Delhi’s Assembly will hold its 2024-25 Budget session from Feb 15 to 20, with Finance Minister Atishi presenting the budget on Feb 16. The session will proceed after seeking Lt Governor’s approval and is expected to center on health and education, including expanding healthcare infrastructure, reducing neonatal mortality, and improving institutional deliveries while pushing to complete existing projects.
This Budget signals a clear shift in India’s growth strategy, elevating data centres, artificial intelligence, and semiconductors from niche tech to key national priorities. The “digital blueprint” frames these areas as the new engines for investment, jobs, and competitiveness—marking a departure from spending focused mainly on physical infrastructure.
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The Budget proposes a six-month mini amnesty window for individuals who hold undisclosed foreign assets. Eligible taxpayers can declare previously non-disclosed assets acquired with earnings already disclosed, by paying a fee. The move is designed to help small taxpayers, including students and relocated NRIs, regularize past omissions while reducing the risk of penalties and prosecution for minor violations.
ASSocham has pitched the government to extend the “Vivad Se Vishwas” settlement scheme beyond current coverage into highly regulated sectors such as telecom, power, and mining. It also wants a dedicated dispute resolution mechanism for customs-related cases, arguing that tax and procedural stability would reduce litigation burdens and improve business certainty.
Finance Minister Nirmala Sitharaman pitched the Digital Rupee as a major economic boost under India’s CBDC push. But fintech community members argue the “digital budget” remains opaque, with crucial implementation details missing. The criticism centers on what’s actually planned—how the system will work, rollout timelines, and safeguards—raising questions about transparency and confidence.
Budget proposals for FY 2023-24 suggest restricting input tax credit (ITC) on goods or services used to meet CSR obligations. Experts warn this could reduce the practical value of CSR benefits by raising effective costs for companies. Businesses are concerned the move may make it harder to sustain or expand CSR programs, especially where tax credit currently improves affordability.
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Budget 2026-27 signals a major policy pivot: moving from foundational technology missions toward an application-led, infrastructure-focused approach. The government’s roadmap is designed to shift momentum into a private-led innovation cycle, aiming to strengthen India’s technological sovereignty through targeted support for AI, semiconductors, and data systems.
Indian civic bodies are increasingly turning to the bond market to fund urban development, buoyed by budget incentives. Major players like Bombay Municipal Corporation and Ahmedabad Municipal Corporation are gearing up to raise sizable resources through debt, while smaller municipalities are preparing to issue bonds of their own, signaling a wider shift toward market-based financing for city projects.
GST rates and procedures can change after GST Council meetings during the year, but legal statute changes only arrive through the Finance Bill during Parliament’s Budget session. That means businesses planning compliance and pricing may see surprises around the same window—especially as import duties are also rationalized—shifting tax treatment when the law is rewritten.
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