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Government Allocates ₹15.27 Lakh Crore for Major Sectors in Union Budget 2024

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News on Governance 9 ArdorComm Media Group Government Allocates ₹15.27 Lakh Crore for Major Sectors in Union Budget 2024

Finance Minister Nirmala Sitharaman presented her seventh Union Budget yesterday , allocating ₹15.27 lakh crore for major sectors such as defense, rural development, social welfare, and commerce. This budget marks the first of Prime Minister Narendra Modi’s third term. Key Allocations and Expenditures Defense Allocation: ₹4.54 lakh crore, a significant decrease from ₹6.21 lakh crore in the interim budget. Capital Outlay: ₹1.62 lakh crore for military capital expenditures, including weapons, ammunition, aircraft, and warships. Rural Development Allocation: ₹2.66 lakh crore. MGNREGA Funding: Increased from ₹60,000 crore in FY24 to ₹86,000 crore in FY25. Agriculture and Allied Activities Allocation: ₹1.52 lakh crore. Focus: Sustainable practices, digital infrastructure, and increased production. Home Affairs Allocation: ₹1.51 lakh crore. Specific Allocations: ₹42,277 crore for Jammu and Kashmir. ₹5,985 crore for Andaman and Nicobar. ₹5,862 crore for Chandigarh. ₹5,958 crore for Ladakh. Education Allocation: ₹1.26 lakh crore. Additional Allocation: ₹1.48 lakh crore for schooling, employment, and skilling. IT and Telecom Department of Telecommunications: ₹1.16 lakh crore. Ministry of Electronics and Information Technology: ₹22,000 crore. Health Allocation: ₹89,287 crore. Pharmaceutical Industry: ₹2,143 crore. Notable Announcement: Exemption of three more cancer medications from customs duties. Energy Allocation: ₹68,679 crore. New and Renewable Energy: ₹19,100 crore. Solar Power (Grid): ₹8,500 crore. Government Revenue and Expenditures Revenue Sources: Borrowings and other liabilities: 27%. Income tax revenue: 19%. GST and other taxes: 18%. Corporation taxes: 17%. Expenditures: States’ share of taxes and duties: 21%. Interest payments: 19%. Central sector schemes: 16%. Subsidies, pensions, and other payments: 19%. Additional Highlights Custom Duty Reductions: Three cancer drugs and two components for manufacturing X-ray machines. Tax Regime Tweaks: Raised standard deduction from ₹50,000 to ₹75,000, saving salaried employees up to ₹17,500. First-Time Professionals: One month’s salary as Provident Fund contribution for first job holders, benefiting 210 lakh youngsters. Capital Gains Exemption: Limit raised to ₹1.25 lakh per year. Angel Tax Reduction: For all investor classes. This budget reflects the government’s priorities across various sectors, balancing between infrastructure development, social welfare, and fiscal prudence.

Union Budget 2024: Health Sector Sees Marginal Increase, NHM Allocation Rises Amid Infrastructure Cuts

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News on Health 9 ArdorComm Media Group Union Budget 2024: Health Sector Sees Marginal Increase, NHM Allocation Rises Amid Infrastructure Cuts

The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, revealed a modest 1.7% increase in the health sector allocation, bringing the total outlay to Rs 87,656 crore for the fiscal year 2024-25. Despite the increase, major announcements for the health sector were noticeably absent. One of the significant allocations was for the Ayushman Bharat health insurance scheme, which provides a Rs 5 lakh cover to the poorest 40% of the population. The allocation for this scheme increased slightly from Rs 7,200 crore last year to Rs 7,300 crore this year. The National Health Mission (NHM) received a substantial boost, with its allocation rising to Rs 36,000 crore from Rs 29,000 crore last year. The NHM focuses on reproductive, maternal, newborn, child, and adolescent health services, non-communicable diseases control, and enhancing access to comprehensive primary health care. However, the PM-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) saw a reduction in its budget from Rs 4,200 crore last year to Rs 3,200 crore this year. The revised estimate for this mission was even lower at Rs 2,100 crore. PM-ABHIM was launched to improve health infrastructure, including health centers, labs, and critical care hospital blocks, especially during the pandemic. Another infrastructure mission, the PM Swasthya Suraksha Yojana, also faced budget cuts, with its allocation dropping from Rs 3,365 crore last year to Rs 2,200 crore this year. This scheme supports the establishment of new AIIMS and the upgradation of district hospitals. The Ayushman Bharat Digital Health Mission (ABDM), which aims to create a digital health record platform for every citizen, saw its budget reduced from Rs 341 crore last year to Rs 200 crore this year. Despite this, the government plans to roll out its U-Win vaccine management portal as part of a 100-day plan, linking it to ABHA accounts for seamless health records. The tele-mental health program’s allocation decreased from Rs 133.7 crore to Rs 90 crore. This program was launched in the 2022 Budget to address mental health issues post-Covid-19 through a network of 23 mental health centers of excellence under NIMHANS. In contrast to the interim Budget’s significant health sector announcements, such as expanding the Ayushman Bharat insurance scheme and promoting HPV vaccination, the current Budget made only minor mentions. The Finance Minister’s speech included a reduction in custom duty on three cancer drugs and components for manufacturing X-ray machines.

Employee Associations Urge Merger of RRBs with Sponsor Banks for Enhanced Efficiency

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News on HR 2 ArdorComm Media Group Employee Associations Urge Merger of RRBs with Sponsor Banks for Enhanced Efficiency

Bank employee associations have called on Union Finance Minister Nirmala Sitharaman to merge Regional Rural Banks (RRBs) with their respective sponsor banks. This move aims to ensure overall efficiency and viability in the banking sector. A joint statement from the All India Bank Officers’ Confederation and the All India Bank Employees Association, representing over 6 lakh bank employees, emphasized the need for this merger. “Competition among Public Sector Banks and RRBs is leading to the wastage of scarce financial resources by offering the same types of services,” the statement read. The associations argue that despite this competition, a significant portion of the rural population is not benefiting from modern, technology-driven banking products. RRBs were established under the RRB Act of 1976 with the capital provided by the Government of India, state governments, and sponsored banks. Currently, there are 43 RRBs sponsored by 12 scheduled commercial banks, operating around 22,000 branches, 30 crore deposit accounts, and 3 crore loan accounts across 702 districts. Ninety-two percent of RRB branches are located in rural and semi-urban areas, highlighting their importance in the rural banking ecosystem. The associations believe that merging RRBs with sponsor banks would ensure uniformity in the product range offered to customers, thus accelerating the growth of the rural economy and prioritizing sector lending. “Such integration will update the skills of RRB employees to modern banking practices and effectively address staff shortages in both RRBs and sponsor banks,” they added. Additionally, they noted that the salary structures and benefits of RRB employees are broadly similar to those in sponsor banks, which would facilitate a seamless integration. “The proactive step of merging RRBs with their respective sponsor banks will facilitate enhanced supervision, governance, and accountability, ensuring greater sustainability of the entire banking sector,” the statement concluded.

Modi 3.0: Full List of Ministers and Their Portfolios in the New BJP Government

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News on Governance 1 ArdorComm Media Group Modi 3.0: Full List of Ministers and Their Portfolios in the New BJP Government

The new council of ministers led by Prime Minister Narendra Modi includes 61 members from the Bharatiya Janata Party (BJP) and 11 leaders from the National Democratic Alliance (NDA) allies. Of the 72 ministers, 43 have served three or more terms in Parliament, and 39 were ministers in the previous Union government. Full List of Ministries and Ministers in Modi 3.0 Government Here is a look at the top ministers and the portfolios they held in the previous Narendra Modi-led government: Prime Minister Narendra Modi Portfolios: Ministry of Personnel, Public Grievances and Pensions, Department of Atomic Energy, Department of Space, all important policy issues, and portfolios not allocated to any minister Ministry of Home Affairs Union Minister: Amit Shah Ministers of State: Nityanand Rai, Bandi Sanjay Kumar Ministry of Cooperation Union Minister: Amit Shah Ministers of State: Krishan Pal, Murlidhar Mohol Ministry of Defence Union Minister: Rajnath Singh Minister of State: Sanjay Seth Ministry of External Affairs Union Minister: S Jaishankar Ministers of State: Kirtivardhan Singh, Pabitra Margherita Ministry of Finance Union Minister: Nirmala Sitharaman Minister of State: Pankaj Chaudhary Ministry of Corporate Affairs Union Minister: Nirmala Sitharaman Minister of State: Harsh Malhotra Ministry of Road Transport and Highways Union Minister: Nitin Gadkari Ministers of State: Ajay Tamta, Harsh Malhotra Ministry of Health and Family Welfare Union Minister: JP Nadda Ministers of State: Anupriya Patel, Prataprao Ganpatrao Jadhav Ministry of Chemicals and Fertilisers Union Minister: JP Nadda Minister of State: Anupriya Patel Ministry of Youth Affairs and Sports Union Minister: Mansukh Mandaviya Minister of State: Raksha Nikhil Khadse Ministry of Labour and Employment Union Minister: Mansukh Mandaviya Minister of State: Shobha Karandlaje Ministry of Food Processing Industries Union Minister: Chirag Paswan Minister of State: Ravneet Singh Ministry of Agriculture and Farmers Welfare Union Minister: Shivraj Singh Chouhan Ministers of State: Ram Nath Thakur, Bhagirath Choudhary Ministry of Rural Development Union Minister: Shivraj Singh Chouhan Ministers of State: Dr. Chandra Shekhar Pemmasani, Kamlesh Paswan Ministry of Power Union Minister: Manohar Lal Khattar Minister of State: Shripad Naik Ministry of Housing and Urban Affairs Union Minister: Manohar Lal Khattar Minister of State: Tokhan Sahu Ministry of Tourism Union Minister: Gajendra Singh Shekhawat Minister of State: Suresh Gopi Ministry of Culture Union Minister: Gajendra Singh Shekhawat Minister of State: Rao Inderjit Singh Ministry of Information and Broadcasting Union Minister: Ashwini Vaishnaw Minister of State: L Murugan Ministry of Railways Union Minister: Ashwini Vaishnaw Ministers of State: Ravneet Singh, V Somanna Ministry of Electronics and Information Technology Union Minister: Ashwini Vaishnaw Minister of State: Jitin Prasada Ministry of Civil Aviation Union Ministers: Kinjarapu Rammohan Naidu, Murlidhar Mohol Ministry of Education Union Minister: Dharmendra Pradhan Ministers of State: Sukanta Majumdar, Jayant Chaudhary Ministry of Women and Child Development Union Minister: Annapurna Devi Minister of State: Savitri Thakur Ministry of Environment, Forest and Climate Change Union Minister: Bhupendra Yadav Minister of State: Kirtivardhan Singh Ministry of Jal Shakti Union Minister: CR Paatil Ministers of State: V Somanna, Raj Bhushan Choudhary Ministry of Parliamentary Affairs Union Minister: Kiren Rijiju Ministers of State: L Murugan, Arjun Ram Meghwal Ministry of Minority Affairs Union Minister: Kiren Rijiju Minister of State: George Kurian Ministry of Heavy Industries Union Minister: HD Kumaraswamy Minister of State: Bhupathi Raju Srinivasa Varma Ministry of Steel Union Minister: HD Kumaraswamy Minister of State: Bhupathi Raju Srinivasa Varma Ministry of Communication Union Minister: Jyotiraditya Scindia Minister of State: Dr. Chandra Shekhar Pemmasani Ministry of Development of North Eastern Region Union Minister: Jyotiraditya Scindia Minister of State: Sukanta Majumdar Ministry of Textiles Union Minister: Giriraj Singh Minister of State: Pabitra Margherita Ministry of Consumer Affairs, Food and Public Distribution Union Minister: Prahlad Joshi Ministers of State: BL Verma, Nimuben Jayantibhai Bambhaniya Ministry of New and Renewable Energy Union Minister: Prahlad Joshi Minister of State: Shripad Naik Ministry of Petroleum and Natural Gas Union Minister: Hardeep Singh Puri Minister of State: Suresh Gopi Ministry of Micro, Small and Medium Enterprises Union Minister: Jitan Ram Manjhi Minister of State: Shobha Karandlaje Ministry of Panchayati Raj Union Minister: Lallan Singh Minister of State: SP Singh Baghel Ministry of Fisheries, Animal Husbandry and Dairying Union Minister: Lallan Singh Ministers of State: SP Singh Baghel, George Kurian Ministry of Commerce and Industry Union Minister: Piyush Goyal Minister of State: Jitin Prasada Ministry of Ports, Shipping and Waterways Union Minister: Sarbananda Sonowal Minister of State: Shantanu Thakur Ministry of Social Justice and Empowerment Union Minister: Dr. Virendra Kumar Ministers of State: Ramdas Athawale, BL Verma Ministry of Tribal Affairs Union Minister: Jual Oram Minister of State: Durgadas Uikey Ministry of Coal Union Minister: G Kishan Reddy Minister of State: Satish Chandra Dubey Ministry of Mines Union Minister: G Kishan Reddy Minister of State: Satish Chandra Dubey Ministers of State (Independent Charge) Rao Inderjit Singh: Ministry of Statistics and Programme Implementation, Ministry of Planning, Ministry of Culture Dr. Jitendra Singh: Ministry of Science and Technology, Ministry of Earth Sciences, Minister of State in the Ministry of Personnel, Public Grievances and Pensions, Department of Atomic Energy, Department of Space Arjun Ram Meghwal: Ministry of Law and Justice Prataprao Ganpatrao Jadhav: Ministry of Ayush

Amit Shah Prioritizes Rupee Trade as Top Agenda for New Government

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Health ArdorComm Media Group Amit Shah Prioritizes Rupee Trade as Top Agenda for New Government

Amit Shah, the Home Minister of India, has emphasized the significance of trade conducted in the Indian rupee, calling it a top priority for the new government. The move to facilitate trade in the national currency has reached its final stages of negotiation with several countries, although matters have been temporarily suspended due to ongoing Lok Sabha elections. Shah highlighted the potential of rupee trade as a significant step forward, citing the country’s robust fundamentals and the relative stability of the Indian currency against most international counterparts. Finance Minister Nirmala Sitharaman echoed this sentiment, emphasizing that many countries are showing interest in establishing trade relations based on rupee transactions. Following the Reserve Bank of India’s July 2022 circular permitting invoicing, payment, and settlement of trade in Indian rupees, rupee invoicing has gained traction. India has already initiated rupee trade with neighboring countries like Nepal and Bhutan, while efforts are underway to facilitate trade in the national currency with Russia and Sri Lanka. The transition to rupee invoicing is expected to bring various benefits, including lower transaction costs, enhanced price transparency, faster settlement times, and reduced hedging expenses. Additionally, it is anticipated to contribute to the internationalization of the rupee and alleviate the burden of holding foreign reserves by the RBI. Sitharaman emphasized India’s stable economic fundamentals, transparent taxation policies, and robust systems, which have bolstered investor confidence and positioned India as an attractive destination for trade and investment. With a growing middle class and a sizable market, India’s economic prospects appear promising, garnering attention and engagement from global partners. Overall, the prioritization of rupee trade underscores the government’s commitment to leveraging India’s economic strengths and fostering stronger trade ties on both regional and international fronts.