English हिन्दी
Connect with us

India News

Budget 2025: Former Finance Minister Yashwant Sinha says concession on income tax will have limited benefits

Speaking to PTI, Sinha highlighted that only around 6 crore people would benefit from the income tax concessions, which he described as “meagre” for a large economy like India.

Published

on

Former Finance Minister Yashwant Sinha expressed scepticism about the income tax concessions proposed in the Union Budget, stating that they would have “limited benefits.” He argued that a reduction in Goods and Services Tax (GST) would have been more effective in boosting consumption and benefiting the markets.

Speaking to PTI, Sinha highlighted that only around 6 crore people would benefit from the income tax concessions, which he described as “meagre” for a large economy like India.

Sinha noted that while the middle class, particularly income taxpayers, would gain from the budget, the overall impact on the markets would be minimal. “If a concession had been given in GST, it would have benefitted the markets and increased consumption. The income tax concession, however, will have limited benefits. I don’t think the markets will gain significantly from this,” he said.

He also observed that in his hometown of Hazaribagh, there was no noticeable excitement about the budget, as people lacked the financial capacity to spend. “The markets here lack sheen because people don’t have money to spend,” he added.

Yashwant Sinha, who served as Finance Minister under former Prime Minister Atal Bihari Vajpayee from 1998 to 2002, is credited with several landmark decisions during his tenure. He introduced significant tax reforms aimed at simplifying the tax structure and authorized funding for the National Highway Authority, which laid the foundation for the expansion and modernization of India’s road infrastructure.

Sinha also introduced the Fiscal Responsibility and Budget Management (FRBM) Act in 2000, which institutionalized financial discipline and aimed to reduce fiscal deficits.

In addition to his economic reforms, Sinha made a notable change to the tradition of budget presentations. Breaking a 53-year-old practice, he shifted the timing of the Union Budget presentation from 5 pm to 11 am, aligning it more closely with Indian parliamentary convenience.

Now a leader of the Trinamool Congress, Sinha’s critique of the current budget reflects his deep understanding of economic policies and their practical implications. While acknowledging the benefits for the middle class, he emphasized the need for broader measures, such as GST concessions, to stimulate consumption and market growth in a more inclusive manner.

India News

Congress claims downsizing at US NOAA can adversely impact India

“Right now, the Modi government’s priority appears to be a trade deal to address President Trump’s threats on tariffs. But his actions in other areas, such as the downsizing of NOAA, could also have adverse impacts on India,” Ramesh stated.

Published

on

The Congress on Friday expressed concerns over the downsizing of the U.S. National Oceanic and Atmospheric Administration (NOAA), warning that the move could negatively impact India’s ability to predict monsoons and track cyclones. The party emphasized the need for India to significantly enhance its own research capacity and capabilities in earth sciences to mitigate the potential fallout.

Congress General Secretary In-Charge Communications Jairam Ramesh shared a media report on X, highlighting the implications of the NOAA’s downsizing for India. “Right now, the Modi government’s priority appears to be a trade deal to address President Trump’s threats on tariffs. But his actions in other areas, such as the downsizing of NOAA, could also have adverse impacts on India,” Ramesh stated.

NOAA’s Crucial Role in Monsoon Forecasting
Ramesh underscored the importance of NOAA in understanding India’s monsoon patterns, stating, “The National Oceanic and Atmospheric Administration has been of great importance to our understanding of the monsoon. But NOAA has been identified by President Trump for downsizing and significant budget cuts.”

He explained that NOAA collects critical global data on parameters such as temperature, salinity, and sea levels, which are essential for modeling monsoon behavior. “Ocean data used for monsoon forecasts since 2009 has come largely from NOAA,” Ramesh pointed out.

India’s Dependence on NOAA Data
The Congress leader highlighted India’s reliance on NOAA for subsurface observations in the Indian Ocean, noting that the U.S. agency contributes about 40% of such data, while India contributes only around 11%. “NOAA is a global public good essential to monitoring and managing climate change. It faces an uncertain future, which means India will have to significantly enhance its own research capacity and capability in earth sciences,” Ramesh added.

Concerns from Scientists and Policymakers
Scientists and policymakers in India have also raised alarms over the layoffs at NOAA, warning that any reduction in observational data could adversely affect monsoon forecasts and cyclone tracking across the country. Hundreds of NOAA employees, including meteorologists responsible for crucial local forecasts, were reportedly fired in late February.

Call for Strengthening India’s Capabilities
The Congress’s warning comes amid growing concerns about the potential impact of NOAA’s downsizing on global climate monitoring and India’s specific needs. The party urged the Indian government to prioritize investments in earth sciences research to reduce dependence on external agencies and ensure accurate weather predictions.

As climate change continues to pose significant challenges, the ability to predict monsoons and track cyclones accurately is critical for India’s agriculture, disaster management, and overall economic stability. The downsizing of NOAA underscores the need for India to bolster its indigenous capabilities in earth sciences and climate research.

Continue Reading

Entertainment

Karnataka Budget 2025-26: Cinema tickets capped at Rs 200, state-run OTT platform announced

Furthermore, the Karnataka Chalanachitra Academy plans to develop a multiplex complex on a 2.5-acre plot in Nandini Layout, Bengaluru, in partnership with the private sector.

Published

on

In a significant development for the Kannada film industry, the Karnataka Government announced in its latest budget that it will impose a cap of Rs 200 on movie ticket prices for all theatres across the state, including multiplexes. Chief Minister Siddaramaiah introduced the budget for the financial year 2025-26, which has a total outlay of Rs 4,08,647 crore. This budget emphasized infrastructure investment, cinema promotion, and women’s empowerment, with the ticket price cap being a major point of interest.

The Kannada film industry, which has long sought regulation of cinema ticket pricing, received a substantial boost from this decision. Home Minister G Parameshwara commented during the Question Hour that although the government typically allows exhibitors to set their own ticket prices, it maintains the authority to intervene when necessary, signaling a willingness to regulate these costs. Notably, this isn’t the first time ticket prices have been capped; Siddaramaiah had previously set a similar limit in multiplexes during his earlier term.

Other states, such as Tamil Nadu, also regulate ticket prices, with cinema seats available for as low as Rs 120, making it one of the most affordable places for moviegoers. While this pricing strategy benefits audiences, especially in metropolitan areas like Bengaluru where ticket prices can be prohibitively high, it poses challenges for theatre owners and distributors who are advocating for the removal of such caps.

In addition to the ticketing news, the Congress Government granted the cinema sector official industry status, extending various industry benefits to it. Furthermore, the Karnataka Chalanachitra Academy plans to develop a multiplex complex on a 2.5-acre plot in Nandini Layout, Bengaluru, in partnership with the private sector.

Additionally, with an investment of Rs 3 crores, a repository for both digital and non-digital Kannada films is set to be established, aiming to preserve the cultural, historical, and social significance of these films. Lastly, to enhance the visibility and marketing of Kannada cinema, the government announced the launch of a state-run OTT platform dedicated to promoting Kannada films.

Continue Reading

India News

Rekha Gupta compares her journey to Bollywood Movie Nayak after becoming Delhi CM

Rekha Gupta, BJP’s newly appointed Delhi CM, draws parallels with Nayak, pledging to lead Delhi with a vision of women-led governance and urban development.

Published

on

Rekha Gupta taking oath as Delhi CM at Ramlila Maidan

Rekha Gupta, the newly sworn-in Chief Minister of Delhi, likened her political journey to that of the protagonist in the Bollywood film Nayak, signaling a fresh start under the BJP leadership in the capital. She emphasized that her appointment was not a stroke of luck but a reflection of the country’s progress in empowering women in governance.

Speaking at the India Today Conclave, Ms. Gupta remarked, “I felt like the protagonist of the Nayak movie. I won’t say it was a lottery. It is an honour of all daughters in the country, and PM Modi has realized the vision of women-led development and women-led government.”

BJP’s second woman CM in Delhi

Ms. Gupta has become the fourth woman Chief Minister of Delhi, following the legacies of Sushma Swaraj (BJP), Sheila Dikshit (Congress), and Atishi (AAP). Her appointment marks a significant moment in BJP’s political strategy, as she was chosen over senior leaders like Parvesh Verma, a two-time Lok Sabha MP and son of former Delhi CM Saheb Singh Verma.

She was sworn in on February 20 in a grand ceremony at Ramlila Maidan alongside six cabinet ministers, including Parvesh Verma, Kapil Mishra, Manjinder Singh Sirsa, Ashish Sood, Pankaj Kumar Singh, and Ravinder Indraj Singh.

Commitment to development and women’s empowerment

Ms. Gupta stressed that her leadership was not merely symbolic but a step toward genuine empowerment of women in decision-making roles. “Women in Indian society often do not get opportunities to take the front foot. The appointment of a woman as Chief Minister is a reflection of BJP and PM Modi’s vision to promote women to higher positions of governance,” she stated.

A vision for a modern Delhi

Rekha Gupta has assured the public of her commitment to transforming Delhi into a modern, well-equipped city with improved infrastructure. She aims to enhance basic facilities across the national capital, ensuring better governance and urban development.

As a first-time MLA from Shalimar Bagh, her appointment came as a surprise to many, but she is determined to prove her leadership capabilities in shaping the future of Delhi under BJP rule.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com