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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Agencies
April 24,2025

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Karnataka Chief Minister Siddaramaiah on Thursday visited the residence of 35-year-old Bharat Bhushan, in Mathikere, Bengaluru, who was shot dead in front of his family by terrorists in Pahalgam and paid his final respects.

Offering condolences on behalf of all Kannadigas to Bharat Bhushan, the Chief Minister said it is extremely unfortunate that a young, well-educated man like him became a victim of a terror strike.

He strongly condemned the attack as a barbaric and inhuman act.

To facilitate the safe return of Kannada-speaking individuals stranded in Kashmir and to bring back the mortal remains of the deceased, Labour Minister Santosh Lad and a team of officials were immediately dispatched. So far, 175 Kannadigas have been safely brought back to the state.

“It is the government’s duty to protect Kannadigas in difficult times,” the CM stated.

The Karnataka government has announced a compensation of Rs 10 lakh each to the families of the Kannadigas who lost their lives in the recent terror attack in Pahalgam, Kashmir, he added.

“It is the government’s responsibility to completely eradicate terrorism. Our government extends full support to the Centre in eliminating terrorist activities in the country,” CM Siddaramaiah said.

“Killing innocent people in broad daylight and in front of their families is a heinous crime. Similar to the past Pulwama and Balakot incidents, this is a recurrence. Intelligence failure at the Central level may have contributed to this incident as well,” he observed.

The Chief Minister has directed officials to make necessary arrangements for conducting the final rites of Manjunath Rao and Bharat Bhushan with police honours.

The victims from Karnataka include Bharat Bhushan, Manjunath Rao, and Madhusudan (who had settled in Bengaluru, hailing from Andhra Pradesh). Minister for Transport Ramalinga Reddy has met Bharat Bhushan’s family in Bengaluru, while Minister for Education Madhu Bangarappa met Manjunath Rao’s family in Shivamogga and assured them of support. 

Regarding the terror attack in Kashmir, the Chief Minister said the Central government has already initiated certain measures, and the state government will extend complete support for further steps aimed at eliminating terrorism.

Bharat Bhushan had gone on a Kashmir trip with his wife, Dr Sujata, a paediatrician, and toddler son.

The family stated that the gang of terrorists approached him and asked his name. When Bharat told them his name without any fear. The terrorists then asked him to hand over his son to his wife, Sujata. Later, they had asked him whether he was a Hindu or a Muslim. When Bharat said he was a Hindu, he was shot dead.

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Agencies
April 22,2025

US President Donald Trump's administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125 billion e-commerce market, the Financial Times reported on Tuesday, citing industry executives, lobbyists and US government officials.

The US plans to push Prime Minister Narendra Modi’s government for a level playing field on e-commerce in wide-ranging talks on a US-India trade agreement set to also cover sectors from food to cars, the newspaper reported.

It did not mention what measures the Trump administration expects from the Indian government.

Amazon and Walmart operate in India through local units but face restrictions on holding inventory and directly selling to consumers, unlike domestic firm Reliance, which can open physical stores and leverage its vast retail network to reach customers across the country.

Amazon and Walmart did not immediately respond to Reuters' requests for comment.

India and US are in the middle of chalking out a trade deal as part of New Delhi's efforts to avoid US tariffs.

US Vice President JD Vance also met with Indian Prime Minister Narendra Modi on Monday, as officials in New Delhi expect to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by Trump on April 9 for major trading partners.

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News Network
April 11,2025

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New Israeli strikes have killed over a dozen people, including seven children, in the besieged territory as the regime is pressing ahead with its bloody military onslaught against Palestinians.

Gaza's civil defense agency said the bodies of 10 people, including seven children, were brought to the hospital following an Israeli airstrike that targeted the al-Farra family home in central Khan Younis.

Witnesses reported continuous and intensive Israeli tank fire in the city. 

Moreover, one Palestinian was killed and four others were wounded following an aerial attack on a group of civilians in Rafah.

In central Gaza, Israeli drones struck a group of civilians in Deir el-Balah, following which a number of casualties were transferred to the al-Aqsa Hospital.

Two more people killed in an Israeli strike that targeted a group of civilians in the al-Atatra area in the northern city of Beit Lahia.

On Friday morning, the Israeli military released an “urgent and serious” evacuation notice for residents living in various neighborhoods east of Gaza City.

The United Nations on Friday said its analysis of 36 recent Israeli strikes in Gaza showed only women and children were killed and decried the human cost of the war.

Spokeswoman Ravina Shamdasani cited an April 6 strike on a residential building of the Abu Issa family in Deir al-Balah, which reportedly killed one girl, four women, and one four-year-old boy.

Even the areas where Palestinians were being instructed to go in the expanding number of Israeli "evacuation orders" were also being subjected to attacks, she said.

Israel has said its troops are seizing "large areas" in Gaza and incorporating them into buffer zones cleared of their inhabitants.

The UN rights office warned that expanding Israeli evacuation orders are resulting in the "forcible transfer" of people into ever-shrinking spaces in the war-ravaged Palestinian territory.

"Let us be clear, these so-called evacuation orders are actually displacement orders, leading to displacement of the population of Gaza into ever shrinking spaces," Shamdasani said.

"The permanently displacing the civilian population within occupied territories amounts to forcible transfer, which is a grave breach of the Fourth Geneva Convention, and it is a crime against humanity."

Speaking to reporters in Geneva, Shamsadani said between March 18 and April 9, there were some 224 incidents of Israeli strikes on residential buildings and tents for internally displaced people.

"In some 36 strikes about which the UN Human Rights Office corroborated information, the fatalities recorded so far were only women and children," she said.

"Overall, a large percentage of fatalities are children and women, according to information recorded by our Office," she added.

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