Key takeaways from Finance Minister’s ‘Amrit Kaal’ budge speech

News Network
February 1, 2023

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New Delhi, Feb 1: Presenting her fifth annual Budget, Finance Minister Nirmala Sitharaman on Wednesday said that the government is adopting seven priorities to guide India through the Amrit Kaal. Major announcements for taxpayers were also made in the Budget.

"The budget adopts following seven priorities -- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector," the Finance Minister said. Amrit Kaal is described by the government as the 25-year period culminating in the centenary of India's independence. The finance minister said seven priorities of the budget complement each other.

She said four transformative opportunities can be used in Amrit Kaal for enhancing economic empowerment.

Here are the highlights of the Budget Speech:

* The FM proposed to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime

* The new tax rates are 0 to Rs 3 lakhs - nil, Rs 3 to 6 lakhs - 5%, Rs 6 to 9 Lakhs - 10%, Rs 9 to 12 Lakhs - 15%, Rs 12 to 15 Lakhs - 20% and above 15 Lakhs - 30% under the new tax regime

* An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 as tax as opposed to Rs 60,000 earlier, she said. 

* Outlay for capital spending increased 33% to Rs 10 lakh crore in FY24

* The capex allocation is higher than the Rs 7.5 lakh crore budgeted for in the previous year and the highest on record

* Budget allocations increased to Rs 79,000 crore for affordable housing in FY24 under the PM Awaas Yojana

* Rs 35,000 crore to be provided for energy transition

* The FM proposed a cut in customs duty on lab-grown diamonds

* Incentives to replace old, polluting vehicles used by the central and state governments also proposed by teh government

* Revamped scheme for credit guarantee for small and medium businesses from April 1

* Collateral free credit of Rs 2 lakh crore under revamped scheme to be provided

* Increase in public capex key to crowding in private investments

* Integrated IT portal will be set up for reclaiming unclaimed shares and dividends

* Govt proposes to cap deductions from capital gains on investments in residential houses to Rs 10 cr

* Highest surcharge rate reduced from 37% to 25% in new tax regime

* Taxes on cigarettes hiked by 16%

* Basic customs duty hiked on articles made from gold bars

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News Network
April 25,2024

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The Election Commission of India on Thursday announced that it had taken cognisance of violations to the Model Code of Conduct by both Prime Minister Narendra Modi and Congress leader Rahul Gandhi.

While Modi has indulged in a diatribe against Muslims, without naming them, using terms like 'infiltrators' and 'those with more children', Rahul has been accused of making a false claim about 'rise in poverty'.

Both the BJP and INC have raised allegations of causing hatred and divisions based on caste, religion, language, and community, ANI reported.

While the EC had initially refused to comment on Modi's speeches, sources had told PTI that the commission was 'looking into' the remarks made by the BJP leader.

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News Network
April 22,2024

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Some 62,000 Israeli settlers have fled areas in the northern sector of the 1948 Israeli-occupied lands amid fear of strikes by Lebanon’s Hezbollah resistance movement in retaliation for the bloody onslaught on Gaza, latest reports have revealed.

Lebanon’s al-Mayadeen television news channel, citing Israeli media outlets, reported on Sunday evening that the number of settlers that have evacuated the area as a result of Hezbollah’s operations now stands at a staggering 62,000.

The report noted that 30,000 of the settlers have evacuated northern occupied Palestine on their own as fears are mounting among the residents that Hezbollah fighters continue to carry out daily operations with no signs that they are deterred by any action the Israeli army is taking.

Israeli media outlets further noted that 40% of the evacuees are considering no return to the region.

Moreover, 38% of those who voluntarily left the area, no longer intend to return to their previous places of residence in the northern occupied territories.

This comes as Hezbollah targeted a facility housing Israeli soldiers in the Shomera settlement earlier on Sunday with a barrage of rockets.

The Lebanese resistance group also struck surveillance devices newly installed around the Dovev military barracks, completely destroying the hardware.

Hezbollah said in a statement that it attacked the deployment positions of Israeli soldiers south of the Jal al-Alam site, using heavy-caliber Burkan (Volcano) missiles.

In another statement, the resistance group announced that its fighters struck surveillance equipment at the Misgav Am military site, which Israeli forces had lately re-positioned.

Surveillance equipment at the al-Malkiya base was also targeted and destroyed, it said, adding that the operation was carried out with a salvo of rockets.

The Israeli regime has repeatedly attacked southern Lebanon since October 7, when it launched a genocidal war on Gaza that has killed at least 34,097 Palestinians, most of them women and children.

In retaliation, Hezbollah has launched near-daily rocket attacks on Israeli positions.

At least 349 people have been killed on the Lebanese border, including 68 civilians.

Hezbollah has already fought off two Israeli wars against Lebanon in 2000 and 2006. The resistance forced the regime to retreat in both conflicts.

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News Network
April 11,2024

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BJP MLA Arabail Shivaram Hebbar’s son Vivek Hebbar on Thursday, 11 April, joined the Congress party along with his supporters at Banavasi in Uttara Kannada district.

After quitting the BJP, Vivek Hebbar joined the party in the presence of state Congress vice president and former MLC Ivan D’Souza and other local party leaders.

Speculations have been rife about his father Shivaram Hebbar, an MLA from the Yellapur Assembly segment, also planning to join the Congress, ever since he did not turn up for voting during the polls to four seats of the Rajya Sabha from Karnataka held on 27 February.

The senior Hebbar’s absence from voting, despite a party whip, had caused embarrassment to the BJP. He had, however, later attributed his absence to poor health.

The BJP had also issued notice to him, which he responded to.

Shivaram Hebbar had recently met Deputy Chief Minister and state Congress chief DK Shivakumar but claimed that the meeting was about water issues in his Assembly segment.

The senior BJP leader was earlier with the Congress. He was among 17 Congress-JD(S) legislators, who had quit from their parties, which ultimately led to the collapse of the then HD Kumaraswamy-led coalition government in July 2019.

Shivaram Hebbar had subsequently won the by-poll on a BJP ticket and served as a minister in the then government of the saffron party.

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