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Budget 2023 | Defence budget rises 13%; revised estimate for pension rises

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The Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday allocated ₹5.94 lakh crore for the Defence Ministry, a 13% increase year-on-year from last year’s budget estimates. The non-salary revenue outlay has gone up by 44% from ₹62,431 crore the previous year to ₹90,000 crore in the Budget Estimates of 2023-24. The hike is particularly significant given the huge increase in operational…

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Budget 2023 | Lab Grown Diamond segment gets leg up with duty cut, R&D support

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A worker in one of the oldest and largest diamond polishing units of Surat checking its dazzle. File image for representation | Photo Credit: Vijay Soneji To harness the potential of Lab Grown Diamond (LGD) or synthetic diamond segment, the Union Budget 2023-24 presented by the Finance Minister Nirmala Sitharaman has laid emphasis on research…

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Budget 2023 | Marginal hike in funds for Home Ministry, allocation for Census slashed by half

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File photo of officials collecting data as part of Census in 2011. | Photo Credit: MURALI KUMAR K In an indication that the census exercise — meant to be completed in 2021, but delayed because of COVID-19 — may not be conducted in 2023-24, the Union Budget allocation for the Census Survey and Statistics head…

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Budget 2023 | Cooperative manufacturing units get sops 

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Finance Minister Nirmala Sitharaman addressing the Post Budget press conference at the National Media Centre in New Delhi on Wednesday, January 1, 2023. | Photo Credit: R.V. Moorthy Finance Minister Nirmala Sitharaman announced new initiatives for the cooperative sector in her 2023-24 Union Budget speech. The Minister stated that new cooperatives that commence manufacturing activities…

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Budget 2023 | FM moots national digital library to promote reading

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“A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility,” Finance Minister Nirmala Sitharaman said in the Budget speech. Photo: Special Arrangement Union Finance Minister Nirmala Sitharaman proposed a national digital library for children and adolescents…

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Markets end on mixed note on Budget day; Sensex climbs 158 points, Nifty dips 46 points

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Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Union Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27% to settle at 59,708.08 after it trimmed most of the intra-day gains….

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It’s ‘Amrit Kaal’ for PM Modi, not for common people: AAP hits out at Budget 2023-24

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AAP MP Sanjay Singh said the Union Budget for 2023-24, presented by the Finance Minister in Parliament, does not have any provision for the country’s farmers, soldiers and youth. File | Photo Credit: ANI The Aam Aadmi Party on February 1 questioned Union Finance Minister Nirmala Sitharaman’s claim about doubling of per capita income since…

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Budget 2023 | Exemptions on high-value life insurance proceeds pruned

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Image for representational purpose only. | Photo Credit: The Hindu The Union Budget 2023-24 has proposed to limit the income tax exemption on the proceeds of high value life insurance policies. Mooted as part of an emphasis on better targeting of tax concessions and exemptions, the proposal means that only income from life insurance policies…

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Budget 2023 | ₹15,000 crore to be spent on development of tribals

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Tribal women walk to their villages in Chhattisgarh. Image for representation only | Photo Credit: AP Finance Minister Nirmala Sitharaman on Wednesday announced the Pradhan Mantri-PVTG Development Mission to focus on improving the overall socio-economic conditions of 75 Particularly Vulnerable Tribal Groups across the country, who live in around 31,000 villages of India’s 18 States…

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Budget 2023 | 38,800 teachers, support staff to be recruited for Eklavya schools

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The Eklavya model residential higher secondary school at Kumizi in Tamil Nadu’s Kancheepuram district. Photo: tntribalwelfare.tn.gov.in The Union Government will hire 38,800 teachers and support staff for Eklavya Model Residential Schools (EMRS) for tribal students across the country over the next three years, Finance Minister Nirmala Sitharaman said on February 1 during her Union Budget…

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