Tag: Budget

Rajasthan budget: Bhajanlal Sharma-led BJP govt hikes PM-KISAN amount to ₹8,000, raises wheat MSP

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a bonanza for farmers ahead of the Lok Sabha polls, the Rajasthan government on Thursday announced an additional annual payout of ₹2,000 to farmers under the Centre’s flagship scheme PM-KISAN as well as hiked the minimum support price for wheat by ₹125 to ₹2,400 per quintal.

Presenting the BJP government’s first Budget after the party was voted to power in December last year, Rajasthan Deputy Chief Minister and Finance Minister Diya Kumari accused the previous Congress government of financial mismanagement. In the Budget, she also announced an allocation of ₹1,000 crore to establish and upgrade schools, colleges, hospitals, and administrative buildings in “deprived” assembly constituencies.

Besides, the government will provide free education from “KG to PG” (Kindergarten to Post Graduation) for students from low-income groups, small and marginal farmers, and farm labourers. Kumari, who presented the interim Budget for 2024-25, has made a provision of ₹2,000 crore for Rajasthan Agriculture Infra Mission, Gopal Credit Card scheme on the lines of the Kisan Credit Card scheme to provide short-term loans for dairy activities.

The government also plans to carry out recruitment to fill 70,000 posts. In a boost for farmers, the BJP government will dole out an additional ₹2,000 taking the total amount to ₹8,000 per annum to farmers under the PM Kisan Samman Nidhi (PM-KISAN) scheme.

Wheat MSP increased

At present, ₹6,000 is given every year by the Centre under the scheme. In another significant announcement, the Minimum Support Price (MSP) for wheat, a major rabi crop in the state, has been hiked to ₹2,400 from ₹2,275 per quintal.

The interim Budget, with an outlay of ₹1.75 lakh crore, has been passed by the state assembly for the first four months of the financial year 2024-25. The House also passed the Rajasthan Appropriation (vote on account) (no.2)-2024, demands for supplementary grants and the Rajasthan Appropriation (no.1) bill-2024 by a voice vote. Kumari said the burden on the state doubled during the tenure of the previous government to ₹5.79 lakh crore.

The Congress government took a loan of ₹2.24 lakh crore but the capital expenditure was only ₹93,577 crore, she said. Since 2004, chief ministers, who were holding the finance portfolio, were presenting the state Budget. This is the first in two decades that a full-time finance minister has presented the Budget.

An additional ₹500 crore has been allocated to State Road Fund to strengthen the road network. The finance minister also set a target to set up rooftop solar plants on more than 5 lakh houses in the state, adding that such houses will get up to 300 units of free electricity per month.

As many as 500 electric buses will be introduced for public transport in cities like Jaipur, Udaipur, Jodhpur, and Kota, she said. Further, Kumari announced Mukhyamantri Jal Swavlamban Abhiyan-2.0 that will create 5 lakh water harvesting structures in 20,000 villages over the next four years, for which ₹11,200 crore has been allocated.

“The previous government did not approve any plan for many areas like Ladpura, Nasirabad, Siwana, Ahor, Dag, Malpura. Now, to ensure regional balance of development, ₹1,000 crore has been announced for setting up and upgrading additional colleges, schools, hospitals, and administrative buildings,” she said. The minister said a Detailed Project Report to expand Jaipur Metro from Sitapura to Ambabari will be prepared to address the traffic congestion problem in Jaipur city.

To provide facilities of software coding, robotics fab lab and multimedia, she announced ‘Atal Innovation Studio and Accelerators’ in Jaipur, Bikaner, Bharatpur and Udaipur. A financial provision of ₹1,000 crore was made for the purpose, she said. Kumari said a High Tech City near Jaipur will be established where special incentives will be given to set up institutions and companies related to IT, fintech, financial management, and new-age subjects.

‘Lado Protsahan Yojna’

The finance minister also announced Mission Olympics 2028 to train 50 youths for the quadrennial showpiece event. Further, the state government introduced a ‘Lado Protsahan Yojna’ in which a bond of ₹1 lakh will be given to poor families on the birth of a girl child.

She announced a plan to add a daycare package for cancer treatment in the inpatient department under Mukhymantri Ayushman Arogya Yojna. The facility is available in the Outpatient Department (OPD). Mukhymantri Ayushman Arogya Yojna was formerly known as the Mukhymantri Chiranjeevi scheme, which was introduced by the former Congress government.

The state government also introduced a CM Vishwakarma Pension Scheme for labourers and street vendors. As part of the scheme, labourers in the 18-45 age group who pay a premium of ₹60-100 will get a monthly pension of ₹2,000 on attaining 60 years of age. Other announcements by the government included an increase in rebate in roadways buses from 30% to 50% to senior citizens, doorstep delivery of medicines to employees and pensioners under the Rajasthan Government Health Scheme (RGHS), a 10% increase in honorarium of Anganwadi workers, homeguards, and others.

The government also allocated ₹200 crore for Police Modernisation and Infrastructure Fund, ₹300 crore to develop 20 temples and religious places. It abolished the mandi tax on sugar and jaggery. During her speech, Kumari accused the previous Congress government of financial mismanagement, lack of vision, corruption and wrong policies, leading to an Opposition uproar in the assembly. Amid the din, Chief Minister Bhajanlal Sharma requested members to listen to the Budget speech “by a woman finance minister”.

Leader of opposition Tikaram Jully said there is no objection over the presentation of a vote on account by a woman minister but said it was inappropriate to make political allegations in it. The state government will present a full Budget in July.

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Uttar Pradesh’s FY25 budget, a tribute to Lord Ram for ‘Lok Mangal’: CM Yogi Adityanath

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Uttar Pradesh Chief Minister Yogi Adityanath on Monday said the state’s annual budget for the financial year 2024-25 has been dedicated to Lord Ram and will ensure “Lok Mangal” (public welfare).

“Today’s budget has been dedicated to Lord Ram and is for Lok Mangal (public welfare). In the beginning of the budget, in the middle and end, Lord Shri Ram is there in every word of the budget. In his thoughts and resolutions, Shri Ram is there because Shri Ram is synonymous with Lok Mangal.

“This budget is also an economic document of Uttar Pradesh for the overall and balanced development of the state, dedicated to the welfare of the people,” Adityanath told reporters after the presentation of the budget in the state assembly.

Earlier in the day, Finance Minister Suresh Kumar Khanna presented the budget in the state assembly with an outlay of ₹7.36 lakh crore, higher than the current fiscal’s budget of ₹6.90 lakh crore. The chief minister said this is the eighth budget of his government.

“Our first budget of 2017-18 was dedicated to the Annadata farmers of the state. The budget of 2018-19 was dedicated to the infrastructure and industrial development of the state. The budget of 2019-20 was dedicated to women empowerment, the budget of 2020-21 was dedicated to the youth energy of the state, the budget of 2021-22 was dedicated to the campaign of empowerment through self-reliance,” he said.

The budget for 2022-23 was for self-reliance through Antyodaya and the 2023-24 budget was for rapid and all-inclusive development.

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Budget 2024: Fiscal consolidation, primacy to infra investment are key themes, DPIIT Secy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A day after Finance Minister Nirmala Sitharaman presented the Interim Budget for FY25, Rajesh Singh, Secretary, the Department for Promotion of Industry and Internal Trade (DPIIT), on Friday suggested the two supreme highlights of the budget: India’s decision to walk on the path of fiscal consolidation and the decision to continue giving primacy to investment in infrastructure.

The  DPIIT Secretary also emphasised the allotment of funds to the state governments to provide interest-free loans to the private sector through two separate windows. as the capital expenditure witnessed an 11% increase. Through the two windows of ₹1.3 lakh crore and ₹75,000 crore,  private sector will be provided interest-free loans for 50 years.

He added that the government is also looking to focus on hard infrastructure, including highways, roads, ports and specific railway corridors, which have been planned under the PM Gati Shakti Scheme. This will ensure multi-modal connectivity by improving connectivity and reducing the cost of logistics, which has been one of the key demands for companies looking to set up manufacturing units in India.

Singh said, “The recent surveys that we’ve done with the help of NCAR based on the national accounts data show that there is some improvement. The logistics costs are coming down in India.”

Emphasising the ₹1 lakh crore that has been allotted for research and development (R&D) by the private sector and startups, Singh said, “We hope that the private sector can leverage this money to enhance their R&D investment in India, which is quite low at the present moment. We hope the availability of this kind of patient capital will lead to India increasingly becoming a much more innovation-led economy.”

He added that the modalities of distribution of this fund are still in progress; however, the intent is to reduce the gap in the availability of patient capital.

“The modalities presumably will be worked on by the Defense Ministry for the deep-tech fund for defence. And for the innovation-led sectors, it will be in consultation with the concerned ministries, including the Department of Science and Technology,” Singh added.

The budget outlay has been increased by 10% on average for most of the schemes, including the seed fund and the fund scheme. The government has been working on policies for deep tech and startups in India.

Speaking about the implementation of the production-linked incentive (PLI) scheme, Singh said, “DPIIT is implementing a PLI scheme for white goods, for which about ₹165 crore has been put for the next year. I think similar allocations have been individually made for the different departments.”

He added that the PLI scheme has been generating large investments, of which investments of ₹1 lakh crore, exports of ₹3 lakh crore and sales of ₹9 lakh crore have been leveraged.

Moreover, Singh has shown excitement about sectors like pharmaceuticals, mobile manufacturing, air conditioning and food processing.

Also read: Exclusive | Govt confident of managing inflation, keeping robustness of growth intact: FM Sitharaman

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024: President’s office receives ₹144.18 crore, 47.5% more than FY24

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Interim Budget on Thursday allocated ₹144.18 crore for the staff, household and allowances of the president, a massive increase of ₹46.49 crore (about 47.5%) from ₹97.69 crore earmarked in the revised estimates for FY24.

In the announcements for the 2024-25 Interim Budget by Finance Minister Nirmala Sitharaman, ₹90.87 crore was allocated for the president’s secretariat and ₹52.71 crore was sanctioned under the head ‘other expenditures’, which provides for the expenditure on the household establishment of the president, including staff salaries.

Other expenditures also include discretionary grants of the president and provision for capital section.

The document shows that of the total allocation, ₹60 lakh has been allocated for the salary and allowances of the president, which remained unchanged from the last budget.

The amount allocated under the head ‘president’s secretariat’ provides for the establishment and allied expenses with respect to it which includes grants-in-aid for Dr Rajendra Prasad Kendriya Vidyalaya on the campus of the president’s estate and also includes provision for capital section.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024: FM to shell out more to schools but UGC allocation cut by 60%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government has increased the allocation of budget to the Department of School Education and Literacy (DoSEL) to ₹73,008.10 crore for the 2024-25 fiscal, according to the interim Budget presented by Finance Minister Nirmala Sitharaman on February 1. This compares to the ₹68,804.85 crore estimate in the 2023-24 budget and the ₹72,473.80 crore revised allocation for that fiscal.

The funding for the University Grants Commission (UGC) has been brought down to ₹2,500 crore from the previous year’s RE of ₹6,409 crore, a 60.99% drop. It’s also the second time that the allocation for Indian Institutes of Management (IIMs) has been slashed. This year, the budget has been brought down further to ₹212.21 crore from the revised estimate of ₹331 crore.

Also Read | Budget 2024: Huge potential with 28% GST on online gaming, says Revenue Secretary

However, it must be noted that the overall budget for higher education has been hiked from ₹44,094.62 crore earlier to ₹47,619.77 crore for 2024-25. The revised estimate for higher education stood at ₹57,244.48 crore.

A look at other key Budget 2024 highlights on education

– Grant for Indian Institutes of Technology (IITs) drops from the revised estimate of ₹10,384.21 crore to ₹10,324.50.

– Grant for Central Universities increased by over 28%. The budget for Central Universities was increased to ₹15,472 crore from an RE of ₹12,000.08 crore.

– Kendriya Vidyalaya, Navodaya Vidyalayas, NCERT, PM Shri schools and Grants-in-aid to state governments and governments of Union Territories saw a rise in budget allocation

– Sitharaman announced seven IITs, 16 IIITs, seven IIMs, 15 AIIMS and 390 universities have been set up since 2014 while 3,000 new ITIs have been established

– Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth and established 3000 new ITIs.

– “Our prosperity depends on adequately equipping and empowering the youth. The National Education Policy 2020 is ushering in transformational reforms. PM Schools for Rising India (PM SHRI) are delivering quality teaching and nurturing holistic and well-rounded individuals,” the finance minister said.

(With text inputs from PTI)

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Also Read | Budget 2024: MGNREGA boost to ₹86,000 cr, rooftop solarisation to EV expansion, all that will create more jobs

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 Highlights: More power to Jal Shakti

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Jal Shakti Abhiyan (JSA) was launched in 2019 to enhance water conservation and resource management. It was started across 1,592 blocks in 256 water-stressed districts around the country.

The Jal Shakti Ministry has been granted a total allocation of ₹98,418 crore by Finance Minister Nirmala Sitharaman in her interim Budget 2024, marking an increase from the previous budget of ₹96,549 crore.

The Jal Shakti Abhiyan initiative is aimed at water conservation and rainwater harvesting, traditional water body restoration, water reuse and structure recharge, watershed development, and intensive afforestation.

The laudable mission also includes the formulation of block and district water conservation plans, Krishi Vigyan Kendra melas, urban wastewater reuse, and 3D contour mapping of villages.

It was later expanded into Jal Shakti Abhiyan: Catch the Rain (JSA: CTR) in 2021. This campaign, held from March to November, focused on all blocks in both rural and urban districts nationwide during the pre-monsoon and monsoon seasons. The initiative aimed at five key interventions — rainwater harvesting, water body enumeration and mapping, Jal Shakti Kendra establishment, intensive afforestation, and awareness generation.

ALSO READ: Budget 2024 Highlights: ₹ 70,163 crore allocated for Jal Jeevan Mission

The Jal Shakti Abhiyan: Catch the Rain (JSA: CTR) 2022 was launched on March 29, 2022. The third instalment was aimed at covering all blocks in all districts, including rural and urban areas, from March 29 to November 30, 2022, spanning the pre-monsoon and monsoon periods.

JSA: CTR 2023 is focused on ensuring source sustainability in 150 water-stressed districts across the country, identified by the Jal Jeevan Mission.

The funds disbursed under JSA: CTR are allocated on a state-wise basis to facilitate the implementation of water conservation projects and initiatives. For fiscal years 2021-22, 2022-23, and 2023-24, funds released amounted to ₹4.48 crore, ₹2.62 crore, and ₹1.41 crore, respectively.

Catch our full coverage of the latest Budget announcements here.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 Highlights: ₹ 900 crore allocated for KHELO India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In the interim budget presented on Thursday, Finance Minister Nirmala Sitharaman has allocated ₹ 900 crore for the nation’s ambitious Khelo India programme. The Khelo India is a Central government scheme aimed at bolstering sports culture at the grassroots level across India. The National Programme for Development of Sports, popularly known as Khelo India, was launched in 2018 by then Union Sports Minister Col. Rajyavardhan Singh Rathore.

Under the Khelo India initiative, various national-level competitions are organised across different categories to identify and nurture young talent. The programme also focuses on building sports infrastructure and providing financial support. Khelo India contributes to building a healthier and more active nation, emphasising the significance of sports in holistic development. The programme aligns with the national goal of India becoming a sporting powerhouse, encouraging mass participation and excellence in various disciplines.

In the Budget 2017-18 the government allocated ₹350 crore to the Sports Ministry. The allocation to the ministry increased to ₹520.09 crore in Budget 2018-19.

In the last Budget, for FY 2023-24, the Ministry of Youth Affairs and Sports received a total allocation of ₹3397.32 crore. Notably, ₹1,000 crore was earmarked specifically for the Khelo India projects.

In the previous Budget, the primary goal was to focus on building a Yuva Leadership Portal to reach out to youth and engage them in various activities to improve their leadership skills.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 Highlights: ₹ 177.24 crore for Pradhan Mantri Shram Yogi Maandhan Yojana

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman has allocated ₹ 177.24 crore for  Pradhan Mantri Shram Yogi Maandhan (PM-SYM) in the interim budget, which was presented on Thursday (February 1).

This is a voluntary pension scheme initiated for unorganised sector workers. Launched in 2019, the scheme aims to provide old-age protection.

PM-SYM is a contributory pension scheme where the beneficiary receives a minimum assured pension of ₹3,000 per month upon reaching 60 years of age. In the event of the beneficiary’s death, the spouse is entitled to receive 50% of the pension as a family pension, applicable only to the spouse.

Beneficiaries aged between 18 and 40 years must make monthly contributions ranging from ₹55 to ₹200 until they reach the age of 60. Upon reaching 60, the pension can be availed, with a fixed amount deposited monthly into the beneficiary’s account.

Pradhan Mantri Shram Yogi Maandhan scheme has certain eligibility criteria. Applicants must be unorganised workers between the age groups of 18 to 40 years. Their monthly income should not exceed ₹15,000. They should not be engaged in the organised sector or income taxpayers. To apply, they must have an Aadhaar card and a savings bank account or Jan Dhan account number with IFSC.

In the financial year 2020-21, the government of India allocated ₹500 crore for the Pradhan Mantri Shram Yogi Maandhan scheme, with expenditures amounting to approximately ₹319.71 crore. In 2021-22, the fund allocation decreased to ₹400 crore, while expenditures stood at ₹324.23 crore. For the financial year 2022-23, total allocation was reduced to ₹350 crore, with expenditures reaching approximately ₹193 crore as of March 1, 2023.

As of December 31, 2022, a total of 20,70,704 males and 23,47,809 females from the unorganised sector registered under PM-SYM.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Union Budget 2024: Monumental allocation of INR 3442 crores sparks optimism for India’s sporting sector

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In another significant step toward making India a dedicated sporting nation, the Union Budget 2024 presented by Finance Minister Nirmala Sitaraman allocated the highest-ever funds of INR 3442 crores for the country’s sports sector.  Marking a substantial increase from the previous year’s allocation of INR 3396 crores, this development comes as a welcome move ahead of the Paris Olympics

Punit Balan, Chairman and Managing Director of the Punit Balan Group, shared his thoughts on the budget allocation stating, “The government’s proactive stance towards sports through this increased allocation of funds will provide the impetus for Indian athletes to shine brightly in international competitions, contributing to the continued growth and success of the country’s success on the global stage. With the Paris Olympics looming on the horizon, we are confident that our youth will make it the best-ever campaign for India.”

Reflecting on the government’s sustained commitment to the growth of sports in India, Tenzing Niyogi, CEO and League Commissioner of Ultimate Kho Kho highlighted, “Last year, we witnessed a Rs 300 crore increase in sports allocations, which contributed to India’s success in the Asian and Para-Asian Games. The government’s continued commitment is evident in the latest budget, with a total allocation of Rs 3442 crores, which reflects a significant increase from the previous year’s budget. The increased allocations not only boost the morale of our athletes but also serve as a testament to the government’s vision for developing and nurturing sporting talent. As India gears up for the upcoming Paris Olympics, this heightened financial support will pave the way for a promising era for sports in the country.”

One of the key beneficiaries of this augmented budget is Khelo India, which has received a significant increase from INR 880 crores to INR 900 crores.
“The substantial allocation in this year’s budget not just for the sports sector but also for Khelo India will play a pivotal role with regard to grassroots development. This support for our athletes across all sporting disciplines will facilitate more participation and lead to more medals at the Olympics and other international tournaments,” commented Suhail Chandhok, CEO of U Mumba.

Concurring with him, Vikas Gautam, CEO, Yuva Kabaddi Series emphasized, “The commendable allocation in this year’s budget marks a significant stride towards transforming India into a sporting powerhouse. By prioritizing grassroots infrastructure via increasing the Khelo India budget, we are not just investing in facilities but nurturing the latent talent that resides in every corner of our nation. This budget reflects a visionary approach, recognizing that the true potential of our athletes lies in the foundation we build for them today. It’s a resounding commitment to creating a robust sports ecosystem and with our combined efforts I hope this will fuel the aspirations of our youth and propel India to new heights on the global stage.”

Aditya Reddy, Co-Founder & CEO of Gamepoint believes that the impact of sports extends beyond the field, offering massive economic opportunities.
“PM Narendra Modi during the inauguration of the Khelo India Youth Games in Chennai stated that the government has resolved to make the country an important centre of the global sports ecosystem. He also highlighted that sports was not just limited to the field, but also presents a huge economic opportunity, he said the country’s sports-related industry will be worth at least ₹1 lakh crore in a few years. Given the positive approach of the government towards sports, we hope that post the Lok Sabha elections, the new government will increase the budget allocation and announce new measures for the growth of Indian sports,” noted Aditya Reddy.

Alongside the increased budget allocations, Finance Minister Nirmala Sitharaman praised the achievements of the country’s youth in sports and highlighted the confidence level reflected in India’s highest-ever medal tally at last year’s Asian and Para Asian Games during her speech.
In addition, she proudly stated that India now boasts over 80 Chess Grandmasters which is a significant increase from just over 20 in 2010 and sparked optimism among the country’s sporting business stakeholders.

Punit Balan, whose PBG-owned team Balan Alaskan Knights competed in the inaugural Global Chess League (GCL) last year said, “Our honorable Finance Minister, Nirmala Sitharaman, acknowledging the remarkable achievements of our youth in sports, particularly in chess, reflects the bright future of the sport in our nation. We take pride in Raunak Sadhwani, the prodigy of Balan Alaskan Knights, being one of India’s 80 Grandmasters.”

The positive sentiments were echoed by Suhail Chandhok who expressed, “As mentioned by Finance Minister Nirmala Sitharaman, Indian athletes have been making their presence felt on the International stage and that is a significant indication of our country becoming a sporting powerhouse. Our upGrad Mumba Masters’ grandmasters Vidit Gujrathi, Harika Dronavalli, and Koneru Humpy securing Medals at last year’s Asian Games 2022 have brought immense pride to Indian chess, with Vidit also going on to secure a place in the prestigious Candidates tournament.”

With the continued support from the government, the sports sector in India is poised for further development and a bright future for athletes across various disciplines.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow