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Tag: budget 2024

  • EaseMyTrip To Hire 500 Employees Under One Crore Internship Scheme Announced In Budget 2024 | Companies News

    New Delhi: EaseMyTrip, an Indian online travel company headquartered in New Delhi, will hire 500 interns under a Central Government scheme announced in the Union Budget.

    Nishant Pitti, CEO & Co-Founder of EaseMyTrip, made this announcement on the social media platform ‘X’ after attending Prime Minister Narendra Modi’s inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25’ Conference organized by the Confederation of Indian Industry (CII) in New Delhi today.

    Pitti on We commend Hon. PM @narendramodi for his unwavering commitment to building a #ViksitBharat.

    EaseMyTrip is the first company to announce the hiring of 500 interns after the Finance Minister announced the internship scheme in the Union Budget. EaseMyTrip was founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti.

    The company provides hotel bookings, air tickets, domestic and international holiday packages, bus bookings, and white-label services. EaseMyTrip has overseas offices in Singapore, UAE, and Thailand, with country-specific websites for UAE, UK, and Thailand.

    Finance Minister Nirmala Sitharaman announced in the Budget speech that the Center will launch a scheme for internship opportunities for the youth in the top 500 companies of India as part of the Union Budget 2024-25.

    She said this scheme will be implemented over the next five years and is expected to benefit 100 million youth. Interns will receive a monthly stipend of Rs 5,000 and a one-time assistance of Rs 6,000. The companies will bear the cost of training the interns via corporate social responsibility.

    Pitti said, “We are elated as we plan to add 500+ talented individuals to our team. This move supports the government’s futuristic vision for the country and perfectly aligns with our growth strategy. The expansion underscores our dedication to nurturing the next generation of industry. leaders. As we invest in human capital, we intend to set new benchmarks for excellence in the travel sector in India.”

    He further added, “The Hon’ble Prime Minister’s commitment to building a Viksit Bharat is commendable, and we truly support his vision. Our plans to expand our team signify a notable step towards empowering the youth, driving innovation, and contributing to the nation’s progress.”

    EaseMyTrip’s plan to undertake large-scale hiring will positively impact the Indian travel industry’s landscape. By bringing in fresh talent, the brand is helping generate employment in the market while paving the way for growth and innovation across the ecosystem.

  • What did Rakesh Tikait say about Budget 2024? Pramod Tiwari said- handed over a ‘rattle’ to Bihar-Andhra

    The first budget of Prime Minister Narendra Modi’s third term has arrived. Union Finance Minister Nirmala Sitharaman presented the budget in Parliament for the seventh consecutive time. She has become the first Finance Minister of the country to do so. Meanwhile, a statement from farmer leader Rakesh Tikait has come. He said that farmers are not going to get any benefit from this budget.

    Budget 2024: Mayawati unhappy with the budget, first reaction of UP Congress President Ajay Rai, know what he said

    There is no benefit to farmers: Rakesh Tikait

    On Union Budget 2024, farmer leader Rakesh Tikait said, “They (the Centre) might find this budget fine on paper, but at the ground level, it is not going to benefit the farmers… The government should pay the price of crops, provide free electricity, cheap fertilisers, reduce GST on farming equipment…”

    Budget 2024: ‘Is there anything for the farmers of UP in the budget?’ Akhilesh Yadav asked questions, SP said- Uncle…

    Pramod Tiwari said- handed over the rattle

    Congress MP Pramod Tiwari said on the Union Budget, “Big promises were made to the farmers but what did they get? Neither the minimum support price was mentioned nor the Kisan Samman Nidhi was increased… Overall, it was disappointing and they have given a ‘rattle’ to Bihar and Andhra Pradesh…”

    What did Dimple Yadav say?

    On the Union Budget 2024, SP MP from Mainpuri, Dimple Yadav said, “There should have been something for the safety of women, there is nothing (in the budget)… the kitchen has not been taken care of because the government is not willing to take any action regarding inflation.

    Budget 2024: CM Yogi praised the budget of Modi government, Brajesh said- dreams will be fulfilled; What did Keshav Maurya say?

    Shivpal Singh Yadav called the budget average

    SP leader Shivpal Singh Yadav wrote- This is an average, meaningless, misleading and lacking long-term vision budget. This budget has disappointed the most populous state of the country.

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  • Budget 2024: FM Sitharaman To Table Economic Survey In Parliament Tomorrow |10 Key Points | Economy News

    New Delhi: India’s Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on Monday, July 22, a day before she unveils the Union Budget for a record seventh time. The upcoming budget aims to address unemployment and other ongoing issues in the country.

    Continuing the trend of the last few years, the 2024 Union Budget will be delivered in a paperless format. Notably, the Budget for the Union Territory of Jammu and Kashmir for 2024 will be presented on July 23, 2024.

    Here are 10 Key Highlights of the Economic Survey And Budget 2024 You Need to Know

    1. The Economic Survey is made by the Economic Division of the Department of Economic Affairs in the Ministry of Finance.

    2. The first Economic Survey started in 1950-51 and was part of the budget documents. In the 1960s, it was separated from the budget documents and presented the day before the Union Budget.

    3. In 2022, the theme of the Economic Survey was ‘Agile Approach,’ focusing on India’s economic response to the Covid-19 pandemic.

    4. In 2023, the theme was ‘Recovery Complete’ as the economy was recovering during the Russia-Ukraine war and trying to return to pre-Covid conditions.

    5. This year’s Budget will be Prime Minister Narendra Modi-led government’s first major policy announcement after winning a third term in the Lok Sabha elections.

    6. Finance Minister Nirmala Sitharaman will break the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as Finance Minister. She has also surpassed Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets.

    7. The Reserve Bank of India recently increased the GDP forecast for the current year 2024-25 to 7.2% from 7% earlier. Strong domestic demand has driven the economy to a growth rate of over 7% in recent years.

    8. The International Monetary Fund (IMF) has raised India’s growth forecast for 2024 from 6.8% to 7%, keeping the country as the fastest-growing in emerging markets and developing economies.

    9. For 2023-24, the government set the fiscal deficit target at 5.9% of GDP, later revised to 5.8%.

    10. India is expected to become the world’s third-largest economy with a GDP of USD 5 trillion in the next three years. By 2030, India could become a USD 7 trillion economy. (With inputs from ANI)

  • Budget 2024: Nithin Kamath on how India can create more startup entrepreneurs | Company News

    New Delhi: As the Union Budget 2024-2025 approaches, Zerodha Co-founder and CEO Nithin Kamath on Friday shared his thoughts on how the country can create more entrepreneurs from small towns and villages by making startup investing mainstream.

    According to him, part of the solution is to do everything to encourage entrepreneurs, even in small towns and villages in India. “Venture capitalists (VCs) will never go to these areas. Which means other wealthy people are the best hope,” he posted on X social media platform.

    He said that one of the things the budget can address is “Section 54F”. The section offers tax exemptions on the capital gains earned from the sale of any asset if the proceeds are reinvested in a residential property.

    “Including investments in startups along with investments in residential property can make startup investing mainstream,” Kamath suggested. Even though some people may misuse the law, the potential upside is infinitely greater and worth the minor risk, he added. In Section 54F, as per the last Union Budget, the maximum tax exemptions are capped at up to Rs 10 crore for any long-term asset sale other than the residential property.

  • With ‘GYAN’, BJP Clears Its 2024 Poll Strategy To Counter Congress’ Caste Census Plank |

    Congress and Rahul Gandhi’s pitch for caste-based census across the country in a bid to counter BJP’s Hindutva poll plank, the saffron party has played two major cards – one was ‘poor’ caste and now the ‘GYAN’. Reacting to the opposition’s demand for a caste census, Prime Minister Narendra Modi said during assembly polls in November that there is only one caste for the government and that is ‘poor people’. He said that the NDA government has been working for the welfare of this caste.

    Now, two months later, ahead of the crucial Lok Sabha elections, Finance Minister Nirmala Sitharaman said that ‘GYAN’ encompasses the Modi government’s four main focus points. Explaining ‘GYAN’, FM Sitharaman said that G stands for ‘Garib’ (Poor), Y for ‘Yuva’ (Youth), A for ‘Annadata’ (Farmer) and N for ‘Nari’ (Women). She said that PM Modi believes in focusing on these four ‘castes’ and the government is committed to the progress of these four sections. While some may have taken it lightly, this is a broader narrative on which the Modi government is working and is wooing the voters of this section.

    The government has already been running various programs for these four sections and some of them are the SAUBHAGYA electricity scheme, Ujjwala LPG cylinder scheme, Skill India or Pradhan Mantri Kaushal Vikas Yojana (PMKVY), promotion of sports through TOPS and Khelo India, and Kisan Samman Nidhi. These are just some of the schemes of the Modi government that cater to these four sections and if taken a holistic view, any poor family.

    Women and youth form a majority of the Indian voters and the NDA government has been able to keep this section happy in the 2019 polls and the continuation of such schemes is likely to help the ruling party in the upcoming polls as well. Congress, which has been talking about caste-based census each day ahead of the assembly polls in November, has not only toned down on the issue but now talks about it very rarely. Most probably, the grand old party may have realized that the narrative did not work in its favor and rather gave the BJP a chance to further highlight the schemes run by its government. Now, the question here is, can Congress find a fix to BJP’s ‘GYAN’ and ‘poor’ caste narrative? In the run-up to the 2024 Lok Sabha polls, the Congress is not only facing an issue on the alliance front but it will have to find poll planks that resonate with the common people.

  • Interim Budget 2024: Key Takeaways From Nirmala Sitharaman’s Budget Speech | Economy News

    New Delhi: Finance Minister Nirmala Sitharaman on Thursday unveiled her sixth budget in Parliament, marking it as an interim budget ahead of the Lok Sabha Elections. It’s noteworthy that the upcoming full-fledged budget will be presented by the new government after the Lok Sabha elections. The government’s primary focus lies on improving conditions for marginalized groups such as the poor, women, youth, and farmers, among other sectors.

    Let’s have a quick look on the key takeaways from Nirmala Sitharaman’s Budget 2024

    -In a span of 10 years, the government successfully lifted 250 million people out of poverty.

    -The government is set to introduce a new initiative aimed at enhancing deep tech capabilities for defense applications.

    -In her interim Budget 2024 speech, Finance Minister Nirmala Sitharaman announced a substantial government investment in the country’s tourism sector.

    -Over the next five years, the government plans to construct an additional 20 million affordable houses, supplementing the existing 30 million homes already built. (Also Read: Defense Gets Rs 6.21 Lakh Crore In Interim Budget 2024-25)

    -The extension of tax benefits for startups and the inclusion of investments from sovereign wealth and pension funds will now be applicable until March 2025.

    -The government announced that the success of self-help groups has enabled one crore women to attain the title of “Lakhpati didis.”

    -The government announced that there are no changes in taxation – both direct and indirect.

    -The fiscal deficit for FY24 is anticipated to be below the target at 5.8% of GDP. It is projected to further decrease to 5.1% in FY25, with the objective of reducing it to 4.5% by FY26. (Also Read: Health Ministry Allocated Over Rs 90,658 Crore In interim Budget)

    -The Railways gets an allocation of Rs 2.4 lakh crore. Three major economic railway corridors under the PM Gati Shakti to improve logistics efficiency and reduce cost.

  • Ahead of President’s Budget Session Address, Rajya Sabha Chairman Revokes Suspension Of 11 Opposition MPs.

    Hours after Parliamentary Affairs Minister Pralhad Joshi said that the suspension of 11 opposition MPs in Rajya Sabha would be revoked on the government’s request, Chairman Jagdeep Dhankhar revoked their suspension allowing them to attend the Budget session. The Rajya Sabha Privileges Committee held 11 suspended opposition MPs guilty of breach of privilege and contempt of the Council of States.

    The committee submitted the report to Dhankhar, acknowledging the circumstances that the suspended members would be unable to participate in the special address by President Droupadi Murmu to both Houses of Parliament on Wednesday, marking the first address in the new Parliament building. In its report, submitted to the Rajya Sabha chairman a day before the session commences on Wednesday, the committee also proposed considering the duration of suspension already served by the members as an adequate penalty for the violation.

    The MPs are Jebi Mather Hisham, L Hanumanthaiah, Neeraj Dangi, Rajmani Patel, Kumar Ketkar, GC Chandrashekhar, Binoy Viswam, Santhosh Kumar P, M Mohamed Abdulla, John Brittas and AA Rahim. The committee usually submits its recommendations to the House. The sources said the chairman invoked the authority vested in him under the rules of procedure to revoke their suspension enabling the members to attend the special address by the president.

    The matter of 11 MPs suspended by the chairman during the Winter session of Parliament was referred to the Privileges Committee.

  • Budget 2024: Delving Into The Past And Discovering 11 Lesser-Known Facts About Union Budgets | Economy News

    New Delhi: On February 1, 2024, Nirmala Sitharaman, the Union Finance Minister is set to present the interim Budget for the fiscal year 2024-25. This marks her sixth consecutive Budget since 2019. Before the Budget, let’s explore the history and lesser-known details about previous Union Budgets.

    1.When was the first Union Budget introduced in India?

    On April 7, 1860 the first Union Budget in India was introduced by Scottish economist and politician James Wilson from the East India Company to the British Crown. The first budget of Independent India was unveiled on November 26, 1947 by Finance Minister RK Shanmukham Chetty.

    Budget printing underwent changes over the years. Initially until 1950, the budget was printed at the Rashtrapati Bhavan. However, due to a leak, the printing location had to be relocated to a press at Minto Road in New Delhi. In 1980, a government press was established in the North Block, which serves as the finance ministry’s headquarters.

    2. Budget printing

    The Budget was initially printed at the Rashtrapati Bhavan until a leak occurred, prompting a shift in the printing venue to a press at Minto Road in New Delhi. In 1980, a government press was established in the North Block which serves as the headquarters of the finance ministry.

    3. Longest budget presentation

    Nirmala Sitharaman achieved the distinction of delivering the longest Budget speech during the presentation of the Union Budget 2020–21 on February 1, 2020. On that occasion, the Finance Minister spoke for a duration of 2 hours and 42 minutes.

    4. Maximum word count in budget speech

    During the Narasimha Rao government in 1991, Manmohan Singh set a record for delivering the longest Budget speech in terms of word count comprising 18,650 words. In 2018, the second-longest speech in terms of word count was given by then Finance Minister Arun Jaitley, with a total of 18,604 words. Jaitley spoke for a duration of 1 hour and 49 minutes.

    5. Shortest budget speech in India

    The shortest budget speech in India occurred in 1977 when Finance Minister Hirubhai Mulljibhai Patel delivered a speech lasting only 800 words.

    6. Which individual holds the record for presenting the highest number of Budgets?

    The distinction of presenting the highest number of Budgets in India belongs to former Prime Minister Morarji Desai. During his tenure as the finance minister from 1962 to 1969, Desai delivered a total of 10 Budgets. This record surpasses other notable figures such as P Chidambaram (9), Pranab Mukherjee (8), Yashwant Sinha (8), and Manmohan Singh (6).

    7. Timing of budget presentations

    Before 1999, the Union Budget was traditionally presented at 5 pm on the last working day of February following a practice from the British era. The timing was later changed to 11 am by former Finance Minister Yashwant Sinha in 1999.

    In 2017, Arun Jaitley initiated the practice of presenting the Union Budget on February 1, departing from the colonial-era tradition of using the last working day of the month.

    8. Language used in budget presentations

    The government led by the Congress decided to publish the Budget documents in both Hindi and English. Prior to this decision, the Union Budget had been presented exclusively in English until 1955.

    9. Budget conducted without paper

    The Union Budget for 2021-22 marked a historic occasion as it was conducted in a paperless format due to the COVID-19 pandemic, a first in the history of independent India.

    10. First Woman in India to Present the Budget

    In 1971, Indira Gandhi, who served as both the Prime Minister and Finance Minister of India, became the pioneer as the first woman to present a Budget in the country. In 2019, Nirmala Sitharaman achieved the distinction of being the second woman to present the Budget. During that year, Sitharaman departed from the conventional budget briefcase, opting for a traditional ‘bahi-khata’ adorned with the National Emblem to carry the speech and accompanying documents.

  • FM: Growth prime focus, want a fastidiously structured Budget

    The authorities will maintain progress considerations “absolutely on top” whereas firming up proposals for the subsequent Budget and in addition bear in mind the necessity to sort out inflation dangers, Finance Minister Nirmala Sitharaman has stated.

    Responding to a query on the FY24 Budget throughout a chat with economist Eshwar Prasad on the Brookings Institute in Washington DC, the minister additionally flagged elevated oil costs as one of many greatest worries for the economic system. “Specifics (of the Budget for FY24) may be difficult at this stage because it’s a bit too early. But broadly, the growth priorities will be kept absolutely on the top… inflation concerns will also have to be addressed. But then how would you manage growth would be the natural question,” she stated.

    The Budget for FY24 is scheduled to be introduced on February 1, 2023 and the Finance Ministry often begins holding customary pre-Budget conferences with stakeholders from November.

    Several unbiased businesses have scaled down their FY23 progress projections for India in latest weeks after the June quarter recorded lower-than-expected financial growth of 13.5 per cent, even on a beneficial base amid rising exterior headwinds and tightening rates of interest throughout the globe.

    The International Monetary Fund has reduce its FY23 progress prediction for the nation by 60 foundation factors to six.8 per cent, whereas the World Bank has pegged it at 6.5 per cent. The minister additionally stated that India is speaking to totally different international locations to make Rupay acceptable outdoors the nation additionally.

    In response to a query on startups, that are considering transferring abroad, Sitharaman stated the federal government is able to discuss with them and deal with their points to assist them keep within the nation.

    The minister indicated that the Budget proposals will maintain the clue as to how India is “going to be able to balance the two” (progress and inflation) and ensure the economic system grows at a wholesome tempo. Even multilateral establishments, which have lately trimmed their progress forecast for the nation, have noticed that “India cannot be weakened,” she added. “So, it will have to again be a very carefully structured Budget in which growth momentum will have to be sustained,” she stated.

    Yellen to go to India

    According to a PTI report, Sitharaman on Tuesday, in a gathering along with her American counterpart Treasury Secretary Janet Yellen, mentioned a spread of points, together with bilateral relationships, the worldwide scenario in addition to India’s upcoming G-20 Presidency. Sitharaman, in the course of the assembly, invited Yellen to India to attend the US-India Economic and Financial Partnership assembly in New Delhi on November 11.

    Yellen later introduced that she is going to journey to India subsequent month, as she pitched for robust ties between the 2 nations. Sitharaman is on a five-day official go to to Washington DC to attend the annual conferences of the International Monetary Fund and the World Bank, on the sidelines of which she is holding a variety of bilateral conferences. FE, PTI