Whenever it is about our health, many kinds of worries definitely come to mind. Talking about the Corona pandemic, this disease has scared everyone, what is common and what is special. Corona killed millions of people and crores of people also had to suffer from this disease. Keeping this in mind, the country’s Finance Minister Nirmala Sitharaman also announced a budget of Rs 35 thousand crore for the corona vaccine.
The Union Health Ministry said that the health sector has been allocated 1.8% of GDP for the year 2020-21. Finance Minister Nirmala Sitharaman has proposed a budgetary allocation of Rs 2,23,846 crore for the health sector for 2021-22. This allocation is Rs 94,452 crore in the current financial year. That is, it has been increased by 137 percent for the next financial year. The allocation for 2019-20 was Rs 86,259 crore.
It is known that the medical world welcomed the increase in budget allocation by the government for the health sector and said that this step will provide medical facilities for all in the country, increase employment opportunities and increase the economic pace. Responding to the budget, Apollo Hospital Group chief Pratap C. Reddy said that the increase in budget allocation will provide medical facilities to all in the country, increase employment opportunities and increase economic momentum. He said that India’s efforts in dealing with the coronavirus pandemic have been excellent.
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Increasing allocation is definitely a good sign – Reddy
According to Reddy, ‘Now the allocation of Rs 35,000 crore for Covid-19 and the commitment to allocate even more when needed, makes our proud country a role model before the world. Now we should look forward to the next crisis of non-infectious diseases which will be responsible for 80 percent of deaths by 2030 and this will cost the country 3.8 billion billion dollars. ‘ Manipal Hospital Group Managing Director Dilip Jose said that the Finance Minister has given special attention to the health sector. Increasing allocation will definitely be a good sign for the country.
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In a record-breaking achievement, the Central Board of Direct Taxes (CBDT) has signed 125 Advance Pricing Agreements (APAs) in the financial year 2023-24. This marks a significant increase of 31% from the previous year, totaling to 641 APAs since the inception of the programme.
These agreements were established with the aim of promoting ease of doing business, particularly for multinational corporations engaged in cross-border transactions with their group entities. The CBDT statement highlights the importance of these agreements in providing certainty to taxpayers in transfer pricing.
The increased number of APAs is a result of mutual agreements with India’s treaty partners like Australia, Canada, Denmark, Japan, Singapore, the UK, and the US. This collaboration not only brings certainty to international transactions but also offers protection against double taxation, benefiting taxpayers for up to nine years.
The APA Scheme specifies methods of pricing and determines the arm’s length price of transactions in advance, providing taxpayers with a roadmap for the next five years. The option to rollback APAs for the preceding four years further solidifies tax certainty and ensures a smoother process for businesses operating in India’s dynamic economy.
India is on track to add up to 13,000 kilometres of roads in the financial year 2024-25, with a 5 to 8 per cent increase from the previous year, according to a report by ICRA. The government’s increased capital outlay and focus on project completion are expected to support this rapid pace of construction.
Under Prime Minister Narendra Modi’s government, over 90,000 kilometres of national highways have been built, nearly double the amount constructed in the previous decade. Government investment in highway infrastructure has also seen a significant jump, reaching Rs 2.4 lakh crore in 2022-23 from Rs 51,000 crore in 2013-14.
Although road construction was impacted by the prolonged monsoon in certain areas in the first half of 2023-24, a surge in construction was witnessed in the second half, leading to an overall growth of around 20 per cent in FY24. ICRA Vice President and Sector Head Corporate Ratings Vinay Kumar stated that the momentum in road construction is expected to continue in FY2025.
The report highlights that a healthy pipeline of projects, increased government spending, and a focus on project completion by the Ministry of Road Transport and Highways will drive the pace of road construction in the coming years. As India continues to prioritize infrastructure development, the road sector is expected to play a crucial role in boosting economic growth and connectivity across the country.
The International Monetary Fund (IMF) has increased India’s growth projection to 6.8 percent for this year, up by 0.3 percent from its previous update in January 2024, as stated in the World Economic Outlook (WEO) released on Tuesday.
The IMF predicts India’s growth will remain strong at 6.8 percent in 2024 and 6.5 percent in 2025, driven by robust domestic demand and a growing working-age population.
India is expected to outperform other large economies, with China following at 4.6 percent in 2024 and 4.1 percent in 2025. Global output growth is anticipated to continue at a steady pace of 3.2 percent in 2024 and 2025, consistent with the growth rate in 2023.
“The global economy remains remarkably resilient, with growth holding steady as inflation returns to target,” noted the IMF in its report. Despite previous predictions of a recession, the world economy has stayed afloat, thanks to the banking system’s resilience and stability in major emerging markets.
Regarding oil prices, the IMF foresees a 2.5 percent year-over-year decrease to an average of $78.60 per barrel in 2024, further falling to $67.50 by 2029. The organization considers the risks to this forecast as “balanced,” with potential price fluctuations due to geopolitical tensions and changes in supply and demand dynamics.
In conclusion, the IMF’s updated projections reflect a positive outlook for India’s economic growth, with the global economy showing resilience and stability despite existing challenges and uncertainties in the international landscape.
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