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Delhi government has started process of preparing its budget for 2023-24

Money Control

Money Control · 1y ago

Delhi government has started process of preparing its budget for 2023-24

The Delhi government has initiated the process of preparing its budget for 2023-24. The Finance Department has requested departments to provide estimates based on a realistic assessment to ensure funds are utilized within the given financial year. The government wants to avoid discrepancies between budget estimates and actual expenditure and has urged departments to accurately anticipate and project their financial requirements. The departments have been asked to submit their budget estimates by October 10, and pre-budget meetings will begin in late October.

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Budget 2024: Should investors be expecting a push to consumption?

Money Control

Money Control · 1y ago

Budget 2024: Should investors be expecting a push to consumption?

The government's advance estimate for 2023-24 GDP predicts a growth of 4.4 percent in private consumption, the lowest in several years. While the government has traditionally focused on investment, there is speculation that it may prioritize consumption in the upcoming budget. However, with fiscal consolidation in mind, there is also a possibility of reduced capital expenditure. The outcome of the budget in an election year remains uncertain.

Govt raises $1.98 bn from divestments in FY24, misses target

VCCircle

VCCircle · 1y ago

Govt raises $1.98 bn from divestments in FY24, misses target

The Indian government has reportedly raised $1.98 billion from divestments in the financial year of 2023/24, falling short of its internal target of $2.26 billion. The government sold its stakes in approximately 10 state-run companies with hopes to raise funds for the country's economic development. However, the privatisation process has been impacted by upcoming general elections. Despite missing the divestment target, the government received higher dividends than expected from state-run companies, totaling approximately $8.36 billion in the same period. The government has not set a target for divestments in the current financial year.

Invesco raises Swiggy's valuation to $7.85 billion

Inshorts · 1y ago

Invesco raises Swiggy's valuation to $7.85 billion

Central Board of Direct Taxes has instructed officials to not subject Department for Promotion of Industry and Internal Trade-recognised startups to scrutiny for angel tax provisions as amended in Budget 2023-24. Angel tax is levied on capital received on sale of shares of a startup above fair market value. The latest Budget widened angel tax provisions to include foreign investments.

Tax treatment of delayed payments to micro, small businesses in for a tweak

Livemint

Livemint · 1y ago

Tax treatment of delayed payments to micro, small businesses in for a tweak

The Indian government is considering modifying a tax provision introduced last year to ensure that large corporations do not avoid paying micro and small enterprise vendors by sidestepping them altogether. The government is responding to concerns that the provision could backfire on the intended beneficiaries. The modification could be part of the Union budget proposals for 2024-25. The tax provision, effective from 2023-24, requires companies to record delayed payments to micro and small enterprises as an expenditure deductible only in the year of the transaction, encouraging timely payments to small businesses.

Sitharaman holds 5th pre budget meeting with industry representatives in Delhi

Livemint

Livemint · 7m ago

Sitharaman holds 5th pre budget meeting with industry representatives in Delhi

Finance Minister Nirmala Sitharaman chaired the fifth Pre-Budget Consultation in New Delhi, focusing on insights from industry leaders for the Union Budget 2025-26. Prominent government officials and the Chief Economic Adviser attended this meeting aimed at shaping a budget emphasizing economic growth, industry support, and stakeholder needs. This consultation is part of a series, following meetings with MSMEs, farmers' associations, and economists, contributing to the preparations for the upcoming budget presentation on February 1, 2025.

India detects $18 bln goods and services tax evasion in Apr-Oct

Reuters · 1y ago

India detects $18 bln goods and services tax evasion in Apr-Oct

The Indian government has uncovered and recovered a total of 1.51 trillion rupees ($17.99 billion) of goods and services tax (GST) evasion in the fiscal year 2023/24, with the highest amount of tax evasion detected in Maharashtra. Additionally, 71 notices have been issued to online gaming companies for not paying GST totaling 1.12 trillion rupees in the financial years 2022/23 and 2023/24. This tax evasion discovery has resulted in stricter regulations and layoffs in the online gaming industry in India.

Perfios turns profitable in FY23; revenue jumps 3X to Rs 407 Cr

Entrackr

Entrackr · 1y ago

Perfios turns profitable in FY23; revenue jumps 3X to Rs 407 Cr

Perfios, a SaaS-based B2B fintech firm, has raised $229 million in its Series D funding round. The round was led by private equity firm Kedaara Capital and included a combination of primary and secondary sales. Perfios saw significant growth in fiscal year 2023, with its revenue from operations spiking three-fold to Rs 407 crore. The company provides a range of services for financial institutions and claims to have over 1,200 clients across 18 countries. Perfios is preparing for an IPO in the next 18-24 months and has made key hires in preparation for the listing.

Budget 2024: New jobs schemes and other top highlights

VCCircle

VCCircle · 1y ago

Budget 2024: New jobs schemes and other top highlights

India's Finance Minister, Nirmala Sitharaman, presented the budget for the fiscal year 2024 with a focus on job creation and relief for the middle class. The government plans to allocate 2 trillion rupees ($24 billion) over the next five years for job creation. Additionally, various measures have been proposed to control inflation and stimulate economic growth, such as credit support for small businesses and the establishment of industrial parks. The budget also includes provisions for rural development and affordable housing.

Here’s how government-led initiatives are propelling startup growth in Rajasthan

YourStory

YourStory · 10m ago

Here’s how government-led initiatives are propelling startup growth in Rajasthan

- iStart Rajasthan has entered the AVGC industry with the latest government budget allocation. - The state government is establishing Atal Innovation Studios and Accelerators hubs in key cities with a budget of Rs 1,000 crore. - iStart Rajasthan aims to train and empower 50,000 youth in AVGC and cutting-edge technologies. - Rajasthan was recognized as a 'Top Performer' in the DPIIT's States' Startup Ranking Framework for 2022. - The iStart program in Rajasthan has supported nearly 5,000 startups and offers funding, mentoring, and incubation support. - Startups in Rajasthan are entitled to work orders up to Rs 75 lakh per year without needing to go through a formal proposal process.

10,000 GPUs under India AI mission to be in place over 18-24 months: IT Secretary

Economic Times

Economic Times · 1y ago

10,000 GPUs under India AI mission to be in place over 18-24 months: IT Secretary

The Government of India has announced that the graphics processing units (GPUs) approved under the India AI Mission will be made available within the next 18-24 months. The government plans to invite bids from the industry and offer viability gap funding for GPU-based computing infrastructure. The India AI Mission, with a budget of Rs 10,372 crore for five years, aims to promote AI development in the country. It will provide over 10,000 GPUs for developing an AI ecosystem and will be accessible to startups, academia, researchers, and the industry.

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