Brief by Shorts91 Newsdesk / 11:22am on 23 Jul 2024,Tuesday India
Prime Minister Narendra Modi commended the Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, as visionary and inclusive. He highlighted its potential to strengthen the middle class, improve education and skills development, and empower tribal, Dalit, and backward communities. Modi emphasized the budget's focus on manufacturing, infrastructure, and economic participation of women, small traders, and MSMEs. With strong plans to continue lifting individuals out of poverty, the budget aims to energize the aspirations of the neo-middle class and create unprecedented opportunities for the youth.
Brief by Shorts91 Newsdesk / 10:38am on 23 Jul 2024,Tuesday India
During a NEET-UG hearing, Chief Justice DY Chandrachud reprimanded senior advocate Mathews Nedumpara for interrupting another lawyer. Nedumpara claimed seniority, but the CJI warned him to respect the court's decorum. When Nedumpara refused to back down, the CJI threatened to call security to remove him. The advocate eventually left the courtroom. The incident highlighted the CJI's commitment to maintaining order and decorum in the court. The hearing continued without further disruption, ensuring a smooth proceeding. The CJI's firm stance asserted his authority and upheld the court's dignity.
Brief by Shorts91 Newsdesk / 10:00am on 23 Jul 2024,Tuesday India
In Budget 2024, Finance Minister Nirmala Sitharaman announced significant changes in customs duties. The government is reducing duties on cancer medicines, mobile phones, gold, silver, and seafood, aiming to lower retail prices. Gold and silver duties will drop to 6%, potentially boosting demand and curbing smuggling. Conversely, customs duties on ammonium nitrate and non-biodegradable plastics will rise by 10% and 25%, respectively. These measures reflect the government's efforts to address public health and environmental concerns while impacting various sectors.
Brief by Shorts91 Newsdesk / 09:20am on 23 Jul 2024,Tuesday India
In the Union Budget 2024, Finance Minister Nirmala Sitharaman introduced revised tax slabs under the new tax regime, aimed at benefiting salaried individuals. The standard deduction was increased from Rs 50,000 to Rs 75,000, saving taxpayers Rs 17,500 annually. New tax slabs include 0% tax on income up to Rs 3 lakh, 5% on Rs 3 lakh to Rs 7 lakh, and varying rates up to 30% for incomes above Rs 15 lakh. Additionally, deductions for NPS contributions were raised from 10% to 14%, and family pension deductions increased from Rs 15,000 to Rs 25,000.
Brief by Shorts91 Newsdesk / 08:00am on 23 Jul 2024,Tuesday India
In a bid to boost employment, Finance Minister Nirmala Sitharaman announced a new scheme in the 2024 Budget. The government will contribute one-month's salary to the Provident Fund of all new employees across sectors. This move aims to benefit 210 lakh youths entering the workforce. The initiative comes after the BJP faced discontent over job opportunities in the general elections. The government hopes to address employment concerns with this scheme, providing financial support to new entrants in the job market. The move is expected to have a positive impact on youth employment.
Brief by Shorts91 Newsdesk / 07:41am on 23 Jul 2024,Tuesday India
In her 2024-25 Union Budget speech, Finance Minister Nirmala Sitharaman announced a fiscal deficit estimate of 4.9% of GDP, an improvement from the 5.1% projected in the interim budget. The reduction aligns with market expectations and reflects the government's commitment to fiscal consolidation. Sitharaman aims to lower the deficit to 4.5% by 2025-26 and maintain a declining debt-to-GDP ratio beyond 2026-27. The budget includes expected borrowings of ₹14.01 lakh crore gross and ₹11.63 lakh crore net. Sitharaman, presenting her seventh consecutive budget, emphasized ongoing fiscal discipline.
Brief by Shorts91 Newsdesk / 07:38am on 23 Jul 2024,Tuesday India
Finance Minister Nirmala Sitharaman has announced changes to the new tax regime in the 2024 Union Budget. The standard deduction has been increased from ₹50,000 to ₹75,000. Revised tax slabs will also benefit salaried employees, with potential savings of up to ₹17,500. Additionally, the family pension deduction for pensioners has been raised from ₹15,000 to ₹25,000. These changes will benefit around four crore salaried individuals and pensioners. The old tax slabs remain unchanged. These updates aim to provide tax relief to eligible individuals, effective from the current financial year.
Brief by Shorts91 Newsdesk / 07:08am on 23 Jul 2024,Tuesday India
In Budget 2024, Finance Minister Nirmala Sitharaman announced significant investments for Bihar and Andhra Pradesh. Bihar will receive Rs 26,000 crore for road projects, airports, medical colleges, and sports facilities. A new 'Purvodaya' plan will enhance development in several eastern states. Andhra Pradesh will benefit from Rs 15,000 crore for the Pollavaram irrigation project and additional funds for capital development. Special financial support will be provided through multilateral agencies. These measures aim to foster economic growth and infrastructure development in these key states.
Brief by Shorts91 Newsdesk / 06:22am on 23 Jul 2024,Tuesday India
Bihar allocated Rs 26,000 crore for road projects in Union Budget 2024. Projects include Patna-Purnea expressway, Buxar-Bhagalpur highway, and additional two-lane bridge over Ganga in Buxar. Government to formulate "Purvodaya" plan for Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh's development. Industrial node at Gaya to be supported under Amritsar-Kolkata industrial corridor. Finance Minister Nirmala Sitharaman announced these initiatives to boost connectivity and infrastructure in Bihar, despite no special category status. These projects aim to catalyze development in the eastern region.
Brief by Shorts91 Newsdesk / 06:07am on 23 Jul 2024,Tuesday India
Finance Minister Nirmala Sitharaman announced a new scheme in the 2024 budget, providing one month's salary as a Provident Fund contribution for all new employees entering the workforce. This initiative aims to benefit 210 lakh youths across various sectors. The move comes in response to dissatisfaction over job opportunities, which affected the BJP's performance in the recent general elections. The scheme is part of the government's efforts to address employment challenges and support young job seekers.