Business
FM Sitharaman goes for big push to job-led inclusive growth in Budget 2025-26

New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Saturday presented the Budget 2025-26 in the Parliament with an aim at accelerating employment-led inclusive growth, propelled by investments in the agricultural and rural sector, MSMEs and exports while sticking to the fiscal consolidation path.
“This budget is dedicated to accelerating growth, driven by our aspirations for a ‘Viksit Bharat.’ Our economy remains the fastest growing among all major economies,” the Finance Minister said on the floor of the Lok Sabha.
The key domains covered in the Union Budget include taxation, power, urban development, mining, the financial sector, and regulatory reforms. These areas are central to the government’s focus on driving growth, improving infrastructure, enhancing governance, and ensuring sustainable development across various sectors.
She has kept the budget deficit target on a declining path to 4.4 per cent of GDP in 2025-26 from 4.8 per cent of GDP in 2024-25.
The net market borrowing for the budget has been fixed at Rs 11.54 crore while the rest of the funds will come from small savings and other sources, the Finance Minister said. The government’s gross borrowing target for FY26 was revised upwards by 5.7 per cent to Rs 14.82 lakh crore from Rs 14.01 lakh crore in FY25.
In a major benefit for the middle class, Sitharaman announced that there will be no income tax on an annual income of up to Rs 12 lakh. For salaried people who enjoy a standard deduction of Rs 75,000, there would be no tax on income of up to Rs 12,75,000.
The move will place more money in the hands of the people to spend on goods and services which in turn would lead to higher growth in the economy.
In order to boost domestic manufacturing, she has also rationalised customs duties to increase tariffs on finished goods such as electronic products and reduce the duty on components used as inputs by local manufacturers.
The Finance Minister outlined specific proposals, starting with agriculture as the “first engine” to drive growth. Under the Prime Minister Krishi Yojana, a new initiative inspired by the success of the Aspirational District Programme, the government will launch an agricultural district programme in partnership with states. This will target 100 districts with low productivity, moderate crop intensity, and below-average credit parameters. The initiative is expected to benefit 1.7 crore farmers. The Finance Minister also announced an increase in the Kisan Credit Card (KCC) loan limit from Rs 3 lakh to Rs 5 lakh under the interest subvention scheme.
MSMEs have been identified as the second engine of growth, and the focus will be on the 5.7 crore MSMEs, which include over one crore registered businesses employing 7.5 crore people and contributing 36 per cent to India’s manufacturing. These MSMEs are crucial in positioning India as a global manufacturing hub, responsible for 45 per cent of the nation’s exports. To boost their growth and efficiency, the government will enhance the investment and turnover limits for MSMEs, increasing them by 2.5 times and 2 times, respectively. This move is expected to empower MSMEs to scale up, innovate, and generate more employment opportunities for the youth.
The Finance Minister announced that the government will implement specific policy and facilitation measures to boost the productivity, quality, and competitiveness of India’s footwear and leather sector products. This scheme is expected to create employment for 22 lakh people, generate over Rs 400 crore, and achieve exports of over Rs 1.1 lakh crore. In addition, measures will be introduced for the toy sector, building on the National Action Plan for Toys. A new scheme will aim to establish India as a global hub for toys, focusing on developing clusters, skills, and a manufacturing ecosystem that will produce high-quality, innovative, and sustainable toys, representing the “Made in India” brand, the Finance Minister said.
The Finance Minister emphasised investment as the third engine of growth, which includes investing in people, the economy, and innovation. As part of investing in people, the government is focusing on the Sashakt Anganwadi and Poshan 2.0 programmes, which provide nutritional support to over 8 crore children, pregnant women, lactating mothers, and around 20 lakh adolescent girls in aspirational districts and the Northeast region. The cost norms for these programs will be enhanced, Sitharaman added.
Crime
2002 import-export fraud case: CBI takes custody of Monika Kapoor in US

New Delhi, July 9: The Central Bureau of Investigation (CBI) has taken the custody of Monika Kapoor, an alleged economic offender, in the US and will bring her back to India, ending an over two-decade-long run from the law, officials said on Wednesday.
The development comes after Kapoor’s extradition from the US.
The CBI in a press release said the chase has ended after two decades “with the successful extradition of Fugitive Ms. Monika Kapoor, who is accused in a 2002 Import-Export fraud and was on run since then, from USA.”
According to the information provided by the Central agency, fugitive Monika Kapoor, Prop. of M/s Monika Overseas in conspiracy with her brothers, namely Rajan Khanna and Rajiv Khanna forged export documents viz. Shipping Bills, Invoices and Bank Certificates of Export and Realisation during the year 1998.
She obtained six Replenishment (Rep.) Licenses for the import of duty-free gold worth Rs 2.36 crore.
“In furtherance of the criminal conspiracy, they sold the said Rep. Licenses to M/s Deep Exports, Ahmedabad, on premium. M/s Deep Exports, Ahmedabad utilised the said licenses and imported duty-free gold, which caused a loss to the Government Exchequer to the extent of Rs 1.44 crore during the year 1998,” the press release mentioned.
The CBI, on the completion of the investigation, filed a charge sheet on March 31, 2004, against Monika Kapoor, Rajan Khanna, and Rajeev Khanna under sections 120-B r/w 420, 467, 468 and 471 of the IPC.
The Chief Metropolitan Magistrate, District Court Saket, New Delhi, vide order dated December 20, 2017, had convicted Rajan Khanna and Rajeev Khanna.
The CBI said the accused, Monika Kapoor, did not join the investigation and trial; she was declared a proclaimed offender by the trial court on February 13, 2006. The Ld. Trial Court had issued an open non-bailable warrant of arrest on April 26, 2010, and a Red Corner Notice was also issued against her.
A request for extradition was sent by the CBI on October 19, 2010, to the US authorities. Following intense coordination with authorities in the US, a CBI team travelled to the country to take custody of the fugitive.
This extradition marks a major breakthrough in the pursuit of justice and reiterates CBI’s commitment to bringing fugitives to face the law in India, irrespective of international boundaries.
The CBI team is returning to India with the fugitive. Monika Kapoor is being produced before the concerned court and will now face the trial.
The press release said that the CBI remains steadfast in its mission to combat economic crimes and will continue to pursue all legal avenues to ensure that the fugitives are brought to justice.
International
Trump doubles down on 10 per cent tariff for BRICS; threatens 200 per cent tariff on pharma

New York, July 9: US President Donald Trump doubled down on his threat to charge BRICS members an additional 10 per cent tariff and alleged that the group was “set up to degenerate our dollar”.
Speaking to reporters as he presided over a Cabinet meeting on Tuesday, Trump said: “Anybody that’s in BRICS is getting a 10 per cent charge” — and that would include India.
On another trade issue that could affect India, Trump said that a 200 per cent tariff on pharmaceuticals would come soon, but added he would “give people about a year, year and a half”.
“We’ll give them a certain period of time to get their act together,” he said about the pharmaceutical companies.
India’s pharmaceutical exports to the US last year was nearly $9 billion.
A reporter recalled that he had said Monday night that trade deal was coming with India soon and asked him about the applicability of the proposed BRICS tariff.
He said: “Anybody that’s in BRICS is getting a ten per cent charge. If they’re member of BRICS, they’re gonna have to pay per cent tariff just for that one thing, and they won’t be a member for long.”
India has opposed a BRICS currency for trade to compete with the dollar and exercised a virtual veto on the proposal.
Laying out India’s policy, External Affairs Minister S Jaishankar said in March: “I don’t think there’s any policy on our part to replace the dollar.”
Affirming the importance of the dollar to the world’s and India’s economy, he added: “At the end of the day, the dollar as the reserve currency is the source of international economic stability, and right now, what we want in the world is more economic stability, not less.”
The letter he sent to BRICS member South Africa on Monday said only that it would face a 30 per cent tariff starting next month, but made no mention of BRICS penalty.
Trump said the BRICS tariff would come “soon”.
Despite India’s so far successful efforts to stop the creation of a BRICS currency, Trump continued to complain about a BRICS conspiracy.
“BRICS was set up to hurt us. BRICS was set up to degenerate our dollar and take our dollar as the standard, take it off as the standard,” he said.
He said that he would oppose it because it would be like losing a war, he said.
“And that’s okay if they want to play that game, but I can play that game too,” he said.
He said he thought BRICS “largely broke up” with only a couple of countries hanging around.
“BRICS is not, in my opinion, a serious set-up,” he said.
But he said that they want to destroy the dollar “so that another country can take over and be the standard, and we’re not going to lose the standard”.
In fact, opposition from India to a BRICS currency is because of the threat of China manipulating it to its benefit.
National
Congress backs PM Modi’s BRICS stand, vows firm fight against terrorism

New Delhi, July 7: Backing Prime Minister Narendra Modi’s firm stance on terrorism at the BRICS Summit, senior Congress leader and Rajya Sabha MP Pramod Tiwari on Monday expressed his complete faith that India will fight terrorism with full resolve and determination.
His remarks came in response to PM Modi’s statement at the global summit, where he called terrorism “the most serious challenge facing humanity” and emphasised that condemning terrorism must be a matter of principle, not convenience.
Speaking to Media, Pramod Tiwari supported the Prime Minister, stating, “At the BRICS Summit, voices should have been more vocal against terrorism. The platform should also raise social, economic, and global concerns of its member nations. India has consistently spoken for global peace and justice.
“I have full faith that our country will fight terrorism with unwavering determination. I wish those responsible for the recent attack in Pahalgam had been caught — it would have revealed who trained and supported them. Such information is crucial and would have commanded greater respect globally.”
Tiwari also took a swipe at US President Donald Trump, who recently lashed out at the BRICS alliance and warned of an “additional 10 per cent tariff” on countries aligning with what he termed “anti-American policies.”
“BRICS is for protecting nations who are in it. President Trump had previously issued similar warnings during his visit to India. At that time, Prime Minister Modi should not have laughed or responded lightly. He should have stood firm and reminded Trump that BRICS works on its own principles and is committed to its founding objectives,” said Tiwari.
The Congress leader criticised the ongoing Special Intensive Revision (SIR) of electoral rolls in Bihar.
On Sunday, Chief Election Commissioner Gyanesh Kumar stated that extensive consultations had been held with political parties and acknowledged that “no one was satisfied” with the current status of the electoral rolls.
Reacting to the development, Tiwari said, “We are not satisfied with the Election Commission of India’s response. The documents required for voter list revision are unnecessarily complicated and impractical. If the process is designed to make it difficult for traditional voters who are against the BJP, Scheduled Castes, Backward Classes, and minority voters, to remain on the rolls, then this raises serious questions about the Election Commission’s intent. If the ECI wants to remove them.”
He added that while some groups have approached the Supreme Court, others are considering forming “people’s courts” to ensure fairness.
“The Congress has always upheld the voter’s right to participate in democracy. We will continue to stand by that principle and ensure that all necessary documentation is provided,” he asserted.
Tiwari also took aim at the National Democratic Alliance (NDA) in Bihar, particularly targeting Lok Janshakti Party (Ram Vilas) leader Chirag Paswan.
During a political rally in Saran district on Sunday, Chirag announced that he would contest the upcoming Bihar Assembly elections and urged his party workers to prepare for all 243 constituencies in alliance with the BJP and JD(U).
Mocking the move, Tiwari remarked, “The NDA in Bihar is a sinking ship. Chirag Paswan, despite being the son of a respected leader like Ram Vilas Paswan, is trying to stay afloat in turbulent political waters. If he’s contesting all 243 seats, it means internal cracks have widened and many alliance members are already looking for the exit door ahead of elections.”
He continued, “It’s clear that NDA leaders are aware they are going to lose many seats. Their desperation is evident. While they are forming the central government, they are losing their grip on the state. This creates confusion among their own allies.”
In the 2020 Bihar Assembly elections, Chirag Paswan’s LJP had contested 137 seats but managed to win only one, Matihani. Despite this, Chirag currently holds a Lok Sabha seat and serves as a Cabinet Minister in the BJP-led central government, which includes JD(U) and Telugu Desam Party (TDP) as key allies.
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