To be fair to the disinvestment department, it was in July that I announced it (the targets) and by February, they had done all the necessary leg work … and it is going to happen in a couple of months, said Sitharaman.
“The Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage for a depositor, which is now Rs 1L, to Rs 5L per depositor,” said FM. “I wish to inform this august house that the robust mechanism is in place to monitor the health of all scheduled commercial banks & that depositors’ money is safe."
This year's budget was primarily focused towards rationalising the tax burden of middle income taxpayers.
The Finance Minister's budget speech was an unusual instance of her saving the proverbial best (or at least the most critical from an economist’s perspective) for the middle instead of the last.
Experts said share of J&K in vertical devolution is 0.85% but panel adjusted it to1%. This will result in a minuscule gain to Centre.
On Saturday, the government-mandated online marketplaces, which includes companies like Flipkart, Amazon, Uber and UrbanClap, to deduct 1% tax at source while crediting payments to vendors on their platforms. This charge will be applicable from April 1.
Officials were hopeful of meeting the new target of Rs 2.1 lakh crore in the next financial year, which is double that of the current fiscal year, despite disinvestment proceeds for the current year languishing at Rs 18,094 crore.
Modi says budget will bring pace to the economy, strengthen every citizen financially and solidify foundation of economy.
The budget had no big fiscal stimulus, several protectionist duties, and few steps to revive a slowing economy.