Evening News
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HEADLINES
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Union Budget for 2024-25 presented by Finance Minister Nirmala Sitharaman in Parliament.
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Prime Minister’s package worth two lakh crore rupees announced to facilitate employment and skilling opportunities for more than four crore youth over a five year period.
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Finance Minister announces provision of 2.66 lakh crore rupees for Rural Development.
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In a relief to taxpayers, Standard Deduction for salaried employees increased from 50 thousand to 75 thousand rupees under new tax regime.
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Corporate Tax on foreign companies reduced from 40 to 35 per cent to attract foreign capital.
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One crore farmers to be initiated into natural farming over next two years.
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Government to launch Pradhan Mantri Janjatiya Unnat Gram Abhiyan to benefit tribal communities.
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More than 3 lakh crore rupees allocated for women-led development schemes.
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Government to invest 10 lakh crore rupees under PM Awas Yojana Urban 2.0 to meet housing needs of one crore urban poor and middle-class families.
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Prime Minister Narendra Modi says, Union Budget is for Viksit Bharat which ensures inclusive growth, benefiting every segment of society.
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Industries welcome Union Budget terming it growth-oriented.
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In other news, Supreme Court refuses to cancel NEET-UG 2024 examination; Says no evidence to suggest a systemic breach.
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In sports, In Women Asia Cup T 20 Cricket, India set a target of 179 runs for Nepal in Group A match at Dambulla in Sri Lanka.
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Finance Minister Nirmala Sitharaman today presented the first Budget of Narendra Modi Government’s third term. In Lok Sabha, presenting the Union Budget for 2024 – 2025, the Finance Minister said despite global headwinds, the Indian Economy continues to be a shining exception and will be fastest growing economy in years ahead. The Finance Minister said this budget is mainly focused on Employment, Skilling, MSME’s and Middle class as she announced the Prime Minister’s package of 5 schemes and initiatives for youth. The package aims to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of 2 lakh crore rupees.
Presenting a detailed road map for pursuit of ‘Viksit Bharat’, the budget mentioned nine priorities of the Government providing opportunities for all. It includes productivity and resilience in Agriculture, Employment & Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development and Next Generation Reforms.
Finance Minister has increased the standard deduction for salaried employees in Income Tax from 50,000 rupees to 75,000 rupees under new tax regime. Similarly, deduction on family pension for pensioners is enhanced from 15,000 rupees to 25,000 rupees. This will provide relief to about four crore salaried individuals and pensioners.
The government has also revised the tax rate structure for those opting for new tax regime. As a result of these changes, a salaried employee in the new tax regime stands to save up to 17,500 rupees in income tax. The government has increased deduction of expenditure by employers towards New Pension Scheme (NPS) from 10 to 14 per cent of the employee’s salary.
The Finance Minister has reduced the corporate tax rate on foreign companies from 40 to 35 per cent to attract foreign capital for our development needs. Government has abolished the so-called angel tax for all classes of investors to bolster the Indian start-up ecosystem and boost the entrepreneurial spirit.
Vivad Se Vishwas Scheme, 2024 has been proposed for resolution of certain income tax disputes pending in appeal.
Government has simplified capital gains taxation. Short term gains on certain financial assets shall henceforth attract a tax rate of 20 per cent. Long term gains on all financial and non-financial assets, on the other hand, will attract a tax rate of 12.5 per cent. Mrs. Sitharaman has increased the limit of exemption of capital gains on certain financial assets to 1.25 lakh rupees per annum for the benefit of lower and middle-income classes.
The government has announced a comprehensive review of the Income-tax Act, 1961.
This year the Budget has made a provision of 1.52 lakh crore rupees for Agriculture and allied sectors. The Finance Minister said in the next two years, one crore farmers across the country will be initiated into natural farming supported by certification and branding.
Government will incentivize additional employment in manufacturing sector in first 4 years of employment. Thirty lakh youth and their employer will get incentive in respect of their EPFO contribution.
Government will formulate a plan, Purvodaya, for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh with special financial support of 15 thousand crore rupees for Andhra Pradesh in current financial year.
The Finance Minister has announced several proposals for the housing sector. She said, Government will invest 10 lakh crore rupees under PM Awas Yojana Urban 2.0 to meet housing needs of one crore urban poor and middle-class families.
Finance Minister said that Centre will encourage states which continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women. Also for promoting women-led development, the budget carries an allocation of more than 3 lakh crore rupees for schemes benefitting women and girls.
In Union Budget 2024-25, government has announced various measures for improving the socio-economic condition of the tribal communities.
A provision of 2.66 lakh crore rupees has been proposed for rural development.
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Prime Minister Narendra Modi has said that the Union Budget 2024-2025 is for Viksit Bharat which ensures inclusive growth. In a video message on the Union Budget, he said, it will benefit every segment of society and pave the way for a developed India.
The Prime Minister said, the government has announced the Employment Linked Incentive scheme, which will create crores of new jobs in the country.
Mr. Modi said that the budget has brought new opportunities, new energy, new employment and self-employment opportunities.
Highlighting the record exports in defence sector, the Prime Minister mentioned that this year’s Budget consists of numerous provisions to create an ‘aatmanirbhar’ defence sector.
Defence Minister Rajnath Singh thanked the Finance Minister for the highest allocation to the Ministry of Defence amounting to over six lakh twenty one thousand crore rupees which is 12.9 per cent of the total budget.
Railways Minister Ashwini Vaishnaw has termed the allocation in the Union Budget 2024-25 for Railways as historic. Addressing media in New Delhi, Mr Vaishnaw said the highest ever allocation to the tune of two lakh 62 thousand and 200 crore rupees has been made in the budget for Railways.
Opposition parties including Congress and Samajwadi Party have criticized the Budget saying there is no relief for the common man in the Budget. In a social media post, Congress leader Rahul Gandhi claimed the Budget favours BJP allies. Samajwadi Party Chief Akhilesh Yadav criticized the Union Budget saying it fails to address the issues of inflation and unemployment.
Industries have welcomed the Union Budget terming it a growth oriented budget. Speaking to the media in New Delhi, FICCI President Anish Shah said, this budget focuses on many sectors including Youth, Women and Farmers.
ASSOCHAM Secretary General Deepak Sood has termed the Union Budget as balanced.
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Andhra Pradesh Chief Minister N. Chandrababu Naidu thanked Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for recognising the needs of the state in the union budget.
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The Supreme Court today refused to cancel the NEET-UG 2024 examination on the ground of paper leak and malpractices. A bench comprising Chief Justice DY Chandrachud, Justices JB Pardiwala and Manoj Misra passed the order in a batch of petitions. The Court stated that there was no material to indicate that the leak was systemic affecting the sanctity of the entire exam. The Court also stated that ordering a re-examination will lead to serious consequences affecting over 23 lakh students and lead to disruption of the academic schedule, causing a cascading effect in the coming years.
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In Women Asia Cup Cricket, India have set a target of 179 runs for Nepal in the Group A match at Dambulla in Sri Lanka. In reply, Nepal were 43 for 03 in 9.2 overs, when reports last came in.
Earlier in the day, Pakistani women team defeated UAE by 10 wickets at the same venue.
Team India are currently leading the Group A points table with no defeat.
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THE HEADLINES ONCE AGAIN:
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Union Budget for 2024-25 presented by Finance Minister Nirmala Sitharaman in Parliament.
-
Prime Minister’s package worth two lakh crore rupees announced to facilitate employment and skilling opportunities for more than four crore youth over a five year period.
-
Finance Minister announces provision of 2.66 lakh crore rupees for Rural Development.
-
In a relief to taxpayers, Standard Deduction for salaried employees increased from 50 thousand to 75 thousand rupees under new tax regime.
-
Corporate Tax on foreign companies reduced from 40 to 35 per cent to attract foreign capital.
-
More than 3 lakh crore rupees allocated for women-led development schemes.
-
Prime Minister Narendra Modi says, Union Budget is for Viksit Bharat which ensures inclusive growth, benefiting every segment of society.
-
Industries welcome Union Budget terming it growth-oriented.
-
In other news, Supreme Court refuses to cancel NEET-UG 2024 examination; Says no evidence to suggest a systemic breach.
-
In sports, In Women Asia Cup T 20 Cricket, India set a target of 179 runs for Nepal in Group A match at Dambulla in Sri Lanka.