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Union Minister Nirmala Sitharaman exuded confidence in coming back to power.

People want PM Modi to continue his third term: Nirmala Sitharaman 

People want PM Modi to continue his third term:  Nirmala Sitharaman 

Union Minister Nirmala Sitharaman exuded confidence in coming back to power.

After casting her vote in southern Bengaluru on Friday, Union Minister Nirmala Sitharaman exuded confidence in coming back to power.
"I want more and more people to come out and vote...I think it is clear that people want a stable government, they want good policies, progress and development and that is why they are coming out. They want to see PM Modi continue his term," he said.
Also watch: <a href="https://www.editorji.com/india-news/lok-sabha-second-phase-polling-kicks-off-across-13-states-1714097189629">Lok Sabha second phase polling kicks off across 13 states</a>

Parakala Prabhakar, a renowned economist and critic of Modi, said that if BJP is re-elected in 2024, then there won't be another election in the country.

Modi will change India's constitution and map if elected again in 2024: Nirmala Sitharaman's husband 

Prabhakar, a renowned economist and critic of Modi, said that if BJP is re-elected in 2024, then there won't be another election in the country.

Parakala Prabhakar, a renowned economist and critic of Modi, said that if BJP is re-elected in 2024, then there won't be another election in the country.

Finance Minister Nirmala Sitharaman's husband Parakala Prabhakar has claimed that if the BJP comes back to power for the third time, then India's map and the constitution will change.
Prabhakar, who is a renowned economist and staunch critic of the Modi government, further said that if the present BJP dispensation is re-elected in 2024, then there won't be another election in the country.
The Congress had shared a clipping of his remarks made on April 7 in an interview.&nbsp;
Quoting certain BJP's leaders oft-repeated statements like &lsquo;isko Pakistan jaane ka hai, jane do&rsquo; (If they want to go to Pakistan, let them), Prabhakar said that these hate speeches will now be made from the ramparts of Red Fort in Delhi.
&ldquo;Modi himself will give a hate speech from the Red Fort and it won&rsquo;t be done silently or subtly,&rdquo; he said, adding that the hate speeches will be &lsquo;khula khel&rsquo;.&nbsp;
He further said that the unrest that gripped Manipur due to the ethnic clashes between Kuki and Meitei communities will be the norm across India, if Modi returns to power.
Also read | <a href="https://www.editorji.com/india-news/lok-sabha-polls-maha-vikas-aghadi-seals-seat-sharing-alliance-1712645364609">Lok Sabha polls: Maha Vikas Aghadi seals seat-sharing formula</a>

Interim Budget 2024: Railways & airport expansion and development of new airports will continue expeditiously. Check here for more details.

Interim Budget 2024: Railways and Airport expansion, development to continue expeditiously, FM

Railways and Airport expansion, development to continue expeditiously: FM

<h2>"Roll out of air connectivity to tier-two and tier-three cities under UDAN scheme has been widespread. Five hundred and seventeen new routes are carrying 1.3 crore passengers," she said.</h2>

The expansion of existing airports and development of new airports will continue expeditiously, Finance Minister Nirmala Sitharaman said on Thursday and emphasised that the country's aviation sector has been galvanised in the past 10 years.
Presenting the interim Budget for 2024-25, Sitharaman said in the last 10 years, the number of airports has doubled to 149, adding that Indian carriers have pro-actively placed orders for over 1,000 new aircraft.
India is one of the fastest growing civil aviation markets in the world and domestic air passenger traffic is on the rise.
"Roll out of air connectivity to tier-two and tier-three cities under UDAN scheme has been widespread. Five hundred and seventeen new routes are carrying 1.3 crore passengers," she said.
Ude Desh ka Aam Naagrik (UDAN) or the regional air connectivity scheme is mainly aimed at making flying more affordable.
"Expansion of existing airports and development of new airports will continue expeditiously," the minister said.
Three domestic carriers -- Air India, IndiGo and Akasa Air -- have together ordered a total of 1,120 planes in less than one year.
Last month, Akasa Air announced an order for 150 Boeing 737 Max aircraft. In 2023, Air India and IndiGo together placed orders for 970 planes with Boeing and Airbus.
Tata Group-owned Air India ordered 470 planes -- 250 from Airbus and 220 from Boeing -- in February last year. Later in June, the country's largest airline IndiGo announced an order with Airbus to buy 500 narrow-body planes.
Also Read: <a href="https://www.editorji.com/liveblog/business-news/union-budget-2024-live-updates-fm-nirmala-sitharaman-to-present-interim-budget-nbsp-1706756556783" target="_blank">Union Budget 2024 LIVE: 'Viksit Bharat roadmap in July's full budget' says FM Nirmala Sitharaman</a>

Finance Minister Nirmala Sitharaman chose a teal kantha stitch saree for the budget session. Kantha stitch is an age-old handicraft from Bengal.

Budget 2024: FM Sitharaman wears a teal kantha stitch saree this budget session, know all about this Bengal handicraft

FM Sitharaman wears a teal kantha stitch saree this budget session, know all about this Bengal handicraft

Finance Minister Nirmala Sitharaman chose a teal kantha stitch saree for the budget session. Kantha stitch is an age-old handicraft from Bengal.

Finance Minister Nirmala Sitharaman is also known for her beautiful saree collection. This year too, she has chosen a teal kantha stitch saree for the budget session. She has paired it with a matching border beige colour blouse. Kantha stitch is an age-old handicraft from Bengal.
The beauty of this stitch is that the shape is formed by looping threads on one surface only, so the reverse side of the fabric remains a simple kantha of straight, running stitches, while the front side is a complex geometric pattern. You can see leaves and floral embroidery on Nirmala Sitharaman's saree.
<h3>All about &nbsp;kantha stitch handicraft&nbsp;</h3>
Kantha stitch is an age-old and traditional form of embroidery originating from the Indian subcontinent, particularly in the Bengal region. This intricate embroidery technique is characterized by its unique method of forming shapes through looping threads on one surface, creating complex geometric patterns. The reverse side of the fabric remains a simple kantha of straight, running stitches, while the front side showcases the intricate design.
The beauty of Kantha stitch lies in its simplicity and versatility. Artisans use a running stitch to create a range of patterns, including floral motifs, leaves, and various geometric shapes. This style of embroidery has gained popularity not only for its aesthetic appeal but also for its cultural and historical significance.
Also watch: <a href="https://www.editorji.com/business-news/budget/budget-2024-how-indian-share-markets-response-on-budget-days-1706762340739">Budget 2024: Here's how Indian share markets have reacted to Budget days</a>

Amid the ongoing live screening row in Tamil Nadu's Kamakshi Amman Temple, Union Finance Minister Nirmala Sitharaman said that Tamil Nadu police are being misused by 'Hindu-hating DMK

'Hindu-hating DMK': Nirmala Sitharaman hits out at Tamil Nadu govt for 'banning' live screening

Amid the ongoing live screening row in Tamil Nadu's Kamakshi Amman Temple, Union Finance Minister Nirmala Sitharaman said that Tamil Nadu police are being misused by 'Hindu-hating DMK

Union Finance Minister Nirmala Sitharaman on Monday, January 22 hit out at Tamil Nadu government and police. She said that Tamil Nadu police are being misused by 'Hindu-hating DMK'. Her statement came at a time when the LED screens, that were installed at Kamakshi Amman Temple, to watch the live streaming of the Ayodhya Ram Temple's Pran Pratishtha, were taken down.&nbsp;
Nirmala Sitharaman was scheduled to watch the live telecast there. However, as the LED screen were taken down, the Union Finance Minister spoke with reporters and said, "Can any citizen be denied to watch the Prime Minister? The DMK is showing its personal hatred for the Prime Minister."
Moreover, the Bharatiya Janata Party on Monday, Jan 22 also moved to the Supreme Court as an urgent matter for hearing against the Tamil Nadu government. The Tamil Nadu government allegedly ordered the ban of the live telecast of 'pran pratishtha' ceremony in the Ram Janmabhoomi Temple in Ayodhya.&nbsp;
The apex court said that permission can't be rejected on the sole ground that other communities are living in the locality. It asked the state government to maintain data of the applications received and decisions taken in the matter.
Also watch: <a href="https://www.editorji.com/india-news/bjp-moves-supreme-court-against-tamil-nadu-govt-for-banning-live-telecast-of-pran-pratishtha-ceremony-1705904477918">BJP moves Supreme Court against Tamil Nadu govt for banning live telecast of 'Pran Pratishtha' ceremony</a>

While outlining the steps being taken against wilful defaulters, the Finance Minister also pointed out that cases have been filed for recovery in close to 14,000 loan accounts and action under the SARFAESI ACT has been initiated in 11,483 cases

Action being taken on willful defaulters: Nirmala Sitharaman

While outlining the steps being taken against wilful defaulters, the Finance Minister also pointed out that cases have been filed for recovery in close to 14,000 loan accounts and action under the SARFAESI ACT has been initiated in 11,483 cases

Finance Minister Nirmala Sitharaman has said that action is being taken on wilful defaulters. While answering a question in the parliament, Sitharaman said that the banks are taking steps to get the money back from the defaulters and about Rs 33,801 crore has been recovered as of March 31, 2023.
As of December 1, 2023, assets amounting to Rs 15,186.64 crores under the PMLA have been confiscated by the ED out of which Rs 15,183.77 crores have been restituted to the Public Sector Banks.
Punjab &amp; Maharashtra Cooperative Bank has recovered Rs 104.02 crores with active cooperation and support from agencies while assets amounting to Rs 692.89 crores have been confiscated under the provisions of the Fugitive Economic Offenders Act, 2018.
<h3>Actions taken against wilful defaulters</h3>
Finance Minister Nirmala Sitharaman also pointed out that legal suits were filed for recovery against 13,978 loan accounts and action under the SARFAESI Act has been initiated in 11,483 cases. FIR has been filed in 5,674 cases. All this, as of 31st March 2023
<blockquote class="twitter-tweet">
As of 31st March 2023, - Legal suits were filed for recovery against 13,978 loan accounts. - Action under the SARFAESI Act has been initiated in 11,483 cases. - FIRs have been filed in 5,674 cases. - An aggregate amount of Rs 33,801 crores has been recovered. Specific&hellip; <a href="https://t.co/aZ5G6UAIwi">pic.twitter.com/aZ5G6UAIwi</a>
&mdash; Nirmala Sitharaman Office (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1731951010216821236?ref_src=twsrc%5Etfw">December 5, 2023</a></blockquote>
<h3>Phone Banking</h3>
Finance Minister also alleged that the Phone Banking system introduced during the UPA rule had an adverse impact on the Non performing asset class.
"Phone Banking was at that time when people would call the banks &amp; say 'so &amp; so will come to seek a loan from your bank, please grant it', meaning that there's no need to look at their eligibility, etc &amp; that the loan must be granted", Sitharaman said.
She went on to say that this system with its political interference, spoilt the banks sending them into loss-making situation.&nbsp;
<blockquote class="twitter-tweet">
'Phone Banking' was at that time when people would call the banks &amp; say 'so &amp; so will come to seek a loan from your bank, please grant it', meaning that there's no need to look at their eligibility, etc &amp; that the loan must be granted. The heart of the problem was during the 10&hellip; <a href="https://t.co/NeA21VVV0A">pic.twitter.com/NeA21VVV0A</a>
&mdash; Nirmala Sitharaman Office (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1731944789275484274?ref_src=twsrc%5Etfw">December 5, 2023</a></blockquote>
&nbsp;

As per a report, the banking system alone has over Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore

FM urges financial institutions to encourage customers to nominate heirs

As per a report, the banking system alone has over Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore

Union Finance Minister Nirmala Sitharaman made a compelling call to banks and financial institutions on Tuesday, urging them to prioritize the nomination of heirs by their customers. Emphasizing the importance of this practice in reducing unclaimed funds, she delivered this message during the Global Fintech Fest (GFF).
Sitharaman remarked, "I want the entire banking system and the broader financial ecosystem, including mutual funds and stock markets, to make it a standard procedure for customers to designate their heirs by providing their names and addresses when handling their finances."
According to reports, the banking sector alone holds over Rs 35,000 crore in unclaimed deposits, with the total amount of unclaimed assets estimated to exceed Rs 1 lakh crore.
The finance minister underscored the necessity of constructing a responsible financial ecosystem and highlighted that even a single entity failing to adhere to responsible practices could lead to disruptions.
Sitharaman also expressed concerns about tax havens and the illicit movement of funds, which pose threats to a responsible financial system. She urged fintech companies to invest in robust cybersecurity measures and emphasized the critical role of trust in financial transactions.

Finance Minister Nirmala Sitharaman has advocated for learning from international experiences while recognising the importance of monitoring market activities in India

Adani-Hindenburg case: Finance Minister Nirmala Sitharaman speaks on short-selling & regulatory bodies

Finance Minister Nirmala Sitharaman has advocated for learning from international experiences while recognising the importance of monitoring market activities in India

Finance Minister Nirmala Sitharaman in an exclusive interview to Economic Times spoke about short-selling and Indian regulatory bodies in view with the Adani-Hindenburg case. This comes as reports about an upcoming investigative report on an Indian corporte emerged.
Sitharaman highlighted that short-selling is a practice where individuals or entities strategically take positions to manipulate the valuation of a target company. She added that the practice involved lowering the valuation and subsequently driving it up, leading to significant profits for those involved. As per Sitharaman, the short-sellers meticulously analyse corporate entities to assess the feasibility of their strategies and assume calculated risks to achieve substantial gains.
Also Read: <a href="https://www.editorji.com/business-news/george-soros-backed-global-investigative-journalists-collective-plan-expos-on-indian-company-1692955963113">George Soros backed Global investigative journalists collective plans expos&egrave; on Indian company</a>
Sitharaman also noted that different intentions are involved while practising short-selling. She mentioned that while some use the tactics to exploit market dynamics for profit, others opt for similar strategies to capitalize on market fluctuations.
As the accusations on the Adani Group by Hindenburg report still lingers, FM Nirmala Sitharaman shed light on how the regulatory bodies could function to discern the genuine concerns from manipulative actions. She expressed optimism that effective use of regulatory tools could contribute to enhanced corporate governance, benefiting India's economic landscape.
"What I'm looking at is Sebi, with what it does, is able to see from the grain from the chaff. Regulatory tools, if used properly, coming out of this can lead to better corporate governance. There is no harm if India can also benefit from better corporate governance", Sitharaman told Economic Times.
She also mentioned that government intervention might not be effective in controlling these activities as this happens regardless of regulations. She went on to say that constructive outcomes could be derived from reports and activities related to activist short-selling, ultimately leading to better corporate governance.
&nbsp;

In her time as the Finance Minister, Nirmala Sitharaman has added remarkable achievements to her portfolio

Nirmala Sitharaman's 64th Birthday: Here's the list of the Finance Minister's major achievements 

In her time as the Finance Minister, Nirmala Sitharaman has added remarkable achievements to her portfolio

Finance Minsiter Nirmala Sitharaman turns 64 today. As one of the most interactive Union Ministers, Sithraman holds regular meetings with industry bodies and never turns away from bringing changes and innovations whenever required.
A report by Mint puts together some of Finance Minister Nirmala Sitharaman's major achievements:
<h2>Central Goods and Services Tax Amendment Bill</h2>
Finance Minister introduced the Central Goods and Services Tax Amendment Bill on Monsoon sessions' final day. The Lok Sabha apporved the amendments that had a slew of changes including 28% tax on Online gaming, horse racing, casinos, 5% GST on hotels in Cineplex, 22% tax on SUVs among others. Nirmala Sitharaman also told the Parliament that the 28% GST on Online games as recommended by the 50th GST Council meeting, will result in the increase of revenue from current levels.
<h2>Flagship Schemes</h2>
Finance Minister Nirmala Sitharaman has been vocal about garnering support and promoting flagship schemes. FM Nirmala Sitharaman has earlier said that Regional Rural Banks (RRBs) should continue their focus on flagship schemes of the Central government such as PMJJBY, PMSBY, PM SVANidhi, Atal Pension Yojana, PM Jan Dhan Yojana, PM Mudra Yojana, KCC, KCC Animal Husbandry &amp; Fisheries, and aim for their saturation.
<h2>Income Tax Slabs</h2>
In her budget presentation, Finance Minister Nirmala Sitharaman introduced a big tax slab change for the working middle class faction. She has proposed to make the exemption limit to ₹7 lakh under the new tax regime. The Centre has now made the new income tax slab as the default tax regime.
<h2>Merging public sector banks</h2>
Finance Minister led the merging of public sector banks. The government announced the merger of 10 public sector lenders into 4 bigger and stronger banks in 2020. An RBI research paper recently mentioned that the merging of banks has &nbsp;improved the efficiency of the banking sector.
Nirmala Sitharaman while speaking at the national CA conference organized by the Institute of Chartered Accountants of India (ICAI) in Bhubaneswar urged the chartered accountants to familiarize themselves with new-age concepts and areas of accounting and compliance.&nbsp;
&nbsp;
&nbsp;

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

Amid global banking crisis, Finance Ministry seeks PSB's bond portfolio data

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

As per Business Standard, the Union finance ministry has asked public sector banks (PSBs) to furnish details of their bond portfolios ahead of their meeting with Finance Minister Nirmala Sitharaman on Saturday, amid the turmoil in global banks.
As an exercise to determine the resilience of banks against interest-rate risks, the ministry has specifically requested details on holdings under the held-to-maturity (HTM) and available-for-sale (AFS) portfolios, bankers said
While the HTM portfolio protects banks from potential losses on bond holdings, the government wants to ascertain how banks will respond in the case of large bond sales from that book, sources said.
Sitharaman will hold a meeting with all PSB heads on Saturday where she will review their work, including lending to infrastructure and flow of cash transfers to beneficiaries under various government flagship schemes.
Source: Business Standard&nbsp;

Amid the global banking crisis, finance minister Nirmala Sitharaman has called state-owned lenders' meet, reported Economic Times

Global banking crisis: FM calls state-owned lenders' meet

Amid the global banking crisis, finance minister Nirmala Sitharaman has called for a meeting of state-owned lenders.&nbsp;

Amid the global banking crisis, Finance minister Nirmala Sitharaman has called for a state-owned lenders' meet. As per a report by economic times, the meet is likely to be held on saturday. The FM will seek the lenders views on global concerns over the banking system's vulnerability due to monetary tightening.&nbsp;
Though experts have ruled out any possible spillover impact on domestic banks, the government wants to know from the lenders if any policy intervention is required.&nbsp;
The finance minister will also assess the performance of public sector banks as FY23 draws to a close, said the economic times report&nbsp;

GST Council meeting will be chaired by Union finance minister Nirmala Sitharaman and comprising her state counterparts on Feb 18 

GST Council meeting on Feb 18, here's a list of key expectations 

GST Council meeting will be chaired by Union finance minister Nirmala Sitharaman and attended by her state counterparts on Feb 18&nbsp;

The GST Council in its meeting on Saturday is likely to discuss setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha business, sources said.
The report of panel of ministers on Goods and Services Tax (GST) on online gaming and casinos may not come up for deliberation at the February 18 meeting of the GST Council, chaired by Union finance minister Nirmala Sitharaman and comprising her state counterparts.
The items, which could not be discussed by the Council in its last meeting on December 17, 2022, would top the agenda of the 49th GST Council meeting on February 18, the sources said.
The report of the Group of Ministers (GoM), headed by Odisha finance minister Niranjan Pujari, on checking tax evasion by pan masala and gutkha industry would be taken up for discussion.
The report of the GoM on Goods and Services Tax Appellate Tribunals (GSTATs) was set up in July last year under the chairmanship of Haryana deputy chief minister Dushyant Chautala.
The GoM has suggested that the tribunals should consist of two judicial members, and one technical member each from the Centre and states, besides a retired Supreme Court judge as president.
However, the Meghalaya chief minister Conrad Sangma chaired panel report on online gaming is unlikely to come up for discussion. The report has already been submitted to the Union finance minister and it has to be circulated to states before it could come up before the Council for deliberation.
The GoM, in its last meeting in November, had agreed on a 28 per cent GST on these segments. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals.

Sitharaman's comments come a day after the top court sought views of the Centre and market regulator SEBI on PILs alleging exploitation of investors and artificial crashing of the Adani Group's stocks. 

India's regulators seized of the matter, always on their toes; finance minister on Adani Group crisis

Sitharaman's comments come a day after the top court sought views of the Centre and market regulator SEBI on PILs alleging exploitation of investors and artificial crashing of the Adani Group's stocks.&nbsp;

Union Finance Minister Nirmala Sitharaman on Saturday said India&rsquo;s regulators are well-equipped to handle the situation that has arisen following a report by US-based short seller Hindenburg Research.
"India's regulators are very experienced and they are experts in their domain. Regulators are very seized of this matter. They are on their toes as always, not just now. So I will leave it there," Sitharaman said.&nbsp;
The finance minister was addressing the media after the Reserve Bank of India's central board of directors meeting in Mumbai.&nbsp;
Sitharaman's comments come a day after the top court sought views of the Centre and market regulator SEBI on PILs alleging exploitation of investors and artificial crashing of the Adani Group's stocks.&nbsp;
The next hearing on the matter will be on February 13

Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report 

Shares of most life insurance companies have been under pressure after the Budget 2023 announcements regarding limiting income tax exemption from the proceeds of insurance policies

The insurance industry was left disappointed with Budget 2023. In fact one of the budget proposals, limiting exemptions on high value insurance policies, came as a big blow to the industry.&nbsp; As per reports, the industry body will meet Finance Minister Nirmala Sitharaman to seek a relaxation on taxation on insurance.&nbsp;
According to CNBC-TV18, the industry body seeks raising the limit on premium for taxation to ₹10 lakh/year vs budget announcement of ₹5 lakh/year.&nbsp;
Shares of most life insurance companies have been under pressure after the Budget 2023 announcement, which said that the payout of life insurance policies where the premium was above Rs 5 lakh, would be taxed.&nbsp;
&nbsp;

FM Sitharaman breaks her silence on Adani vs Hindenburg report

The combined market cap of Adani Group's listed units has collapsed by more than $120 billion -- about half of the group's value -- since US short-seller Hindenburg Research released an explosive report last week

Indian Finance Minister Nirmala Sitharaman said Friday her country's markets were "well regulated" and she did not expect the controversy around tycoon Gautam Adani's business empire to affect investor confidence.
The combined market cap of Adani Group's listed units has collapsed by more than $120 billion -- about half of the group's value -- since US short-seller Hindenburg Research released an explosive report last week.
It accused Adani of accounting fraud and artificially boosting its share prices, calling it a "brazen stock manipulation and accounting fraud scheme" and "the largest con in corporate history".
India remained "an absolutely well governed" country and a "very well regulated financial market", Sitharaman told broadcaster News18.
"One instance, however much talked about globally, I would think is not going to be indicative of how well Indian financial markets have been governed," Sitharaman said.
Sitharaman said public sector financial institutions had released detailed statements showing they had limited exposure to Adani Group and would not be significantly affected by the share crash.
"I think the investor confidence which existed before shall continue even now," she added.

Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget

Budget 2023: Smoking to get more expensive; shares of cigarette companies slump

Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget

Smoking a cigarette to cost more for smokers as Finance Minister Nirmala Sitharaman announced a 16 per cent increase in the customs duty on cigarettes in the Budget 2023.&nbsp; In her speech, Finance minister Nirmala Sitharaman proposed the National Calamity Contingent Duty (NCCD) on specified cigarettes be revised upwards by about 16 per cent. The hike in NCCD on cigarettes comes two years after it was kept unchanged. Though the announcement was initially seen as negative for the cigarette makers but analysts believe cigarette companies would not find it difficult to pass on the meagre cost bump to the customers as prices have not increased much in the last two years.

Shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each

Budget 2023: Insurance stocks tank

Shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each

Shares of insurance companies ended the budget day deep in the red. Two key announcements from Finance Minister Nirmala Sitharaman in Budget 2023 were seen as the triggers for this sharp decline. The Finance Minister&rsquo;s renewed push for the new tax regime, with the income tax rebate limit being increased from 5 lakh rupees to 7 lakh rupees, was seen as a big dampener for the insurance companies. Remember, unlike the old tax regime, the new tax regime doesn&rsquo;t allow any exemptions for insurance premium payments. Therefore, experts believe that higher adoption of the new tax regime could lead to lower sales for insurance companies. The other big announcement in the Budget, that hit the insurance sector shares, was regarding the proposal to limit income tax exemption for proceeds of insurance policies with very high value. &nbsp;The budget document said that where the aggregate of premium for life insurance policies (other than ULIP) issued on or after April 1, 2023, is above Rs 5 lakh, income from only those policies with an aggregate premium of up to Rs 5 lakh shall be exempt. However, the document added that the change to will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023&rdquo;. On the back of these two announcements, shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each.

It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," West Bengal Chief Minister said
 

Union Budget 'not futuristic', 'anti-people': Mamata Banerjee 

It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," West Bengal Chief Minister said

It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," West Bengal Chief Minister said
&nbsp;

Terming the Union Budget "anti-people", West Bengal Chief Minister Mamata Banerjee on Wednesday said it will deprive the poor.
Addressing a government function at Bolpur in Birbhum district, she claimed that the changes in the income tax slabs will not help anyone.
"This Union Budget is not futuristic, totally opportunistic, anti-people and anti-poor. It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," she said.
"The changes in the income tax slabs will not help anyone. There is no ray of hope in this Budget -- it is a dark dark budget. Give me half an hour and I will show you how to prepare a Budget for the poor," she added.
Union Finance Minister Nirmala Sitharaman placed the Budget for 2023-24 in Parliament.
She announced no tax for those with an annual income of up to Rs 7 lakh under the new tax regime but made no changes for those who continue in the old regime.
Also Watch: <a href="https://www.editorji.com/india-news/budget-2023-middleclasszindabad-trends-on-amid-tax-relief-move-but-not-everyone-is-happy-1675256262952">Budget 2023: #MiddleClassZindabad trends on amid tax relief move but not everyone is happy</a>

The budget has retained the fiscal deficit projection for 2022-23 at 6.4 per cent, while the target for the next fiscal year has been set at 5.9 per cent

Budget 2023: Big announcements 

The budget has retained the fiscal deficit projection for 2022-23 at 6.4 per cent, while the target for the next fiscal year has been set at 5.9 per cent

Budget 2023&nbsp; Finance Minister Nirmala Sitharaman has tabled the Union Budget 2023 in Parliament, pegging total expenditure for the fiscal year 2023-24 at Rs 45 lakh crore. Of this over Rs 10 lakh crore has been allocated for capital expenditure. The allocation for capital expenditure is the highest ever, with a whopping increase of 33% compared to the previous year's allocation.
The Finance Minister has also announced the highest-ever capital outlay for the Railways at Rs 2.4 lakh crore. &nbsp;The FM said that the allocation for the Railways is now nine times the amount provided in 2013-14. On the receipts front, the government is expecting to earn Rs 26.3 lakh crore through the next fiscal year.
This includes Rs 23.3 lakh crore rupees in tax revenue and Rs 3 lakh crore in non-tax revenue. The government also expects to earn Rs&ensp;23,000 crore through the recovery of loans and Rs&ensp;61,000 crore through other receipts. Apart from these, the government has pegged its borrowings and other liabilities at Rs 17.8 lakh crore during the next fiscal year.
Shifting the focus to fiscal deficit, the budget has retained the projection for 2022-23 at 6.4 per cent. Some experts were expecting the figure to be revised downwards. The fiscal deficit target for the next fiscal year has been set at Rs 17.86 lakh crore or 5.9 per cent of the GDP. Finance Minister Nirmala Sitharaman has also reiterated that she aims to bring the fiscal deficit below 4.5 per cent by the fiscal year 2024-25.

Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and the financial sector

Budget 2023: Key takeaways by Finance Minister Sitharaman 

Sitharaman is presenting her fifth full Budget after she took over as Finance Minister in July 2019

Budget 2023 Finance Minister Nirmala Sitharaman has tabled the Union Budget 2023 in Parliament. Editorji brings you the key takeaways from her speech:&nbsp; 1. India as a bright star: The world has recognised India as a bright star as the country is recording healthy economic growth despite global uncertainties, Finance Minister Nirmala Sitharaman said during the budget.
2. Indian Economy 5th Largest Now: FM Sitharaman started the Budget by saying that the Indian economy has increased in size from being the 10th largest to the 5th largest in the world in the past nine years.
3.&nbsp; Seven budget priorities (Saptarishi): FM Sitharaman announced seven priorities of the Budget or 'Saptarishi'. These are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and the financial sector.
4. &nbsp;Highest-ever capital outlay for railways The capital outlay for the railways has been increased to the highest-ever Rs 2.40 lakh crore in the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman said on Wednesday.
Presenting the budget in Lok Sabha, Sitharaman said the outlay for the railways is nine times the amount provided in 2013-2014.
5. Journey to India@100: To service these focus areas in our journey to India@100, we believe that the following four opportunities can be transformative during Amrit Kaal. Amrit Kaal is described by the government as the 25-year period culminating in the centenary of India's independence.&nbsp; "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," she said.&nbsp;

nirmala sitaraman

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