Stakeholders anticipate supportive policies, infrastructure development, accessible financing, and tax relief. Recognising the pivotal role of technology, MSMEs seek funds for technological advancements and infrastructure.
As part of the ceremony, the Union Finance Minister also took a round of the Budget Press and reviewed the preparations besides extending her best wishes to the officials concerned.
The government presents an interim budget in an election year to outline expenditures and revenues until a new government is formed.
The government is considering expanding the Production-Linked Incentive (PLI) scheme in the upcoming interim budget, aiming to boost the manufacturing sector and employment. Sectors like garments, jewellery, and handicrafts may be included in the PLI scheme, currently available for 14 sectors.
The government has allocated a record-high provision of Rs 10 lakh crore for capital expenditure in FY24, a significant increase from Rs 4.39 lakh crore in FY21.
The event is a significant step in finalising the extensive budget-making process that spans several months.
The Finance Minister has indicated that the interim budget 2024 will not include major announcements and that it will be a vote-on-account to meet the government's expenses until a new government is in place.
The retail inflation based on the consumer price index (CPI) had touched a high of 7.8 per cent in April 2022. However, now it has been close to the Reserve Bank's target of 4 per cent.
Lan's appointment as finance minister comes with the removal of Li Shangfu as defence minister following his disappearance for over two months. The disappearances of Li and ex-foreign minister Qin Gang have raised questions of Xi Jinping's governance over his party.
During the meeting with JBIC Governor Hayashi Nobumitsu in New Delhi, both exchanged views on JBIC's recent activities in India contributing towards Japan's venture focus of five trillion yen throughout the following five years.
FM Nirmala Sitharaman defended the government's policies and showcased India's remarkable economic transformation, asserting that progress is achieved through actions rather than mere rhetoric.
The central government has wanted to raise net debt assets of Rs 17.99 lakh crore from different sources in 2023-24, basically, to fund its financial deficit, Sitharaman said in a composed answer to the Rajya Sabha.
The GST Council, which held its 50th meeting under the chairmanship of Union Finance Minister Nirmala Sitharaman, decided to remove the distinction of game of skill and chance in case of online gaming.
Public sector banks (PSBs) net profit nearly tripled from Rs 36,270 crore in FY2014 to Rs 1.04 lakh crore in FY23.
Nirmala Sitharaman on Arvind Kejriwal: Addressing a 'Sarv Samaj Sammelan' hosted by Delhi BJP under its outreach campaign, Sitharaman also said that under Prime Minister Narendra Modi, India has emerged as the fastest growing economy in the world and will remain so in coming years too.
Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector.
Nirmala Sitharaman US visit: Later, Sitharaman will depart for Washington. During her stay, FM will be attending the 2023 Spring Meetings of the World Bank and the International Monetary Fund.
The Income Tax Administration revealed on Monday that direct tax collection for FY23 exceeded the revised projection by more than half a percentage point, despite a 37% increase in refunds.
India will lead the G20 summit in 2023. The first G20 Finance Ministers and Central Bank Governors meeting will be held in Bengaluru, Karnataka on 24-25 February 2023, with the summit scheduled for 9-10th September 2023 in New Delhi.
Parliament Budget Session: During her reply to a general discussion on Union Budget 2023 in Lok Sabha, Finance Minister Nirmala Sitharaman hailed the government's economic policies to tackle the slowdown.
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