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Will the Union Budget 2020 make it India”s decade?

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New Delhi: Indications from statements made by President Ram Nath Kovind and Prime Minister Narendra Modi at the start of the Parliament”s Budget session may presage a Budget woven around the theme of the start of a new decade and the building of a New India.

PM Modi kicked off the “new decade” theme on Friday morning in his customary statement before the beginning of the Budget session.

He asked the Members of Parliament to work towards laying a strong foundation for a “bright future of the country in the new decade”.

The Prime Minister called for wide discussions on the economic issues in the country and how to maximise benefits to India in the current global economic scenario.

“We should focus mostly on economic issues in this session and we should to try to see how India can benefit most out of the present global economic scenario and how it can take forward the country”s economy.”

President Kovind laid even more emphasis on the “new decade” theme, which he said, can make this century India”s century.

In his address to Parliament, he said: “This decade is extremely important for India. In this decade, we will complete 75 years of our independence. In this decade, we all have to work together with new energy to give impetus to the making of a new India. With the efforts of my Government, a strong foundation has been laid in the last five years, to make this decade India”s decade and this century India”s century.

“I am pleased to address the joint sitting of Parliament at the start of the third decade of 21st century. I once again extend my best wishes for the New Year and congratulate all Members of Parliament for being a witness to this historic occasion.”

With the focus on the new decade and India”s opportunity to seize the global economic opportunity, the Union Budget, being the first of the decade, may well herald the second wave of structural reforms which can bring the economy out of the hole its finds itself in.

While the Budget is to be presented on Saturday, the budget-making team of the Finance Ministry is short of two key officials, including a full-time Expenditure Secretary.

In addition to Expenditure Secretary, the position of Joint Secretary, Budget, one of the key officials in the entire Budget-making process, was also vacant for almost three months.

The post of Expenditure Secretary fell vacant after the appointment of G.C. Murmu as the first Lt Governor of the newly-created Union Territory of Jammu and Kashmir. Murmu relinquished the post of Expenditure Secretary on October 29 and subsequently, the additional charge of the Department of Expenditure was given to Atanu Chakraborty.

Chakraborty, a 1985-batch IAS officer of the Gujarat cadre, is Secretary, Economic Affairs in the Finance Ministry. In late January, Rajat Kumar Mishra was appointed Joint Secretary, Budget.

Business

Flats Below Rs 35 Lakh In Bengaluru To Get Cheaper As Karnataka Cuts Stamp Duty.

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  • Stamp duty will be cut from the existing 5% to 2% on apartments costing less than 20 lakh.
  • The cut in stamp duty will make buying a new flat more affordable.

The Karnataka government on May 26 reduced the registration stamp duty from 5% to 3% for properties costing between Rs 21 lakh and Rs 35 lakh in a bid to give a leg-up to the ailing realty sector. The budget presented by the BJP government had brought down the stamp duty from 5% to 2% for properties costing up to Rs 20 lakh.

During a meeting with revenue department officials, Chief Minister BS Yediyurappa reportedly directed the department to reduce the stamp duty to boost the volume of registrations and help lower- and middle class home buyers.

Thanks to Covid-19 and the subsequent lock down, Karnataka is staring at a loss of Rs 3,542 crore in the ongoing financial year with revenue earning streams like property registration and vehicle registration suffering a big dent in collection drive.

Revenue Minister R Ashoka said biggest beneficiaries will be home buyers from cities like Mysuru, Mangaluru, Hubballi-Dharwad, Belagavi, Kalaburagi and semi-rural areas.

Stamp duty cut will cost state govt Rs 300cr annually

The move will cost the government about Rs 300 crore annually.

With property prices stagnant and multiple projects unsold, the reduction in stamp duty is expected to spur demand in affordable and mid-income housing segments, where green shoots are visible.

“Also, a property in the premium housing segment in smaller cities could cost about Rs 35 lakh and a home buyer can save up to Rs 3 lakh in stamp duty after the reduction,” a department official said.

A home buyer pays stamp duty to the government at the time of registration of her property. The fee is levied to validate the home buyer’s registration agreement by the state government.

The stamp duty varies from state to state and is in the 2-7% region.

Source: TNN, Bengaluru

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