Month: February 2023

Budget 2023 proposes amendments to turbocharge GIFT IFSC

February 1, 2023 admin

The Union Budget has proposed several measures to enhance business activities at Gujarat International Finance Tec-City – International Financial Services Centre (GIFT IFSC). These include delegating powers under the SEZ Act to the International Financial Services Centre Authority (IFSCA) to avoid dual regulation, setting up a single-window IT system for registration and approval from IFSCA, SEZ authorities,…

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Budget 2023 | Cluster-based approach for ELS cotton production

February 1, 2023 admin

Production of Extra Long Staple (ELS) cotton, which is largely imported now, is all set to get an impetus as the government proposes a cluster-based and value chain approach through public private partnerships. The Union Budget is looking at better collaboration between farmers, State, and industry for input supplies, extension services and market linkages to…

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Budget 2023 | Real money gaming industry welcomes TDS clarification

February 1, 2023 admin

Image for representation purpose only. | Photo Credit: Getty Images/iStockphoto The real money gaming industry — which runs games where users can stake money for winnings on apps — welcomed the Union Budget’s clarification on Tax Deducted at Source (TDS) for money won on their platforms. These platforms, referred to as “online gaming” by the…

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Budget 2023 | Finance Minister proposes amendments to banking laws

February 1, 2023 admin

Union Finance Minister Nirmala Sitharaman addressing a post budget press conference in New Delhi on February 01, 2023. | Photo Credit: ANI The Union Budget has proposed certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act to improve bank governance and enhance protection of investors. To build the…

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Budget 2023 | Cut in allocations to farm schemes, food subsidy draws flak

February 1, 2023 admin

Farmers carry cauliflowers from their field, on the day of tabling Union Budget 2023-24, in a village near Amritsar, on Wednesday, February 1, 2023. Image for representation purpose only. | Photo Credit: PTI The Union Budget, presented by Finance Minister Nirmala Sitharaman here on Wednesday, announced a number of measures for the agriculture sector, including…

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Budget 2023 | Railways gets outlay of ₹2.4 lakh crore

February 1, 2023 admin

A view of the production of Vande Bharat Coaches at Integral Coach Factory in Chennai. File | Photo Credit: R. Ragu With an outlay of ₹2.40 lakh crore for the financial year 2023-24 compared to ₹1.40 lakh crore in the FY22-23, Finance Minister Nirmala Sitharaman said that the outlay for the railways is nine times the…

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Himachal Pradesh, Punjab Chief Ministers criticise Union Budget 2023; Haryana CM hails it

February 1, 2023 admin

CM Sukhvinder Singh Sukhu said the Budget was contrary to the expectations of the common masses and Himachal Pradesh has been ignored in particular. File | Photo Credit: ANI The Union Budget 2023-24 proposals presented by Finance Minister Nirmala Sitharaman evoked sharp criticism from Chief Ministers of Himachal Pradesh and Punjab, even as the Haryana…

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Budget 2023 | Government to set up 100 5G labs to develop new apps

February 1, 2023 admin

India has made remarkable advancements in the digital realm. File image | Photo Credit: AP The Government proposes to set up 100 labs for developing applications using 5G services in various engineering institutions across the country. Three Centres of Excellence for AI will also be set up. These measures will realise a new range of…

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Budget 2023 | Odisha may prove to be a first-mover in Pradhan Mantri PVTG Development Mission

February 1, 2023 admin

Women of the Bonda tribe, a forest-dwelling community, in their village in Odisha’s Malkangiri district bordering Andhra Pradesh. Classified as one of India’s Particularly Vulnerable Tribal Groups, the Bonda tribal people traditionally used only beads and a strip of cloth to cover their bodies. | Photo Credit: K.R. Deepak As Union Finance Minister Nirmala Sitharaman…

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Budget 2023 | Marginal increase of 3.43% for health, research budget slashed by 6.87%

February 1, 2023 admin

Image for representation purpose only. | Photo Credit: PTI The Union Budget 2023-24 has announced an allocation of ₹89,155 crore for the Ministry of Health, which is 3.43% higher than its FY23 outlay of ₹86,200.65 crore. Of the ₹89,155 crore outlay, ₹86,175 crore has been earmarked for the Department of Health and Family Welfare and…

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