Finance minister Nirmala Sitharaman on Wednesday presented a Budget that continued the government’s emphasis on capital investment, with a record ₹10 lakh crore spend planned in 2023-24, sought to encourage taxpayers to spend more with tax cuts, and announced a ₹35,000 crore expenditure on energy transition even as she managed to reduce the fiscal deficit to 5.9% from 6.4% this year. The Opposition targeted the government for a reduction in the expenditure on welfare schemes.
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THE BIG STORY
Tax-Capex double engine in Union Budget 2023-24
Finance minister Nirmala Sitharaman on Wednesday presented a Budget that continued the government’s emphasis on capital investment, with a record ₹10 lakh crore spend planned in 2023-24, sought to encourage taxpayers to spend more with tax cuts, and announced a ₹35,000 crore expenditure on energy transition even as she managed to reduce the fiscal deficit to 5.9% from 6.4% this year. She did all this without any major cut in the spending of major ministries or any sharp hikes in tax rates, but with significant increases in key schemes such as the Pradhan Mantri Awas Yojana (housing) and the National Drinking Water Mission. Read more.
Adani Enterprises has decided not to proceed with its fully subscribed follow-on public offer (FPO), the conglomerate said in a statement late on Wednesday, hours after the shares of the firm nosedived 28.45% to close at ₹2,128.70 on the BSE.
Citing market volatility and “the unprecedented situation”, the company attributed its abrupt decision to a need to protect its investors by returning their proceeds. Read more.
Dad is an action hero. Mum is a director. Grandpa is a renowned architect. Grandma founded a non-profit for vulnerable children. Husband is cricketer KL Rahul as of last week. Name the actor.
FROM THE FIELD
2 Polish skiers killed in Gulmarg avalanche
A massive avalanche hit the upper parts of Gulmarg valley on Wednesday afternoon, killing two Polish tourists and trapping 21 others, who were rescued later, police said.
The deceased tourists, Wasil Krzysztof Jerzy and Grzech Adam Roman, both in their early 40s, were part of three teams comprising 21 foreign nationals and two local guides, who went for skiing to Affarwat. Read more.
Athiya Shetty
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