#Nirmala Sitharaman announcement

[dhallblogs]

NITI Aayog announces revised composition.

New Delhi: The National Institution for Transforming India (NITI Aayog) has unveiled its revised composition, aimed at enhancing its strategic leadership and effectiveness. The Indian government has reconstituted the National Institution for Transforming India (NITI Aayog), with Prime Minister Narendra Modi remaining as the chairperson and economist Suman K Bery continuing as the vice-chairperson.

ALSO READ MORE- https://apacnewsnetwork.com/2024/07/niti-aayog-announces-revised-composition/

[publictaknews]

Budget 2023: Highlights of Nirmala Sitharaman's announcements

Presenting her last full budget in Parliament before the 2024 elections, Union Finance Minister Nirmala Sitharaman on Wednesday said the Narendra Modi government at the Center will focus on economic growth and job creation and cut fiscal deficit. He also said that the increased capex 10 lakh crore for infrastructure development is 3.3 per cent of GDP. Presenting the Budget for 2023-24, Sitharaman…

[jaagrukbharat]

What To Know About The 53rd GST Council Meeting? Major Changes, Announcements And Benefits

The  Finance Minister of India, GST Council Chairman Nirmala Sitharaman, and State Finance Ministers attended the 53rd GST Council meeting held on Saturday, June 22, 2024. The meeting discussed and announced several crucial measures, along with changes in the goods and service rate.

[news365timesindia]

[ad_1] 3 min read Last Updated : Oct 11 2024 | 12:06 AM IST With little progress in establishing a protection and indemnity (P&I) entity to insure cargo vessels, the Centre is considering deploying its own funds as preliminary investment. This approach would involve private insurers and shippers contributing at a secondary stage, according to multiple officials familiar with the development. More than a year after Union Finance Minister Nirmala Sitharaman’s unexpected announcement calling for a P&I entity, the lack of regulatory clarity and the nascency of the Indian shipping sector have slowed progress on this key initiative. Click here to connect with us on WhatsApp The Ministry of Ports, Shipping, and Waterways initially requested insurers and shipping companies in February to provide the first layer of insurance for shippers and shipbuilders, with reinsurance expected to be managed by larger global players in a second layer.    “We’ve held several rounds of discussions, but the quantum of funds the industry is willing to commit won’t be much. We’re exploring options, including the possibility of an initial ‘seed’ fund once legislative provisions are in place,” a senior official from the shipping ministry revealed. “This could be done directly or through the Maritime Development Fund, but we will need firm structure and clarity from the Department of Financial Services (DFS) before finalising anything.”   An inter-ministerial consultation process has been ongoing this year to create the marine insurance entity, with industry representatives participating. Officials say the finance ministry is likely to propose an amendment to the Insurance Act, allowing mutual insurance associations — a critical provision that has impeded the formation of a P&I club. For now, the government is  considering starting with a fixed premium framework. Initially, the proposed P&I entity would cover only coastal and riverine vessels, which fall outside the international P&I framework and carry a lower risk profile, as previously reported. The ministry is exploring international partnerships to pool funds for the insurance entity, potentially with government-backed funds or other P&I clubs, the official said, adding, but this would occur later, when the entity would be handling export-import cargo. A senior finance ministry official noted that Indian-owned ships are currently insured in various countries, with premiums substantially higher for vessels navigating volatile regions like West Asia and Russia. “They (the shipping ministry and other stakeholders) want to explore options, possibly a mutual insurance model. India’s marine insurance sector is not very mature in providing coverage for shipping. We are trying to establish a mechanism to address this,” he explained. “This will take time; talks are ongoing. It’s a significant decision, and we need to coordinate our efforts to make it successful. However, no timeline has been set,” said a top executive at a public sector insurance company involved in the consultative process. Queries sent to the Ministry of Ports, Shipping, and Waterways, as well as the Ministry of Finance, remained unanswered until publication. P&I insurance offers shipowners coverage against costs in the event of accidents that could impact cargo, human lives, and the environment. This coverage is typically provided through not-for-profit clubs of like-minded shipowners. The International Group, comprising 12 P&I clubs, offers marine liability coverage to approximately 90-95 percent of the world’s sea tonnage.   First Published: Oct 11 2024 | 12:06 AM IST [ad_2] Source link

[news365times]

[ad_1] 3 min read Last Updated : Oct 11 2024 | 12:06 AM IST With little progress in establishing a protection and indemnity (P&I) entity to insure cargo vessels, the Centre is considering deploying its own funds as preliminary investment. This approach would involve private insurers and shippers contributing at a secondary stage, according to multiple officials familiar with the development. More than a year after Union Finance Minister Nirmala Sitharaman’s unexpected announcement calling for a P&I entity, the lack of regulatory clarity and the nascency of the Indian shipping sector have slowed progress on this key initiative. Click here to connect with us on WhatsApp The Ministry of Ports, Shipping, and Waterways initially requested insurers and shipping companies in February to provide the first layer of insurance for shippers and shipbuilders, with reinsurance expected to be managed by larger global players in a second layer.    “We’ve held several rounds of discussions, but the quantum of funds the industry is willing to commit won’t be much. We’re exploring options, including the possibility of an initial ‘seed’ fund once legislative provisions are in place,” a senior official from the shipping ministry revealed. “This could be done directly or through the Maritime Development Fund, but we will need firm structure and clarity from the Department of Financial Services (DFS) before finalising anything.”   An inter-ministerial consultation process has been ongoing this year to create the marine insurance entity, with industry representatives participating. Officials say the finance ministry is likely to propose an amendment to the Insurance Act, allowing mutual insurance associations — a critical provision that has impeded the formation of a P&I club. For now, the government is  considering starting with a fixed premium framework. Initially, the proposed P&I entity would cover only coastal and riverine vessels, which fall outside the international P&I framework and carry a lower risk profile, as previously reported. The ministry is exploring international partnerships to pool funds for the insurance entity, potentially with government-backed funds or other P&I clubs, the official said, adding, but this would occur later, when the entity would be handling export-import cargo. A senior finance ministry official noted that Indian-owned ships are currently insured in various countries, with premiums substantially higher for vessels navigating volatile regions like West Asia and Russia. “They (the shipping ministry and other stakeholders) want to explore options, possibly a mutual insurance model. India’s marine insurance sector is not very mature in providing coverage for shipping. We are trying to establish a mechanism to address this,” he explained. “This will take time; talks are ongoing. It’s a significant decision, and we need to coordinate our efforts to make it successful. However, no timeline has been set,” said a top executive at a public sector insurance company involved in the consultative process. Queries sent to the Ministry of Ports, Shipping, and Waterways, as well as the Ministry of Finance, remained unanswered until publication. P&I insurance offers shipowners coverage against costs in the event of accidents that could impact cargo, human lives, and the environment. This coverage is typically provided through not-for-profit clubs of like-minded shipowners. The International Group, comprising 12 P&I clubs, offers marine liability coverage to approximately 90-95 percent of the world’s sea tonnage.   First Published: Oct 11 2024 | 12:06 AM IST [ad_2] Source link

[babatax]

Centre launches process to revamp income tax regime

Revamp Income Tax: The Union government formally launched the process to revamp the existing income-tax regime with four key objectives in mind – simplification of language, reduction of litigations, ease of compliance, and scrapping of obsolete provisions. This initiative is in line with announcements made in the Union Budget 2024-25 by finance minister Nirmala Sitharaman in July, weeks after…

[personalfinanceforeveryone]

What is the best budget rule 2024 ? Are you ready to take control of your finances in 2024? In this video, we explore what is the best budget rule for the new year, offering insights on how to effectively manage your money using the 70/20/10 budget rule. With highlights from the Union Budget 2024, as announced by Nirmala Sitharaman, we break down how these changes may impact you and provide a budget 2024 summary that’s easy to understand. Discover how the India Budget 2024 affects your personal finances and learn how to apply budgeting methods to stay on track. From the budget 2024 highlights to practical how to budget tips, we’ve got you covered. We'll also take a look at some of the most popular budgeting frameworks like the 50/30/20 rule and help you understand which rule works best for your financial goals in 2024. We’ll also touch on budget 2024 news, expectations, and even fun purchases like the best budget drone 2024 that won't break the bank. If you’re preparing for the budget session 2024 or simply want to know more about financial planning, this video is for you. Whether you’re interested in the budget 2024 live updates or just want a budget 2024 explained in simple terms, we’re here to help. Stay ahead of the curve with our budget 2024 highlights and find out how to make the most of your money this year. Don't miss out on the best budget 2024 expectations, and make sure to like, comment, and subscribe for more updates on the budget 2024 live in Hindi, budget highlights 2024, and much more! ------ 💸 Ready to make millions online without the hassle of starting a business? 💸 Discover the exact blueprint that helped me and countless others build a successful online income with ease. Whether you're a complete beginner or already making some money online, this course will take you to the next level. 🔥 Click here to get instant access to the Internet Millionaire course and start earning today: https://linktw.in/qKvlbB Don't miss out on your chance to finally make money online! 💰

[bhaskarlive]

All you need to know about PM Internship Scheme

The Modi government has introduced the PM Internship Scheme which aims to benefit around 10 million young people over the next five years.

Union Finance Minister Nirmala Sitharaman had announced this scheme during the Union Budget for the financial year 2024-25.

Source: bhaskarlive.in

[rapidfly369]

September Current Affairs For Bank Coaching Success

September current affairs is here. As we all know, bank exams are comparatively tough if you are unprepared. Current affairs are among the most critical topics in your bank exam preparation journey. Staying updated on current affairs is essential, not just an option. A strong knowledge of current affairs is necessary to prepare for IBPS RRB or other banking exams. Enroll in our best online bank coaching to stay updated. Our expert mentors help you achieve your dream job. Let’s read more about September current affairs.

Bank Coaching September Current Affairs 

Most Important September current affairs are listed here:

1 What is the primary objective of the ‘NPS Vatsalya scheme,’ recently launched by the Finance Minister of India?

[A] To help the parents and guardians plan for their children’s future financial needs [B] To offer the education loans to students for higher education [C] To provide health insurance to tribal families

Correct Answer: A [To help parents and guardians plan for their children’s future financial needs]

Notes:

Nirmala Sitharaman, the Union Finance Minister, launched the NPS Vatsalya scheme for minors on 17 September 2024 in New Delhi. The event was attended by schoolchildren and held in 75 locations across India. The scheme was initially announced in the 2024-25 union budget. NPS Vatsalya is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

2. What is the theme of “8th INDIA WATER WEEK 2024”?

[A] Water Cooperation – Coping with 21st Century Challenges [B] Water Security for Sustainable Development with Equity [C] Partnership and cooperation for inclusive water development and management

Correct Answer: C [Partnership and cooperation for inclusive water development and management]

Notes:

President Draupadi Murmu inaugurated the 8th India Water Week on 17 September 2024 in New Delhi. The event runs from 17 to 20 September 2024 and is held at Bharat Mandapam. The Union Jal Shakti Minister, Gajendra Singh Shekhawat, was present at the inauguration. India Water Week is based on Stockholm Water Week and focuses on water management and cooperation. The International Wash Conference 2024 is also taking place alongside the event. The theme is “Partnerships and Cooperation for Inclusive Water Development and Management.”

3.“Subhadra Scheme,” recently seen in the news, is the largest women-centric scheme of which state?

[A] Uttar Pradesh [B] Odisha [C] Bihar

Correct Answer: B [Odisha]

Notes:

Prime Minister Narendra Modi launched Odisha’s Subhadra Yojana on his 74th birthday, alongside railway and highway projects. Subhadra Yojana aims to empower women, offering 50,000 rupees over five years to eligible women aged 21-60. Over one crore women will benefit, with 1,250 crore rupees transferred to 25 lakh women. He also inaugurated railway and highway projects worth 2,800 crore and 1,000 crore rupees.

Modi launched the Awaas+ 2024 app and new PMAY guidelines.

4. Recently, the Prime Minister of India inaugurated the “Tuticorin International Container Terminal” in which state?

[A] Kerala [B] Gujarat [C] Tamil Nadu

Correct Answer: C [Tamil Nadu]

Notes:

The Tuticorin International Container Terminal in Tamil Nadu was inaugurated, described as a crucial part of India’s marine infrastructure. The terminal enhances the capacity of the V.O. Chidambaranar Port, contributing to India’s goal of becoming a developed nation. It has a deep draft of over 14 meters and a 300-meter-long berth, helping reduce logistics costs and save foreign exchange. The terminal promotes gender diversity, with 40% of its workforce women. Tamil Nadu plays a vital role in India’s economic growth, with significant investments in port development, including an Outer Harbour Container Terminal. The port is also recognized for its role in Green Hydrogen and offshore wind energy. India’s vast transportation network positions it as a critical player in the global supply chain.

5 Who has recently been appointed Director General Sashastra Seema Bal (SSB)?

[A] Vikrant Thakur [B] Daljit Singh Chaudhary [C] Amrit Mohan Prasad

Correct Answer: C [Amrit Mohan Prasad]

Notes:

A senior Indian Police Service (IPS) officer from the Odisha cadre, Amrit Mohan, has been appointed Director General of Sashastra Seema Bal (SSB). He serves as Special Director General of the Central Reserve Police Force (CRPF). His appointment is approved until his superannuation on August 31, 2025. Sashastra Seema Bal (SSB) guards India’s borders with Nepal and Bhutan, preventing cross-border crime and smuggling. SSB’s headquarters, Force Headquarters (FHQ), is in New Delhi, led by a Director-General. An Additional Director-General supports the Director-General, and senior officers manage various directorates.

6.where was the third edition of the INDUS-X Summit held?

[A] Russia [B] United States [C] Australia

Correct Answer: B [United States]

Notes:

The third INDUS-X Summit concluded in the US, advancing joint defense innovation between India and the US. It was launched in 2023 during the Indian Prime Minister’s state visit to the US. The goal is to expand strategic tech partnerships and defense cooperation between governments, businesses, and academic institutions in both countries. INDUS-X will serve as a defense innovation bridge involving joint challenges, innovation funds, and industry collaborations. Focus areas include co-producing jet engines, long-range artillery, and infantry vehicles. It is led by iDEX (India) and DIU (US).

7. What is the name of the operation recently launched by India to provide humanitarian assistance to the countries affected by Typhoon Yagi?

[A] Operation Vikas [B] Operation Sadbhav [C] Operation Veer

Correct Answer: B [Operation Sadbhav]

Notes:

India launched Operation Sadbhav to provide humanitarian aid to Myanmar, Laos, and Vietnam, affected by Typhoon Yagi. These countries faced massive floods this year due to Asia’s most powerful storm. India sent 10 tonnes of aid to Myanmar via INS Satpura, including dry rations, clothing, and medicines. A military aircraft delivered 35 tonnes of aid to Vietnam and 10 tonnes to Laos, including gensets, water purifiers, hygiene items, mosquito nets, blankets, and sleeping bags. India’s quick response aligns with its ‘Act East Policy’ and its broader effort in Humanitarian Assistance and Disaster Relief (HADR) within ASEAN.

8.Which ministry recently launched the ‘BHASKAR initiative’ to provide comprehensive support to entrepreneurs?

[A] Ministry of Commerce and Industry [B] Ministry of Science and Technology [C] Ministry of Communication

Correct Answer: A [Ministry of Commerce and Industry]

Notes:

The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has launched a digital platform called ‘Bhaskar’ to boost India’s startup ecosystem. The platform is part of the Bharat Startup Knowledge Access Registry (BHASKAR) initiative under the Startup India program. It is designed to centralize and enhance collaboration among startups, service providers, investors, mentors, and government bodies. The initiative aligns with India’s goal of becoming a global innovation and entrepreneurship leader. India has over 1,46,000 DPIIT-recognized startups, and BHASKAR aims to provide a one-stop digital solution for the challenges entrepreneurs and investors face.

9 Where was the fourth edition of ‘Global Bio-India 2024’ recently organized?

[A] Bengaluru [B] Hyderabad [C] New Delhi Correct Answer: C [New Delhi]

Notes:

The 4th Global Bio-India 2024 event concluded on 14 September 2024 in New Delhi. It was a three-day event showcasing India’s potential in biotech research, development, and manufacturing. The event has been held annually since 2021.

10 What is the theme of “World Ozone Day 2024”?

[A] Montreal Protocol: Advancing Climate Action [B] Global Cooperation Protecting Life on Earth [C] Keep Cool and Carry On

Correct Answer: A [Montreal Protocol: Advancing Climate Action]

Notes:

Since 1995, World Ozone Day has been celebrated on September 16th to raise awareness about ozone depletion. In India, the ozone cell under the Ministry of Environment, Forest, and Climate Change is observed at national and state levels on this day. The UN established the day in 1994 to commemorate the signing of the Montreal Protocol on 16th September 1987. The first World Ozone Day was observed in 1995. The 30th World Ozone Day 2024 theme is “Montreal Protocol: Advancing Climate Actions,” highlighting the protocol’s role in protecting the ozone layer and promoting climate action.

[twnenglish]

NPS Vatsalya Scheme: How to Invest and Withdraw | Benefits and Eligibility Explained

In today's ever-changing financial landscape, securing a child’s future has become more critical than ever. Recognizing this need, the Government of India introduced the NPS Vatsalya Scheme in September 2024, a revolutionary initiative aimed at helping parents build a robust financial foundation for their minor children.

As announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman, the scheme allows parents and legal guardians to open pension accounts for their children under the age of 18, offering a long-term, systematic savings platform.

This innovative pension scheme is designed to capitalize on the power of compound interest, fostering a savings habit from an early age and creating a substantial retirement corpus for the child.

With contributions starting from as low as ₹1,000 annually, NPS Vatsalya ensures that even parents with limited financial means can secure their child’s financial future.

In addition to flexibility in investment options ranging from equities to government bonds, the scheme also offers significant benefits, such as tax-free withdrawals upon maturity, which could potentially lead to greater financial security in the long run.

As of September 2024, the scheme has already gained traction among Indian parents, with a focus on building long-term savings for their children’s education, medical needs, and even retirement.

Through this blog, we will explore the NPS Vatsalya Scheme’s key features, eligibility criteria, and investment options, providing you with a comprehensive guide to securing your child’s financial future.

NPS Vatsalya Scheme: Securing Your Child's Future, Today!

Planning for your child's future is an essential responsibility. The recently launched NPS Vatsalya scheme offers a unique opportunity to start early and build a substantial retirement corpus for your child. This informative guide delves into the details of the NPS Vatsalya scheme, explaining its eligibility criteria, investment options, withdrawal rules, and the potential benefits it offers.

Read More

[secretstalks]

Indian Bank is open to lending to MSMEs under special mention accounts, says CEO Shanti Lal Jain

Indian Bank is set to extend loans to micro, small, and medium enterprises (MSMEs) in the Special Mention Account (SMA) category, following a government guarantee announced by Finance Minister Nirmala Sitharaman in the Union Budget 2024. In an exclusive interview, Managing Director and CEO Shanti Lal Jain expressed the bank’s commitment, stating, “We’re open to lending, especially to our customers in SMA 1 and SMA 2, who are eligible for this guarantee.”

The Finance Minister introduced a mechanism aimed at ensuring ongoing bank credit for MSMEs facing stress. This initiative is designed to support MSMEs when they reach the SMA stage due to uncontrollable circumstances, preventing them from falling into non-performing asset (NPA) categories.

Sitharaman noted that this credit support would be backed by a government-sponsored fund, enhancing banks' internal capacities to evaluate MSMEs for credit. She emphasized that a new credit assessment model will be developed, focusing on the digital footprints of MSMEs, rather than relying solely on traditional asset or turnover metrics, making it more inclusive for businesses without formal accounting systems.

Regarding the collection efficiency of MSMEs for the April–June quarter, Jain attributed the decline to several factors, including heat waves, general elections, and seasonal variations. He reported a 2% decrease in collection efficiency in the MSME segment, both year-over-year and sequentially, contributing to a 1% overall drop in collection efficiency from 96% to 95%.

READ MORE

[jaagrukbharat]

HPV Vaccine In India: A Lifesaving Shield Against Cervical Cancer For Young Children

India will launch a nationwide campaign to immunise girls between the ages of nine and 14 against HPV, also known as human papillomavirus (HPV), which causes cervical cancer. Although the country has not yet set a date for the campaign, Finance Minister Nirmala S. Sitharaman announced in her Interim budget 2024 speech in February: “Our government will promote vaccination of girls in the age group of 9 to 14 years for the prevention of cervical cancer.”

[taxblgs]

Budget 2024: Key changes to corporate tax rate you need to know

In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced a significant reduction in the corporate tax rate for foreign companies, lowering it from 40% to 35%. This move aims to enhance the investment climate in India and attract more foreign direct investment (FDI)

Need Expert Guidance? Consult a tax professional! Contact Taxring now to navigate the complexities of corporate tax and optimize your financial strategy.

Consult a Tax Professional - Click here

[eazystartups]

As we move into the fiscal year 2024-25, several important updates to India’s income tax laws are coming into effect. These changes, announced by Finance Minister Nirmala Sitharaman in the 2023 budget, are set to impact taxpayers across the country. Understanding these updates is crucial for ensuring compliance and maximizing your tax benefits. At Eazy Startups, we specialize in providing Online Income Tax Registration and related services in India. We stay ahead of these changes to offer our clients the most accurate and up-to-date guidance. If you’ve been searching for income tax guidance, look no further—Eazy Startups is here to help you navigate the new tax regime with ease.

[shobhit-rajan-news-updates]

Govt to facilitate rental housing for industrial workers, encourage states to moderate stamp duty rates

Amongst a host of measures to boost the real estate sector in India, Union Finance Minister Nirmala Sitharaman on July 23 announced the government’s plans to encourage states to moderate stamp duties and facilitate rental housing for industrial workers.

“We will encourage states which continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women,” Sitharaman said during her Budget 2024-25 speech, adding that this reform will be made an essential component of urban development schemes.

In India, property registration is a state subject, empowering the state governments to levy and collect stamp duties and registration fees tied to real estate transactions.

"The accentuation on empowering state legislatures to diminish stamp obligation and other improvement expenses is a conclusive step. This won't just reinforce metropolitan lodging development yet in addition make reasonable lodging more available, improve advancement costs, and empower the interest bend," said Shobhit Rajan, Alnoor Jamal & Nazir Mussa.

Additionally, Sitharaman announced the Modi 3.0 government’s plan to facilitate rental housing comprising dormitory-type accommodation for industrial workers. It will be developed in the public-private partnership mode with viability gap funding and commitment from anchor industries, she added.

"Perhaps they are trying it and perceiving how the exhibition of rental lodging in modern (setting) for the blue captured laborers as a residence on a PPP mode works. In the event that this functions admirably, who can say for sure, this might develop public-private organization to welcome reasonable lodging on rental premise to bigger urban areas, metropolitan regions," Shobhit Rajan, Alnoor Jamal & Nazir Mussa. He added that this move may be the start of a much bigger opportunity where developers may benefit over a period of time if the experience goes well.

[babatax]

CBDT forms internal committee to comprehensively review Income tax Act

Review Income tax: The Central Board of Direct Taxes (CBDT) has established an internal committee to supervise an extensive review of the Income-tax Act, 1961 (Act), following the announcement made in the Union Budget 2024–25 on July 23 by the finance minister Nirmala Sitharaman. The public has been asked to contribute to the review of the I-T Act, which has been in place to simplify the…