1947: Independent India’s First Budget
Finance Minister: R.K. Shanmukham Chetty.
India’s first finance minister Presented: November 26, 1947
The Budget Decision: Well, the decision to present a budget itself, since it covered just 7-1/2 months, from August 15, 1947, to March 31, 1948
1951: The first Budget of the Republic of India
A) Macroeconomic fundamentals have dramatically improved in 2014-15
- Inflation has declined by over 6 percentage points since late 2013
- Current Account Deficit down from a peak of 6.7% of GDP (in Q3, 2012-13) to an estimated 1% in 2014-15
- Foreign portfolio flows have stabilized the rupee
- After a nearly 12-quarter phase of deceleration, real GDP has been growing at 7.2% since 2013-14, based on the new growth estimates of the
The Union Finance Minister Arun Jaitley presented his first full-fledged Budget of Prime Minister Narendra Modi’s government on February 28, 2015. The Union Budget suggested that States must be equal partners in economic growth, a move is must for making India cashless society and social sector programmes must be continued. Some of the challenges are to be met i.e. poor agricultural income, decline in manufacturing and the need for fiscal discipline. By doing this there will be a boost in investment and ordinary people get benefit.
Sector-wise highlights of Union Budget 2015
TAX BENEFITS FOR INDIVIDUAL BELOW 60 YEARS
The Financial Sector Legislative Reforms Commission (FSLRC), made under Justice B. N. Srikrishna, made some far reaching recommendations, many of which came under criticism from various sections. The report called for a radical overhaul of the financial architecture.
While the issue has always been a crucial one, it was generally neglected and ignored. But the Srikrishna Commission (FSLRC) revived the issue to life.
White Label ATM or White Label Automated Teller Machines or WLAs in India will be owned and operated by Non Bank entities. It is customer’s friendly and they can withdraw money from any bank, but will need to pay a fee for the services. These white label automated teller machines (ATMs) will not display logo of any particular bank and are likely to be located in nontraditional places.
Reserve Bank of India has authorized three non-banking entities for setting up white label ATMs with a view to increase financial inclusion. Certificates of authorization has been issued to BTI Payments Pvt Ltd, Srei Infrastructure Finance Ltd, and RiddiSiddhi Bullions Ltd.
The concept of White Label ATMs are very popular in Canada. From 2006 , few banks in India trying to introduce WLA through RBI. Read More…
The importance of current affairs has increased in the recent years. As a result, we spend a lot of time reading and researching the newpapers and magazines. We have compiled important news and current events for the months of January to mid-July, to help the fellow aspirants prepare for the exams.
This is the Economy section of the news and events for the months of January to mid-July 2014. We will update and cover the coming months soon.
Hope it will be helpful for the fellow aspirants in their jouney to the UPSC.
Thank you for your support and appreaciation.
All the material related to the current events have been placed, in a revised form in a chronological order. This will help you know about the events in a systematic order.
Here is a sample of events that the file would cover: Read More…
A Broker is a registered member of a stock exchange, who buys or sells shares and securities on his clients’ behalf and charges a commission. Such broker are called Commission Brokers.
There are also brokers who offer services, like investment advise, client’s portfolio planning, credit when a client is buying on margin, and similar services, which are different from their traditional commission based jobs. Such brokers are called Full Service Brokers.