Rajya Sabha Returns J&K Appropriation and Finance Bills After Budget Debate



Quick Summary
The Rajya Sabha has returned the Appropriation (No. 2) Bill, 2024, the Jammu and Kashmir Appropriation (No. 3) Bill, 2024, and the Finance (No. 2) Bill, 2024, following a debate on the Union Budget. Finance Minister Nirmala Sitharaman defended the budget against opposition claims, highlighting increased capital expenditure and support for states. She also addressed concerns regarding GST on health insurance and tax policies.

Rajya Sabha Returns Key Bills for 2024-2025 After Finance Minister's Rebuttal to Opposition Criticisms

On Thursday, the Rajya Sabha returned the Appropriation (No. 2) Bill, 2024, the Jammu and Kashmir Appropriation (No. 3) Bill, 2024, and the Finance (No. 2) Bill, 2024, following a vigorous debate over the Budget. The Bills, which had been passed by the Lok Sabha the previous day, were addressed by Finance Minister Nirmala Sitharaman in her response to the Opposition's criticisms.

Rajya Sabha Approves JandK Appropriation and Finance Bills

In her address, Sitharaman defended the Budget against claims that it was detrimental to the middle class. She highlighted the government's efforts to reduce the financial burden on middle-income households. Sitharaman pointed out that this year's effective capital expenditure would reach ₹15.02 lakh crore, reflecting an 18% increase from the previous fiscal year. She attributed this rise in capital spending to positive effects on private investment, consumption, and exports.

The Finance Minister also noted that the central government was supporting states with 50-year interest-free loans, which might ultimately be converted into grants. Allocations to states for 2024-2025 are estimated at ₹22.91 lakh crore, marking an increase of ₹2.49 lakh crore from the last year.

Sitharaman underscored the government's commitment to simplifying taxation, contrasting it with the tax increases seen in many developed economies. She emphasized that despite the global economic pressures, India had managed to lessen the tax burden on its middle class.

Addressing demands from Opposition MPs to withdraw the 18% GST on health insurance premiums, Sitharaman questioned whether these issues had been raised with Finance Ministers from states who are members of the GST Council. She noted that the Finance Ministers from West Bengal and Tamil Nadu, among others, are involved in the Fitment Committee, and that all but one GST Council decision has been made by consensus.

Congress MP Jairam Ramesh criticized the sluggish growth in private investment and wages, despite increased government investment. CPI(M) MP John Brittas expressed concern over reduced funding for central sector schemes compared to increases for centrally-sponsored schemes. Aam Aadmi Party MP Sanjay Singh highlighted the waiver of ₹3.53 lakh crore in loans to companies, while advocating for the restoration of the previous Army recruitment system.

In response, Sitharaman challenged Singh on the alleged corruption related to Delhi's liquor policy, questioning the authenticity of the claims made by the Aam Aadmi Party against former Delhi Chief Minister Sheila Dikshit.

FAQ :

The Rajya Sabha returned the Appropriation (No. 2) Bill, 2024, the Jammu and Kashmir Appropriation (No. 3) Bill, 2024, and the Finance (No. 2) Bill, 2024.

Finance Minister Nirmala Sitharaman responded to the opposition's criticisms of the budget.

The Finance Minister defended the budget, stating that the government has made efforts to reduce the financial burden on middle-income households and has lessened the tax burden on the middle class.

The effective capital expenditure is projected to reach ₹15.02 lakh crore, an 18% increase from the previous fiscal year.

The Finance Minister questioned whether the issue had been raised with state Finance Ministers who are part of the GST Council, noting that decisions are usually made by consensus.

Opposition MPs raised concerns about sluggish private investment and wage growth, reduced funding for central sector schemes, and the waiver of loans to companies.




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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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