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Tag: Union Budget

  • Chandrababu Naidu in Delhi to push for early work on budget promises

    New Delhi: Within a week of the Union Budget being passed in Parliament, Andhra Pradesh chief minister N Chandrababu Naidu is on a twoday visit to Delhi to push for early implementation of the promises made to his state in the Budget.

    Naidu met Prime Minister Narendra Modi, home minister Amit Shah and finance minister Nirmala Sitharaman on Saturday. Naidu, whose Telugu Desam Party (TDP) provides the vital numerical support of 16 MPs to National Democratic Alliance (NDA), is expected to raise the issue of Central support for Polavaram irrigation project and development of Amravati as state capital.

    Naidu met Jal Shakti minister CR Patil on Saturday to discuss Polavaram project. Naidu also visited the civil aviation ministry to take stock of the various airports under developments and improvement of air connectivity in Andhra Pradesh. Cabinet minister Ram Mohan Naidu posted on microblogging site The Ministry of Civil Aviation is committed to supporting and cooperating in Andhra Pradesh’s growth story. Special thanks to @ncbn garu for his presence at the ministry and for his valuable administrative inputs on how to make full use of air connectivity in the state. potential of Civil Aviation for the growth of our country.”

  • 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.

  • Lok Sabha session starts today; Speaker choice

    New Delhi: The first session of the 18th Lok Sabha, which will begin on Monday, will see oathtaking by newly elected members. The election for the post of Lok Sabha Speaker will take place on Wednesday.

    With BJP lacking a majority in the House and Congress set to get the leader of the Opposition post, the Speaker’s role has become crucial for the BJPled NDA.

    In the 16th and 17th Lok Sabhas, BJP enjoyed absolute majority and there was no leader of the Opposition, which made it easier for the ruling party to get its legislative businesses passed.The row over appointment of BJP leader and seventerm MP Bhartruhari Mahtab as protem Speaker has cast shadow over the session. The move has drawn flak from the Opposition, which has alleged that the claim of Congress member K Suresh to the post was overlooked by the government. Parliamentary affairs minister Kiren Rijiju asserted that Mahtab has had seven uninterrupted terms as Lok Sabha member, making him eligible for the post. On Monday, President Droupadi Murmu will administer the oath to Mahtab as protem Speaker of the Lok Sabha at Rashtrapati Bhavan. Mahtab will then reach Parliament House and call the Lok Sabha to order at 11 am.The pro tem Speaker will then administer oath to a panel of chairpersons appointed by the President to assist him in carrying out the proceedings of the House till the election of the Speaker on Wednesday. The President has appointed Kodikunnil Suresh (Congress), TR Baalu ​​(DMK), Radha Mohan Singh and Faggan Singh Kulaste (both BJP) and Sudip Bandyopadhyay (Trinamool) to assist Mahtab in administering the oath/affirmation to the newly elected members. of the Lok Sabha.After the panel of chairpersons, the protem Speaker will administer oath/affirmation as Lok Sabha members to the Union Council of Ministers. The members from states, in alphabetical order, will take oath or make affirmation over the next two days.

    The President is scheduled to address the joint sitting of both Houses of Parliament on Thursday. The debate on the Motion of Thanks to the President’s Address will begin on Friday. Both the Houses are expected to go into a brief recess and reassemble on July 22 for the presentation of the Union Budget.

  • Decoding Budget Terms: What Is Halwa Ceremony? Check All About The Event | Economy News

    New Delhi: In a longstanding tradition, India kickstarts the budget-making process with the annual “Halwa Ceremony.” This unique event, held in the basement of the North Block of the Finance Ministry in Central Delhi, involves the Finance Minister leading the preparation of halwa, a beloved Indian dessert, to formally initiate the printing process for budget-related documents.

    Dating back to 1950, this ceremony plays a crucial role in maintaining secrecy and preventing leaks surrounding the budget. During the Halwa Ceremony, the Finance Minister takes center stage, actively participating by stirring the large wok (kadhai) used to make halwa. (Also Read: Lord Ram’s Photo On Rs 500? Here’s The Truth Behind Viral Pics)

    The sweet dish is then served to officials and staff involved in the budget-making process. This unique and symbolic act marks the beginning of the extensive budget-making process that spans several months. (Also Read: From Tata To Birla: Check List Of Prominent Industrialists Invited For Ram Temple Consecration)

    The North Block basement undergoes a transformation into a highly secure area resembling a fortress during the ceremony. Approximately 100 officials and staff directly involved in the budget-making or printing process are isolated to ensure confidentiality.

    Stringent measures, including round-the-clock surveillance, restricted communication, and electronic jammers, are implemented to prevent leaks or unauthorized information disclosure.

    The tradition of the Halwa Ceremony has evolved over the years to enhance security and confidentiality. Originally held at Rashtrapati Bhavan, the printing press was relocated to Minto Road and, eventually, to the North Block basement in 1980.

    These measures were implemented in response to a budget leak in 1950, emphasizing the government’s commitment to maintaining the sanctity of the budget-making process.

    To guarantee utmost confidentiality, officials in the North Block basement experience strict measures, including restricted contact with the outside world, supervised phone calls, continuous surveillance by the Intelligence Bureau, and stringent cybersecurity protocols.

    These precautions aim to prevent any leaks related to the budget before its official presentation.