modi government Archives

Budget 2024: Insurance cover under Ayushman Bharat PMJAY scheme…

8 July 2024
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Budget 2024 expectations: With an aim to enhance healthcare accessibility, the Modi government is actively pursuing plans to double the reach of its flagship Ayushman Bharat health insurance scheme over the next three years.
According to a PTI report, discussions are intensifying to increase the annual insurance coverage under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) from the current Rs 5 lakh to Rs 10 lakh per family – a step that may be announced by FM Nirmala Sitharaman in the Union Budget 2024.
The expansion of AB-PMJAY would likely begin by covering all individuals aged 70 years and above, potentially extending comprehensive health coverage to more than two-thirds of India’s population. This expansion is expected to add approximately 4 to 5 crore new beneficiaries to the program, significantly enhancing healthcare access for senior citizens across the country.
This enhancement is crucial to alleviate financial burdens associated with costly medical treatments like organ transplants and cancer therapies, addressing a critical factor contributing to family indebtedness due to healthcare expenses.
Also Read | Budget 2024 income tax expectations: Top 10 things FM Sitharaman should do for salaried taxpayers
Budget Allocations
According to estimates by the National Health Authority, implementing these proposals would necessitate an additional annual expenditure of Rs 12,076 crore for the exchequer. The impending Union Budget, scheduled for later this month, is expected to unveil substantial allocations towards more of these healthcare initiatives.
In the interim Budget 2024, the government had already allocated Rs 7,200 crore for AB-PMJAY, making it the largest healthcare scheme worldwide, providing secondary and tertiary care hospitalisation coverage to 12 crore families. An additional Rs 646 crore was earmarked for the Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), aimed at strengthening healthcare facilities and services.

Science & Environment

Proposal Sent To Set Up 8th Pay Commission: Modi…

19 June 2024
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New Delhi: The proposal to set up the 8th Central Pay Commission was sent by Shiv Gopal Mishra, Secretary, National Council (staff side, Joint Consultive Machinery for central government employees) to the Modi government.

In his letter to the Cabinet Secretary, Mishra has urged the government to set up the 8th Pay Commission and deliberate on pay and allowances revisions.

The 8th Central Pay Commission, once set up and recommendations are accepted, will impact the salary brackets of approximately 49 lakh government employees and 68 lakh pensioners.

The pay commission is usually implemented after a gap of 10 years. Since the recommendations of the 7th Pay Commission was accepted in 2016, the next will be in effect in 2026.

If the government decides to set up the 8th pay commission, it will require over a year or 18 months for its recommendations to be submitted. And once 8th Pay Commission recommendations are accepted by the government, it is most likely that it will be implemented by 2026, as per media reports.

Usually the recommendation of the pay commission over the salary hike of employees is based on fitment factor. Incase the 8th Pay Commission is set up for recommendations, it is most likely that the fitment factor will be set at 3.68 times. Now, considering the minimum basic salary of government employees at Rs 18,000, they can expect a hike of Rs 8,000 to Rs 26,000 in their basic pay, if fitment factor of 3.68 times is placed upon.

In the past, the employees had to wait for 19 months for the implementation of the Commission’s recommendations at the time of 5th CPC, and for 32 months at the time of implementation of 6th CPC. However, for 7th CPC recommendations, were being implemented within 6 months from the due date. The Union Cabinet had in June 2016 approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits effective from 01.01.2016.

Science & Environment

Budget 2024 income tax expectations: Modi government may lower…

17 June 2024
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Budget 2024 income tax expectations: The Modi government is mulling over the possibility of reducing personal tax rates for specific groups of individuals, according to two government sources who spoke to Reuters. This move has the potential to stimulate consumption in India, which is the third-largest economy in Asia.
The sources, who requested anonymity due to the confidential nature of budget discussions, indicated that the plan might be unveiled in July when Finance Minister Nirmala Sitharaman presents the first Union Budget following the Modi 3.0 government.

Budget 2024 Income Tax Expectations

The sources told Reuters that a reduction in personal tax could boost consumption and increase savings for the middle class. The first source mentioned that individuals earning over Rs 15 lakh ($17,960.42) annually, up to a certain undetermined amount, may receive some tax relief.
The changes could be made to the new income tax regime introduced in 2020, where annual income up to Rs 15 lakh is taxed at rates between 5% and 20%, while earnings over Rs 15 lakh are taxed at 30%.
The second source pointed out that the personal tax rate increases six-fold when an individual’s income rises from Rs 300,000 to Rs 15 lakh, which they described as “quite steep.”
The government may also consider lowering personal tax rates for annual incomes of Rs 10 lakh, according to the first source. They added that a new threshold is being discussed for income taxed at the highest rate of 30% under the old tax system.
The second source noted that any loss of tax income to the government through tax cuts could be partially offset by increased consumption from this category of income earners.

Also Check | Income Tax Slabs FY 2024-25 Explained: New Tax Regime Vs Old Tax Regime – What are the tax rates, slabs & surcharge rates? Find out
Although the Indian economy expanded at an impressive 8.2% in 2023-24, consumption growth has been only half that rate. During his claim to form the National Democratic Alliance-led government, Prime Minister Modi had stated that his administration would prioritize increasing middle-class savings and enhancing their quality of life, the Reuters report said.

Science & Environment

Stock market today: BSE Sensex rises over 700 points…

6 June 2024
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Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in trade on Thursday as the market reacted positively to the NDA forming the government in the coming days. While BSE Sensex moved above 75,000, Nifty50 was over 22,800. At 10:30 AM, BSE Sensex was trading at 75,106.91, up 725 points or 0.97%. Nifty50 was at 22,841.85, up 221 points or 0.98%.
The list of top gainers on the Sensex 30 at 10:30 AM included SBI, NTPC, L&T, Power Grid, HCL Tech, Tata Steel and Bajaj Finance.The top losers on Sensex 30 were HUL, Nestle India, Sun Pharma, Asian Paints and M&M.
The Indian stock market experienced a strong rebound on Wednesday as sentiments improved following the confirmation that the NDA will form the government for a third consecutive term.
“In the very near term, we expect the market to remain obsessed with government formation exercises, with a keen eye on key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways. With election overhang done, we expect the focus to revert to fundamentals,” said Yashovardhan Khemka, Senior Manager, Research & Analytics at Abans Holdings.
The market is expected to remain range-bound in the short term, with the Nifty likely to trade between 21,300 and 23,000, according to an ET report. The India VIX, a measure of market fear, dropped significantly by 29.4% to settle at 26.75 levels.
Asian markets showed positive signs, with the Hang Seng futures rising 0.5%, Japan’s Topix increasing 0.5%, Australia’s S&P/ASX 200 gaining 0.6%, and Euro Stoxx 50 futures climbing 1.5%. In the US, the S&P 500 and Nasdaq indexes reached record closing highs, primarily driven by technology stocks.
Oil prices rose in early Asian trading on Thursday, supported by expectations of a potential Federal Reserve interest rate cut in September and a rebound from a selloff related to growing US inventories and an OPEC+ plan to increase supply.
Foreign portfolio investors (FPIs) were net sellers, offloading shares worth Rs 5,656 crore on Wednesday, while domestic institutional investors (DIIs) also sold shares worth Rs 4,555 crore. The rupee recovered 7 paise to close at 83.44 against the US dollar, supported by strong buying in domestic equities and lower crude oil prices in international markets.

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Budget 2024: Insurance cover under Ayushman Bharat PMJAY scheme…

Proposal Sent To Set Up 8th Pay Commission: Modi…

Budget 2024 income tax expectations: Modi government may lower…

Budget 2024 Income Tax Expectations

Stock market today: BSE Sensex rises over 700 points…