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In addition to revenue collection efforts, the Ministry of Finance has submitted a draft decree to the Government proposing a reduction in land rent fees for 2024. This initiative aims to support recovery efforts following the recent impact of Typhoon Yagi. Two options are being considered for the reduction: either a 15% or 30% decrease in land lease costs.
The revenue shortfall, which comes amid ongoing economic challenges, reflects a range of factors including fluctuating global commodity prices and domestic economic adjustments. The decrease in state revenue is a critical concern as it impacts the government's ability to fund public services and infrastructure projects crucial for sustained economic growth.
The caucus, led by former Health Minister Norihisa Tamura, presented its proposal to Takemi on Thursday, highlighting the urgent need for enhanced financial support and resources for organ transplantation. The proposal underscores concerns about current limitations, including hospitals' reluctance to accept organs from brain-dead donors due to insufficient staffing and bed availability.
The Lok Sabha has passed ‘The Jammu and Kashmir Appropriation (No.3) Bill, 2024,’ allowing the government to utilize funds for various development projects and administrative expenses in Jammu and Kashmir.
Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2024, which will detail the Modi government’s strategic priorities for economic growth and reform.