Category: Business & Economics

Major Boosts for Andhra Pradesh and Bihar: Budget 2024-25 Unveiled

Manish Kumar

Finance Minister Nirmala Sitharaman presented her seventh consecutive budget on Tuesday for the fiscal year 2024-25, marking a significant moment with major announcements for Andhra Pradesh and Bihar. The budget includes substantial investments in infrastructure, education, agriculture, and youth employment, aiming to drive economic growth and development across these states. Andhra Pradesh Capital Development A landmark announcement was made for Andhra Pradesh, with the government pledging Rs 15,000 crore for the development of the state capital. This special financial support aims to transform the capital into a thriving hub of…

Modernizing Tradition: How Nirmala Sitharaman Revolutionized Budget Presentation; Briefcase to tablet

Manish Kumar

For decades, India’s finance ministers carried a briefcase to present the budget. This practice, rooted in British tradition, symbolized the weight and significance of the financial exercise. However, Finance Minister Nirmala Sitharaman broke this long-standing tradition in 2019 with a bahi khata and further modernized it with a tablet in 2021. As she prepares to present her seventh consecutive budget on July 23, let’s delve into the evolution of budget presentation under her tenure. The Legacy of the Briefcase The term “Budget” originates from the French word “Bougette,” meaning leather…

Indian Economy Demonstrates Resilience Amid Global Challenges: Economic Survey 2023-24

Manish Kumar

The Indian economy showcases remarkable resilience and stability despite global geopolitical challenges, according to the Economic Survey 2023-24. Presenting the 476-page survey in the Indian Parliament on July 22, Finance Minister Nirmala Sitharaman highlighted the successful consolidation of India’s post-Covid recovery. Role of Fiscal and Monetary Policies The survey credits both fiscal and monetary policymakers for playing crucial roles in ensuring economic and financial stability. These efforts have contributed significantly to the continued economic expansion of the country. However, it warns that global market volatility means constant change for a…

Budget 2024: Will Finance Minister Nirmala Sitharaman Restore Railway Fare Concessions for Senior Citizens?

Manish Kumar

As Finance Minister Nirmala Sitharaman prepares to present the first budget of the Modi 3.0 government on July 23, there is growing anticipation among various sectors. Among the hopefuls are senior citizens eagerly awaiting the potential restoration of discounts on train tickets—a benefit that was discontinued with the onset of the COVID-19 pandemic. Historical Context of Concessions Before March 2020, senior citizens in India enjoyed significant discounts on train travel. Women senior citizens were eligible for a 50% discount, while male and transgender senior citizens received a 40% discount on…

Air India Flight Diverted to Russia: Passengers Stranded Due to Technical Issue

Manish Kumar

Air India’s non-stop flight from Delhi to San Francisco, carrying 225 passengers and 19 crew members, was diverted to Russia’s Krasnoyarsk International Airport (KJA) on Thursday. The diversion was due to a technical issue detected in the cargo hold area. The airline explained that the cockpit crew of flight AI183 took this precautionary measure after receiving an alert about a potential problem. Safe Disembarkation and Immediate Measures Following the precautionary landing, all passengers and crew were safely disembarked and taken to the terminal building. Air India assured that the health,…

Xenious Hotels and Resorts Partners with Retvens Services

Manish Kumar

Xenious Hotels and Resorts, a prominent leader in hotel operations and management, is thrilled to announce a strategic partnership with Retvens Services, a top-tier provider of revenue management and marketing services. This collaboration aims to revolutionize revenue administration, digital marketing, and central reservation systems for Xenious Hotels and Resorts, propelling their global expansion. Xenious Hotels and Resorts, celebrated for their hotel management expertise across India and internationally, have recognized the importance of advancing their revenue strategies and digital presence. Retvens Services, with their seasoned team, are perfectly positioned to offer…

Union Budget 2024: Anticipated Themes Before Sitharaman Unveils Her Cards

Manish Kumar

As the customary Halwa Ceremony concludes, Finance Minister Nirmala Sitharaman is set to present the 2024 Union Budget. This budget is significant as it will be the first introduced by the Modi 3.0 cabinet, marking Sitharaman’s seventh budget presentation. Analysts from Nomura, CareEdge, and other experts predict five major themes for this year’s budget. Focus on Welfare Schemes Experts from CareEdge anticipate a significant increase in allocations to welfare schemes. Over the past few years, the share of revenue expenditure in welfare schemes has declined from a pre-pandemic average of…

India to Spend 3.88 trillion Rupees on food and fertiliser Subsidies; Can Budget 2024 Also Solve the Housing Crisis?

Manish Kumar

India’s expenditure on food and fertiliser subsidies is set to reach 3.88 trillion rupees in the 2024 budget. This marks a 5% increase from the interim budget announced by Finance Minister Nirmala Sitharaman before this year’s parliamentary elections. The country is expected to allocate 2.25 trillion rupees ($11.97 billion) for food subsidies, according to four government sources. This figure is approximately 11% higher than the February interim budget estimate, driven by increased spending on support prices for farmers. Prime Minister Narendra Modi’s government will present a new budget on July…

India Releases G20 Task Force on Digital Public Infrastructure Report

Manish Kumar

G20 Sherpa of India, Amitabh Kant, announced today that India has accomplished in nine years what would have taken 50 years without the aid of Digital Public Infrastructure (DPI). This statement was made during the release of the final report of Task Force on Digital Public Infrastructure. Mr. Kant highlighted India’s significant advancements in digitization, noting that the Unified Payments Interface (UPI) is now utilized by everyone from street vendors to large shopping malls. This widespread adoption has propelled India to the forefront of global digital transactions. He emphasized that…

Budget 2024: Centre May Relax Payment Rule for MSMEs

Manish Kumar

The government is considering relaxing the mandatory requirement for large corporations to pay Micro, Small, and Medium Enterprises (MSMEs) within 45 days of purchasing goods and services. This change aims to prevent large corporations from seeking alternative sourcing avenues. According to sources from the Press Trust of India (PTI), an official announcement regarding this matter is expected during the Budget presentation on July 23. Finance Minister Nirmala Sitharaman noted that any changes to this rule would have to be implemented in the full Budget under the new government, following representations…