New Delhi: Prime minister Narendra Modi on Tuesday said the income tax rationalization undertaken by the Centre in the last 10 years has left more money in the hands of the middle class. The Union budget presented on 1 February made income up to ₹12 lakh tax-free, up from ₹7 lakh earlier. Factoring in the…
The budget announced a slew of schemes for rural India, focusing on improving crop productivity and credit access for farmers. But funding for most non-farm schemes has declined in real terms. How will this impact income and consumption demand? Mint explores. What did the budget do for farmers? There’s a new scheme to improve crop…
The political and economic uncertainties shaping the world today have been a key driver for several budget proposals, including the widely debated tax cut and revisions to tax slabs, chief economic adviser V. Anantha Nageswaran said on Monday. Speaking at a post-budget interactive session organized by the Confederation of Indian Industry (CII), Nageswaran said the…
The finance ministry expects ₹40,000-45,000 crore to flow into banks as deposits from the various tax changes announced in the Budget, including raising the tax-free income level to ₹12 lakh, financial services secretary M Nagaraju said during a media interaction on various Budget proposals on Monday. Union Budget 2025, which finance minister Nirmala Sitharaman presented…
The budget this year came in the background of an economic slowdown led by weak urban consumption and lower government capex. Hence, finance minister (FM) Nirmala Sitharaman was expected to stimulate growth while continuing on the path of fiscal consolidation. The budget has delivered on this by incentivizing urban consumption through tax cuts while continuing…
The government plans to further liberalise foreign investment rules for insurance companies by removing the condition that mandates the presence of Indian residents in the boards and top management of insurance entities. In her Budget speech on Saturday, finance minister Nirmala Sitharaman announced the government would allow foreign entities to fully own insurance companies in…
The demand-supply gap of workers across states is skewed and unless there is an immediate impact of agricultural reforms and infrastructure development, the Union budget’s aim to ease migration will be a tough task, recruiters warned. In the budget for fiscal 2025-26, the government said it aims to generate new businesses and employment for young,…
The Union Budget 2025 has declared that in reaching the destination of Viksit Bharat by 2047, reforms will act as fuel and inclusivity will be the guiding spirit. The reforms have focused on labour-intensive sectors and are towards boosting productivity. This is significant as in its growth journey, India directly moved from agriculture to services…
You have presented some substantive issues in the budget, but the minute you say something like a personal income tax cut, that grabs all the headlines. Yes, that is one, and also see normally, tax relief will not be this range, and will also not be simultaneous across the board. You were at two (lakh…
“The duty abolition will only benefit select brands with the technology to set up direct shops in India, instead of encouraging local brands to participate in an open manufacturing industry,” Avneet Singh Marwah, chief executive at Super Plastronics, a contract manufacturer of electronics, told Mint. “Open cell manufacturing can only be set-up in partnership with…
