Biden Approves 4 BN$ Arms Package Sale To India

Biden Approves 4 BN$ Arms Package Sale To India

The Biden Administration has today notified the US Congress of its intent to sell nearly 4 billion dollars worth of arms comprising mainly of the MQ 9 B Drones armed with hellfire missiles.

The Defence Security Cooperation Agency, which is an agency within the US Department of Defence, said in a press release on Thursday that the sale helps in strengthening the US-Indian strategic relationship.

It added that New Delhi continues to be an “important force for political stability, peace, and economic progress in the Indo-Pacific and South Asia region.”

“The US State Department has made a determination approving a possible Foreign Military Sale to the Government of India of MQ-9B Remotely Piloted Aircraft and related equipment for an estimated cost of $3.99 billion. The Defense Security Cooperation Agency delivered the required certification notifying Congress of this possible sale today,” the Defence Security Cooperation Agency said in a statement.

According to the statement, the Indian government has requested to buy 31 MQ-9B Sky Guardian aircraft; 161 Embedded Global Positioning and Inertial Navigation Systems (EGIs); 35 L3 Rio Grande Communications Intelligence Sensor Suites; 170 AGM-114R Hellfire missiles; 16 M36E9 Hellfire Captive Air Training Missiles (CATM); 310 GBU-39B/B Laser Small Diameter Bombs (LSDB); and eight GBU-39B/B LSDB Guided Test Vehicles (GTVs) with live fuzes.

The proposed sale will support the foreign policy and national security objectives of the United States by helping to strengthen the US-Indian strategic relationship and to improve the security of a ‘major defense partner’ which continues to be an “important force for political stability, peace, and economic progress in the Indo-Pacific and South Asia region,” the release stated.

It further added that the proposed sale will improve India’s capability to meet “current and future threats” by enabling unmanned surveillance and reconnaissance patrols in sea lanes of operation while adding that India has demonstrated a commitment to modernizing its military and will have no difficulty absorbing these articles and services into its armed forces.

“The proposed sale of this equipment and support will not alter the basic military balance in the region,” it added.

As per the release, the principal contractor will be General Atomics Aeronautical Systems, Poway, CA. and any offset agreement will be defined in negotiations between the purchaser and the contractor.

Implementation of this proposed sale will not require the assignment of any additional U.S. Government or contractor representatives to India.

“There will be no adverse impact on US defence readiness as a result of this proposed sale,” the release said. (ANI)

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canada India

India extends assistance to Palestine bilaterally and through UN: MEA

Following Israel’s accusation of UNRWA staff being involved in the October 7 Hamas attack, Ministry of External Affairs official spokesperson Randhir Jaiswal on Thursday, said that India has been extending assistance to Palestine both bilaterally and through the United Nations, adding that, at the same time, it has zero tolerance towards terrorism.

While addressing the weekly presser, the MEA spokesperson further expressed concern at the allegations imposed by Israel on United Nations Relief and Works Agency (UNRWA) staff members for being involved in the Hamas terror attacks.

The allegations assert that 13 UNRWA employees were associated with the October 7 Hamas attack on Israel, with varying levels of involvement, according to information shared by an Israeli official. The Israeli claims suggest that these employees participated in activities ranging from kidnapping hostages to setting up an operation room.

MEA spokesperson emphasised that India is an important development partner for Palestine.

“On UNRWA, India is an important development partner of Palestine, and we have been extending assistance to them both bilaterally and through the United Nations. but at the same time, we have a policy of zero tolerance towards terrorism, and in this regard, we are deeply concerned at the allegations that the UNRWA staff were involved in the October 7 terror attacks,” he said.

When asked about the allegation against the UNRWA, he said that India welcomes investigations launched by the United Nations in this matter.

“We also welcome investigations launched by the United Nations in this regard,” he added.

UN Secretary-General Antonio Guterres announced the termination of nine out of the 12 United Nations Relief and Works Agency (UNRWA) staff members implicated in the October 7 Hamas attack in Israel, CNN reported.

One staff member was reported dead, and the identities of two others are still under clarification. Guterres emphasised the severity of the allegations and assured swift action, with an ongoing investigation and an independent review in progress.

Guterres underscored the accountability of any UN employee involved in acts of terror, including potential criminal prosecution. Despite the serious allegations, he urged countries to continue financial assistance to UNRWA, emphasising the vital support it provides to 2 million Gazans for their daily survival.

However, the US decided to temporarily withhold approximately USD 3,00,000 in funding to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) as the United Nations (UN) investigates allegations of agency staff involvement

State Department spokesperson Matt Miller confirmed the pause in funding, originally scheduled for delivery in the coming weeks, while the investigations are ongoing.

A meeting between the US and 34 other donor nations with UN Secretary-General Antonio Guterres is set to take place on Tuesday. The meeting aims to provide a briefing on actions taken since the revelation of the allegations against UNRWA staff. Guterres is expected to underline the organization’s vital humanitarian work during the meeting.

Meanwhile, when asked about the International Court of Justice’s (ICJ) verdict on South Africa’s case alleging that Israel is violating the 1948 Genocide Convention in Gaza, the MEA spokesperson, said that, “We have taken note of the provisional measures that the ICJ has given a verdict on. so that is where we are as far as the ICJ provisional measures verdict is concerned.”

The ICJ in the Hague ordered Israel to ‘take all measures’ to prevent genocide in Gaza. However, the court did not order that a ceasefire be implemented.

The ruling by the court was agreed upon by a 15 to 2 vote.

South Africa previously argued that Israel’s leaders were “intent on destroying the Palestinians in Gaza” and called for a halt to the military campaign. However, Israel dismissed the accusation as “blood libel” and accused South Africa of functioning as the “legal arm of Hamas.” (ANI)

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Puja Performed Inside Gyanvapi Mosque Complex

Puja Performed Inside Gyanvapi Mosque Complex

After the Varanasi Court allowed the Hindu devotees to worship inside the Gyanvapi mosque complex, the barricades of Vyas Ka Tehkhana (basement) of the mosque were opened, and daily arti and puja were performed early in the morning on Thursday.

According to Vishnu Shankar Jain, the Hindu side lawyer Mangla Arti was performed at 3:30 in the morning and bhog was done at 12 pm.

“Timings for Aarti at Vyas cellar. Daily 5 aarti –Mangla- 3:30 am, Bhog- 12 pm, Apranh- 4 pm, Sanykaal- 7 pm, Shayan- 10:30 pm. 2 done so far,” Jain said in a post on X.

The court had asked the district administration to make the necessary arrangements within the next seven days.

Meanwhile, Jitendra Nath Vyas a member of the Vyas family who has been allowed to offer prayers inside the mosque located adjacent to the Kashi Vishwanath Temple in Varanasi said he was very happy to pray at the Tehkhana again.

“We are very happy that we have got the permission to resume puja there,” he said.

This comes as Varanasi court on Wednesday allowed Hindu devotees to offer prayers inside the ‘Vyas Ka Tekhana’ area inside the Gyanvapi mosque complex. The Vyas family member said that he along with priests performed puja in the basement in the presence of district officials.

“At the time of the puja, five priests of the (Kashi Vishwanath) temple trust, members of the Vyas family, Varanasi DM and Commissioner were present there,” he told ANI.

The developments come at a time when the Muslim side led by the Anjum Intejamia committee approached the Allahabad High Court to challenge the Varanasi Court’s decision. The Hindu side has filed a caveat before the High court demanding that it be heard before the plea is taken up.

Muslim side lawyer Akhlaq Ahmed said, “The order has overlooked the Advocate Commissioner report of 2022, ASI’s report, and the decision of 1937, which was in our favour. The Hindu side has not placed any evidence that prayers were held before 1993. There is no such idol in the place.”

The mosque has four ‘tahkhanas’ (cellars) in the basement, of which one is still in the possession of the Vyas family, who used to live there. Vyas had petitioned that, as a hereditary pujari, he be allowed to enter the tahkhana and resume pooja. (ANI)

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Budget'24: One Cr Households To Obtain 300 Units Free Rooftop Solar Power

Budget’24: One Cr Households To Obtain 300 Units Free Rooftop Solar Power

The central government announced a slew of measures for the promotion of green growth and renewable energy while tabling the Interim Budget 2024-2025 in Parliament on Thursday.

Finance Minister Nirmala Sitharaman, in her Budget speech today, said that through rooftop solarization, one crore households will be enabled to obtain up to 300 units of free electricity every month.

This scheme followed the resolve of Prime Minister Narendra Modi on the historic Pran Pratishta of Ram Mandir in Ayodhya.

According to the government, the benefits expected from this solarisation are savings up to Rs 15,000-18,000 crore annually for households from free solar electricity and selling the surplus to the distribution companies; charging of electric vehicles; entrepreneurship opportunities for a large number of vendors for supply and installation; and employment opportunities for the youth with technical skills in manufacturing, installation and maintenance.

To meet the commitment of ‘net-zero’ by 2070, Finance Minister Sitharaman proposed viability gap funding for harnessing offshore wind energy potential for initial capacity of one giga-watt, coal gasification and liquefaction capacity of 100 MT to be set up by 2030.

This will also help in reducing imports of natural gas, methanol, and ammonia.

Phased mandatory blending of Compressed Bio Gas (CBG) in Compressed Natural Gas (CNG) for transport and Piped Natural Gas (PNG) for domestic purposes to be mandated.

Financial assistance is to be provided for the procurement of biomass aggregation machinery to support collection.

Further, she said her government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure adding that greater adoption of e-buses for public transport networks will be encouraged through a payment security mechanism.

To promote the green growth, Sitharaman proposed a new scheme of

bio-manufacturing and bio-foundry which will provide environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.

“This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles,” she added.

The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July.

With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.

The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.

The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report.

India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. (ANI)

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Electoral Engineering Season In Pakistan

Electoral Engineering Season In Pakistan

References to “Allah, the Army and America” sustaining Pakistan are oft-repeated, worn-out cliché. But the three remain omnipresent, with China emerging as the additional factor. Irrespective of their outcome, the February 8 elections may reinforce them.

Claiming to represent the divine, besides the Islamist parties that stay close to the military-civil ‘establishment’, Tehreek-e-Labbaik Pakistan (TLP), a militant group recognised by the Election Commission, has fielded more candidates than the three mainstream parties: Pakistan Muslim League of three-time Prime Minister Nawaz Sharif, the Bhutto-Zardari family-run Pakistan Peoples’ Party (PPP) and Imran Khan’s Pakistan Tehreek-e-Insaf (PTI).

This, plus the way Imran is sought to be kept in jail electorally side-lined, and the role reversal of Nawaz, clearly indicate that the army is engaged in engineering the elections.

If these two are active, America cannot be far behind. Indeed, this is Pakistan’s first “foreign policy” election indirectly involving the US. Washington, of course, denies any role.

Imran Khan made the diplomatic blunder of waving at his political rally a ‘cypher’, an official communication received from his ambassador in Washington. Khan interpreted it as America’s ‘conspiracy’ and ‘threat’ to remove him from power for his ‘independent’, “pro-China” policies. Nine days before the election, he was convicted of violating official secrets. After being acquitted twice, a third trial was held in jail to ensure his conviction.

Another conviction came the very next day for misusing Toshakhana, the government depository of gifts received from foreign dignitaries. Among many things, Khan retained, and sold in Dubai, an expensive wristwatch received from the Saudi Crown Prince Salman. But there is no such trial against others, including former President Asif Zardari, who bought a limousine received as a gift at a throwaway price.

Aided by the judiciary, the current army-backed caretaker government is openly working against Khan and is perceived as promoting Nawaz while keeping Bilawal Bhutto Zardari on stand-by. However, the future, if they play their cards well, belongs to Maryam Nawaz, in her late 40s and Bilawal, who is less than half the age of three-time premier Nawaz, 74, whom analysts consider the frontrunner in next month’s election, and Imran, 71.

The popular word, ‘ladla’, makes it easy to understand Pakistan’s political scene. It means the favourite of the military-civil ‘establishment’. He has changed from time to time. He remains in favour till he turns ‘rogue’, when he starts asserting himself. He is then removed by any means. Ladla’s choice and the dynamics of governance, even in Pakistan’s nominal democracy make this clash inevitable.

This is not to question the political acumen of Nawaz, Khan or anyone else. But everyone must fall in line to gain, and stay in, power. That is Pakistan’s unchanging reality.

Before Imran, Nawaz Sharif was the favourite thrice, till each time he asserted his political position. He was pushed out, first through street protests and then with the help of the top judiciary that convicted him on graft charges. The flawed verdicts against him have now been overturned, even as Imran’s convictions grow. There are prospects of a fourth shot at power for Nawaz.

ALSO READ: Pakistan – Hurtling From One Crisis To Another

In his third stint beginning in 2013, Nawaz grew assertive and eased out Army Chief Raheel Sharif. It was Imran’s turn to be promoted from a renowned cricketer to a political leader. With ‘electoral engineering’ conducted in 2018, he cobbled up a coalition with the help of turncoats, many of them from Nawaz’s party. For the next three years, Khan maintained that the army and he were “on the same page” till the army perceived that he was interfering in its internal affairs and playing favourites.

Back in 2018, Imran was portrayed as a ‘change’ candidate, promising to end dynastic politics, ensure accountability of corrupt politicians, reform the judiciary and create jobs for young people as part of a revamped economy.

But under his rule, the economy collapsed, the cost of living soared, many of his political opponents were jailed, media freedoms were curbed and human rights violations and attacks against journalists increased.

Today, Imran’s party, broken into many factions, is contesting without the cricket bat as the election symbol. Yet, there is a groundswell of support for him, especially from the vocal middle classes. Khan remains in the reckoning. Last month, working obviously with an eye on the future, his supporters in America enlisted two lobbyists for “strategic consulting”, to garner support from pro-democracy forces and alleviate domestic pressure.

Some analysts say Khan’s imprisonment and persecution could cause a “sympathy vote”, leading to a ‘hung’ National Assembly. Several candidates still loyal to Khan are contesting as Independents. Of 17,816 candidates, 11,785 are Independents.

That would bring into play another term popular in Pakistan’s political lexicon: Lota, a turncoat who, like a vessel without a base, rolls in unpredictable directions. Not a new phenomenon though, Lota is poised to play a crucial role in this election. The ‘electable’ among them – people with resources and ground-level support, are sought-after. Nawaz had the initial start in wooing Independents. Now Bilawal Bhutto Zardari, the PPP co-chairperson, says he would prefer to form “a government with the help of Independents” instead of any coalition with Nawaz or Imran.

But the army remains the prime mover. Dawn newspaper (January 24, 2024) quoted Army Chief, Gen Asim Munir saying that “incompetent people should not be elected, and lawmakers should be held accountable after the elections.” Also, a “five-year constitutional term does not give a license to a political government to misgovern for five years.”

What some analysts call the ‘Gen Asim Munir doctrine’ is no different from what the military felt and said about the political class under former military dictators – Ayub Khan, Yahya Khan, Zia ul Haq and Pervez Musharraf.

While there is no indication that the military seeks to take over, it is apparent that it does not want to give a free hand to civilians either. The distrust of the politicians remains palpable.

The bottom line is that the elections do not guarantee political stability, economic recovery and narrowing of political and social polarization rampant in Pakistan for the last few years.

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Tourism Infrastructure To Be Taken On Indian Islands: Sitharaman

Tourism Infrastructure To Be Taken On Indian Islands: Sitharaman

Putting a thrust on boosting domestic tourism, Union Finance Minister Nirmala Sitharaman on Thursday said that the tourism infrastructure and amenities will be taken up on our islands, including Lakshadweep.

The Union Finance Minister, while presenting the Interim Budget 2024 also stated that the success of organizing G20 meetings in sixty places presented a diversity of India to a global audience.

“To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also,” Sitharaman said.

Recently, a campaign to promote Lakshadweep and other unexplored islands of the country started after PM Modi in the first week of January, visited Lakshadweep and shared a couple of pictures, showing the “stunning beauty of its islands”. From “early morning walks” to trying snorkelling, the Indian prime minister said his visit to the islands was “an enriching journey of learning and growing”.

The Administrator of Union Territories of Dadra and Nagar Haveli said, “I am confident that this will develop the culture of beach games, promote the sports talents of the union territory and increase the tourism potential of the union territory. The event will attract locals and tourists alike.”

Besides this, during her speech, Sitharaman said that states will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at a global scale.

She further added that long-term interest-free loans will be provided to states for financing such development on a matching basis.

In order to promote comprehensive development of the centres, the Union Minister said that a framework for rating of the centres based on quality of facilities and services will be established.

Noting the success of G20 last year, the Union Finance Minister in her Budget speech said that the success of organizing G20 meetings in sixty places presented a diversity of India to a global audience.

“The success of organizing G20 meetings in sixty places presented diversity of India to global audience. Our economic strength has made the country an attractive destination for business and conference tourism. Our middle class also now aspires to travel and explore. Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship,” she said.

Further, in relief to the citizens, the central government neither tweaked nor raised the tax burden on citizens.

“As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” said Sitharaman.

The Finance Minister concluded her budget presentation with a positive outlook, signalling the government’s determination to continue fostering inclusive growth and development.

The Interim Budget 2024 is expected to undergo thorough scrutiny and debates in the coming days in the Parliament, as stakeholders assess its potential impact on the nation’s economic trajectory. (ANI)

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India's first under-river metro tunnel built in Kolkata

Modi Calls Interim Budget 2024 Inclusive, Innovative

Prime Minister Narendra Modi on Thursday called the Interim Budget presented by Finance Minister Nirmala Sitharaman in Parliament on Thursday, “inclusive and innovative”.

PM Modi, in his first post-budget remarks, said that the Interim Budget empowers the four pillars of Viksit Bharat.

“This interim budget is inclusive and innovative. It has confidence in continuity. It will empower all four pillars of Viksit Bharat: Yuva, Garib, Mahila and Kisan. This Budget gives the guarantee of making India a developed nation by 2047,” PM Modi said.

He further said that this budget is a reflection of the young aspirations of a young India.

“This budget is a reflection of the young aspirations of a young India. Two important decisions were made within the Budget. For research and innovation, a fund of Rs 1 lakh crore has been announced,” he added.

He further noted that the Budget stresses the empowerment of the poor and middle class as well as creating new employment opportunities for them.

“It has been announced to construct 2 crore more houses for the poor. We aim to have 3 crore ‘Lakhpati Didis’ now. ASHA and Anganwadi workers will also get the benefit of the Ayushman Bharat scheme,” he added.

The Prime Minister further said that in the budget, keeping fiscal deficit under control, capital expenditure has been given a historic high of Rs 11,11,111 crore.

“If we speak the languages of the economists, in a manner this is ‘sweet spot’. With this, besides building India’s modern infrastructure of the 21st century, innumerable new job opportunities for the youth will be prepared,” he added.

He further noted that the income-tax remission scheme will provide relief to 1 crore people from the middle class.

‘In this budget, important decisions have been taken for the farmers,” he added.

In a landmark announcement during the presentation of the Interim Budget 2024-25, Union Finance Minister Nirmala Sitharaman revealed the government’s ambitious plan to create a corpus of Rupees One Lakh Crore to propel private investment in sunrise technologies.

This corpus will herald what the Finance Minister described as a “golden era for our tech-savvy youth.” (ANI)

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bank sitaraman

Vaccination For Girls To Prevent Cervical Cancer: Sitharaman

Union Finance Minister Nirmala Sitharaman in her interim budget speech on Thursday, said that the government will encourage vaccination for girls in the age group of 9 to 14 years for the prevention of cervical cancer.

“Our government will encourage vaccination for girls in the age group of 9-14 years to prevent cervical cancer,” Sitharaman said while presenting the interim budget 2024 in the Lok Sabha.

Sitharaman emphasised the government’s plans to set up more medical colleges and said that the government aims to serve the people through improved healthcare services.

“Several youth are ambitious to get qualified as doctors. They aim to serve our people through improved healthcare services. Our government plans to set up more medical colleges by utilising the existing hospital infrastructure under various departments. A committee for this purpose will be set up to examine the issues and make relevant recommendations,” she added.

The Finance Minister further said that the health coverage under the Ayushman Bharat scheme will be extended to all ASHA and Anganwadi workers and helpers.

Noting that various schemes for maternal and child care will be brought under one comprehensive programme for synergy in implementation, she said, “Upgradation of anganwadi centres under “Saksham Anganwadi and Poshan 2.0″ will be expedited for improved nutrition delivery, early childhood care and development.”

“The newly designed U-WIN platform for managing immunization and intensified efforts of Mission Indradhanush will be rolled out expeditiously throughout the country,” she added.

The ‘Ayushman Bhav’ initiative is envisaged to saturate all health care services in every village or town in line with the commitment of Prime Minister Narendra Modi to ensure reach to the last mile and enable access to health care services for everyone in society.

‘Ayushman Bhav’ initiative involves a set of interventions that include ‘Ayushman – Apke Dwar 3.0’, ‘Ayushman Sabhas’, ‘Ayushman Melas-at Health and Wellness Level and Medical Camps by Medical Colleges at CHCs’, and eventually ensuring Gram/Nagar Panchayat or Urban Ward to attain the status of ‘Ayushman Panchayat’ or ‘Ayushman Urban Ward’ in saturation mode. (ANI)

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Vande Bharat trains

40,000 Normal Bogies To Be Converted To Vande Bharat standards: Sitharaman

Emphasising the development of railways, Union Finance Minister Nirmala Sitharaman while presenting the Interim Budget 2024-25 said that 40,000 normal rail bogies will be converted to the Vande Bharat Standards to enhance the safety and comfort of passengers.

“Forty thousand normal rail bogies will be converted to the Vande Bharat standards to enhance safety, convenience and comfort of passengers,” FM Sitharaman said.

The Finance Minister further said that three major economic railway corridor programmes– energy, mineral and cement corridors, port connectivity corridors, and high traffic density corridors–will be implemented.

“The resultant decongestion of the high-traffic corridors will also help in improving operations of passenger trains, resulting in safety and higher travel speed for passengers. Together with dedicated freight corridors, these three economic corridor programmes will accelerate our GDP growth and reduce logistic costs,” she asserted.

“The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce cost,” the Finance Minister added.

Asserting confidence that the BJP government will retain the power after Lok Sabha elections this year, Union Finance Minister Nirmala Sitharaman said, “In the full budget in July, ‘our Government’ will present a detailed roadmap for our pursuit of Viksit Bharat.”

During the presentation of the interim budget on the floor of the Parliament, Finance Minister Nirmala Sitharaman declared that the Indian economy has undergone a profound positive transformation over the last decade.

“Indian economy witnessed a profound positive transformation in the last 10 years,” the Finance Minister said.

Presenting the Interim Budget for the fiscal year, Sitharaman highlighted the government’s commitment to inclusive development under the vision of “Sabka Saath, Sabka Vikas, and Sabka Vishwas.”

“In the second term, our government strengthened its vision of Sabka Saath, Sabka Vikas, and Sabka Vishwas,” stated Sitharaman, emphasizing the continuity of the government’s commitment to the welfare of all citizens.

She acknowledged the challenges posed by the once-in-a-century pandemic but noted that the country successfully overcame them, continuing its stride towards building an Atmanirbhar Bharat (self-reliant India) committed to Panch Pran and laying solid foundations for the Amrit Kaal.

The Finance Minister underscored the need to focus on four major pillars: the poor, women, youth, and annadatas (farmers).

The Finance Minister concluded her budget presentation with a positive outlook, signalling the government’s determination to continue fostering inclusive growth and development.

The Budget 2024 is expected to undergo thorough scrutiny and debates in the coming days in the Parliament, as stakeholders assess its potential impact on the nation’s economic trajectory. (ANI)

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Budget 2024: No Change In Taxation Proposed

Budget 2024: No Change In Taxation Proposed

As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister Nirmala Sitharaman.

“Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” Sitharaman said in her Budget speech on Thursday.

However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units are expiring in March 2024. To provide continuity in taxation, she proposed to extend the date by another year.

Moreover, in line with the government’s vision to improve ease of living and ease of doing business, she announced to improve tax-payer services.

“There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax-payers and hindering refunds of subsequent years,” she said.

She proposed to withdraw such outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15.

“This is expected to benefit about a crore tax-payers,” she added.

Presenting the Union Budget 2023, Sitharaman on Thursday pegged the fiscal deficit target for 2024-25 at 5.1 per cent of gross domestic product (GDP).

In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9 per cent of gross domestic product (GDP). Today, Sitharaman said that the fiscal deficit of 2023-24 was downwardly revised to 5.8 per cent.

The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government.

The government intends to bring the fiscal deficit below 4.5 per cent of GDP by the financial year 2025-26.

The government intends to bring the fiscal deficit below 4.5 per cent of GDP by the financial year 2025-26. A capital expenditure, or capex, is used to set up long-term physical or fixed assets.

Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government’s second term, the government proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3 per cent of the GDP.

With the substantial increase in capex, it is central to the government’s efforts to enhance growth potential and job creation, crowd in private investments and provide a cushion against global headwinds.

The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July.

With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.

The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.

The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report.

India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. (ANI)

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