Tag Archives: economic growth

Finance

Budget 2024 Highlights: New Tax Rates & More

Budget 2024 Highlights: Today, Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 in Parliament. This is her seventh consecutive budget speech, setting a new record. She surpassed former Prime Minister Morarji Desai, who gave six consecutive budget speeches from 1959 to 1964.

Key Announcements:

New Tax Rates: The tax rates for salaried people have been changed under the new tax system. The tax rates are now:
– Income up to ₹3 lakh: No tax
– ₹3 lakh to ₹7 lakh: 5%
– ₹7 lakh to ₹10 lakh: 10%
– ₹10 lakh to ₹12 lakh: 15%
– ₹12 lakh to ₹15 lakh: 20%
– Above ₹15 lakh: 30%

Standard Deduction: An increase in the standard deduction was announced.

Customs Duty: Changes were made to the customs duty on items like gold, silver, mobile phones, and other goods.

Infrastructure Spending: The government plans to spend ₹11.1 lakh crore on capital expenditures, keeping it the same as the interim budget. Infrastructure spending will be 3.4% of the GDP.

Main Focus Areas:

Employment and Skilling:
– Five new schemes will target 4.1 crore young people over five years with a budget of ₹2 lakh crore.
– A large internship program for one crore young people in top companies over five years.
– Incentives for employment, including one month of wage support for new employees.
– Special programs to improve women’s skills and increase their participation in the workforce.

Support for MSMEs and Manufacturing:
– Emphasis on helping MSMEs (Micro, Small, and Medium Enterprises) and the manufacturing sector.
– Credit guarantee scheme and loans for buying machinery.
– A technology support package for MSMEs.
– SIDBI will open 24 new branches to support MSME clusters.

Financial Initiatives:
– The Mudra loan limit has been increased from ₹10 lakh to ₹20 lakh for previous borrowers.
– Financial support for higher education loans up to ₹10 lakh for studying in India.
– A new technology system for the Insolvency and Bankruptcy Code (IBC).

Agriculture and Rural Development:
– A budget of ₹2.66 lakh crore for rural development.
– Transforming agricultural research to focus on productivity and climate-resilient crops.
– An initiative to introduce one crore farmers to natural farming over two years.

Infrastructure and Regional Development:
– Rental housing in Public-Private Partnership (PPP) mode for industrial workers.
– Special financial support of ₹15,000 crore for Andhra Pradesh.
– New airports, medical facilities, and sports infrastructure for Bihar.

Economic Outlook:
– Inflation is moving towards the target of 4%.
– India’s economic growth is seen as an exception and is doing well.
– Focus on creating jobs and boosting consumption, benefiting sectors like consumer goods, real estate, and autos.

Nine Priority Areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms.

Women-Led Development: Over ₹3 lakh crore is allocated for schemes benefiting women and girls.

Social Welfare: The PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) will be extended for five years, helping over 80 crore people.

Digital and Technological Advancements: Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance.

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Newsbeat

Nirmala Sitharaman to Present Union Budget 2024-25 on July 23

Finance Minister Nirmala Sitharaman to Present Union Budget 2024-25 on July 23

New Delhi, July 6, 2024 – Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 in the Lok Sabha on July 23, 2024. This will be Sitharaman’s seventh consecutive Union Budget, making her the first finance minister to achieve this milestone, surpassing Morarji Desai who presented six budgets in a row.

The upcoming budget session of Parliament is scheduled to commence on July 22 and continue until August 22. The economic survey is expected to be tabled a day prior to the budget presentation, on July 22.

Sitharaman, who was re-elected for a second consecutive term as Finance Minister under the BJP government, is expected to outline the government’s key fiscal and economic priorities for the 2024-25 financial year. The Union Budget is a crucial document that details the government’s revenue and expenditure plans, and is closely watched by businesses, investors, and the general public.

Some key expectations for the Budget 2024-25 include tax relief and incentives for the pharmaceutical sector to boost innovation and competitiveness, as well as increased allocations for healthcare and rural development programs. The government is also likely to focus on measures to make India a global manufacturing hub and a “pharmacy of the world”.

With the BJP-led NDA government returning to power, the upcoming budget will be the first major policy announcement of Prime Minister Narendra Modi’s third term. Finance Minister Sitharaman will be tasked with striking a balance between fiscal prudence and supporting economic growth in the face of global headwinds

Source.

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Newsbeat

Revanth Reddy is the 2nd Chief Minister of Telangana State.

Revanth Reddy Sworn In as Telangana’s Second Chief Minister, Marking a New Era for the State


Hyderabad, December 5, 2023: In a historic ceremony held today, Anumula Revanth Reddy was sworn in as the second Chief Minister of Telangana, ushering in a new chapter for the young state. His ascension to power marks a significant shift in the political landscape, with the Congress party returning to the helm after a gap of nine years.

Reddy, a firebrand leader known for his sharp wit and political acumen, takes over the reins from the Telangana Rashtra Samithi’s K Chandrashekar Rao, who dominated the state’s politics for the past eight years. The Congress’s emphatic victory in the recent assembly elections, coupled with Reddy’s personal triumph in defeating Rao from his own bastion of Kamareddy, has propelled him to the forefront of Telangana’s political scene.

Thousands of jubilant Congress supporters thronged the swearing-in ceremony, their cheers echoing through the halls as Reddy took oath in Telugu, vowing to serve the people with dedication and justice. In his inaugural address, he outlined his vision for a prosperous and inclusive Telangana, focusing on key areas such as:

Boosting economic growth and creating jobs: Reddy emphasized attracting investments and fostering entrepreneurship to generate employment opportunities for the youth.


Strengthening agriculture and rural development: He pledged to prioritize irrigation projects, provide remunerative prices for farmers, and improve rural infrastructure.


Enhancing education and healthcare: Upgrading educational institutions, ensuring quality healthcare access for all, and promoting skill development were central to his promises.

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Eradicating corruption and ensuring transparency: Reddy vowed to implement stringent measures to combat graft and establish a clean and accountable administration.


Empowering women and marginalized communities: He highlighted his commitment to promoting gender equality, protecting tribal rights, and addressing the concerns of minorities.


Reddy’s ascension has sparked a wave of hope and optimism across Telangana. His youthful energy, coupled with his experience and comprehensive vision, has resonated with the people, who are eager to see a fresh approach to governance. However, he faces several challenges, from inheriting a state with a burgeoning debt burden to tackling unemployment and social disparities.

Only time will tell how Reddy navigates these challenges and fulfills his promises. Nevertheless, his inauguration as the second Chief Minister of Telangana marks a significant turning point, and his leadership will undoubtedly shape the state’s future trajectory.

Newsbeat

DrinkPrime Expands Its Reach to Hyderabad

DrinkPrime Expands Its Reach to Hyderabad with a New Production Facility

DrinkPrime, a Bengaluru-based startup offering innovative IoT-enabled water purifiers, is making significant strides in expanding its presence across India. The company has announced its plans to set up a new production facility in Hyderabad, a move that will not only bolster its manufacturing capabilities but also strengthen its commitment to providing clean drinking water solutions to the city’s residents.

A Commitment to Clean Drinking Water

Founded in 2016 by Vijender Reddy Muthyala and Manas Ranjan Hota, DrinkPrime is driven by a mission to provide accessible and affordable clean drinking water to households across India. The company’s IoT-enabled water purifiers stand out from traditional models by offering real-time monitoring of water quality and consumption through a user-friendly mobile app.

Expanding Footprint in Hyderabad

Hyderabad, with its growing population and rising demand for quality drinking water, presents a strategic opportunity for DrinkPrime to expand its reach. The company’s decision to establish a production facility in the city aligns with its vision to cater to the specific needs of Hyderabad’s residents.

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Key Highlights of DrinkPrime’s Expansion in Hyderabad

Establishment of a new production facility to enhance manufacturing capacity
Recruitment of 20 additional team members to strengthen operations
Aim to reach one lakh households in Hyderabad within the next year
A Positive Impact on the Hyderabad Community

DrinkPrime’s expansion to Hyderabad marks a significant milestone in the company’s journey to revolutionize the water purification industry in India. With its innovative technology, customer-centric approach, and commitment to social responsibility, It is poised to make a lasting impact on the lives of millions of people.

 

Newsbeat

Quadrant to create 500 jobs in Hanamkonda IT park

Hanamkonda, Telangana: Quadrant Resources, a software company, is all set to begin its operations in the IT park in Madikonda, Hanamkonda district. The company will provide direct employment to local youth in the software sector.

Quadrant Resources is the third major company to set up its office in Warangal after Cyient and Tech Mahindra. The state government has allotted 50,000 square feet of space to the company and invested Rs 35 crore for its establishment.

The company has already hired 100-150 local youth and plans to create 500 jobs in the next two years. Quadrant Resources CEO Vamshi Reddy said that he decided to set up his company in Warangal to help engineering students build a career.

“Many engineering students from Warangal prefer to migrate to metropolitan cities like Hyderabad and other states, as there are no job opportunities here. I wanted to create job opportunities for local youth in their own city,” Reddy said.

The Telangana government is promoting the IT sector in Warangal and other Tier-II cities. The state government has set a target of creating one lakh IT jobs in Warangal by 2025.

The establishment of Quadrant Resources is a positive development for the IT sector in Warangal and Telangana. It will provide much-needed employment opportunities to local youth and boost the economic growth of the region.