In this issue

February 02, 2023

A TEASPOONFUL OF AMRIT FOR ALL

Outlay on PM Awas Yojana housing scheme for poor enhanced by 66% to Rs 79,000 cr Total capital expenditure (Capex) to be increased by a third States allowed fiscal deficit as a proportion of GSDP of 3.5%, of which 0.5% linked to power sector reforms

2 mins

ADANI GETS COLD FEET

The Adani Enterprises on February 1 announced that its board has decided not to go ahead with the fully subscribed Follow-on Public Offer (FPO). A day earlier, fellow industrialists had rescued the group by facilitating its FPO and it was presumed that the worst is over since the allegations of accounting fraud surfaced.

1 min

FM income tax googly for the middle class

Budget 2023 has done something substantial for the middle class that has been chafing at the bit a while, over the lack of any sizeable reduction in its income-tax burden.

3 mins

'NOT A PRE-POLL DOCUMENT; BUDGET FAIRLY PRAGMATIC'

The Union Budget has something for everyone, though could have fallen short of expectations of the average household. The tax concessions given on income tax slabs and rates hold for only those switching to the new regime without exemptions and hence will be compared closely with the existing rates and slabs before a call is taken.

1 min

Proposals will improve ease of doing business

CA Narayan Pasari former President of Bombay Chartered Accountants Society

1 min

PM Awas Yojana hike to boost affordable housing market

The Union Budget 2023-24 has pr provided an indirect boost to the real estate sector with enhanced capital expenditure and gift to the salaried class by providing increased disposable income at hand with the higher tax rebate.

1 min

Budget Covers Most Sectors, Infra, Energy Get Priority

Pankaj Kapoor, the Founder and Managing Director of real estate research company Liases Foras, presents his views on Budget 2023-24 and explains how it will give a fillip to the realty sector

2 mins

Budget from a consumer's point of view

Budget 2023-24 lists various priorities such as inclusive development, capacity building, infrastructure development, green growth, etc. It focuses mostly on the industrial and agricultural sectors through various schemes and provision of loans

3 mins

Budget seems excellent for salaried middle class

As far as the transport sec- is significantly good for infrastructure, mainly roads, railways and the national infrastructure pipeline. As per statistics, between FY20 and FY25, the government Asfal is concerned, signalling systems for synchronising signals, electrification of lines, upgradation of old tracks and making new tracks, and expansion of coach and freight corridors to benefit companies would be the focal points.

2 mins

Budget proposals to help boost India's exports: Piyush Goyal

A number of measures such as tweaks in customs duties on certain products announced in the Union Budget for 2023-24 will help boost the country's exports, Commerce and Industry Minister Piyush Goyal said on Wednesday.

1 min

Budget pushes India towards net-zero target'

The Union Budget has designated green growth as one of the seven themes with thrust on ecosystem development for green hydrogen, infrastructure strengthening for utility-scale renewable energy power, pushing India towards netzero target, environmental experts said on Wednesday

2 mins

Infrastructure devpt capex hiked by 33% to ₹10L cr for 2023-24: FM

Finance Minister Nirmala Sitharaman on Wednesday announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP.

1 min

Govt raises farm credit target to ₹20 lakh crore

The government on Wednesday announced an 11 per cent hike in agriculture credit target to Rs 20 lakh crore for the next fiscal with focus on animal husbandry dairy and fisheries, a moved aimed at providing higher farm loans at a subsidised rates to the farming community.

1 min

Centre cuts customs duty on key mobile phone parts to boost local manufacturing

Paying heed to the consumer electronics industry's demand, the Centre on Wednesday reduced basic custom duty (BCD) on import of certain mobile phone parts and inputs like camera lens and continued the concessional duty on lithium-ion cells for batteries for another year.

1 min

Budget 2023: Measures for start-ups

India ranks amongst the largest start-up ecosystem in the world. The number of recognised start-ups has gone up from a few hundreds in 2016, to around 90,000 in 2023, on account of the government supporting the start-up eco-system with various targeted initiatives. About 48% of start-ups belong to Tier-II and Tier-III cities.

2 mins

Budget boost to MSMEs

Finance Minister Nirmala Sitharaman on Wednesday announced a revamped credit guarantee scheme with an outlay of Rs 9,000 crore for micro small and medium enterprises to be launched from April 1, 2023.

1 min

Insurance policies where premium is above ₹5L no more tax exempt

Insurance policies where the premium is over Rs 5 lakh will no longer be tax exempt, as per the provisions in the Union Budget 2023-24.

1 min

Slew of tax relief to cooperative sector

To promote the cooperative sector, the government on Wednesday announced measures, including a concessional per cent to promote new societies focusing on manufacturing and a higher limit of Rs 3 crore for TDS on cash withdrawal. For the cooperation ministry, the government made a total budget outlay of Rs 1,150.38 crore for 2023-24, lower than the revised estimate of Rs 1,624.74 crore for 2022-23.

1 min

Budget balanced, likely to boost demand in hsg sector: Realty industry

The realty industry on Wednesday termed the Union Budget 2023-24 as balanced which is likely to boost demand in the housing sector:

1 min

India will set up 100 5G labs to develop new apps, services

With the 5G roll-out now gaining momentum in India, the Centre on Wednesday announced to set up 100 labs in the top engineering institutions to develop 5G apps and services.

1 min

Banker-less trials for Vande Bharat

The rakes are expected from Chennai’s Integrated Coach Factory within a week

1 min

PC: Budget shows Centre not in touch with people

Chidambaram says FM omitted joblessness, poverty from speech

2 mins

Non-BJP-ruled states line up to pan annual exercise

Chief ministers of non-BJP ruled states on Wednesday said the budget was disappointing and discriminatory as it ignored their demands and failed to address the country's economic concerns.

2 mins

Mumbai Port Authority celebrates 74th R-Day

Mumbai Port, India's premier port celebrated country's 74th Republic Day with enthusiasm as it was special since Mumbai Port Authority is celebrating its 150 years.

1 min

Mamata to 'personally' take care of Birbhum

After the arrest of TMC Birbhum strongman Anubrata Mondal, Trinamool Congress chairperson Mamata Banerjee for the first time visited Birbhum and said that she will personally take care of Birbhum.

1 min

Siddique to leave jail today

Court formalities completed for journalist’s release on bail

1 min

Pope in Congo as a million celebrate Mass

Pope Francis urged Congo's people on Wednesday to forgive those who have harmed them as he presided over a Mass before an estimated 1 million people in a country wracked by decades of violence.

1 min

Biden believed to have invited Modi for state visit to US

US President Joe Biden is understood to have invited Prime Minister Narendra Modi for a state visit this summer, PTI has learnt.

1 min

Peshawar mosque blast: 17 suspects arrested

Pakistan's security agencies arrested 17 suspects in connection with the suicide blast in a high-security zone mosque in Peshawar that killed 101 people, including 97 policemen, as Army chief Gen Asim Munir vowed zero tolerance for terror groups and directed his generals to eliminate the threat of militancy

1 min

UK's teachers, civil servants strike over pay

Britain on Wednesday faced what has been dubbed the biggest industrial action in a decade as teachers, university lecturers, train and bus drivers and public sector workers went on a strike to demand better pay conditions.

1 min

Boeing bids farewell to 747 jumbo

Boeing bid farewell to an icon on Tuesday, delivering its final 747 jumbo jet as thousands of workers who helped build the planes over the past 55 years looked on.

1 min

Russia prepares for a new push in east Ukraine

Offensive might coincide with the invasion anniversary on Feb 24

1 min

Found: Radioactive capsule that fell off truck in Australia

Authorities Australia in Western on Wednesday recovered a tiny but dangerous radioactive capsule that fell off a truck while being transported along a 1,400-kilometre Outback highway last month in what an official said was like finding the needle in the haystack.

1 min

Nikki Haley plans US presidential bid

Nikki Haley is moving closer to making her presidential campaign official.

1 min

Hits and misses for education in Union Budget 2023

India's journey through Amrit Kaal', Finance Minister Nirmala Sitharaman laid out seven priorities while presenting Budget 2023-23. Though these priorities marked the country's vision moving forward, a notable exception of education among them turned out to be disappointing.

2 mins

IIM support halved amidst swelling education budget

Indian Institutes of Management (IIMs) which of ten find themselves in the upper crust of all business schools in the country are faced with a staggering cut in this budgetary session. The funding for these institutes was brought down to Rs 300 crore from the previous fiscal year's revised estimate of Rs 608.23 crore, a 50.67% drop, even when the net budget for the fiscal year 2023-24 rose by 8% amounting to Rs 44, 094 crores for the higher education sector.

2 mins

PATHAAN TOPPLES BRAHMASTRA

Here's what Alia Bhatt says about Shah Rukh Khan’s film breaking Brahmastra’s box office record

1 min

Wishes and surprises galore

Hollywood actor Jackie Shroff, who celebrates his birthday on Wednesday, was in for a few surprises. Filmmaker Subhash Ghai announced his new film with the actor.

1 min

SENSATIONAL SHUBMAN

India outplayed New Zealand by 168 runs in the third and final T20 International to win the series 2-1 here on Wednesday Electing to bat, India posted a massive 234 for 4, riding on Shubman Gill's (126 not out) maiden T201 ton, and then shot New Zealand out for 66 in 12.1 overs.

1 min

RATTLED BY POPULARITY OF STARTUP APP: Google testing ChatGPT-like products

Google is testing ChatGPT-like products, which use its LaMDA (Language Model for Dialogue Applications) technology.

1 min

Read all stories from The Free Press Journal - Mumbai

The Free Press Journal - Mumbai Newspaper Description:

The Free Press Journal is one of the oldest English Daily newspapers from Mumbai with a heritage of more than 90 years. And yet, The Free Press Journal is a contemporary paper and rooted in current urban realities.

In keeping with the international trend, it has reinvented itself in terms of design, get up and content. It means different thing to different people – a platform for the articulate, a trendsetter for the young and a chronicle for the old.

It was at the forefront of freedom struggle against the British and continues with the free and fearless journalism till date. Indeed, the history of The Free Press Journalism mirrors that of Indian independence.

Swaminath Sadanand, a 30-year-old idealist from Madras trudged his way to Bombay and with a vision that was to prove uncomfortably ahead of his day, brought out a newspaper as unorthodox in character as it was innovative in concept. For Swaminath Sadanand, the Free Press Journal was not so much a business venture as a cause.

The spirit with which he launched the paper and ran it for almost three decades helped it make it an integral part of two great Indian movements — the struggle for independence and the evolution of Indian publishing.