Budget 2024 Highlights Updates: Nirmala Sitharaman lists 9 developmental priorities in 83-minute Budget speech
Synopsis
Budget 2024 Announcements Highlights Updates: Finance Minister Nirmala Sitharaman presented the first full-fledged Budget of Modi 3.0. From India Inc to the middle class and job seekers, everyone has been keeping high hopes for this budget. Besides, some policy interventions could go a long way in providing impetus to the country's economic growth and also tackle the growing unemployment issue.
Budget 2024 Announcements, Union Budget Highlights News Updates:
Read Latest Budget 2024 Live Updates here
In her 83-minute Budget speech, Finance Minister Nirmala Sitharaman on Tuesday highlighted the nine priorities for creating ample opportunities, spanning from employment to energy security to next-generation reforms.
Draped in an off-white coloured Mysore silk saree with a purple-golden border, Sitharaman opened her tablet PC that was wrapped in a red-coloured 'bahi-khata' style pouch and started the speech with "Hon'ble Speaker, I present the Budget for 2024-25".
She said the people of India have reposed their faith in the government led by Prime Minister Narendra Modi and re-elected it for a historic third term under his leadership.
"We are grateful for their support, faith and trust in our policies. We are determined to ensure that all Indians, regardless of religion, caste, gender and age, make substantial progress in realising their life goals and aspirations," the minister said.
Referring to her interim budget presented in parliament in February, Sitharaman emphasised the need to focus on 4 major castes, namely 'Garib' (Poor), 'Mahilayen' (Women), 'Yuva' (Youth) and 'Annadata' (Farmer).
For Annadata, "we announced higher minimum support prices a month ago for all major crops, delivering on the promise of at least a 50 per cent margin over costs. Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefitting more than 80 crore people", she said.
On the full budget, she said it particularly focuses on employment, skilling, MSMEs, and the middle class.
She announced that the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs 2 lakh crore.
This year, Sitharaman said, the government has made a provision of Rs 1.48 lakh crore for education, employment and skilling.
"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'. In line with the strategy set out in the interim budget, this budget envisages sustained efforts on nine priorities for generating ample opportunities for all," she said.
The nine priorities are Productivity and resilience in Agriculture; Employment & Skilling; Inclusive Human Resource Development and Social Justice; Manufacturing & Services; Urban Development; Energy Security; Infrastructure; Innovation, Research & Development; and Next Generation Reforms.
"Subsequent budgets will build on these, and add more priorities and actions," the minister said.
The treasury benches welcomed the budgetary announcements by thumping their desks at least on 71 occasions during the 83-minute speech.
The strongest disapproval from the opposition was reserved for Sitharaman's fulsome announcements for Bihar and Andhra Pradesh - two states where JD(U) and TDP respectively are crucial allies of the BJP-led NDA.
Opposition members chanted slogans 'Sarkar ko bachane wala budget' and 'sarkar bachao', 'kursi bachao' budget as the finance minister read out a slew of measures for Bihar and Andhra Pradesh.
On Tuesday, Sitharaman presented her seventh straight Budget, surpassing the record of former prime minister Morarji Desai.
It was also the first Budget during Prime Minister Narendra Modi-led government's third term in office.
Read Latest Budget 2024 Live Updates here
In her 83-minute Budget speech, Finance Minister Nirmala Sitharaman on Tuesday highlighted the nine priorities for creating ample opportunities, spanning from employment to energy security to next-generation reforms.
Draped in an off-white coloured Mysore silk saree with a purple-golden border, Sitharaman opened her tablet PC that was wrapped in a red-coloured 'bahi-khata' style pouch and started the speech with "Hon'ble Speaker, I present the Budget for 2024-25".
She said the people of India have reposed their faith in the government led by Prime Minister Narendra Modi and re-elected it for a historic third term under his leadership.
"We are grateful for their support, faith and trust in our policies. We are determined to ensure that all Indians, regardless of religion, caste, gender and age, make substantial progress in realising their life goals and aspirations," the minister said.
Referring to her interim budget presented in parliament in February, Sitharaman emphasised the need to focus on 4 major castes, namely 'Garib' (Poor), 'Mahilayen' (Women), 'Yuva' (Youth) and 'Annadata' (Farmer).
For Annadata, "we announced higher minimum support prices a month ago for all major crops, delivering on the promise of at least a 50 per cent margin over costs. Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefitting more than 80 crore people", she said.
On the full budget, she said it particularly focuses on employment, skilling, MSMEs, and the middle class.
She announced that the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs 2 lakh crore.
This year, Sitharaman said, the government has made a provision of Rs 1.48 lakh crore for education, employment and skilling.
"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'. In line with the strategy set out in the interim budget, this budget envisages sustained efforts on nine priorities for generating ample opportunities for all," she said.
The nine priorities are Productivity and resilience in Agriculture; Employment & Skilling; Inclusive Human Resource Development and Social Justice; Manufacturing & Services; Urban Development; Energy Security; Infrastructure; Innovation, Research & Development; and Next Generation Reforms.
"Subsequent budgets will build on these, and add more priorities and actions," the minister said.
The treasury benches welcomed the budgetary announcements by thumping their desks at least on 71 occasions during the 83-minute speech.
The strongest disapproval from the opposition was reserved for Sitharaman's fulsome announcements for Bihar and Andhra Pradesh - two states where JD(U) and TDP respectively are crucial allies of the BJP-led NDA.
Opposition members chanted slogans 'Sarkar ko bachane wala budget' and 'sarkar bachao', 'kursi bachao' budget as the finance minister read out a slew of measures for Bihar and Andhra Pradesh.
On Tuesday, Sitharaman presented her seventh straight Budget, surpassing the record of former prime minister Morarji Desai.
It was also the first Budget during Prime Minister Narendra Modi-led government's third term in office.
1 New Update
12:02:09 AM IST, 24 Jul 2024
Here's the wrap for today
- Union Budget has positive indicators on economic growth and development: Kiran Mazumdar Shaw
- Budget inclusive, will help consumption growth: SBI chief Dinesh Khara
- Nirmala Sitharaman says Modi govt provides funds to all states, does not discriminate
- INDIA Alliance MPs to Protest Union Budget 2024 tomorrow
- Govt proposes to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000
- Budget is inclusive with thrust on quality job creation, skilling, says FICCI President
- Salaried employees under new tax regime to save up Rs 17,500 annually in taxes
- Budget 2024: Over Rs 3 lakh crore allocated for women and girls
- TN CM Stalin says he will boycott NITI Aayog meet on July 27
- Cut in gold import duty to help contain smuggling, says Piyush Goyal
- Budget empowers middle class, paves way for ‘Viksit Bharat’: PM Modi
- Union Budget 2024: What does it mean for Assam, Sikkim, and Manipur?
- Nirmala Sitharaman calls UPA-II era's Angel Tax a long-time industry concern
11:00:30 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Positive economic indicators highlighted by Kiran Mazumdar Shaw
The Executive Chairperson of Biocon Limited, Kiran Mazumdar Shaw has welcomed the Union Budget tabled by Finance Minister Nirmala Sitharaman. She said the budget builds further on the government's pre-election, Interim Budget and has positive indicators on how it is looking at India's economic growth and development.
The budget has also focused on the start-up ecosystem and provided a fillip through the abolition of the 'angel tax' which is aimed at spurring investments in start-ups, and the emphasis on 'ease of doing business' will benefit Medium Small Micro Enterprises, she noted.
The government's focus on research and innovation, especially agritech and industrial research, is a welcome move, the Biocon chief said.
The allocation of Rs 1 lakh crore financial pool will spur private sector-driven research and innovation at commercial scale, she opined.
The budget has also focused on the start-up ecosystem and provided a fillip through the abolition of the 'angel tax' which is aimed at spurring investments in start-ups, and the emphasis on 'ease of doing business' will benefit Medium Small Micro Enterprises, she noted.
The government's focus on research and innovation, especially agritech and industrial research, is a welcome move, the Biocon chief said.
The allocation of Rs 1 lakh crore financial pool will spur private sector-driven research and innovation at commercial scale, she opined.
10:22:58 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Features of new capital tax regime
09:52:09 PM IST, 23 Jul 2024
Disasters may occur for a short period of time, but their impact haunts us for years. Last year, Dev Bhoomi Himachal Pradesh experienced one of the worst disasters in its history. Today, Finance Minister Smt. Nirmala Sitharaman ji announced aid to Himachal Pradesh, where the central government will provide assistance to the state for reconstruction and rehabilitation through multilateral development assistance
- Union Minister-BJP national president JP Nadda
09:24:05 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Gajendra Singh Shekhawat highlights Modi's vision for India's growth
Budget 2024 LIVE Updates: "Today's Budget reflects PM Modi's vision to make India a developed, prosperous, and powerful nation. PM Modi guarantees that our country, which has risen from being one of the fragile five economies to being among the top 5 economies, and soon to be top three economies, is dedicated to this Budget," says Union Minister Gajendra Singh Shekhawat
08:54:17 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FM lists 9 developmental priorities in 83-minute Budget speech
In her 83-minute Budget speech, Finance Minister Nirmala Sitharaman on Tuesday highlighted the nine priorities for creating ample opportunities, spanning from employment to energy security to next-generation reforms.
Draped in an off-white coloured Mysore silk saree with a purple-golden border, Sitharaman opened her tablet PC that was wrapped in a red-coloured 'bahi-khata' style pouch and started the speech with "Hon'ble Speaker, I present the Budget for 2024-25".
Draped in an off-white coloured Mysore silk saree with a purple-golden border, Sitharaman opened her tablet PC that was wrapped in a red-coloured 'bahi-khata' style pouch and started the speech with "Hon'ble Speaker, I present the Budget for 2024-25".
08:31:44 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Budget announces duty reductions on capital equipment and commodities
Budget 2024 LIVE Updates: Budget announces reduction of duties on capital equipment and commodities that are driving India’s energy transition and indigenization of India’s defense, space, and other high technology sectors. A welcome step that reduces overall costs domestically and improves competitive advantage in export markets, says Davinder Sandhu, Co-Founder & Chairperson, Primus Partners
08:17:24 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Morgan Stanley on Indian Budget
07:53:36 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Budget inclusive, will help consumption growth: SBI chief Dinesh Khara
SBI chairman Dinesh Kumar Khara lauded the budget for its inclusive approach and exuded confidence that the proposals will boost sagging consumption growth. In a conversation with PTI Videos, Khara said banks will be helped by the Budget announcements like the Prime Minister Awas Yojana (PMAY) which will push credit growth, and also welcomed the specific measures on loan recovery. When asked if doing away with the indexation benefits will act as a dampener, he replied in the negative, pointing out that a bulk of homebuyers in the country are first time buyers and do not get driven by investments.
07:47:14 PM IST, 23 Jul 2024
The three schemes that the budget announced with respect to the job creation cover many angles and it will have a huge impact on both the employment market and also on household income growth and consumption, spending powers etc
- Chief Economic Advisor V Anantha Nageswaran
07:36:04 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: INDIA Alliance MPs to protest in Parliament tomorrow, 24th July, morning alleging the Union Budget2024 to be a "discriminatory budget"
07:11:23 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Nirmala Sitharaman says Modi government provides funds to all states
Finance Minister Nirmala Sitharaman dismissed the Opposition's criticism that the budget has accorded special treatment to states run by supporting parties, saying that those whose alliance got less than 230 seats have no right to question it as the Centre has provided funds to all states. On the issue of Rs 60,000 crore projects announced for Bihar and pledge to get multilateral assistance for the state and Andhra Pradesh, she said, Rs 1.5 lakh crore assistance has been promised for all states in the budget.
07:07:24 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Eric Mehta Partner - Price Waterhouse & Co LLP's reaction on budget
Budget 2024 LIVE Updates: The Finance Minister (FM) in today’s budget announced some noteworthy proposals on the tax front. One of the key announcements made was the comprehensive review of the Income-tax Act. This is a positive move intended to simplify the tax law, reduce litigation and provide tax certainty. Specifically, from a transfer pricing perspective, taxpayers have long argued for making the safe harbour rules more attractive. Accordingly, the announcement to expand the scope of the safe harbour rules is a positive one. However, we will have to wait for the detailed rules to understand the contours of the framework and understand its impact on taxpayers. The FM has also announced plans to streamline the transfer pricing assessment procedure, which also is a welcome move. For multinational enterprises, these reforms could translate into a more predictable and less contentious transfer pricing environment.
07:02:05 PM IST, 23 Jul 2024
Budget inclusive, will help consumption growth: SBI chief Dinesh Khara
SBI chairman Dinesh Kumar Khara lauded the budget for its inclusive approach and exuded confidence that the proposals will boost sagging consumption growth. In a conversation with PTI Videos, Khara said banks will be helped by the Budget announcements like the Prime Minister Awas Yojana (PMAY) which will push credit growth, and also welcomed the specific measures on loan recovery. When asked if doing away with the indexation benefits will act as a dampener, he replied in the negative, pointing out that a bulk of homebuyers in the country are first time buyers and do not get driven by investments.
03:48:19 PM IST, 24 Jul 2024
Budget 2024 LIVE Updates: Increased allocation for skilling and employment would create an industry-ready workforce, Centurion University of Technology Vice Chancellor
"The increased budgetary allocation for skilling, education and employment is a welcome step and would go a long way in India's vision to consistently create an industry-ready workforce. The Prime Minister's package of schemes and initiatives for skilling and employment is likely to benefit over 4 crore youth across the country, further aided by the dedicated Rs 1.48 lakh crore allocation for education, employment and skilling. The other highlight of this year's budget is the setting up of 1000 industry training institutes and new courses for emerging needs. With our campus already housing more than 50 industry-sponsored Action Labs and manufacturing units, we can vouch for the immense benefit of it as compared to conventional higher education methodologies. Also, loan provision up to 10 lakh for higher education in domestic institutions and the new internship scheme are welcome steps and point towards a bright future for India," said Supriya Pattanayak, Vice Chancellor, Centurion University of Technology and Management, Odisha.
04:09:06 PM IST, 24 Jul 2024
Budget 2024 LIVE Updates: 'Govt's focus on infra and MSMEs will help businesses to grow'
Budget 2024 LIVE Updates: The government's renewed focus on infra is expected to dramatically increase demand in the industrial sector. The implementation of three employment-linked schemes will not only increase work prospects for new people entering the market. Still, it will also give critical support to employers, promoting a fair playing field for enterprises and organizations in the sector. This will also enable them to indulge in Industry 4.0 practices and equip themselves for export opportunities. Furthermore, the credit guarantee schemes for MSMEs in the manufacturing sector will enable businesses to grow and improve productivity," Bharath B Bommai, Entrepreneur & Industrialist.
03:36:48 PM IST, 24 Jul 2024
Budget 2024 LIVE Updates: Enhancing vocational training and focusing on STEM can propel India towards becoming a global knowledge hub, says education expert
"This budget marks a pivotal moment for the education sector, with substantial investments aimed at revamping our education system. Enhancing vocational training and focusing on STEM education can propel India towards becoming a global knowledge hub. It's imperative, however, to monitor the implementation of these initiatives closely to ensure they reach the intended beneficiaries. Collaborative efforts between the government, private sector, and educational institutions will be key to achieving these ambitious goals," Bhupendra Bahadur Tiwari, Professor and Director, CMR University, Bengaluru.
06:26:22 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Budget is inclusive with thrust on quality job creation, skilling, says FICCI President
Commenting on the Union Budget 2024-25, Dr Anish Shah, President, FICCI said, “FICCI congratulates the Hon’ble Finance Minister for delivering a growth-oriented budget that has delivered both short term demand stimulus and actions focused on medium to long term growth imperatives, while maintaining fiscal discipline. The budget is inclusive, with a strong thrust on quality job creation and skilling. It also strikes a balance between agriculture and manufacturing, with elements of services.”
There is continuity in policy announcements. The focus on simplification and ease of doing business, boost to manufacturing, focus on research and innovation, thrust on public capex, use of technology, support to women, farmers and MSMEs, and promoting sustainability are the key themes that resonate once again in this Union Budget proposals.
“The focus areas of budget are very much in line with the FICCI’s key priorities for the industry and we are happy to note that many of FICCI’s suggestions have been considered in this budget, as seen in the proposals for accelerating agriculture research, enhancing participation of women workforce in manufacturing, factor market reforms for improving manufacturing competitiveness as well as measures to promote green economy,” he added.
There is continuity in policy announcements. The focus on simplification and ease of doing business, boost to manufacturing, focus on research and innovation, thrust on public capex, use of technology, support to women, farmers and MSMEs, and promoting sustainability are the key themes that resonate once again in this Union Budget proposals.
“The focus areas of budget are very much in line with the FICCI’s key priorities for the industry and we are happy to note that many of FICCI’s suggestions have been considered in this budget, as seen in the proposals for accelerating agriculture research, enhancing participation of women workforce in manufacturing, factor market reforms for improving manufacturing competitiveness as well as measures to promote green economy,” he added.
06:08:02 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: MK Stalin to boycott NITI Aayog meet
TN CM Stalin says he will boycott NITI Aayog meet on July 27 to condemn Union Budget 'ignoring' Tamil Nadu
06:01:33 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Amit Shah on Budget 2024
03:34:06 PM IST, 24 Jul 2024
Budget 2024 LIVE Updates: Special attention to MSMEs and the manufacturing sector are commendable, says Blaupunkt Audio India CEO Sukhesh Madaan
"The technology support package for MSMEs will boost productivity and bridge economic inequality. Over the past decade, public investment in digital infrastructure and private sector innovations have enhanced access to market resources and various services. We will continue to drive digitalization. To further value addition in the domestic electronics industry, removing the BCD on oxygen-free copper for resistor manufacturing and exempting certain parts for connector manufacturing are key steps forward. We look forward to a collective growth with all the steps taken," said Sukhesh Madaan CEO of Blaupunkt Audio India.
05:48:34 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Union budget to promote inclusive growth, say industry players
Budget 2024 LIVE Updates: The Union budget, presented by Finance Minister Nirmala Sitharaman, will promote inclusive growth and provide resilience in the economy, industry players said. Emami Group director Aditya V Agarwal said the budget is holistic, offering a level-playing ground for many strata of society. Both direct tax relaxation under the new regime and the reform initiatives are directed towards sustainable growth and empowerment, he said.
05:42:39 PM IST, 24 Jul 2024
Budget 2024 LIVE Updates: Measures will strengthen MSMEs, boost employment, say industry expert
Budget 2024 LIVE Updates: “The Credit Guarantee Scheme for MSMEs in the manufacturing sector is a significant step towards empowering small businesses with essential financial support without collateral. The new assessment model for MSME credit and mechanisms for credit support during stress periods are commendable initiatives that will help businesses maintain operations and avoid becoming NPAs. Additionally, reducing the turnover threshold for mandatory onboarding on the TReDS platform will unlock vital working capital for MSMEs, ensuring smoother cash flows. Enhancing the Mudra loan limit will provide additional support for business expansion. Expanding SIDBI coverage are positive moves to enhance direct credit access. Moreover, the budget's focus on substantial hiring of first-time employees in the manufacturing sector is particularly encouraging.This initiative will significantly boost employment and support economic growth,”Hemant Sapra. President, Global Sales & Marketing, KARAM Group.
05:13:32 PM IST, 23 Jul 2024
Union Budget 2024: What does it mean for Assam, Sikkim, and Manipur?
With Assam grappling with several waves of floods every year Union Finance Minister Nirmala Sitharaman in the budget 2024-25 announced that assistance will be provided to Assam for flood management and related projects. The finance minister is presenting the first Union Budget of the Modi 3.0 government said, “Assam grapples with floods every year due to the Brahmaputra River and its tributaries originating outside India. We will assist Assam for flood management and related projects”. (Read more)
05:12:08 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Budget earmarks Rs 1.28 lakh cr for telecom ministry
Budget 2024 LIVE Updates: The government has proposed an allocation of Rs 1.28 lakh crore for telecom projects and public sector firms under the telecom ministry, with the majority of funds designated for state-owned BSNL. Of the total proposed allocation, over Rs 1 lakh crore is intended for BSNL and MTNL-related expenses, including Rs 82,916 crore for technology upgrades and restructuring at BSNL.
04:50:22 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: P Chidambaram's take on Budget
Budget 2024 LIVE Updates: FM virtually adopted ideas underlying Congress proposals on employment-linked incentive scheme, apprenticeship, angel tax abolition: P Chidambaram
04:47:14 PM IST, 23 Jul 2024
This budget is like an empty vessel given to Karnataka by Nirmala Sitharaman. Only Andhra Pradesh and Bihar have been given funds. Nothing has been given to other states because he (PM Modi) needs to have the confidence of those two states to remain as PM
- Karnataka CM Siddaramaiah
04:34:37 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: No state is going to be left out, says FM Sitharaman
Union Budget 2024 Live Updates: I have not named all the states in the Budget speech, says FM
04:31:31 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Nitish Kumar on Budget allocations to Bihar
Union Budget 2024 Live Updates: On Budget allocation to Bihar, CM Nitish Kumar said, "I have continuously spoken for this (special status), I told them as well (NDA). I told them to give us either a special status or a special package...As a follow-up, they have announced aid for a lot of things...We were speaking of special status and a lot of people said that the provision for special status has been done away with much earlier. So, instead of that, aid should be given for helping Bihar. They have now started it."
04:27:17 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Naidu thanks FM Sitharaman for Andhra share in Budget
Union Budget 2024 Live Updates: In a post, Andhra Pradesh CM Chandrababu Naidu expressed gratitude on behalf of the people of Andhra Pradesh, thanking Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for addressing the state's needs in the FY 24-25 Union Budget. He also highlighted the focus on key areas such as the capital, Polavaram, industrial nodes, and the development of backward areas in Andhra Pradesh. Naidu noted that this support from the Centre will significantly aid in rebuilding the state and congratulated them on presenting a progressive and confidence-boosting budget.
04:20:16 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman on 12.5% tax on long-term capital gains
Union Budget 2024 Live Updates: On the 12.5% tax on long-term capital gains, Union Finance Minister Nirmala Sitharaman explained, "We wanted to simplify the approach to taxation - also for the capital gains. Second, if anything, the average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes...The point that we brought it down from below the average to 12.5% encourages investment in the markets..."
04:15:11 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FM addresses the issue of investments from China
Union Budget 2024 Live Updates: Sitharaman addressed the issue of investments from China, stating that the Economic Survey provided its perspective on the matter. She explained that these investments, like those from other neighboring countries, undergo a review process. While the survey suggested it might be time to open up, she noted that this suggestion is still being considered cautiously and does not imply she is disowning it.
04:02:41 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FM on old tax regime's future
Union Budget 2024 Live Updates: The Finance Minister stated that she can't take a call on whether the old tax regime will be done away with but emphasised that the intention is to make the tax regime simpler.
03:58:10 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: A committee is studying National Pension System, says Fin Secy
Union Budget 2024 Live Updates: The attempt is to design something that is fiscally prudent and provides for the needs of staff, said Finance Secretary T.V. Somanathan.
03:50:46 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Expenditure towards railways highest
Union Budget 2024 Live Updates: Expenditure towards railways is the highest ever, said Finance Secretary TV Somanathan
03:48:59 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: There has been a consistent effort to relax FDI, says Nirmala Sitharaman
03:47:11 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Finance Secy on fiscal deficit
Union Budget 2024 Live Updates: Finance Secretary T.V. Somanathan stated that it is highly likely the fiscal deficit will not exceed 4.5% in FY26.
03:45:10 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Finance Secy on debt-to-GDP ratio
Union Budget 2024 Live Updates: Finance Secretary T.V. Somanathan stated that there is a commitment to endeavor to reduce the debt-to-GDP ratio every year.
05:36:58 PM IST, 24 Jul 2024
Budget 2024 LIVE Updates: The budget has potential to significantly boost our nation's growth trajectory, says Forever Living Products' Harish Singla
“The Budget is undoubtedly a visionary move. This budget has the potential to significantly boost our nation's growth trajectory, aligning with India's aspirations of becoming a global leader. As we progress, this budget plays a crucial role in shaping our future. The introduction of women-specific programs is particularly commendable, as it aims to empower women and make them more independent. Additionally, the new central scheme for skilling, in collaboration with state governments, the upgradation of technical institutes, and the focus on employment are set to pave the way for a developed India (VIKSHIT BHARAT). This proactive approach demonstrates a forward-thinking vision for the country. These initiatives are poised to create a more conducive environment for the retail sector, fostering seamless operations and facilitating overall growth,” Harish Singla, Country Sales Manager, Forever Living Products (India) said.
03:39:38 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FM on Rs 15,000 cr to Andhra Pradesh
Union Budget 2024 Live Updates: Rs 15,000 crore to Andhra Pradesh will be through multi-lateral assistance, said Finance Minister Nirmala Sitharaman in a Budget media briefing.
03:36:51 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Angel tax introduced in UPA-II, says Nirmala Sitharaman
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman stated that the Angel Tax was introduced during UPA-II. She acknowledged that it has been a long-time concern of the industry.
03:29:05 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Looking to generate resources from newer areas, says Nirmala Sitharaman
03:27:57 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: STT change in F&Os will be effective from October 1
03:26:47 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Finance Ministry on the abolition of Angel Tax
Union Budget 2024 Live Updates: The Finance Ministry commented on the abolition of the Angel Tax, stating that while it was effective in preventing money laundering, but it also inadvertently hindered investment in India.
03:25:08 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Real rate of return earlier was about 6-16% in real estate, says Finance Secy TV Somanathan
03:24:05 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: From 20% with indexation to 12.5% without indexation for unlisted assets, says Finance Secretary TV Somanathan
03:23:13 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Revenue mobilisation is not just tax based, says NirmalaSitharaman
03:20:51 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Short term capital gains has gone up, says Finance Secy
03:18:25 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: LTCG has not gone up, it has been rationalised, says Finance Secy
03:16:41 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Lower capital gains tax to encourage investment, says Nirmala Sitharaman
03:12:35 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Nirmala Sitharaman briefs media after Budget presentation
05:46:19 PM IST, 24 Jul 2024
Budget 2024 LIVE Updates: "Budget has charted a progressive course for the real estate sector"
Union Budget 2024 Live Updates: " The budget's comprehensive framework targets critical areas such as affordable housing, urban infrastructure, and digital transformation, setting the stage for significant advancements in the real estate market. A notable highlight is the allocation of Rs 10 lakh crore under the Pradhan Mantri Awaas Yojana (PMAY) for urban housing, poised to address the housing shortage and stimulate the affordable housing segment. The emphasis on Transit-Oriented Development (TOD) for major cities will enhance connectivity, reduce congestion, and promote sustainable urban growth. The establishment of industrial parks through public-private partnerships is another strategic initiative, expected to bolster industrial development and generate employment. The provision of rental housing for industrial workers via the Viability Gap Funding model addresses a crucial need for affordable accommodation, supporting the workforce essential to the economic ecosystem," said Nitin Gupta, Founder and Managing Director, Maestro Realtek.
03:08:07 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Budget moves on STT, STCG minor tinkering, says NSE CEO
Union Budget 2024 Live Updates: Ashish Chauhan, the Chief Executive Officer and Managing Director of NSE, the largest equity exchange, described the Budget's measures on the securities transaction tax and short-term capital gains tax as "minor tinkering" that will not have a significant effect on the markets on Tuesday.
Regarding the market correction that followed Union Finance Minister Nirmala Sitharaman's budget address statements, Chauhan stated that investors' lack of comprehension of the movements' ramifications is what caused the sell-off.
Regarding the market correction that followed Union Finance Minister Nirmala Sitharaman's budget address statements, Chauhan stated that investors' lack of comprehension of the movements' ramifications is what caused the sell-off.
03:04:54 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Here's everything that got costlier after the Budget
- Polyvinyl chloride (PVC) flex films
- Garden umbrellas Laboratory chemicals
- Solar glass for manufacture of solar cells or solar modules
- Tinned copper interconnect for manufacture of solar cells or solar modules
03:02:26 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Here's everything that got cheaper after the Budget
- Imported mobiles
- Gold, silver, and other precious metals
- Cancer Drugs - Trastuzumab Deruxtecan, Osimertinib, Durvalumab
- Medical Equipment - All types of polyethylene for use in the manufacture of orthopedic implants X-ray tubes
- Imported cellular mobile phone Charger/Adapter
- Specified capital goods for use in the manufacture of solar cells or solar modules, and parts for the manufacture of such capital goods
- Shea nuts Fish lipid oil for use in the manufacture of aquatic feed Crude fish oil
02:54:22 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt cuts borrowing target
Union Budget 2024 Live Updates: Due to an increase in tax revenue, the government has reduced its projected borrowings for the current fiscal year to 14.01 lakh crore. To achieve its desired budget deficit, the government must issue dated securities in order to borrow money.
02:50:56 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Mobile Phones to get cheaper
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman announced a 15 per cent cut in the Basic Customs Duty (BCD) on mobile phones. The BCD on mobile chargers and Printed Circuit Board Assembly (PCBA) will also be reduced to 15% in addition to mobile phones.
02:47:48 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sensex rebounds 1,500 pts from day's low, Nifty back above 24,500
02:44:11 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Customs duties reduction on 25 critical minerals
Union Budget 2024 Live Updates: Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics are made fully exempt and reduce BCD on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors.
02:31:21 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Rahul Gandhi calls Sitharaman's Budget as a 'Kursi Bachao' Budget
Union Budget 2024 Live Updates: Rahul Gandhi referred to Sitharaman's Budget as a 'Kursi Bachao' Budget in a post on X. He criticised it for making hollow promises to appease allies at the cost of other states, providing benefits to cronies without offering relief to the common Indian, and being a copy-and-paste job from the Congress manifesto and previous budgets.
02:24:31 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Deduction for employer NPS contributions proposed to increase from 10% to 14% of employee salary
Union Budget 2024 Live Updates: To improve social security benefits, the deduction of expenditure by employers towards NPS is proposed to be increased from 10 to 14 % of the employee’s salary.
02:20:57 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: PM Modi on Employment Linked Incentive scheme
Union Budget 2024 Live Updates: On Union Budget 2024-25, PM Modi said, "In this Budget, the government has announced ‘Employment Linked Incentive scheme. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country's top companies under the apprenticeship program."
02:19:33 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Telecom infra stocks plunge
Union Budget 2024 Live Updates: Tuesday saw a more than 4% decrease in the stock price of telecom infrastructure businesses following the announcement by Finance Minister Nirmala Sitharaman that the government will raise the basic customs duty on certain telecom equipment from 10% to 15%.
02:16:44 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: This Budget will provide a new scale to education and skill, says PM Modi
Union Budget 2024 Live Updates: "This Budget will provide a new scale to education and skill. It will give new strength to the middle class. It has come with strong schemes aimed at strengthening tribals, Dalits and backwards. This Budget will help assure financial partnership," said PM Modi in the Union Budget.
02:13:59 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: This budget puts emphasis on manufacturing as well as infrastructure; will speed up growth, says PM Modi
02:11:16 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: This Budget is for the empowerment of the new middle class, says PM Modi
Union Budget 2024 Live Updates: Prime Minister Narendra Modi said "In the last 10 years, 25 crore people have come out of poverty. This budget is for the empowerment of the new middle class. The youth will get unlimited opportunities from this budget. Education and skill will get a new scale from this budget. This budget will give power to the new middle class...This budget will help women, small businessmen, MSMEs..."
02:08:33 PM IST, 23 Jul 2024
This budget will give power to every section of the society...
- PM Modi
02:04:41 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: PM Modi addresses the nation after Budget presentation
02:03:58 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Phase IV of Pradhan Mantri Gram Sadak Yojana
Union Budget 2024 Live Updates: The government has announced the launch of Phase IV of Pradhan Mantri Gram Sadak Yojana to provide all-weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase.
02:01:26 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Monetary limits for tax appeals raised
Union Budget 2024 Live Updates: Monetary limits for filing appeals related to direct taxes, excise and service tax in the Tax Tribunals, High Courts and Supreme Court have been increased to Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively.
01:58:03 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: CBI sees slight dip in budget allocation from last year
Union Budget 2024 Live Updates: The Central Bureau of Investigation has received over Rs 951 crore in Budget 2024-25, a slight dip of over 1.79 per cent from the last fiscal. The agency had received Rs 968.86 crore to manage its affairs in the Revised Budget Estimates for 2023-24.
01:52:29 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt's big announcement for employment push
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman on Tuesday announced an allocation of Rs 2 lakh crore for multiple projects targeting 4.1 crore young in the Budget for 2024–25, in a major push for employment, skill development, and other opportunities.
01:48:18 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Jammu and Kashmir gets Rs 42,277 cr in Budget
Union Budget 2024 Live Updates: Nirmala Sitharaman allocated Rs 42,277 crore to the Union Territory of Jammu and Kashmir, which is currently under the direct control of the central government, in the Budget. Here's a look at the allocation of other UTs
- Rs 5,985 crore to Andaman and Nicobar Islands
- Rs 5,862 crore to Chandigarh
- Rs 5,958 crore to Ladakh
01:44:07 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt to exempt three more cancer drugs from customs duty
Union Budget 2024 Live Updates: Providing significant relief to cancer patients, Nirmala Sitharaman waived customs duties on three cancer medications. Osimertinib, Durvalumab, and Trastuzumab Deruxtecan are the three medications.
01:40:50 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Corporate tax rate cut on foreign companies from 40% to 35%
Union Budget 2024 Live Updates: The Finance Minister announced a cut in the corporate tax rate for foreign companies, reducing it from 40% to 35% in the FY25 Budget.
01:35:04 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Budget eliminates indexation bonus on property sales; New LTCG tax rate set at 12.5%
Union Budget 2024 Live Updates: The indexation bonus that was offered on property sales was announced to be eliminated in the 2024 budget. Many property sellers will consequently be unable to increase their acquisition price and lower their capital gains. Before the announcement, long-term capital gains from the sale of real estate were subject to a 20% indexation benefit tax. According to the budget documents, capital gains from the sale of property will now be subject to the new LTCG tax rate of 12.5% without indexation advantage, as opposed to the previous rate of 20% with indexation benefit. According to the budget documents, capital gains from the sale of real estate will now be subject to the new 12.5% LTCG tax rate without the indexation benefit.
01:26:27 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Amit Shah on Sitharaman's Budget
Union Budget 2024 Live Updates: The budget not only exemplifies Bharat's newfound sense of purpose, hope, optimism under Modi govt but also fortifies them, said Amit Shah.
01:19:54 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Changes in capital gains tax and custom duties to be effective from today
01:17:06 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Jewellery stocks surge after govt cuts basic custom duty on gold, silver
Union Budget 2024 Live Updates: Tuesday saw a sharp increase in the stock prices of gold and jewellery shops following the announcement by Finance Minister Nirmala Sitharaman that the government will lower the basic customs charge on silver and yellow metal to 6%.
01:14:26 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India slashes import tax on gold, silver to 6%
Union Budget 2024 Live Updates: India, the second-largest consumer of bullion in the world, cut import levies on gold and silver from 15% to 6%. Industry officials say this could increase retail demand and assist reduce smuggling. Increased Indian demand for gold could drive up world prices, which broke records this year, but it could also increase India's trade deficit and weaken the rupee.
01:11:54 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Rupee declines to record low after government raises tax on capital gains
Union Budget 2024 Live Updates: The rupee fell to a record low versus the US dollar on Tuesday after the government's to announcement increase the capital gains tax rate, The rupee declined to 83.69 to the dollar, inching past the previous lifetime low of 83.6775, and compared with 83.6275 before the budget announcement.
01:08:50 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt's expenditure on major items
- Defence: 4,54,773 cr
- Rural Development: 2,65,808 cr
- Agriculture and Allied Activities: 1,51,851 cr
- Home Affairs: 1,50,983 cr
- Education: 1,25,638 cr
- IT and Telecom: 1,16,342 cr
- Health: 89,287 cr
- Energy: 68,769 cr
- Social Welfare: 56,501 cr
- Commerce & Industry: 56,501 cr
12:58:20 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: All that govt has announced for urban development
- Stamp Duty: Encouraging states to lower stamp duties for properties purchased by women
- Street Markets: Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities
- Transit Oriented Development: Transit Oriented Development plans for 14 large cities with a population above 30 lakh
- Water Management: Promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects
12:53:46 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Here's all what Andhra is getting from Modi 3.0's Budget
- Union Budget 2024 Live Updates: Financial support of Rs 15,000 crores will be arranged in FY 24-25
- Completion of Polavaram Irrigation Project ensuring food security of the nation
- Essential infrastructure such as water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor.
12:51:02 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: D-St rebounds from day's bottom, stilldown 500
After Nirmala Sitharaman's Budget presentation, D-Street rebounded from the day's lows but remained down by 500 points.
12:44:26 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Defence outlay set at Rs 4.56 lakh crore
Union Budget 2024 Live Updates: The defense outlay has been set at Rs 4.56 lakh crore, compared to Rs 4.55 lakh crore previously.
12:41:39 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: 20% TDS on repurchase by MF or UTI withdrawn
12:39:36 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt hikes STT on F&Os
Union Budget 2024 Live Updates: The Finance Minister announced an increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%.
12:33:47 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Markets bleed as govt hikes STT on F&Os - Sensex down 1000 points
12:26:33 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: In new tax regime, tax rate structure to be revised
- 0-3L Zero
- 3-7L 5%
- 7-10L 10%
- 10-12L 15%
- 12-15L 20%
- 15 & above, 30%
12:25:50 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FM announces changes in new tax regime -- Standard deduction proposed to increased to Rs 75,000 from Rs 50,000
12:32:17 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: STT on F&Os proposed to be increased to 0.02% and 0.1% respectively
12:31:43 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt announces that angel tax to abolished
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman announces abolishment of Angel tax
Read More: FM Sitharaman proposes to abolish angel tax for all investor class
Read More: FM Sitharaman proposes to abolish angel tax for all investor class
12:23:02 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Dalal Street sees sharp fall; Sensex falls nearly 700 points
12:20:12 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: On long-term capital gains
The Finance Minister announced that long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.
12:14:56 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt to increase 10 to 15% on PCBA on specific telecom equipment
Union Budget 2024 Live Updates: The Finance Minister announced a proposal to increase the duty on printed circuit board assemblies (PCBA) for specific telecom equipment by 10 to 15%.
12:13:25 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%
Union Budget 2024 Live Updates: The Finance Minister stated that to enhance domestic value addition, the customs duty on gold and silver will be reduced to 6%, while the duty on platinum will be lowered to 6.4%.
12:10:10 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt cuts duty on mobiles and accessories to 15 %
Union Budget 2024 Live Updates: The Finance Minister stated that the Indian mobile industry has matured and proposed to reduce the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges to 15%.
12:08:05 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: On GST, govts says to rationalize the tax structure
Union Budget 2024 Live Updates: GST has significantly reduced tax incidents for the common man and eased compliance for industry, marking a success of vast proportions. To further enhance the benefits of GST, we will strive to rationalize the tax structure.
12:10:39 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FM announces NPS for minors
Union Budget 2024 Live Updates: The NPS Vatsalya programme is made available for parents to invest in on behalf of their children by FM Nirmala Sitharaman. The account may be passed to the child after they reach adulthood.
12:05:15 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Fiscal deficit estimated at 4.9% of GDP
12:04:47 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FDI rules to be simplified further
Union Budget 2024 Live Updates: The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.
12:02:46 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman takes spiritual tourism forward with Kashi Vishwanath, Nalanda and more
The Finance Minister proposed supporting the development of corridors at Vishnupad Temple and Mahabodhi Temple, following the model of the Kashi Vishwanath Temple. Additionally, the government will back the development of Nalanda in Bihar as a tourist center. Finance Minister Sitharaman also announced that an economic policy framework will be introduced to usher in next-generation reforms aimed at boosting economic growth. Furthermore, the government will provide assistance to Odisha for the development of tourism, as stated by the FM in Lok Sabha."
12:00:55 PM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Space economy in focus
Union Budget 2024 Live Updates: The Finance Minister stated that there will be a continued emphasis on expanding the space economy by five times over the next 10 years. To support this goal, a venture capital fund of Rs 1,000 crore will be established.
11:59:05 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt pushes for private-driven research at commercial scale
Union Budget 2024 Live Updates: The Finance Minister stated that a mechanism will be established to spur private-driven research at a commercial scale, supported by a financial pool of Rs 1 lakh crore, as announced in February.
11:57:28 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Development of small and modular nuclear reactors in focus
Union Budget 2024 Live Updates: On the development of small and modular nuclear reactors in the country, FM Sitharaman says, "The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy..."
11:55:44 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Flood concerns flood parliament
Union Budget 2024 Live Updates: The Finance Minister acknowledged that Bihar has frequently suffered from floods, noting that plans to build flood control structures in Nepal have yet to progress. The government will provide financial support with an estimated cost of Rs 11,500 crore. Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance.
11:53:49 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman on energy security and PM Surya Ghar Muft Bijli Yojana
The Finance Minister highlighted the focus on energy security, announcing that a policy document on energy transition pathways will be released, emphasizing employment and sustainability. The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households. The initiative has already seen 1.28 crore registrations and 14 lakh applications, which is a remarkable achievement.
11:51:49 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt encourages states charging high stamp duty
Union Budget 2024 Live Updates: The Finance Minister announced that states charging high stamp duty will be encouraged to moderate their rates for all. Additionally, further reductions in duties for properties purchased by women will be considered. These measures will also be incorporated as essential components of urban development schemes.
11:50:15 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt retains the capex target
Union Budget 2024 Live Updates: The Finance Minister stated that the government will endeavor to maintain strong fiscal support for infrastructure. This year, Rs 11.11 lakh crore has been allocated for capital expenditure, which amounts to 3.4% of India's GDP.
11:48:42 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt's push on urban housing
Union Budget 2024 Live Updates: The Finance Minister stated that under PM Awas Yojana, Urban 2.0, the housing needs of the urban poor and middle class will be addressed with an investment of Rs 10 lakh crore.
11:47:12 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Agri stocks celebrate Sitharaman's rural push
Union Budget 2024 Live Updates: Tuesday saw a 9% increase in shares of fertiliser and agriculture companies following Finance Minister Nirmala Sitharaman's announcement of Rs 1.52 lakh crore in provisioning for the agricultural and related industries.
11:45:01 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Here's what Andhra and Bihar are getting
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman says, "...Power projects including setting up of a new 2400 MW power plant at Pirpainti will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar Govt for external assistance from multilateral development banks will be expedited...Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years. Our govt is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers."
11:42:31 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt announces Rs 2.2 lakh crore push to make housing more affordable
11:42:10 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: IBC in focus
Union Budget 2024 Live Updates: The Finance Minister announced that an integrated tech platform will be set up to improve outcomes under the Insolvency and Bankruptcy Code (IBC). This platform aims to achieve greater consistency, transparency, and better oversight for all stakeholders, including the National Company Law Tribunal (NCLT). The IBC has resolved over 1,000 companies, resulting in a direct recovery of ₹3.3 lakh crore to creditors. Additionally, 28,000 cases involving over ₹10 lakh crore have been disposed of prior to admission."
11:39:32 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FM Sitharaman announces critical mineral mission
Union Budget 2024 Live Updates: The Finance Minister stated that a critical mineral will be mission set up for the recycling of critical minerals and their overseas acquisitions. She added that the government will launch the auction of the first tranche of Offshore blocks for mining, building on the exploration already carried out.
11:37:10 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: 12 industrial parks will be sanctioned, announces Sitharaman
11:36:05 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Budget provides Rs 2.66 lakh crore for rural development
11:35:14 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt enhances limit of MUDRA loans to Rs 20 lakh
Union Budget 2024 Live Updates: The Finance Minister announced that the limit of MUDRA loans will be enhanced to Rs 20 lakh from the current Rs 10 lakh for those who have availed and successfully repaid loans under the TARUN category.
11:34:18 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman provides Rs 26,000-cr boost to road connectivity projects
11:33:06 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: FM on On credit guarantee schemes for MSMEs in mfg
On credit guarantee schemes for MSMEs in manufacturing, FM said, "to facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, a new scheme will be introduced. This guarantee fund will provide guarantees of up to Rs 100 crore."
11:31:30 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Andhra gets financing for Pollavaram project
Union Budget 2024 Live Updates: The Finance Minister said the government is committed to financing and completing the Pollavaram irrigation project, which is considered the lifeline for Andhra Pradesh and its farmers. Additional allocations will be provided this year to support capital investment for economic growth.
11:27:49 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Bihar makes a swing in Budget
Union Budget 2024 Live Updates: The Prime Minister stated that the request from the Bihar government for external assistance from multilateral development banks will be expedited.
11:24:29 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt's move for women in the workforce
Union Budget 2024 Live Updates: The Finance Minister announced that increasing the participation of women in the workforce will be a priority. This will be facilitated by setting up hostels and creating partnerships to organize women-specific skilling programs.
11:21:52 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Government announces financial support for loans up to Rs 10 lakh for higher education
11:21:11 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Job creation in the manufacturing sector
Union Budget 2024 Live Updates: The Finance Minister said that job creation in the manufacturing sector will be incentivized through a scheme linked to the employment of first-time employees. This scheme will provide incentives to both employees and employers concerning EPFO contributions for the first four years of employment. It will benefit 30 lakh youth and cover additional employment in all sectors. The government will reimburse employers up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee. This initiative aims to incentivize the additional employment of 50 lakh people.
11:19:41 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Govt's big push on employment-linked skilling
Union Budget 2024 Live Updates: The Finance Minister announced employment-linked skilling through schemes as part of the PM's package. These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees. First-timers will receive one month's wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month's salary, up to Rs 15,000, will be provided in three instalments. The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths."
11:16:46 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman on agricultural research and more
Union Budget 2024 Live Updates: The Finance Minister stated that the government will undertake a comprehensive review of the agricultural research setup to increase productivity and develop climate-resilient varieties. Domain experts will oversee the conduct of this research to ensure its effectiveness and relevance.
11:13:05 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Nine priorities for this year and coming years
- Productivity and resilience in Agriculture
- Employment and skilling
- Inclusive HRD and social justice
- Mfg & services
- Urban development
- Energy security
- Infra
- Innovation, R&D
- Next generation reforms
11:11:17 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: PM Package of 5 schemes to be announced to facilitate employment and skilling at Rs 2 lakh crore
Union Budget 2024 Live Updates: The Finance Minister announced a PM Package of five schemes aimed at facilitating employment and skilling, with an allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made for education, employment, and skilling.
11:09:19 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: We need to focus on the garib, mahilaye, yuva, and annadata, says FM
Union Budget 2024 Live Updates: "The Finance Minister said, 'We need to focus on the garib, mahilaye, yuva, and annadata. For annadata, we announced higher MSP a month ago for all major crops, delivering on our promise. The PM Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people. Administrative actions for the approval and implementation of various schemes announced in the interim budget are well underway.'"
11:07:38 AM IST, 23 Jul 2024
India's economic growth continues to be the shining exception and will remain so in the years ahead
- Nirmala Sitharaman
11:07:00 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Significant downside risks to growth , says FM
Union Budget 2024 Live Updates: The global economy while performing better than expected is in the grip of policy uncertainties. There are significant downside risks to growth and upside risks to inflation.
11:05:26 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Nirmala Sitharaman presents her historic 7th Budget
Union Budget 2024 Live Updates: People have reposed their faith in govt led by PM Modi and reelected him for a historic 3rd term under his leadership, said Nirmala Sitharaman.
11:04:04 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Power stocks
Union Budget 2024 Live Updates: In order to reach the goal of 500GW of RE capacity by 2030, capacity additions in the areas of solar, wind, hydro, nuclear, and other renewable energy sources will continue to be a major focus of the budget. According to Prabhudas, the government has sanctioned viability gap finance of Rs 7,500 crore for 1GW of offshore wind generating capacity. NTPC, Power Grid, Coal India, Tata Power, and CESC are the power stocks to monitor.
11:02:52 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Mkts and Budget synergy
As per ET analysis, the post-Budget month has yielded returns of almost 5.7% on average, with the materials, energy, staples, and industrials sectors leading the way. This time, it's expected that the Budget would mostly consist of the same things.
10:58:35 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: All eyes on railway stocks
Union Budget 2024 Live Updates: Large-scale capital expenditure plans of the Railways could help companies like Ircon, RVNL, Siemens, Timken India, HBL Power, ABB, BEML, BHEL, Jupiter, and Titagarh, according to Nuvama.
10:55:58 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India's remittance story
Union Budget 2024 Live Updates: According to the Economic Survey, remittances to India are projected to increase by 3.7% to reach USD 124 billion in 2024. The growth is expected to continue at 4% in 2025, pushing the total to USD 129 billion.
10:51:53 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Rahul Gandhi reaches Parliament ahead of Budget presentation
Union Budget 2024 Live Updates: Congress MP and Leader of Opposition in Lok Sabha, Rahul Gandhi reaches Parliament ahead of Union Budget presentation by Finance Minister Nirmala Sitharaman in Lok Sabha.
10:50:16 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: PLI scheme for auto sector sees record investment proposals
Union Budget 2024 Live Updates: Here's a detailed account of the Production Linked Incentive (PLI) scheme for the automobile and auto components sector as per the Economic Survey 2023-24;
- PLI scheme for this sector has attracted a planned investment of Rs 67,690 cr
- By the end of March 2024, an actual investment of Rs 14,043 crore has been made
- The scheme's applicants have proposed creating 148,000 jobs, of which 28,884 were generated by March 31, 2024
- 85 applicants have received approval under the scheme, according to the survey.
10:44:43 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India to leverage its 'silver dividend'
Union Budget 2024 Live Updates: The Economic Survey emphasised the significance of leveraging the 'silver dividend,' which refers to the potential work capacity of individuals aged 60 to 69 years who are currently underutilized.
According to the report from the Asian Development Bank (ADB cited in the survey), incorporating older individuals into the workforce through jobs tailored to their needs and opportunities for continuous learning could boost the gross domestic product (GDP) of Asian economies by approximately 1.5 percent on average.
According to the report from the Asian Development Bank (ADB cited in the survey), incorporating older individuals into the workforce through jobs tailored to their needs and opportunities for continuous learning could boost the gross domestic product (GDP) of Asian economies by approximately 1.5 percent on average.
10:42:25 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Budget copies in Parliament
Union Budget 2024 Live Updates: Copies of the Union Budget 2024 were brought to Parliament ahead of the presentation of the first budget of the Modi government in its third term."
10:40:26 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Here's a look at defence stocks ahead of Budget
Union Budget 2024 Live Updates: While Prabhudas anticipates that a continuous defence emphasis would keep the market exciting for companies like HAL, BEML, BEL, MDL, BDL, GRSE, Data Pattern, Cochin Shipyard, and other private sector defence bets, Sharekhan has identified HAL, BEL, and Bharat Forge as its budget picks. BEL, BDL, and HAL are Choice Broking's recommended budget selections.
10:38:24 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: AAP takes on govt before Budget presentation
Union Budget 2024 Live Updates: AAP MP Sanjay Singh remarked, 'In the last 10 years, crores of Indians have suffered from inflation. We will see what measures are taken to address it. Farmers have long been demanding MSP, and NDA allies are also calling for the revocation of the Agniveer Scheme. Employment, MSP, and inflation will be the key areas of focus. I can even reveal the Delhi budget now. For the past 9 years, Delhi has received no more than Rs 325 crores, simply because the people of Delhi elected AAP...'"
10:34:54 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India's worrying m-cap-to-GDP ratio
Union Budget 2024 Live Updates: India's market capitalisation to GDP ratio, also Buffett Indicator, is currently showing warning signs, as stated by the Economic Survey. It also cautioned investors that a high m-cap-to-GDP ratio does not always indicate economic progress or sophistication.
"Financial assets are claims on real goods and services. If equity market claims on the real economy are excessively high, it is a harbinger of market instability rather than market resilience," the Economic Survey said.
"Financial assets are claims on real goods and services. If equity market claims on the real economy are excessively high, it is a harbinger of market instability rather than market resilience," the Economic Survey said.
10:29:30 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Cabinet approves Modi 3.0's first Budget
Union Budget 2024 Live Updates: The Cabinet, chaired by Prime Minister Narendra Modi on Tuesday approved the Union Budget 2024, set to be announced by Finance Minister Nirmala Sitharaman.
Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and surpassing the late Morarji Desai's record of six consecutive budgets.
Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and surpassing the late Morarji Desai's record of six consecutive budgets.
10:27:36 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Mkt jitters
Sensex and Nifty gave up their early gains and traded in negative territory, with HDFC Bank and RIL being the top drags on the market.
10:26:06 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: PM Modi through Budget will help the 'crorepatis', says Gogoi
Union Budget 2024 Live Updates: On Union Budget, Congress MP Gaurav Gogoi says, "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."
10:24:42 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Where can you get the Budget document?
Union Budget 2024 Live Updates: Budget 2024 will once again be paperless, as has been the trend in recent years. All Budget documents can be accessed using the 'Union Budget Mobile App'. The app can be downloaded on Android and iOS platforms, or from the Union Budget web portal. The documents will be available in English and Hindi.
10:20:32 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Modi in Parliament ahead of Budget presentation
Union Budget 2024 Live Updates: The Union Cabinet headed by PM Modi meets in Parliament to approve the Union Budget ahead of its presentation by Finance Minister Nirmala Sitharaman.
10:15:12 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Will Budget see Naidu and Nitish swing?
Union Budget 2024 Live Updates: While Nirmala Sitharaman is expected to stick to fiscal prudence in Budget that she will present today at 11 am, speculations were rife that the Modi government was perhaps facing demands from key coalition allies - particularly Chandrababu Naidu and Nitish Kumar - to allot more funds to their states.
Bloomberg had reported that Naidu may have asked for more than Rs 1 lakh crore allocation for Andhra Pradesh in Budget 2024, while Nitish Kumar was said to be demanding Rs 30,000 crore from India Budget.
Bloomberg had reported that Naidu may have asked for more than Rs 1 lakh crore allocation for Andhra Pradesh in Budget 2024, while Nitish Kumar was said to be demanding Rs 30,000 crore from India Budget.
10:11:26 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Amit Shah and Rajnath Singh in the house
Union Budget 2024 Live Updates: Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrived at the Parliament as Finance Minister Nirmala Sitharaman prepares to present the Union Budget today in Lok Sabha.
10:06:30 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Changing the Budget dates
Union Budget 2024 Live Updates: In order to enable the administration to finish the parliamentary approval process by the end of March and enable the budget to be implemented beginning on April 1st, the budget presentation date was rescheduled in 2017 to February 1st.
Since the budget was presented on February 29, the legislative approval procedure would take two to three months, so the implementation may not begin until May or June.
Since the budget was presented on February 29, the legislative approval procedure would take two to three months, so the implementation may not begin until May or June.
10:04:07 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: A look at history of Budget timing
Union Budget 2024 Live Updates: Earlier, the budget was unveiled at 5:00 p.m. on the final day of February. The announcements were timed to coincide with a colonial tradition that allowed announcements to be made simultaneously in London and India. Since India is four hours and thirty minutes ahead of British Summer Time, delivering the budget at 5 p.m. in India guaranteed that it would take place during the day in the UK.
When the Atal Bihari Vajpayee government's then-finance minister, Yashwant Singh, unveiled the budget at 11 a.m. in 1999, the timing was altered.
When the Atal Bihari Vajpayee government's then-finance minister, Yashwant Singh, unveiled the budget at 11 a.m. in 1999, the timing was altered.
10:01:49 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman's record - longest speech
Union Budget 2024 Live Updates: With a two hours and forty-minute speech on February 1, 2020, Sitharaman holds the record for the longest budget address. With two pages still to go, she interrupted her speech at that point.
09:59:54 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India's first Budget
Union Budget 2024 Live Updates: The first-ever Union Budget of independent India was presented on November 26, 1947, by the nation's first finance minister RK Shanmukham Chetty.
09:57:44 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Nirmala Sitharaman reaches Parliament ahead of presenting her 7th Budget
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman carrying the Budget tablet arrived at Parliament, to present the first Budget in the third term of Modi Government.
10:13:08 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman meets President Droupadi Murmu
Union Budget 2024 Live Updates: Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman along with Minister of State for Finance Shri Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget. The President extended her best wishes to the Union Finance Minister.
09:54:12 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Mkts may face bigger crash than election day if...
Union Budget 2024 Live Updates: According to Chris Wood, global head of equity strategy at Jefferies, "any unfavourable changes" regarding the capital gains tax for shares in Budget 2024 could result in a bigger sell-off in the stock market than the post-election reaction.
09:50:33 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Rupee nudges higher tracking ahead of budget
Union Budget 2024 Live Updates: As investors anticipated the release of India's budget later in the day, the rupee saw a slight increase, following the advance in most of its Asian counterparts. As of 9:30 a.m. IST, the rupee was trading at 83.6250 versus the US dollar, slightly higher than its closing of 83.6575 during the previous session.
09:47:24 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: UP finance minister on Budget 2024
Union Budget 2024 Live Updates: Uttar Pradesh Finance Minister Suresh Kumar Khanna stated, 'We expect that this budget will prove to be a milestone in the journey of Viksit Bharat. The economic survey presented yesterday made it clear that our growth rate has increased to 8.2%, up from 6.5% earlier; the employment rate has decreased, and all our economic activities have strengthened. The budget that will be presented today will benefit Uttar Pradesh as well...'"
09:45:07 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: 'Hope Sitharaman will provide some relief from inflation'
Union Budget 2024 Live Updates: Ahead of the Modi government's Union Budget, Shiv Sena (UBT) MP Priyanka Chaturvedi said, 'I hope Nirmala Sitharaman ji will provide some relief from rising inflation and unemployment, and that the government will talk about 'Jan ki baat' and not the PM's 'Mann ki Baat...'"
09:43:45 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: J&K budget copies in Parliament
Union Budget 2024 Live Updates: J&K budget copies have arrived in Parliament. Union Finance Minister Nirmala Sitharaman will present the estimated receipts and expenditure for 2024-25 for the Union Territory of Jammu and Kashmir (with legislature) in Parliament today.
09:40:00 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Nirmala Sitharaman heads to Rashtrapati Bhavan with her 'bahi-khata'
Union Budget 2024 Live Updates: Like prior years, Finance Minister Nirmala Sitharaman headed for Parliament on Tuesday with a computer tablet wrapped in a traditional 'bahi-khata' type pouch. She was presenting the whole Budget 2024–25 in a paperless version.
Dressed in a magenta-bordered white silk saree, she and her entourage of officials stood for the customary "briefcase" photo outside her office prior to meeting with the President.
Dressed in a magenta-bordered white silk saree, she and her entourage of officials stood for the customary "briefcase" photo outside her office prior to meeting with the President.
09:36:46 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: RBI should stop looking at food inflation in deciding interest rates
Union Budget 2024 Live Updates: The economic survey recommended that the Reserve Bank of India (RBI) should stop using food inflation as a factor in determining interest rates. Instead, it proposed that the government should consider providing coupons or direct cash transfers to those in need to address the impact of rising food prices.
09:32:36 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: It's time to give another boost to the electronics manufacturing industry
Union Budget 2024 Live Updates: Once again, the electronics manufacturing industry is brimming with hope to receive something special from the Finance Minister in Budget 2024. Judging by recent trends, the industry has benefited significantly from funds and policy interventions under the center's ‘Make In India’ initiatives. The country's electronics manufacturing sector reached a record $115 billion market in FY24. Experts are urging the government to reduce the GST on air conditioners and televisions from the current 28 percent to 18 percent.
Moreover, the electronics industry also seeks the government's support in reducing the number of tariff lines and streamlining the duty structure related to input parts and sub-assemblies. Another pressing demand is to eliminate the nuisance tariffs of 2.5 percent on various electronic parts.
Moreover, the electronics industry also seeks the government's support in reducing the number of tariff lines and streamlining the duty structure related to input parts and sub-assemblies. Another pressing demand is to eliminate the nuisance tariffs of 2.5 percent on various electronic parts.
09:31:42 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Will FM Sitharaman touch upon derivatives trading?
Union Budget 2024 Live Updates: Derivatives trading, which has mostly driven the stock market's rise since the COVID-19 epidemic, is something that the government and regulators wish to curtail since they view it as speculative and dangerous.
According to Jefferies, any action to that effect, such as raising taxes, would not only negatively impact the market but also lower trading volumes, which would have an impact on brokerages and trading platforms.
According to Jefferies, any action to that effect, such as raising taxes, would not only negatively impact the market but also lower trading volumes, which would have an impact on brokerages and trading platforms.
09:35:37 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Here's a look banking stocks ahead of Budget
SBI, PNB, ICICI Bank, and Axis Banks were trading in the green, whereas HDFC Bank was in red in the opening session ahead of the Budget presentation.
09:20:03 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sensex opens in green; currently up by 229.89 points, trending at 80,731.97 on the day of the Union Budget presentation
09:19:05 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Rural-linked sectors in Sitharaman's Budget
Union Budget 2024 Live Updates: Citi expects that the government would increase funding for rural consumption-boosting programmes, which will benefit consumer goods companies like Hindustan Unilever and two-wheeler manufacturers like TVS Motor and Hero MotoCorp.
The biggest cigarette manufacturer in the nation, ITC, may benefit from a tobacco tax hike of less than 5%–7%, according to Jefferies.
The biggest cigarette manufacturer in the nation, ITC, may benefit from a tobacco tax hike of less than 5%–7%, according to Jefferies.
09:17:17 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman heads to Rashtrapati Bhavan
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman heads to Rashtrapati Bhavan to call on President Murmu, ahead of Budget presentation at 11 am in Parliament.
09:15:46 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Automakers wait for EV subsidies in the Budget
Union Budget 2024 Live Updates: India distributed subsidies totaling 115 billion rupees ($1.38 billion) over a five-year period to encourage the use of electric cars (EVs). According to Macquarie, the government would keep both the amount and the duration of the subsidies in its most recent programme. This might help e-scooter maker Ola Electric, which is heading for an IPO, e-bus manufacturers Olectra Greentech and JBM Auto, and India's leading e-car manufacturer, Tata Motors. On the other hand, Maruti Suzuki—the largest automobile manufacturer in India—may profit from lower-than-expected EV subsidies since it has opted to produce hybrid vehicles rather than all-EV models.
09:11:40 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: The quickest way to make India a developed economy
Union Budget 2024 Live Updates: A third (33.3%) of all respondents to the ET Online survey said that the quickest method to propel the Indian economy forward and enable the nation to enter the exclusive club of developed nations would be to enhance the capabilities of its labour force. Of the participants, over a fourth (26.3%) felt that India needed to create jobs faster, while 33.2% wanted the government to concentrate on inclusive growth.
09:09:51 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman arrives at Finance Ministry
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Union Budget today at around 11 AM at the Parliament.
09:08:23 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Here's a 10-year review of Sensex on Budget days
Union Budget 2024 Live Updates: Based on a 10-year review, the Sensex has gained an average of 0.27% on Budget days; the worst D-Day was the 2020 Budget, when the index dropped by 2.43%. The most successful Budget Day was in 2021, when the Sensex finished with a respectable 5% gain.
09:04:45 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: What is the best strategy for Budget 2024 to deal with the issue of unemployment in India?
Union Budget 2024 Live Updates: In an ET Online Survey, the majority of respondents (54.1%) believed that the budget needs to provide incentives for private employers who create jobs. As many as 32.2% of participants believed that the government should establish more MSME units in recognition of the critical role that small enterprises play in creating jobs, while 9.5% believed that hiring more government employees was the answer.
09:00:20 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Capex boost on infrastructure and funding for PLI schemes
Union Budget 2024 Live Updates: India's updated union budget will maintain, or quite possibly increase, capital expenditure on infrastructure and funding for production-linked incentive schemes, said Aditi Raman, Associate Economist, Moody’s Analytics.
Raman added, "The budget will also likely usher in a more standardised approach to taxation, but the broad thrust will be one of policy continuity in the wake of the surprising outcome in this year’s general election."
"After losing its majority in the lower house, or Lok Sabha, in June, Prime Minister Narendra Modi’s Bharatiya Janata Party will be looking to nurture confidence and public trust in the new coalition government that it now leads. The budget will have a bearing on business and consumer confidence.
India is slated to have one of the strongest-growing economies in the Asia-Pacific region in 2024 and 2025. This is primarily due to government spending, rather than domestic consumption or exports, which are important drivers elsewhere in the region. For a few years now, capital expenditure has played an increasingly important role in powering the economy, chiefly through infrastructure investments. In February’s interim union budget, the government upped its allocation for capex spending by 11.1% to approximately $134 billion, or 3.4% of GDP, for the fiscal year to March 2025."
Raman added, "The budget will also likely usher in a more standardised approach to taxation, but the broad thrust will be one of policy continuity in the wake of the surprising outcome in this year’s general election."
"After losing its majority in the lower house, or Lok Sabha, in June, Prime Minister Narendra Modi’s Bharatiya Janata Party will be looking to nurture confidence and public trust in the new coalition government that it now leads. The budget will have a bearing on business and consumer confidence.
India is slated to have one of the strongest-growing economies in the Asia-Pacific region in 2024 and 2025. This is primarily due to government spending, rather than domestic consumption or exports, which are important drivers elsewhere in the region. For a few years now, capital expenditure has played an increasingly important role in powering the economy, chiefly through infrastructure investments. In February’s interim union budget, the government upped its allocation for capex spending by 11.1% to approximately $134 billion, or 3.4% of GDP, for the fiscal year to March 2025."
08:54:54 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: More money for affordable housing in Sitharaman's Budget?
Union Budget 2024 Live Updates: According to Citi, the government will probably set aside more money for affordable housing, which will help companies like Macrotech companies and Sunteck Realty. Furthermore, according to Jefferies, financiers like Aavas and Home First Finance would benefit from the implementation of an interest subsidy programme for urban housing.
08:51:58 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: More emphasis on production-linked incentive programmes?
Union Budget 2024 Live Updates: According to HSBC, there will likely be more emphasis on production-linked incentive programmes, which support local manufacturing and generate employment. According to Jefferies, infrastructure companies and capital goods companies like Larsen & Toubro may profit from the anticipated increase in capital spending in the budget.
08:49:40 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Top challenge for India's economy at this moment
Union Budget 2024 Live Updates: In an ET Online survey when asked about the top challenge for Indian economy at the moment, 51.8% of the total participants believe that jobs continue to be the elephant in the room for India. Inequality turned out to be the biggest issue for around a fourth (24.3%) of the respondents, while 16.3% said the economy's top problem was rural infra, or rather the lack of it.
08:46:16 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Capital markets becoming more and more prominent
Union Budget 2024 Live Updates: Capital markets are increasingly playing a significant role in India's growth trajectory, according to the Economic Survey. Their expanding contribution to capital formation and investment is driven by advancements in technology, innovation, and digitization. Additionally, Indian markets have shown resilience against global geopolitical and economic disruptions.
08:42:27 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Rupee eyes RBI, market reaction to budget
Union Budget 2024 Live Updates: The budget and the stock market's response are likely to determine the course of the Indian rupee during the day on Tuesday. The rupee will open at flat from 83.6575 in the previous session. On Monday, the rupee fell to an all-time low of 83.6775.
08:36:43 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Telecom tech needs capital
Union Budget 2024 Live Updates: The government has announced that 5% of the Universal Services Obligation Fund (USOF) will be dedicated to research and development in telecommunications technology, according to the Economic Survey. Currently, the government has amassed approximately Rs 80,000 crore in the USOF, which has recently been renamed as Digital Bharat Nidhi.
08:29:49 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Nirmala Sitharaman to present J-K Budget today
Union Budget 2024 Live Updates: Following the presentation of the year's general budget, Union Finance Minister Nirmala Sitharaman will also present the Budget of the Union Territory of Jammu and Kashmir. After Article 370 was repealed, this is the Union Territory's fifth budget.
08:53:34 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India's agricultural sector, challenges and way forward
In the Economic Survey, there was a strong emphasis on the urgent need for broad reforms within India's agricultural sector. The Survey highlighted various structural problems that might hinder the nation’s economic progress. Among the primary challenges noted are the necessity to maintain growth amidst rising food prices, enhance price discovery methods, and tackle issues related to land fragmentation.
To address these challenges, the Survey recommends a multi-pronged approach. Key suggestions included;
To address these challenges, the Survey recommends a multi-pronged approach. Key suggestions included;
- Upgradation of agricultural technology
- The application of modern skills in farm practices
- Enhancing agricultural marketing avenues
- Price stabilisation
- The adoption of innovation in farming
- Lowering wastages in the use of fertiliser, water, and other inputs,
- Improving the agriculture-industry linkages
08:24:31 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Modi government's swelling kitty
Union Budget 2024 Live Updates: This fiscal year's economic growth of over 7%, coupled with a sizable windfall from RBI and a spike in tax receipts, provides the government with sufficient funds to increase spending without jeopardising its deficit plans.
08:23:11 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India's consumption crisis
Union Budget 2024 Live Updates: The previous fiscal year saw an 8.2% growth in the economy, but the growth of private consumption—which accounts for almost half of the GDP of the nation—was a much slower 4%.
08:26:41 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Here are the key highlights of the Economic Survey
- Union Budget 2024 Live Updates: Economic growth at 6.5-7 pc in FY25 vs 8.2 pc in 2023-24
- Capital markets becoming prominent in India's growth story; market resilient to global geopolitical, economic shocks
- AI casts a huge pall of uncertainty over the impact on workers across all skill levels
- Increased FDI inflows from China can help India enhance participation in global supply chain, boost exports
- As much as 54 pc of disease burden due to unhealthy diets; need transition towards balanced, diverse diet
- Remittances to India to grow at 3.7 pc to USD 124 billion in 2024, 4 pc in 2025 to reach USD 129 billion
08:19:14 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Sitharaman reaches North Block
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman reached North Block ahead of presenting Budget 2024.
08:30:41 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Minister of State for Finance Pankaj Chaudhary, says 'This budget is based on PM Modi's mantra of Sabka Saath, Sabka Vikas...'"
Union Budget 2024 Live Updates: Minister of State for Finance Pankaj Chaudhary left his residence ahead of the Union Budget presentation today. Chaudhary stated, 'This budget is based on PM Modi's mantra of Sabka Saath, Sabka Vikas...'"
Read More: Pankaj Chaudhary on Union Budget 2024
Read More: Pankaj Chaudhary on Union Budget 2024
08:11:16 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India's financial sector at a "turnpike moment"
Union Budget 2024 Live Updates: The Economic Survey 2023-24 indicated a promising future for India's financial sector, though it must prepare for potential challenges. The report describes the sector as being at a pivotal point, highlighting a shift from the traditional dominance of banking in credit provision towards an increasing role of capital markets.
08:06:16 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Next leg of pharma sector
Union Budget 2024 Live Updates: The domestic pharmaceutical sector requires skill enhancement, innovation, and a robust supply chain, with the industry's market size projected to reach USD 130 billion by 2030, according to the Economic Survey 2023-24 presented in Parliament on Monday. Presently, the Indian pharmaceutical market is valued at approximately USD 50 billion, making it the third-largest globally by volume.
07:59:16 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: India's tax policies and focus on tackling inequality
Union Budget 2024 Live Updates: According to the Economic Survey, tax policies will be crucial in addressing income inequality in the future, particularly as advancements in technology, such as AI, may negatively affect employment and earnings. According to the 2022 State of Inequality in India report, the top 1 percent of earners in India hold 6-7 percent of the total income, while the top 10 percent receive one-third of the total income.
07:57:37 AM IST, 23 Jul 2024
Budget 2024 Live: Capital expenditure on Railways increased by 77 pc over 5 yrs
Union Budget 2024 Live Updates: According to the Economic Survey 2023-24, capital expenditure on the Railways has surged by 77% over the last five years, reflecting substantial investments in new line construction, gauge conversion, and doubling projects. As said in the survey, capital expenditure rose from Rs 1.48 lakh crore in the fiscal year 2019-20 to Rs 2.62 lakh crore in 2023-24.
07:55:18 AM IST, 23 Jul 2024
Budget 2024 LIVE Updates: Union Finance Minister to place other documents as well
Union Budget 2024 Live Updates: In accordance with subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, the Union Finance Minister will also place copies of the following documents on the table:
- Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement
- Macro-Economic Framework Statement
07:50:02 AM IST, 23 Jul 2024
Budget 2024 Live: All eyes on Indian equity markets ahead of Budget
Union Budget 2024 Live Updates: Today's market opening is expected to remain mostly unchanged as investors prepare for the union budget's policy announcements and could significantly impact market direction. The GIFT Nifty was at 24,550 points as of 7:19 a.m. IST, suggesting that the NSE Nifty 50 will open near its Monday's close of 24,509.25.
07:47:00 AM IST, 23 Jul 2024
Budget 2024 Live: Budget and the debate that follows
Union Budget 2024 Live Updates: Following its presentation, the budget is thoroughly debated and discussed in both houses of Parliament, giving members the opportunity to examine its provisions, voice disagreements, and suggest changes. The Union Budget initiates a number of post-budget initiatives once it is presented to and approved by Parliament with the goal of carrying out its provisions and accomplishing the stated goals.
07:43:59 AM IST, 23 Jul 2024
Budget 2024 Live: Nirmala Sitharaman Budget day itinerary
Union Budget 2024 Live Updates: The finance minister Nirmala Sitharaman will visit the Ministry of Finance's North Block headquarters before presenting the budget. She will meet with her ministry's secretaries and then accompany them to the President's mansion to obtain authorization prior to presenting the Budget.
The prime minister is also expected to preside over a Cabinet meeting where ministers are briefed about the budget and cabinet approval is obtained, approximately thirty minutes prior to the budget's presentation.
The prime minister is also expected to preside over a Cabinet meeting where ministers are briefed about the budget and cabinet approval is obtained, approximately thirty minutes prior to the budget's presentation.
08:29:43 AM IST, 23 Jul 2024
Budget 2024 Live: Nirmala Sitharaman set to break Morarji Desai's record
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman will break the record set by previous prime minister Morarji Desai, who served as finance minister from 1959 to 1964 and presented five regular budgets and one interim budget.
Read More: Nirmala Sitharaman to Present Budget 7th time
Read More: Nirmala Sitharaman to Present Budget 7th time
07:36:25 AM IST, 23 Jul 2024
Budget 2024 Live: All eyes on Jammu and Kashmir's Budget
Union Budget 2024 Live Updates: Along with other documents, the finance minister Nirmala Sitharaman will also place statements of the Union Territory of Jammu and Kashmir's projected revenue and expenses for the fiscal year 2024–25 on the table in both Hindi and English.
07:33:34 AM IST, 23 Jul 2024
Budget 2024 Live: India's external sector and significant risks
Union Budget 2024 Live Updates: According to the Economic Survey, the performance of India's external sector faces significant risks due to ongoing geopolitical tensions and policy uncertainties. The survey highlights several challenges, including reduced demand from key trading partners such as the US, increased trade costs, and fluctuations in commodity prices.
07:32:28 AM IST, 23 Jul 2024
Budget 2024 Live: Any alterations in capital gains tax and its impact
Union Budget 2024 Live Updates: Morgan Stanley stated that alterations to the capital gains tax, such as an increase in the tax rate or holding term, may have a negative impact on the stock market, but they are improbable. However, if they come, investors in mutual funds and stocks would pay more in taxes, decreasing the tax advantage they currently have over those in other asset classes. It can also result in decreased trade volumes.
07:22:07 AM IST, 23 Jul 2024
Budget 2024 Live: Desi products that became success stories in India's PLI play
Union Budget 2024 Live Updates: The PLI schemes announced for almost a dozen sectors to capitalise on supply chain moves from China are the driving force behind India's export push. Results are starting to become apparent now; Here are the desi products that became success stories;
- Shoes
- Smartphones
- Weapons
- Toys
07:16:03 AM IST, 23 Jul 2024
Budget 2024 Live: Will Sitharaman bring any changes in PLI scheme?
Union Budget 2024 Live Updates: According to some economists, the budget may include changes in PLI schemes that offer incentives to both domestic and foreign businesses to increase manufacturing in India across 14 industries, including pharmaceuticals, electronics, and semiconductors.
07:11:31 AM IST, 23 Jul 2024
Budget 2024 Live: $25 billion surplus in govt's kitty
- Budget 2024 Live: The Reserve Bank of India gave the government a $25 billion surplus transfer in May.
- This surplus may help Modi 3,0 in paying for tax cuts, support for rural areas, and demands for regional financing from coalition partners.
07:04:44 AM IST, 23 Jul 2024
Budget 2024 Live: India's aims to become third-largest economy
- Union Budget 2024 Live Updates: In the next three years, India's GDP is expected to reach $5 trillion, making it the third-largest economy in the world.
- In the following six to seven years, India can aim to reach a GDP of USD 7 trillion (by 2030).
07:01:00 AM IST, 23 Jul 2024
Budget 2024 Live: The fiscal deficit story
Union Budget 2024 Live Updates: In the interim Budget, the government pegged fiscal deficit for 2024-25 at 5.1 per cent of GDP;
- In 2023-24, the government pegged the fiscal deficit target for 2023-24 at 5.9 per cent of GDP.
- The fiscal deficit of 2023-24 was downwardly revised to 5.8 per cent.
- The government intends to bring the fiscal deficit below 4.5 per cent of GDP by the financial year 2025-26
06:58:09 AM IST, 23 Jul 2024
Budget 2024 Live: The magical '11.11' number
Union Budget 2024 Live Updates: In the interim Budget, the government announced to raise capital spending outlays by 11.1% to Rs 11.11 lakh crore
This amounts to 3.4% of GDP.
Capital expenditures, or capex helps in establishing long-term physical or fixed assets is done through
This amounts to 3.4% of GDP.
Capital expenditures, or capex helps in establishing long-term physical or fixed assets is done through
06:52:00 AM IST, 23 Jul 2024
Budget 2024 Live: Infra push and mutual funds
- Union Budget 2024 Live Updates: Equity mutual funds that have a large amount of exposure to industries like engineering, cement, steel, and construction are predicted to benefit from the increasing capital expenditure on infrastructure.
- The increase in government spending may result in improved performance for funds that are infrastructure-focused.
06:50:01 AM IST, 23 Jul 2024
Budget 2024 Live: Middle class looking for relief
- Union Budget 2024 Live Updates: In order to help the middle class, the budget may propose a new tax system with updated income tax slabs.
- Furthermore, changes to the capital gains tax structure, if introduced, intend to make the tax system more efficient and fair by streamlining and harmonising tax rates among different asset classes.
06:46:45 AM IST, 23 Jul 2024
Budget 2024 Live: All eyes on Capex
- Union Budget 2024 Live Updates: The upcoming budget may call for a large increase in capital spending to Rs 11 lakh crore which is around 3.5% of GDP.
- The government's commitment to supporting the country's economic framework is shown in this significant investment in infrastructure development, which aims to spur economic growth and employment creation.
06:42:42 AM IST, 23 Jul 2024
Budget 2024 Live: No special status for Bihar
Union Budget 2024 Live Updates: In response to the JD (U), the main BJP ally, demanding a special status category for Bihar, Minister of State for Finance Pankaj Chaudhary said that Bihar cannot be accorded special status in accordance with the 2012 Inter-Ministerial Group (IMG) report.
06:40:14 AM IST, 23 Jul 2024
Budget 2024 Live: Women's welfare and empowerment schemes in focus
Union Budget 2024 Live Updates: The money allocated by the Indian government for women's welfare and empowerment has increased, representing a 218.8% jump from FY14 to FY25. The growth is indicative of India's determination to shift from women-led development to women's development, as stated in the Economic Survey 2023–2024.
06:36:04 AM IST, 23 Jul 2024
Budget 2024 Live: India's trade deficit to narrow further
Union Budget 2024 Live Updates: According to the Economic Survey, India's trade deficit is expected to narrow further due to the rise in domestic manufacturing driven by Production Linked Incentive (PLI) schemes and a boost in exports resulting from free trade agreements. Nonetheless, the report also highlighted that variations in commodity prices, particularly for essential imports such as oil, metals, and agricultural products, could influence India's trade balance and inflation rates.
06:34:13 AM IST, 23 Jul 2024
Budget 2024 Live<b>: </b>HRA relief on the cards?
Union Budget 2024 Live Updates: There has been a consistent rise in housing costs across the country, with rents also increasing accordingly. Therefore, employees are hoping for an increase in HRA exemption from the Finance Minister in the budget. According to experts, the government should consider including Tier-2 cities such as Ahmedabad, Gurgaon, Pune, and Hyderabad in the list eligible for 50 percent HRA exemption. This would provide much-needed relief to employees.
06:34:05 AM IST, 23 Jul 2024
Budget 2024 Live: Compliance conundrum in India
Union Budget 2024 Live Updates: Over the years, India has streamlined various regulations and eliminated unnecessary clauses to boost up the economic ecosystem of the country. However, there is still much to be done, and experts urge the Centre to introduce more measures to further improve the ease of doing business in the country. Some common expectations from the budget include implementing single-window clearances to unleash India's industrial potential.
Additionally, the Centre is expected to introduce measures to rationalize GST, address climate change, and enact much-needed reforms in labour laws. These steps could provide impetus to the economy in the long run and enhance its resilience amidst global uncertainties.
Additionally, the Centre is expected to introduce measures to rationalize GST, address climate change, and enact much-needed reforms in labour laws. These steps could provide impetus to the economy in the long run and enhance its resilience amidst global uncertainties.
06:13:31 AM IST, 23 Jul 2024
Budget 2024 Live: India's nascent drone industry and the budget
Union Budget 2024 Live Updates: The way drones have demonstrated their prominence and value on the world stage is simply staggering. There is a buzz in India's drone industry, which has tremendous potential and has garnered serious attention from the government in recent years. A multifaceted and thriving drone industry could significantly boost national security and civilian infrastructure.
The drone industry is hopeful for continued support from the government. As a significant first step, the government launched its Production-Linked Incentive (PLI) Scheme for the drone industry in FY22 with an initial allocation of 120 crore. In the interim budget in February earlier this year, FM Sitharaman allocated Rs 57 crore for the drone and allied industries under its flagship Production Linked Incentive (PLI) scheme. This marked a substantial increase of around 72 per cent compared to the previous budget allocation of Rs 33 crore. This time, the drone industry could anticipate further increments.
The drone industry is hopeful for continued support from the government. As a significant first step, the government launched its Production-Linked Incentive (PLI) Scheme for the drone industry in FY22 with an initial allocation of 120 crore. In the interim budget in February earlier this year, FM Sitharaman allocated Rs 57 crore for the drone and allied industries under its flagship Production Linked Incentive (PLI) scheme. This marked a substantial increase of around 72 per cent compared to the previous budget allocation of Rs 33 crore. This time, the drone industry could anticipate further increments.
05:59:53 AM IST, 23 Jul 2024
Budget 2024 Live: What lies in store for the IT industry and startups?
Union Budget 2024 Live Updates: According to experts, Finance Minister Nirmala Sitharaman could boost the startup environment in the country by offering various incentives for research and development, creativity, and access to funds without hassles. Moreover, experts advocate for digital transformation to foster an environment across the country that will have a cascading effect on various sectors and further help India become a global tech hub.
Another major area of concern is cybersecurity. India has seen a huge 267 per cent increase in cyber attacks in FY’24 from FY' 23 so far, as per the State of Application Security Report. Hence, it is imperative for the government to allocate substantial funds to improve cybersecurity in the country. Additional funding should also be focused on promoting digital infrastructure and artificial intelligence.
Another major area of concern is cybersecurity. India has seen a huge 267 per cent increase in cyber attacks in FY’24 from FY' 23 so far, as per the State of Application Security Report. Hence, it is imperative for the government to allocate substantial funds to improve cybersecurity in the country. Additional funding should also be focused on promoting digital infrastructure and artificial intelligence.
05:47:24 AM IST, 23 Jul 2024
Budget 2024 Live: Will the FM live up to the expectations of the tourism sector?
Union Budget 2024 Live Updates: According to The World Travel & Tourism Council (WTTC), the tourism sector could contribute around Rs 21.15 trillion to the country's GDP in 2024. In the interim budget, the Finance Minister announced a Rs 2,449.62 crore outlay for the tourism sector, marking a 44.7 percent increase from the allocation in the current fiscal year. The tourism sector is also a prominent job provider in the country, with one in every 11 jobs related to this sector in India. Experts suggest that jobs in this sector could further increase by 2.45 million this year.
Industry veterans believe that India has the potential to emerge as a world leader in the domestic travel market, and the FM could expedite this process by announcing measures to boost investment in connectivity, infrastructure, and various tourism initiatives. This would not only enhance tourism infrastructure nationwide but also create multiple jobs across the country. Moreover, the FM could simplify the GST regime for the travel sector, setting a 12 percent rate for hotels. Hoteliers are also advocating for reducing the tax collected at source (TCS) on foreign travel packages to 1 percent, down from the current 5 percent and 20 percent tax slabs.
Industry veterans believe that India has the potential to emerge as a world leader in the domestic travel market, and the FM could expedite this process by announcing measures to boost investment in connectivity, infrastructure, and various tourism initiatives. This would not only enhance tourism infrastructure nationwide but also create multiple jobs across the country. Moreover, the FM could simplify the GST regime for the travel sector, setting a 12 percent rate for hotels. Hoteliers are also advocating for reducing the tax collected at source (TCS) on foreign travel packages to 1 percent, down from the current 5 percent and 20 percent tax slabs.
05:40:17 AM IST, 23 Jul 2024
Budget 2024 Live: What can women expect from FM Sitharaman?
Union Budget 2024 Live Updates: In the Interim Budget 2024, Finance Minister Nirmala Sitharaman announced the 'Lakhpati Didi' scheme, which was termed a remarkable move by many experts as it directly related to the economic empowerment of rural women. The scheme aimed to empower around three crore women. Now, in PM Modi's third term, experts are advocating for Lakhpati Didi 2.0, which could include sustainable strategies, skill development, and other steps to further empower women. The Finance Minister could also offer something to self-help groups (SHGs), which already encompass nine crore women.
During her speech in the Interim Budget, Sitharaman lauded the roles of these SHGs in bringing socio-economic changes and empowering women in India. Additionally, the Finance Minister could announce funds to promote digital literacy programs among rural women, enabling them to market their products on e-commerce platforms and access microloans via the National Rural Livelihood Mission, aimed at enhancing economic participation.
During her speech in the Interim Budget, Sitharaman lauded the roles of these SHGs in bringing socio-economic changes and empowering women in India. Additionally, the Finance Minister could announce funds to promote digital literacy programs among rural women, enabling them to market their products on e-commerce platforms and access microloans via the National Rural Livelihood Mission, aimed at enhancing economic participation.
05:31:01 AM IST, 23 Jul 2024
Budget 2024 Live: Can the budget boost the confidence of India's Annadata (farmers)?
Union Budget 2024 Live Updates: Prime Minister Narendra Modi has reiterated on many occasions during his last two terms that the central government is committed to the welfare of farmers. Experts believe that Finance Minister Sitharaman could announce populist measures for farmers in this budget, as the saffron party aims to bolster its chances in the upcoming state elections. Therefore, around 250 million farmers and informal laborers associated with farming must be keeping high hopes for the budget. The government could further increase income support for farmers from Rs 6,000 per year to Rs 12,000 per year, which would come to around Rs 1,000 per month.
In the interim budget in February, Sitharaman made noteworthy announcements, including a new strategy to boost the country's oilseeds output for edible oils. Additionally, a comprehensive program has been initiated to assist dairy farmers and promote the blue economy. India has been striving to achieve self-reliance in oilseeds, having exported cooking oils worth Rs 1.4 lakh crore in the 2022-23 marketing year, which could be a focus area once again in this budget.
In the interim budget in February, Sitharaman made noteworthy announcements, including a new strategy to boost the country's oilseeds output for edible oils. Additionally, a comprehensive program has been initiated to assist dairy farmers and promote the blue economy. India has been striving to achieve self-reliance in oilseeds, having exported cooking oils worth Rs 1.4 lakh crore in the 2022-23 marketing year, which could be a focus area once again in this budget.
05:24:44 AM IST, 23 Jul 2024
Budget 2024 Live: Budget expectations for real estate
Union Budget 2024 Live Updates: According to industry experts, India's real estate sector, which accounts for 8 per cent of the country's GDP, doesn't receive the kind of attention it deserves compared to other prominent sectors. It would be apt to say that despite many challenges and global upheavals, the real estate sector has shown resilience and also stood as one of the pillars of India's growth. Last year witnessed significant growth in the sector, with the residential property market registering a robust 48 per cent year-on-year increase.
Once again, the sector holds high hopes when it comes to the budget, with main expectations including provisions for tax relief for homebuyers, industry status for the sector, support for delayed or stressed projects, and GST rationalization, among others. Some experts have also advocated for the revival of various incentive schemes, including the Credit Linked Subsidy Scheme (CLSS), which is part of the hugely popular Pradhan Mantri Awas Yojana (PMAY) scheme.
Once again, the sector holds high hopes when it comes to the budget, with main expectations including provisions for tax relief for homebuyers, industry status for the sector, support for delayed or stressed projects, and GST rationalization, among others. Some experts have also advocated for the revival of various incentive schemes, including the Credit Linked Subsidy Scheme (CLSS), which is part of the hugely popular Pradhan Mantri Awas Yojana (PMAY) scheme.
05:18:06 AM IST, 23 Jul 2024
Budget 2024 Live: Next leg of pharma sector
Union Budget 2024 Live Updates: The domestic pharmaceutical sector requires skill enhancement, innovation, and a robust supply chain, with the industry's market size projected to reach USD 130 billion by 2030, according to the Economic Survey 2023-24 presented in Parliament on Monday.
Presently, the Indian pharmaceutical market is valued at approximately USD 50 billion, making it the third-largest globally by volume.
Presently, the Indian pharmaceutical market is valued at approximately USD 50 billion, making it the third-largest globally by volume.
05:11:06 AM IST, 23 Jul 2024
Budget 2024 Live: As India aspires to host the 2036 Olympics, can sports get a major boost in this budget?
Union Budget 2024 Live Updates: India has shown keen interest in bidding for the 2036 Olympics, and preparations are underway to bolster the country's chances. If India manages to make it happen, it would be another turning point in the history of sports in this country—parallels can be drawn to India's Cricket World Cup win in 1983, which not only made cricket a household game but also established India as its biggest market in the world.
Various stakeholders in the sports sector expect that this budget could provide a significant boost to the overall growth of sports in the country, from coaching to infrastructure. Industry insiders have also been advocating for the reduction of GST on sports services from the current 18 percent to 12 percent. Moreover, a PLI scheme could be launched to provide incentives to sports goods manufacturers in the country.
Various stakeholders in the sports sector expect that this budget could provide a significant boost to the overall growth of sports in the country, from coaching to infrastructure. Industry insiders have also been advocating for the reduction of GST on sports services from the current 18 percent to 12 percent. Moreover, a PLI scheme could be launched to provide incentives to sports goods manufacturers in the country.
04:59:50 AM IST, 23 Jul 2024
Budget 2024 Live: Disinvestment dilemma for Modi government
Union Budget 2024 Live Updates: Can the current Modi government stick to the revised disinvestment target set for this fiscal year? It is indeed a steep target, considering the government's failure to meet its disinvestment targets in the last five years. Earlier, the central government had set another ambitious disinvestment target of Rs 50,000 crore for 2024-25, but this was later scaled down to Rs 30,000 crore in the Interim Budget. Now, it will be interesting to see whether the government can achieve this target, as it seeks funds to execute big-ticket infrastructure projects across the country.
04:48:21 AM IST, 23 Jul 2024
Budget 2024 Live: Compliance conundrum for foreign investors
Union Budget 2024 Live Updates: India's world-beating growth has attracted several top foreign players to its shores. The opportunities are there, but first, these foreign players must navigate India's complex web of compliance, which can be painstaking and time-consuming. Over the years, the government has taken some noteworthy steps to ease this compliance burden on foreign investors, but much more needs to be done.
According to experts, the first step could involve making changes to the Significant Economic Presence (‘SEP’) rule, which pertains to taxing foreign entities in India. Under this rule, any foreign company can be taxed in India even if it doesn't have physical presence in the country but has a significant digital or economic footprint.
The major pain point with the SEP rule is its lack of provisions for income attribution to these foreign firms that have a presence in India. Other compliance issues that could be addressed in this budget include tax returns filed by foreign companies, refunds, and e-Form 10F, among others. Overall, the budget could introduce measures to simplify India's tax compliance processes and make them easier to navigate for these investors, who are crucial for driving the country's economy forward.
According to experts, the first step could involve making changes to the Significant Economic Presence (‘SEP’) rule, which pertains to taxing foreign entities in India. Under this rule, any foreign company can be taxed in India even if it doesn't have physical presence in the country but has a significant digital or economic footprint.
The major pain point with the SEP rule is its lack of provisions for income attribution to these foreign firms that have a presence in India. Other compliance issues that could be addressed in this budget include tax returns filed by foreign companies, refunds, and e-Form 10F, among others. Overall, the budget could introduce measures to simplify India's tax compliance processes and make them easier to navigate for these investors, who are crucial for driving the country's economy forward.
04:38:45 AM IST, 23 Jul 2024
Budget 2024 Live: A toxic mix and private sector's contribution
Union Budget 2024 Live Updates: The Economic Survey highlighted the significant role the private sector plays in fostering detrimental habits, such as excessive social media use, prolonged screen time, and unhealthy eating, which can harm public health, reduce productivity, and limit India's economic growth potential.
The survey also noted that prioritising capital over labour is harmful to long-term corporate growth. This refers to the hesitation among businesses to invest due to unclear demand forecasts.
The survey also noted that prioritising capital over labour is harmful to long-term corporate growth. This refers to the hesitation among businesses to invest due to unclear demand forecasts.
04:28:44 AM IST, 23 Jul 2024
Budget 2024 Live: Atal Pension Scheme to get a major boost?
Union Budget 2024 Live Updates: According to sources, the Centre could double the amount given under the Atal Pension Yojana to Rs 10,000 to further bolster its key social security scheme. Amidst growing inflation and a widening income gap, the government has been finalising the contours of this scheme to soon launch it under the labour code.
Currently, the Atal Pension Scheme offers a guaranteed amount to subscribers ranging from Rs 1,000 to Rs 5,000 per month. According to the latest data, the Atal Pension Yojana already has around 66.2 million subscribers.
Currently, the Atal Pension Scheme offers a guaranteed amount to subscribers ranging from Rs 1,000 to Rs 5,000 per month. According to the latest data, the Atal Pension Yojana already has around 66.2 million subscribers.
04:16:39 AM IST, 23 Jul 2024
Budget 2024 Live: Does the aviation sector still have high hopes from the Budget after what happened in February?
Union Budget 2024 Live Updates: Much to the dismay of India's middle class, Finance Minister Nirmala Sitharaman announced a 60 per cent cut in the government's much-touted UDAN Scheme in the Interim Budget in February, reducing it to Rs 502 crore. When the UDAN Scheme (Udega Desh ka Aam Nagrik) was introduced in 2016 to boost India's regional air connectivity and make it affordable, it garnered cheers from the middle class and approval from many experts. However, now, almost eight years later, UDAN seems to require a significant boost to realize its potential on a broader scale. There is hope that things could change this time, as India's new Aviation Minister Ram Mohan Naidu recently expressed his aim to make air travel affordable for all.
04:06:44 AM IST, 23 Jul 2024
Budget 2024 Live: Can Sitharaman put EVs on the fast lane?
Union Budget 2024 Live Updates: India has set an ambitious target to sell 30 per cent of electric vehicles out of total number of personal vehicles by 2030. To achieve this, the Modi government has already implemented the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) policy to promote the adoption of electric vehicles across various categories. According to experts, Sitharaman could allocate around Rs 10,000 crore to further boost EV adoption in India.
Recently, the central government announced Rs 500 crore for another scheme called the Electric Mobility Promotion Scheme (EMPS) 2024, aimed at subsidising two and three-wheelers. Under this scheme, the government will provide incentives of up to Rs 10,000 for electric two-wheelers and Rs 50,000 per electric three-wheeler. It will be interesting to see whether Finance Minister Sitharaman will complement this scheme in the budget.
Recently, the central government announced Rs 500 crore for another scheme called the Electric Mobility Promotion Scheme (EMPS) 2024, aimed at subsidising two and three-wheelers. Under this scheme, the government will provide incentives of up to Rs 10,000 for electric two-wheelers and Rs 50,000 per electric three-wheeler. It will be interesting to see whether Finance Minister Sitharaman will complement this scheme in the budget.
03:56:19 AM IST, 23 Jul 2024
Budget 2024 Live: Focus on fiscal
Union Budget 2024 Live Updates: India aims to narrow the budget gap riding on buoyant tax revenue hopes, despite the Modi-government’s continued capex push that is crucial to shore up consumption and help India achieve its aim to be world’s third largest economy by 2030.
Economists have predicted India to likely cut its fiscal deficit target for this fiscal year. Economists in a Bloomberg survey forecast budget gap target to be cut to 5 per cent from 5.1 per cent, which will allow the government to keep its maret borrowing aim steady at Rs 14.1 lakh crore this fiscal year.
Economists have predicted India to likely cut its fiscal deficit target for this fiscal year. Economists in a Bloomberg survey forecast budget gap target to be cut to 5 per cent from 5.1 per cent, which will allow the government to keep its maret borrowing aim steady at Rs 14.1 lakh crore this fiscal year.
03:47:52 AM IST, 23 Jul 2024
Budget 2024 Live: Will school education get another record allocation this time?
Union Budget 2024 Live Updates: If India aspires to become a potent force on the world stage, it needs to create a robust and extensive education infrastructure to provide the best education to its citizens so that they can take on the challenges in the future. With this goal in mind, the central government announced the highest-ever allocation for the Department of School Education and Literacy in the Interim Budget in February, with an outlay of Rs 73,000 crore for school education. As Nirmala Sitharaman prepares to present the first full-fledged Budget of Modi 3.0, various education-related organisations are expecting the government to further increase funding for education. Additionally, these organisations have been advocating for increased allocations of funds for various nutrition and health programs related to children and students.
03:37:49 AM IST, 23 Jul 2024
Budget 2024 Live: India to continue being fastest-growing major economy
Union Budget 2024 Live Updates: According to the Economic Survey, India will continue being the fastest-growing major economy for the fiscal year 2024-25. The survey forecasted India's growth at between 6.5% and 7.0% for this period.
03:28:09 AM IST, 23 Jul 2024
Budget 2024 Live: PPPs to help India realise its infrastructure development dreams
Union Budget 2024 Live Updates: The government has set an ambitious target under the National Infrastructure Plan (NIP) to invest around Rs 111 lakh crore in various infrastructure development programs across the country. It is indeed a huge challenge, but the funds can be generated through Public-Private Partnerships (PPPs).
According to industry experts, the Centre will have to rely more on PPPs to execute various developmental programs on time. The government could announce measures to further promote such programs across the country at this juncture, as the country has been on an infrastructure development spree. This will have a huge impact on the overall development of the nations, from generating employment to giving impetus to the economy.
According to industry experts, the Centre will have to rely more on PPPs to execute various developmental programs on time. The government could announce measures to further promote such programs across the country at this juncture, as the country has been on an infrastructure development spree. This will have a huge impact on the overall development of the nations, from generating employment to giving impetus to the economy.
03:18:08 AM IST, 23 Jul 2024
Budget 2024 Live: India's gender budget
Union Budget 2024 Live Updates: The gender budget has seen a substantial increase from Rs 97,134 crore in the FY2014 to Rs 3.1 lakh crore in FY 2025. This represents a 38.7% rise compared to FY24 and a 218.8% increase since FY14, now accounting for 6.5% of the total Union Budget.
03:08:34 AM IST, 23 Jul 2024
Budget 2024 Live: Will FM Sitharaman once again stick to fiscal prudence?
Union Budget 2024 Live Updates: With important state elections coming up in the near future, it will be interesting to see whether the Modi government will stick to fiscal prudence or take some populist steps to bolster its chances in the polls.
The situation is quite different for PM Modi this time, as he has to rely on two key allies to govern at the Centre, since the BJP failed to regain the majority on its own in the recently concluded Lok Sabha polls.
The situation is quite different for PM Modi this time, as he has to rely on two key allies to govern at the Centre, since the BJP failed to regain the majority on its own in the recently concluded Lok Sabha polls.
03:00:39 AM IST, 23 Jul 2024
Budget 2024 Live: Will FM have something for India's gig workers?
Union Budget 2024 Live Updates: The Centre can't ignore the contribution made by gig workers in India's ecommerce industry. Therefore, industry players have high hopes for this budget and expect Finance Minister Nirmala Sitharaman to announce measures to further boost the gig economy by announcing welfare schemes aimed at bringing significant changes in the lives of gig workers, such as a social security fund and insurance.
The Centre showed its intent almost four years ago when, in her budget speech for the Union Budget 2020-21, Finance Minister Nirmala Sitharaman announced the establishment of a portal to collect information about gig workers according to the labour codes. Progress has been slow on this front, as various states have yet to frame rules under the labour codes.
The Centre showed its intent almost four years ago when, in her budget speech for the Union Budget 2020-21, Finance Minister Nirmala Sitharaman announced the establishment of a portal to collect information about gig workers according to the labour codes. Progress has been slow on this front, as various states have yet to frame rules under the labour codes.
02:49:23 AM IST, 23 Jul 2024
Budget 2024 Live: Another scheme for domestic staff on the anvil?
Union Budget 2024 Live Updates: According to sources, Finance Minister Nirmala Sitharaman could extend a social security scheme meant for domestic workers. The details of the scheme are not clear, but it could be related to universal welfare payments, covered under the Social Security Code, 2020. Moreover, other benefits such as pension, maternity benefits, medical insurance, and minimum wage could be announced. If the Finance Minister announces such measures, they would go a long way in providing much-needed social security to millions of domestic workers across the country.
02:39:56 AM IST, 23 Jul 2024
Budget 2024 Live: More boost needed to tap huge potential of India's offshore wind power capacity
Union Budget 2024 Live Updates: Climate change is not just another topic to discuss these days but has become a stark reality that the current generation cannot ignore, or else it will incur a hefty price. For India to realize its commitment to achieve a Net Zero emission target by 2070, a well-thought-out strategy must be put in place. While many heartening steps have been taken in renewables, India has not paid enough attention to its 7,600 km-long coastline, which could greatly boost its offshore wind power capacity.
Interestingly, the central government approved Rs 7,453 crore to ramp up the country's nascent wind power capacity last month, but that amount is insufficient given the current state of affairs; more funds and actions are needed. According to experts, one step that could be taken in the budget is to introduce a production-linked incentives scheme for the sector to significantly boost India's wind equipment manufacturing capacity. India already has a well-established manufacturing capacity for turbines and blades, but it needs to scale up rapidly. Experts further suggest that the Modi government could offer incentives to companies and individuals interested in investing in the sector.
Interestingly, the central government approved Rs 7,453 crore to ramp up the country's nascent wind power capacity last month, but that amount is insufficient given the current state of affairs; more funds and actions are needed. According to experts, one step that could be taken in the budget is to introduce a production-linked incentives scheme for the sector to significantly boost India's wind equipment manufacturing capacity. India already has a well-established manufacturing capacity for turbines and blades, but it needs to scale up rapidly. Experts further suggest that the Modi government could offer incentives to companies and individuals interested in investing in the sector.
02:29:03 AM IST, 23 Jul 2024
Budget 2024 Live: What does India's gold industry want in this budget?
Union Budget 2024 Live Updates: According to industry insiders, the gold industry wants the government to reduce the import duty on gold from 15 percent to 10 percent. Moreover, the industry has also raised concerns that some refiners have been importing unrefined gold from Least Developed Countries (LDCs), giving them an unfair advantage over others. Hence, measures need to be taken to stop this practice.
Additionally, bullion traders want the government to mandate that gold trade should be conducted through IIBX at GIFT City. Market players also advocate for a single regulator, as the current market is regulated by the Ministry of Finance, SEBI, DGFT, and RBI, which complicates the situation at times.
Furthermore, industry players are urging the government to create GST bonded warehouses and enforce hallmarking across the country to maintain the quality of gold.
Additionally, bullion traders want the government to mandate that gold trade should be conducted through IIBX at GIFT City. Market players also advocate for a single regulator, as the current market is regulated by the Ministry of Finance, SEBI, DGFT, and RBI, which complicates the situation at times.
Furthermore, industry players are urging the government to create GST bonded warehouses and enforce hallmarking across the country to maintain the quality of gold.
02:19:29 AM IST, 23 Jul 2024
Budget 2024 Live: More funds for MGNREGS?
Union Budget 2024 Live Updates: According to a senior official, the Centre could allocate around Rs 13,500 crore more for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) for the current financial year. This rural employment scheme proved to be a lifeline for innumerable Indians during the challenging times of the pandemic. When workers were forced to return to the hinterland, and as the economy began to open up after the countrywide vaccination drive, there were not enough jobs available and this scheme gave employment to millions across the country.
02:06:50 AM IST, 23 Jul 2024
Budget 2024 Live: Eyeing consumption and investment
Union Budget 2024 Live Updates: A key task for Budget 2024 will be to boost private consumption and investment that are key drivers of the Indian economy. New private investment plans of India Inc had hit a 20-year low in Q1FY25, at Rs 44,300 crore. The last time investments were this low, it was June 2005.
Economists seek the Budget to take measures for private investment and consumption to be robust for India's growth to be sustainable in the long-run. Not just economists, but there are voices from within India's private sector that are now calling for more and more investments.
In its third term, Modi government could continue with its thrust on capital expenditure in the Budget. The government's capex allocation has more than doubled from Rs 4.39 lakh crore in FY21, to Rs 11 lakh crore in FY25. And this big push on capex might just augur well for investment and consumption demand in the nation, RBI had said.
Economists seek the Budget to take measures for private investment and consumption to be robust for India's growth to be sustainable in the long-run. Not just economists, but there are voices from within India's private sector that are now calling for more and more investments.
In its third term, Modi government could continue with its thrust on capital expenditure in the Budget. The government's capex allocation has more than doubled from Rs 4.39 lakh crore in FY21, to Rs 11 lakh crore in FY25. And this big push on capex might just augur well for investment and consumption demand in the nation, RBI had said.
01:56:36 AM IST, 23 Jul 2024
Budget 2024 Live: It's time to revive FDI
Union Budget 2024 Live Updates: India's world-beating growth has surprised many nations in the developing world, and now the country has emerged as an answer to challenging China's clout in the world of manufacturing. However, this will only be possible if the central government can provide a conducive environment for investors to invest in India. Over the years, India has attracted substantial foreign investment in the form of Foreign Direct Investment (FDI) and Foreign Portfolio Investors (FPI), but much more needs to be done if the nation aspires to surpass China in manufacturing.
According to experts, the budget could provide various incentives to investors such as concessional tax rates. Moreover, provisions in India's IT Act, such as sections 194LC and 194LD, could be revived to attract more foreign investment to the country.
According to experts, the budget could provide various incentives to investors such as concessional tax rates. Moreover, provisions in India's IT Act, such as sections 194LC and 194LD, could be revived to attract more foreign investment to the country.
01:46:06 AM IST, 23 Jul 2024
Budget 2024 Live: Tax policies & tackling inequality
Union Budget 2024 Live Updates: According to the Economic Survey, tax policies will be crucial in addressing income inequality in the future, particularly as advancements in technology, such as AI, may negatively affect employment and earnings. According to the 2022 State of Inequality in India report, the top 1 percent of earners in India hold 6-7 percent of the total income, while the top 10 percent receive one-third of the total income.
01:36:24 AM IST, 23 Jul 2024
Budget 2024 Live: What about investor sentiment?
Union Budget 2024 Live Updates: According to experts, if the Finance Minister manages to present a budget focused on long-term growth, sustainability, and fiscal prudence, it could give a big boost to investor confidence. Moreover, other factors could include rationalising regulations and introducing swift measures to support ease of doing business in India. Another significant step could be streamlining and simplifying tax policies and compliance to send a clear signal to investors that they won't face unnecessary hassles in India.
01:28:02 AM IST, 23 Jul 2024
Budget 2024 Live: Capital expenditure on Railways increased by 77 pc over 5 years
Union Budget 2024 Live Updates: According to the Economic Survey 2023-24, capital expenditure on the Railways has surged by 77% over the last five years, reflecting substantial investments in new line construction, gauge conversion, and doubling projects. As said in the survey, capital expenditure rose from Rs 1.48 lakh crore in the fiscal year 2019-20 to Rs 2.62 lakh crore in 2023-24
01:25:02 AM IST, 23 Jul 2024
Budget 2024 Live: Can Sitharaman provide the budgetary ammunition to India's defence sector?
Union Budget 2024 Live Updates: From being the world's biggest weapons and military hardware importer, India has steadily grown into a country that exports substantially in the defence sector. This share has grown exponentially over the years, from Rs 74,054 crore in 2017 to Rs 108,684 crore in 2023, marking a remarkable achievement in many ways.
There has been a consistent rise in India's defence budget over the last few years, but experts are urging the Centre to allocate more funds to promote research and development in the country, which is essential amidst the current state of affairs. The ongoing Russia-Ukraine war serves as a reminder to India that heavy reliance on other nations for its weapons needs could prove costly in future, like Russia's inability to deliver previously contracted defence deals such as the S-400 missile system, which has been delayed due to conflict.
The Finance Minister could announce measures to bolster the 'Make in India' program for defence. Several significant initiatives are already in place under this scheme, focusing on the development and design of defence equipment and provisions to promote the defence ecosystem in the country.
There has been a consistent rise in India's defence budget over the last few years, but experts are urging the Centre to allocate more funds to promote research and development in the country, which is essential amidst the current state of affairs. The ongoing Russia-Ukraine war serves as a reminder to India that heavy reliance on other nations for its weapons needs could prove costly in future, like Russia's inability to deliver previously contracted defence deals such as the S-400 missile system, which has been delayed due to conflict.
The Finance Minister could announce measures to bolster the 'Make in India' program for defence. Several significant initiatives are already in place under this scheme, focusing on the development and design of defence equipment and provisions to promote the defence ecosystem in the country.
01:05:31 AM IST, 23 Jul 2024
Budget 2024 Live: Challenges before India's external sector
Union Budget 2024 Live Updates: According to the Economic Survey, the performance of India's external sector faces significant risks due to ongoing geopolitical tensions and policy uncertainties. The survey highlights several challenges, including reduced demand from key trading partners such as the US, increased trade costs, and fluctuations in commodity prices.
12:56:23 AM IST, 23 Jul 2024
Budget 2024 Live: FM Sitharaman has a big job on her hands
Union Budget 2024 Live Updates: In January this year, the finance ministry stated that India is poised to become the world's third-largest economy within the next three years, reaching a GDP of $5 trillion, and could potentially touch the $7 trillion mark by 2030. These numbers inspire confidence among investors and those closely monitoring them, but one cannot ignore the fact that the Modi government is facing its biggest challenge at the moment, which could swiftly turn ominous. According to a study, India's burgeoning population will need 115 million jobs by 2030, as millions of working-age people are currently unemployed.
The study further emphasises that achieving this will require a significant boost in India's growth, particularly in manufacturing and services sectors. According to another global agency, Sitharaman could take measures to create jobs through various labor-intensive manufacturing sectors by offering incentives and tax rebates to industry players. Other measures could include employee welfare programs and initiatives aimed at creating formal job opportunities. Moreover, steps could be announced to boost upskilling and reskilling among India's youth. India needs to equip its youth with skills in new technologies, and more funds could be allocated for this purpose.
The study further emphasises that achieving this will require a significant boost in India's growth, particularly in manufacturing and services sectors. According to another global agency, Sitharaman could take measures to create jobs through various labor-intensive manufacturing sectors by offering incentives and tax rebates to industry players. Other measures could include employee welfare programs and initiatives aimed at creating formal job opportunities. Moreover, steps could be announced to boost upskilling and reskilling among India's youth. India needs to equip its youth with skills in new technologies, and more funds could be allocated for this purpose.
12:47:02 AM IST, 23 Jul 2024
Budget 2024 Live: Is it the right time to extend the PLI scheme to new sectors?
Union Budget 2024 Live Updates: Currently focused on 14 sectors, captains of other industries also want the government to include their respective sectors under the central government's flagship Production Linked Incentive (PLI) scheme. The scheme, launched with an outlay of Rs 1.97 lakh crore, could potentially include other sectors, but according to experts, the government is still testing the waters.
New sectors that could be included in the PLI scheme are mostly related to labor-intensive industries that employ a large number of people, such as jewellery, handicrafts, toys, leather, and electronics components. Although the government made some provisions for toys and the leather & footwear industries earlier this year in the Interim Budget, nothing substantial has been implemented so far. Therefore, there is high hope that FM Sitharaman might expand the PLI scheme to other sectors as well.
New sectors that could be included in the PLI scheme are mostly related to labor-intensive industries that employ a large number of people, such as jewellery, handicrafts, toys, leather, and electronics components. Although the government made some provisions for toys and the leather & footwear industries earlier this year in the Interim Budget, nothing substantial has been implemented so far. Therefore, there is high hope that FM Sitharaman might expand the PLI scheme to other sectors as well.
12:36:20 AM IST, 23 Jul 2024
Budget 2024 Live: The compliance labyrinth of India
Union Budget 2024 Live Updates: Over the years, India has streamlined various regulations and eliminated innumerable clauses to boost the economic ecosystem of the country. However, there is still much to be done, and experts are urging the Centre to introduce more measures to further enhance the ease of doing business in the country. Some common expectations from the budget include bringing single-window clearances to the forefront to unleash India's industrial potential.
Additionally, the Centre is expected to implement measures to rationalize GST, address climate change, and introduce much-needed reforms in labour laws. These steps could provide impetus to the economy in the long run and bolster its resilience amidst global uncertainties.
Additionally, the Centre is expected to implement measures to rationalize GST, address climate change, and introduce much-needed reforms in labour laws. These steps could provide impetus to the economy in the long run and bolster its resilience amidst global uncertainties.
12:27:34 AM IST, 23 Jul 2024
Budget 2024 Live: Sharp focus on infra
Union Budget 2024 Live Updates: India's Budgets in recent years have laid the groundwork for the nation's strong economic growth. Some of the key steps taken in this direction include the creation of the Urban Infrastructure Development Fund (UIDF) with an outlay of Rs 10,000 crore. UIDF has proven instrumental in giving a fillip to urban infrastructure across various small cities. The Modi government has made it clear that investing more in sustainable urban growth could pave the way for accelerating India's overall development.
12:20:12 AM IST, 23 Jul 2024
Budget 2024 Live: A long overdue booster shot for the healthcare sector
Union Budget 2024 Live Updates: According to an analysis, the Centre's healthcare spending has been on the rise over the last five years, from FY 2018-19 to FY 2023-24. However, upon closer scrutiny of all the numbers, a startling revelation emerges: this spending has not kept pace with the rise in inflation during the same period. Surprisingly, overall healthcare spending has decreased from 2.4% in 2018-19 to 1.9% in 2023-24. Once again, experts are stressing the need to augment the healthcare budget to provide a much-needed boost to India's healthcare sector. From the common man to HNIs, everyone expects the government to come up with well-thought-out plans to enhance healthcare facilities in the country. Moreover, increased budget allocation could lead to investments in research and development, offering long-term benefits.
12:20:20 AM IST, 23 Jul 2024
Budget 2024 Live: Expectations galore
Union Budget 2024 Live Updates: In a country of more than 1.44 billion people, it is intriguing and overwhelming to imagine how Finance Minister Sitharaman could deliver a well-balanced and policy-oriented budget that meets the expectations of so many. As usual, everyone from industry to students to the common man has high hopes related to the budget. Now, with the newly elected Modi 3.0 at the helm, there could be a lot in store for India in terms of long-term policymaking to sustain the momentum of the economy.
11:52:43 PM IST, 22 Jul 2024
Budget 2024 Live: The culmination of a long & meticulous exercise
Union Budget 2024 Live Updates: The tabling of the union budget in the parliament will mark the culmination of a long, meticulous, and precision-oriented exercise that began in June last year. Finance Minister Sitharaman has held several meetings and gathered vital information and inputs from representatives of various sectors including commerce, health, MSMEs, and education among others. This information not only paves the way for policy-making but also allows for course-correction.
11:52:20 PM IST, 22 Jul 2024
Budget 2024 Live: Paperless Union Budget
Union Budget 2024 Live Updates: The first full budget of Modi 3.0 will be delivered in paperless form, continuing the trend of three full previous budgets. The interim budget for February was also presented in digital mode. All the budget documents can be easily accessed by anyone from the ‘Union Budget Mobile App’.
11:51:52 PM IST, 22 Jul 2024
Budget 2024 Live: A historic moment for Nirmala Sitharaman
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman is all set to make history by presenting the budget this time, as she will become the first finance minister to do it on seven consecutive occasions. Earlier, Morarji Desai held the record of presenting the budget six times when he served as the Finance Minister of India from 1959 to 1964.
11:51:26 PM IST, 22 Jul 2024
The big day is here
Hello and welcome to ET’s comprehensive coverage of the 2024 Budget. This is a momentous occasion for India and Modi 3.0 to further turbocharge the world's fastest-growing economy.