A full-scale LCA Tejas aircraft in Final Operational Clearance (FOC) configuration will be at the centre stage of “India Pavilion” at Aero India 2023, to be held from February 13 to 17 at Yelahanka Air Force Station here.
The 14th Edition of the biennial aero show and aviation exhibition, organised by the Ministry of Defence, will have a separate “India Pavilion” based on ‘Fixed Wing Platform’ theme to showcase India’s strides in the fixed wing area and future prospects in the field, a Defence release said on Thursday.
The India Pavilion will further showcase the growth of India in developing an eco-system for fixed wing platform which includes the demonstration of various structural modules, simulators and systems, among others, of LCA Tejas aircraft being produced by private partners.
There will also be a section for “Defence space, New Technologies” and a UAV (unmanned aerial vehicle) section which will give an insight about the growth of India in each sector.
LCA Tejas is a single engine, light weight, highly agile, multi-role supersonic fighter. It has quadruplex digital fly-by-wire Flight Control System (FCS) with associated advanced flight control laws.
The aircraft with delta wing is designed for ‘air combat’ and ‘offensive air support’ with ‘reconnaissance’ and ‘anti-ship’ as its secondary roles. “Extensive use of advanced composites in the airframe gives a high strength to weight ratio, long fatigue life and low radar signatures,” the release said.
Tejas is equipped with state-of-the-art features like glass cockpit, zero-zero ejection seat, in-flight refueling probe and jam-proof AESA Radar, among others, which make the aircraft “more lethal,” it said.
LCA has come a long way in terms of development and presently available in Air Force fighter & twin seater and LCA Navy fighter and twin seater. Other variants like LCA LIFT (Lead in fighter trainer) and MK-2 are being developed for LCA Tejas.
Aero India provides a platform to various national and international aerospace and defence companies to showcase their advanced products and capabilities to explore business opportunities, it was noted.
Republican Senators ask Blinken to hold China accountable for rights abuses, aggression towards allies like India and Taiwan
Several influential Republican lawmakers have urged Secretary of State Antony Blinken to hold China accountable for its egregious human rights abuses, unfair trade practices and aggression towards the US and its allies and partners in the Indo-Pacific and beyond, including its unacceptable and provocative behaviour against India and Taiwan.
The lawmakers wrote a letter to Blinken and Treasury Secretary Janet Yellen, ahead of their upcoming trips to Beijing.
Blinken heads to China on Sunday. Yellen is expected to travel there later in February.
“The CCP (Chinese Communist Party) has stepped up its aggression in the Indo-Pacific region and beyond,” the Republican Senators led by Marco Rubio from Florida wrote in the letter on Wednesday.
They urged them to avoid giving the ruling Chinese Communist Party (CCP) a propaganda win and hold the CCP accountable for its egregious human rights abuses, unfair trade practices, leading role in the fentanyl crisis, and aggression towards allies and partners in the Indo-Pacific.
Signatories to the letter in addition to Rubio are Senators Chuck Grassley, Bill Cassidy, Eric Schmitt, Dan Sullivan, Kevin Cramer, Ted Budd, Rick Scott, Marsha Blackburn, Lindsey Graham, Shelley Moore Capito, Pete Ricketts, John Hoeven, and Bill Hagerty.
According to the Biden administration’s National Security Strategy, China is “the only competitor with both the intent to reshape the international order and, increasingly, the economic, diplomatic, military, and technological power to do it.”
Chinese President Xi Jinping stated in his 20th Party Congress report that the CCP has “shown a fighting spirit and a firm determination to never yield to coercive power.”
“As we have seen recently, General Secretary Xi has engaged in unacceptable and provocative behaviour in the Taiwan Strait and along the Himalayan border with India,” the letter said.
“Beyond the Indo-Pacific, the CCP has…intelligence collection outposts in the United States, Japan, and throughout Europe to suppress dissidents and keep tabs on those who Beijing deems a threat. It is evident that General Secretary Xi is determined to use coercion and aggression against the US and our allies and partners to achieve his geopolitical goals. Deterring the CCP from achieving these goals, therefore, must be our top priority,” the Senators wrote.
India, the US and several other world powers have been talking about the need to ensure a free, open and thriving Indo-Pacific in the backdrop of China’s rising military manoeuvring in the resource-rich region.
China claims nearly all of the disputed South China Sea, though Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim parts of it. Beijing has built artificial islands and military installations in the South China Sea.
China also has territorial disputes with Japan in the East China Sea.
According to the Senators, the CCP is the worst offender of human rights.
Both the Biden and Trump administrations have determined that Beijing’s actions against Uyghurs, and other predominantly Muslim ethnic groups, in the Xinjiang Uyghur Autonomous Region (XUAR) – including its system of mass surveillance and internment, denial of individuals’ rights to peacefully practice their religion, and use of forced labour, sexual violence, forced abortion, and forced sterilisation of women – constitute genocide and crimes against humanity.
Moreover, the CCP continues to deny basic human rights to other groups whom the regime deems a threat, such as Tibetans, Christians, and Falun Gong practitioners. The CCP is also responsible for fuelling the fentanyl crisis in the US, a scourge which has, and continues, to kill Americans.
“Finally, the CCP continues the horrible practice of wrongfully detaining US citizens and the family members of US citizens, including David Lin, Mark Swidan, Kai Li, Gulshan Abbas, Ekpar Asat, and Zhou Deyong. You must make clear that the United States will not cooperate with a regime that uses hostages as bargaining chips,” the letter said.
Beijing, they said, also has a long history of unfair trade practices and industrial espionage, which has caused immense harm to American workers and our economy.
“Over the last several decades, China has engaged in a methodical campaign to steal American intellectual property and research, often redirecting the acquired technologies to military ends. It has repeatedly abused its privileges in the world trading system to exploit our nation’s open economy and establish itself a leader in critical industries, including pharmaceuticals, rare-earth minerals, and commodities such as steel,” the Senators wrote.
“We are pleased that the US Trade Representative has continued to impose Section 301 tariffs on certain products made in China in response to its “unreasonable” and “discriminatory” non-market practices, and this tool should continue to be used to counter unfair trade policies of China. Meanwhile, much more needs to be done to rebalance our economic relationship with Beijing,” wrote the Senators.
DRDO seeks industrial partners to develop advanced wheeled and tracked armoured vehicles
The Defence Research and Development Organisation (DRDO) has sought Indian industrial partners to develop and manufacture wheeled and tracked variants of an advanced armoured platform (AAP) for the Army.
The AAPs will have all modern war-fighting features in tune with the Army’s futuristic battlefield requirements according to separate requests for proposals (RFP) issued by DRDO on January 28.
The wheeled variant will be a 24-tonne class of vehicle based on an 8×8 chassis. For comparison, the Russian BMP-2 tracked infantry combat vehicle in service with the mechanised formation at present weights around 15 tonnes.
Both variants will have compact integrated power pack with fully automatic transmission, modular ballistic and blast protection, NBC detection and protection, provisions for integration of advanced laser warning, detection and counter-measure system, add-on armour and interface arrangement for loiter munitions and mini UAV.
They will also be fully amphibious and equipped with various thermal and optical sights for the crew and fire control systems. The wheeled version will feature a crewless turret with a 30 mm cannon along with run flat inserts for the tyres, according to the RPF.
In December 2022, the Defence Acquisition Council (DCA) had accorded an acceptance of necessity (AoN) for the procurement of futuristic infantry combat vehicle (tracked) for the Mechanised Infantry.
Amphibious capability, manned turret with fire control system, fire and forget top-attack anti-tank guided missiles, automatic cannon of at least 30 mm calibre, co-axial machine gun and a stabilised radar-controlled weapon system with 12.7mm machine gun, modern warning and protection measures and a crew of three along with capacity for carrying a stick of eight soldiers were among the specifications listed by the DAC.h
The Army had earlier projected a requirement for 1,750 futuristic infantry combat vehicles (FICV). This includes different variants such as fully armed versions, command and control versions, and surveillance and recce versions.
The industrial partners for the AAP project will be required to design, develop, integrate and test the vehicle’s chassis, hull, engine, transmission and electrical systems, protection apparatus, weapons and combat systems and other components and sub-systems according to technical specifications issued by DRDO’s Vehicle Research and Development Establishment (VRDE), Ahmednagar.
According to some reports, a few years ago Russia had offered the BMP-3, a follow-on variant of the BMP-2 to India for its FICV requirements, but the offer was rejected in favour of indigenous development. The Indian Army had also initiated a project to upgrade its existing fleet of BMP-2s.
Here is why Pakistani-Bangladeshi-origin couple named their child ‘India’
A Pakistani-Bangladeshi-origin couple has named their child ‘India’.
Omar Esa, a popular singer, took to Facebook to share a hilarious photo of him and his wife with their kid lying on his stomach between them.
In the picture, just like the three neighbouring countries they lie next to each other just as on the map. Earlier the boy was called Ibrahim, parents changed his name as “India was cauing mad issues in his life”.
Esa wrote on Facebook: “A WARNING to all new parents and condolences to all the parents who did what we did, so me and my begum made the silly mistake to let our firstborn Ibrahim sleep in our bed from when he was a little baby, you know new parents and that, we were so protective over him,”
“Well now this little guy is used to this sleeping arrangement and always ends up in the middle of us when we are sleeping even though he has his own bedroom. So as I’m Pakistani origin and my wife is Bangladeshi origin, we have given Ibrahim a new name, we call him India now as he’s right in the middle of his Pakistani and Bangladeshi parents, India causing mad issues in my life,” he added.
Expose black sheep in forces helping drug peddlers: and drugs are available at grocery stores. Pb Governor to border villagers
Governor Banwarilal Purohit addresses mediapersons in Amritsar on Wednesday. Sunil Kumar Tribune News Service
GS PAUL
Amritsar, February 1
With no let-up in cases of drug abuse and arms smuggled mainly from across the India-Pakistan international border, Governor Banwarilal Purohit has given a call to residents of the border belt to post a letter to him to reveal lapses and black sheep in forces, who are prospering with the help of peddlers.
Accompanied by DGP, Punjab Police, Gaurav Yadav, Chief Secretary VK Janjua and Principal Secretary to the Governor Rakhi Gupta, Purohit was here on his two-day tour to the border belt of Amritsar, Tarn Taran, Gurdaspur, Pathankot, followed by Fazilka and Ferozepur tomorrow.
The Governor also interacted with border residents and sought their cooperation in alerting the police and security forces, if they come across any illegal activity in their respective areas.
Stressing to nail the black sheep, he said local citizen defence committees should be formed and taken into loop to curb the drug menace
Though, the DGP spelled out the seizures and action taken against tainted police personnel, yet the Governor said, “While the security forces are doing their duty, yet the local input could play a vital role in plugging the influx of contraband, weapons and drugs into our territory.”
He also pointed out that drug smugglers lodged in jails operate their handlers through mobile phones procured illegally in connivance with the prison authorities.
The Governor said, “This is my third visit to Punjab that shares border with Pakistan. On the basis of the feedback received from local residents, I must say that the drug menace could not be curtailed despite the fact that there is a spurt in official figures of seizures and arrests by security forces. I am a worried man, especially for the six districts bordering Pakistan. The border residents told me that drugs could be made available at general stores selling groceries. I have no hesitation in intervening directly. I ask local residents to directly send me the feedback through a letter without revealing their identity. Then, I can take up the matter with the authorities concerned.
He said his purpose of visit was to strengthen the coordination among the BSF, Punjab Police, Army and other security agencies.
Meanwhile, the Governor said problems of farmers, who face difficulty in tilling their land located beyond the border fencing, increasing the quota of Punjab in ‘Agniveer’ recruitment scheme and other job opportunities and special incentives for the border belt residents had already been taken up by him with the Ministry of Home Affairs.
Others present on the occasion include the BSF IG, Punjab Frontier, Asif Jalal, Amritsar Police Commissioner Jaskaran Singh, SSP (Amritsar rural) Swapan Sharma, Tarn Taran Deputy Commissioner Rishipal Singh and SSP Gurmeet Chauhan.
Drugs at grocery shops?
Residents told me that drugs are available at grocery stores. I have no hesitation in intervening directly and I ask them to directly send me feedback through a letter anonymously. Then, I can take up the matter with the authorities concerned. — Banwarilal Purohit, Governor
Punjab government to give job to former hockey player currently working as ‘Palledar’
Mann said that it is our duty to respect the players. Video grab- Twitter/Bhagwant Mann PTI
Chandigarh, February 2
Punjab Chief Minister Bhagwant Mann on Thursday said a former hockey player, Paramjeet, who currently works as a labourer, will be given a job by his government as a coach in the sports department.
Mann tweeted the video of the meeting with Paramjeet, 30, where he said he works as a ‘palledar’, a labour work that includes loading and unloading rice and wheat sacks from trucks, at the Faridkot mandi.
During his interaction, the chief minister said that Paramjeet will be recruited as a hockey coach in the sports department and soon formalities in this regard will be completed.
On being asked whether the earlier government took note of his plight, the ex-hockey player replied, “No, did not get any response
Mann said that it is our duty to respect the players.
Paramjeet also told Mann that he wants to make his son a hockey player but it seems impossible given his poor financial condition.
“You will get a good environment to work,” Mann told him while adding “we have to make Punjab and country No 1 in sports… Hockey is our traditional game and Punjab is known as hockey nursery”
Earlier, he was part of the Sports Authority of India and Punjab team and won medals in several hockey tournaments, Paramjeet said.
However, a few years ago, he suffered an injury in his left hand which kept him away from the game for a long time and affected his hockey career.
Because of his injury, he started working as a “palledar” a few years ago.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
The personal income tax rebate limit has been increased to Rs 7 lakh from the fiscal year starting April 1 under the new tax regime from the previous Rs 5 lakh. Tax slabs have been cut to five from seven earlier. Also, the maximum income tax rate has been reduced to about 39 per cent from 42.7 per cent after a reduction in the highest surcharge to 25 per cent from 37 per cent.
Besides, the deposit limit for senior citizen savings schemes has been doubled to Rs 30 lakh and for Monthly Income Account Scheme to Rs 9 lakh. A new small savings scheme for women, offering 7.5 per cent interest rate on deposits of up to Rs 2 lakh for a tenor of 2 years, has been announced.
Sitharaman’s fifth straight budget comes at a time when the economy is slowing due to global headwinds and there is a need for increased spending on social sectors as well as ramping up incentives for local manufacturing.
She also announced customs duty relief on mobile phone components, as well as on capital goods for lithium batteries and other such items to boost green energy and exports.
This is the final full budget before the general elections in April/May next year. An interim budget, called vote on account, is to be presented in February next year and the new government will present the full budget sometime in July 2024.
For 2023-24, capital investment outlay has been increased steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of the GDP. This will be almost three times the outlay in 2019-20.
Since coming to power in 2014, Prime Minister Narendra Modi-led government has ramped up capital spending, including on roads and energy, while wooing investors through lower tax rates and labour reforms, and offering subsidies to poor households to clinch their political support.
“This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100,” Sitharaman said in her budget speech in Lok Sabha.
Indian economy, she said, is a “bright star” with the current 7 per cent GDP growth being the highest among all the major economies
Sitharaman said that despite a global slowdown because of the COVID-19 pandemic and the Russia-Ukraine war, the Indian economy was “on the right track”.
Total expenditure is seen rising 7.4 per cent to Rs 45 lakh crore. The government would target a budget deficit of 5.9 per cent of GDP in 2023-24, down from 6.4 per cent for the current year. That would entail a gross borrowing of Rs 15.43 lakh crore.
Sitharaman said the Budget for 2023-24 (April 2023 to March 2024), adopts seven priorities—inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
While the agriculture credit target has been increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries, the increased investment in infrastructure and productive capacity is aimed at having a multiplier impact on growth and employment.
Additional Rs 9,000 crore has been provided toward credit guarantee for medium and small enterprises.
Railways has been provided a capital outlay of Rs 2.40 lakh crore—the highest ever and about 9 times the outlay made in 2013-14.
An Urban Infrastructure Development Fund (UIDF) will be established for the creation of urban infrastructure in Tier 2 and Tier 3 cities.
The Budget has also provided Rs 35,000 crore for energy transition and net zero objectives.
Battery Energy Storage Systems with capacity of 4,000 MwH will be supported with viability gap funding, Rs 20,700 crore will be spent in building a transmission system to evacuate 13 GW renewable energy from Ladakh.
The outlay for the affordable housing scheme, PM Awas Yojana, has been increased 66 per cent to Rs 79,000 crore.
Other highlights of the budget include reviving 50 additional airports, heliports and water aerodromes, and establishing a National Digital Library to make available quality books across languages, geographies and genres.
The income tax relief provided for individual taxpayers would be a 25 per cent reduction in tax outgo of an individual with an annual income of Rs 9 lakh as he or she would be required to pay only Rs 45,000 as against Rs 60,000 crore.
Similarly, an individual with an income of Rs 15 lakh would be required to pay only Rs 1.5 lakh or 10 per cent of his or her income, a reduction of 20 per cent from the existing liability of Rs 1,87,500, Sitharaman said.
“This will provide major relief to all taxpayers in the new regime,” she said.
Also, the Rs 50,000 standard deduction provided in the old tax regime has now been extended to the new tax regime.
The limit of Rs 3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees will be increased to Rs 25 lakh.
The total revenue foregone from the reduction in direct and indirect taxes after accounting for a small gain from additional mobilisation will be Rs 35,000 crore annually.
“The narrower deficit forecast in the Union government budget for 2023-24 underscores the government’s commitment to longer-term fiscal sustainability and supports the economy amid high inflation and a challenging global environment,” Moody’s Investor Service said in its initial comments on the Budget.
Although the gradual fiscal consolidation trend is intact and will help to stabilise the government’s debt burden relative to nominal GDP, the high debt burden and weak debt affordability are constraints that offset India’s fundamental strengths, including its high growth potential and deep domestic capital markets, it said. — with PTI inputs
12:48 01 FebPromotion of tourism
Promotion of tourism will be taken up on a “mission mode” with active participation of states, convergence of government programmes, and public-private-partnerships, Finance Minister Nirmala Sitharaman announced in the Union Budget for 2023-24 on Wednesday.
In her speech, she also emphasised that the country offers “immense attraction” for domestic as well as foreign tourists.
12:32 01 FebIncome tax rebate limit up
Govt proposes to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime
An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000: FM Sitharaman.
No tax for income up to Rs 3 lakh; 5 pc tax on Rs 3-6 lakh; highest tax rate of 30 pc on income above Rs 15 lakh under new I-T regime: FM.12:18 01 FebMobile phone output
Mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal
12:15 01 FebPAN will be used for common identifier for all digital systems of specified govt agencies
Finance Minister Nirmala Sitharaman said Permanent Account Number (PAN) will be used for common identifier for all digital systems of specified government agencies.
The move would help in further promoting ease of doing business in the country.
PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or entity. She also said that if MSMEs fail to execute contract, 95 per cent of performance security will be returned to small business as part of Vivad Se Vishwas scheme
.12:08 01 FebPradhan Mantri Aawas Yojana outlay hiked by 66% to Rs 79,000 cr
Finance Minister announced a 66 per cent hike in the outlay for the Pradhan Mantri Aawas Yojana (PMAY) to Rs 79,000 crore.
The scheme envisages providing houses for rural as well as urban poor and the massive hike in its outlay holds significance keeping in mind the fact that this is the last proper Budget of the NDA government before the 2024 Lok Sabha elections.
Also as many as nine states go to polls this year
.12:05 01 FebFM announces scheme to improve socio-economic condition of vulnerable tribes
Finance Minister proposed to launch a scheme to improve the socio-economic condition of particularly vulnerable primitive tribal groups.
An amount of Rs 15,000 crore will be made available to implement the Prime Minister Particularly Vulnerable Tribal Groups (PM-PVTG) development mission in next three years under the development action plan for Scheduled Tribes, she said while presenting the Union Budget for 2023-24 in Parliament.
This will saturate PVTG families and habitations with basic facilities such as safe housing, clean drinking water and sanitation, improved access to health, education, nutrition, road and telecom connectivity and sustainable livelihood opportunity, she said
.11:59 01 FebIndia’s G-20 presidency unique opportunity to strengthen its role in world economic order
India’s ongoing presidency of the G-20 grouping is a unique opportunity to strengthen the country’s role in the world economic order when countries across the globe are facing various challenges, Finance Minister Nirmala Sitharaman said on Wednesday.
India assumed the presidency of the influential bloc G-20 at its annual summit in Bali in November with a promise of striving to ensure that the grouping acts as a global prime mover to envision new ideas and accelerate collective action to deal with pressing challenges.
India is hosting a series of events and meetings ahead of the G-20 summit later this year.
India officially assumed the G-20 presidency on December 1
.11:53 01 FebIndia has made significant progress in many SDGs
India has made significant progress in many Sustainable Development Goals (SDGs) and the per capita income has increased to Rs 1.97 lakh.
Finance Minister Nirmala Sitharaman said the Indian economy has increased in size from being 10th largest to fifth largest in the world in the last nine years.
The efforts of the government since 2014 have ensured better quality of life for citizens of the country, Sitharaman added.
According to the Centre for Science and Environment’s ‘State of India’s Environment Report 2022’, the country’s overall SDG score was 66 out of 100
.11:48 01 Feb47.8 cr Jan Dhan accounts opened
As many as 47.8 crore Jan Dhan accounts have been opened so far, a scheme which was launched in 2014 as a national mission for financial inclusion.
Finance Minister Nirmala Sitharaman said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs (self help groups).
The Jan Dhan Yojana was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, and it was launched on August 28 in the same year
.11:46 01 FebBudget adopts seven priorities to guide India through Amrit Kaal
Finance minister Nirmala Sitharaman said that the Budget adopts seven priorities to guide India through the Amrit Kaal.
“The budget adopts following seven priorities — inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector,” she said.
Amrit Kaal is described by the government as the 25-year period culminating in the centenary of India’s independence.
11:42 01 FebCapital outlay of Rs 2.40 lakh crore for railways
PM Primitive Vulnerable Tribal Group scheme to benefit 3.5 lakh tribals: FM.
Capital outlay of Rs 2.4 lakh cr provided for Railways; highest-ever allocation since 2013-14: FM.
FM says states and cities will be encouraged to take up urban planning.11:37 01 FebDecentralised storage capacity to help farmers to be set up
Govt to provide Rs 5,300 cr assistance to drought-prone central region of Karnataka: FM Sitharaman.
PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 cr: FM Sitharaman.
38,800 teachers will be hired for Ekalavya Model Residential Schools: FM.
Pradhan Mantri Primitive Vulnerable Development Commission being launched; Rs 15,000 cr earmarked for next 3 years: FM
Govt plans to set up massive decentralised storage capacity to help farmers.11:33 01 FebMade cash transfer of Rs 2.2 lakh cr under PM-KISAN scheme: Sitharaman
To enhance yield of extra long staple cotton, government will adopt a cluster-based and value chain approach: FM.
Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment: FM Sitharaman.
Govt to support Hyderabad-based millet institute as centre of excellence: FM.
Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan programme: FM Sitharaman:
National cooperative database is being created to map cooperative societies: FM Sitharaman.
New programme to promote research in pharmaceuticals: FM Sitharaman.11:26 01 FebOur mission is to achieve knowledge-driven economy: FM
Govt efforts since 2014 have ensured better quality of life for citizens of the country, says FM Sitharaman.
Our mission is to achieve knowledge-driven economy: FM
Govt made cash transfer of Rs 2.2 lakh crore under PM-KISAN: FM Sitharaman.
National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs: FM.
9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened: FM Sitharaman.
Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment: FM
11:15 01 FebPer capita income has increased to Rs 1.97 lakh: FM
Indian economy has increased in size from being 10th to 5th largest in last nine years: FM Sitharaman
We have made significant progress in many Sustainable Development Goals (SDGs), says FM.
Per capita income has increased to Rs 1.97 lakh: FM Sitharaman
.11:12 01 FebIndia’s growth at 7 pc
India’s growth at 7 pc in current fiscal highest among major economies; Indian economy on right track: Nirmala Sitharaman.
The world appreciates India’s achievements
Finance minister says this budget hopes to build on foundation of previous budget and blue print for India@100.
In 75th year of Independence, world has recognised India as a bright star: FM.
We ensured that no one went hungry during pandemic by providing free foodgrains to 80 cr poor people: FM Sitharaman
.11:07 01 FebFM begins Budget speech
Indian economy on the right track, and heading towards a bright future: Finance Minister Nirmala Sitharaman
No tax would be levied on annual income of up to Rs 7 lakh under the new tax regime.
Rs 50,000 standard deduction to taxpayers under the new regime, where assessees cannot claim deductions or exemptions on their investments.
Under the revamped concessional tax regime:
1) No tax would be levied for income up to Rs 3 lakh.
2) Income between Rs 3-6 lakh would be taxed at 5 per cent
3) Rs 6-9 lakh at 10 per cent
4) Rs 9-12 lakh at 15 per cent
5) Rs 12-15 lakh at 20 per cent
6) Rs 15 lakh and above will be taxed at 30 per cent.
tweaked the concessional tax regime, which was originally introduced in 2020-21, by hiking the tax exemption limit by Rs 50,000 to Rs 3 lakh and reducing the number of slabs to five.
MoD outlay 13.18% of Union Budget
Rs 5,93,537-cr MoD Budget sees hike of 13.01% over present fiscal
Rs 1,62,600 cr capital for new defence acquisitions
Rs 9,500 cr allocated to border roads and bridges
Rs 12, 850 cr earmarked for research & development
Rs 90,000 cr provided for operational readiness
CAPITAL INVESTMENT OUTLAY INCREASED BY 33% TO Rs. 10 LAKH CRORE
EFFECTIVE CAPITAL EXPENDITURE AT 4.5% OF GDP
FISCAL DEFICIT ESTIMATED TO BE 5.9 % OF GDP IN BE 2023-24
REAL GDP TO GROW AT 7% IN FY2022-23
EXPORTS TO GROW AT 12.5% IN FY 2023
ATMANIRBHAR CLEAN PLANT PROGRAM WITH OUTLAY OF ₹2200 CRORE TO BE LAUNCHED TO BOOST AVAILABILITY OF QUALITY PLANTING MATERIAL FOR HIGH VALUE HORTICULTURAL CROPS
157 NEW NURSING COLLEGES TO BE ESTABLISHED
OUTLAY FOR PM AWAS YOJANA ENHANCED BY 66% TO OVER RS. 79,000 CRORE
HIGHEST EVER CAPITAL OUTLAY OF Rs. 2.40 LAKH CRORE PROVIDED FOR RAILWAYS
URBAN INFRASTRUCTURE DEVELOPMENT FUND (UIDF) TO BE ESTABLISHED THROUGH USE OF PRIORITY SECTOR LENDING SHORTFALL
500 NEW ‘WASTE TO WEALTH’ PLANTS UNDER GOBARDHAN SCHEME TO BE ESTABLISHED AT TOTAL INVESTMENT OF Rs 10,000 CRORE
10,000 BIO-INPUT RESOURCE CENTRES TO BE SET-UP, CREATING NATIONAL-LEVEL DISTRIBUTED MICRO-FERTILIZER AND PESTICIDE MANUFACTURING NETWORK
MANTRI KAUSHAL VIKAS YOJANA 4.0 TO BE LAUNCHED
UNION BUDGET 2023-24 PROVIDES SUBSTANTIAL RELIEF FOR PERSONAL INCOME TAX
NEW SLABS ANNOUNCED UNDER THE NEW TAX REGIME
RESIDENT INDIVIDUAL WITH TOTAL INCOME UPTO ₹ 7 LAKH WILL NOT HAVE TO PAY ANY INCOME TAX UNDER NEW TAX REGIME
STANDARD DEDUCTION OF ₹ 50,000 WILL ALSO BE AVAILABLE TO SALARIED INDIVIDUALS UNDER THE NEW TAX REGIME
NEW TAX REGIME FOR INDIVIDUAL AND HUF WILL BE THE DEFAULT REGIME
LIMIT FOR TAX EXEMPTION ON LEAVE ENCASHMENT ON RETIREMENT OF NON-GOVERNMENT SALARIED EMPLOYEES INCREASED TO ₹ 25 LAKH
SLEW OF PROPOSALS ANNOUNCED FOR THE COOPERATIVE SECTOR
INDIRECT TAX PROPOSALS AIM TO PROMOTE EXPORTS, BOOST DOMESTIC MANUFACTURING, ENHANCE DOMESTIC VALUE ADDITION, ENCOURAGE GREEN ENERGY AND MOBILITY
NUMBER OF BASIC CUSTOMS DUTY RATES ON GOODS, OTHER THAN TEXTILES AND AGRICULTURE, REDUCED FROM 21 TO 13
Union Budget 2023: No tax on income up to Rs 7 lakh, standard deduction allowed under new tax regime
Union Finance Minister Nirmala Sitharaman on Wednesday tweaked the slabs to provide some relief to the middle class by announcing that no tax would be levied on annual income of up to Rs 7 lakh under the new tax regime.
She also allowed a Rs 50,000 standard deduction to taxpayers under the new regime, where assessees cannot claim deductions or exemptions on their investments.
Under the revamped concessional tax regime:
1) No tax would be levied for income up to Rs 3 lakh.
2) Income between Rs 3-6 lakh would be taxed at 5 per cent
3) Rs 6-9 lakh at 10 per cent
4) Rs 9-12 lakh at 15 per cent
5) Rs 12-15 lakh at 20 per cent
6) Rs 15 lakh and above will be taxed at 30 per cent.
She also tweaked the concessional tax regime, which was originally introduced in 2020-21, by hiking the tax exemption limit by Rs 50,000 to Rs 3 lakh and reducing the number of slabs to five.
In the Budget for 2023-24, Sitharaman said currently individuals with a total income of up to Rs 5 lakh do not pay any tax due to rebate under both the old and new regimes.
“It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to Rs 7 lakh,” Sitharaman said.
She further said that under the new personal income tax regime, the number of slabs would be reduced to five.
“I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs 3 lakh,” Sitharaman said.
“I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500,” Sitharaman said.
The government in Budget 2020-21 brought in an optional income tax regime, under which individuals and Hindu Undivided Families (HUFs) were to be taxed at lower rates if they did not avail specified exemptions and deductions, like house rent allowance (HRA), interest on home loan, investments made under Section 80C, 80D and 80CCD. Under this, total income up to Rs 2.5 lakh was tax-exempt.
Currently, a 5 per cent tax is levied on total income between Rs 2.5 lakh and Rs 5 lakh, 10 per cent on Rs 5 lakh to Rs 7.5 lakh, 15 per cent on Rs 7.5 lakh to Rs 10 lakh, 20 per cent on Rs 10 lakh to Rs 12.5 lakh, 25 per cent on Rs 12.5 lakh to Rs 15 lakh, and 30 per cent on above Rs 15 lakh.
The scheme, however, has not gained traction as in several cases it resulted in higher tax burden.
With effect from April 1, these slabs will be modified as per the Budget announcement.
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