hike in the standard deduction and new ways to save tax.

With India’s Budget announcement round the corner, every tax payer longs for some pleasing announcements to be made by the government. The best examples are the hike in the standard deduction and new ways to save tax. The standard deduction is actually a relief allowed in gross salary income for salaried individuals and pensioners by the government under the rules. Although the standard deduction affects every individual, whether one has opted for old or new tax regime, the ways to save tax, such as kids' education, belong to only the people, who have gone for old regime. Also Read: India's Budget 2022: Important terms you should know This year would not be any different. The citizens of the country have already pinned hopes on the Indian Finance Minister’s announcement about the Budget in this regard. Till now, the standard deduction for salaried taxpayers, who are below the age of 60 years, is Rs 2,50,000. The rate is same for both tax regimes, new and old. In the old tax regime, the deduction is Rs 3,00,000 for taxpayers above 60 years of age and Rs 5,00,000 for people above 80 years of age. In new regime, the deduction is Rs 2,50,000 for everyone. Also Read: India's Budget 2022: What is the Sin Tax? Is it in this year's budget? Another standard deduction of Rs 50,000 is allowed for every individual going for old regime as per rules. The deduction for the children’s tuition fee comes under section 80C and has a limit of Rs 1,50,000. The raising of these limits by around 20% would be warmly welcomed by citizens as they have been witnessing tough times for last two years due to coronavirus pandemic. The hike in the above limits would also encourage people to do more savings for future. If the government comes up with a tax relief related to COVID-19, the citizens will get the much-needed respite. (With inputs from agencies)

India’s Budget 2022 expectations: Hike in standard deduction, tuition fee relief under income tax rules

The Indian government on Friday appointed V Anantha Nageswaran as the country’s new Chief Economic Advisor (CEA).

The Union Finance Ministry wrote on Twitter, “Government appoints Dr V Anantha Nageswaran as the Chief Economic Advisor and today, he has assumed charge.”

Nageswaran has replaced Krishnamurthy Subramanian, who demitted the office after completing his three-year term.

The move comes just days ahead of the presentation of India’s budget on February 1.

Nageswaran is a noted writer, author, teacher and consultant and has taught at several business schools and institutes of management in India and in Singapore.

From 2019 to 2021, Nageswaran remained a part-time visiting member of the economic advisory council to the Prime Minister of India.

Nageswaran holds a Post-Graduate Diploma from the prestigious Indian Institute of Management, Ahmedabad. He completed his doctorate from the University of Massachusetts in Amherst.&nbsp;

He was the Dean of the IFMR Graduate School of Business and a distinguished Visiting Professor of Economics at Krea University.

He served as an executive with Credit Suisse Group AG and Julius Baer Group.

The CEA is a secretary rank official attached to the finance ministry and is traditionally the main architect of the economic survey every year.

Former CEA Subramanian completed took charge on October 8, 2021. He announced that he will return to academia after resigning from the post.

A well-known Indian economist, Subramanian was appointed as CEA on December 7, 2018, after his predecessor Arvind Subramanian left the role.

(With inputs from agencies)

The Indian government on Friday appointed V Anantha Nageswaran as the country’s new Chief Economic Advisor (CEA). The Union Finance Ministry wrote on Twitter, “Government appoints Dr V Anantha Nageswaran as the Chief Economic Advisor and today, he has assumed charge.

The Indian government on Friday appointed V Anantha Nageswaran as the country’s new Chief Economic Advisor (CEA). The Union Finance Ministry wrote on Twitter, “Government appoints Dr V Anantha Nageswaran as the Chief Economic Advisor and today, he has assumed charge.” Nageswaran has replaced Krishnamurthy Subramanian, who demitted the office after completing his three-year term. The move comes just days ahead of the presentation of India’s budget on February 1. Nageswaran is a noted writer, author, teacher and consultant and has taught at several business schools and institutes of management in India and in Singapore. From 2019 to 2021, Nageswaran remained a part-time visiting member of the economic advisory council to the Prime Minister of India. Nageswaran holds a Post-Graduate Diploma from the prestigious Indian Institute of Management, Ahmedabad. He completed his doctorate from the University of Massachusetts in Amherst. He was the Dean of the IFMR Graduate School of Business and a distinguished Visiting Professor of Economics at Krea University. He served as an executive with Credit Suisse Group AG and Julius Baer Group. The CEA is a secretary rank official attached to the finance ministry and is traditionally the main architect of the economic survey every year. Former CEA Subramanian completed took charge on October 8, 2021. He announced that he will return to academia after resigning from the post. A well-known Indian economist, Subramanian was appointed as CEA on December 7, 2018, after his predecessor Arvind Subramanian left the role. (With inputs from agencies)

Ahead of budget 2022, Indian govt appoints Nageswaran as the new Chief Economic Advisor

Beyond the allocations, this budget featured a lot of interesting themes and talking points. Like vehicle scrapping policy, support for startups, a boost to public transport, push for regional languages.

Could these moves dictate India's post-pandemic recovery?

India's finance minister Nirmala Sivaraman began her speech with an observation. The Wuhan virus has changed the world. There is promise and hope. The pandemic is relatively under control. &nbsp;But for a full-fledged revival. India needs new and bold ideas. The 2021 budget has some.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-budget-2021-the-themes-and-talking-points-360739/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Like a new vehicle scrapping policy that could help in phasing out old and unfit vehicles. This would encourage the adoption of fuel-efficient, environment-friendly vehicles and help reduce vehicular pollution and oil import bills. The thrust is on public transport. A new scheme hopes to boost the system. 18 thousand crores will be made available to improve public transport in urban areas.

Earlier this month, India's Prime Minister Narendra Modi said start-ups are playing a crucial role in making India self-reliant.

The Finance Minister mentioned the word start-up 11 times in her speech. It shows how important a role they are expected to play in India's post-pandemic growth. The government has extended their tax holiday by one more year. It will incentivise the setting-up of one-person companies.

As a part of the self-reliance mission regional languages will be promoted. India plans to set up a national language translation mission. Under this, a wealth of governance and policy-related knowledge will be made available in major Indian languages.

The pandemic increased the burden on the insurance sector. The govt has extended help and has reviewed the FDI limits in insurance. And lifted the cap on foreign investment. The insurance sector remains highly under-developed. India's insurance penetration is 3.7 per cent of the GDP against a world average of 6.31 per cent. The hike in the FDI cap will open up new sources of funding for the players and improve insurance penetration.

This year's budget may leave the common man wanting more, but the new ideas and themes that feature in this budget open up possibilities for the government to promote new sectors and create new opportunities for growth.

Beyond the allocations, this budget featured a lot of interesting themes and talking points. Like vehicle scrapping policy, support for startups, a boost to public transport, push for regional languages.

Beyond the allocations, this budget featured a lot of interesting themes and talking points. Like vehicle scrapping policy, support for startups, a boost to public transport, push for regional languages. Could these moves dictate India's post-pandemic recovery? India's finance minister Nirmala Sivaraman began her speech with an observation. The Wuhan virus has changed the world. There is promise and hope. The pandemic is relatively under control. But for a full-fledged revival. India needs new and bold ideas. The 2021 budget has some. Like a new vehicle scrapping policy that could help in phasing out old and unfit vehicles. This would encourage the adoption of fuel-efficient, environment-friendly vehicles and help reduce vehicular pollution and oil import bills. The thrust is on public transport. A new scheme hopes to boost the system. 18 thousand crores will be made available to improve public transport in urban areas. Earlier this month, India's Prime Minister Narendra Modi said start-ups are playing a crucial role in making India self-reliant. The Finance Minister mentioned the word start-up 11 times in her speech. It shows how important a role they are expected to play in India's post-pandemic growth. The government has extended their tax holiday by one more year. It will incentivise the setting-up of one-person companies. As a part of the self-reliance mission regional languages will be promoted. India plans to set up a national language translation mission. Under this, a wealth of governance and policy-related knowledge will be made available in major Indian languages. The pandemic increased the burden on the insurance sector. The govt has extended help and has reviewed the FDI limits in insurance. And lifted the cap on foreign investment. The insurance sector remains highly under-developed. India's insurance penetration is 3.7 per cent of the GDP against a world average of 6.31 per cent. The hike in the FDI cap will open up new sources of funding for the players and improve insurance penetration. This year's budget may leave the common man wanting more, but the new ideas and themes that feature in this budget open up possibilities for the government to promote new sectors and create new opportunities for growth.

Budget 2021: A lot of interesting themes and talking points

The Imran Khan government has finalized the preparations to pass a new budget amid massive criticism from the opposition in the country. Islamabad is now seeking to hike widespread taxes in various sectors, this is to fulfill the demands of the IMF.

Imran Khan govt to pass a new mini budget, opposition lashes says it isn't people-friendly

Japanese Prime Minister Fumio Kishida`s cabinet approved on Friday a record $940 billion budget for the next fiscal year as COVID-19 responses came on top of the premier`s aim of achieving growth and wealth distribution under his new capitalism agenda. 
 
The 107.6 trillion yen ($941.55 billion) budget for fiscal year 2022/23, which starts in April, is Japan`s biggest-ever initial spending plan, underlining its priority on reviving the pandemic-hit economy over restoring long-term fiscal health. 
 
It marked the tenth straight year that Japan`s annual budget has hit a record. The budget must be approved by parliament by the end of the current fiscal year in March. 
 
The first annual budget under Kishida comes days after parliament approved 36 trillion yen of record extra stimulus spending for this fiscal year to aid the recovery from COVID-19. 
 
Bigger spending meant fiscal discipline was loosening among Japanese policymakers who are counting on the Bank of Japan`s ultra-loose monetary policy to keep borrowing costs low. 
 
"Politicians show no signs of making efforts to repay government debt," Yasunari Ueno, chief market economist at Mizuho Securities, noted. "The lack of fiscal discipline is the biggest side effect of the BOJ`s massive monetary easing." 
 
The budget includes 5 trillion yen set aside to cover emergency costs of COVID-19, a record defence outlay of 5.37 trillion yen, the largest-ever welfare cost of 36.3 trillion yen and 24.3 trillion yen for debt servicing. 
 
Public debt in Japan, the world`s third-largest economy, is more than twice the size of its $5 trillion economy, the heaviest among industrialised countries. 
 
Kishida has pledged to improve Japan`s public finances in the long run and the budget foresees new borrowing next fiscal year of 36.9 trillion yen, less than the 43.6 trillion yen initially planned for this year. 
 
Lower borrowing will be replaced with higher tax revenues, seen rising for the first time in two years to a record 65.2 trillion yen as COVID-19 curbs on economic activity are eased. 
 
The government estimates real economic growth of 3.2% in fiscal year 2022/23, up from a prior estimate of 2.2% which provides the basis for the budget plan. 
 
But with debt still accounting for 34.3% of the budget, it will remain difficult to achieve a primary budget surplus by fiscal year 2025/26 as the government aims to do. 
 
The primary budget deficit - excluding new bond sales and debt servicing - is seen at 13 trillion yen in FY2022/23, improving from 20 trillion yen seen this year but still far from the government`s target.

Japanese Prime Minister Fumio Kishida`s cabinet approved on Friday a record $940 billion budget for the next fiscal year as COVID-19 responses came on top of the premier`s aim of achieving growth and wealth distribution under his new capitalism agenda.

Japanese Prime Minister Fumio Kishida`s cabinet approved on Friday a record $940 billion budget for the next fiscal year as COVID-19 responses came on top of the premier`s aim of achieving growth and wealth distribution under his new capitalism agenda. The 107.6 trillion yen ($941.55 billion) budget for fiscal year 2022/23, which starts in April, is Japan`s biggest-ever initial spending plan, underlining its priority on reviving the pandemic-hit economy over restoring long-term fiscal health. It marked the tenth straight year that Japan`s annual budget has hit a record. The budget must be approved by parliament by the end of the current fiscal year in March. The first annual budget under Kishida comes days after parliament approved 36 trillion yen of record extra stimulus spending for this fiscal year to aid the recovery from COVID-19. Bigger spending meant fiscal discipline was loosening among Japanese policymakers who are counting on the Bank of Japan`s ultra-loose monetary policy to keep borrowing costs low. "Politicians show no signs of making efforts to repay government debt," Yasunari Ueno, chief market economist at Mizuho Securities, noted. "The lack of fiscal discipline is the biggest side effect of the BOJ`s massive monetary easing." The budget includes 5 trillion yen set aside to cover emergency costs of COVID-19, a record defence outlay of 5.37 trillion yen, the largest-ever welfare cost of 36.3 trillion yen and 24.3 trillion yen for debt servicing. Public debt in Japan, the world`s third-largest economy, is more than twice the size of its $5 trillion economy, the heaviest among industrialised countries. Kishida has pledged to improve Japan`s public finances in the long run and the budget foresees new borrowing next fiscal year of 36.9 trillion yen, less than the 43.6 trillion yen initially planned for this year. Lower borrowing will be replaced with higher tax revenues, seen rising for the first time in two years to a record 65.2 trillion yen as COVID-19 curbs on economic activity are eased. The government estimates real economic growth of 3.2% in fiscal year 2022/23, up from a prior estimate of 2.2% which provides the basis for the budget plan. But with debt still accounting for 34.3% of the budget, it will remain difficult to achieve a primary budget surplus by fiscal year 2025/26 as the government aims to do. The primary budget deficit - excluding new bond sales and debt servicing - is seen at 13 trillion yen in FY2022/23, improving from 20 trillion yen seen this year but still far from the government`s target.

Japan's record $940 billion budget to help recovery as fiscal reform in back seat

Since the Taliban took control of Afghanistan heartbreaking reports of poverty in the nation have been emerging. However, in the latest development, Afghanistan's finance ministry has managed to draft a national budget under the Taliban government.

This has happened for the first time in two decades without being funded by foreign aid. &nbsp;

As of now, the size of the budget has not been disclosed. Finance ministry spokesman Ahmad Wali Haqmal while speaking to AFP said that it would go to the cabinet for approval before being published.&nbsp;

Afghanistan had already been facing chronic poverty and drought but the situation worsened since the Taliban seized power, along with the disruption of aid.&nbsp;

An Afghan economist said that the new budget would likely end up being only a quarter of that for 2021. He said, "The Taliban are saying they have more transparency at the border crossings," this implies to lesser goods dodge duties than previously."

<a href="https://www.wionews.com/south-asia/rewind-2021-when-taliban-in-afghanistan-became-the-new-normal-437572">Also read |&nbsp;Rewind 2021: When Taliban in Afghanistan became the 'new normal'</a>

Last month, the new government's revenue department said that it had collected 26 billion Afghanis in the previous two and a half months, including 13 billion in customs duties.&nbsp;

It also announced a new Islamic tax in order to aid projects for poor people and orphans.

Foreign donors have suspended aid to Afghanistan. Also, the IMF had said that its engagement with Afghanistan will remain suspended until there is clarity on the recognition of the government led by the Taliban.

The IMF said that it is deeply concerned with the difficult economic situation in Afghanistan and the humanitarian situation in Afghanistan.

“We have said the immediate focus should indeed be on that humanitarian situation, aid to help the Afghanistan people; and allowing the flow of remittances and small-scale transfers; and providing assistance to countries hosting Afghan refugees,” it said.&nbsp;

(With inputs from agencies)

Since the Taliban took control of Afghanistan heartbreaking reports of poverty in the nation have been emerging. However, in the latest development, Afghanistan's finance ministry has managed to draft a national budget under the Taliban government.

Since the Taliban took control of Afghanistan heartbreaking reports of poverty in the nation have been emerging. However, in the latest development, Afghanistan's finance ministry has managed to draft a national budget under the Taliban government. This has happened for the first time in two decades without being funded by foreign aid. As of now, the size of the budget has not been disclosed. Finance ministry spokesman Ahmad Wali Haqmal while speaking to AFP said that it would go to the cabinet for approval before being published. Afghanistan had already been facing chronic poverty and drought but the situation worsened since the Taliban seized power, along with the disruption of aid. An Afghan economist said that the new budget would likely end up being only a quarter of that for 2021. He said, "The Taliban are saying they have more transparency at the border crossings," this implies to lesser goods dodge duties than previously." Also read | Rewind 2021: When Taliban in Afghanistan became the 'new normal' Last month, the new government's revenue department said that it had collected 26 billion Afghanis in the previous two and a half months, including 13 billion in customs duties. It also announced a new Islamic tax in order to aid projects for poor people and orphans. Foreign donors have suspended aid to Afghanistan. Also, the IMF had said that its engagement with Afghanistan will remain suspended until there is clarity on the recognition of the government led by the Taliban. The IMF said that it is deeply concerned with the difficult economic situation in Afghanistan and the humanitarian situation in Afghanistan. “We have said the immediate focus should indeed be on that humanitarian situation, aid to help the Afghanistan people; and allowing the flow of remittances and small-scale transfers; and providing assistance to countries hosting Afghan refugees,” it said. (With inputs from agencies)

Amid concerns of extreme poverty, Taliban manages to prepare new Afghan budget

Iran's President Ebrahim Raisi presented state draft budget. Iran is eyeing an increase in oil sales despite sanctions from the US. The draft budget has to be passed by the parliament.

Iran: President Raisi presents draft state budget

After approving the budget for 2021, Israel's lawmakers approved a spending plan for 2022 as well. PM Naftali Bennett tweeted saying Israel was back on track after the package was approved.

Israel parliament approves 2022 budget, PM Bennett clears last legislative hurdle

While revealing the UK budget for financial year 2021, Finance minister Rishi Sunak said that this year is now estimated to be 6.5 per cent, meaning the economy could return to its pre-pandemic level by the end of the year.

FM Sunak tables UK budget 2021, announces host of projects

An unprecedented election pledge by Japan's ruling party to double defence spending underscores the nation's haste to acquire missiles, stealth fighters, drones and other weapons to deter China's military in the disputed East China Sea.

The Liberal Democratic Party (LDP) included a goal of spending 2% of GDP - about $100 billion - or more on the military for the first time in its policy platform ahead of a national election this month.

Experts don't expect new Prime Minister Fumio Kishida to double spending anytime soon, given Japan's debt-saddled public finances and a pandemic-stricken economy. But it is a sign that the pacifist nation could over time abandon a commitment to keep military budgets within 1% of GDP - a number that for decades has eased concern at home and abroad about any revival of the militarism that led Japan into World War Two.

"LDP conservative leaders want the party to give it up," said Yoichiro Sato, an international relations professor at Ritsumeikan Asia Pacific University, referring to the de facto spending cap, which he called "sacrosanct for Japanese liberals."

"They are setting the direction, that is what conservatives want to do," he added.

The United States has been pushing key allies to spend more on defence; an increase to 2% of GDP would put Japan in line with pledges by North Atlantic Treaty Organization (NATO) members.

The hawkish notes from the LDP come as Japanese public sentiment shifts away from concerns about rearming to growing alarm over China's military assertiveness in Asia, particularly toward Taiwan.

In a survey of 1,696 people conducted by the Nikkei business daily at the end of last year, 86% of respondents said China posed a threat to Japan, more than the 82% who expressed concern about nuclear-armed North Korea.

"Putting this in the manifesto is a recognition of the need to garner public support for required defence policy changes," said Robert Ward, a London-based researcher at the International Institute for Strategic Studies. "The direction of travel is now set."

SOUTHWEST THEATRE

Japan's military strategy is focused on defending territory along the edge of the East China Sea, where Tokyo is locked in a dispute with Beijing over a group of uninhabited islands.

The Okinawan chain, Taiwan, and islands stretching down through the Philippines form what military planners dub the First Island Chain, a natural barrier to Chinese operations in the Western Pacific.

With an additional $50 billion a year, Japan could buy more American equipment, including F-35 stealth fighters, Osprey tilt-rotor utility aircraft and surveillance drones, as well as domestically made equipment such as amphibious landing craft, compact warships, aircraft carriers, submarines, satellites and communications gear to fight a protracted war.

"The Self Defence Force is well trained and well equipped, but its sustainability and resilience is one of the most serious problems," former Maritime Self Defense Force admiral and fleet commander Yoji Koda told Reuters.

Japan's defence ministry also wants money for an indigenous stealth fighter, and missiles that can strike enemy ships and land bases more than 1,000 kilometres (621 miles) away. The country is also building up cyber, space and electromagnetic warfare capabilities.

"Japan wants to acquire very sophisticated capabilities in a variety of areas," Thomas Reich, the country manager for BAE Systems PLC, said during a briefing on Tuesday. "What's in the budget and where it's going are the things that really attract us."

Britain's biggest defence company is part of the consortium led by Lockheed Martin Corp that builds the F-35 fighter.

CARRYING ABE'S TORCH

The speed at which once-dovish Kishida has fallen in line with the national security agenda of conservatives has surprised some observers. But he is carrying on policies pursued by former Prime Minister Shinzo Abe and supported by conservative lawmakers who helped him https://www.reuters.com/world/asia-pacific/japan-shadow-shogun-abe-assured-clout-over-next-pm-kishida-2021-09-30 win the party leadership election last month.

By pursuing a policy of similar small steps, Abe enacted security laws to allow Japanese troops to fight on foreign soil, ended a ban on military exports and reinterpreted the country's war-renouncing constitution to allow missile strikes on enemy territory.

For now, however, the LDP defence spending pledge does not say how any extra money would be spent or indicate when the 2% goal would be reached.

"The real question is whether Japan can absorb another $50 billion in a way that measurably improves Japan's defence," said Chuck Jones, a former defence industry executive familiar with Japan's military policy. "The concern is that large sums will be wasted on programs and projects doomed to failure or irrelevance."

The lack of detail gives the ruling group room to alter course, analysts say.

"There is opposition even inside the LDP," said Tetsuo Kotani, a senior research fellow at the Japan Institute of International Affairs. "We are going to have an election and we will see if the general public supports the LDP's proposal."

An unprecedented election pledge by Japan's ruling party to double defence spending underscores the nation's haste to acquire missiles, stealth fighters, drones and other weapons to deter China's military in the disputed East China Sea.

An unprecedented election pledge by Japan's ruling party to double defence spending underscores the nation's haste to acquire missiles, stealth fighters, drones and other weapons to deter China's military in the disputed East China Sea. The Liberal Democratic Party (LDP) included a goal of spending 2% of GDP - about $100 billion - or more on the military for the first time in its policy platform ahead of a national election this month. Experts don't expect new Prime Minister Fumio Kishida to double spending anytime soon, given Japan's debt-saddled public finances and a pandemic-stricken economy. But it is a sign that the pacifist nation could over time abandon a commitment to keep military budgets within 1% of GDP - a number that for decades has eased concern at home and abroad about any revival of the militarism that led Japan into World War Two. "LDP conservative leaders want the party to give it up," said Yoichiro Sato, an international relations professor at Ritsumeikan Asia Pacific University, referring to the de facto spending cap, which he called "sacrosanct for Japanese liberals." "They are setting the direction, that is what conservatives want to do," he added. The United States has been pushing key allies to spend more on defence; an increase to 2% of GDP would put Japan in line with pledges by North Atlantic Treaty Organization (NATO) members. The hawkish notes from the LDP come as Japanese public sentiment shifts away from concerns about rearming to growing alarm over China's military assertiveness in Asia, particularly toward Taiwan. In a survey of 1,696 people conducted by the Nikkei business daily at the end of last year, 86% of respondents said China posed a threat to Japan, more than the 82% who expressed concern about nuclear-armed North Korea. "Putting this in the manifesto is a recognition of the need to garner public support for required defence policy changes," said Robert Ward, a London-based researcher at the International Institute for Strategic Studies. "The direction of travel is now set." SOUTHWEST THEATRE Japan's military strategy is focused on defending territory along the edge of the East China Sea, where Tokyo is locked in a dispute with Beijing over a group of uninhabited islands. The Okinawan chain, Taiwan, and islands stretching down through the Philippines form what military planners dub the First Island Chain, a natural barrier to Chinese operations in the Western Pacific. With an additional $50 billion a year, Japan could buy more American equipment, including F-35 stealth fighters, Osprey tilt-rotor utility aircraft and surveillance drones, as well as domestically made equipment such as amphibious landing craft, compact warships, aircraft carriers, submarines, satellites and communications gear to fight a protracted war. "The Self Defence Force is well trained and well equipped, but its sustainability and resilience is one of the most serious problems," former Maritime Self Defense Force admiral and fleet commander Yoji Koda told Reuters. Japan's defence ministry also wants money for an indigenous stealth fighter, and missiles that can strike enemy ships and land bases more than 1,000 kilometres (621 miles) away. The country is also building up cyber, space and electromagnetic warfare capabilities. "Japan wants to acquire very sophisticated capabilities in a variety of areas," Thomas Reich, the country manager for BAE Systems PLC, said during a briefing on Tuesday. "What's in the budget and where it's going are the things that really attract us." Britain's biggest defence company is part of the consortium led by Lockheed Martin Corp that builds the F-35 fighter. CARRYING ABE'S TORCH The speed at which once-dovish Kishida has fallen in line with the national security agenda of conservatives has surprised some observers. But he is carrying on policies pursued by former Prime Minister Shinzo Abe and supported by conservative lawmakers who helped him https://www.reuters.com/world/asia-pacific/japan-shadow-shogun-abe-assured-clout-over-next-pm-kishida-2021-09-30 win the party leadership election last month. By pursuing a policy of similar small steps, Abe enacted security laws to allow Japanese troops to fight on foreign soil, ended a ban on military exports and reinterpreted the country's war-renouncing constitution to allow missile strikes on enemy territory. For now, however, the LDP defence spending pledge does not say how any extra money would be spent or indicate when the 2% goal would be reached. "The real question is whether Japan can absorb another $50 billion in a way that measurably improves Japan's defence," said Chuck Jones, a former defence industry executive familiar with Japan's military policy. "The concern is that large sums will be wasted on programs and projects doomed to failure or irrelevance." The lack of detail gives the ruling group room to alter course, analysts say. "There is opposition even inside the LDP," said Tetsuo Kotani, a senior research fellow at the Japan Institute of International Affairs. "We are going to have an election and we will see if the general public supports the LDP's proposal."

Analysis: With an eye on China, Japan's ruling party makes unprecedented defence spending pledge

Japan will compile a considerably large extra budget immediately after a looming general election to ease the economic blow of the pandemic and boost long-term growth in key areas, a ruling party heavyweight said on Sunday.

"What must be tackled at first is vaccinations. This is the strongest of coronavirus measures," Akira Amari, newly appointed secretary-general of the Liberal Democratic Party (LDP), told public broadcaster NHK`s political debate programme.

Japan should boost its vaccination rate from the current 60 per cent to 70 per cent to 80 per cent, levels seen as easing anxiety among the public, Amari said.

"We have responded with various measures by tapping emergency budget reserves. Now that the reserves are drying up, we will compile a considerably large extra budget immediately after the election."

Given dire public finances, Japan`s incoming prime minister, Fumio Kishida , may have little choice but to sell more government bonds&nbsp;to fund a pandemic-relief package that he said would be worth hundreds of billions of dollars.

Amari, a former economy minister seen as a key ally of Japan`s longest-serving premier, Shinzo Abe, said the supplementary budget would focus on the environment, digital and infrastructure.

He said the government may consider extending job subsidies, but Keiichi Ishii, his counterpart at the LDP`s small coalition partner Komeito called for cash payments of 100,000 yen ($900) to everyone up to 18 years old, or roughly 20 million people.

Kishida, a former foreign minister, won the LDP`s leadership race on Wednesday and is expected to be elected prime minister in parliament on Monday, replacing Yoshihide Suga, by virtue of the party`s majority in the lower house. He is expected to name his cabinet later in the day.

The general election must be held by November&nbsp;28.

Seiko Noda, who ran against Kishida, is likely to get a ministerial post, Kyodo news said on Sunday, a move in line with Kishida`s aim of having female lawmakers make up for 30 per cent or more of his cabinet.

The new leader is set to keep Defence Minister Nobuo Kishi - younger brother of Abe - and Education Minister and Abe ally Koichi Hagiuda in his cabinet, the Mainichi newspaper reported.

Finance Minister&nbsp;Taro Aso`s brother-in-law, Shunichi Suzuki, is set to replace him, media reported.

Foreign Minister Toshimitsu Motegi is set to retain his post, while Hirokazu Matsuno, an education minister in Abe`s cabinet, is set to become chief cabinet secretary.

Tetsuo Saito, Komeito`s number two, is likely to be named transport minister, replacing fellow Komeito lawmaker Kazuyoshi Akaba, media reported.

Japan will compile a considerably large extra budget immediately after a looming general election to ease the economic blow of the pandemic and boost long-term growth in key areas, a ruling party heavyweight said on Sunday.

Japan will compile a considerably large extra budget immediately after a looming general election to ease the economic blow of the pandemic and boost long-term growth in key areas, a ruling party heavyweight said on Sunday. "What must be tackled at first is vaccinations. This is the strongest of coronavirus measures," Akira Amari, newly appointed secretary-general of the Liberal Democratic Party (LDP), told public broadcaster NHK`s political debate programme. Japan should boost its vaccination rate from the current 60 per cent to 70 per cent to 80 per cent, levels seen as easing anxiety among the public, Amari said. "We have responded with various measures by tapping emergency budget reserves. Now that the reserves are drying up, we will compile a considerably large extra budget immediately after the election." Given dire public finances, Japan`s incoming prime minister, Fumio Kishida , may have little choice but to sell more government bonds to fund a pandemic-relief package that he said would be worth hundreds of billions of dollars. Amari, a former economy minister seen as a key ally of Japan`s longest-serving premier, Shinzo Abe, said the supplementary budget would focus on the environment, digital and infrastructure. He said the government may consider extending job subsidies, but Keiichi Ishii, his counterpart at the LDP`s small coalition partner Komeito called for cash payments of 100,000 yen ($900) to everyone up to 18 years old, or roughly 20 million people. Kishida, a former foreign minister, won the LDP`s leadership race on Wednesday and is expected to be elected prime minister in parliament on Monday, replacing Yoshihide Suga, by virtue of the party`s majority in the lower house. He is expected to name his cabinet later in the day. The general election must be held by November 28. Seiko Noda, who ran against Kishida, is likely to get a ministerial post, Kyodo news said on Sunday, a move in line with Kishida`s aim of having female lawmakers make up for 30 per cent or more of his cabinet. The new leader is set to keep Defence Minister Nobuo Kishi - younger brother of Abe - and Education Minister and Abe ally Koichi Hagiuda in his cabinet, the Mainichi newspaper reported. Finance Minister Taro Aso`s brother-in-law, Shunichi Suzuki, is set to replace him, media reported. Foreign Minister Toshimitsu Motegi is set to retain his post, while Hirokazu Matsuno, an education minister in Abe`s cabinet, is set to become chief cabinet secretary. Tetsuo Saito, Komeito`s number two, is likely to be named transport minister, replacing fellow Komeito lawmaker Kazuyoshi Akaba, media reported.

Japan to compile big extra budget after polls, says LDP heavyweight

United Nations member states agreed on Tuesday to a budget of some $6 billion for the world body's 12 peacekeeping missions for the next year, diplomats said, narrowly averting a possible shutdown of the operations.

The 193-member UN&nbsp;General Assembly budget committee agreed to the peacekeeping budget for the year through June 30, 2022. It will be formally adopted by the General Assembly on Wednesday.

Top UN&nbsp;officials said on Monday that UN&nbsp;peacekeeping missions, most of which are in Africa and the Middle East, had been advised to start putting contingency plans in place in case a new budget was not adopted by June 30.

Some diplomats said changes to negotiating procedures, issues with logistics and tough talk pitting China against Western countries had threatened to delay an agreement.

"Our chronic inability to respect deadlines puts the entire peacekeeping architecture in unprecedented jeopardy," European Union diplomat Thibault Camelli told the budget committee on Tuesday. "Going forward, and for the future negotiations, we owe it ... to the women and men in the field who carry out the peacekeeping mandates to finish our work in a timely fashion."

Catherine Pollard, the UN&nbsp;head of management strategy, policy and compliance, told reporters on Monday that if the June 30 deadline was missed then Secretary-General Antonio Guterres could only spend money to safeguard UN&nbsp;assets and ensure the protection of the staff and the peacekeepers.

The United States is largest assessed contributor to the peacekeeping budget, responsible for about 28%, followed by China with 15.2% and Japan with 8.5%.

(With inputs from agencies)

United Nations member states agreed on Tuesday to a budget of some $6 billion for the world body's 12 peacekeeping missions for the next year, diplomats said, narrowly averting a possible shutdown of the operations.

United Nations member states agreed on Tuesday to a budget of some $6 billion for the world body's 12 peacekeeping missions for the next year, diplomats said, narrowly averting a possible shutdown of the operations. The 193-member UN General Assembly budget committee agreed to the peacekeeping budget for the year through June 30, 2022. It will be formally adopted by the General Assembly on Wednesday. Top UN officials said on Monday that UN peacekeeping missions, most of which are in Africa and the Middle East, had been advised to start putting contingency plans in place in case a new budget was not adopted by June 30. Some diplomats said changes to negotiating procedures, issues with logistics and tough talk pitting China against Western countries had threatened to delay an agreement. "Our chronic inability to respect deadlines puts the entire peacekeeping architecture in unprecedented jeopardy," European Union diplomat Thibault Camelli told the budget committee on Tuesday. "Going forward, and for the future negotiations, we owe it ... to the women and men in the field who carry out the peacekeeping mandates to finish our work in a timely fashion." Catherine Pollard, the UN head of management strategy, policy and compliance, told reporters on Monday that if the June 30 deadline was missed then Secretary-General Antonio Guterres could only spend money to safeguard UN assets and ensure the protection of the staff and the peacekeepers. The United States is largest assessed contributor to the peacekeeping budget, responsible for about 28%, followed by China with 15.2% and Japan with 8.5%. (With inputs from agencies)

UN member states agree to $6 billion peacekeeping budget, averting shutdown

Pakistan announced a budget Friday of 8.4 trillion rupees ($54 billion) for the next fiscal year, basing it on an ambitious growth target of 4.5 percent and tripling spending on public sector development with an election just two years away.

Pakistan announced a budget Friday of 8.4 trillion rupees ($54 billion) for the next fiscal year, basing it on an ambitious growth target of 4.5 percent and tripling spending on public sector development with an election just two years away. Finance Minister Shaukat Tarin's presentation to the National Assembly drew jeers from opposition lawmakers, who thumped their desks and chanted "Imran Khan is a thief", a reference to the Prime Minister. Khan has presented himself as a champion of the poor and pledged to lift the country out of poverty, but Pakistan is heavily indebted and desperate for foreign investment. Rising inflation has left many struggling with higher food prices and energy bills. Tarin said the budget earmarked some 3 trillion rupees to retire or service current debt. "We were on the verge of default because of past governments' bad governance but now we have overcome that crisis," Tarin said. The budget earmarks 2.135 trillion rupees on public development, including job-creating infrastructure projects -- a huge increase from this year's 1.532 billion. "The weaker segment of society has been yearning for prosperity for many years and now sustainable growth is needed," Tarin told legislators, saying the budget would be nearly four billion rupees in deficit. "We expect trickle-down effects with our budgetary measures," he said. Spending on the military -- which has swallowed a huge chunk of Pakistan's riches since the country came into being with the partition of India in 1947 -- will rise six percent to 1.4 trillion rupees. Tarin said Pakistan's current account was in surplus for the first time in years on the back of unprecedented remittances and rising exports. To fund the budget, the government has set a tax revenue collection target of nearly six trillion rupees, compared with 4.5 trillion this year. The finance minister said some 140 billion rupees had been set aside to vaccinate the 220 million-strong population against Covid-19. Mohammad Sohail, financial manager and CEO of Topline Securities, said the budget was a "confidence-building exercise". "The biggest challenge will be to deal with IMF (International Monetary Fund) and rising commodity prices," he said. Independent economist Shahid Hasan Siddiqui was more dismissive. "This whole budget is based on erroneous figures and false hopes," he said. "This budget will further distance the country from economic autonomy."

Pakistan announces budget of $54 billion for next fiscal year

In one of the biggest blows to US President <a href="https://www.wionews.com/topics/joe-biden">Joe Biden</a> since he took over the White House, his budget director pick has withdrawn her name from the race on Tuesday.

Neera Tanden's withdrawal comes after centrists on both sides made it clear they would not be voting for her. This is a result of&nbsp;several of her tweets in which she&nbsp;openly criticised and questioned lawmakers and their intentions.

Also read |&nbsp;<a href="https://www.wionews.com/world/as-us-approves-johnson-johnson-coronavirus-vaccine-biden-warns-americans-366715" hreflang="en">As US approves Johnson &amp; Johnson coronavirus vaccine, Biden warns Americans</a>

On Tuesday, Biden announced he already accepted her request for withdrawal of her nomination.&nbsp;

"I have accepted Neera Tanden's request to withdraw her name from nomination for Director of the Office of Management and Budget," the president said in a statement. "I have the utmost respect for her record of accomplishment, her experience and her counsel, and I look forward to having her serve in a role in my administration."

The 50-year-old, who heads a progressive think tank said she has decided to withdraw her name to allow other lawmakers to focus on other priorities.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-president-joe-bidens-challenges-in-west-asia-366693" hreflang="en">US President Joe Biden's challenges in West Asia</a>

"Unfortunately, it now seems clear that there is no path forward to gain confirmation, and I do not want continued consideration of my nomination to be a distraction from your other priorities," she wrote in her withdrawal letter to Biden.

While her withdrawal from the race has not come as a surprise, it has received a lot of criticism, especially from locals who have taken to various social media platforms to express their opposition to the apparent 'discrimination towards Asian women'.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/bidens-ustr-nominee-tai-backs-use-of-tariffs-vows-focus-on-enforcement-366296" hreflang="en">Biden's USTR nominee Tai backs use of tariffs, vows focus on enforcement</a>

Many people believe Tanden's only 'sin' was tweeting her opinion openly and being a 'woman of colour'. Tanden is of Indian-origin.

Tanden withdrew her name after last week&nbsp;Republicans refused to vote for her citing her personal tweets&nbsp;attacking members of both parties. Later, Joe Manchin, a conservative Democratic senator, also announced he would not be voting for Tanden&nbsp;due to the same reason.

Tanden needed 51 votes in the evenly-divided Senate. While Vice President&nbsp;Kamala Harris&nbsp;would have acted as a tiebreaker, Manchin's refusal to vote for his fellow party-members forced Tanden to withdraw her nomination.

Her withdrawal from the race leaves the Biden administration without any clear replacement, as of now.

In one of the biggest blows to US President Joe Biden since he took over the White House, his budget director pick has withdrawn her name from the race on Tuesday.

In one of the biggest blows to US President Joe Biden since he took over the White House, his budget director pick has withdrawn her name from the race on Tuesday. Neera Tanden's withdrawal comes after centrists on both sides made it clear they would not be voting for her. This is a result of several of her tweets in which she openly criticised and questioned lawmakers and their intentions. Also read | As US approves Johnson & Johnson coronavirus vaccine, Biden warns Americans On Tuesday, Biden announced he already accepted her request for withdrawal of her nomination. "I have accepted Neera Tanden's request to withdraw her name from nomination for Director of the Office of Management and Budget," the president said in a statement. "I have the utmost respect for her record of accomplishment, her experience and her counsel, and I look forward to having her serve in a role in my administration." The 50-year-old, who heads a progressive think tank said she has decided to withdraw her name to allow other lawmakers to focus on other priorities. Also read | US President Joe Biden's challenges in West Asia "Unfortunately, it now seems clear that there is no path forward to gain confirmation, and I do not want continued consideration of my nomination to be a distraction from your other priorities," she wrote in her withdrawal letter to Biden. While her withdrawal from the race has not come as a surprise, it has received a lot of criticism, especially from locals who have taken to various social media platforms to express their opposition to the apparent 'discrimination towards Asian women'. Also read | Biden's USTR nominee Tai backs use of tariffs, vows focus on enforcement Many people believe Tanden's only 'sin' was tweeting her opinion openly and being a 'woman of colour'. Tanden is of Indian-origin. Tanden withdrew her name after last week Republicans refused to vote for her citing her personal tweets attacking members of both parties. Later, Joe Manchin, a conservative Democratic senator, also announced he would not be voting for Tanden due to the same reason. Tanden needed 51 votes in the evenly-divided Senate. While Vice President Kamala Harris would have acted as a tiebreaker, Manchin's refusal to vote for his fellow party-members forced Tanden to withdraw her nomination. Her withdrawal from the race leaves the Biden administration without any clear replacement, as of now.

Neera Tanden, budget chief pick of Joe Biden, withdraws from race after Senate pushback

Britain's finance minister Rishi Sunak on Wednesday announced a costly extension of his emergency aid programmes to see the economy through its current coronavirus lockdown, and flagged a tax hike for companies from 2023.

Delivering an annual budget speech on Wednesday, Sunak also announced a future tax squeeze on businesses and individuals as he began to focus on the huge hole in the public finances.

Below are details of the policies Sunak announced:

BUSINESS INVESTMENT

Sunak said the economy would regain its pre-pandemic size in mid-2022, six months earlier than previously forecast, helped by Europe's fastest vaccination programme. But it will remain 3 per cent smaller in five years' time than it would have been without the health shock and extra support is needed now as the country remains under coronavirus restrictions, he said.

Britain will seek to incentivise more business investment in items such as new equipment over the next two years by boosting the amount firms can offset against tax.

"First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis," Sunak told parliament.

"Second, once we are on the way to recovery, we will need to begin fixing the public finances – and I want to be honest today about our plans to do that. And, third, in today's Budget we begin the work of building our future economy."

Among new support measures were a five-month extension of Britain's huge jobs rescue plan and more help for the self-employed, the continuation of an emergency increase in welfare payments, and an extended VAT cut for the hospitality sector.

A business rates exemption for retail, hospitality and leisure businesses was extended until the end of June, by when Prime Minister Boris Johnson hopes he will have lifted most COVID-19 restrictions.

An existing tax break for home-buyers will also now run until June 30 and will then apply for cheaper homes until the end of September.

<a href="https://www.wionews.com/world/public-finances-cant-be-fixed-overnight-rishi-sunak-says-before-budget-plan-366841">Also read |&nbsp;'Public finances can't be fixed overnight': Rishi Sunak says before budget plan</a>

Sunak will borrow significantly more in the coming financial year than thought just a few months ago - 234 billion pounds, or 10.3% of gross domestic product, compared with a previous estimate of 164.2 billion pounds, or 7.4% of GDP.

To bring borrowing under control, Sunak announced future tax rises that will increase the tax burden to its highest level since the 1960s, rising from 34 to 35% of GDP by the middle of this decade.

Announcing forecasts by the Office for Budgetary Responsibility (OBR), Sunak said the economy was likely to grow 4% in 2021, slower than a forecast of 5.5% made in November, reflecting the current lockdown which began in January.

Looking further ahead, the OBR forecast GDP would grow by 7.3%, 1.7% and 1.6% in 2022, 2023 and 2024 respectively. In November, the OBR had forecast growth in those years of 6.6%, 2.3% and 1.7%.

Sunak promised to do "whatever it takes" to steer the economy through what he hopes will be the final months of pandemic restrictions. He has already racked up Britain's highest borrowing since World War II, with the deficit reaching an estimated 17% of GDP in the 2020/21 financial year that ends in April and set to fall to a still historically high 10.3% in 2021/22.

JOB PROTECTION SCHEME EXTENSION

Britain will extend its job-protecting furlough programme by five more months until the end of September and expand support for the self-employed too.

LOW-INCOME HOUSEHOLD TOP-UP

A top-up of 20 pounds ($28) per week to a state benefit for low-income households will remain in place for a further six months, Sunak said.

PROPERTY SALES TAX, MORTGAGES

Sunak extended tax breaks for home-buyers until October, keeping many property purchases exempt from stamp duty land tax. He also announced a government-funded mortgage guarantee scheme for first-time buyers who cannot afford large deposits required by lenders.

CORPORATION TAX HIKE

In a first move towards higher taxes, Sunak announced he would raise corporation tax to 25% from 19% from 2023, by which time the crisis should be over.

"Even after this change the UK will still have the lowest corporation tax rate in the G7 – lower than the United States, Canada, Italy, Japan, Germany and France," he said.

Businesses with profits of 50,000 pounds or less would pay a new Small Profits Rate, maintained at the current rate of 19%. 
To offset the hit, Sunak increased incentives for investment in items such as new equipment over the next two years. "This will be the biggest business tax cut in modern British history," he said.

COMMERCIAL PROPERTY TAX HOLIDAY

Britain will extend a year-long business rates exemption for retail, hospitality and leisure businesses to the end of June, he said.

FREEZE ON PERSONAL TAX

Britain will freeze the amount of money that people can earn tax-free and also the threshold for the higher rate of income tax until 2026.

Sunak said that while a basic income tax rate of 20% and a higher income tax rate 40% would not be increased, the thresholds for the "personal allowance" of tax-free earnings and at which the higher tax rate kicks in would not rise with inflation.

Sunak said that the freeze was part of an approach to fix public finances as he looks for ways to raise funds following unprecedented measures to support jobs and the economy during the coronavirus pandemic.

"This government is not going to raise the rates of income tax, national insurance or VAT. Instead our first step is to freeze personal tax thresholds," Sunak told parliament.

"We will, of course, deliver our promise to increase (the personal allowance) again next year to 12,570 pounds ($17,545) but we will then keep it at this more generous level until April 2026."

He added that the higher rate threshold would also increase next year to 50,270 pounds, as previously promised, but would then also be frozen for the same length of time.

The personal allowance threshold and higher rate threshold in England and Northern Ireland had previously been 12,500 pounds and 50,000 pounds a year respectively.

NEW £300M VIRUS-AID SCHEME FOR ENGLISH SPORT

Sunak also announced a new £300 million ($419 million, 347 million euros) recovery package for sport in England as part of a plan to assist the wider economy in coping with the fall-out from the coronavirus pandemic.

He said £700 million was being made available to art, culture and sporting institutions to aid their response to the impact of Covid-19.

Britain's Treasury, or finance ministry, tweeted that there was "£300m to back clubs and governing bodies across a wide range of sports in England".

Sunak, following comments from British Prime Minister Boris Johnson published Tuesday, underlined the government's support for a potential joint bid from England, Scotland, Wales, Northern Ireland and the Republic of Ireland to host football's 2030 World Cup.

"We're making available £700 million to support our incredible art, culture and sporting institutions as they reopen, backing the UK and Ireland's joint 2030 World Cup bid, launching a new approach to apprenticeships in the creative industries, and extending our £500 million film and TV production restart scheme," Sunak told lawmakers in the House of Commons while delivering his budget statement.

Wednesday's announcement follows a £300m sport 'winter survival package' announced by the government in November.

(with inputs from agencies)

Britain's finance minister Rishi Sunak on Wednesday announced a costly extension of his emergency aid programmes to see the economy through its current coronavirus lockdown, and flagged a tax hike for companies from 2023.

Britain's finance minister Rishi Sunak on Wednesday announced a costly extension of his emergency aid programmes to see the economy through its current coronavirus lockdown, and flagged a tax hike for companies from 2023. Delivering an annual budget speech on Wednesday, Sunak also announced a future tax squeeze on businesses and individuals as he began to focus on the huge hole in the public finances. Below are details of the policies Sunak announced: BUSINESS INVESTMENT Sunak said the economy would regain its pre-pandemic size in mid-2022, six months earlier than previously forecast, helped by Europe's fastest vaccination programme. But it will remain 3 per cent smaller in five years' time than it would have been without the health shock and extra support is needed now as the country remains under coronavirus restrictions, he said. Britain will seek to incentivise more business investment in items such as new equipment over the next two years by boosting the amount firms can offset against tax. "First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis," Sunak told parliament. "Second, once we are on the way to recovery, we will need to begin fixing the public finances – and I want to be honest today about our plans to do that. And, third, in today's Budget we begin the work of building our future economy." Among new support measures were a five-month extension of Britain's huge jobs rescue plan and more help for the self-employed, the continuation of an emergency increase in welfare payments, and an extended VAT cut for the hospitality sector. A business rates exemption for retail, hospitality and leisure businesses was extended until the end of June, by when Prime Minister Boris Johnson hopes he will have lifted most COVID-19 restrictions. An existing tax break for home-buyers will also now run until June 30 and will then apply for cheaper homes until the end of September. Also read | 'Public finances can't be fixed overnight': Rishi Sunak says before budget plan Sunak will borrow significantly more in the coming financial year than thought just a few months ago - 234 billion pounds, or 10.3% of gross domestic product, compared with a previous estimate of 164.2 billion pounds, or 7.4% of GDP. To bring borrowing under control, Sunak announced future tax rises that will increase the tax burden to its highest level since the 1960s, rising from 34 to 35% of GDP by the middle of this decade. Announcing forecasts by the Office for Budgetary Responsibility (OBR), Sunak said the economy was likely to grow 4% in 2021, slower than a forecast of 5.5% made in November, reflecting the current lockdown which began in January. Looking further ahead, the OBR forecast GDP would grow by 7.3%, 1.7% and 1.6% in 2022, 2023 and 2024 respectively. In November, the OBR had forecast growth in those years of 6.6%, 2.3% and 1.7%. Sunak promised to do "whatever it takes" to steer the economy through what he hopes will be the final months of pandemic restrictions. He has already racked up Britain's highest borrowing since World War II, with the deficit reaching an estimated 17% of GDP in the 2020/21 financial year that ends in April and set to fall to a still historically high 10.3% in 2021/22. JOB PROTECTION SCHEME EXTENSION Britain will extend its job-protecting furlough programme by five more months until the end of September and expand support for the self-employed too. LOW-INCOME HOUSEHOLD TOP-UP A top-up of 20 pounds ($28) per week to a state benefit for low-income households will remain in place for a further six months, Sunak said. PROPERTY SALES TAX, MORTGAGES Sunak extended tax breaks for home-buyers until October, keeping many property purchases exempt from stamp duty land tax. He also announced a government-funded mortgage guarantee scheme for first-time buyers who cannot afford large deposits required by lenders. CORPORATION TAX HIKE In a first move towards higher taxes, Sunak announced he would raise corporation tax to 25% from 19% from 2023, by which time the crisis should be over. "Even after this change the UK will still have the lowest corporation tax rate in the G7 – lower than the United States, Canada, Italy, Japan, Germany and France," he said. Businesses with profits of 50,000 pounds or less would pay a new Small Profits Rate, maintained at the current rate of 19%. To offset the hit, Sunak increased incentives for investment in items such as new equipment over the next two years. "This will be the biggest business tax cut in modern British history," he said. COMMERCIAL PROPERTY TAX HOLIDAY Britain will extend a year-long business rates exemption for retail, hospitality and leisure businesses to the end of June, he said. FREEZE ON PERSONAL TAX Britain will freeze the amount of money that people can earn tax-free and also the threshold for the higher rate of income tax until 2026. Sunak said that while a basic income tax rate of 20% and a higher income tax rate 40% would not be increased, the thresholds for the "personal allowance" of tax-free earnings and at which the higher tax rate kicks in would not rise with inflation. Sunak said that the freeze was part of an approach to fix public finances as he looks for ways to raise funds following unprecedented measures to support jobs and the economy during the coronavirus pandemic. "This government is not going to raise the rates of income tax, national insurance or VAT. Instead our first step is to freeze personal tax thresholds," Sunak told parliament. "We will, of course, deliver our promise to increase (the personal allowance) again next year to 12,570 pounds ($17,545) but we will then keep it at this more generous level until April 2026." He added that the higher rate threshold would also increase next year to 50,270 pounds, as previously promised, but would then also be frozen for the same length of time. The personal allowance threshold and higher rate threshold in England and Northern Ireland had previously been 12,500 pounds and 50,000 pounds a year respectively. NEW £300M VIRUS-AID SCHEME FOR ENGLISH SPORT Sunak also announced a new £300 million ($419 million, 347 million euros) recovery package for sport in England as part of a plan to assist the wider economy in coping with the fall-out from the coronavirus pandemic. He said £700 million was being made available to art, culture and sporting institutions to aid their response to the impact of Covid-19. Britain's Treasury, or finance ministry, tweeted that there was "£300m to back clubs and governing bodies across a wide range of sports in England". Sunak, following comments from British Prime Minister Boris Johnson published Tuesday, underlined the government's support for a potential joint bid from England, Scotland, Wales, Northern Ireland and the Republic of Ireland to host football's 2030 World Cup. "We're making available £700 million to support our incredible art, culture and sporting institutions as they reopen, backing the UK and Ireland's joint 2030 World Cup bid, launching a new approach to apprenticeships in the creative industries, and extending our £500 million film and TV production restart scheme," Sunak told lawmakers in the House of Commons while delivering his budget statement. Wednesday's announcement follows a £300m sport 'winter survival package' announced by the government in November. (with inputs from agencies)

Britain's finance minister extends Covid rescue plan but moves to bring in more tax

South African tax payers can breathe a sigh of relief as the finance minister in his 2021 budget announced they would not introduce any new taxes this year.

“We agree that tax increases must be kept to a minimum as we stabilise our public finances. We have chosen not to introduce the tax measures initially proposed in the October Medium Term Budget Policy Statement (MTBPS),” Tito Mboweni said.&nbsp;

He added the government would withdraw previous proposal to raise R40 billion in additional revenue.&nbsp;

This year’s budget comes at a difficult time when the country is trying to adjust its economic cracks after a severe Covid-19 lockdown. It also comes as the country prepares for the biggest vaccination programme in history.

The finance minister said the government is allocating more than R10 billion for purchase and delivery of vaccines over the next two years and this will impact public purse.&nbsp;

“We increased the contingency reserve from R5 billion to R12 billion to make provision for the further purchase of vaccines and to cater for other emergencies,” he added.&nbsp;

South Africa is planning to vaccinate at least 67 per cent of its population to achieve herd immunity.&nbsp;

Mboweni said, "The country’s total consolidated spending is expected to be R2 trillion each year over the medium term, with the majority of spending going towards social services."

On the economic outlook front, the minister said the global economic growth is expected to rebound to 5.5 per cent in 2021 before moderating slightly to 4.2 per cent in 2022, taking cues from the expected rollout of Covid-19 vaccines and other additional policy initiatives.

South African economy is expected to rebound by 3.3 per cent this year, following a 7.2 per cent contraction in 2020.

China is expected to grow at 8.1 per cent in 2021, while India will achieve a growth rate of 11.5 per cent in 2021.

The minister has also announced an 8 per cent increase in excise duties on alcohol and tobacco products saying excessive alcohol consumption can lead to negative social and health problems.&nbsp;

South African tax payers can breathe a sigh of relief as the finance minister in his 2021 budget announced they would not introduce any new taxes this year. “We agree that tax increases must be kept to a minimum as we stabilise our public finances.

South African tax payers can breathe a sigh of relief as the finance minister in his 2021 budget announced they would not introduce any new taxes this year. “We agree that tax increases must be kept to a minimum as we stabilise our public finances. We have chosen not to introduce the tax measures initially proposed in the October Medium Term Budget Policy Statement (MTBPS),” Tito Mboweni said. He added the government would withdraw previous proposal to raise R40 billion in additional revenue. This year’s budget comes at a difficult time when the country is trying to adjust its economic cracks after a severe Covid-19 lockdown. It also comes as the country prepares for the biggest vaccination programme in history. The finance minister said the government is allocating more than R10 billion for purchase and delivery of vaccines over the next two years and this will impact public purse. “We increased the contingency reserve from R5 billion to R12 billion to make provision for the further purchase of vaccines and to cater for other emergencies,” he added. South Africa is planning to vaccinate at least 67 per cent of its population to achieve herd immunity. Mboweni said, "The country’s total consolidated spending is expected to be R2 trillion each year over the medium term, with the majority of spending going towards social services." On the economic outlook front, the minister said the global economic growth is expected to rebound to 5.5 per cent in 2021 before moderating slightly to 4.2 per cent in 2022, taking cues from the expected rollout of Covid-19 vaccines and other additional policy initiatives. South African economy is expected to rebound by 3.3 per cent this year, following a 7.2 per cent contraction in 2020. China is expected to grow at 8.1 per cent in 2021, while India will achieve a growth rate of 11.5 per cent in 2021. The minister has also announced an 8 per cent increase in excise duties on alcohol and tobacco products saying excessive alcohol consumption can lead to negative social and health problems.

No new taxes to be announced in South Africa's 2021 budget

Finance Minister Nirmala Sitharaman on Saturday hit back at Congress leader Rahul Gandhi`s "Hum do, Hamare do" jibe with the same slogan. She also accused him of playing a role like a "doomsday man" by insulting the legislative authority like the PM, former PM, President and even the Lok Sabha chair.

Delivering her final speech on the discussion on Union Budget 2021-2022 in the Lok Sabha, the Finance Minister took on Gandhi saying he is probably becoming the "doomsday man" of India, building "fake narratives" that "demean" the country.

Sitharaman`s "doomsday" remark came in an obvious indication when she mentioned without taking Rahul`s name that "there is a `doomsday man` who said two days ago that he will not speak on Budget. What kind of role he wants to play?"

Gandhi on Thursday spoke the same line in the Lok Sabha while speaking on the farm laws when the discussion on the Motion of Thanks to the President`s Address was already over and he was given time to participate in the ongoing debate on Union Budget 2021-2022.

"The leader and its party continuously abusing the legislative by hitting the dignity of PM, former PM, President and the Lok Sabha chair. Why do you always choose to insult the legislative authority?...Abuse and then seek apology, this is the tendency of the party.

"The party`s position in Rajya Sabha is different and here in Lok Sabha they show another position. The party is continuously spreading fake narrative. The party follows two tendencies -- create institution, use it for own benefit; create disturbance," Sitharaman said.

As Sitharaman was replying to the discussion on the Union Budget, she posed 10 questions about Rahul Gandhi`s speech which was mainly on the farmers` protest, not Union Budget 2021, the finance minister said.

Referring to Gandhi`s `Hum do, Hamare do` comment which Gandhi had made in the Lok Sabha to attack the Central government on Thursday over the farm laws, the Minister used the same slogan, mentioning if the party blames the government it should also think about how it is taking care of "daughter and damad".

Sitharaman said though the Congress comes up with "very good schemes", it lacks the will to use those schemes properly as those schemes turn into devices to only favour "cronies" and "hum do hamare do".

"Hum do, Hamare do` is that we are two people taking care of the party, and there are two other people who take care of daughter and damad," Sitharaman said, adding "we don`t do that as Rs 10,000 is given to 50 lakh street traders as working capital for one year and they are not anyone`s cronies," Sitharaman said.

"Take the credit of giving birth to MNREGA. But also take credit for mismanaging it, for giving money to ghost workers."

In his remarks against the government, Gandhi had said, "Years ago there was a family planning slogan - Hum do, Hamare do (we two and our two), but just like corona has returned in another form, this slogan too has made a comeback. Today, four people run the country - Hum do, Hamare do," Gandhi had said without taking any names.

Continuing her attack, Sitharaman questioned, "Where are the cronies? They are hiding probably in the shadow of that party which has been rejected by the people. The shadows who were invited to even develop a port. They invited, no open tenders, no global tenders."

Mentioning PM SVANidhi Yojana, the Minister said she mentions it for those who are constantly accusing the government of dealing with cronies.

"SVANidhi doesn`t go to cronies. Damads get land in states which are governed by some parties -- Rajasthan, Haryana once upon a time."

Addressing Thiruvananthapuram MP Shashi Tharoor, Sitharaman said, "Kerala invited one crony to develop a port -- no bidding, just invitation. Because Kerala has no damad, Damad is here. Damads get land in states which are governed by some parties."

Finance Minister Nirmala Sitharaman on Saturday hit back at Congress leader Rahul Gandhi`s "Hum do, Hamare do" jibe with the same slogan. She also accused him of playing a role like a "doomsday man" by insulting the legislative authority like the PM, former PM, President and even the Lok Sabha chair.

Finance Minister Nirmala Sitharaman on Saturday hit back at Congress leader Rahul Gandhi`s "Hum do, Hamare do" jibe with the same slogan. She also accused him of playing a role like a "doomsday man" by insulting the legislative authority like the PM, former PM, President and even the Lok Sabha chair. Delivering her final speech on the discussion on Union Budget 2021-2022 in the Lok Sabha, the Finance Minister took on Gandhi saying he is probably becoming the "doomsday man" of India, building "fake narratives" that "demean" the country. Sitharaman`s "doomsday" remark came in an obvious indication when she mentioned without taking Rahul`s name that "there is a `doomsday man` who said two days ago that he will not speak on Budget. What kind of role he wants to play?" Gandhi on Thursday spoke the same line in the Lok Sabha while speaking on the farm laws when the discussion on the Motion of Thanks to the President`s Address was already over and he was given time to participate in the ongoing debate on Union Budget 2021-2022. "The leader and its party continuously abusing the legislative by hitting the dignity of PM, former PM, President and the Lok Sabha chair. Why do you always choose to insult the legislative authority?...Abuse and then seek apology, this is the tendency of the party. "The party`s position in Rajya Sabha is different and here in Lok Sabha they show another position. The party is continuously spreading fake narrative. The party follows two tendencies -- create institution, use it for own benefit; create disturbance," Sitharaman said. As Sitharaman was replying to the discussion on the Union Budget, she posed 10 questions about Rahul Gandhi`s speech which was mainly on the farmers` protest, not Union Budget 2021, the finance minister said. Referring to Gandhi`s `Hum do, Hamare do` comment which Gandhi had made in the Lok Sabha to attack the Central government on Thursday over the farm laws, the Minister used the same slogan, mentioning if the party blames the government it should also think about how it is taking care of "daughter and damad". Sitharaman said though the Congress comes up with "very good schemes", it lacks the will to use those schemes properly as those schemes turn into devices to only favour "cronies" and "hum do hamare do". "Hum do, Hamare do` is that we are two people taking care of the party, and there are two other people who take care of daughter and damad," Sitharaman said, adding "we don`t do that as Rs 10,000 is given to 50 lakh street traders as working capital for one year and they are not anyone`s cronies," Sitharaman said. "Take the credit of giving birth to MNREGA. But also take credit for mismanaging it, for giving money to ghost workers." In his remarks against the government, Gandhi had said, "Years ago there was a family planning slogan - Hum do, Hamare do (we two and our two), but just like corona has returned in another form, this slogan too has made a comeback. Today, four people run the country - Hum do, Hamare do," Gandhi had said without taking any names. Continuing her attack, Sitharaman questioned, "Where are the cronies? They are hiding probably in the shadow of that party which has been rejected by the people. The shadows who were invited to even develop a port. They invited, no open tenders, no global tenders." Mentioning PM SVANidhi Yojana, the Minister said she mentions it for those who are constantly accusing the government of dealing with cronies. "SVANidhi doesn`t go to cronies. Damads get land in states which are governed by some parties -- Rajasthan, Haryana once upon a time." Addressing Thiruvananthapuram MP Shashi Tharoor, Sitharaman said, "Kerala invited one crony to develop a port -- no bidding, just invitation. Because Kerala has no damad, Damad is here. Damads get land in states which are governed by some parties."

FM Sitharaman calls Rahul Gandhi a 'doomsday man'

India's post-pandemic budget is all about the health of: The Citizens, India's Cities,The Economy, Government assets, India's relationships with the world

Gravitas: 2021 Budget: Health and Infrastructure get a booster shot

The Wuhan virus forced the world's fastest-growing economy to contract by more than 7 per cent. Can India bounce back from this? It will take a lot for Indian economy to make a comeback like Indian cricket team did against Australia recently.

The pandemic is far from over. Budget 2021 was all about health. Not just the health of India's citizens but also the health of its cities, its economy, assets and relationships. Focus number one is health of Indian citizens. India is hiking health spending by 137 per cent. This is a huge boost. Until now, India was one of the most underfunded sectors of Indian economy. It got just 1.3 per cent of GDP in past. The lowest health spending in any major economy. But Budget 2021 comes with a major booster shot. More than 8.5 billion dollars will go towards upgrading India's health infrastructure.

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The money will be spent over six years. Another 4.8 billion will be spent towards India's vaccination drive. It remains unclear if the Indian government wants to pay for vaccinating the entire population. The finance minister has said that the government can increase the funding, if needed.&nbsp;

The other big announcement on health is about insurance. The foreign direct investment cap has been hiked from 49 per cent to 74 per cent. This is not just for health insurance companies.

The hike in FDI cap will help the entire insurance sector. That's about the health of citizens.

What about the health of the economy?

In the finance minister's own words: This is the fourth budget of India that follows a GDP contraction.

The National Statistical Office projects a contraction of 7.7 per cent in the last fiscal, that is 2020-2021. India's growth has shrunk by more than seven per cent. So, the government will have to spend more. And it's showing on the government's balance sheets.

Fiscal deficit, that is, the difference between the government's revenue and spending is pegged at 9.5 per cent. So India spent 9.5 per cent more than it earned. And that can't be good. 9.5 is far more than the target the government had set for itself before the pandemic. For the next year, the government's deficit target is 6.8 per cent of the GDP.

To achieve this, India will try to reduce government schemes. They cost a lot of money. The government is tightening its belt in some areas. Borrowing more to meet the expenses in the short term. While trying to control the deficit in the coming years. A large chuck of the money will be going towards improving the health of India's cities. In other words, infrastructure.

The government has made a major allocation towards infrastructure projects. An effort to kickstart spending and generate more employment through government projects. The government will set up a new development finance institution. It will have a starting capital of 2.7 billion dollars. This will be used to fund large-scale infrastructure projects. Special allocations have been made for Tamil Nadu, Kerala, Assam and West Bengal.

The government will spend thousands of crores in these states, which also happen to be going to polls this year. The spending is mainly on new road infrastructure projects. For the urban centres a separate allocation has been made to tackle air pollution. More than two thousand crores. This will be made available to 42 urban centres in India. To cities with a population of more than one million.

The Centre may feel the need to spend more to revive the economy. Reports say the last stimulus package was less than two per cent of the GDP.

Other G20 countries like Japan, Canada, Australia and the United States have spent more than 10 per cent of their GDP as stimulus to revive their economy.

Clearly, India could do more in this direction. For that, it needs more money

Many of the ailing public sector units will go under the hammer this year. India has set some really ambitious targets. The government wants to raise 23 billion dollars from disinvestment. It wants to put some of the worst-performing public sector units up for sale.

It also wants to revive banks with a cash infusion. Public sector banks will get 200 billion rupees for recapitalization. Two public sector banks and one general insurance company will go private. LIC or the Life Insurance Corporation of India in which the government owns a 100 per cent stake will be listed on the stock exchanges. The plan is bold, the government wants to complete the strategic sale of BPCL, IDBI bank, Air India and others in this financial year itself.

A company will be set up to manage bad debts for banks.

In addition to all this, more than six thousand crores for at least 10 countries have been set aside for financial assistance. The assistance will be given out in the form of grants and loans. Most of the allocations are for the neighbourhood, with the highest allocation going to Bhutan.

The Wuhan virus forced the world's fastest-growing economy to contract by more than 7 per cent. Can India bounce back from this? It will take a lot for Indian economy to make a comeback like Indian cricket team did against Australia recently.

The Wuhan virus forced the world's fastest-growing economy to contract by more than 7 per cent. Can India bounce back from this? It will take a lot for Indian economy to make a comeback like Indian cricket team did against Australia recently. The pandemic is far from over. Budget 2021 was all about health. Not just the health of India's citizens but also the health of its cities, its economy, assets and relationships. Focus number one is health of Indian citizens. India is hiking health spending by 137 per cent. This is a huge boost. Until now, India was one of the most underfunded sectors of Indian economy. It got just 1.3 per cent of GDP in past. The lowest health spending in any major economy. But Budget 2021 comes with a major booster shot. More than 8.5 billion dollars will go towards upgrading India's health infrastructure. The money will be spent over six years. Another 4.8 billion will be spent towards India's vaccination drive. It remains unclear if the Indian government wants to pay for vaccinating the entire population. The finance minister has said that the government can increase the funding, if needed. The other big announcement on health is about insurance. The foreign direct investment cap has been hiked from 49 per cent to 74 per cent. This is not just for health insurance companies. The hike in FDI cap will help the entire insurance sector. That's about the health of citizens. What about the health of the economy? In the finance minister's own words: This is the fourth budget of India that follows a GDP contraction. The National Statistical Office projects a contraction of 7.7 per cent in the last fiscal, that is 2020-2021. India's growth has shrunk by more than seven per cent. So, the government will have to spend more. And it's showing on the government's balance sheets. Fiscal deficit, that is, the difference between the government's revenue and spending is pegged at 9.5 per cent. So India spent 9.5 per cent more than it earned. And that can't be good. 9.5 is far more than the target the government had set for itself before the pandemic. For the next year, the government's deficit target is 6.8 per cent of the GDP. To achieve this, India will try to reduce government schemes. They cost a lot of money. The government is tightening its belt in some areas. Borrowing more to meet the expenses in the short term. While trying to control the deficit in the coming years. A large chuck of the money will be going towards improving the health of India's cities. In other words, infrastructure. The government has made a major allocation towards infrastructure projects. An effort to kickstart spending and generate more employment through government projects. The government will set up a new development finance institution. It will have a starting capital of 2.7 billion dollars. This will be used to fund large-scale infrastructure projects. Special allocations have been made for Tamil Nadu, Kerala, Assam and West Bengal. The government will spend thousands of crores in these states, which also happen to be going to polls this year. The spending is mainly on new road infrastructure projects. For the urban centres a separate allocation has been made to tackle air pollution. More than two thousand crores. This will be made available to 42 urban centres in India. To cities with a population of more than one million. The Centre may feel the need to spend more to revive the economy. Reports say the last stimulus package was less than two per cent of the GDP. Other G20 countries like Japan, Canada, Australia and the United States have spent more than 10 per cent of their GDP as stimulus to revive their economy. Clearly, India could do more in this direction. For that, it needs more money Many of the ailing public sector units will go under the hammer this year. India has set some really ambitious targets. The government wants to raise 23 billion dollars from disinvestment. It wants to put some of the worst-performing public sector units up for sale. It also wants to revive banks with a cash infusion. Public sector banks will get 200 billion rupees for recapitalization. Two public sector banks and one general insurance company will go private. LIC or the Life Insurance Corporation of India in which the government owns a 100 per cent stake will be listed on the stock exchanges. The plan is bold, the government wants to complete the strategic sale of BPCL, IDBI bank, Air India and others in this financial year itself. A company will be set up to manage bad debts for banks. In addition to all this, more than six thousand crores for at least 10 countries have been set aside for financial assistance. The assistance will be given out in the form of grants and loans. Most of the allocations are for the neighbourhood, with the highest allocation going to Bhutan.

Budget 2021 is about building and bouncing back

India's Finance Minister Nirmala Sitharaman unveiled the annual budget on February 1. We tell you what was missing from her speech.

The manufacturing industry was expecting more incentives including more support for the expansion of distribution and diversification of supply chains. Even though the schemes announced will indirectly benefit the manufacturing sector there are no "dedicated" promises to this effect. No distinct policies that could help India-based organisations establish a strong foothold in global markets were part of the annual budget.

The pandemic has made it amply clear that supply chains cannot be dominated by one particular country. The world's leading economies are rethinking their business strategies and are looking at other nations for sourcing.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/highest-in-15-years-govt-allocates-rs-478-lakh-crore-to-the-defence-budget-for-2021-22-360658" hreflang="en">Highest in 15 years: Govt allocates Rs 4,78 lakh crore to the defence budget for 2021-22</a>

India has an exclusive opportunity to emerge as the preferred destination for them. But besides the announcement of seven mega textile parks to boost exports and attract investments, not much has been promised on making Indian manufacturing globally competitive.

There is also no mention of how foreign companies will be encouraged to move to India. The FDI limit in the insurance sector has been hiked from 49 per cent to 74 per cent. Because several multinational companies are moving out of China owing to the US-China trade war and the COVID-19 pandemic.

More than 40 per cent Japanese companies are looking to shift their base from China. Additionally, more than 1,000 American companies have already shut operations in China. They include assembly partners to giant players in the field of electronics and tech. The budget does not lay out any clear plan on how India intends to tap into this opportunity.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2021-what-got-cheaper-what-is-now-costlier-360666" hreflang="en">Union Budget 2021: What got cheaper, what is now costlier</a> 
 
The hospitality and tourism sectors, which were the worst hit sectors due to the pandemic were absent altogether from budget announcements. This is despite the fact that in 2019, the travel and tourism sectors contributed nearly 194 billion dollars or 6.8 per cent of India's GDP. 
 
Contrary to what budget experts suggested, there are no major tax changes - The income tax slabs remain the same, and only some incremental changes have been announced with small benefits for home-buyers and senior citizens.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2021-how-will-it-affect-petrol-and-diesel-prices-360695" hreflang="en">Union Budget 2021: How will it affect petrol and diesel prices</a>

And until now, interest earned on the provident fund was exempted from income tax. But budget 2021 changes that! If your provident fund or PF contribution is 2.5 lakh rupees and above, you will no longer be able to seek tax exemption on the interest earned starting the next financial year.

India's Finance Minister Nirmala Sitharaman unveiled the annual budget on February 1. We tell you what was missing from her speech. The manufacturing industry was expecting more incentives including more support for the expansion of distribution and diversification of supply chains.

India's Finance Minister Nirmala Sitharaman unveiled the annual budget on February 1. We tell you what was missing from her speech. The manufacturing industry was expecting more incentives including more support for the expansion of distribution and diversification of supply chains. Even though the schemes announced will indirectly benefit the manufacturing sector there are no "dedicated" promises to this effect. No distinct policies that could help India-based organisations establish a strong foothold in global markets were part of the annual budget. The pandemic has made it amply clear that supply chains cannot be dominated by one particular country. The world's leading economies are rethinking their business strategies and are looking at other nations for sourcing. Also read: Highest in 15 years: Govt allocates Rs 4,78 lakh crore to the defence budget for 2021-22 India has an exclusive opportunity to emerge as the preferred destination for them. But besides the announcement of seven mega textile parks to boost exports and attract investments, not much has been promised on making Indian manufacturing globally competitive. There is also no mention of how foreign companies will be encouraged to move to India. The FDI limit in the insurance sector has been hiked from 49 per cent to 74 per cent. Because several multinational companies are moving out of China owing to the US-China trade war and the COVID-19 pandemic. More than 40 per cent Japanese companies are looking to shift their base from China. Additionally, more than 1,000 American companies have already shut operations in China. They include assembly partners to giant players in the field of electronics and tech. The budget does not lay out any clear plan on how India intends to tap into this opportunity. Also read: Union Budget 2021: What got cheaper, what is now costlier The hospitality and tourism sectors, which were the worst hit sectors due to the pandemic were absent altogether from budget announcements. This is despite the fact that in 2019, the travel and tourism sectors contributed nearly 194 billion dollars or 6.8 per cent of India's GDP. Contrary to what budget experts suggested, there are no major tax changes - The income tax slabs remain the same, and only some incremental changes have been announced with small benefits for home-buyers and senior citizens. Also read: Union Budget 2021: How will it affect petrol and diesel prices And until now, interest earned on the provident fund was exempted from income tax. But budget 2021 changes that! If your provident fund or PF contribution is 2.5 lakh rupees and above, you will no longer be able to seek tax exemption on the interest earned starting the next financial year.

Missed opportunities from India's Budget 2021

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