Devolution Promise Kept. Development Funds Slashed

  Finance Minister Arun Jaitley slashed funding on health, education, environment and other social sectors, explaining that since more money than ever before was being given to the states, they could decide their spending priorities.   But an IndiaSpend analysis reveals that the money given to the states could be between 26% and 39% lower … Continued

$95-Billion Tax Benefits for Companies, Individuals, Up 7%

  While the central government is expected to earn a tax revenue of Rs 919,842 crore ($148 billion) for the financial year 2015-16, it is expected to forego revenue of Rs 589,285.2 crore ($95 billion) in 2014-15 due to exemptions granted to companies and individual taxpayers.   This forgone revenue, or  tax benefits, is  twice … Continued

Top 10 New Schemes Explained

  The 2015 Union Budget presented by Finance Minister Arun Jaitley saw the introduction of new schemes across multiple sectors.   The list is topped by Micro Units Development Refinance Agency (MUDRA) Bank with an initial corpus of Rs. 20,000 crore and a credit guarantee corpus of Rs 3,000 crore. MUDRA bank will act as … Continued

Jaitley Slashes Education, Health Spending

  While Bharatiya Janata Party (BJP) came to power promising to increase spending on health and education, Finance Minister Arun Jaitley has actually reduced the proposed spending on both these crucial sectors for the financial year 2015-16.   Presenting the first full budget of the government, Jaitley reduced spending on education by 16% and health … Continued

Pushing For Make in India

  Finance Minister Arun Jaitley has outlined policy measures for the “Make in India” plan launched by Prime Minister Narendra Modi  while presenting the budget for financial year 2015-16.   The plan aims to increase manufacturing sector growth to 12-14% per annum over the medium term and create around 100 million jobs by 2022. The … Continued

Skilling Rural Youth Gets Rs 1,500 Crore Boost

  Finance Minister Arun Jaitley announced the creation of a separate ministry for skill development of rural youth and allocated Rs 1,543 crore for the year 2015-16.   Jaitley, while presenting the first full union budget of the Bharatiya Janata Party-led government, highlighted that less than 5% of India’s potential work force gets skill training … Continued

Budget 2015: A Layer of Jam For Individual Empowerment

  One big failure of the Indian state has been the ability to empower the Indian citizen by creating a financial identity.   A financial identity in some ways sits on top of all identities. You exist if you have a bank account, or not. Conversely, the path to a bank account has been strewn … Continued

A Steady Budget From Modi/Jaitley Combine

  Finance Minister Arun Jaitley presented a steady budget for financial year 2015-16, and projected a fiscal deficit of 3.9% for the financial year 2015-16.   While revenue receipts for the government are likely to increase only marginally to Rs 11,41,575 crore from Rs 11,26,294 crore in 2014-15, total expenditure is likely to go up … Continued

Budget 2015-16: What India’s Cities Should Expect

  India’s urban population makes up 31 per cent of the total, and is expected to rise to 590 million by 2030, which is an increase of more than 200 million over 2011. Urban India will also account for 70 per cent of the country’s economic activity and new jobs.   According to estimates, urban … Continued

Renewable Energy Prepares For Great Budget Push

  “Power To all” is a mantra used by the National Democratic Alliance (NDA) government, and Prime Minister Narendra Modi recently spoke about the “seven horses” of energy, adding renewable energy sources—solar, wind and biomass—to the present energy mix of thermal, gas, hydro and nuclear.   The potential is enormous.   India has a renewable … Continued