Union Budget 2024 LIVE Updates: Finance Minister Nirmala Sitharaman to Present the Budget Today
All eyes are on the Union Budget that will be presented by Finance Minister Nirmala Sitharaman today. Sitharaman will be the first women Finance Minister to present her seventh consecutive budget presentation.
Union Budget 2024 LIVE Updates: Six Bills to Be Tabled in the Parliament
In the monsoon session of the Parliament, six bills will likely be presented by the government. This includes- Finance Bill, The Disaster Management (Amendment) Bill, the Bharatiya Vayuyan Vidheyak bill, the Boilers Bill, the Coffee (Promotion and Development) Bill and the Rubber (Promotion and Development) Bill.
The Disaster Management (Amendment) Bill will be introduced for consideration and passing, the Bharatiya Vayuyan Vidheyak Bill aims to replace the Aircraft Act of 1934, while the Boilers Bill will be revamped and given modern regulations.
Union Budget 2024 LIVE Updates: Economic Survey Presents an Optimistic Picture of the Indian Economy
The Economic Survey was tabled in the Parliament by Finance Minister Nirmala Sitharaman on July 22. While painting an optimistic picture of the Indian economy, the survey, noted the challenges which the economy can face in the current financial year. The survey projects the country’s real GDP growth at 6.5–7 per cent.
The survey states that geopolitical threats continue to be the largest. It said, “Any escalation of geopolitical conflicts in 2024 may lead to supply dislocations, higher commodity prices, reviving inflationary pressures and stalling monetary policy easing with potential repercussions for capital flows. This can also influence RBI’s monetary policy stance.”
Union Budget 2024 LIVE Updates: Realtors Expect the Government to Reduce Tax Burden on the Middle- Low Income Groups
Ahead of the upcoming Budget, realtors expect the government to reduce the tax burden on the middle- and low-income groups. This tax relief will stir up home-buying.
Anuj Puri, chairman of Anarock said, “Expectations are high for tax relief and other sentiment boosters. The future of the overall [real estate] industry depends on unfettered infrastructure development to support and improve urban living standards as well as develop and promote new areas.”
Union Budget 2024 LIVE Updates: Individual Taxpayers Looking for Some Tax Relief From Budget
Individual taxpayers are hoping for some respite in the form of lower tax rates, adjusted income tax slabs, and increased deductions ahead of the Budget 2024. However, significant tax reforms can be postponed because the administration is trying to reduce the fiscal deficit.
“The government should raise the Section 80C deduction limit from Rs 1.5 lakh, which has remained unchanged for nearly a decade, to Rs 2.5 lakh. Both the above will encourage the taxpayers to build long-term savings,” said Prashant Bhojwani, Partner, BDO India.
Union Budget 2024 LIVE Updates: Start-Ups Expect Abolition of Angel Tax
Start-ups expect the abolition of angel tax from the upcoming Budget. Even the Department for Promotion of Industry and Internal Trade (DPIIT) has backed the industry’s demand to remove the angel tax.
“Start-ups are looking for investments in the initial growing years of their businesses, and such investments are subjected to angel tax in the hands of the start-ups. Therefore, they end up losing a significant portion of their money by paying angel tax at a higher rate of approximately 30.90% to the government,” said Rubal Bansal Maini, Partner, Luthra and Luthra Law Offices India.
Union Budget 2024 LIVE Updates: Defence Sector Anticipates Continued Push on Domestic Manufacturing
Keeping in line with the NDA government’s enthusiasm around self-reliance and Make-in-India, the defence sector expects more incentives around indigenous productions of defence products. “Enhancing self-reliance in defence, strengthening economic ties with multiple nations, and investing in technological and military capabilities are crucial steps that need financial backing,” according to Rajinder Bhatia, president of Society for Indian Defence Manufacturers (SIDM).
Union Budget 2024 LIVE Updates: Automobile Industry Looks Out for Green Mobility Measures
Tax credits for EV purchases and reduction in GST for key components such as batteries are among the list of demands that the automobile sector put forward ahead of the Union Budget. “As the incumbent government begins its third term, the commitment to green mobility is expected to intensify further, with a strong emphasis on 'Make in India' initiatives,” said Mr. Ravi Machani, Co-Founder Investor, Tresa Motors.
Union Budget 2024 LIVE Updates: Allocation for Railways Has to Balance Passenger Convenience with Safety and Operational Efficiency
While expediting the deployment of ‘Kavach’ safety technology, budget allocation for railways also has to consider laying new tracks and rolling out new Amrit Bharat and Vande Bharat trains. “Passenger amenities are set to improve significantly, with major upgrades planned for 200 railway stations and the introduction of 100 Vande Bharat Express trains, which promise better travel experiences and reduced travel times,” said Anirudh Garg, partner and fund manager at Invasset.
Union Budget 2024 LIVE Updates: Edtechs Bat for GST Exemption and Improvement in Digital Infra
Ahead of Budget 2024, top executives from prominent edtech companies have called for the elimination of GST within the sector. While higher educational institutions like colleges and universities are already exempt from it, coaching centers and private training centers are subjected to 18 per cent GST. They say that such a measure can make edtech services more affordable to lower income groups and make the sector more inclusive in nature.
Union Budget 2024 LIVE Updates: Deeptech Sector’s List of Demands Include Tax Breaks, R&D Grants
As India seeks ways to stand its own in the rapidly changing technological landscape, deeptech start-ups in the country have a long list of demands from the upcoming budget. Beerud Sheth, CEO and co-founder of Gupshup, said, “Special tax breaks, particularly for high-growth areas like AI, robotics, and biotechnology, could provide breathing room for reinvestment. Additionally, streamlining tax compliance procedures would be a welcome move.”
Union Budget 2024 LIVE Updates: Fintechs Want Tax Reforms, Uniformity Across Regulations
To improve insurance penetration in the country, start-ups want a relaxation on the GST levied on their services which is currently at 18 per cent. In terms of lending, Sameer Singh Jaini, founder at The Digital Fifth, said, “There is a need to ensure that regulatory oversight remains consistent across the entire Lending domain, for both digital and non-digital lending.”
Union Budget 2024 LIVE Updates: Stock Market Investors Remain Cautious Ahead, Expect Growth Oriented Budget
Benchmark equity indices settled in red for the second day in a row on Monday following selling in index heavyweights Reliance Industries and Kotak Bank on muted earnings and caution ahead of the Union Budget 2024-25. The BSE Sensex fell by 102.57 points or 0.13 per cent to settle at 80,502.08.
Ahead of the opening bell, investors await Finance Minister Nirmala Sitharaman to present her seventh consecutive budget in Parliament later in the day.
According to experts, the Union Budget is expected to remain a growth-oriented budget and investors are exercising caution. Sectors like railway, infrastructure, energy, oil, power, auto, and banking are likely to be in focus.
Union Budget 2024 Live Updates: Power Sector Expects Focus on Renewables, Improvement of Grid Infrastructure
Ahead of Union Budget 2024, the power sector came out with its own wishlist for the seventh budget of Finance Minister Nirmala Sitharaman. As the country moves closer to the 500 GW target of 2030, the sector expects a renewed push for green energy via dedicated programmes and financial incentives.
Measures include government's focus on coal gasification and liquefaction for cleaner use of coal, relief to MSMEs in the energy sector such as those involved in manufacturing renewable energy equipment and financial incentives in the form of tax rebates/concessional funding for the implementation of Carbon Capture, Utilisation and Storage (CCUS) projects
Union Budget 2024 Live Updates: When and Where to Watch the Budget
FM Nirmala Sitharaman will begin presenting the Union Budget 2024 at 11 Am in Parliament. The proceedings can be streamed on the official channel of Parliament, Sansad TV. The developments of the Budget can also be tracked on this live blog.
Union Budget 2024 Live: Confident India’s FY25 GDP Growth will Surpass Economic Survey’s Forecast: CII President Sanjiv Puri
Confederation of Indian Industries President Sanjiv Puri exuded confidence in India’s growth story following the release of Economic Survey on Monday. He said, “I am confident that India’s GDP Growth for FY25 will surpass the forecast given in the Survey, and basis certain conditions, it has the potential to be at 8 per cent.”
Union Budget 2024 Live: Deloitte's Rumki Majumdar Decodes Unemployment Trend in Indian Economy
Rumki Majumdar, Economist at Deloitte India, pointed out some healthy trends in the employment figures presented in the Economic Survey.
She said, “The unemployment rate has decreased through the years, accompanied by increased participation among youth and females. It is good to see that rural India has played a significant role in boosting female participation, contributing to a notable increase in women transitioning to self-employment.”
Union Budget 2024 LIVE Updates: Economic Survey outlines growth areas for a Viksit Bharat, Says PM Modi
Union Budget 2024 LIVE Updates: Morgan Stanley Expects Government to Focus on Road Map for ‘Viksit Bharat’
The upcoming Budget by Finance Minister Nirmala Sitharaman is expected to provide a medium-term strategy for fiscal reduction and highlight the government's roadmap for achieving "Viksit Bharat" by 2047, according to global brokerage firm Morgan Stanley.
“With fiscal prudence guiding the overall fiscal policy stance, we expect the focus to remain on capex over revenue expenditure and targeted social sector spending with a focus on improving access to physical, social and digital infrastructure,” the firm said.
Union Budget 2024 Live Updates: All Eyes on What Choice Nirmala Sitharaman will Make in the Budget
Finance Minister Nirmala Sitharaman in her presentation of the Union Budget today will perhaps make the most important choice for the Indian economy in the near term. Where the country’s middle class is hoping for some tax relief and consumption side measures after the general elections, the global investors will be watching with a keen eye on whether the finance ministry continues to stay on the path of fiscal consolidation, which it so boldly claimed in the Interim Budget this year.
Union Budget 2024 Live Updates: Chief Economic Advisor V Anantha Nageswaran Reaches Ministry of Finance
Union Budget 2024 Live Updates: Nirmala Sitharaman Reaches Finance Ministry in North Block
Union Budget 2024 Live: The Economic Survey Does Not Reflect India's Economic Reality, says Kerala FM
Kerala Finance Minister K N Balagopal has slammed the economic survey that was presented yesterday. Balagopal reportedly said that the survey does not reflect the reality of the country. "Despite various estimates in June indicating a 9.36 per cent increase in food prices in India, the central government claims there is no inflation," he said, as per PTI.
Union Budget 2024 Live Updates: FM Nirmala Sitharaman Poses With Budget Outside Finance Ministry
Union Budget 2024 Live: Interim Budget Allotted Rs 11.11 Crore Capex Plan for FY24-25
In the interim budget, the government proposed an 11.1 per cent increase in capital expenditure to Rs 11.11 lakh crore for FY25. The intent of this expenditure was to create long-term physical or fixed assets.
CareEdge has reportedly said, "The government will likely retain its capex target for FY25 at Rs 11.1 trillion, up 17 per cent compared to FY24. Major schemes and ministries that can see higher allocation include MNREGA, PM Awas Yojana, PM Gram Sadak Yojana, PM Kisan Samman Nidhi, and schemes related to labor-intensive MSME sectors."
Union Budget 2024 Live: Sensex, Nifty Opens Flat Ahead of Budget Presentation
Benchmark equity indices opened flat with a positive bias ahead of the Budget 2024 announcements. BSE Sensex added 234.38 points to hit 80,736.46. NSE Nifty rose 66.15 points to 24,575.40. Experts are anticipating a downward bias in the market due to high valuations, especially in the small and mid-cap space. The market anticipates a fiscal deficit reduction to 4.5 per cent of GDP by FY2025-26.
"FM Sitharaman is expected to deliver a balanced budget focused on job creation, capex, manufacturing, infrastructure, the rural economy, and deficit control. Additionally, there are expectations of incentives for labor-intensive businesses in manufacturing," said Prashanth Tapse, Senior VP (Research) at Mehta Equities.
Union Budget 2024 Live Updates: Will NDA Allies Receive a Funding Boost?
The key thing to watch out in this budget is the allocation of funds and projects for Andhra Pradesh and Bihar. For the unversed, BJP is in alliance with these two parties as it fell short of the 272 mark in the General Elections 2024. As per a Bloomberg report, both the allies have together demand over $15 billion (over Rs 1.2 lakh crore) in special funding.
Union Budget 2024 Live: UP FM Anticipates Budget To Be a Milestone in Viksit Bharat Journey
Ahead of the upcoming Budget, Uttar Pradesh Finance Minister stated that the Budget would prove to be a milestone in the journey towards Viksit Bharat. He reportedly said, "The economic survey that was presented yesterday made it clear that our growth rate has increased to 8.2 per cent which was 6.5 per cent, earlier; the employment rate has decreased and all our economic activities have strengthened. The budget that'll be presented today, will benefit Uttar Pradesh as well..."
Union Budget 2024 Live: Nirmala Sitharaman Arrives at the Parliament With the Budget
Finance Minister Nirmala Sitharaman has reached the Parliament with the Union Budget. The Budget will be presented at 11 am. This will be the first Budget of the newly elected government. The Budget will be presented in both the Lok Sabha and Rajya Sabha. After this, a press conference will be held by the Finance Minister along with the secretaries of the Finance Ministry.
Union Budget 2024 Live: Budget Copies Reach the Parliament
After meeting President Murmu, Finance Minister Nirmala Sitharaman has reached Parliament. She will soon present the Union Budget for the seventh consecutive time at 11 a.m.
Meanwhile, the Budget copies have reached Parliament. Other ministers, including Union Minister Amit Shah, have also arrived in Parliament.
Union Budget 2024 Live: Rajnath Singh and Amit Shah Arrive at the Parliament
The Union Budget will be presented by Finance Minister Nirmala Sitharaman today at 11 a.m. Ahead of the Budget presentation, Defence Minister Rajnath Singh and Home Minister Rajnath Singh have reached Parliament.
Speaking to ANI, Union Minister Jyotiraditya Scindia said, "The budget will be a journey of resolve to take the country on the path of development and progress. It is our hope that, on the basis of this budget, we will move rapidly towards achieving the goal of 'Viksit Bharat' as per the resolve of the Prime Minister."
Union Budget Live: Finance Minister Nirmala Sitharaman Meets President Droupadi Murmu
Union Budget 2024 Live: Cabinet Approves Union Budget 2024
The Union Cabinet has approved the Union Budget for FY25. The budget will soon be presented by Finance Minister Nirmala Sitharaman at 11 a.m. Ahead of the Budget, Union Minister Gajendra Singh Shekhawat told ANI, "The resolution of PM Modi's government since 2014 is that India should become self-reliant and the way the country is moving ahead in this direction in a systematic manner, this time too the budget has been announced in the same format..."
Union Budget 2024 Live: State of the Economy
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Union Budget 2024 Live: PM Modi Arrives At Parliament Ahead of Budget Presentation
Union Budget 2024 Live: State of the Economy
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Union Budget 2024 Live: Sensex, Nifty Erase Early Gains as Investors Turn Cautious
Benchmark indices pared early gains as investors remained cautious ahead of the Union Budget 2024 presentation. The Sensex and Nifty both opened around 0.3 per cent higher, but they were trading flat at 80,410.20 points and 24,468.10 points, respectively, as of 10:45 AM.
“The market participants will be closely watching for any tweaks in LTCGs tax. If there are no changes in LTCGs tax that will be a big relief for the market and the market is likely to react positively to that,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Union Budget 2024 Live: Nirmala Sitharaman Begins the Budget Presentation for FY25
Union Budget 2024 LIVE Updates: FM Nirmala Sitharaman Expresses Concern over Global Economy
FM Nirmala Sitharaman expresses concern over global economic situation. Policy uncertainty, elevated asset prices and shipping disruptions pose downside risks to growth and upside risk to inflation.
Union Budget Live: Inflation is under control, says FM Nirmala Sitharaman
While presenting the budget, FM Nirmala Sitharaman said that inflation is under control in the country at 4 per cent. She further added that the budget will focus on employment, skilling, MSMEs, and the middle class.
Union Budget 2024 Live Updates: Government to Launch Five Schemes for 4.1 Crore Youth with Outlay of Rs 2 Lakh Crore
The government is going to focus on employment and skilling. Nirmala Sitharaman announced a Rs 2 lakh crore scheme which will benefit 4.1 crore youth. There will be five schemes which will be launched over the next five years.
Union Budget 2024 Live: Need to focus on the Poor, Women, Youth and Farmers
We need to prioritize the needs of the poor, women, youth and farmers, as stated in the interim budget, said Sitharaman. To that end, we have increased the Minimum Support Prices for all key crops, promising farmers at least a 50 per cent margin over cost.
Union Budget 2024 Live: Government will Give Boost to Agriculture, says Sitharaman
In the next two years, 1 crore farmers will be initiated into natural farming. Implementation will be through scientific institutions, she added.
Union Budget 2024 Live Updates: Digital Public Infrastructure to be Implemented in Agriculture in 3 years
Finance Minister announced during the budget that the government will work to implement digital public infrastructure. Government will work on this in over 400 districts.
Union Budget 2024 Live: Budget to Give a Boost to Rural Economy
Fast-tracking growth of the rural economy and the generation of employment opportunities will be the goal of the Budget. The government will boost Rs 1.5 lakh for agriculture and allied sectors.
Union Budget LIVE: FM Sitharaman Announces Nine Key Priorities for Viksit Bharat
Talking about the new NDA government’s vision for transforming India into a developed economy, Finance Minister lists out nine priorities: productivity and resilience, employment and skilling, inclusive social growth, manufacturing and service, urban development, energy security, infrastructure, innovation and R&D, and next generation reforms.
Union Budget 2024 Live Updates: Government will Provide One Month Salary to First Time Employees Registered in EPFO
The government will undertake a direct benefit transfer of one month salary to first time employees registered in the EPFO network. The payment will be given in three installments with the cap at one month salary at Rs 1 lakh.
Union Budget Live: 30 lakh youth to Be Benefited in Manufacturing Sector
To Incentivize additional employment, incentives will be provided at a specified scale with respect to EPFO compliance in the first year of employment in the manufacturing sector. This scheme will benefit 30 lakh youth.
Union Budget 2024 Live Updates: 20 Lakh Youth to Be Skilled Over a Five Year Period
As part of the efforts to provide skilling, the government has set a target of skilling over 20 lakh youth in the next five years. To achieve this, Finance Minister Nirmala Sitharaman said the government will partner with 1000 institutes.
Union Budget 2024: New Initiatives to Promote Higher Women Participation in the Workforce
FM Sitharaman announces new initiatives that will facilitate higher women participation in the workforce by establishing working women hostels and creches and organising women specific skilling programmes.
Union Budget Live: Govt to Support Education Loan, Support for Loans upto Rs 10 lakh
The government will provide financial support for loans up to Rs 10 lakh in domestic institutions for education.
Budget Speech Live: Road Connectivity to be Improved in Bihar, Govt to spend Rs 26,000 Crore
Government to spend Rs 26,000 crore to improve road connectivity in Bihar. Sitharaman has announced several schemes to promote eastern regions, specially Bihar.
Budget Speech LIVE: FM Sitharaman Announces New Development Plan for Eastern Part of India
The Union government will focus on states in Eastern part of the country for all round development of the region. This will include Bihar, Jharkhand, Odisha, Andhra Pradesh.
FM says the development of infrastructure in the region will enable it to become an engine to attain Viksit Bharat. The new Amritsar-Kolkata corridor will catalyse industrial development of eastern region, according to the FM.
Union Budget Live: New Airports and Medical Colleges to Be Set Up in Bihar
New airports, medical colleges, and Sports infrastructure will be set up in Bihar, and capital investment will be provided. A request from the Bihar government for assistance for multilateral banks will also be taken, adds Sitharaman.
Budget Speech Live: Special Financial Support for Andhra Pradesh through Multilateral Agencies
Finance Minister Nirmala Sitharaman announced that the government will help in securing special funding of Rs 15,000 crore through multilateral agencies. The government will also allocate special capital outlay for the state for all round development including water and housing.
Union Budget Live: 3 crore additional houses to be made under the PM Awas Yojana
3 crore additional houses in rural and urban areas have been acquired; the necessary allocation has been made.
Union Budget 2024 LIVE: FM Sitharaman Announces More Than Rs 3 lakh crore for women led development.
To improve the role of women in national development, the new NDA government will allocate additional funds of Rs 3 lakh crore. “This signals government’s commitment for enhancing women’s role in development,” says Nirmala Sitharaman.
Union Budget Live: Banks to be set up in North Eastern Region
More than a dozen branches of India Post Payment Bank will be set up in the Northeastern region.
Budget Speech Live: Govt sets aside Rs 2.66 Lakh Crore for Rural Development
To boost rural economy, Sitharaman announced that the government has set aside Rs 2.66 lakh crore for the development of rural areas which includes infrastructure.
Union Budget LIVE: Finance Minister Launches Credit Guarantee Programme for MSMEs
To enable the growth of medium, small and micro enterprises, the new NDA government announces new credit guarantee scheme. This is will help MSMEs access credit without collateral or any third party guarantees. The scheme will operate on pooling of credit from among MSMEs.
Additionally, the turnover threshold for buyers has been reduced from Rs 500 crore to Rs 250 crore for MSMEs. SIDBI will also provide direct credits to MSMEs and service coverage to 168 culsters. MSME units will get financial support for the set-up of food and quality safety labs.
Budget Speech Live: E-commerce Export Hubs to be Set Up to Promote MSMEs International Trade
The government has announced that e-commerce export hubs will be set up to promote international trade of MSMEs. These will be done through a public-private partnerships. This is part of government's push for MSMEs.
Union Budget Live: Rental Housing to be Accommodated for Industrial Workers
Rental housing with dormitory accommodation for industrial workers will be facilitated in PPP mode.
Budget Speech Live: Integrated technology platform to be set up under the IBC code
Integrated technology platform to be set up under the Insolvency and Bankruptcy Code for smoother functioning of all stakeholders.
Union Budget LIVE: India to Set Up Critical Mineral Mission
The Union government will come up with a new Critical Mineral Mission keeping up with the global race for rare minerals. The mission will look into domestic production, recycling and overseas acquisition of critical minerals. Its mandate also includes technology development, skilling workforce and coming up with a suitable financial mechanism.
Budget Speech Live: Initiatives to be Taken to Improve Processing of Cases in Company Tribunals
The government will under take initiatives to improve the processing of cases under the Insolvency and Bankruptcy Act. The government will also set up new tribunals along with integration of technology in the tribunals, Sitharaman said.
Budget Speech Live: Pradhan Mantri Awas Yojana Gets Central Assistance of Rs 2.2 Lakh Crore
A transit-oriented development plan is to be formed for 14 large cities. Additionally, the housing needs of 1 crore poor will be addressed with central assistance of Rs 2.2 lakh crore in the next five years.
Union Budget 2024 LIVE: New Plan for Enabling Big Cities as Growth Hubs
Through economic and transit planning, the Centre wants to develop 14 big cities as growth hubs of Indian economy. The selected cities will be those with a population of more than 30 lakh.
This will utilise existing town planning schemes and a new framework for brownfield development based on market-based solutions.
Budget Speech Live: Water Supply, Sewage Treatment Plants to be Promoted in 100 Large Cities
FM Nirmala Sitharaman said during the speech that the government will cooperate with state governments and multilateral agencies to promote development of sewage treatment plants and improvement of water supply.
Budget Speech Live: Government to Collaborate with Private Sectors to Focus on Nuclear Energy
To give a boost to nuclear energy, the government will focus on Bharat's small reactors for nuclear power generation. Additionally, research and development will be the prime focus of the government for boosting the usage of nuclear energy.
Budget Speech Live: NTPC, BHEL Set Up 800 MW Advanced Super Critical Thermal Power Plant
PSU NTPC and BHEL will set up a 800 MW advanced super critical thermal power plant. Sitharaman made the announcement as the government looks to promote energy security.
Union Budget 2024: Govt to Support Traditional Medium and Small Industries in Energy Transition Efforts
Finance Minister Sitharaman announced that the Centre will help medium and small industries across 60 clusters including glass and ceramic to shift to cleaner forms of energy. This will include financial assistance as well. In the next phase,100 clusters will be looked into.
Budget Speech Live: Capital Expenditure Budget Remains Unchanged, States Should Aid Infrastructure Development, Sitharaman Says
The budget for capex remained unchanged at Rs 11.1 lakh crore for the current financial year. Sitharaman said that states should aide infrastructure development depending on their own needs.
Budget Speech Live: Phase IV of PMGSY to Be Launched
Pradhan Mantri Gram Sadak Yojana's Phase 4 will be launched to provide connectivity to houses in rural regions by the government.
Union Budget of India Live: Bihar, Himachal, Assam and Uttarakhand to Receive Support for Flood Management
FM Nirmala Sitharaman said that Bihar, Himachal, Assam and Uttarakhand will receive support from the government for management of floods. The FM acknowledged that the states have suffered widespread destruction due to floods and landslides
Budget Speech Live: Religious Tourism Gets a Boost in Budget
Finance Minister Nirmala Sitharam gave a boost to religious tourism in the budget. She said Nalanda will be supported as a tourist story. Odisha and Bihar's temples and monuments will be promoted to make them a tourism destination.
Budget Speech Live: The Economic Policy Framework will be formulated by the government
The Economic Policy Framework will be formulated by the government to set the scope of the next wave of reforms to facilitate productivity and employment opportunities. All factors of production, including land, labor, and capital, will be covered by these reforms. Further, these reforms will require collaboration between the government and private sector.
Budget 2024 LIVE: Venture Capital Fund of Rs 1,000 Crore to Expand Space Economy
To achieve 5x expansion of India’s nascent space economy in the next 10 years, the FM announces a new venture capital fund of Rs 1,000 crore.
Union Budget of India Speech Live: Land Reforms to be Undertaken via Collaboration with State Governments
The government will work on land reforms with state governments across the country. Sitharaman said the government will provide fiscal support to undertake urban and rural land reforms.
Budget Speech Live: Govt to Develop Taxonomy For Climate Finance
The government will develop a taxonomy for climate finance, which will support the securing of the country's climate commitment. It will also help with green transportation for the country.
Budget 2024 LIVE: FM Announces New Financial Sector Mission and Strategy Document
For meeting the demand of the financial sector, the government plans to set up a dedicated Financial Sector Mission. A new strategy document has also been announced. The new body will set up the agenda for the next years for the government, regulators and market participants.
Union Budget of India Speech Live: Rules for FDI will be Simplified, says Sitharaman
Finance Minister Nirmala Sitharaman announced that the government will streamline and simplify FDI regulations to promote investments. Moreover, the adoption of rupee in international trade and investments shall be promoted, the FM added.
Budget Speech Live: The NPS issue will be resolved to maintain fiscal prudence
While praising the New Pension Scheme (NPS), Finance Minister Nirmala Sitharaman said that the NPS issue will be resolved while maintaining fiscal prudence.
Budget 2024 Live: Fiscal Deficit to be at 4.9 per cent of GDP in FY25
The government announced budget estimates for the current financial year. It is as follows:
Total receipts: over Rs 32.07 lakh crore.
Total Expenditure: over Rs 48.21 lakh crore
Tax Receipts: 25.83 lakh crore
Fiscal Deficit: 4.9 per cent
Budget Speech Live: We will further simplify GST, says Sitharaman
In her budget speech, Finance Minister Nirmala Sitharaman said that the government will take steps to reduce GST complications
Budget Speech Live: Customs Duty On Gold and Silver Reduced
Customs Duty On Gold and Silver Reduced to 6 per cent and 4.5 per cent, respectively.
Union Budget Speech LIVE: FM Cuts Down Basic Customs Duty On Phones, PCBAs, Chargers
In a bid to support local manufacturing and improve the competitiveness of Indian products, FM Sitharaman has proposed decreasing basic customs duty (BCD) on mobile phones, PCBAs and chargers to 15 per cent.
Additionally, 25 critical minerals have been fully exempted from BCD to increase the country’s access to these valuable minerals.
BCD has also been reduced for X ray tubes and flat panel detectors in medical equipments.
Union Budget Speech Live: Government to Review Income Tax Act, Simplify Direct Tax Regime
The government will undertake a comprehensive review of income tax act, 1967. It will be completed within 6 months. The government will simplify the direct tax regime. The government will also decriminalise certain TDS defaults. The government will thoroughly simplify reopening and reassessment.
Union Budget Speech LIVE : Internship opportunity to 1 crore youth
FM Sitharaman in her 7th budget speech announced internship opportunity in top 500 companies for nearly 1 crore youth.
The duration of internship will be 12 months to learn skills needed to understand the business landscape. A stipend of Rs 5000 will be given for the period of 12-month internship
“The government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000,” announced FM Sitharaman in her budget speech.
Budget Speech Live: TDS on e-commerce operations to be reduced from 1 to 0.1%
Finance Minister Nirmala Sitharaman has said that TDS on e-commerce operations will be reduced from 1 to 0.1 per cent. A proposal has also been made to provide standard procedures for TDS delays.
20 per cent TDS rate on repurchase of units by mutual funds, or UTI is being withdrawn.
Budget Speech LIVE: Tax Rates Changed for Long Term Gains
In her budget speech, FM Sitharaman announced that short term gains across financial and non-financial assets will be subject to 20 per cent tax.
For long term gains, financial and non-financial assets will attract 12.5 per cent tax. It was taxed at 10 per cent earlier.
However, exemption for long terms gains have been increased to Rs 1.25 lakh per year from earlier Rs 1 lakh.
Budget Speech Live: Govt Proposes to Abolish Angel Tax
To boost the start-up ecosystem, the government has proposed to abolish the angel tax. The tax will be removed to increase the entrepreneurial spirit of start-ups.
The term "angel tax" describes the income tax that the government imposes on funds raised by start-ups or unlisted businesses if their valuation surpasses their fair market value. Since the tax mostly affects angel investors, it is referred to as an angel tax.
Union Budget 2024 Speech Live: Corporate Tax Rate for Foreign Companies Reduced From 40% to 35%
The government has decided to reduce the corporate tax rate for foreign companies from 40 per cent to 35 per cent. Sitharaman said this will promote inflow of foreign capital in the country.
Budget Speech Live: Standard Deduction Increased under New Tax Regime
For those opting for the new tax regime, the standard deduction for salaried employees is projected to be increased from Rs 50,000 to Rs 70,000.
Budget Speech Live: Government Revises Personal Income Tax Regime
Under the new regime, the tax slabs are as follows:
0-3L : Nil
3-7L : 5%
7-10L : 10%
10-12L : 15%
12-15L : 20%
Above 15L: 30%
Sitharaman says the estimated savings for salaried class would be Rs 17,500 annually.
Budget Speech Live: Nirmala Sitharaman Concludes the Union Budget
Union Budget 2024: Setting Credit Guarantee Fund Welcome Initiative, Says Co-Founder & MD at Primus Partners
“Access to credit has been an ongoing issue for MSMEs. Government has been pushing financial institutions towards providing unsecured financing to MSME units. Setting up a credit guarantee fund is a welcome initiative towards institutionalizing unsecured financing and address the issue of access to credit. Continued endeavour towards de criminalization and simplification of laws would help in enhancing the confidence in doing business climate. De criminalisation in tax laws for TDS settlement is welcome step for the industry,” said Kanishk Maheshwari, Co-Founder & Managing Director at Primus Partners.
Union Budget Live: Focus on Tourism to Have Strong Positive Externality on Job, Says Deloitte's Rumki Majumdar
"Boost to jobs and skilling, MSMEs growth and ease of doing business have been a few of the important asks and the announcements did touch upon all of these. By giving incentives to employers, the FM has ensured that job creation is addressed from both the demand side and supply side of the labour market. Another highlight was the focus on tourism that has a strong positive externality on jobs and other sectors.”
Union Budget 2024 Live: Top 5 Highlights of Budget
1) Government announces five schemes to promote employment and skilling with a capital outlay of Rs 2 lakh crore
2) Andhra and Bihar receive special support from the government
3) Angel Tax has been abolished which comes as a major boost for start ups
4) Long Term Capital Gains Tax increased to 12.5 per cent from 10 per cent
5) Standard Deduction increased from Rs 50,000 to Rs 75,000
Union Budget 2024: Electronics Industry Lauds Govt Decision to Slash Customs Duty on Phones, Components
“Hon’ble Finance Minister has also acknowledged the tremendous growth of mobile phone manufacturing and exports. We had recommended to reduce BCD on mobile phones, its PCBA and Charger/Adapter 15 per cent, which has been accepted. The mobile and electronics industry is elated with the announcements and will go a long way to enhance manufacturing, exports and our competitiveness. Our proposal for tariff slab rationalisation, as has also been acknowledged and Hon’ble FM has announced that it will be taken up in the next six month, will further embolden the industry and its competitiveness,” says Pankaj Mohindroo, Chairman, ICEA.
Union Budget 2024: Changes to Capital Gains Tax to be Effective from Today
The changes announced to long term capital gains tax and securities transaction tax will be effective from today, Revenue Secretary was quoted as saying by CNBC TV 18.
Union Budget 2024: Govt. walking the talk on its commitment to fostering innovation, Says Vikram Chachra, Founding Partner, 8i Ventures
"The abolition of the Angel Tax is a long overdue and welcome step forward for the Indian startup ecosystem. The government is walking the talk on its commitment to fostering innovation and supporting early-stage ventures. By removing this tax, we can expect a more vibrant and dynamic investment landscape, as investors will be more inclined to fund startups without the burden of additional tax implications. This move will not only attract domestic investors but also bolster confidence among foreign investors looking at India as a viable investment destination," Vikram Chachra, Founding Partner, 8i Ventures.