Tag: Minister Nirmala Sitharaman

Tourism Infrastructure To Be Taken On Indian Islands: Sitharaman

Tourism Infrastructure To Be Taken On Indian Islands: Sitharaman

By LokMarg

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

By LokMarg

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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Vaccination For Girls To Prevent Cervical Cancer: Sitharaman

Vaccination For Girls To Prevent Cervical Cancer: Sitharaman

By LokMarg

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

By LokMarg

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

By LokMarg

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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