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Moody's Ratings forecasts India's GDP to grow by 6.6% in FY25, citing strong credit demand boosting profitability in the Non-Banking Financial Company (NBFC) sector. The projection reflects optimism about India's economic expansion, indicating potential job creation, investment opportunities, and positive impacts on government finances.

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UP govt rakes in ₹18660.30 crore more revenue in 2023-2024

The highest earnings of ₹1,06,271.79 crore came from GST/VAT. This includes ₹75157.81 crore from GST, according to the state government’s revenue collection dataLUCKNOW Uttar Pradesh government collected ₹18,660.30 crore more tax and non-tax revenue in 2023-2024 compared to the previous financial year. Its total revenue collections were ₹1,93,329 crore in 2023-2024, up from ₹1,74,668.80 crore in 2022-2023. The 2023-2024 collections were around 74.3% of the annual target of ₹2,60,232 crore.

A compensation of ₹4070.30 crore received from the Centre up to March 2024, however, has not been included in the GST collection figures.

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Factories: On a roll?

The last fiscal year ended on an upbeat note for India’s economy, going by the purchasing managers’ index (PMI) for the manufacturing sector. It hit a 16-year high of 59.1 in March, the highest level since February 2008. The big margin by which it exceeded the 50 mark, which separates expansion from contraction, suggests a boom in factory orders. That this reading has been in expansionary zone now for 33 months on a roll is a sign of sustained strength. While new orders rose sharply, manufacturers also reported a build-up of stocks last month in anticipation of stronger sales. Other indicators such as surging GST intake or freight figures present a similarly bright picture. That said, although business optimism has been found to be high in surveys of managers, whose reports are what go into PMI readings, actual production numbers, as revealed in the recent national accounts data released by the government, are yet to reflect such a boom in factory activity. Sure, India’s overall pace of economic growth has been a succession of surprises on the upside, lately, but we still await clear signs of a manufacturing upsurge of the kind that would raise this sector’s share of GDP.

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There has been all-round performance across all sectors barring fertilizers, which can be explained by high base effect as well as the fact that this is the period of harvest where there is less demand for the products,” said Madan Sabnavis, Chief Economist at the Bank of Baroda.

Meanwhile, India’s fiscal deficit during the first 11 months of FY24 stood at ₹15.01 trillion, or 86.5% of the revised annual estimate, according to data released by the Controller General of Accounts.

The fiscal deficit for the corresponding period of the previous year was ₹14.54 trillion, or 82.8% of the annual estimate of ₹17.55 trillion for FY23.

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Revenue Expenditure (Shashvat Singh 12F)

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Revenue Expenditure (Shashvat Singh 12F)

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Delhi Government's finance minister Atishi Marlena presented the Annual Budget for the fiscal year 2024-25 in the state assembly (held in 59, Vidhan Sabha, Old Secretariat, Delhi-110054) on 4th March 2024, with an outlay of ₹76,000 crores.

A few key takeaways from the Delhi Budget allocation are-

Allocation of ₹16,396 Crores for the Education Sector,

Allocation of ₹8,685 Crores for the Health Sector,

An Outlay of ₹510 Crores for E-Buses and ₹500 crores for Delhi Metro,

Delhi Government to give monthly ₹1,000 to every Woman aged 18 years and/or above under the Mukhya Mantri Mahila Samman Yojana,

Allocation of ₹902 Crores for the development of Unauthorised Colonies in National Capital,

The Government will implement the 'Business Blaster Scheme' in its Universities and Industrial Training Institutes (ITIs) through ₹15 Crores allocation.

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In 2023, Kailash Gahlot had presented the Budget, after the arrest of former deputy chief minister Manish Sisodia in the excise policy case on February 26.

The Budget Session of the Delhi Assembly began on February 15 and has been extended till March 8. It is likely to be the longest assembly session under the AAP government's regime, according to officials.

Key takeaways from the budget

Allocation of ₹16,396 crore for the education sector.

Allocation of ₹8,685 crore for health sector

An outlay of ₹510 crore for e-buses and ₹500 crore for Delhi Metro.

Delhi government to give monthly ₹1,000 to every woman aged 18 years and above under Mukhya Mantri Mahila Samman Yojna

Allocation of ₹902 crore for development of unauthorised colonies in national capital

Delhi finance minister Atishi announced that Delhi will have over 10,000 public transport buses including 80 per cent e-buses by 2025.

Kejriwal government will implement Business Blaster scheme in its universities and ITIs through ₹15 crore allocation

Follow all the updates here:

The Delhi government on Monday allocated ₹40 crore for the 'Business Blasters' scheme for student startups in its Budget 2024-25 tabled in the assembly on Monday.

It also made a budgetary allocation of ₹15 crore for the 'Business Blasters Senior' programme slated to be launched in Delhi government-funded universities soon.

Presenting the budget in the Delhi Assembly, Finance Minister Atishi announced an allocation of ₹16,396 crore for education.

The Delhi government has allocated ₹664 crore for nutrition-related schemes in its 2024-25 Budget, tabled in the assembly on Monday, with Finance Minister Atishi saying "No one sleeps hungry in 'Ram Rajya'".

Presenting the Budget, Atishi said, "To turn the vision of 'Ram Rajya' into a reality, our effort is to ensure that no person in Delhi goes hungry."

To ensure food for all, the Delhi government has implemented various schemes. There are 10,897 Anganwadi centres that cater to the nutritional needs of eight lakh women and children, she said.

This involves serving daily nutritious hot meals to 1,80,000 (1.8 lakh) children aged three to six, providing nutritional supplements to 3,40,000 (3.4 lakh) children up to three years, and supplying nutritional supplements to 1,20,000 (1.2 lakh) pregnant women and lactating mothers, she added.

The 'Mukhyamantri Teerth Yatra Yojana' was launched in 2019 to aid elderly population in the city to visit pilgrimage sites across the country.

Under this scheme, the Delhi government organises free pilgrimage travel for the elders to 15 places across religious faiths including Ayodhya, Dwarkadheesh, Puri, Varanasi, Maa Vaishno Devi Dham, Ajmer Sharif, Rameshwaram, Shirdi, Tirupati Balaji and Amritsar.

The senior citizens are required to fill out a form to avail the benefit of this scheme and can take one attendant with them.

The Delhi government on Monday presented a budgetary allocation of ₹80 crore for continuing the 'Mukhyamantri Teerth Yatra Yojana' for the year 2024-25.

Delhi Finance Minister Atishi presented the budget with a total outlay of ₹76,000 crore in the Assembly ahead of the Lok Sabha elections.

The Delhi government last year allocated ₹4,744 crore for the social welfare department which includes expenditure on schemes such as 'Teerth Yatra Yojana'.

The Delhi government's 2024-25 Budget takes care of every sector, Chief Minister Arvind Kejriwal said on Monday and asserted that the AAP dispensation is inspired by the ideals of "Ram Rajya".

The chief minister also said the Mukhyamantri Mahila Samman Yojana, under which ₹1,000 per month will be given to every adult woman, is probably the "world's biggest step towards women empowerment".

Addressing a press conference after Delhi Finance Minister Atishi presented her maiden Budget in the House, Kejriwal said it is a "very good budget that takes care of every segment of people and sector".

"The Mukhyamantri Mahila Samman Yojana is perhaps the world's biggest programme of women empowerment. It will incur a huge amount. We will implement the scheme after the Lok Sabha polls," he said.

Under the scheme, ₹1,000 will be provided per month to every adult woman in Delhi.
PTI

Budget 2024-25 allocates ₹902 crore for development of unauthorised colonies in national capital, said finance minister Atishi on Monday.

While presenting Delhi Budget on Monday, Delhi finance minister Atishi announced an outlay of ₹510 crore for e-buses and ₹500 crore for Delhi Metro.

Delhi Budget 2024 Live: Delhi govt allocates ₹8,685 crore for health sector in FY25 budget, announced finance minister Atishi during her Budget speech on Monday, reported news agency PTI.

"The Kejriwal government will give monthly ₹1,000 to every woman aged 18 years and above under Mukhya Mantri Mahila Samman Yojna," said Delhi finance minister Atishi while presenting the budget in Delhi Assembly on Monday, reported news agency PTI.

Delhi Budget 2024 Live: On Monday, Delhi finance minister Atishi presented the Budget for the financial year 2024-25 in the state assembly, with an outlay of ₹76,000 crore.

In her maiden budget speech, she proposed an allocation of ₹16,396 crore for the education sector.

Delhi Budget 2024 Live: In her Budget speech on Monday, Delhi finance minister Atishi hailed AAP government's work for people. She enumerated different policies and intiatives for the welfare of Delhi people.

She claimed that from 2014 to 2024, massive changes have taken place and cited Delhi's increasing economy, doubling of per capita income, schools for children, infrastructure and free medical treatment to the poor.

Check out these visuals of Delhi finance minister Atishi with Delhi Budget 2024-25 outside the Assembly on Monday.

On Monday, Delhi finance minister Atishi took blessings of former Deputy CM Manish Sisodia's mother. Taking to X(formerly Twitter), Atishi posted: "Every year from 2015 to 2022, I have heard Manish ji's budget speech...Today in his absence, before I am going to present the budget, I took blessings from Manish ji's wife and his mother."

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Delhi Budget 2024 highlights: Delhi budget inspired by ideals of 'Ram Rajya', says CM Kejriwal

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Delhi Budget 2024 highlights: Delhi government's finance minister Atishi made a slew of announcements for the welfare of the people of Delhi.

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Revenue Receipts ( Myra 11H)

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Revenue Receipt (Vishrut V Mishra 11-H) 

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Revenue Receipt (Vishrut V Mishra 11-H) 

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State development loans (SDL), or bonds issued by state governments to manage their revenue and fund their fiscal deficit, are unlikely to meet the target for FY24, much like last fiscal.

Meanwhile, the total gross GST collection so far during the current fiscal (April 2023-February 2024) stood at ₹18.40 trillion, 11.7% higher than the mop-up for the same period last fiscal.

State government expenses usually increase during elections, due to increased spending on social welfare schemes during the election year

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Rice exports at risk as exporters face huge tax demand

Mumbai: Indian exporters have received notices from the customs department demanding payment of duty differentials on rice exported in the last 18 months, four exporters told Reuters, a rare tax demand that could cripple rice shipments from India. The world’s biggest rice exporter imposed a 20% export duty on white rice in September 2022, followed by a similar duty on parboiled rice in August 2023 to control domestic rice prices ahead of key 2024 state and national elections. reuters

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Central Expenditure Growth (2013-14 to 2023-24) --> Shivaansh 11-H

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Central Expenditure Growth (2013-14 to 2023-24) --> Shivaansh 11-H

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Getty Images

India's Finance Minister Nirmala Sitharaman today presented the Interim Budget for the next fiscal year that starts April 1, 2024. At par with widespread expectations that New Delhi will stick to fiscal prudence rather than go for big-bang announcements, New Delhi left all tax slabs unchanged and didn't commit to so-called revdis while the Modi government seeks to come back to power for a third term following the Lok Sabha elections in April-May.
Want to watch the highlights of Budget? Click Here
Housing Scheme - Pride of your own home
Capex Target - That's crucial for India's growth Tax Targets - Govt needs to earn for our development

Defence - Securing our borders Healthcare - Because health is wealth Aviation Plan - More Indians want to fly
517 new routes to be launched under Udan Scheme
Healthcare facilities under Ayushman Bharat will be extended to all Aasha workers, Aanganwadi workers
Government plans to set up hospitals in all districts
Vaccination of 9-14 year old girls for cervical cancer
Defence budget up by 4% to Rs 6.2 lakh crore from Rs 5.94 lakh crore Tourism - Plan a trip to Lakshwadeep
Interest-free loans to states to promote tourism
Funds will be provided for development of tourism in Lakshwadweep Total revenue receipts for FY25 estimated at 30 lakh crore
rupees, up from revised estimate of 26.99 lakh crore rupees in FY24
Capex target raised by 11.1% to Rs 11.11 lakh crore
On-year jump in capex target down from 37% spike in last Budget, as government restricted public spending
Middle class to get a new housing scheme
Govt to build 2 crore houses under PM Aavas Yojana
10 million houses to get free electricity via rooftop solar programme

Fiscal deficit target for FY25 set at 5.1%, FY24 aim revised to 5.8% from 5.9%

Capex outlay of Rs 11.11 lakh crore

Tax receipts for 2024-25 projected at Rs 26.02 lakh crore

Divestment target of Rs 50,000 crore for FY25

Railways to get Rs 2.55 lakh crore, up from previous year's high of Rs 2.4 lakh crore.

Gross market borrowing target for FY25 pegged at Rs 14.13 lakh crore

Nominal GDP growth seen at 10.5%

PLI scheme gets Rs 6,200 crore

Health sector to get Rs 90,170 crore, 13.8% higher than RE of Rs 79,220 crore for 2023/24

Education budget for 2024/25 seen at Rs 1.25 lakh crore

Budget At Glance: Decoding the complex terms and numbers for you Income Tax Slabs - What you've been waiting for
No income tax slab benefits for you
Direct and indirect tax including import tax rates left unchanged
All outstanding disputed direct tax demand up to Rs 25,000 withdrawn

Also Read: What Sitharaman's bahi khata had for Modi govt's four focus areas

Also Read: Capex, fiscal deficit & more; here's a look at all the key numbers you need to know

Also Read: Key takeaways from Modi 2.0's last finance bill

Allocation for schemes - Some welfare work
Government has hiked allocations for at least five major schemes for FY25
MNREGA - Allocation hiked by 43.3% to Rs 86,000 crore
Ayushman Bharat-PMJAY - Allocation up 4.2% to Rs 7,500 crore
PLI Schemes - Allocation hiked by 33.5% to Rs 6,200 crore
For other details click here

Divestment plan - More state companies to be privatised?
Government cut divestment target for this fiscal year to Rs 30,000
Target for FY25 has been set at Rs 50,000 crore
No new announcement of privatisation of state companies

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Budget at a Glance: From tax to capex, here's your 2-minute guide to become a Budget Pro

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Budget at a Glance 2024: India's FM presented the Interim Budget for the next fiscal year. Tax slabs remain unchanged, no commitment to revdis. New housing scheme for the middle class. Capex target raised by 11.1%. Defense budget increased by 4%. Ayushman Bharat healthcare extended to workers.

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Private transfer receipts— mainly representing remittances by Indians employed overseas—amounted to $31.4 billion, an increase of 2.1% over the level during the corresponding period a year ago.

In the financial account, foreign direct investment recorded a net inflow of $4.2 billion as compared with a net inflow of $2.0 billion in Q3 of FY23

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Disinvestment- capital receipts ; assets decreasing (Navya Singh 12H)

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Disinvestment- capital receipts ; assets decreasing (Navya Singh 12H)

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The Centre will auction completed road projects directly to private sector InvITs to encourage higher participation from global investors in India’s infrastructure development programme

In a policy shift, completed and revenue-generating highways under the toll-operate-transfer (ToT) mechanism will be directly and exclusively auctioned to private InvITs

Earlier, such road projects were offered only to state-owned National Highways Authority of India’s InvIT, the National Highways Infra Trust (NHIT).

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Economic Resilience and Local Leadership (Armaan Soni 12-F)

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Economic Resilience and Local Leadership (Armaan Soni 12-F)

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Delhi's economy is set to grow by 9.2% in 2023-24, with a projected 22% increase in per capita income, claimed Finance Minister Atishi in the Delhi Assembly. Despite hurdles from the central government, lieutenant governor, and bureaucracy, Atishi emphasized the remarkable growth under the Kejriwal government's leadership. She highlighted the gross state domestic product (GSDP) of Delhi, expected to reach Rs 11,07,746 crore in 2023-24, and the city's significant contribution of approximately 4% to the nation's GDP.

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DIPAM (Department of Investment and Public Asset Management) Secretary Tuhin Kanta Pandey said that the Rs 30,000 crore capital receipts target set in the Revised Estimates for the current fiscal include about Rs 20,000 crore from CPSE disinvestment and the remaining from asset monetisation. Pandey, in an interview with PTI (press trust of India), said the government has reworked the heading of non-debt capital receipts provided in the Budget document. Non-debt capital receipts include loans and advances and other capital receipts, as against earlier classification of loans and advances, disinvestment and asset monetisation.The government has budgeted Rs 30,000 crore from other capital receipts in the Revised Estimates for the current fiscal. For 2024-25, the amount is budgeted at Rs 50,000 crore.

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The FM announced that the same tax rates will be retained in FY 2024-25 for direct taxes. There will be no tax liability for taxpayers with an income of up to Rs.7 lakh, under the new tax regime. The 22% tax rate for corporate taxes will apply for existing domestic companies and 15% for certain new manufacturing companies.

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Revenue receipts..             (Devyanshi Chauhan  12 F)

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Revenue receipts..             (Devyanshi Chauhan  12 F)

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The FM announced that the average monthly gross GST collection has doubled to Rs.1.66 lakh crore in FY24.

There has been an increase in the tax buoyancy of state revenue from 0.72 in 2012-16 to 1.22 in the post-GST period of 2017-23.

The FM announced that the same customs rates, including import duties, will be retained in FY 2024-25.

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The Confluence Of Art & Science (Shivaansh Vats 12-H)

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The Confluence Of Art & Science (Shivaansh Vats 12-H)

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The trees at the new Science Gallery Bengaluru wear backpacks, lumpy little triangles of brown strapped to their trunks. These 'Backpacks' housed sensors that tracked the way the trees react to wind, carbon dioxide in the air, sunshine, rain, sound and ambient light. The data morphs and pulsates with vitality, illustrating the secret life of the trees. Every exhibit in the show, CARBON, makes one contemplate the interconnectedness of science, art and everyday life. Some installations are serious, others playful but each links scientific concepts to beauty, philosophy, conflict, justice, consumption, and every other aspect of living.

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The government’s openness to mobility technologies beyond electric comes in the backdrop of the rising popularity of hybrid cars. Hybrid sales jumped four-fold in India in 2023, crossing electric car sales for the first time. This, even though they attract a steep 43% GST, against 5% for EVs. On Tuesday, Union transport minister Nitin Gadkari said at an event that GST on hybrids should be cut to 12%, since they are 60% electrically operated and pollute little.

A second person said the mission is in line with the government’s ‘Vision 2047’ plan, adding the ministry will work as the nodal agency for the mission document, which will house all schemes and policies aimed for the automotive sector.