India's direct tax collection has witnessed a significant surge, reaching a staggering ₹18.9 trillion (approximately $227 billion), marking a strong 20 per cent increase as reported by the Central Board of Direct Taxes (CBDT). <o:p></o:p>

According to reports, this growth is attributed to several factors including enhanced compliance measures and a buoyant economy. <o:p></o:p>

Key figures and breakdown <o:p></o:p>

According to government data, net direct tax collection surged by 19.88 per cent to surpass ₹18.9 trillion as of March 17, with Corporation Tax (CIT) contributing ₹9.14 trillion ($110 billion) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) standing at ₹9.72 trillion ($117 billion). Refunds totalling approximately ₹3.37 trillion ($40 billion) have been issued during the current fiscal year. <o:p></o:p>

Government's projections and achievements <o:p></o:p>

Finance Minister Nirmala Sitharaman, in her budget presentation for FY25, revised the direct tax collection target to ₹19.45 trillion ($234 billion). <o:p></o:p>

The strong tax collection figures substantiate the upward revision, indicating a healthy fiscal outlook and economic resilience. <o:p></o:p>

Notably, gross direct tax collections before refunds soared to ₹22.27 trillion ($268 billion), showcasing a growth of 18.74 per cent compared to the previous fiscal period.<o:p></o:p>

Strategic measures and compliance initiatives <o:p></o:p>

According to a report by Mint, the government's proactive approach towards enhancing compliance and widening the tax base has yielded significant results. <o:p></o:p>

Leveraging advanced data analytics and information from various sources including banks, insurers, and registrars, the tax authorities have been able to scrutinise taxpayer transactions effectively, ensuring accurate assessment of tax liabilities. <o:p></o:p>

Moreover, the expansion of taxes deducted at source (TDS) has emerged as a pivotal strategy in bolstering compliance and augmenting revenue collection.<o:p></o:p>

Expert insights and analysis <o:p></o:p>

Mint cited Sumit Singhania, a partner at Deloitte India, who spoke about the sustained momentum in direct tax revenue, attributing it to ongoing tax policy reforms and prudent fiscal management. <o:p></o:p>

The nearly 20 per cent year-on-year growth highlights the government’s initiatives aimed at fostering a conducive tax environment and driving economic growth. <o:p></o:p>

The surge in tax collection reaffirms India's position as a resilient economy amidst global uncertainties. <o:p></o:p>

India's direct tax collection has witnessed a significant surge, reaching a staggering ₹18.9 trillion (approximately $227 billion), marking a strong 20 per cent increase as reported by the Central Board of Direct Taxes (CBDT).

India's direct tax collection has witnessed a significant surge, reaching a staggering ₹18.9 trillion (approximately $227 billion), marking a strong 20 per cent increase as reported by the Central Board of Direct Taxes (CBDT). According to reports, this growth is attributed to several factors including enhanced compliance measures and a buoyant economy. Key figures and breakdown According to government data, net direct tax collection surged by 19.88 per cent to surpass ₹18.9 trillion as of March 17, with Corporation Tax (CIT) contributing ₹9.14 trillion ($110 billion) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) standing at ₹9.72 trillion ($117 billion). Refunds totalling approximately ₹3.37 trillion ($40 billion) have been issued during the current fiscal year. Government's projections and achievements Finance Minister Nirmala Sitharaman, in her budget presentation for FY25, revised the direct tax collection target to ₹19.45 trillion ($234 billion). The strong tax collection figures substantiate the upward revision, indicating a healthy fiscal outlook and economic resilience. Notably, gross direct tax collections before refunds soared to ₹22.27 trillion ($268 billion), showcasing a growth of 18.74 per cent compared to the previous fiscal period. Strategic measures and compliance initiatives According to a report by Mint, the government's proactive approach towards enhancing compliance and widening the tax base has yielded significant results. Leveraging advanced data analytics and information from various sources including banks, insurers, and registrars, the tax authorities have been able to scrutinise taxpayer transactions effectively, ensuring accurate assessment of tax liabilities. Moreover, the expansion of taxes deducted at source (TDS) has emerged as a pivotal strategy in bolstering compliance and augmenting revenue collection. Expert insights and analysis Mint cited Sumit Singhania, a partner at Deloitte India, who spoke about the sustained momentum in direct tax revenue, attributing it to ongoing tax policy reforms and prudent fiscal management. The nearly 20 per cent year-on-year growth highlights the government’s initiatives aimed at fostering a conducive tax environment and driving economic growth. The surge in tax collection reaffirms India's position as a resilient economy amidst global uncertainties.

India's direct tax collection soars, hitting $227 billion mark

The ruling Bharatiya Janata Party (BJP) is expected to release a list of candidates who will contest the polls. The list may carry a few surprise inclusions. Most notably, it will include the names of two Union Ministers, Subhramanium Jaishankar and Nirmala Sitharaman. The announcement was made by the minister of parliamentary affairs Pralhad Joshi. However, the party has not disclosed their constituencies for the elections.

India: Nirmala Sitharaman & Jaishankar likely to contest Lok Sabha polls 2024

India Finance Minister Nirmala Sitharaman and Foreign Minister S Jaishankar will be contesting the upcoming Lok Sabha polls. The Minister of Parliamentary Affairs Prahlad Joshi made the announcement while saying that seats have not been decided yet.

India Foreign Minister Jaishankar & Finance Minister Sitharaman to contest upcoming Lok Sabha polls

Jaishankar & Nirmala Sitharaman to make their electoral debut

India's Union Minister of Parliamentary Affairs Prahlad Joshi said that Foreign Minister S Jaishankar and Finance Minister Nirmala Sitharaman may contest the upcoming parliamentary elections from southern state of Karnataka.

"Dr S Jaishankar and Nirmala Sitharaman may contest from Karnataka or from other state constituencies. There is still no clarity about the constituency," Union Minister Pralhad Joshi told reporters in Karnataka's Hubballi, as quoted by news agency ANI.

External Affairs Minister S Jaishankar is currently a member of Rajya Sabha, the upper house of the Parliament of India. Contesting elections would possibly make him&nbsp;member&nbsp;of Lok Sabha, the lower house of the parliament.

Watch | Lok Sabha Polls: CPI fields its candidate from Wayanad, Congress-Left alliance in tatters in Kerala?

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Chief of Karnataka unit of Bharatiya Janata Party (BJP) BY Vijayendra earlier said that BJP and Janata Dal (Secular) (JDS) will contest the elections together.

"All our leaders have assured our Home Minister (Amit Shah) that BJP and JDS will fight the elections unitedly in all 28 Lok Sabha constituencies and we will make 100 per cent efforts to win all 28 Lok Sabha seats," said Karnataka BJP chief earlier this month.

The Bharatiya Janata Party (BJP) is gearing up for the Lok Sabha election and has held core group meeting of in-charges of five states at party HQ in New Delhi. The meeting was led by BJP National President JP Nadda,&nbsp;India's Home Minister Amit Shah and party's general secretary BL Santosh.

Also Read | <a href="https://www.wionews.com/india-news/widening-fissures-in-india-bloc-cpi-names-its-candidate-on-rahul-gandhis-wayanad-seat-694305">Widening fissures in INDIA bloc? CPI names its candidate on Rahul Gandhi's Wayanad seat</a>

As reported by ANI, this meeting was held in phases and included discussions about Lok Sabha election preparations in other states like Uttar Pradesh, Telangana, West Bengal, Chhattisgarh, Rajasthan.&nbsp;

Also Read | <a href="https://www.wionews.com/business-economy/indias-exports-defy-global-headwinds-reaching-new-shores-in-africa-latin-america-central-asia-694291">India's exports defy global headwinds: Reaching new shores in Africa, Latin America, &amp; Central Asia</a>

The meeting of BJP's central election committee will possibly be held at the end of February or in the first week of March. It is likely that during this meet, discussions on over 100 Lok Sabha seats would take place.

PM Narendra Modi-led BJP is aiming to win a third term at the centre.

(With inputs from agencies)

India's Union Minister of Parliamentary Affairs Prahlad Joshi said that Foreign Minister S Jaishankar and Finance Minister Nirmala Sitharaman may contest the upcoming parliamentary elections from southern state of Karnataka.

India's Union Minister of Parliamentary Affairs Prahlad Joshi said that Foreign Minister S Jaishankar and Finance Minister Nirmala Sitharaman may contest the upcoming parliamentary elections from southern state of Karnataka. "Dr S Jaishankar and Nirmala Sitharaman may contest from Karnataka or from other state constituencies. There is still no clarity about the constituency," Union Minister Pralhad Joshi told reporters in Karnataka's Hubballi, as quoted by news agency ANI. External Affairs Minister S Jaishankar is currently a member of Rajya Sabha, the upper house of the Parliament of India. Contesting elections would possibly make him member of Lok Sabha, the lower house of the parliament. Watch | Lok Sabha Polls: CPI fields its candidate from Wayanad, Congress-Left alliance in tatters in Kerala? × Chief of Karnataka unit of Bharatiya Janata Party (BJP) BY Vijayendra earlier said that BJP and Janata Dal (Secular) (JDS) will contest the elections together. "All our leaders have assured our Home Minister (Amit Shah) that BJP and JDS will fight the elections unitedly in all 28 Lok Sabha constituencies and we will make 100 per cent efforts to win all 28 Lok Sabha seats," said Karnataka BJP chief earlier this month. The Bharatiya Janata Party (BJP) is gearing up for the Lok Sabha election and has held core group meeting of in-charges of five states at party HQ in New Delhi. The meeting was led by BJP National President JP Nadda, India's Home Minister Amit Shah and party's general secretary BL Santosh. Also Read | Widening fissures in INDIA bloc? CPI names its candidate on Rahul Gandhi's Wayanad seat As reported by ANI, this meeting was held in phases and included discussions about Lok Sabha election preparations in other states like Uttar Pradesh, Telangana, West Bengal, Chhattisgarh, Rajasthan. Also Read | India's exports defy global headwinds: Reaching new shores in Africa, Latin America, & Central Asia The meeting of BJP's central election committee will possibly be held at the end of February or in the first week of March. It is likely that during this meet, discussions on over 100 Lok Sabha seats would take place. PM Narendra Modi-led BJP is aiming to win a third term at the centre. (With inputs from agencies)

India: S Jaishankar, Nirmala Sitharaman may contest Lok Saba election from Karnataka, says minister

Commuters on a Mumbai local train had an unexpected co-traveller on Saturday morning (Feb 24), creating a unique experience as Finance Minister Nirmala Sitharaman joined them in their coach and engaged in interactions.

<img alt="Nirmala Sitharaman's Mumbai Local Train Ride" data-entity-type="file" data-entity-uuid="eb42c319-bc79-4b44-b556-882da962a683" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2850%29_7.jpg" />

Sitharaman's train journey extended from Ghatkopar to Kalyan, encompassing the suburbs of Mumbai, as mentioned by her office in an online post. Photos accompanying the post captured moments of the Finance Minister taking selfies with youngsters and office-goers during the ride.

<img alt="Nirmala Sitharaman's Mumbai Local Train Ride" data-entity-type="file" data-entity-uuid="bc899ac1-4270-473d-bcd7-73e69409abbe" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2851%29_4.jpg" />

Recognised as the lifeline of Mumbai, local trains cater to over 60 lakh passengers daily.

Also read:&nbsp;<a data-ctorig="https://www.wionews.com/india-news/watch-indian-president-murmu-travels-via-delhi-metro-engages-with-school-children-687952" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/watch-indian-president-murmu-travels-via-delhi-metro-engages-with-school-children-687952&amp;sa=U&amp;ved=2ahUKEwiE1KOY98OEAxUhZvUHHebICiQQFnoECAgQAg&amp;usg=AOvVaw2vrGwDf06CXfFlq1TN7C2W" dir="ltr" href="https://www.wionews.com/india-news/watch-indian-president-murmu-travels-via-delhi-metro-engages-with-school-children-687952" target="_blank">Watch: Indian President Murmu travels via Delhi&nbsp;Metro</a>

This move echoes Prime Minister Narendra Modi's frequent use of public transport, where he has interacted with commuters on several occasions.

<img alt="Nirmala Sitharaman's Mumbai Local Train Ride" data-entity-type="file" data-entity-uuid="8e552ea2-d167-4543-905b-6f20f9c58a25" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2849%29_7.jpg" />

In the past year, PM Modi inaugurated new services in the Mumbai Metro and took a ride between Gundavali and Mogra stations, accompanied by Maharashtra Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis.

(With inputs from agencies)

Commuters on a Mumbai local train had an unexpected co-traveller on Saturday morning (Feb 24), creating a unique experience as Finance Minister Nirmala Sitharaman joined them in their coach and engaged in interactions.

Commuters on a Mumbai local train had an unexpected co-traveller on Saturday morning (Feb 24), creating a unique experience as Finance Minister Nirmala Sitharaman joined them in their coach and engaged in interactions. Sitharaman's train journey extended from Ghatkopar to Kalyan, encompassing the suburbs of Mumbai, as mentioned by her office in an online post. Photos accompanying the post captured moments of the Finance Minister taking selfies with youngsters and office-goers during the ride. Recognised as the lifeline of Mumbai, local trains cater to over 60 lakh passengers daily. Also read: Watch: Indian President Murmu travels via Delhi Metro This move echoes Prime Minister Narendra Modi's frequent use of public transport, where he has interacted with commuters on several occasions. In the past year, PM Modi inaugurated new services in the Mumbai Metro and took a ride between Gundavali and Mogra stations, accompanied by Maharashtra Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis. (With inputs from agencies)

In pics: FM Nirmala Sitharaman surprises Mumbai local train commuters, shares selfies

India's Finance Minister Nirmala Sitharaman took a jibe at Congress MP Sonia Gandhi while responding to the debate on the White Paper in Lok Sabha stating that Gandhi, who is the chairperson of the United Progressive Alliance (UPA), acted like a 'super' Prime Minister and said that 'Ghotala driven' government mismanaged the economy the government. &nbsp;

"The centre point of the 'Ghotala-driven' government and mismanagement of the economy lies in the issue of leadership. Sonia Gandhi ji was the 'super' Prime Minister as the chairperson of the advisory council and an extra-constitutional and unaccountable person," Sitharaman said.

"It was an unaccountable and unanswerable power. Due to this, scams took pace. It was an unconstitutional use of power," she added.

She then referred to the incident when&nbsp;Congress MP Rahul Gandhi tore up the ordinance that was put forward by the Manmohan Singh government in the year 2013 questioning the&nbsp;decency in the matter.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/white-paper-is-serious-document-says-nirmala-sitharaman-as-she-slams-opposition-in-lok-sabha-688798">'White Paper is serious document', says Nirmala Sitharaman as she slams opposition in Lok Sabha</a>

"When Manmohan Singhji, the then-Prime Minister, was on a foreign trip, a man who might have been the Congress' general secretary or president at the time tore an ordinance. Was this decency? Wasn't this an insult to the Constitution?"

"He was an arrogant man who did not care for his own prime minister," she added.

Highlighting the scams under the UPA government's tenure, the Indian finance minister stressed Congress' "glaring mismanagement of defence" sector stating that its highlight was the Rs 3,600 crore AgustaWestland scam.

"Critical shortage of ammunition and defence equipment was the main feature of 2014 when we inherited the economy. Bulletproof jackets were not available for our soldiers. Night vision goggles were not available," Sitharaman said.

She then highlighted that the 'Jayanti Tax' during the reign of UPA, pushed the environment clearances for projects for up to a year stating that the efforts of the Modi government during its 10-year tenure put the economy back on rails.

The average time to clear projects increased to 316 days from 86 days between 2011 and 2014.

"We corrected all misgovernance, and focussed on reforms," Sitharaman said, adding the average environment clearance time for projects has come down to 70 days.

<h2>What happened at the 2013 presser?</h2>

The UPA government, which was led by Congress had put forward the Ordinance in order to get around a Supreme Court judgement barring the elected representatives from becoming the members of legislative bodies upon being convicted in criminal cases.

However, they were propelled to push back the Ordinance after Rahul Gandhi publicly opposed it by shredding the piece of paper, claiming that it deserved to be dumped in&nbsp;the bin.

At the time of a hearing in the Lily Thomas vs Union of India case, the Supreme Court ruled that "any MP, MLA or MLC who is convicted of a crime and given a minimum of 2 years' jail loses membership of the House with immediate effect".

(With inputs from agencies)

India's Finance Minister Nirmala Sitharaman took a jibe at Congress MP Sonia Gandhi while responding to the debate on the White Paper in Lok Sabha stating that Gandhi, who is the chairperson of the United Progressive Alliance (UPA), acted like a 'super' Prime Minister and said that 'Ghotala driven' government mismanaged the economy the government.

India's Finance Minister Nirmala Sitharaman took a jibe at Congress MP Sonia Gandhi while responding to the debate on the White Paper in Lok Sabha stating that Gandhi, who is the chairperson of the United Progressive Alliance (UPA), acted like a 'super' Prime Minister and said that 'Ghotala driven' government mismanaged the economy the government. "The centre point of the 'Ghotala-driven' government and mismanagement of the economy lies in the issue of leadership. Sonia Gandhi ji was the 'super' Prime Minister as the chairperson of the advisory council and an extra-constitutional and unaccountable person," Sitharaman said. "It was an unaccountable and unanswerable power. Due to this, scams took pace. It was an unconstitutional use of power," she added. She then referred to the incident when Congress MP Rahul Gandhi tore up the ordinance that was put forward by the Manmohan Singh government in the year 2013 questioning the decency in the matter. Also read: 'White Paper is serious document', says Nirmala Sitharaman as she slams opposition in Lok Sabha "When Manmohan Singhji, the then-Prime Minister, was on a foreign trip, a man who might have been the Congress' general secretary or president at the time tore an ordinance. Was this decency? Wasn't this an insult to the Constitution?" "He was an arrogant man who did not care for his own prime minister," she added. Highlighting the scams under the UPA government's tenure, the Indian finance minister stressed Congress' "glaring mismanagement of defence" sector stating that its highlight was the Rs 3,600 crore AgustaWestland scam. "Critical shortage of ammunition and defence equipment was the main feature of 2014 when we inherited the economy. Bulletproof jackets were not available for our soldiers. Night vision goggles were not available," Sitharaman said. She then highlighted that the 'Jayanti Tax' during the reign of UPA, pushed the environment clearances for projects for up to a year stating that the efforts of the Modi government during its 10-year tenure put the economy back on rails. The average time to clear projects increased to 316 days from 86 days between 2011 and 2014. "We corrected all misgovernance, and focussed on reforms," Sitharaman said, adding the average environment clearance time for projects has come down to 70 days. What happened at the 2013 presser? The UPA government, which was led by Congress had put forward the Ordinance in order to get around a Supreme Court judgement barring the elected representatives from becoming the members of legislative bodies upon being convicted in criminal cases. However, they were propelled to push back the Ordinance after Rahul Gandhi publicly opposed it by shredding the piece of paper, claiming that it deserved to be dumped in the bin. At the time of a hearing in the Lily Thomas vs Union of India case, the Supreme Court ruled that "any MP, MLA or MLC who is convicted of a crime and given a minimum of 2 years' jail loses membership of the House with immediate effect". (With inputs from agencies)

‘Sonia Gandhi acted like super PM’: Nirmala Sitharaman launches scathing attack on opposition

India's Finance Minister Nirmala Sitharaman on Friday (Feb 9) said that the White Paper which was tabled by the government in Parliament was a "serious document" and showed the dedicated efforts by the Modi government to bring the economy "back on rails" after almost a decade of "economic mismanagement" of the UPA government.

Responding to the debate on the White Paper in Lok Sabha, Sitharaman spoke of the measures taken by the Modi government to bolster self-reliance in defence and also expedite environmental licenses for more rapid economic development.&nbsp;

"I challenge anyone who says this document is baseless. Everything is with evidence. I challenge anyone who says that we have kept the White Paper which has no proof," Sitharaman said amid interruptions by opposition members.

"The White Paper is a serious document for documentary evidence for everything that is said in it and prepared with an intention of informing the House of the 10 years' dedicated effort to get the government work in such a way that the economy is back on rails and also progress in such a way that our aspirations can be met," she added.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/bharat-ratna-to-chaudhary-charan-singh-a-true-champion-of-farmers-and-staunch-advocate-of-inclusive-growth-688664">Bharat Ratna to Chaudhary Charan Singh, a true 'champion of farmers' and staunch advocate of inclusive growth</a>

<h2>Govt is afraid of exponential growth in unemployment, says RSP leader</h2>

While RSP (Revolutionary Socialist Party) leader NK Premachandran launched a scathing attack against the BJP-led government accusing the party of releasing the White Paper in a bid to blame the UPA government for its failures ahead of the elections.

He said the government was afraid of "exponential growth in unemployment and spiralling price rise" urging the members to disapprove of the motion that was brought by the government.

The White Paper said that when the BJP-led government was formed in the year 2014, "the economy was in a fragile state, public finances were in bad shape, there was economic mismanagement and financial indiscipline, and there was widespread corruption"

"It was a crisis situation. The responsibility to mend the economy step by step and to put the governance systems in order was enormous. Our government refrained from bringing out a white paper on the poor state of affairs then. That would have given a negative narrative and shaken the confidence of all, including investors. The need of the hour was to give hope to the people, to attract investments, both domestic and global and to build support for the much-needed reforms. The government believed in 'nation-first' and not in 
scoring political points."

"Now that we have stabilised the economy and set it on a recovery and growth path, it is necessary to place in the public domain the seemingly insurmountable challenges - left behind as a legacy by the UPA Government," the White Paper said.

(With inputs from agencies)

India's Finance Minister Nirmala Sitharaman on Friday (Feb 9) said that the White Paper which was tabled by the government in Parliament was a "serious document" and showed the dedicated efforts by the Modi government to bring the economy "back on rails" after almost a decade of "economic mismanagement" of the UPA government.

India's Finance Minister Nirmala Sitharaman on Friday (Feb 9) said that the White Paper which was tabled by the government in Parliament was a "serious document" and showed the dedicated efforts by the Modi government to bring the economy "back on rails" after almost a decade of "economic mismanagement" of the UPA government. Responding to the debate on the White Paper in Lok Sabha, Sitharaman spoke of the measures taken by the Modi government to bolster self-reliance in defence and also expedite environmental licenses for more rapid economic development. "I challenge anyone who says this document is baseless. Everything is with evidence. I challenge anyone who says that we have kept the White Paper which has no proof," Sitharaman said amid interruptions by opposition members. "The White Paper is a serious document for documentary evidence for everything that is said in it and prepared with an intention of informing the House of the 10 years' dedicated effort to get the government work in such a way that the economy is back on rails and also progress in such a way that our aspirations can be met," she added. Also read: Bharat Ratna to Chaudhary Charan Singh, a true 'champion of farmers' and staunch advocate of inclusive growth Govt is afraid of exponential growth in unemployment, says RSP leader While RSP (Revolutionary Socialist Party) leader NK Premachandran launched a scathing attack against the BJP-led government accusing the party of releasing the White Paper in a bid to blame the UPA government for its failures ahead of the elections. He said the government was afraid of "exponential growth in unemployment and spiralling price rise" urging the members to disapprove of the motion that was brought by the government. The White Paper said that when the BJP-led government was formed in the year 2014, "the economy was in a fragile state, public finances were in bad shape, there was economic mismanagement and financial indiscipline, and there was widespread corruption" "It was a crisis situation. The responsibility to mend the economy step by step and to put the governance systems in order was enormous. Our government refrained from bringing out a white paper on the poor state of affairs then. That would have given a negative narrative and shaken the confidence of all, including investors. The need of the hour was to give hope to the people, to attract investments, both domestic and global and to build support for the much-needed reforms. The government believed in 'nation-first' and not in scoring political points." "Now that we have stabilised the economy and set it on a recovery and growth path, it is necessary to place in the public domain the seemingly insurmountable challenges - left behind as a legacy by the UPA Government," the White Paper said. (With inputs from agencies)

'White Paper is serious document', says Indian FM Nirmala Sitharaman as she slams opposition in Parliament

Indian Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024, which included the announcement of the health outlay. It was an interim budget and it aims to take care of the fiscal needs of the intervening period until a government is formed after the general elections, hence, it didn't include major announcements.&nbsp;

When it comes to the health sector, the finance minister made only a slight increase in fund allocations for the ministries of health and family welfare and women and child development.&nbsp;

The Indian government announced the extension of the flagship Ayushman Bharat health insurance scheme to all ASHA and Anganwadi workers and helpers. It also upgraded and strengthened the POSHAN scheme, which aims to provide nutritious meals to children at government schools.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/health-and-wellness/world-cancer-day-redefining-support-for-breast-cancer-patients-in-india-and-iimportnce-of-palliative-care-686886">World Cancer Day: Redefining support for breast cancer patients in India, importance of palliative care</a>&nbsp;

Sitharaman announced ₹90,658 crore to the health ministry, which is an increase of only 1.68 per cent over the previous year. The Ministry for Women and Child Development (WCD) has been allocated ₹26,092 crore, a 2.53 per cent increase over last year.&nbsp;

In a release, Dr Vijayabhaskaran, Executive Director, Kauvery Hospital, Bengaluru &amp; Hosur weighed in on the interim budget 2024. He said, "The Indian Government's 2024 interim union budget for the healthcare sector underscores a multi-faceted approach towards enhancing healthcare education, broadening coverage, and emphasising preventive measures."&nbsp;

"The initiative to establish more medical colleges by leveraging existing hospital infrastructures aligns with global best practices, similar to the integration seen in teaching hospitals in the US, where clinical settings offer robust training grounds for medical students. This model fosters a blend of academic knowledge and practical experience, crucial for producing well-rounded healthcare professionals," Dr Vijayabhaskaran added.&nbsp;

He added that in order to "effectively manage the primary healthcare needs and address the shortage at the speciality level, it's essential to consider strategies beyond just increasing the number of medical colleges".&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/health-and-wellness/cervical-cancer-experts-tell-importance-of-symptoms-and-preventive-measures-a-must-read-for-all-women-683639">Cervical Cancer: Experts talk about preventive measures. A must-read for all women</a>&nbsp;

Explaining with an example, Dr Vijayabhaskaran mentioned that India faces a nearly 80 per cent shortage of surgeons, physicians, gynaecologists, and paediatricians in rural community health centres. "Specialist doctors often prefer urban settings or overseas opportunities due to better infrastructure, resources, and professional growth prospects," he said.

Sitharaman's budget included the health of young girls as she said that the government will actively promote the vaccination of girls aged 9-14 for the prevention of cervical cancer.&nbsp;

Dr Sanjeev Kumar, who is Surgical Oncologist, at Manipal Hospital, Dwarka, told WION: "It's a welcome move by the government of India. Cervical cancer is one of the preventable cancers. HPV vaccination in the age group 9-14 years has&nbsp;been shown to be safe and effective in preventing HPV infection and cervical cancer. Routine HPV vaccination should be included in the National Immunisation Programme.&nbsp;

Sombrata Roy, Unit head of CMRI-CK Birla Hospitals, Kolkata, said in a release: "In the 2024 interim budget, our healthcare mission is firm. We commend the government's dedication to combat cervical cancer. The plan to establish additional medical colleges resonates with our commitment to advancing medical education. We eagerly anticipate contributing to these national initiatives, ensuring comprehensive and inclusive healthcare for all."&nbsp;

<h2>How govt can improve it?</h2>

After the Lok Sabha polls, a full budget will be presented probably in July by the new government. Experts expect that new policies and major policies will be announced then.&nbsp;

Dr Vijayabhaskaran said in the release that the government should explore adopting some of these strategies to address this imbalance.&nbsp;

1. Incentivising Rural Service: Offering financial incentives, housing, and opportunities for professional development for doctors serving in rural and underserved areas could help attract more specialists to these regions.&nbsp;

2. Enhanced Telemedicine Services: Leveraging telemedicine can help bridge the gap in specialist care in remote areas. This could involve setting up teleconsultation services that connect specialists in urban centres with patients in rural areas and can also help create younger entrepreneurs in tier two&nbsp;and rural areas.&nbsp;

3. Focused Training Programmes: Developing training programmes specifically designed for rural healthcare needs could help prepare specialists willing to work in these settings. This might include training in a broader range of skills to manage a variety of conditions in resource-limited settings.&nbsp;

4. Public-Private Partnerships: Encouraging partnerships between the government and private sector can lead to the development of healthcare infrastructure in underserved areas, making them more attractive places for specialists to work.&nbsp;

5. Regulatory Reforms: Simplifying the process for medical professionals trained abroad to practice in India could help alleviate the shortage of specialists.&nbsp;&nbsp;

<h2>Ayushman Bharat Expansion</h2>

Dr Vijayabhaskaran said, "The expansion of Ayushman Bharat to include all ASHA workers, Anganwadi Workers, and Helpers under its healthcare cover is a commendable move towards ensuring a healthier workforce at the grassroots level of healthcare delivery. Ayushman Bharat has already made significant strides by operationalising over 1.5 lakh Health and Wellness Centres (HWCs) across India, providing comprehensive primary healthcare services."

"This initiative has seen remarkable progress, with millions benefiting from screenings for non-communicable diseases and teleconsultations. With a proven and well-established system Ayushman Bharat can further strengthen its primary healthcare framework, ensuring early detection and management of diseases at the community level," he added.&nbsp;

Indian Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024, which included the announcement of the health outlay. It was an interim budget and it aims to take care of the fiscal needs of the intervening period until a government is formed after the general elections, hence, it didn't include major announcements.

Indian Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024, which included the announcement of the health outlay. It was an interim budget and it aims to take care of the fiscal needs of the intervening period until a government is formed after the general elections, hence, it didn't include major announcements. When it comes to the health sector, the finance minister made only a slight increase in fund allocations for the ministries of health and family welfare and women and child development. The Indian government announced the extension of the flagship Ayushman Bharat health insurance scheme to all ASHA and Anganwadi workers and helpers. It also upgraded and strengthened the POSHAN scheme, which aims to provide nutritious meals to children at government schools. Also read: World Cancer Day: Redefining support for breast cancer patients in India, importance of palliative care Sitharaman announced ₹90,658 crore to the health ministry, which is an increase of only 1.68 per cent over the previous year. The Ministry for Women and Child Development (WCD) has been allocated ₹26,092 crore, a 2.53 per cent increase over last year. In a release, Dr Vijayabhaskaran, Executive Director, Kauvery Hospital, Bengaluru & Hosur weighed in on the interim budget 2024. He said, "The Indian Government's 2024 interim union budget for the healthcare sector underscores a multi-faceted approach towards enhancing healthcare education, broadening coverage, and emphasising preventive measures." "The initiative to establish more medical colleges by leveraging existing hospital infrastructures aligns with global best practices, similar to the integration seen in teaching hospitals in the US, where clinical settings offer robust training grounds for medical students. This model fosters a blend of academic knowledge and practical experience, crucial for producing well-rounded healthcare professionals," Dr Vijayabhaskaran added. He added that in order to "effectively manage the primary healthcare needs and address the shortage at the speciality level, it's essential to consider strategies beyond just increasing the number of medical colleges". Also read: Cervical Cancer: Experts talk about preventive measures. A must-read for all women Explaining with an example, Dr Vijayabhaskaran mentioned that India faces a nearly 80 per cent shortage of surgeons, physicians, gynaecologists, and paediatricians in rural community health centres. "Specialist doctors often prefer urban settings or overseas opportunities due to better infrastructure, resources, and professional growth prospects," he said. Sitharaman's budget included the health of young girls as she said that the government will actively promote the vaccination of girls aged 9-14 for the prevention of cervical cancer. Dr Sanjeev Kumar, who is Surgical Oncologist, at Manipal Hospital, Dwarka, told WION: "It's a welcome move by the government of India. Cervical cancer is one of the preventable cancers. HPV vaccination in the age group 9-14 years has been shown to be safe and effective in preventing HPV infection and cervical cancer. Routine HPV vaccination should be included in the National Immunisation Programme. Sombrata Roy, Unit head of CMRI-CK Birla Hospitals, Kolkata, said in a release: "In the 2024 interim budget, our healthcare mission is firm. We commend the government's dedication to combat cervical cancer. The plan to establish additional medical colleges resonates with our commitment to advancing medical education. We eagerly anticipate contributing to these national initiatives, ensuring comprehensive and inclusive healthcare for all." How govt can improve it? After the Lok Sabha polls, a full budget will be presented probably in July by the new government. Experts expect that new policies and major policies will be announced then. Dr Vijayabhaskaran said in the release that the government should explore adopting some of these strategies to address this imbalance. 1. Incentivising Rural Service: Offering financial incentives, housing, and opportunities for professional development for doctors serving in rural and underserved areas could help attract more specialists to these regions. 2. Enhanced Telemedicine Services: Leveraging telemedicine can help bridge the gap in specialist care in remote areas. This could involve setting up teleconsultation services that connect specialists in urban centres with patients in rural areas and can also help create younger entrepreneurs in tier two and rural areas. 3. Focused Training Programmes: Developing training programmes specifically designed for rural healthcare needs could help prepare specialists willing to work in these settings. This might include training in a broader range of skills to manage a variety of conditions in resource-limited settings. 4. Public-Private Partnerships: Encouraging partnerships between the government and private sector can lead to the development of healthcare infrastructure in underserved areas, making them more attractive places for specialists to work. 5. Regulatory Reforms: Simplifying the process for medical professionals trained abroad to practice in India could help alleviate the shortage of specialists. Ayushman Bharat Expansion Dr Vijayabhaskaran said, "The expansion of Ayushman Bharat to include all ASHA workers, Anganwadi Workers, and Helpers under its healthcare cover is a commendable move towards ensuring a healthier workforce at the grassroots level of healthcare delivery. Ayushman Bharat has already made significant strides by operationalising over 1.5 lakh Health and Wellness Centres (HWCs) across India, providing comprehensive primary healthcare services." "This initiative has seen remarkable progress, with millions benefiting from screenings for non-communicable diseases and teleconsultations. With a proven and well-established system Ayushman Bharat can further strengthen its primary healthcare framework, ensuring early detection and management of diseases at the community level," he added.

What do health experts think of India’s interim budget? How can govt improve it?

India has unveiled a $580 billion interim budget for the next fiscal year, which begins on April 1. But have you ever wondered how the government earns and spends each rupee accounted in the budget? We break that down for you.

How India earns and spends every rupee

An A-Z of budgetary terms, explained in layman’s language.&nbsp;

A:&nbsp;

Allocation:&nbsp;Amount of money set aside for specific programs or sectors.&nbsp;

Ayushman Bharat Yojana (ABY):&nbsp;Government health insurance scheme for low-income households.&nbsp;

Agriculture credit target:&nbsp;Annual target for loans provided to farmers by banks.&nbsp;

B:&nbsp;

Balanced Budget Act (BBA):&nbsp;Legislation setting fiscal deficit targets for the government.&nbsp;

Banking sector:&nbsp;Financial institutions accepting deposits and providing loans.&nbsp;

Bharat Net (BNET):&nbsp;Government scheme to provide broadband connectivity to villages.&nbsp;

C:&nbsp;

Capital expenditure (capex):&nbsp;Government spending on infrastructure and assets.&nbsp;

Central Plan Expenditure:&nbsp;A part of the budget that is allocated to specific economic and social development programs.&nbsp;

D:&nbsp;

Direct benefits transfer (DBT):&nbsp;A scheme&nbsp;to transfer subsidies directly to beneficiaries' bank accounts.&nbsp;

Direct taxes:&nbsp;Taxes levied directly on individuals and businesses, like income tax or corporate tax.&nbsp;

Deficit:&nbsp;The gap between government income and expenditure.&nbsp;

Developed Economy vs Developing Economy:&nbsp;A developed economy usually belongs to a developed country that's doing well economically and has good stability. In contrast, developing economies, previously called lesser-developed economies, face challenges like poor infrastructure, slower growth, an uneven economy, and very low personal incomes.

E:&nbsp;

Excise duty:&nbsp;Tax levied on goods produced domestically.&nbsp;

Economic Survey:&nbsp;Annual report published by the Ministry of Finance before the Budget presentation.&nbsp;

Expenditure Budget:&nbsp;Document detailing the government's planned spending for the year.&nbsp;

F:&nbsp;

Fiscal deficit:&nbsp;Difference between total government spending and total non-borrowed revenue.&nbsp;

Food Security Act (FSA):&nbsp;Law guaranteeing subsidized food grains to millions of people.&nbsp;

Finance Act:&nbsp;Legislation passed by Parliament to implement the Budget proposals.&nbsp;

G:&nbsp;

Goods and Services Tax (GST):&nbsp;Indirect tax applied to most goods and services in India.&nbsp;

Grants:&nbsp;Financial assistance provided by the government to individuals, institutions, or states.&nbsp;

Green Climate Fund (GCF):&nbsp;International fund to support developing countries in climate action.&nbsp;

H:&nbsp;

Human Development Index (HDI):&nbsp;Measure of a country's progress in health, education, and living standards.&nbsp;

Housing for All:&nbsp;Urban and rural housing schemes for low-income groups.&nbsp;

I:&nbsp;

Indirect taxes:&nbsp;Taxes levied on goods and services at various stages of production and distribution, like GST.&nbsp;

Interest rates:&nbsp;Rates charged by banks for loans or paid on investments.&nbsp;

J:&nbsp;

Jan Dhan Yojana:&nbsp;Financial inclusion scheme providing bank accounts to all households.&nbsp;

Job creation:&nbsp;Number of new jobs created in the economy during a specific period.&nbsp;

K:&nbsp;

Kisan Credit Card (KCC):&nbsp;Government scheme providing credit to farmers at subsidized interest rates.&nbsp;

Krishi Vikas Yojana (KVK):&nbsp;Scheme to provide agricultural extension services to farmers.&nbsp;

L:&nbsp;

Local Area Development (LAD) funds:&nbsp;Funds allocated to MPs for development projects in their constituencies.&nbsp;

MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act):&nbsp;Scheme guaranteeing 100 days of work per year to rural adults.&nbsp;

M:&nbsp;

Manufacturing sector:&nbsp;Industry involved in the production of goods.&nbsp;

Monetary policy:&nbsp;Government policies influencing the money supply and interest rates.&nbsp;

Micro, Small and Medium Enterprises (MSMEs):&nbsp;Sector comprising small businesses contributing to the economy.&nbsp;

N:&nbsp;

Net Domestic Product (NDP):&nbsp;Value of all final goods and services produced within a country's borders in a given year.&nbsp;

Non-tax revenue:&nbsp;Government income from sources other than taxes, like dividends or fees.&nbsp;

O:&nbsp;

Off-budget financing:&nbsp;Government financial activities not included in the official budget.&nbsp;

Open Government Platform (OGP):&nbsp;Initiative promoting transparency and citizen participation in government.&nbsp;

P:&nbsp;

Plan versus non-plan expenditure:&nbsp;Categorisation of spending based on whether it contributes to development plans.&nbsp;

Public debt:&nbsp;Total amount of money owed by the government to creditors.&nbsp;

Q:&nbsp;

Quasi-expenditure:&nbsp;Expenses not directly reflected in the budget but incurred through government guarantees or loans.&nbsp;

R:&nbsp;

Revenue deficit: The difference&nbsp;between the government's non-tax revenue and its non-debt expenditure.&nbsp;

Revenue Expenditure vs Capital Expenditure:&nbsp;Revenue expenditure refers to expenditure that occurs&nbsp;regularly, like routine expenses for running government departments and providing services. On the other hand, Capital expenditure is not regular; it is&nbsp;used for the purchase of&nbsp;assets or for giving loans and advances.

S:&nbsp;

Sarva Shiksha Abhiyan (SSA):&nbsp;Government scheme for achieving universal elementary education.&nbsp;

Samagra Shiksha:&nbsp;Scheme for holistic development of school education.&nbsp;

Subsidies:&nbsp;Financial assistance provided by the government to producers or consumers to reduce the price of goods or services.&nbsp;

Sustainable Development Goals (SDGs):&nbsp;Global goals for environmental,&nbsp;economic,&nbsp;and social development.&nbsp;

T:&nbsp;

Tax incentives:&nbsp;Special tax benefits offered by the government to encourage certain activities.&nbsp;

Tariff:&nbsp;Tax levied on imported goods.&nbsp;

Transparency:&nbsp;Openness and accountability in government policies and spending.&nbsp;

U:&nbsp;

Union Budget:&nbsp;Annual statement of the government's finances including income,&nbsp;expenditure,&nbsp;and deficit.&nbsp;

Urban development:&nbsp;Government programs aimed at improving infrastructure and services in cities.&nbsp;

V:&nbsp;

Value Added Tax (VAT):&nbsp;Indirect tax levied on the added value of goods and services at each stage of production and distribution (predecessor to GST).&nbsp;

Village Health and Sanitation Scheme (VHSN):&nbsp;Program to improve public health and sanitation in rural areas.&nbsp;

W:&nbsp;

Women empowerment:&nbsp;Government initiatives to improve women's social and economic status.&nbsp;

X:&nbsp;

X-Factor:&nbsp;Unforeseen events or changes that might impact the budget projections.&nbsp;

Y:&nbsp;

Youth development:&nbsp;Government programs aimed at developing the skills and opportunities for young people.&nbsp;

Z:&nbsp;

Zero-based budgeting:&nbsp;Approach where each expense needs to be justified from scratch,&nbsp;rather than simply rolling over previous allocations.&nbsp;

An A-Z of budgetary terms, explained in layman’s language. A: Allocation: Amount of money set aside for specific programs or sectors. Ayushman Bharat Yojana (ABY): Government health insurance scheme for low-income households.

An A-Z of budgetary terms, explained in layman’s language. A: Allocation: Amount of money set aside for specific programs or sectors. Ayushman Bharat Yojana (ABY): Government health insurance scheme for low-income households. Agriculture credit target: Annual target for loans provided to farmers by banks. B: Balanced Budget Act (BBA): Legislation setting fiscal deficit targets for the government. Banking sector: Financial institutions accepting deposits and providing loans. Bharat Net (BNET): Government scheme to provide broadband connectivity to villages. C: Capital expenditure (capex): Government spending on infrastructure and assets. Central Plan Expenditure: A part of the budget that is allocated to specific economic and social development programs. D: Direct benefits transfer (DBT): A scheme to transfer subsidies directly to beneficiaries' bank accounts. Direct taxes: Taxes levied directly on individuals and businesses, like income tax or corporate tax. Deficit: The gap between government income and expenditure. Developed Economy vs Developing Economy: A developed economy usually belongs to a developed country that's doing well economically and has good stability. In contrast, developing economies, previously called lesser-developed economies, face challenges like poor infrastructure, slower growth, an uneven economy, and very low personal incomes. E: Excise duty: Tax levied on goods produced domestically. Economic Survey: Annual report published by the Ministry of Finance before the Budget presentation. Expenditure Budget: Document detailing the government's planned spending for the year. F: Fiscal deficit: Difference between total government spending and total non-borrowed revenue. Food Security Act (FSA): Law guaranteeing subsidized food grains to millions of people. Finance Act: Legislation passed by Parliament to implement the Budget proposals. G: Goods and Services Tax (GST): Indirect tax applied to most goods and services in India. Grants: Financial assistance provided by the government to individuals, institutions, or states. Green Climate Fund (GCF): International fund to support developing countries in climate action. H: Human Development Index (HDI): Measure of a country's progress in health, education, and living standards. Housing for All: Urban and rural housing schemes for low-income groups. I: Indirect taxes: Taxes levied on goods and services at various stages of production and distribution, like GST. Interest rates: Rates charged by banks for loans or paid on investments. J: Jan Dhan Yojana: Financial inclusion scheme providing bank accounts to all households. Job creation: Number of new jobs created in the economy during a specific period. K: Kisan Credit Card (KCC): Government scheme providing credit to farmers at subsidized interest rates. Krishi Vikas Yojana (KVK): Scheme to provide agricultural extension services to farmers. L: Local Area Development (LAD) funds: Funds allocated to MPs for development projects in their constituencies. MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act): Scheme guaranteeing 100 days of work per year to rural adults. M: Manufacturing sector: Industry involved in the production of goods. Monetary policy: Government policies influencing the money supply and interest rates. Micro, Small and Medium Enterprises (MSMEs): Sector comprising small businesses contributing to the economy. N: Net Domestic Product (NDP): Value of all final goods and services produced within a country's borders in a given year. Non-tax revenue: Government income from sources other than taxes, like dividends or fees. O: Off-budget financing: Government financial activities not included in the official budget. Open Government Platform (OGP): Initiative promoting transparency and citizen participation in government. P: Plan versus non-plan expenditure: Categorisation of spending based on whether it contributes to development plans. Public debt: Total amount of money owed by the government to creditors. Q: Quasi-expenditure: Expenses not directly reflected in the budget but incurred through government guarantees or loans. R: Revenue deficit: The difference between the government's non-tax revenue and its non-debt expenditure. Revenue Expenditure vs Capital Expenditure: Revenue expenditure refers to expenditure that occurs regularly, like routine expenses for running government departments and providing services. On the other hand, Capital expenditure is not regular; it is used for the purchase of assets or for giving loans and advances. S: Sarva Shiksha Abhiyan (SSA): Government scheme for achieving universal elementary education. Samagra Shiksha: Scheme for holistic development of school education. Subsidies: Financial assistance provided by the government to producers or consumers to reduce the price of goods or services. Sustainable Development Goals (SDGs): Global goals for environmental, economic, and social development. T: Tax incentives: Special tax benefits offered by the government to encourage certain activities. Tariff: Tax levied on imported goods. Transparency: Openness and accountability in government policies and spending. U: Union Budget: Annual statement of the government's finances including income, expenditure, and deficit. Urban development: Government programs aimed at improving infrastructure and services in cities. V: Value Added Tax (VAT): Indirect tax levied on the added value of goods and services at each stage of production and distribution (predecessor to GST). Village Health and Sanitation Scheme (VHSN): Program to improve public health and sanitation in rural areas. W: Women empowerment: Government initiatives to improve women's social and economic status. X: X-Factor: Unforeseen events or changes that might impact the budget projections. Y: Youth development: Government programs aimed at developing the skills and opportunities for young people. Z: Zero-based budgeting: Approach where each expense needs to be justified from scratch, rather than simply rolling over previous allocations.

Business Jargon Buster: Budget edition 

Finance Minister Nirmala Sitharaman claimed the government has helped 25 crore people get out of poverty in the last ten years.

India Budget 2024 | Nirmala Sitharaman on poor: 'Garib ka kalyan, desh ka kalyan'

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Indian Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 today against the backdrop of impending Lok Sabha elections. The Budget is anticipated to emphasize a prudent fiscal approach, prioritizing infrastructure investments over populist measures.

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India Budget 2024: Indian markets marginally up ahead of interim budget

All eyes are on the upcoming Interim Budget for 2024-2025, a crucial temporary financial plan designed to sustain essential government services until the new administration takes charge post-elections. Finance Minister Nirmala Sitharaman is poised to present the Interim Budget 2024 during the Parliament's Budget session.

India budget 2024: Indian stocks defy global markets slump ahead of budget

Union Finance Minister Nirmala Sitharaman's sartorial choices have always been discussed. The Finance Minister is known to have an exquisite collection of sarees - a traditional garment worn by Indian women - and her saree choices each year while presenting the union budget are also keenly observed and discussed.&nbsp; 
 
On Thursday, as Sitharaman stepped out of the Ministry of Finance at the Central Secretariat with her team and posed for the media outside, she looked resplendent in a blue and cream saree.&nbsp; 
 
Nirmala Sitharaman's saree for Budget 2024 
 
Sitharaman wore a blue and cream printed silk saree with Kantha embroidery all over on Thursday as she went to the Rashtrapati Bhawan to meet&nbsp;Indian President Droupadi Murmu ahead of the interim Budget 2024.&nbsp; 
 
The saree in ash-blue colour had intricate motifs all over with Kantha embroidery. The embroidery is a specialised kind of thread design done mostly by the artisans of West Bengal.&nbsp;

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<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Union Finance Minister Nirmala Sitharaman will present the interim budget today<a href="https://twitter.com/hashtag/Budget2024?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2024</a> <a href="https://twitter.com/hashtag/NirmalaSitharaman?src=hash&amp;ref_src=twsrc%5Etfw">#NirmalaSitharaman</a> <a href="https://twitter.com/hashtag/BudgetSession2024?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession2024</a> <a href="https://t.co/psiG3ZkaVP">pic.twitter.com/psiG3ZkaVP</a>
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Sitharaman teamed her blue saree with a cream blouse and a stole.&nbsp; 
 
With a red digital tablet in hand, Sitharaman looked elegant as she posed for photographs in front of the Ministry of Finance. She wore a small bindi, her hair was tied back and she wore a gold bangle. &nbsp;The colour of her saree this year was different. The Finance Minister in the past years has opted for sarees in colours of red, brown and yellow.&nbsp; 
 
Handloom saree lover 
 
The finance minister has promoted handloom sarees in the past. Here's a look at her sartorial choices in the past budget sessions.&nbsp; 
 
In 2023, Sitharaman wore a red and black temple border saree with Kasuti threadwork all over. A staunch supporter of traditional handlooms ever since she became the finance minister, Sitharaman has always opted to promote handloom sarees when presenting the Union Budget in the past years.&nbsp;

<img alt="h" data-entity-type="file" data-entity-uuid="b716f1bf-ae18-414a-a5fb-5cec65050e74" src="//cdn.wionews.com/sites/default/files/inline-images/ns4.jpg" /> 
 
In 2022, Sitharaman wore a rust and maroon handloom Bomkai saree typically weaved in Odisha. &nbsp;

<img alt="h" data-entity-type="file" data-entity-uuid="c86608d9-3544-4259-8bb5-b01620ae33d6" src="//cdn.wionews.com/sites/default/files/inline-images/ns3.JPG" /> 
 
In 2021, Sitharaman wore a classic red and off-white silk Pochampally sari with ikat patterns around the pallu with a green border. Pochampally ikat is traditionally made in the south Indian state of Telangana, also known as the 'silk city of India'. 
 
<img alt="h" data-entity-type="file" data-entity-uuid="cd1f0015-69f0-40a6-9926-89d1854284d4" src="//cdn.wionews.com/sites/default/files/inline-images/ns1_0.JPG" /> 
 
<img alt="j" data-entity-type="file" data-entity-uuid="92022484-f14c-43a2-aace-72ea6275c63f" src="//cdn.wionews.com/sites/default/files/inline-images/ns2.JPG" /> 
 
In 2020, Sitharaman opted for a bright yellow-gold silk saree. The yellow colour is often considered a sacred colour which stands for prosperity.

Union Finance Minister Nirmala Sitharaman's sartorial choices have always been discussed. The Finance Minister is known to have an exquisite collection of sarees - a traditional garment worn by Indian women - and her saree choices each year while presenting the union budget are also keenly observed and discussed.

Union Finance Minister Nirmala Sitharaman's sartorial choices have always been discussed. The Finance Minister is known to have an exquisite collection of sarees - a traditional garment worn by Indian women - and her saree choices each year while presenting the union budget are also keenly observed and discussed. On Thursday, as Sitharaman stepped out of the Ministry of Finance at the Central Secretariat with her team and posed for the media outside, she looked resplendent in a blue and cream saree. Nirmala Sitharaman's saree for Budget 2024 Sitharaman wore a blue and cream printed silk saree with Kantha embroidery all over on Thursday as she went to the Rashtrapati Bhawan to meet Indian President Droupadi Murmu ahead of the interim Budget 2024. The saree in ash-blue colour had intricate motifs all over with Kantha embroidery. The embroidery is a specialised kind of thread design done mostly by the artisans of West Bengal. #WATCH | Union Finance Minister Nirmala Sitharaman will present the interim budget today#Budget2024 #NirmalaSitharaman #BudgetSession2024 pic.twitter.com/psiG3ZkaVP — WION (@WIONews) February 1, 2024 × Sitharaman teamed her blue saree with a cream blouse and a stole. With a red digital tablet in hand, Sitharaman looked elegant as she posed for photographs in front of the Ministry of Finance. She wore a small bindi, her hair was tied back and she wore a gold bangle. The colour of her saree this year was different. The Finance Minister in the past years has opted for sarees in colours of red, brown and yellow. Handloom saree lover The finance minister has promoted handloom sarees in the past. Here's a look at her sartorial choices in the past budget sessions. In 2023, Sitharaman wore a red and black temple border saree with Kasuti threadwork all over. A staunch supporter of traditional handlooms ever since she became the finance minister, Sitharaman has always opted to promote handloom sarees when presenting the Union Budget in the past years. In 2022, Sitharaman wore a rust and maroon handloom Bomkai saree typically weaved in Odisha. In 2021, Sitharaman wore a classic red and off-white silk Pochampally sari with ikat patterns around the pallu with a green border. Pochampally ikat is traditionally made in the south Indian state of Telangana, also known as the 'silk city of India'. In 2020, Sitharaman opted for a bright yellow-gold silk saree. The yellow colour is often considered a sacred colour which stands for prosperity.

Nirmala Sitharaman opts for blue silk saree with kantha work to present Budget 2024

India's Finance Minister Nirmala Sitharaman has presented the interim 2024 Union Budget. What were the key takeaways from her speech? @mollygambhir takes you through the big announcements.

Gravitas | Union Budget 2024: The key highlights

India's Finance Minister, Nirmala Sitharaman, while presenting the Interim Budget in parliament on Thursday (Jan 1), laid stress on how the country's digital public infrastructure emanated as the ‘factor of production’ in the 21st century and has played a significant role in the formalisation of the economy.

"Digital Public Infra is a new factor of production in this 20th century and is instrumental in the formalisation of the economy," Sitharaman said during her speech.

The statement by the finance minister stands true as the country's digital payments, via the Unified Payments Interface (UPI), surpassed 6821.26 million transactions in the first 17 days of January 2024.

India's digital public infrastructure (DPI) which comprises of technology stack Aadhaar, the Unified Payments Interface (UPI), and others, has been recently gaining international recognition.&nbsp;&nbsp;

“In 2022, they (digital payments) showed an increase of 76% in transactions and 91% in value. Fiscal support for this digital public infrastructure will continue in 2023-24,” the FM said.

The people in the country have created over 51.11 crore accounts (61,59,439.87) with a deposit of over Rs 2.08 lakh crore (26.67 billion USD).

Sitharaman said that the direct benefit transfer of Rs 34 lakh crore from the centre using Prime Minister Jan Dhan accounts, has contributed to the savings of Rs 2.7 lakh crore for the Indian government.

“This has been realised through the avoidance of leakages. The savings have helped in providing more funds for Garib Kalyan,” she said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/budget-2024-live-fm-nirmala-sitharaman-presents-the-interim-budget-in-parliament-income-tax-expectations-news-685548">India Budget 2024 Highlights: Key takeaways from Nirmala Sitharaman's 6th budget</a>

DPIs were one of the major talking points during New Delhi's G20 where at the end of the summit, the Delhi Declaration laid emphasis on the adoption of DPI in order to bridge the digital divide and ramp up development.

Watch | India Budget 2024: Decoding Indian Government's interim budget ahead of polls

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<h2>Sitharaman proposes Rs 1 lakh crore corpus for research in tech</h2>

Sitharaman during her speech, unveiled the government’s plan to create a corpus of Rupees One Lakh Crore to propel private investment in sunrise technologies.

This corpus will forerun what the Finance Minister defined as a “golden era for our tech-savvy youth.”

While addressing the parliament, the finance minister highlighted the importance of combining the talent of India’s youth with cutting-edge technology.

Sitharaman stated, “This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology”.

(With inputs from agencies)

India's Finance Minister, Nirmala Sitharaman, while presenting the Interim Budget in parliament on Thursday (Jan 1), laid stress on how the country's digital public infrastructure emanated as the ‘factor of production’ in the 21st century and has played a significant role in the formalisation of the economy.

India's Finance Minister, Nirmala Sitharaman, while presenting the Interim Budget in parliament on Thursday (Jan 1), laid stress on how the country's digital public infrastructure emanated as the ‘factor of production’ in the 21st century and has played a significant role in the formalisation of the economy. "Digital Public Infra is a new factor of production in this 20th century and is instrumental in the formalisation of the economy," Sitharaman said during her speech. The statement by the finance minister stands true as the country's digital payments, via the Unified Payments Interface (UPI), surpassed 6821.26 million transactions in the first 17 days of January 2024. India's digital public infrastructure (DPI) which comprises of technology stack Aadhaar, the Unified Payments Interface (UPI), and others, has been recently gaining international recognition. “In 2022, they (digital payments) showed an increase of 76% in transactions and 91% in value. Fiscal support for this digital public infrastructure will continue in 2023-24,” the FM said. The people in the country have created over 51.11 crore accounts (61,59,439.87) with a deposit of over Rs 2.08 lakh crore (26.67 billion USD). Sitharaman said that the direct benefit transfer of Rs 34 lakh crore from the centre using Prime Minister Jan Dhan accounts, has contributed to the savings of Rs 2.7 lakh crore for the Indian government. “This has been realised through the avoidance of leakages. The savings have helped in providing more funds for Garib Kalyan,” she said. Also read: India Budget 2024 Highlights: Key takeaways from Nirmala Sitharaman's 6th budget DPIs were one of the major talking points during New Delhi's G20 where at the end of the summit, the Delhi Declaration laid emphasis on the adoption of DPI in order to bridge the digital divide and ramp up development. Watch | India Budget 2024: Decoding Indian Government's interim budget ahead of polls × Sitharaman proposes Rs 1 lakh crore corpus for research in tech Sitharaman during her speech, unveiled the government’s plan to create a corpus of Rupees One Lakh Crore to propel private investment in sunrise technologies. This corpus will forerun what the Finance Minister defined as a “golden era for our tech-savvy youth.” While addressing the parliament, the finance minister highlighted the importance of combining the talent of India’s youth with cutting-edge technology. Sitharaman stated, “This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology”. (With inputs from agencies)

Budget 2024: Sitharaman hails digital public infrastructure as ‘new factor of production’

India's Finance Minister Nirmala Sitharaman is in a press briefing after presenting interim budget. Let's listen in what she has to say.

India Budget 2024: Press conference by Nirmala Sitharaman

Indian Finance Minister Nirmala Sitharaman presented the interim Budget 2024 on Thursday (Feb 1). In her speech, the finance minister said that the Modi government will be working towards making the country a 'Viksit (Advanced) Bharat' by 2047.

Indian Finance Minister Nirmala Sitharaman presented the interim Budget 2024 on Thursday (Feb 1). In her speech, the finance minister said that the Modi government will be working towards making the country a 'Viksit (Advanced) Bharat' by 2047. "The Indian economy has witnessed a profound positive transformation in the last 10 years. The people of India are looking ahead to the future with hope and optimism," Sitharaman said. Political leaders react to the Budget. Here's a look at what they said: > PM Modi: Hailing the interim Budget, Prime Minister Narendra Modi on Thursday said, "It has confidence in continuity. It will empower all 4 pillars of Viksit Bharat- Yuva, Garib, Mahila and Kisan. This Budget gives the guarantee of making India a developed nation by 2047." He added that the budget benefits every section of the society and lays the foundation for a developed India. Also read: Budget is 'inclusive and innovative,' says PM Modi > Amit Shah: Union Home Minister Amit Shah in a post on X said, "The budget speech sheds light on the milestones achieved by the Modi govt in the last 10 years on its journey to make Bharat the foremost nation in every sector during the Amrit Kaal. On the very foundation of these feats, the magnificent edifice of a Viksit Bharat is being built." #WATCH | PM Modi on interim Budget says, "Income-tax remission scheme will provide relief to 1 crore people from the middle class. In this budget, important decisions have been taken for the farmers."#Budget2024 pic.twitter.com/Lg2fRnMJS5 — ANI (@ANI) February 1, 2024 × > Rajnath Singh: Defence Minister Rajnath Singh speaking to news agency ANI said, "This is an encouraging budget....We are fully confident that we will achieve the target of becoming a developed nation by 2047." > Nitin Gadkari: Union Transport Minister Nitin Gadkari said the budget will speed up the country's development and increase employment. "Finance Minister's Budget is aimed to strengthen India's economic sector, in line with PM Modi's resolve to make India the third largest economy of the world," he said. > Jyotiraditya Scindia: Civil Aviation Minister Jyotiraditya Scindia called the budget historic, adding the country has moved forward. Oppn leaders criticise the Budget Several opposition leaders in the country, including those from the Congress, and the Aam Aadmi Party (AAP), criticised the interim Budget. Speaking to news agency ANI, Congress MP Shashi Tharoor said, "It was one of the shortest speeches on record in the budget. Not very much came out of it. As usual a lot of rhetorical language, and very little concrete on implementation...She (Nirmala Sitharaman) talked about foreign investment without acknowledging that that investment has come down significantly." #WATCH | On Interim Budget 2024-25, AAP MP Swati Maliwal says, "This is a disappointing budget. Inflation and unemployment are at their peak in the country but there is nothing about it in the budget...It is a disappointing budget for the common people." pic.twitter.com/9Ksu1BZ7AS — ANI (@ANI) February 1, 2024 × Tharoor added that Sitharaman talked about many things which are couched in vague language like 'confidence' and 'hope' and soon. But when it comes to hard figures, very few figures are available, he said. Also read | India interim Budget: "Garib, Mahilayen, Yuva, Annadata", key takeaways from Sitharaman's speech Congress MP Manish Tewari speaking on the budget said, "What's worrying is that there is a budget deficit of Rs 18 lakh crores. This means that the government is borrowing for its expenditure. This number is only going to increase next year." #WATCH | On Interim Budget 2024-25, Congress MP Shashi Tharoor says, "It was one of the shortest speeches on record in the Budget. Not very much came out of it. As usual a lot of rhetorical language, very little concrete on implementation...She talked about foreign investment… pic.twitter.com/x0AhgGSlQ4 — ANI (@ANI) February 1, 2024 × Congress MP Adhir Ranjan Chowdhury said the budget was nothing but to woo people in the upcoming election. "Unfortunately, the finance minister is talking about the achievements of the last ten years. It is a temporary budget. Even then it is not giving any vision...The unemployment position in the country is alarming and nothing is mentioned about this...It is only an eloquent speech made by the finance minister...," Revolutionary Socialist Party (RSP) MP NK Premachandran told ANI. Shiromani Akali Dal MP Harsimrat Kaur Badal said the budget was hollow and there was nothing for the country's youth, women and farmers in it. (With inputs from agencies)

India Budget 2024: PM Modi hails interim budget, opposition calls it ‘rhetorical’

Today is the big interim budget day and Finance Minister Nirmala Sitharaman unwelded India's interim budget for the year 2024 showcasing the nation's economic ascent as a testament to India's relentless pursuit of development.

India Budget 2024: FM optimistic that India will be developed economy by 2047

Today is the big interim budget day. Finance Minister Nirmala Sitharaman unwelded India's interim budget for 2024, showcasing the nation's economic ascent as a testament to India's relentless pursuit of development. To know more watch this interview with the Executive director of IMF, Dr Krishnamurthy V Subramanian.

India Budget 2024: Is this budget that position India for growth

Today is the big interim budget day. Finance Minister Nirmala Sitharaman unwelded India's interim budget for 2024, showcasing the nation's economic ascent as a testament to India's relentless pursuit of development. To know more watch this interview with Mitali Nikore, Economist and founder of Nikore Associates.

India Budget 2024: How India's budget helps the world grow

India Budget 2024: India dials back to fiscal deficit target to 5.1% in FY25

Today is the big interim budget day. Finance Minister Nirmala Sitharaman unwelded India's interim budget for 2024, showcasing the nation's economic ascent as a testament to India's relentless pursuit of development. To know more watch this interview with Dr Arvind Virmani.

India Budget 2024: Ministers hail interim budget

India Budget 2024: Opposition slams interim budget

Ahead of the upcoming general elections, Indian Prime Minister Narendra Modi's government unveiled a budget that steered clear of populist measures and focused on fiscal consolidation to attract investors.

Tax policies remained unchanged, and major subsidies on essential items like food, fertilisers, and fuel were slashed by 8 per cent, signalling a commitment to financial prudence.

Shilan Shah from Capital Economics noted, "This is an indication that the ruling BJP (Bharatiya Janata Party) is feeling fairly confident about securing another big victory in the upcoming general election."

Finance Minister Nirmala Sitharaman announced a sharp reduction in the budget gap for 2024-'25 to 5.1 per cent of GDP, while revising the current fiscal year's gap down to 5.8 per cent.

"In this budget, capital expenditure has been raised to a historic high of 11.11 trillion rupees ($133.90 billion), while keeping the fiscal deficit in control. To put it in the terms of economists, this is a sweet spot,” Modi said.

The fiscal consolidation is anticipated to bolster India's case for a higher sovereign credit rating, currently rated at BBB- by S&amp;P and Fitch, and Baa3 by Moody's.

Reuters cited Sachchidanand Shukla, an economist at Larsen &amp; Toubro, who said, "The interim budget effectively juggled the need to support growth while signalling continued fiscal consolidation. This will be reassuring for investors and rating agencies alike."

Despite the overall positive tone, concerns linger about weak spots in the economy. While India is expected to achieve a remarkable 7.3 per cent economic growth for the financial year ending March 31, 2024, consumption, constituting nearly 60 per cent of GDP, remains sluggish, growing just over 4 per cent.

Garima Kapoor, economist at Elara Capital, told Reuters, "The budget lacks consumption triggers. Thus, it is a departure from the previous pre-election vote on accounts."

Finance Minister Sitharaman addressed the need for affordable housing, pledging to build 20 million houses in the next five years, in addition to the 30 million already constructed. The budget also hinted at a new housing scheme for the middle class, although specific details were not provided.

The government's borrowing plan of 14.13 trillion Indian rupees ($170.33 billion) from the bond markets to fund its fiscal deficit came in lower than expectations. While the budget had a limited impact on equity and currency markets, the better-than-expected fiscal deficit target and lower borrowing estimates boosted gains in the bond market.

The benchmark 10-year bond yield dropped to over six-month lows, currently standing at 7.0467 per cent, and the Indian rupee, initially gaining ground, retreated after briefly rising to 82.9325 against the US dollar.

(With inputs from Reuters)

Ahead of the upcoming general elections, Indian Prime Minister Narendra Modi's government unveiled a budget that steered clear of populist measures and focused on fiscal consolidation to attract investors.

Ahead of the upcoming general elections, Indian Prime Minister Narendra Modi's government unveiled a budget that steered clear of populist measures and focused on fiscal consolidation to attract investors. Tax policies remained unchanged, and major subsidies on essential items like food, fertilisers, and fuel were slashed by 8 per cent, signalling a commitment to financial prudence. Shilan Shah from Capital Economics noted, "This is an indication that the ruling BJP (Bharatiya Janata Party) is feeling fairly confident about securing another big victory in the upcoming general election." Finance Minister Nirmala Sitharaman announced a sharp reduction in the budget gap for 2024-'25 to 5.1 per cent of GDP, while revising the current fiscal year's gap down to 5.8 per cent. "In this budget, capital expenditure has been raised to a historic high of 11.11 trillion rupees ($133.90 billion), while keeping the fiscal deficit in control. To put it in the terms of economists, this is a sweet spot,” Modi said. The fiscal consolidation is anticipated to bolster India's case for a higher sovereign credit rating, currently rated at BBB- by S&P and Fitch, and Baa3 by Moody's. Reuters cited Sachchidanand Shukla, an economist at Larsen & Toubro, who said, "The interim budget effectively juggled the need to support growth while signalling continued fiscal consolidation. This will be reassuring for investors and rating agencies alike." Despite the overall positive tone, concerns linger about weak spots in the economy. While India is expected to achieve a remarkable 7.3 per cent economic growth for the financial year ending March 31, 2024, consumption, constituting nearly 60 per cent of GDP, remains sluggish, growing just over 4 per cent. Garima Kapoor, economist at Elara Capital, told Reuters, "The budget lacks consumption triggers. Thus, it is a departure from the previous pre-election vote on accounts." Finance Minister Sitharaman addressed the need for affordable housing, pledging to build 20 million houses in the next five years, in addition to the 30 million already constructed. The budget also hinted at a new housing scheme for the middle class, although specific details were not provided. The government's borrowing plan of 14.13 trillion Indian rupees ($170.33 billion) from the bond markets to fund its fiscal deficit came in lower than expectations. While the budget had a limited impact on equity and currency markets, the better-than-expected fiscal deficit target and lower borrowing estimates boosted gains in the bond market. The benchmark 10-year bond yield dropped to over six-month lows, currently standing at 7.0467 per cent, and the Indian rupee, initially gaining ground, retreated after briefly rising to 82.9325 against the US dollar. (With inputs from Reuters)

India's Budget 2024: Modi government prioritises fiscal discipline over populism

<o:p></o:p>In a strategic move aimed at sustaining India's position as one of the world's fastest-growing major economies, Finance Minister Nirmala Sitharaman announced a record-breaking capital expenditure (capex) of 11.11 trillion rupees (approximately $134 billion) for infrastructure creation in the fiscal year beginning on April 1, 2024.<o:p></o:p>

The proposed capex is 11.1 per cent higher than the current fiscal year's allocation of little over 10 lakh core rupees (approximately $120 billion).<o:p></o:p>

Sitharaman highlighted that the federal government's capital expenditure as a percentage of GDP is anticipated to rise from 3.3 per cent in 2023-'24 to 3.4 per cent in the upcoming financial year.<o:p></o:p>

Reuters quoted Ranen Banerjee, Partner and Leader for Economic Advisory at PwC India, as saying, "The additional allocation of INR 1.1 trillion for capex, taking it to INR 11.1 trillion, should provide continuity in the pace of infra creation and in bringing down the logistics cost in the country progressively."<o:p></o:p>

&nbsp;The allocation is expected to contribute to the ongoing efforts to enhance infrastructure, reduce logistics costs, and fuel economic development.<o:p></o:p>

While the capex increase is notable, the year-on-year rise is lower compared to the current fiscal year. Sitharaman also announced government spending of 1.3 trillion rupees (approximately $15.85 billion) in the form of 50-year loans to states, aimed at boosting their capital investments. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a strategic move aimed at sustaining India's position as one of the world's fastest-growing major economies, Finance Minister Nirmala Sitharaman announced a record-breaking capital expenditure (capex) of 11.

In a strategic move aimed at sustaining India's position as one of the world's fastest-growing major economies, Finance Minister Nirmala Sitharaman announced a record-breaking capital expenditure (capex) of 11.11 trillion rupees (approximately $134 billion) for infrastructure creation in the fiscal year beginning on April 1, 2024. The proposed capex is 11.1 per cent higher than the current fiscal year's allocation of little over 10 lakh core rupees (approximately $120 billion). Sitharaman highlighted that the federal government's capital expenditure as a percentage of GDP is anticipated to rise from 3.3 per cent in 2023-'24 to 3.4 per cent in the upcoming financial year. Reuters quoted Ranen Banerjee, Partner and Leader for Economic Advisory at PwC India, as saying, "The additional allocation of INR 1.1 trillion for capex, taking it to INR 11.1 trillion, should provide continuity in the pace of infra creation and in bringing down the logistics cost in the country progressively." The allocation is expected to contribute to the ongoing efforts to enhance infrastructure, reduce logistics costs, and fuel economic development. While the capex increase is notable, the year-on-year rise is lower compared to the current fiscal year. Sitharaman also announced government spending of 1.3 trillion rupees (approximately $15.85 billion) in the form of 50-year loans to states, aimed at boosting their capital investments. (With inputs from Reuters)

India Budget 2024: Capex raised to over $132 bn  for 2024-'25

As India eagerly anticipates the Interim Budget for 2024-25, Finance Minister Nirmala Sitharaman is poised to present a preliminary view of the government's broad plan for the upcoming fiscal year. With a keen focus on fiscal prudence and a commitment to capital expenditure, the budget is expected to address key sectors, providing a glimpse into the nation's economic roadmap.

Expectations from India's Budget

The Interim Budget, required for the authorisation of expenditures until a new government is formed post-elections, is set to play a crucial role in outlining the trajectory of India's economic policies. The latest economic report pegs India's growth rate at an impressive 7 per cent, a figure that the Finance Minister is expected to highlight as a testament to the country's growth prospects.

The budget's central focus is anticipated to be on the government's fiscal roadmap. For the current fiscal year, the government is expected to assert that it is on track to achieve the deficit target of 5.9 per cent of GDP. This optimistic outlook is attributed to robust direct tax collections, better-than-expected non-tax revenues, and expenditure savings by some ministries. The target for the upcoming fiscal year is likely to be set lower at 5.4 per cent of GDP.

Fiscal prudence or popular schemes?

The fiscal deficit, the gap between government revenue and expenditure, will be a key metric attracting attention from both domestic and international businesses and investors. Promising aggressive fiscal consolidation, the government aims to cut its budget deficit to 4.5 per cent of GDP by 2025-2026, requiring a significant reduction of 1.4 percentage points over the next two years. However, the feasibility of such drastic fiscal consolidation remains uncertain, considering potential impacts on domestic consumption.

While the government may steer clear of drastic fiscal measures, the emphasis on capital expenditure is expected to persist. With capital spending projected to increase by 37 per cent for the current fiscal year, the budget for capital expenditures is likely to see a moderate expansion of 12-15 per cent for the next year. This strategic move aims to sustain economic growth and development.

Priority Sectors: Farmers, women, the poor, and young people

In line with the government's commitment to welfare, the budget is anticipated to allocate more funding to ongoing welfare programs. Programs like PM Kisan and MNREGA are expected to receive increased funding to bolster the rural and agricultural sectors, providing support to those in need.

As India eagerly anticipates the Interim Budget for 2024-25, Finance Minister Nirmala Sitharaman is poised to present a preliminary view of the government's broad plan for the upcoming fiscal year.

As India eagerly anticipates the Interim Budget for 2024-25, Finance Minister Nirmala Sitharaman is poised to present a preliminary view of the government's broad plan for the upcoming fiscal year. With a keen focus on fiscal prudence and a commitment to capital expenditure, the budget is expected to address key sectors, providing a glimpse into the nation's economic roadmap. Expectations from India's Budget The Interim Budget, required for the authorisation of expenditures until a new government is formed post-elections, is set to play a crucial role in outlining the trajectory of India's economic policies. The latest economic report pegs India's growth rate at an impressive 7 per cent, a figure that the Finance Minister is expected to highlight as a testament to the country's growth prospects. The budget's central focus is anticipated to be on the government's fiscal roadmap. For the current fiscal year, the government is expected to assert that it is on track to achieve the deficit target of 5.9 per cent of GDP. This optimistic outlook is attributed to robust direct tax collections, better-than-expected non-tax revenues, and expenditure savings by some ministries. The target for the upcoming fiscal year is likely to be set lower at 5.4 per cent of GDP. Fiscal prudence or popular schemes? The fiscal deficit, the gap between government revenue and expenditure, will be a key metric attracting attention from both domestic and international businesses and investors. Promising aggressive fiscal consolidation, the government aims to cut its budget deficit to 4.5 per cent of GDP by 2025-2026, requiring a significant reduction of 1.4 percentage points over the next two years. However, the feasibility of such drastic fiscal consolidation remains uncertain, considering potential impacts on domestic consumption. While the government may steer clear of drastic fiscal measures, the emphasis on capital expenditure is expected to persist. With capital spending projected to increase by 37 per cent for the current fiscal year, the budget for capital expenditures is likely to see a moderate expansion of 12-15 per cent for the next year. This strategic move aims to sustain economic growth and development. Priority Sectors: Farmers, women, the poor, and young people In line with the government's commitment to welfare, the budget is anticipated to allocate more funding to ongoing welfare programs. Programs like PM Kisan and MNREGA are expected to receive increased funding to bolster the rural and agricultural sectors, providing support to those in need.

Budget 2024 Preview: Nirmala Sitharaman set to unveil economic roadmap

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