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Budget 2024-25: Finance Minister Nirmala Sitharaman bets on social security schemes, no change in tax slabs

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With the Narendra Modi government’s second term coming to an end, Finance Minister Nirmala Sitharaman presented her sixth budget, albeit an interim one at that. The government has focused on people’s welfare, extension of social security schemes for the poor, women, youth and farmers. She said she hoped the people of the country will vote the party back to power in the Lok Sabha polls.

The Finance Minister said the BJP-led government is working to make India ‘Viksit Bharat’. She said the government was keen on governance, development and performance, GDP. The government has raised 25 crore people from below the poverty line over the 10 years. As expected, there was no change in tax slabs, though the FM spoke of increasing tax exempt income from Rs 2.5 lakh in 2013-14 to Rs 7 lakh last year, though under the new tax regime.

Keeping rural India firmly in mind, she said 2 crore (20 million) houses will be built under the PM Awaas Yojana Grameen over the next five years. Analysts had expected a similar plan for urban areas. Similarly, the Ayushman Bharat scheme has been extended to all ASHA and Anganwadi workers which would enable them to avail free medical treatment at primary health centres and government facilities.

A long-term financing corpus will be set up with 50-year interest free loan for longer tenures for development of tech industries. The government will also launch schemes to strengthen deep tech for defence purposes.

The bigger announcement was on the plan to limit the fiscal deficit below 5% in 2026 despite the push for greater infrastructure thrust. The deficit for 2024-25 is expected to stay at 5.8% of the GDP.

The government has also cancelled direct tax demands for some 1 crore taxpayers. The greater push for increasing solarisation among households via rooftop solarisation targeting 300 free units per month is a hat-tip to the free power schemes introduced by the Aam Aadmi Party.

Finance Minister completes interim budget presentation

Union Finance Minister Nirmala Sitharaman concluded her interim budget presentation.

Tax benefits extended to March 2025

The tax benefits for startups, investments made by sovereign wealth, pension funds are to be extended to March 2025

3 railway economic corridors programmes to be implemented

The railway economic corridor programmes for energy, minerals and cement as well as port connectivity and heavy will be put into effect. The Finance Minister stated that PM Gati Shakti has designated the projects that will enable multi-modal connectivity and will lower costs and increase the effectiveness of logistics

Nirmala Sitharaman push for enhancement in tech sector

During the budged presentation, the Finance Minister said that a corpus of Rs1 lakh crore will be established with 50-year interest free loan to provide long term financing with loang tenure with no or less interest rates. She added that a new technology will be launched to strengthen deeep tech for defence purpose.

FDI inflow during FY 14-25 was USD 596 bn

Finance Minister Nirmala Sitharaman asserted that the Foreign Direct Investment during the financial year 14-20 was USD 596 billion.

Union Finance Minister Sitharaman on PM Modi’s roof-top solarisation scheme

According to Nirmala Sitharaman, rooftop solarisation will provide 300 units of free electricity per month to 1 crore families.

Ayushman Bharat cover to be extended

Union Finance Minister Nirmala Sitharaman has said all Asha and Anganwadi workers will be included in the Ayushmann Bharat initiative.

FM announces 2 crore more houses under PMYA-G

Two crore more houses would be constructed under the Pradhan Mantri Awas Yojana – Gramin, according to the Union Finance Minister.

Nirmala Sitharaman explains government focus for the interim budget

Finance Minister Nirmala Sitharaman stated that the central government is focusing on four major groups namely poor, women, youth and the farmers.

Finance Minister begins interim budget presentation

Union Finance Minister Nirmala Sitharam commences to present the interim budget 2024-25, setting the stage for Lok Sabha Election 2024. In this budget, the Finance Minister is likely to focus on social welfare schemes, farmers, women and job creation.

Growth rate to stay above 6%

Ahead of the budget, the Economic Review had pegged the growth rate at 7%, the IMF has forecast GDP growth rate for India at 6.5%

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Republic Day 2025: RSS chief Mohan Bhagwat says respect differences, live in harmony

Attempting a task without understanding, he warned, is akin to acting like a “lunatic,” leading to wasted effort and potential problems. This concept extended beyond culinary skills to encompass all aspects of life, highlighting the need for informed action and diligent work ethics.

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At the 76th Republic Day celebration in Bhiwandi, Maharashtra, RSS chief Mohan Bhagwat on Sunday asserted the importance of unity and understanding in a diverse society. His speech, delivered after unfurling the national flag at a local college, extended beyond the celebratory aspects of the day, focusing on the responsibilities inherent in Indian citizenship.

Bhagwat’s central theme revolved around the need for societal cohesion, a concept he presented as crucial for harmonious coexistence. He acknowledged the presence of diversity within India, contrasting the nation’s approach with global conflicts often fueled by similar differences.

He argued that while individual distinctions and specializations should be respected, they should not overshadow the paramount importance of mutual respect and collaborative living. His analogy extended to the familial and community levels; just as a family requires harmony for its well-being, so too does a town and, ultimately, the nation. Internal conflicts, he implied, undermine the collective good.

He further emphasised the critical role of knowledge and dedication in achieving individual and societal success. Bhagwat used the simple act of cooking rice as a powerful metaphor. He explained that simply possessing the ingredients – rice, water, and heat – is insufficient; the knowledge of how to combine them properly is essential for a successful outcome.

Attempting a task without understanding, he warned, is akin to acting like a “lunatic,” leading to wasted effort and potential problems. This concept extended beyond culinary skills to encompass all aspects of life, highlighting the need for informed action and diligent work ethics.

His message extended into the realm of interpersonal relationships, highlighting the importance of faith and dedication. He contrasted the impersonal service received at a hotel with the welcoming hospitality often found in a home.

At a hotel, a simple request for water might be met with indifference or even hostility. However, at home, a similar request is usually met with generosity and warmth. This difference, he explained, lies in the presence of faith and dedication; actions rooted in trust and commitment invariably yield more positive results. Bhagwat concluded by emphasising that such faith and dedication are vital not only for personal fulfilment but also for building strong, harmonious communities and a thriving nation.

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Congress chief Kharge extends Republic Day greetings, slams Modi govt, says secularism being targeted by Goebbelsian propaganda

He claimed that minorities are being systematically targeted, and those advocating for secularism are subjected to what he termed “Goebbelsian propaganda,” a reference to Nazi Germany’s manipulative propaganda techniques. He further asserted that weaker sections of society – Scheduled Castes, Scheduled Tribes, Other Backward Classes, the poor, and minorities – are treated as second-class citizens.

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On India’s 76th Republic Day, Congress President Mallikarjun Kharge delivered a message that was as much a celebration of the Constitution’s 75th anniversary as it was a scathing critique of the current political climate.

He began by honouring the architects of the Constitution, mentioning Mahatma Gandhi, Jawaharlal Nehru, Sardar Patel, B.R. Ambedkar, Subhas Chandra Bose, Rajendra Prasad, Maulana Azad, and Sarojini Naidu, acknowledging their monumental contribution to shaping India’s republic.

He extended his appreciation to the nation’s armed forces, paramilitary personnel, security forces, scientists, teachers, farmers, and the diverse workforce – including daily wage earners, gig workers, artists, writers, and sportspersons – for their indispensable roles in nation-building and preserving India’s rich cultural tapestry.

However, the celebratory tone was quickly overshadowed by a stark assessment of the nation’s democratic health. Kharge expressed deep concern over what he characterized as a decade-long erosion of democratic principles and institutions. He alleged a deliberate and malicious campaign fueled by religious fundamentalism, designed to fracture Indian society along religious lines.

He claimed that minorities are being systematically targeted, and those advocating for secularism are subjected to what he termed “Goebbelsian propaganda,” a reference to Nazi Germany’s manipulative propaganda techniques. He further asserted that weaker sections of society – Scheduled Castes, Scheduled Tribes, Other Backward Classes, the poor, and minorities – are treated as second-class citizens.

The Congress president directly accused the ruling government of political interference in autonomous institutions, asserting that the control over independent bodies is perceived as a mark of power. He claimed that federalism is being systematically undermined, with the rights of opposition-governed states being curtailed.

The functioning of Parliament, he stated, has significantly deteriorated due to what he described as the tyrannical tendencies of the ruling government. Universities and self-governing institutions, he continued, face constant intrusion, and a large segment of the media has been co-opted as a propaganda tool. The suppression of dissent through the targeting of opposition leaders, he argued, has become the government’s primary policy.

The ongoing crisis in Manipur served as a stark illustration of his concerns, with Kharge highlighting the state’s prolonged turmoil and the lack of accountability at the highest levels of power.

He concluded his message with a fervent call to protect the Constitution’s fundamental values of justice, liberty, equality, and fraternity, emphasizing that these tenets are being systematically undermined by what he called an authoritarian regime.

He urged citizens to be prepared to make sacrifices to defend the Constitution, viewing this as a fitting tribute to their ancestors. His statement ended with the powerful slogan: “Jai Bapu, Jai Bheem, Jai Samvidhaan. Jai Hind.”

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Republic Day 2025: PM Modi says may this occasion strengthen efforts towards preserving ideals of Constitution

“May this occasion strengthen our efforts towards preserving the ideals of our Constitution and working towards a stronger and prosperous India,” the Prime Minister said.

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The 76th Republic Day is celebrated on January 26, commemorating the day its Constitution came into effect in 1950. Prime Minister Narendra Modi offered his greetings, emphasising the significance of preserving the Constitution’s core principles of democracy, dignity, and unity.

He paid tribute to the architects of the Constitution, acknowledging their instrumental role in shaping India’s democratic journey. His message on X expressed hope that the day would reinvigorate efforts to build a stronger and more prosperous nation, firmly rooted in the ideals enshrined in the Constitution.

“Happy Republic Day. Today, we celebrate 75 glorious years of being a Republic. We bow to all the great women and men who made our Constitution and ensured that our journey is rooted in democracy, dignity and unity,” PM Modi said in a post on X.

“May this occasion strengthen our efforts towards preserving the ideals of our Constitution and working towards a stronger and prosperous India,” the Prime Minister said.

The celebrations, held at Kartavya Path, were a spectacular display of India’s rich diversity, its remarkable progress, and its powerful military. President Droupadi Murmu presided over the event, with Indonesian President Prabowo Subianto gracing the occasion as the chief guest. The meticulously planned parade, showcasing India’s cultural heritage and military might, commenced at 10:30 AM and lasted approximately 90 minutes.

Before joining the festivities, Prime Minister Modi paid his respects at the National War Memorial, honouring the sacrifices of fallen soldiers. This poignant tribute underscored the nation’s gratitude for those who defended its sovereignty and security.

The Republic Day parade, a vibrant tapestry of India’s national identity, served as a testament to its democratic spirit, its unwavering unity, and its remarkable journey as a nation. The event was a fitting tribute to the nation’s founding fathers and a symbol of its continued progress and aspirations.

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