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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coastaldigest.com news network
April 10,2025

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Mangaluru, Apr 10: In a profound act of generosity and faith, senior businessman and Congress leader Inayath Ali has donated 1.5 acres of prime land in the heart of Mangaluru for the construction of a Haj Bhavan. The land—strategically located just 1.5 kilometres from the Mangaluru International Airport and adjacent to a major road—is estimated to be worth over ₹8 crore.

The donation, made earlier this week, has captured public attention not just for its magnitude, but for the spirit behind it. At a time when the nation is engaged in an intense debate over the recently passed Waqf (Amendment) Act, this selfless contribution opens a new chapter in understanding the true essence of waqf.

According to sources, the upcoming Haj Bhavan will house a mosque, and offer training and orientation services for pilgrims travelling to Mecca—providing both spiritual and logistical support to hundreds of Hajj aspirants from the region.

What sets this gesture apart is the absolute surrender of rights by Inayath Ali. Despite not being a high-profile industrialist or real estate mogul, he has forfeited all claims over the land. Under Islamic waqf principles, once a property is donated, neither the donor nor their descendants can reclaim or profit from it—making it a permanent endowment for the community.

This timely development is sparking fresh conversations about the spiritual and charitable foundations of waqf, especially amid allegations and controversies surrounding waqf properties in various parts of the country. Critics often claim that waqf lands have expanded disproportionately or were historically acquired from other communities. Inayath Ali’s donation stands as a counter-narrative—one that reflects the voluntary, sacred, and socially uplifting nature of such endowments.

For generations, Muslims—from wealthy businesspersons to humble individuals—have donated land and property to build mosques, madrasas, orphanages, and cemeteries. Elders from the coastal Muslim community affirm that such acts are not merely cultural traditions but are deeply rooted in the belief that sadaqah jariyah (a continuing charity) benefits the soul in both this world and the hereafter.

Inayath Ali’s contribution, thus, is not just a donation of land—it is a message of unity, service, and spiritual vision for generations to come.

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News Network
April 14,2025

Tumakuru: Karnataka Home Minister G Parameshwara announced on Sunday that the much-anticipated caste census report will be formally discussed at a special meeting of the state Cabinet scheduled for April 17. The meeting will focus on the findings and recommendations of the report, which has recently been circulated among ministers.

Speaking at Tiptur in Tumakuru district, Parameshwara noted that the caste census was conducted to ensure equitable access to essential services, education, and employment for downtrodden communities.

“The Congress government, between 2013 and 2018, spent crores of rupees to gather caste-based data from 1.37 crore families,” he said. “However, implementation was delayed by successive governments for various reasons.”

He emphasized the need for careful and informed deliberation and urged political leaders to avoid commenting on the report without studying it. “Nearly 80 per cent of the information in the report is accurate,” the Home Minister said, reinforcing the document’s credibility.

The Cabinet’s decision following the April 17 meeting could have far-reaching implications on Karnataka’s reservation policy and social equity framework.

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News Network
April 14,2025

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New Delhi: Prime Minister Narendra Modi launched a scathing attack on the Congress on Sunday, accusing the party of indulging in minority appeasement and vote-bank politics over its opposition to the amended Waqf Act. Speaking at the inauguration of Hisar Airport in Haryana, the Prime Minister also questioned the Congress’s commitment to the Muslim community, asking why the party had never appointed a Muslim president or reserved a significant portion of election tickets for Muslim candidates.

“Congress has appeased only a few fundamentalists while keeping the majority of Muslims poor and uneducated,” Modi said. “If the Congress truly cares for Muslims, let them make a Muslim the party president and reserve 50 per cent of their Lok Sabha tickets for Muslim candidates. But they won’t. Their only aim is to snatch away others’ rights for political gains.”

He alleged that the Congress misused the Waqf law to benefit select groups and land mafias. “Lakhs of hectares of land under Waqf have been misused. If it had been used honestly, Muslim youth wouldn’t be forced to fix bicycle punctures for a living,” Modi remarked. “With the new amendments, Waqf Boards can no longer claim land belonging to tribals or marginalized communities. This is true social justice.”

Modi linked the Waqf law controversy to what he called the Congress’s legacy of undermining Dr B.R. Ambedkar. Remembering Ambedkar on his birth anniversary, the Prime Minister accused the Congress of sidelining him during his lifetime and attempting to erase his legacy after his death.

“Babasaheb Ambedkar stood for equality, but Congress infected the nation with the virus of vote-bank politics. They made him lose elections twice and tried to keep him out of the system,” Modi said, adding that every policy of his government is inspired by Ambedkar’s ideals.

He also took aim at the Congress’s stance on the Uniform Civil Code, noting that while the Constitution recommends a common civil code, the Congress never implemented it. “Today, Uttarakhand has implemented a Uniform Civil Code, and Congress is opposing it. This shows their double standards,” he said.

In response, Congress president Mallikarjun Kharge hit back, accusing the BJP of using Ambedkar’s name for political mileage while failing to implement his principles. “Dr Ambedkar emphasised education above all. What has this government done to realise his vision?” Kharge questioned. “They only speak against Congress, against Nehru, and all we have done. But what have they achieved themselves?”

Kharge also reiterated the Congress’s demand for immediate implementation of the Women’s Reservation Act, which mandates 33 per cent representation for women in Parliament and state assemblies. “When the bill was passed two years ago, we demanded SC, ST, and OBC women be included in the reservation. This remains our goal,” he said.

The exchange marks a sharp escalation in the war of words between the two national parties ahead of the upcoming general elections, with both sides invoking Ambedkar’s legacy to bolster their political narratives.

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