Budgetary Allocation News Today

The last date for accepting the Surrender of Savings anticipated in the grants for 2023-24 has been fixed as March 8, 2024, an office memorandum issued by the Department of Economic Affairs dated February 22 said.

It is requested that the details of surrender of savings under each unit of appropriation may be sent to the Budget Division, Ministry of Finance by the said date in a specified format, it said.

Karnataka's salary spend sees a 24% increase to fund the implementation of the 7th pay scale. Read more to find out the details.

News and developments from the week gone by, through numbers and charts

Feroze Azeez, Deputy CEO of Anand Rathi Wealth, believes that the upcoming budget will focus on Pragati (progress) and will allocate significant funds to home affairs, rural development, agriculture, and defense exports. He suggests investing in an SBI infrastructure fund for those interested in the infrastructure sector. Azeez praises the simplicity and under-commitment of the interim budget, which includes tax simplification and capital gain simplification.

Funds Allocated To Railways: Responding to questions raised by Javed Ali Khan, Samajwadi Party MP in the Rajya Sabha, Vaishnaw said that Kavach is an indigenously developed automatic train protection (ATP) system which is highly technology intensive and it requires safety certification of the highest order.

Centre has allocated Rs 11495.9 crore in the interim budget for development of railway infrastructure including electrification funds for the year 20

Railway Budget 2024: Railway Budget Rs 5,071 Cr Allocated For Telangana In Union Budget 2024

The Ministry of Minority Affairs receives an increased budgetary allocation of Rs 3,183.24 crore for 2024-25, up by Rs 574.27 crore compared to the revised estimate of Rs 2,608.93 crore in 2023-24. The focus areas include education empowerment, with Rs 1,575.72 crore allocated, and specific scholarships for minorities, such as Pre-Matric Scholarship and Post-Matric Scholarship, receiving Rs 326.16 crore and Rs 1,145.38 crore, respectively.

The 2.7% hike in the budget for road transport and highways will be committed to ongoing projects. The government plans to attract private investment through build-operate-transfer (BOT) and public-private-partnership (PPP) models, as well as asset monetisation. The government aims to bid out 54 road projects worth over ₹2.2 lakh crore. However, experts note that the real increase in capital expenditure is not more than 5% due to a 6% increase in construction material costs. The government aim...