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24 Jul, 2024 News Image Summary of the Union Budget 2024-2025.

Despite global economy remaining under the grip of policy uncertainties, India’s economic growth continues to be the shining exception and will remain so in the years ahead. Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament today said that India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent and steps are being taken to ensure supplies of perishable goods reach market adequately.


 Source:  pib.gov.in
23 Jul, 2024 News Image Exports from Gujarat to Bhutan increase by 52% to $21.98 mn in five years.
The King of Bhutan, Jigme Khesar Namgyel Wangchuk and Prime Minister of Bhutan Tshering Tobgay are currently visiting India. During their visit, the dignitaries visited the Statue of Unity in Ektanagar, Gujarat, along with other members of their high-level delegation.
 

 Source:  business-standard.com
23 Jul, 2024 News Image Economic Survey Conservatively projects a real GDP Growth of 6.5-7 Percent in FY25.

Economic Survey 2023-24 was tabled in Parliament today by Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman. The main highlights of the Economic Survey are as follows.


 Source:  pib.gov.in
23 Jul, 2024 News Image Agriculture sector has registered an Average Annual Growth rate of 4.18 Percent over the last five years : Economic Survey.

Economic Survey 2023-24 presented in the Parliament today by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman. Economic Survey says that smallholder farmers need to move to high-value agriculture. The Survey says once the incomes of smallholders increases, they will demand manufactured goods, spurring a  manufacturing revolution.


 Source:  pib.gov.in
23 Jul, 2024 News Image Export of processed foods grew to 23.4% in FY23, shows Economic Survey report.

Focus on the food processing industry has begun to yield results. The latest Economic Survey shows that processed food exports from India have grown significantly over the five-year period between 2017-18 and 2022-23.


 Source:  businesstoday.in
23 Jul, 2024 News Image Highlights of the Union Budget 2024-25

The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. The highlights of the budget are as follows:

 

Budget Estimates 2024-25:

    • Total receipts other than borrowings: `32.07 lakh crore.
    • Total expenditure: `48.21 lakh crore.
    • Net tax receipt: `25.83 lakh crore.
    • Fiscal deficit: 4.9 per cent of GDP.
  • Government aims to reach a deficit below 4.5 per cent next year.
  • Inflation continues to be low, stable and moving towards the 4% target; Core inflation (non-food, non-fuel) at 3.1%.
  • The focus of budget is on EMPLOYMENT, SKILLING, MSMEs, and the MIDDLE CLASS.

Package of PM’s five schemes for Employment and Skilling

  •  Prime Minister’s Package of 5 Schemes and Initiatives for employment, skilling and other opportunities for 4.1 crore youth over a 5-year period.
    1. Scheme A - First Timers: One-month salary of up to `15,000 to be provided in 3 installments to first-time employees, as registered in the EPFO.
    2. Scheme B - Job Creation in manufacturing: Incentive to be provided at specified scale directly, both employee and employer, with respect to their EPFO contribution in the first 4 years of employment.
    3. Scheme C - Support to employers: Government to reimburse up to `3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee.
    4. New centrally sponsored scheme for Skilling
      • 20 lakh youth to be skilled over a 5-year period.
      • 1,000 Industrial Training Institutes to be upgraded in hub and spoke arrangements.
    5. New Scheme for Internship in  500 Top Companies  to 1 crore youth in 5 years

 


 Source:  PIB
23 Jul, 2024 News Image Exclusive: India-Peru Free Trade Agreement to be finalised soon.

The burgeoning trade relationship between India and Peru reflects a strategic alliance marked by significant economic exchanges and collaborative potential. 


 Source:  financialexpress.com
23 Jul, 2024 News Image Malaysia Keen On 'Friendly Trade Ties' With India.

Due to the impact of India's export restrictions on rice, sugar, and onions, Malaysian Minister for Plantation and Commodities Datuk Seri Johari Abdul Ghani expressed a desire for 'friendly ties' and proposed an arrangement to secure supplies from India. 


 Source:  businesstoday.in
23 Jul, 2024 News Image Economic Survey: PLI, FTAs to aid India s trade deficit decline; protectionism, lower demand risk export growth.

Fall in demand from major trading partners such as the US, rising trade costs, protectionism, commodity price volatility and changes in trade policies by major trading partners or geopolitical developments are risks to India’s export opportunities and market access, according to the Economic Survey 2023-24.


 Source:  economictimes.indiatimes.com
23 Jul, 2024 News Image PM Modi, Luxembourg counterpart reiterate commitment to enhance investment and trade ties .

Prime Minister Narendra Modi in a conversation with Luxembourg Prime Minister Luc Frieden reiterated commitment to strengthen relations in areas of trade, and investment.


 Source:  aninews.in