Sensex ended at 80,429.04 points & Nifty at 24,479.05, both slightly lower than previous close. Many analysts had expected finance minister to keep long-term capital gains rate same.
Nirmala Sitharaman finally acknowledged the jobs emergency in her Budget 2024 speech, but the plans to provide employment for four crore youth over five years is characteristic Modi govt bombast.
Congress highlighted internship programme, employment-linked incentive scheme and abolition of angel tax as examples of ideas Modi govt ‘copied’ from its Lok Sabha polls manifesto.
Sitharaman also announced an initiative for increased connectivity to rural habitations, and introduced an interest subsidy to facilitate affordable housing loans.
The allocation, at 3.4% of GDP, remains unchanged from the figure announced in interim budget in February, and is 11% higher than last year’s outlay of Rs 10 lakh crore.
It was NDA that introduced Insolvency and Bankruptcy Code in 2016. IBC replaced earlier framework which was governed by various laws that made the process cumbersome.
‘Angel tax’, introduced in 2012 in an attempt to prevent money laundering, referred to the tax imposed on excess capital raised over fair market value.
Besides development of Vishnupad and Mahabodhi temple corridors, Union Budget also proposed industrial node for Amritsar-Kolkata Industrial Corridor at Gaya in Bihar.
The view that bureaucracies are bloated with far too many employees preying on taxpayers money is a widely held myth. Research shows how significantly understaffed the Indian state is.
The Centre is considering an increase in the National Company Law Tribunal's bench capacity, while the Standing Committee of Finance suggests fast-track courts.
The helicopters produced by Lockheed Martin are known as ‘submarine hunters’. India ordered 24 of these aircraft in 2020 to replace the Sea King helicopters. 15 have been delivered till date.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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