Business

Budget : An Overview

Published

3 years ago

February 1, 2022

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Countdown begins for the budget of 2022-23

Akankshya Mukherjee, Mumbai Uncensored, 31^st January 2022 :

The countdown for the Budget 2022-23 has begun and just like every year, markets and industries are looking forward to big announcements by the Finance Minister of India, Shrimati Nirmala Sitharaman. For the unversed, the budget for 2022-23 will be presented on 1st February during the first half of the Parliament’s Budget Session. It usually begins in the last week of January every year.

Shrimati Nirmala Sitharaman is the second woman to present the Budget, after the former Prime Minister Mrs Indira Gandhi, it is definitely a big task she has taken in hands. Also, Shrimati Sitharaman is the first female Finance Minister to present 4 consecutive Union budgets.

Why has the Budget’s date and time changed?

The Union Budget used to be announced on the last working day of February at 5pm, and it was continued to be in practice till 1999. The tradition was inherited from the colonial era but it wasn’t the only know. The Budget invariably brings changes in the Tax System, and the presentation was given to the producers and tax collecting agencies at night to execute the price changes. Shri Yashwant Sinha was the first Finance Minister of India from 1998 to 2002 during Atal Bihari Vajpayee leading the NDA Government was when the ritual was changed by announcing the 1999 Union Budget at 11am.

Why is the Budget being presented on 1st February?

In 2017, during the NDA government another change took place, the government was led by the current Prime Minister Shri Narendra Modi. Departing the colonial ritual of Union Budget presentation on the last working day of February, the then Finance Minister Shri Arun Jaitley announced that henceforth the Budget will be presented on 1st February.

Traditional Halwa Ceremony

The traditional Halwa Ceremony will be held ahead of the Budget presentation in India. It marks the beginning of the printing process of the Government’s Budget Document every year. The ceremony also recognizes efforts of every staff member who were the part of the Budget making ceremony. The ceremony is usually attended by the Finance Minster and other Officials and clerks of the Ministry. As per the ritual, the halwa is prepared and served to the officials under the Finance Ministry who are directly associated with the Budget.

Team behind Union Budget 2022:

Revenue Secretary- Tarun Bajaj
Economic Affairs Secretary- Ajay Seth
Finance Secretary- TV Somanathan
Banking Secretary- Debashish Pandey
Secretary of the Department of Investment and Public Asset Management- TK Pandey

The Budget session of Parliament will not have Zero Hour and Question Hour during the first two days owing to the address of the President to both Houses together and the Presentation of Union Budget 2022 respectively. Matters of Urgent Public Importance can be raised during ‘Zero Hour’ of the 8th session of the 17th Lok Sabha from February 2 onward.

Experts and Expectations on Budget Union 2022:

Dr Suneeta Reddy on Union Budget 2022 says “It is the best time for the country to spend more on healthcare. Currently, 1.15% of GDP is spent on healthcare. This needs to move to 2.5% and it needs to be done as quickly as possible”.

TV Narendran, CII President, CEO and MD Tata Steel Limited says “We need another year to ensure that recovery is on track. Unless you keep your hand on the wheel and ensure investments flow, the recovery may not happen. We should give it another year, and then we can experiment next year. Government needs to continue to invest in infrastructure and boost consumption of lowest income strata with policies on socio-economic side, health infrastructure, security on jobs. Unnecessary taxes. Government should not add more layers of taxes and no policy flip-flop, like retrospective taxes. We need another year to ensure that recovery is on track. Unless you keep your hand on the wheel and ensure investments flow, the recovery may not happen”.

Former President of CII, and VC of Toyota Kirloskar Motor Private Limited, Vikram Kirloskar said “I want to see investment in auto sector. Haven’t seen much being put in the auto sector. The centre needs to find a way to boost demand of vehicles at the entry-level. India needs to pursue the net-
zero and sustainability goal in our own environment. We don’t want budget deficit to increase, we want rupee to be stable. We don’t want anything that would hurt the stability of the rupee. I have heard a lot of criticism on India’s handling of Covid. I always ask, which country has done better. We have managed to get the economy back on track. We need to keep that optimism in the Budget”.

Chandrajit Banerjee, DG of CII says “We need to rejuvenate rural demand. The government needs to focus on technology upgradation and R&D. I would like to see an over-arching technology commission or a technology fund. I don’t like to see reduction in schemes that create assets in rural India, like MNREGA and no policy that hurts the sentiment of business class. The government is on track to meet the fiscal deficit target this year. It is very important for government to balance growth and fiscal prudence in next financial year”.

Sanjiv Bajaj President- Designate, CII, Chairman & MD Bajaj Finserv says “As long as we can keep this pandemic wave in check, the economy will keep growing. I think we can keep the fiscal deficit in check. We need to prioritise investment, put it into infrastructure. We need a Budget that will look 5-10 years ahead and make India a very competitive country”. He further advises “Don’t spend everything, keep something in hand”.

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Zigly brings-in wholesome experiences for furry friends at Pet Fed Delhi

Published

1 week ago

December 17, 2024

Admin

Zigly, a leading omnichannel pet care brand, celebrated the bond between pets and their parents at Pet Fed Delhi 2024. This much-anticipated event marked 10 years of successfully conducting Pet Fed in the National Capital. Taking place at NSIC Ground, Okhla, Delhi, the event witnessed one of the largest turnouts ever, with pet parents and their furry friends braving the cold winter weather to attend.

Zigly brings in wholesome experiences for furry friends at Pet Fed Delhi

Zigly, as the power sponsor, showcased its premium brands at one of the event’s largest stalls, featuring Zigly Lifestyle, FurPro grooming range, and the Applod treats and biscuits range, along with stylish accessories from the latest winter collection. A significant portion of the stall was dedicated as a play area for furry friends. The brand advocated the promotion of pet health and hygiene while creating memorable experiences through veterinary and grooming services offered at their stall.

Enhancing the experience for pets and their parents, Zigly provided free health check-ups and opportunities to participate in lucky draws. The brand delighted pet parents with event-exclusive discounts and promotions on its range of products and grooming services, offering an excellent opportunity to stock up on high-quality products at unbeatable prices.

Celebrating Zigly’s participation in Pet Fed, Mr. Pankaj Poddar, Group CEO of Cosmo First, stated, “We are delighted to be part of Pet Fed Delhi as it allows us to come closer to the Zigly community, helping us learn and adapt to the needs of both pets and pet parents. Delhi experiences the harshest winters in the country, which is why we are proud to showcase our winter collection 2024 at this event. Just like previous iteration of Pet Fed at Bengaluru, we are happy to witness such a great turnout of our furry friends at the event in Delhi as well. It keeps us motivated to continue to strive towards our goal of a better pet care ecosystem.”

This year’s event was bigger and better than ever before, featuring a plethora of activities and attractions. Attendees enjoyed fancy dress competitions, lucky draws, and adoption zones, catering to both cats and dogs. The festival also featured numerous pet care brands, offering a wide range of products and services for pets.

The event was a true celebration of the pet community, bringing together pet parents, industry experts, and animal lovers for non-stop fun and learning. As Pet Fed Delhi 2024 wraps up, the excitement and joy shared by all attendees promises to linger, setting the stage for even more spectacular events in the future.

Business

Celebrating 25 Years of Innovation and Success: Priyank Sukhija’s Journey in the Food and Beverage Industry

Published

5 months ago

August 2, 2024

Admin

Priyank Sukhija, the CEO & MD of First Fiddle F&B Pvt. Ltd., has completed 25 years in the food and beverage industry, marking a significant milestone in his remarkable career. From a 19-year-old dropout setting up his first venture to becoming a leading restaurateur, Priyank’s journey is a testament to passion, creativity, and relentless ambition.

Starting in 1999 with the fine dining restaurant Lazeez Affaire at Malcha Marg, Priyank quickly made a name for himself in the hospitality industry. He followed this with the renowned club RPM at Priya Complex, and from there, his ventures only expanded. Despite coming from a family of lawyers, Priyank was the first to venture into business, altering Delhi’s hospitality landscape forever. Over the past 25 years, he has opened more than 30 different outlets, each unique and innovative.

Priyank’s success can be attributed to his love for food, music, and innovation. His brands, including Miso Sexy, Bougie, Diablo, Lord of the Drinks, Plum by Bent Chair, and Lazeez Affaire, have become some of the most talked-about names in the industry. “I realized that nothing makes me happier than eating and serving a delicious meal. Food, music, and innovation were what always inspired me and hence I ventured into an area that could fulfill this passion,” Priyank explains.

One of Priyank’s major accomplishments has been revolutionizing the F&B industry and introducing the concept of casual experiential dining to India. His establishment, Plum by Bent Chair, revived the Aerocity Worldmark area, while Diablo kickstarted the bar culture in Mehrauli, turning it into a vibrant hub. At Epicuria, Nehru Place, Priyank was a pioneer with Flying Saucer and is now reinventing the space with his new launch, Thanks & Beyond.

“My restaurants are known for providing an experience, and this makes them stand apart from the crowd. I believe in the ‘vibe’ of the restaurant, and that is what sets them apart. All my restaurants have an extensive menu with dishes and drinks that can be enjoyed by people of all ages,” says Priyank. His eateries have become one-stop solutions for complete entertainment, featuring performances by the most sought-after bands and artists.

With his numerous successes, Priyank’s ambition continues to grow. His current brands, including Diablo, Miso Sexy, and Bougie, have become the go-to destinations in Delhi for top artists and bands. His latest ventures, Diablo Cyberhub, Sitch, and Bizou-Bizou, have created a buzz in Delhi and NCR with their unique cocktail-focused concepts. Additionally, he is expanding to tier 2 cities with the introduction of Miso Sexy in Noida and Diablo in Goa.

In celebration of his 25 years of success, Priyank has opened a new restaurant, Thanks and Beyond, in Nehru Place. This venture is a gesture of gratitude to everyone who has supported him, a homage to Delhi for the love shown to him, and a promise of many more exciting ventures to come. This summer, Priyank has several more launches lined up, promising to bring even more innovation and excitement to Delhi’s F&B scene.

Priyank Sukhija’s journey in the F&B industry is a story of vision, hard work, and a relentless pursuit of excellence. His passion for creating unique dining experiences has not only set him apart but has also significantly shaped the hospitality industry in India. As he continues to innovate and expand, the future looks incredibly promising for Priyank and First Fiddle F&B Pvt. Ltd.

Business

Gold and Silver Rates Today: Latest Prices on July 24, 2024

Published

5 months ago

July 24, 2024

Admin

Gold and Silver Rates Update: On July 24, 2024, gold and silver prices have seen significant changes across major Indian cities, reflecting the latest trends in the global and domestic markets.

Gold Prices in Major Cities

Delhi: The price of 10 grams of 24-carat gold stands at Rs.70,716, a decrease from Rs.75,217 on July 23, 2024. The 22-carat gold rate is Rs.64,775 per 10 grams, down from Rs.68,745.
Chennai: 24-carat gold is priced at Rs.70,716 per 10 grams, a drop from Rs.75,657 the previous day. Last week, the rate was Rs.74,659.
Mumbai: Gold rates in Mumbai are at Rs.71,412 per 10 grams, down from Rs.74,925 on July 23, 2024. A week ago, the price was Rs.75,026.
Kolkata: The gold rate is Rs.70,716 per 10 grams, a decrease from Rs.75,144 the day before and Rs.75,539 a week ago.

Silver Prices in Major Cities

Delhi: Silver is trading at Rs.85,170 per kg, down from Rs.89,160 on July 23, 2024. Last week, the price was Rs.92,110.
Chennai: Silver rates are Rs.85,000 per kg, compared to Rs.89,070 the previous day and Rs.92,290 a week earlier.
Mumbai: The silver rate today is Rs.85,170 per kg, a decrease from Rs.89,160 on July 23, 2024. The rate was Rs.92,110 a week ago.
Kolkata: Silver is priced at Rs.85,170 per kg, down from Rs.89,160 yesterday and Rs.92,110 last week.

MCX Futures

Gold August 2024 Futures: Trading at Rs.73,121 per 10 grams, a slight increase by ₹Rs..179.
Silver December 2024 Futures: Trading at Rs.92,020 per kg, down by Rs.0.154.

Factors Influencing Prices

Gold and silver prices are affected by several factors, including demand from major jewelers, global market trends, currency fluctuations, interest rates, and government policies. The international economic situation and the strength of the US dollar against other currencies also play a crucial role in determining gold and silver rates in India.

Stay updated with Mumbai Uncensored News for the latest on gold and silver prices and market trends.