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    ‘SATURATION APPROACH’ TO BE ADOPTED FOR INCLUSIVE AND COMPREHENSIVE RESOURCE DEVELOPMENT AND SOCIAL JUSTICE
    POLICY FOR PROMOTING PUMPED STORAGE PROJECTS TO BE BROUGHT OUT FOR ELECTRICITY STORAGE
    UNION BUDGET ANNOUNCES A VENTURE CAPITAL FUND OF ₹ 1,000 CRORE TO EXPAND THE SPACE ECONOMY BY 5 TIMES IN THE NEXT 10 YEARS
    LAND REFORM AND ACTIONS TO BE INCENTIVISED FOR COMPLETION WITHIN NEXT 3 YEARS
    TWELVE INVESTMENT-READY “PLUG AND PLAY” INDUSTRIAL PARKS TO BE CREATED UNDER NATIONAL INDUSTRIAL CORRIDOR DEVELOPMENT PROGRAMME: UNION BUDGET 2024...
    ₹ 11,11,111 CRORE ALLOCATED FOR CAPITAL EXPENDITURE IN BUDGET 2024-25
    THE FINANCE (NO. 2) BILL, 2024
    Union Budget 2024-25 (Full) + FINANCE (No.2) ACT, 2024
    Webinar on “Budgetary Schemes for 2024–25 : Strengthening Justice delivery - Strengthening India” to be organised on coming Wednesday (24th July...
    INDIA’S REAL GDP PROJECTED TO GROW BETWEEN 6.5–7 PER CENT IN 2024-25
    ECONOMIC SURVEY CONSERVATIVELY PROJECTS A REAL GDP GROWTH OF 6.5–7 PER CENT IN FY25
    PREFACE OF ECONOMIC SURVEY 2023-24 CALLS FOR STEERING THE COUNTRY THROUGH MULTIPLE COMPACTS AND CONSENSUS WITH GOVERNMENTS, PRIVATE SECTOR AND ACADMIA
    SUSTAINING AND ACCELERATING INDIA'S PROGRESS IN THE FACE OF EVOLVING CHALLENGES REQUIRES DEDICATED INVESTMENT IN STATE MACHINERY TO REINVENT AND REINV...
    INFRASTRUCTURE EXPANSION IN INDIA WITNESSES SIGNIFICANT GROWTH IN RECENT YEARS: ECONOMIC SURVEY 2023-24
    INDIAN ECONOMY NEEDS TO GENERATE NEARLY 78.5 LAKH JOBS ANNUALLY IN THE NON-FARM SECTOR UNTIL 2030 TO CATER TO THE RISING WORKFORCE
    INDIAN LABOUR MARKET WITNESSES IMPROVEMENT IN LAST SIX YEARS WITH THE UNEMPLOYMENT RATE DECLINING TO 3.2 PER CENT IN 2022-23
    STELLAR PERFORMACE OF INDIA’s BANKING AND FINANCIAL SECTOR AMIDST GLOBAL HEADWINDS
    INDIA’S EXTERNAL SECTOR SHOWS RESILIENCE AMIDST GEOPOLITICAL HEADWINDS
    GOVERNMENT'S PRUDENT MONETARY & TRADE POLICY SUPPORTED BY STRONG OUTPUT GROWTH REDUCES RETAIL INFLATION TO A FOUR-YEAR LOW OF 5.4% IN FY24
    INDIAN AGRICULTURE SECTOR IS A SUCCESS STORY: ECONOMIC SURVEY 2023-24
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July 23, 2024
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Saturation Approach to inclusive human resource development and social justice covering eligible people through stepped-up livelihood schemes.
The Budget adopts a Saturation Approach to achieve inclusive human resource development and social justice by covering all eligible people through education, health and capability building programmes, with stepped up implementation of targeted livelihood and enterprise schemes such as PM Vishwakarma, PM SVANidhi, National Livelihood Missions and Stand Up India to empower farmers, youth, women, artisans, self help groups, scheduled castes, scheduled tribes and street vendors.
July 23, 2024
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Pumped storage policy to enable electricity storage and smooth integration of variable renewable energy into the grid.
A policy for promoting pumped storage projects will be issued to enable electricity storage and smooth integration of variable renewable energy. The Budget expands the list of exempted capital goods for solar cell and panel manufacture while discontinuing customs duty exemptions for solar glass and tinned copper interconnect. The Government will support R&D and private sector partnership for small nuclear reactors and fund indigenous deployment of Advanced Ultra Super Critical thermal technology through a public joint venture with fiscal support, alongside a roadmap to shift hard to abate industries from energy efficiency to emission targets and into the Indian Carbon Market.
July 23, 2024
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Customs duty changes on electronics and PCBA reshape tariff incentives while a venture capital fund supports space economy expansion.
The budget lowers customs duty to 15 per cent on mobile phones, mobile PCBA and mobile chargers; removes customs duty, subject to conditions, on oxygen free copper for resistor manufacture and exempts certain parts for connector manufacture; and increases customs duty on PCBA of specified telecom equipment to 15 per cent. It also directs use of sectoral databases for improved data governance and proposes population scale DPI applications across multiple service areas, while establishing a venture capital fund to expand the space economy.
July 23, 2024
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Land reform incentives will establish parcel identification and digitised records to enable credit flow and modern property administration.
The fiscal announcement incentivises land sector reforms to be completed within three years: rural actions include assigning a Unique Land Parcel Identification Number, digitising cadastral maps, surveying subdivisions to reflect current ownership, establishing a land registry and linking records to a farmers registry to facilitate credit and agricultural services; urban actions require digitisation of land records with GIS mapping and an IT based system for property record administration, updating and tax administration to improve the financial position of urban local bodies.
July 23, 2024
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Critical Mineral Mission to boost domestic production, recycling and overseas acquisition of critical mineral assets with tech and workforce measures.
The Budget proposes twelve investment-ready "plug and play" industrial parks under the National Industrial Corridor Development Programme to provide complete infrastructure and attract investment. It also proposes a Critical Mineral Mission to promote domestic production, recycling and overseas acquisition of critical mineral assets, including technology development, workforce upskilling, an extended producer responsibility framework and financing, and to launch auctions for offshore mining blocks. Additionally, integration of the e-Shram portal and revamps of ShramSuvidha and Samadhan portals aim to streamline labour services and regulatory compliance.
July 23, 2024
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Infrastructure capital allocation and interest free state loans to boost projects, plus rural connectivity and flood management support.
A major increase in capital spending prioritises infrastructure, including provision of long term interest free loans to states to support state infrastructure investment, measures to promote private investment through viability gap funding and a market based financing framework, launch of a new phase of the rural roads programme for additional habitations, and targeted irrigation, flood mitigation and disaster reconstruction assistance for affected states.
July 23, 2024
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Finance (No. 2) Bill, 2024 revises income tax rates, overhauls search/block assessment rules and updates GST determination and TDS regimes.
The Bill prescribes income tax rates and surcharge for AY 2024 25, revises capital gains and withholding tax rates, inserts section 44BBC for cruise ship taxation, replaces Chapter XIV B with a new block assessment regime for search/requisition cases, introduces the Direct Tax Vivad Se Vishwas Scheme, substantially reforms TDS/TCS and procedural timelines, and inserts CGST section 74A for determination of tax short payments and related penalty and limitation rules, with numerous consequential amendments across direct and indirect tax statutes.
July 23, 2024
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Union Budget 2024 25 implements wide tax changes: revised rates, new block assessment procedure and GST reforms.
The Act enacts wide ranging tax changes: revised income tax and surcharge rates and capital gains taxation rules; new special computation for cruise ship operations; amendments to withholding, collection and pre deposit requirements; replacement of search assessment procedure with a new Chapter providing block period assessment, computation of undisclosed income, timelines, limited interest/penalty rules and delegated approval requirements; introduction of the Direct Tax Vivad Se Vishwas Scheme, 2024; and numerous GST, customs and miscellaneous amendments with targeted commencement dates and delegated rule making powers.
July 22, 2024
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Budgetary schemes steering justice delivery - webinar to explain allocations and procedural innovations enhancing access to justice.
Announcement of a webinar on Budgetary Schemes for 2024-25 to explain key budget allocations for justice administration, evaluate their utility for ongoing and new projects, and discuss operational implications for project planning, execution, and institutional capacity through four sessions focused on best practices, judicial insights, and procedural innovations to enhance judicial efficiency and access to justice.
July 22, 2024
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Economic growth projection: India's real GDP expected to grow amid fiscal consolidation and potential external risks.
India's real GDP is projected to grow 6.5-7 per cent in 2024-25 after 8.2 per cent growth in FY24, driven by consumption and strengthening investment. Manufacturing and construction recorded strong growth while services remain the largest GVA contributor. Fiscal consolidation continued with the Union fiscal deficit at 5.6 per cent of GDP and elevated capital expenditure supporting growth. Inflation moderated to 5.4 per cent, the RBI held rates amid global uncertainty, banking asset quality improved to a 12 year low GNPA, and external balances reflected comfortable reserves and a low current account deficit, though geopolitical risks could disrupt this outlook.
July 22, 2024
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Real GDP projection signals a cautious growth outlook, stressing macroeconomic stability and focus on private investment and green transition.
The Survey projects a conservative real GDP growth baseline while reporting prior year stronger growth and lower retail inflation achieved through coordinated administrative and monetary measures. It emphasises sustaining macroeconomic stability, steady monetary policy, robust bank credit expansion and rising capital market intermediation. Policy direction focuses on the six priorities of Amrit Kaal-private investment, MSME expansion, agriculture as a growth engine, financing the green transition, bridging education employment gaps, and building State capacity-to catalyse investment, employment and structural transformation while aligning climate and social sector objectives.
July 22, 2024
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Tripartite compact among government, private sector and academia urged to drive jobs, skills and coordinated economic reform.
The Economic Survey 2023 24 calls for a tripartite compact among Centre and State governments, the private sector and citizens (and a related compact with academia) to sustain growth and job creation amid geopolitical and macroeconomic headwinds. It notes macroeconomic strengths-recovery in growth, contained inflation, healthier capital formation and adequate reserves-while warning of constraints on FDI and risks from NPAs and the pandemic. The Survey urges corporates to invest for the long term, targeted farm policy reform, coordinated energy transition planning, skills and health investments, and relief from regulatory compliance for small enterprises.
July 22, 2024
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State capacity enhancement via competency-based training and expanded lateral entry to improve public administration outcomes.
Enhancing state capacity requires targeted investment in administrative machinery, role-specific competency development, and expanded digital delivery through the iGOT Karmayogi platform to provide tailored, need-based training and track gaps. Mission Karmayogi organises capacity challenges into manageable components and links pre-service and in-service development. The note also urges expanding transparent lateral entry into senior ministry ranks, re-imagining foundational and mid-career training, recognising tenure length for senior effectiveness, and instituting annual goal-setting and measurement conversations to ensure accountability and policy delivery at scale.
July 22, 2024
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Infrastructure investment boosts road and rail network upgrades, enhancing logistics efficiency and capacity expansion nationwide.
Strategic increase in public capital expenditure has driven expansion and modernization of transport infrastructure, scaling up road construction and expanding high-speed and multi-lane corridors through corridor-based planning and Bharatmala, while promoting private investment and the development of Multi-Modal Logistics Parks to enhance freight movement and last-mile linkages. Railways received substantially higher capital allocations aimed at new lines, gauge conversion, doubling, modern rolling stock and corridor projects to reduce logistics costs and carbon emissions, supported by intensified project monitoring and streamlined land acquisition and clearances.
July 22, 2024
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Employment generation imperative requires policy alignment to harness AI, gig work, agro processing and care economy for quality jobs.
The Economic Survey urges coordinated policy to generate large-scale non farm employment by aligning technological change with collective welfare: it flags AI as a major labour market disruptor requiring an Inter Agency Coordination Authority for AI and investments like the India AI Mission; endorses expanded social security for gig and platform workers under the Code on Social Security; and promotes agro processing, the care economy, green transition investments, and targeted skill and public investment measures to create inclusive, quality jobs.
July 22, 2024
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Employment generation links rising youth and female participation to policy measures boosting formal jobs and wage growth.
The Survey records declining unemployment alongside rising labour force participation and worker-population ratios, with notable increases in youth and female employment. Organized manufacturing recovered above pre-pandemic levels and contributed to factory employment growth while rural nominal wages rose, supporting demand. Policy measures credited for these outcomes include EPFO payroll expansion, Aatmanirbhar Bharat Rojgar Yojana, Production Linked Incentive schemes, National Career Service and e-Shram portals, credit access reforms for self-employment, and consolidation into labour codes to promote formalisation, social security and job creation.
July 22, 2024
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Financial inclusion and market development underpin sector resilience, with stronger credit, improved asset quality and regulatory coordination.
The Survey details a steady monetary policy with the repo rate unchanged and active liquidity operations, robust credit growth across banks and NBFCs led by personal, services and agricultural lending, and materially improved bank asset quality with GNPAs at a multi year low; it highlights expanded primary and secondary capital markets, surging retail participation and mutual fund AUM, and stresses digital financial inclusion and regulatory coordination (including insolvency reforms and strengthened institutional capacity) as pillars of financial stability and market development.
July 22, 2024
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Export Promotion Measures strengthen trade competitiveness and ease external imbalances through logistics, digital platforms, and targeted incentives.
India's external sector shows resilience through narrowing trade and current account deficits, stronger services exports and remittances, reduced external debt to GDP ratio, and augmented foreign exchange reserves. The Government's regulatory measures to expand exports and lower logistics costs include the PM GatiShakti National Master Plan, the National Logistics Policy, digital platforms like the Unified Logistics Interface Platform and Logistics Data Bank, export credit facilitation for MSMEs, and targeted incentives including the Production Linked Incentive and Districts as Export Hubs.
July 22, 2024
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Price stability reinforced through monetary tightening and supply-side measures to moderate headline inflation going forward.
Prudent coordination of fiscal and monetary policy, plus administrative supply-side measures, reduced retail and core inflation in FY24 and underpins a framework for sustaining price stability. The Survey links monetary tightening and liquidity absorption with lower core inflation, credits price adjustments and trade measures for moderating energy and food prices, and identifies interstate and rural-urban inflation differentials driven by food baskets. It recommends expanding domestic edible oil and pulse production, upgrading storage and processing, strengthening high-frequency price monitoring, and revising the Consumer Price Index using 2022-23 expenditure data.
July 22, 2024
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Crop neutral incentive structures to align agricultural production with nutrition and sustainability while avoiding ad hoc market bans.
The Economic Survey 2023-24 urges a policy shift from basic food security to nutritional security, endorses crop neutral incentive structures to discourage water intensive and high emission crops, calls for smarter regulatory design of futures and options rather than bans, restricts export bans to exceptional circumstances so farmers can access higher world prices, proposes considering inflation targeting excluding food with targeted transfers for the poor, and prioritises expanding irrigated area and adopting water efficient farming and climate smart practices.

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Webinar on “Budgetary Schemes for 2024–25 : Strengthening Justice delivery - Strengthening India” to be organised on coming Wednesday (24th July 2024)

July 22, 2024

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Union MoS (I/C), Law and Justice, Shri Arjun Ram Meghwal to inaugurate a webinar on Budgetary Schemes for 2024–25 in respect of the Department of Justice

A webinar is scheduled to be held on ‘Budgetary Schemes for 2024–25’ in respect of the Department of Justice, Ministry of Law, and Justice on 24th July 2024 (Wednesday). Shri Arjun Ram Meghwal, Union Minister of State (I/C) for Law & Justice,& MoS for Parliamentary Affairs would inaugurate the webinar. The webinar aims to pronounce and deliberate on the key budget allocations for various divisions of the Department of Justice and will also reflect on how they will be handy in charting out and accomplishing ongoing and new projects. The webinar will have largely four sessions deliberating on the best practices, judicial insights, and procedural innovations to inspire and ensure better judiciary and access to justice for all across the nation.

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Acts Income Tax