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THE TIMES OF INDIA | Jul 24, 2024, 20:46:44 IST
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Budget 2024 Live Updates: Amit Shah hails internship programme decision as 'game-changing move'
Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman’s Union Budget 2024 saw her announcing several key projects across agriculture, manufacturing and services sector. She also announced major changes in the capital gains tax regime and income tax regimes. “The people have given a unique opportunity to our government to take the country on the path of strong development and all-round prosperity. In the interim budget, we promised to present a detailed roadmap for our pursuit of ‘Viksit Bharat’,” FM Nirmala Sitharaman.
She outlined nine key areas of focus for the government:
“This budget details some of the specific actions to be initiated in the current year towards fulfilment of these priorities with potential for transformative changes. The budget also covers some of the previously made announcements with an intent to strengthen them and step up their implementation for expediting our journey towards the goal of Viksit Bharat,” Sitharaman said.
Furthermore, the government announced a comprehensive review of the Income Tax Act to improve its clarity and readability. Sitharaman also announced changes to the new tax regime slabs and an increase in the standard tax deduction from Rs 50,000 to Rs 75,000. Track TOI’s Budget 2024 live blog for insightful coverage on Budget 2024, FM Sitharaman’s key announcements and expert analysis.
She outlined nine key areas of focus for the government:
- Productivity and resilience in Agriculture
- Employment & Skilling
- Inclusive Human Resource Development and Social Justice
- Manufacturing & Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation, Research & Development
- Next Generation Reforms
“This budget details some of the specific actions to be initiated in the current year towards fulfilment of these priorities with potential for transformative changes. The budget also covers some of the previously made announcements with an intent to strengthen them and step up their implementation for expediting our journey towards the goal of Viksit Bharat,” Sitharaman said.
Furthermore, the government announced a comprehensive review of the Income Tax Act to improve its clarity and readability. Sitharaman also announced changes to the new tax regime slabs and an increase in the standard tax deduction from Rs 50,000 to Rs 75,000. Track TOI’s Budget 2024 live blog for insightful coverage on Budget 2024, FM Sitharaman’s key announcements and expert analysis.
11:39 (IST) Jul 23
Union Budget 2024 live: Sidbi to open 24 new branches to serve MSMEs clusters, says FM
The also minister declared an increase in the Mudra loan limit to Rs 20 lakh from the current Rs 10 lakh for borrowers who have successfully repaid loans under the Tarun category.
11:36 (IST) Jul 23
Budget 2024: Sitharaman announces loan support of up to Rs 10 lakhs for higher education
"Government to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions," she said.
Meanwhile, 3 employment schemes have also been announced.
"Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers," she said.
Meanwhile, 3 employment schemes have also been announced.
"Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers," she said.
11:35 (IST) Jul 23
Budget 2024 Live: Significant boost to employment
“Incentives for new employment to manufacturing industries would give a significant boost to employment. The benefits and eligibility are significant to cover a large section of new employees,” says Prashant Daftary, Partner, N.A. Shah Associates.
11:33 (IST) Jul 23
Budget live 2024: Big bonanza for Bihar
The Union government has allocated Rs 26,000 crore for various road projects in Bihar, as announced by Finance Minister Nirmala Sitharaman in her Budget for 2024-25. The Centre will secure financial assistance for the state through aid from multilateral development agencies.
In addition to road projects, the government has plans to establish airports, medical colleges, and sports infrastructure in Bihar. The Centre will also develop a comprehensive plan called 'Purvodaya' to foster all-round development in Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
Furthermore, the government will support the development of an industrial corridor in the eastern region. The finance minister also announced that the government will directly provide e-vouchers to 1 lakh students annually, along with an interest subvention of 3 per cent on their loan amount.
In addition to road projects, the government has plans to establish airports, medical colleges, and sports infrastructure in Bihar. The Centre will also develop a comprehensive plan called 'Purvodaya' to foster all-round development in Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
Furthermore, the government will support the development of an industrial corridor in the eastern region. The finance minister also announced that the government will directly provide e-vouchers to 1 lakh students annually, along with an interest subvention of 3 per cent on their loan amount.
11:31 (IST) Jul 23
Budget 2024 Live: Union Budget lays foundation for a knowledge based growth economy
“The FY 25 budget signals continuity and a forward-looking framework to strengthen India's growth trajectory. By prioritizing employment and skilling, inclusiveness and social justice, infrastructure, innovation, and next-generation reforms, this budget not only addresses immediate challenges but also lays the foundation for a knowledge based growth economy. Women participation in the workforce is absolutely essential for sustained GSP growth and realising the vision of developed India. Creating an ecosystem that supports women in the workforce that is culturally aligned is important. Encouraging higher education and skill development among females is another critical aspect that requires thrust,” says Jaideep Kewalramani, COO & Head of Employability Business, TeamLease Edtech.
11:28 (IST) Jul 23
Budget 2024 live: India's economic growth continues to be the shining exception, says FM Sitharaman
"India's economic growth continues to be the shining exception and will remain so in years ahead. India's inflation continues to be low and stable moving towards the 4% target. I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5
years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling," Sitharaman said while presenting the budget.
years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling," Sitharaman said while presenting the budget.
11:28 (IST) Jul 23
Budget 2024 Live: ‘Good to see jobs, skills and education at the core of Budget speech’
“Jobs has to be at the core of economic growth. It is good to see jobs, skills and education at the core of the Budget speech. Translating the allocation and new initiatives into action, making it demand driven, not supply driven can only ensure success of this intent,” says Nilaya Varma, Co-Founder and CEO at Primus Partners.
11:26 (IST) Jul 23
Budget 2024 Live: Significant benefits for new and additional employment
“The budget proposes significant benefits for new and additional employment to propel growth. 3 schemes are being announced which include one month wage upto 15,000 for first time employee with salary upto Rs.100,000. Benefit will disbursed in 3 Installments," says Milan Mody, Managing Partner, N.A. Shah Advisors.
11:23 (IST) Jul 23
Budget 2024 Live: FM Sitharaman lists 9 priorities of Union Budget 2024
The Budget envisages sustained efforts on priorities for generating ample opportunities for all
- Productivity and resilience in Agriculture
- Employment & Skilling
- Inclusive Human Resource Development and Social Justice
- Manufacturing & Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation, Research & Development
- Next Generation Reforms
11:18 (IST) Jul 23
Budget live: 9 priorities have been identified, says FM Sitharaman
The finance minister announced that the government has identified nine priority areas for focused development. The budget aims to ensure sustained efforts across these key sectors to generate ample opportunities for all. These nine priorities are agriculture, employment, social justice, manufacturing, urban development, energy, infrastructure, research and development, and next-generation reforms.
11:10 (IST) Jul 23
Budget 2024: Focus on employment, poor, women, youth and farmers, says finance minister Nirmala Sitharaman
While addressing the Parliament, the finance minister said that employment, skilling and MSMEs will remain the main focus of the Budget.
Productivity and resilience, employment and skilling, manufacturing and services, energy and security, infrastructure, manufacturing, land reforms, urban development and next generation reforms would remain the nine priority areas.
"As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer/ For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people," she added.
Productivity and resilience, employment and skilling, manufacturing and services, energy and security, infrastructure, manufacturing, land reforms, urban development and next generation reforms would remain the nine priority areas.
"As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer/ For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people," she added.
11:07 (IST) Jul 23
Budget 2024 live: Union finance minister Nirmala Sitharaman presents Budget 2024
Finance minister Nirmala Sitharaman has begun the presentation of her 7th Union Budget in Lok Sabha.
FM says, "The people of India have reposed their faith in the govt led by PM Modi and re-elected it for the historic third term."
FM says, "The people of India have reposed their faith in the govt led by PM Modi and re-elected it for the historic third term."
11:02 (IST) Jul 23
Budget 2024 live: Atishi, Shashi Tharoor express their expectations from the Budget
Delhi minister and AAP leader said that the party expects the government to receive Rs 20,000 crore from its share of taxes. “We are hoping that Rs 20,000 crore from the tax share will be given to the Delhi government. Delhi people should receive 10 per cent of the Rs 2 lakh crore income tax and Rs 25,000 crore central share of GST that they pay,” she said.
"Over the years, we have learnt to not have high expectations from this government's budgets. We will have to see what they come up with," said Congress leader Shashi Tharoor.
"Over the years, we have learnt to not have high expectations from this government's budgets. We will have to see what they come up with," said Congress leader Shashi Tharoor.
10:57 (IST) Jul 23
Union Budget 2024 live: Lok Sabha & Rajya Sabha likely to have 20-hour discussion
The Lok Sabha and Rajya Sabha are poised to engage in extensive discussions on the Union Budget, presented by finance minister Nirmala Sitharaman. According to sources, each house anticipates a 20-hour debate, with the Lok Sabha focusing on specific ministries such as railways, education, health, MSMEs, and food processing.
During the Lok Sabha BAC meeting, a Congress MP emphasized their party's request for short-duration discussions on topics such as the Agnipath scheme and the NEET controversy. Ultimately, it was agreed that discussions on various ministries would provide opportunities for all parties to address their concerns.
During the Lok Sabha BAC meeting, a Congress MP emphasized their party's request for short-duration discussions on topics such as the Agnipath scheme and the NEET controversy. Ultimately, it was agreed that discussions on various ministries would provide opportunities for all parties to address their concerns.
10:55 (IST) Jul 23
Budget live: Union cabinet clears Union Budget 2024-25
The Union Cabinet, chaired by Prime Minister Narendra Modi approved the comprehensive budget for the fiscal year 2024-25. Following which, finance minister Nirmala Sitharaman will deliver her seventh budget speech in the Lok Sabha.
Sitharaman, who holds the distinction of being the first woman to serve as a full-time finance minister in India, has presented five complete budgets since assuming office in July 2019, in addition to an interim budget on February 1, 2024.
This marks the inaugural budget of the BJP-led NDA government's third consecutive term in power.
In a statement to the press, Minister of State for Finance Pankaj Chaudhary previously mentioned that the first Union Budget under the third Modi administration would be guided by his principle of "Sabka Saath Sabka Vikas".
Union Minister Pralhad Joshi expressed confidence that this budget would further stimulate the nation's economic growth.
"The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi remarked while addressing the media at the Parliament premises.
Sitharaman, who holds the distinction of being the first woman to serve as a full-time finance minister in India, has presented five complete budgets since assuming office in July 2019, in addition to an interim budget on February 1, 2024.
This marks the inaugural budget of the BJP-led NDA government's third consecutive term in power.
In a statement to the press, Minister of State for Finance Pankaj Chaudhary previously mentioned that the first Union Budget under the third Modi administration would be guided by his principle of "Sabka Saath Sabka Vikas".
Union Minister Pralhad Joshi expressed confidence that this budget would further stimulate the nation's economic growth.
"The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi remarked while addressing the media at the Parliament premises.
10:48 (IST) Jul 23
The tradition of using a briefcase for Budget presentations in India began with the adoption of British practices, notably by William E Gladstone in 1860 with the 'Gladstone Box' bearing the Queen's monogram.
In 2019, Nirmala Sitharaman broke from this tradition by introducing the 'bahi khata,' an Indian accounting ledger, and later transitioned to a paperless presentation using a tablet.
This year, she will deliver a digital Budget using a tablet.
In 2019, Nirmala Sitharaman broke from this tradition by introducing the 'bahi khata,' an Indian accounting ledger, and later transitioned to a paperless presentation using a tablet.
This year, she will deliver a digital Budget using a tablet.
10:46 (IST) Jul 23
Budget 2024 live: Back as FM, Sitharaman's new challenges include economic costs of climate change, low job creation and tepid private investment
The formation of the new NDA government has taken place against the backdrop of a predominantly robust macroeconomic landscape. In the previous fiscal year, the economy expanded by an impressive 8.2%, surpassing expectations. Meanwhile, the Consumer Price Index (CPI) based inflation has been gradually moderating. The sturdy financial positions of both corporate entities and banking institutions indicate that lenders and borrowers are well-prepared to contribute to India's economic growth trajectory.
The infrastructure-driven resurgence in private sector investment is catalyzing enhancements in logistics and efficiency, which have the potential to elevate the nation's growth prospects. India's current account deficit remains modest, and the country's foreign exchange reserves are in a healthy state, providing a substantial buffer against external vulnerabilities. These factors collectively position India favorably to navigate any potential challenges and sustain its economic progress in the coming years.
Read full story10:42 (IST) Jul 23
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10:38 (IST) Jul 23
Budget 2024 Live: Ahead of session, AAP MPs including Raghav Chadha protest at Parliament against the alleged misuse of central agencies
Criticising the central government, Sanjay Singh said, "In the last 10 years, crores of Indians are suffering from inflation. Everyone will see what is done to curtail inflation. Farmers have been demanding MSP for a long time now... NDA allies are also demanding to revoke the Agniveer Scheme... Employment, MSP, and inflation will be the major areas where the main focus will be... I can leak the budget of Delhi now. For the last 9 years, Delhi has not been receiving more than Rs 325 crores for the sole reason that the people of Delhi elected AAP..."
Congress MP Gaurav Gogoi also criticised the Centre for favouring the rich through its tax policies. "The PM through the Budget will help the 'crorepatis' who are close to him. The middle class and the sincere taxpayers will not get anything except hollow promises," he said.
10:30 (IST) Jul 23
Union Budget 2024 live: President Murmu feed Nirmala Sitharaman 'curd and sugar' ahead of Budget presentation
Ahead of presenting the Budget 2024 in Parliament, finance minister Nirmala Sitharaman adhered to tradition by meeting with President Droupadi Murmu. During their meeting, President Murmu offered the finance minister 'curd and sugar,' a customary symbol representing wishes for good luck.
Earlier, she departed from the North Block offices of finance ministry with a digital copy of the Union Budget 2024-25. Accompanied by her team, she posed for photographs with the red 'Bahi Khatha' digital tablet before heading to Rashtrapati Bhavan.
Anticipation is mounting as Sitharaman prepares to present her seventh Budget in the Lok Sabha today. This Budget is expected to offer insights into PM Modi government's achievements over the last decade, alongside outlining strategies aimed at advancing India towards becoming a developed nation.
Earlier, she departed from the North Block offices of finance ministry with a digital copy of the Union Budget 2024-25. Accompanied by her team, she posed for photographs with the red 'Bahi Khatha' digital tablet before heading to Rashtrapati Bhavan.
Anticipation is mounting as Sitharaman prepares to present her seventh Budget in the Lok Sabha today. This Budget is expected to offer insights into PM Modi government's achievements over the last decade, alongside outlining strategies aimed at advancing India towards becoming a developed nation.
10:25 (IST) Jul 23
Budget 2024 Live: Union cabinet headed by PM Modi meets in Parliament to approve Union Budget ahead of its presentation
Meanwhile, several Lok Sabha members expressed their expectations from the upcoming Budget.
"The resolution of PM Modi's government since 2014 is that India should become self-reliant and the way the country is moving ahead in this direction in a systematic manner, this time too the budget has been announced in the same format," said Union minister Gajendra Singh Shekhawat.
Further, Congress MP K Suresh criticised the previous Budgets by PM Modi's government. "The previous budgets were anti-people. The Economic Survey also says that they (govt) are not listening to problems like price rise and unemployment faced by the poor. The common man is not getting any benefits from the Budget. The Modi govt is always protecting the corporates," he said.
"The resolution of PM Modi's government since 2014 is that India should become self-reliant and the way the country is moving ahead in this direction in a systematic manner, this time too the budget has been announced in the same format," said Union minister Gajendra Singh Shekhawat.
Further, Congress MP K Suresh criticised the previous Budgets by PM Modi's government. "The previous budgets were anti-people. The Economic Survey also says that they (govt) are not listening to problems like price rise and unemployment faced by the poor. The common man is not getting any benefits from the Budget. The Modi govt is always protecting the corporates," he said.
10:19 (IST) Jul 23
Union Budget 2024 live: Budget should also be agriculture-centric, says Kisan Mahapanchayat president Rampal Jat
Talking about the expectations from the Union Budget, Kisan Mahapanchayat president Rampal Jat said, "India is primarily an agricultural country and its budget should also be agriculture-centric. The Economic Survey also says that agriculture should be the focus. 5 trillion dollar economy can be achieved. The day the farmers get the right price for their crop produce, water for their fields, export-import policies are in favour of the farmers, crop produce isn't sold at a loss, this will give wings to the economy..."
On Monday, Economic Survey highlighted the urgent requirement for extensive reforms in India's agricultural sector, pointing out structural challenges that could hinder the nation's economic progress. Finance minister Nirmala Sitharaman presented the survey in Parliament, identifying critical issues such as sustaining growth amidst food price inflation, enhancing price discovery methods, and tackling land fragmentation within the agricultural domain.
"Despite its centrality in India's growth trajectory, the agriculture sector continues to face structural issues that have implications for India's economic growth," the Survey said.
"To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people's lives better and fulfills their aspirations, bottom-up reforms are necessary," it noted.
On Monday, Economic Survey highlighted the urgent requirement for extensive reforms in India's agricultural sector, pointing out structural challenges that could hinder the nation's economic progress. Finance minister Nirmala Sitharaman presented the survey in Parliament, identifying critical issues such as sustaining growth amidst food price inflation, enhancing price discovery methods, and tackling land fragmentation within the agricultural domain.
"Despite its centrality in India's growth trajectory, the agriculture sector continues to face structural issues that have implications for India's economic growth," the Survey said.
"To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people's lives better and fulfills their aspirations, bottom-up reforms are necessary," it noted.
10:13 (IST) Jul 23
Budget 2024 Live: Nirmala Sitharaman with the Budget tablet reaches Parliament
Further, copies of the Budget have also been brought to Parliament. Home minister Amit Shah has also reached the Parliament.
Talking about the budget expectations, Union minister Pralhad Joshi said, "The Budget will help in the further economic growth of the country."
On Monday, the economic survey was presented forecasting that the Indian economy has the potential to sustain a growth rate of 7% or more in the medium term. The survey emphasized the importance of building upon the structural reforms implemented over the past decade, highlighting the need for collaboration among the Union government, state governments, and the private sector to achieve this goal.
Talking about the budget expectations, Union minister Pralhad Joshi said, "The Budget will help in the further economic growth of the country."
On Monday, the economic survey was presented forecasting that the Indian economy has the potential to sustain a growth rate of 7% or more in the medium term. The survey emphasized the importance of building upon the structural reforms implemented over the past decade, highlighting the need for collaboration among the Union government, state governments, and the private sector to achieve this goal.
10:04 (IST) Jul 23
The finance minister's saree choice for the budget presentation has caught eyeballs every year and received appreciation from the citizens.
In a standout fashion statement in 2019, Sitharaman made her budget debut adorned in a vibrant pink Mangalgiri saree, accented with gold borders.
Next year, she donned a striking yellow-gold silk saree complemented by a blue border and a matching blouse.
2021 witnessed the finance minister in a red & off-white silk Pochampally saree. In 2022, she wore a Bomkai saree while in 2023, she wore a red temple saree with black border.
Additionally, breaking away from tradition, she replaced the customary briefcase with a traditional 'bahi khata' for the first time in Budget history. The budget documents were elegantly encased in a silk red cloth, featuring the national emblem embossed prominently on its cover.
In a standout fashion statement in 2019, Sitharaman made her budget debut adorned in a vibrant pink Mangalgiri saree, accented with gold borders.
Next year, she donned a striking yellow-gold silk saree complemented by a blue border and a matching blouse.
2021 witnessed the finance minister in a red & off-white silk Pochampally saree. In 2022, she wore a Bomkai saree while in 2023, she wore a red temple saree with black border.
Additionally, breaking away from tradition, she replaced the customary briefcase with a traditional 'bahi khata' for the first time in Budget history. The budget documents were elegantly encased in a silk red cloth, featuring the national emblem embossed prominently on its cover.
09:47 (IST) Jul 23
Budget 2024 Live: Increase duties to curb import from China among expectations from the Budget
Investor and entrepreneur pointed out several economic areas reflecting expectations from Budget 2024-25. Increasing corporate tax rates, increasing duties to curb imports from China could be used, he said, to reduce cost of energy/ petroleum, rationalise multiple GST slabs and reduce personal income tax while increasing number of people paying taxes.
In a post on X, he said, "Reducing corporate tax rates 4-5 years ago in the hope that it will stimulate investment was a big mistake. Companies did not spend/ invest the tax savings, rather retained the extra cash. Stock prices doubled in the last 5 years without any meaningful capacity expansion. Corporate tax cut should be reversed, especially for companies with over 1000 Cr turnover. This move will also help cool the stock markets and divert household savings flows from stock markets/ mutual funds to banks who can use it more productively to boost growth."
"Predatory pricing by China, especially when its own economy is slowing down, will only increase. Indian industry needs to be protected. Increasing import duties will help domestic manufacturers. Unfortunately, increasing import duties also has an inflationary impact on domestic market, and will make exports from India uncompetitive. Increased import duties should not be applicable on intermediate goods that are inputs for further exports, and on strategic sectors such as solar panels. Cost inflation impact should be mitigated through reduction in energy costs," he added.
In a post on X, he said, "Reducing corporate tax rates 4-5 years ago in the hope that it will stimulate investment was a big mistake. Companies did not spend/ invest the tax savings, rather retained the extra cash. Stock prices doubled in the last 5 years without any meaningful capacity expansion. Corporate tax cut should be reversed, especially for companies with over 1000 Cr turnover. This move will also help cool the stock markets and divert household savings flows from stock markets/ mutual funds to banks who can use it more productively to boost growth."
"Predatory pricing by China, especially when its own economy is slowing down, will only increase. Indian industry needs to be protected. Increasing import duties will help domestic manufacturers. Unfortunately, increasing import duties also has an inflationary impact on domestic market, and will make exports from India uncompetitive. Increased import duties should not be applicable on intermediate goods that are inputs for further exports, and on strategic sectors such as solar panels. Cost inflation impact should be mitigated through reduction in energy costs," he added.
09:38 (IST) Jul 23
Union Budget 2024 live: Deficit target expected slightly from 5.1% of GDP projected before polls
According to economists in a Bloomberg survey, government may reduce deficit target from the 5.1% of GDP projected before 2024 Lok Sabha polls.
Further, the budget is expected to emphasize initiatives aimed at boosting consumer spending and employment, particularly in rural areas, following indications of voter dissatisfaction with PM Modi government during recent elections, reported Bloomberg.
The government has ample resources to increase spending without jeopardizing its deficit plans, due to a significant windfall from the central bank and a surge in tax revenues, driven by the economy's expected growth of over 7% this fiscal year.
Further, the budget is expected to emphasize initiatives aimed at boosting consumer spending and employment, particularly in rural areas, following indications of voter dissatisfaction with PM Modi government during recent elections, reported Bloomberg.
The government has ample resources to increase spending without jeopardizing its deficit plans, due to a significant windfall from the central bank and a surge in tax revenues, driven by the economy's expected growth of over 7% this fiscal year.
09:29 (IST) Jul 23
Union Budget 2024 live: Will the budget tackle derivatives market concerns?
India’s booming equity derivatives market has been a cause of caution in recent months, with signs pointing to potential measures to curb the explosion in retail participation. The finance ministry’s economic survey on Monday flagged the need to closely monitor risks in this segment. Market participants are wondering if the budget may announce tax changes on income from equity futures and options to discourage small investors. (Bloomberg)
09:25 (IST) Jul 23
Budget 2024 Live: Nirmala Sitharaman to present Budget for J&K; 5th since Article 370 abrogation
The Budget for the Union Territory of Jammu and Kashmir would be presented after the Union Budget.
In the Interim Budget which was presented in February, the finance minister had outlined a budget of Rs 1.18 lakh crore for J&K. It included projections such as a fiscal deficit of Rs 20,760 crore, a capital expenditure contributing 14.64% to the Gross State Domestic Product (GSDP), and anticipated GSDP growth at 7.5%.
The Interim Budget 2024-25 mirrored the aspirations of the people of Jammu and Kashmir and underscored the Union territory government's commitment to fostering peace, progress, and prosperity. It aimed to expedite economic development in the region and enhance its multidimensional growth.
In the Interim Budget which was presented in February, the finance minister had outlined a budget of Rs 1.18 lakh crore for J&K. It included projections such as a fiscal deficit of Rs 20,760 crore, a capital expenditure contributing 14.64% to the Gross State Domestic Product (GSDP), and anticipated GSDP growth at 7.5%.
The Interim Budget 2024-25 mirrored the aspirations of the people of Jammu and Kashmir and underscored the Union territory government's commitment to fostering peace, progress, and prosperity. It aimed to expedite economic development in the region and enhance its multidimensional growth.
09:22 (IST) Jul 23
Budget 2024 Live: BSE Sensex and Nifty50 open in green
Stock market today on Budget 2024: Ahead of the Union Budget 2024 presentation by Finance Minister Nirmala Sitharaman, BSE Sensex and Nifty50 opened in green on Tuesday. While BSE Sensex moved up 200 points, Nifty50 was above 24,550. At 9:19 AM, BSE Sensex was trading at 80,673.62, up 172 points or 0.21%. Nifty50 was at 24,560.15, up 51 points or 0.21%.
09:19 (IST) Jul 23
Budget 2024 live: Finance minister Nirmala Sitharaman strikes a pose with the red tablet ahead of Budget presentation
09:17 (IST) Jul 23
What are the current income tax slabs for FY 2024-25 under the old income tax regime?
Under the old income tax regime, at present you don’t have to pay any tax for an income up to Rs 2.5 lakh
For income between Rs 2.5 lakh and Rs 5 lakh, the tax rate is 5%
Between Rs 5 lakh and Rs 10 lakh, the tax rate is 20%
For income above Rs 10 lakh, the tax rate is 30%.
It is important to note that the basic exemption limit for resident individuals who are senior citizens (aged 60 and above) is Rs 3 lakh, while for super senior citizens (aged 80 and above), it is Rs 5 lakh.
For income between Rs 2.5 lakh and Rs 5 lakh, the tax rate is 5%
Between Rs 5 lakh and Rs 10 lakh, the tax rate is 20%
For income above Rs 10 lakh, the tax rate is 30%.
It is important to note that the basic exemption limit for resident individuals who are senior citizens (aged 60 and above) is Rs 3 lakh, while for super senior citizens (aged 80 and above), it is Rs 5 lakh.
09:11 (IST) Jul 23
Union Budget 2024 live: ‘Modi stocks’ face investor caution ahead of budget
The ‘Modi Stocks’ — a term coined by CLSA for a group of companies benefiting from Prime Minister Narendra Modi’s policies — are in focus ahead of today’s budget.
An index compiled by Bloomberg News tracking these stocks has dipped about 0.4% this month, after eight months of gains, even as the broader market has seen modest increases.
Investors, cautious about these companies, which range from power generators and capital-good makers to building materials firms, are watching the budget for capex trends and sector-specific initiatives. (Bloomberg)
An index compiled by Bloomberg News tracking these stocks has dipped about 0.4% this month, after eight months of gains, even as the broader market has seen modest increases.
Investors, cautious about these companies, which range from power generators and capital-good makers to building materials firms, are watching the budget for capex trends and sector-specific initiatives. (Bloomberg)
09:08 (IST) Jul 23
Union Budget 2024 live: Finance minister Nirmala Sitharaman reaches ministry
Budget 2024 live: Finance minister Nirmala Sitharaman has reached the ministry of finance ahead of delivering the Union Budget speech.
Sitharaman was seen in a white saree with a violet border upon her arrival at the Ministry.
Today, Nirmala Sitharaman will present the Union Budget 2024 in Parliament, which will be her seventh budget in a row, surpassing the late Moraji Desai's record of six consecutive budgets. The budget is expected to concentrate on modifications to the income tax system and enhancing the ease of doing business in the country.
On Monday, Sitharaman presented the Economic Survey 2023-24 along with the statistical appendix.
Sitharaman was seen in a white saree with a violet border upon her arrival at the Ministry.
Today, Nirmala Sitharaman will present the Union Budget 2024 in Parliament, which will be her seventh budget in a row, surpassing the late Moraji Desai's record of six consecutive budgets. The budget is expected to concentrate on modifications to the income tax system and enhancing the ease of doing business in the country.
On Monday, Sitharaman presented the Economic Survey 2023-24 along with the statistical appendix.
08:59 (IST) Jul 23
Union Budget 2024 Live: Nirmala Sitharaman to present Budget for 7th time, surpass Morarji Desai's record
Finance minister Nirmala Sitharaman will create history by presenting the Union Budget for the 7th time. She would be surpassing the record of six budgets presented by former finance minister Morarji Desai. Desai.
Desai served as finance minister twice -- from 1958 to 1963 and then from 1967 to 1970. Renowned for his conservative fiscal policies, he prioritized controlling public spending and encouraging savings. Desai implemented significant tax reforms and played a key role in organizing budget management more effectively. His tenure was marked by efforts to stabilize the economy and manage fiscal deficits.
Sitharaman's budget planning, on the other hand hinges on revenues, tax income, and proceeds from disinvestment. Concerns over unemployment, stagnant private investment, income inequality, and regional disparities have intensified, prompting expectations that these issues would also be addressed in the budget. Youth, women, and farmers are anticipated to be focal points of attention.
Desai served as finance minister twice -- from 1958 to 1963 and then from 1967 to 1970. Renowned for his conservative fiscal policies, he prioritized controlling public spending and encouraging savings. Desai implemented significant tax reforms and played a key role in organizing budget management more effectively. His tenure was marked by efforts to stabilize the economy and manage fiscal deficits.
Sitharaman's budget planning, on the other hand hinges on revenues, tax income, and proceeds from disinvestment. Concerns over unemployment, stagnant private investment, income inequality, and regional disparities have intensified, prompting expectations that these issues would also be addressed in the budget. Youth, women, and farmers are anticipated to be focal points of attention.
08:50 (IST) Jul 23
Union Budget 2024 live updates: 'Budget based on PM Modi's mantra 'Sabka Saath Sabka Vikas', says MoS Pankaj Chaudhary
Minister of state for finance Pankaj Chaudhary stated that the upcoming Union Budget for 2024-25, which will be the first budget of Prime Minister Narendra Modi's third term, will adhere to his guiding principle of "Sabka Saath Sabka Vikas".
Finance minister Nirmala Sitharaman is set to unveil the comprehensive budget for the fiscal year 2024-25. MoS Chaudhary emphasized that this budget will be rooted in PM Modi's vision of inclusive growth and development for all.
In preparation for the Budget Presentation, Chaudhary was among the earliest members of FM Sitharaman's team to arrive at the Finance Ministry's offices in the North Block. Other key officials, including Vivek Joshi, Secretary of the Department of Financial Services, and Chief Economic Advisor V. Anantha Nageswaran, have also reached the ministry in advance of FM Sitharaman's arrival.
Finance minister Nirmala Sitharaman is set to unveil the comprehensive budget for the fiscal year 2024-25. MoS Chaudhary emphasized that this budget will be rooted in PM Modi's vision of inclusive growth and development for all.
In preparation for the Budget Presentation, Chaudhary was among the earliest members of FM Sitharaman's team to arrive at the Finance Ministry's offices in the North Block. Other key officials, including Vivek Joshi, Secretary of the Department of Financial Services, and Chief Economic Advisor V. Anantha Nageswaran, have also reached the ministry in advance of FM Sitharaman's arrival.
08:49 (IST) Jul 23
Union Budget 2024: MFs turn cautions ahead of Budget
Domestic institutional investors have turned cautious ahead of first budget of Modi govt 3.0, pulling a net $500 million from share markets last week.
The withdrawal is the biggest in more than six months, and likely played a part in the broad-based BSE 500 Index marking its first weekly drop since end-May on Friday, according to data compiled by Bloomberg.
Local mutual funds and insurance firms have been key drivers of the record-setting rally in Indian equities with purchases of over $25 billion this year, compared with about $4 billion from global peers. The 12% rebound in the Nifty 50 Index from the post-election selloff in early June likely prompted some domestic investors to take profit. (Source: Bloomberg)
The withdrawal is the biggest in more than six months, and likely played a part in the broad-based BSE 500 Index marking its first weekly drop since end-May on Friday, according to data compiled by Bloomberg.
Local mutual funds and insurance firms have been key drivers of the record-setting rally in Indian equities with purchases of over $25 billion this year, compared with about $4 billion from global peers. The 12% rebound in the Nifty 50 Index from the post-election selloff in early June likely prompted some domestic investors to take profit. (Source: Bloomberg)
08:44 (IST) Jul 23
Budget 2024 Live: Key expectations for consumers regarding mutual funds
Budget 2024 expectations: Fair market practices by strengthening regulatory frameworks is set to be a key highlight in the Union Budget to be presented by Nirmala Sitharaman.
"Consumer and Investor Confidence" would be a focus area which emphasizes consumer protection through enhanced regulatory frameworks to ensure fair market practices. The budget is expected to highlight investor-friendly policies aimed at attracting foreign direct investment (FDI) and improving the ease of doing business, thereby fostering a favorable investment climate. Additionally, financial market reforms to enhance transparency, minimize volatility, and safeguard investors' interests are anticipated outcomes of the budget.
"Tax Reforms and Relief" would be the next focus area, with expectations centered around adjusting income tax slabs and rates to provide relief to the middle class, potentially boosting disposable income and consumer spending. Simplification and rationalization of the capital gains tax structure across different asset classes are anticipated to reduce complexity and enhance compliance. Furthermore, there is an expectation for corporate tax reductions, particularly for MSMEs, aimed at stimulating business activity and encouraging investment.
"Consumer and Investor Confidence" would be a focus area which emphasizes consumer protection through enhanced regulatory frameworks to ensure fair market practices. The budget is expected to highlight investor-friendly policies aimed at attracting foreign direct investment (FDI) and improving the ease of doing business, thereby fostering a favorable investment climate. Additionally, financial market reforms to enhance transparency, minimize volatility, and safeguard investors' interests are anticipated outcomes of the budget.
"Tax Reforms and Relief" would be the next focus area, with expectations centered around adjusting income tax slabs and rates to provide relief to the middle class, potentially boosting disposable income and consumer spending. Simplification and rationalization of the capital gains tax structure across different asset classes are anticipated to reduce complexity and enhance compliance. Furthermore, there is an expectation for corporate tax reductions, particularly for MSMEs, aimed at stimulating business activity and encouraging investment.
08:34 (IST) Jul 23
Union Budget 2024 Live: Here are the main agendas for 3-week Budget session
Ahead of the Parliament's combined Monsoon and Budget session, floor leaders from various parties convened to strategize on the upcoming agenda for both Houses. A total of 55 leaders representing 44 political parties, including the BJP, actively participated in this discussion. The meeting was presided over by defence minister Rajnath Singh, was called by the government to facilitate coordination among the political factions.
Congress MP Gaurav Gogoi, newly designated as deputy leader in the Lok Sabha, voiced apprehensions about NEET and raised issues regarding purported misuse of central agencies like ED and CBI, and reiterated the demand for the deputy Speaker's appointment.
There was consensus across parties on the establishment of 24 department-related standing committees for the first time. Samajwadi Party MP Ram Gopal Yadav highlighted concerns over a recent Uttar Pradesh government directive mandating food stalls along the Kanwar route to prominently display owners' names.
Congress MP Gaurav Gogoi, newly designated as deputy leader in the Lok Sabha, voiced apprehensions about NEET and raised issues regarding purported misuse of central agencies like ED and CBI, and reiterated the demand for the deputy Speaker's appointment.
There was consensus across parties on the establishment of 24 department-related standing committees for the first time. Samajwadi Party MP Ram Gopal Yadav highlighted concerns over a recent Uttar Pradesh government directive mandating food stalls along the Kanwar route to prominently display owners' names.
08:17 (IST) Jul 23
Budget 2024 Live: ’Need for enhanced PPP projects in infrastructure’
Budget 2024: “The Economic Survey points out that significant public investment has taken place in the past five years resulting in significant expansion of physical and digital connectivity, as well as focused efforts to enhance quality of life by especially improving water and sanitation infrastructure. However, the Survey recognizes the fiscal compulsions facing the Government and impending consolidation targets for prudent fiscal management.
Therefore, the Survey reemphasizes the need for enhanced public private partnership projects and also recommends a strong data capture and reporting mechanism for infrastructure projects and a regular monitoring and periodic evaluation of utilisation of assets.
The Survey summarises the progress that each infrastructure sector has made over the past few years, but rightly recognizes aspects such as land, skill, climate and environment, availability of finance, non-availability of a high-level picture of the physical progress as areas that need redressal for continued economic growth,” says Sudeep Kumar Sinha, Partner, Deloitte India.
Therefore, the Survey reemphasizes the need for enhanced public private partnership projects and also recommends a strong data capture and reporting mechanism for infrastructure projects and a regular monitoring and periodic evaluation of utilisation of assets.
The Survey summarises the progress that each infrastructure sector has made over the past few years, but rightly recognizes aspects such as land, skill, climate and environment, availability of finance, non-availability of a high-level picture of the physical progress as areas that need redressal for continued economic growth,” says Sudeep Kumar Sinha, Partner, Deloitte India.
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