Latest news with #UnionBudget2025-26
Time of India
21-07-2025
- Business
- Time of India
Govt taking multi-pronged approach to sustain economic growth amid uncertainties: MoS Finance
The government has been taking a multi-pronged approach to sustain economic growth amid global uncertainties, Minister of State for Finance Pankaj Chaudhary said on Monday. "The estimate of fiscal deficit for the year 2025-26, as presented in the Union Budget 2025-26 , is at 4.4 per cent. There is no requirement felt for revision of fiscal deficit target at this stage, and neither is it considered appropriate," he said in a written reply in the Lok Sabha. The government has been taking various measures to boost economic growth in light of global challenges and uncertainties, he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo India's economic resilience is underpinned by strong macroeconomic fundamentals such as steady growth, price stability, credible fiscal consolidation, resilient external sector performance, robust foreign exchange reserves, a strong and well-capitalised banking sector, and robust physical and digital infrastructure, he said. Additionally, he said, India's well-regulated financial system, credible inflation-targeting regime, and flexible exchange rate contribute to the economy's resilience to shocks. Live Events In response to recent global challenges such as trade tensions, uncertain capital flows, and geopolitical risks, the government has been taking a multi-pronged approach to sustain economic growth, he said. Spelling out some of the steps taken to propel growth, he said liberalisation of FDI, bilateral engagement with countries for the finalisation of various trade agreements, credit guarantee schemes, and increased public expenditures, particularly capex. In the Union Budget 2025-26, an outlay of Rs 1.5 lakh crore has been proposed in this regard. To strengthen power sector resilience, he said the Budget also proposed incentives for electricity distribution reforms and augmentation of intra-state transmission capacity, with an additional borrowing of 0.5 per cent of gross state domestic product (GSDP) allowed for states, contingent on undertaking these reforms. Moreover, the Budget also proposed to launch a comprehensive multi-sectoral 'Rural Prosperity and Resilience' programme in partnership with states, which aims to address under-employment in agriculture, he said. Replying to another question, he said, the per capita net national income (NNI) at constant prices for 2024-25 stands at Rs 1,14,710 as per the provisional estimates of GDP released by National Statistical Office, Ministry of Statistics and Programme Implementation (MoSPI). The per capita NNI at constant prices for 10 years ago -- 2014-15 -- was Rs 72,805, he said. The differences in the increase in per capita income across states may be attributed to a range of factors such as varying levels of economic development, sectoral composition, structural disparities, and differences in governance mechanisms, among others, he said. The government has been committed to the objective of inclusive growth, as reflected in its commitment to Sabka Saath, Sabka Vikas, and has initiated several targeted schemes aimed at reducing poverty and inequality, ensuring social security, promoting income generation and livelihood opportunities, and improving the quality of life of vulnerable sections across the country, he said.
India Today
18-07-2025
- Business
- India Today
Indian clean energy capacity rises to 50% but where's the power coming from?
Renewable and clean energy now account for half of India's energy production capacity. Renewables, hydro, and nuclear together accounted for 37 per cent of the installed capacity, while thermal power had a 63 per cent share at the start of has obviously improved in the last half decade. But while clean energy now accounts for 50 per cent of the capacity, is the power generated also 50 per cent of the total power?advertisementRenewable energy accounted for 23 per cent of the overall installed capacity in 2020. This rose to 27 per cent in 2022, 31 per cent in 2024, and 38 per cent by July 14 this year, according to the Central Electricity Authority. The shares of hydro and nuclear power have broadly remained unchanged in the last five years. CAPACITY UPTICK! The capacity addition of renewable energy rose by 111 per cent from 87.7 GW in July 2020 to 184.6 GW in July 2025. The second-highest growth in capacity addition was realised in nuclear power, which grew by 30 per cent from 6.8 GW to 8.8 GW in these five years. The capacity of hydro energy grew by 8.1 per cent, while that of thermal rose by five per cent. Thermal energy now accounts for only 50 per cent of overall capacity in India but it accounted for 85 per cent of power generated between April 1 and July 14 this year. In contrast, renewable with an installed capacity share of 38 per cent, accounted for only one per cent of the power produced. Nuclear energy made its space between renewables and thermal by producing four per cent power with only two per cent share in the overall capacity. NUCLEAR POWER IS KEYNuclear plants are mostly concentrated in the western and southern parts of the country. But that's changing. Union Minister Manohar Lal visited the Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP) in June to review the progress of the nuclear power project. Bihar too may see its first nuclear plant under the country's new Nuclear Energy Union Minister Jitendra Singh said in February that the nuclear mission announced in the Union Budget 2025-26 will mark a transformative shift in India's energy landscape and will enable nuclear power to emerge as a major source of energy in Union Budget 2025-26 allocated Rs 20,000 crore for the research and development of small modular reactors, targeting at least five indigenously designed operational SMRs by is in-line with the country's target of 100 GW nuclear power capacity by 2047. The government aims to expand India's nuclear power capacity from 8.2 GW now to 22.48 GW by 2032.- Ends
India Gazette
05-06-2025
- Business
- India Gazette
Middle-class Indians found themselves at heart of nation's progress in these 11 years: Centre
New Delhi [India], June 5 (ANI): The Modi government at the Centre, just days away from turning 11, said people's hopes, needs and aspirations have not just been heard, but also acted upon with purpose, as it highlighted several initiatives taken up by the government. In a report released by the Press Information Bureau Research Unit on Thursday, the government said that, from tax relief leaving more money in people's hands to pension schemes that promise security in old age, the last eleven years have seen a steady and sincere effort to make life easier, fairer, and more dignified for Indians. 'The government has cut through red tape, simplified rules and made everyday systems work better. Be it filing taxes, buying a home, commuting to work or affording medicines, things have become simpler and more accessible. These are not scattered changes but a pattern of reforms that speak to the real concerns of ordinary citizens. What stands out is the consistency,' the report's preamble read. Over the past eleven years, the government said it has gone beyond token measures to make a real difference in the lives of the middle class. From lowering income tax rates to simplifying returns, every move, it said, has been aligned with the core idea of letting citizens keep more of what they earn. 'The approach has been clear. Listen to citizens, simplify the system and deliver on promises,' the report card said. The most recent tax reforms, especially those in the Union Budget 2025-26, are a clear sign that the Government has placed its trust in the middle class as a pillar of national growth. It said the effort has been constant and focused, whether raising the income threshold for zero tax, introducing a simplified tax regime, or making return filing easier than ever. A major change was announced in the Union Budget 2025-26: individuals earning up to Rs 12 lakh annually will now pay no income tax, except on special incomes like capital gains. With the standard deduction of Rs 75,000, even those earning Rs 12.75 lakh will pay no tax. These enhanced tax exemptions led to the government giving up nearly Rs 1 lakh crore in revenue. The government has once again lauded itself for making income tax return filings simple. According to the government, the simplification in ITR filing is reflected in the rise of individual ITR filings, which increased from 3.91 crore in 2013-14 to 9.19 crore in 2024-25, a 135 per cent rise. On the inflation management front, the government boasted that the price rise remained under control under the current administration. 'Things began to change from 2014. Over the next eleven years, inflation came under firm control. From 2015-16 to 2024-25, the average rate fell to just 5 per cent. The difference is visible not only in the numbers but in daily life. Stable prices gave families breathing room,' the report read. The report touched upon reform-oriented initiatives such as Unified Pension Scheme, Smart Cities Mission, Pradhan Mantri Awas Yojana (Urban), expansion in metro network, UDAN scheme, Ayushman Bharat, Jan Aushadhi scheme, Pradhan Mantri Kaushal Vikas Yojana, among others. (ANI)
Hans India
29-05-2025
- Business
- Hans India
India's real GDP growth projected at 6.5 pc in FY 2025-26: RBI
New Delhi: The real GDP growth for India in FY 2025-26 is projected at 6.5 per cent, with risks evenly balanced, the Reserve Bank of India (RBI) said on Thursday. The Indian economy is poised to remain the fastest-growing major economy this fiscal (FY26) by leveraging its sound macroeconomic fundamentals, robust financial sector and commitment towards sustainable growth, said the RBI in its '2024-2025 annual report'. This growth will come despite global financial market volatility, geopolitical tensions, trade fragmentation, supply chain disruptions and climate-induced uncertainties which pose downside risks to the growth outlook and upside risks to the inflation outlook. The outlook for the Indian economy remains promising in 2025-26, supported by revival in consumption demand, the government's continued thrust on capex while adhering to the path of fiscal consolidation, healthy balance sheets of banks and corporates, easing financial conditions, continuing resilience of the services sector and strengthening of consumer and business optimism, besides sound macroeconomic fundamentals. 'The prospects for agriculture sector appear favourable in 2025-26 on the back of expected above normal south-west monsoon and several productivity-enhancing government policies. In the Union Budget 2025-26, various new initiatives have been announced for boosting agriculture sector,' said the RBI report. Manufacturing sector is expected to gain further traction in 2025-26 supported by improvement in domestic demand, higher capacity utilisation, healthy balance sheets of corporates and banks, and consumer and business optimism. The government's focus on widening the manufacturing base and the policy support through the ongoing PLI scheme and National Manufacturing Mission announced in the Union Budget 2025-26 is expected to further strengthen 'Make in India' initiative, according to the RBI annual report. The optimism about manufacturing and services sectors is also reflected in the forward-looking surveys conducted by the Reserve Bank. In FY 2024-2025, the Indian economy exhibited resilience, supported by strong macroeconomic fundamentals and proactive policy measures, amidst protracted geopolitical tensions and geoeconomic fragmentation. 'Amid multiple global headwinds, the Indian financial markets demonstrated resilience and orderly movements. The central government sustained its fiscal consolidation efforts, supported by buoyant tax revenues and prudent expenditure management. On the external front, merchandise trade deficit was offset by robust services exports and steady remittance inflows, keeping the CAD at a sustainable level,' said the RBI report.
NDTV
29-05-2025
- Business
- NDTV
India's Real GDP Growth Projected At 6.5% In FY 2025-26: RBI
New Delhi: The real GDP growth for India in FY 2025-26 is projected at 6.5 per cent, with risks evenly balanced, the Reserve Bank of India (RBI) said on Thursday. The Indian economy is poised to remain the fastest-growing major economy this fiscal (FY26) by leveraging its sound macroeconomic fundamentals, robust financial sector and commitment towards sustainable growth, said the RBI in its '2024-2025 annual report'. This growth will come despite global financial market volatility, geopolitical tensions, trade fragmentation, supply chain disruptions and climate-induced uncertainties which pose downside risks to the growth outlook and upside risks to the inflation outlook. The outlook for the Indian economy remains promising in 2025-26, supported by revival in consumption demand, the government's continued thrust on capex while adhering to the path of fiscal consolidation, healthy balance sheets of banks and corporates, easing financial conditions, continuing resilience of the services sector and strengthening of consumer and business optimism, besides sound macroeconomic fundamentals. 'The prospects for agriculture sector appear favourable in 2025-26 on the back of expected above normal south-west monsoon and several productivity-enhancing government policies. In the Union Budget 2025-26, various new initiatives have been announced for boosting agriculture sector,' said the RBI report. Manufacturing sector is expected to gain further traction in 2025-26 supported by improvement in domestic demand, higher capacity utilisation, healthy balance sheets of corporates and banks, and consumer and business optimism. The government's focus on widening the manufacturing base and the policy support through the ongoing PLI scheme and National Manufacturing Mission announced in the Union Budget 2025-26 is expected to further strengthen 'Make in India' initiative, according to the RBI annual report. The optimism about manufacturing and services sectors is also reflected in the forward-looking surveys conducted by the Reserve Bank. In FY 2024-2025, the Indian economy exhibited resilience, supported by strong macroeconomic fundamentals and proactive policy measures, amidst protracted geopolitical tensions and geoeconomic fragmentation. 'Amid multiple global headwinds, the Indian financial markets demonstrated resilience and orderly movements. The central government sustained its fiscal consolidation efforts, supported by buoyant tax revenues and prudent expenditure management. On the external front, merchandise trade deficit was offset by robust services exports and steady remittance inflows, keeping the CAD at a sustainable level,' said the RBI report.
