Budget 2024 Highlights & Announcements: No tax revisions, affordable houses; FM Sitharaman narrows fiscal deficit estimates

Updated – February 02, 2024 at 10:08 AM.

Union Budget 2024-25 Key Highlights & Announcements: Finance Minister Nirmala Sitharaman confirmed the continuation of existing tax rates, covering direct, indirect taxes, and export duties. She also disclosed an 11% surge in the upcoming year’s capex outlay, reaching ₹11.1 lakh crore. Sitharaman, during the fiscal year’s federal budget announcement, revised the fiscal gap to 5.8% of the gross domestic product. The Finance Minister also introduced a housing scheme for the deserving middle class, focusing on those living in rented houses, slums, chawls, or unauthorised colonies. Prime Minister Modi stated that this initiative would assist them in acquiring or constructing their own homes. Amid various announcements benefiting youth, the impoverished, women, and farmers, Sitharaman highlighted the extension of Ayushman Bharat healthcare coverage to all ASHA and Anganwadi workers and helpers.

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman along with the Ministers of State for Finance Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad in the Parliament House on February 01, 2024Union Minister for Finance and Corporate Affairs Nirmala Sitharaman along with the Ministers of State for Finance Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad in the Parliament House on February 01, 2024

| Photo Credit: MANOJKUMAR

nion Budget 2024-25 Updates – Find all Budget 2024 news with updates & highlights and explore more on Indian Union Budget 2024 by FM Nirmala Sitharaman.

Highlights of Interim Budget 2024-25

ALL UPDATES

  • February 01, 2024 19:35

    Budget 2024 live updates: Govt likely to present next week White Paper on mismanagement of eco prior to 2014

    The government is likely to present a White Paper on the mismanagement of the economy prior to 2014 with an aim to draw lessons.

    Prime Minister Narendra Modi-led NDA government came to power in May 2014 after a 10-year rule by the Congress-led UPA government at the Centre.

    “It is now appropriate to look at where we were then till 2014 and where we are now, only for the purpose of drawing lessons from the mismanagement of those years.

    “The government will lay a White Paper on table of the House,” announced Finance Minister Nirmala Sithraman while presenting the interim Budget for the next financial year on Thursday.

    According to a senior government official, the white paper may be presented next week. – PTI

  • February 01, 2024 19:33

    Budget 2024 live updates: Over ₹2 lakh cr allocated to home ministry; priority on internal security, border guarding

    The interim budget 2024-25 on Thursday allocated ₹2,02,868.70 crore to the Ministry of Home Affairs (MHA) with the highest share of funds going to the paramilitary forces like CRPF, BSF and CISF, showing priority on internal security and border guarding.

    The 2023-24 budget allocation to the MHA, helmed by Union Home Minister Amit Shah, was ₹1,96,034.94 crore. – PTI

  • February 01, 2024 19:18

    Budget 2024 live updates: Funds allocated to Law Ministry and EC for EVMs, polls

    The Election Commission has been granted ₹385.67 crore for conducting elections this fiscal, according to documents provided after the presentation of the interim budget on Thursday.

    Lok Sabha elections are due this summer and could be announced sometime in March.

    The Law Ministry ministry has been provided ₹2,502.30 crore this fiscal and ₹34.84 crore in 2024-25 for procurement of electronic voting machines (EVMs) for the poll panel. – PTI

  • February 01, 2024 19:16

    Budget 20234 live updates: Child budget sees increase but allocation for children under minority ministry decline: CRY

    The allocation for children in the interim Budget for fiscal year 2024-25 has witnessed a notable increase, reaching ₹109,493.08 crore but the budget for children under Ministry of Minority Affairs has declined, according to an analysis by child rights NGO CRY.

    The interim Budget marks a substantial rise of ₹5,702.38 crore from the previous year’s Budget Estimate (BE) of ₹103,790.70 crore. – PTI

  • February 01, 2024 19:12

    Budget 2024 live updates: ₹6.21 lakh cr set aside for defence budget for 2024-25; capital outlay pegged at ₹1.72 lakh cr

    The defence budget was on Thursday increased to ₹6.21 lakh crore for 2024-25 in a modest hike of 4.72 per cent from last year’s allocation of ₹5.25 lakh crore amid India’s continuing border row with China in eastern Ladakh as well as concerns over evolving security situation in the strategic waterways.

    In the interim Union budget, Finance Minister Nirmala Sitharaman also announced plans to roll out an ambitious scheme for “deep-tech” technologies in the military domain.

    A total of ₹1.72 lakh crore was set aside to the military for capital expenditure that largely includes purchasing new weapons, aircraft, warships and other military hardware. – PTI

  • February 01, 2024 19:10

    Budget 2024 live updates: Ayush Ministry gets ₹3,712 crore in interim Budget

    The interim Budget allocation for the Ayush Ministry has been increased to ₹3,712.49 crore for 2024-25 from ₹3,000 crore (revised estimates) in 2023-24, recording a rise of 23.74 per cent.

    The National Medicinal Plants Board has been allocated ₹14.63 crore while the Pharmacopoeia Commission for Indian Medicine and Homoeopathy (PCIM&H) allocated ₹20.80 crore. – PTI

  • February 01, 2024 19:05

    Budget 2024 live updates: Civil aviation ministry to get ₹2,300 cr budgetary allocation for 2024-25

    The budgetary allocation for the civil aviation ministry has come down to ₹2,300 crore for the next financial year.

    For the ministry, the allocation in the revised budgetary estimate for the current fiscal ending March 2024 stood at ₹2,922.12 crore.

    According to the documents of the interim Budget for 2024-25, the ministry will get an allocation of ₹2,300 crore, including the revenue component of ₹2,257.79 crore. – PTI

  • February 01, 2024 18:59

    Budget 2024 live updates: Agriculture Ministry gets ₹1.27 lakh cr budget allocation for FY25

    The government has allocated ₹1.27 lakh crore budget for the Ministry of Agriculture for 2024-25, marginally higher than the current fiscal.

    According to the budget document, the agriculture ministry has been allocated ₹1,27,469.88 crore for 2024-25 financial year, of which the Department of Agriculture will get ₹1,17,528.79 crore while the Department of Agricultural Research and Education (DARE) ₹9,941.09 crore. – PTI

  • February 01, 2024 18:58

    Budget 2024 live updates: Big boost for auto sector PLI as FY25 allocation hiked to ₹3,500 crore

    The government on Thursday announced an over seven-fold increase in allocation for the automotive industry’s production-linked incentive scheme for 2024-25 to ₹3,500 crore, the interim budget documents showed.

    According to the Expenditure Budget, a sum of ₹3,500 crore has been earmarked towards the Production Linked Incentive (PLI) scheme for automobiles and auto components in the financial year beginning March, up from a revised estimate of ₹483.77 crore in the current fiscal. – PTI

  • February 01, 2024 18:51

    Budget 2024 live updates: Social Justice ministry allocated ₹14,225 crore in interim Budget

    The Social Justice and Empowerment Ministry has been allocated ₹14,225.47 crore in the interim Budget for 2024-25, an increase of 28.4 per cent over ₹11,078.33 crore in the Budget (revised estimates) for 2023-24.

    The Department of Social Justice and Empowerment has been allocated ₹13,000 crore in 2024-25 while the Department of Empowerment of Persons with Disabilities got ₹1,225.27 crore in the interim Budget presented by Finance Minister Nirmala Sitharaman in Parliament on Thursday. – PTI

  • February 01, 2024 18:49

    Budget 2024 live updates: School education gets record allocation of over ₹73,000 crore

    In the highest-ever allocation for the Department of School Education and Literacy, the government has allotted more than ₹73,000 crore for school education in the interim Budget for 2024-25 announced on Thursday.

    The allocation has increased to ₹73,008.10 crore from Revised Estimates (RE) of ₹72,473.80 crore in the previous fiscal. The government had allocated Rs 68,804.85 crore to the department last year. – PTI

  • February 01, 2024 18:47

    Budget 2024 live updates: Chabahar Port project gets ₹100 cr in MEA’s overall outlay of ₹22,154 cr for 2024-25

    The Ministry of External Affairs (MEA) was on Thursday allocated a total of ₹22,154 crore for the fiscal 2024-25 in the Union Budget as against last year’s outlay of ₹18,050 crore.

    In line with India’s ‘Neighbourhood First’ policy, the largest share of aid portfolio has been granted to Bhutan with the allocation of ₹2,068 crore. The development outlay for the Himalayan nation in 2023-24 was ₹2,400 crore.

    The allocation for Chabahar Port has also been maintained at ₹100 crore, underlining India’s focus on connectivity projects with Iran. – PTI

  • February 01, 2024 18:46

    Budget 2024 live updates: Centre to provide ₹75,000 crore interest-free loan to states

    The Union government will provide ₹75,000 crore as interest-free loan for 50 years to support reforms by states for realising the vision of ‘Viksit Bharat’.

    The government has set a vision to make India a developed nation by 2047.

    Finance Minister Nirmala Sitharaman made the proposal in this regard in her Budget speech in the Lok Sabha on Thursday.

  • February 01, 2024 18:44

    Budget 2024 live updates: Electronics manufacturing, semicon, research get ₹15,500 cr budget allocation

    The government has allocated ₹15,500 crore for various electronics manufacturing programmes, including semiconductor mission and mobile and IT hardware PLI scheme for FY25.

    It has proposed ₹4,203 crore incentives for assembly, test, and packaging plants that can benefit projects like the ones set up by Micron in Gujarat, the proposed plant by Foxconn and HCL joint venture, Tata Group etc.

    The proposed outlay covers projects for setting up compound semiconductor and sensor plants. – PTI

  • February 01, 2024 18:43

    Budget 2024 live updates: Delhi allocated ₹1,168 cr in budget; AAP govt says ‘step-motherly’ treatment by Centre

    The Union Territory of Delhi was allocated ₹1,168 crore in the 2024-25 interim budget on Thursday, the same as in 2023-24, with the AAP government accusing the Centre of giving it “step-motherly” treatment.

    The transfer to Delhi from the Union home ministry included ₹1,168 crore under the revenue head and ₹0.01 crore under the capital head.

    In the 2022-23 budget, Delhi was allocated ₹960 crore. It was increased to ₹1,168.01 crore in 2023-24 and remains the same for 2024-25.

  • February 01, 2024 18:41

    Budget 2024 live updates: Govt cuts FAME allocation by over 44% to ₹2,671.33 cr in FY25

    The government has earmarked ₹2,671.33 crore, over 44 per cent lower than the revised estimate for 2023-24, towards the Faster Adoption and Manufacturing of Hybrid and Electric Vehicle in India (FAME) scheme for FY25.

    The proposal comes at a time when there is no clarity over whether the existing FAME II plan, already extended by two years, will see another extension or the government will announce a new FAME III scheme. – PTI

  • February 01, 2024 18:39

    Budget 2024 live updates: Budget allocation for tribal ministry up by 70%

    The government has allocated ₹13,000 crore to the Tribal Affairs Ministry in the interim Budget 2024-25, a massive increase of 70 per cent from the allotment in the previous financial year.

    The tribal ministry was allocated ₹7,605 crore in the financial year 2023-24.

    The Centre has earmarked ₹6,399 crore for the construction of Eklavya Model Residential Schools (EMRS) in 2024-25, a 150 per cent increase over ₹2,471.81 crore allocated for this purpose in 2023-24.

  • February 01, 2024 18:36

    Budget 2024 live updates: Budget presents promising roadmap to strengthen agri, dairy sectors, say industry leaders

    Agriculture and allied sector players termed the Interim Budget 2024-25 as a promising roadmap for strengthening agriculture, agrochemical, dairy sectors by encouraging investment in research and development, technology and warehousing that will empower farmers and their livelihood.

    “The Interim Budget 2024-25 reiterates the government’s commitment to strengthening the ‘Annadata’ and backbone of our nation – our farmers. From direct financial assistance through PM-KISAN SAMMAN Yojana to expanding farmer-centric policies and promoting innovations, the budget paves the way for inclusive, sustainable growth in the agricultural sector,” Godrej Agrovet Managing Director Balram Singh Yadav said. – PTI

  • February 01, 2024 18:26

    Budget 2024 live updates: Sensex gave positive returns to investors 4 times during last 6 Budget days

    The BSE Sensex has given positive returns to investors four times on the Budget day in the last six years.

    On Thursday, when Finance Minister Nirmala Sitharaman presented the interim budget for 2024-25, also the last by the Modi government before the general polls, Sensex ended in the red.

    The benchmark has gained 20 per cent since the last year’s Budget day on February 1, 2023. – PTI

  • February 01, 2024 18:20

    Budget 2024 live updates: Interim budget firmly conveys govt’s commitment to fiscal consolidation goals: Moody’s

    Moody’s Investors Service on Thursday said the interim budget for 2024-25 firmly conveys the government’s commitment to its fiscal consolidation goals, set against a backdrop of healthy economic growth.

    Moody’s Investors Service Senior Vice President Christian de Guzman said the government demonstrated fiscal restraint in not resorting to large handouts or increasing discretionary spending ahead of this year’s elections. – PTI

  • February 01, 2024 18:13

    Budget 2024 live updates: Relief for small taxpayers; withdrawal of outstanding income tax demand up to ₹25,000

    Around one crore small income taxpayers to get benefit as Finance Minister Nirmala Sitharaman announced withdrawing demand notices.

    “In line with our Government’s vision to improve ease of living and ease of doing business, I wish to make an announcement to improve taxpayer services. There are a large number of petty, non-verified, non-reconciled, or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years,” Sitharaman said while presenting the interim budget for FY 2024-25 on Thursday.

  • February 01, 2024 18:08

    Budget 2024 live updates: Stocks of solar solutions providers rally post Budget announcement

    Shares of solar solution providers — KPI Green Energy and Websol Energy — climbed on Thursday after Finance Minister Nirmala Sitharaman announced rooftop solarisation to ensure free electricity of up to 300 units per month for one crore households.

    KPI Green Energy stock zoomed 9.48 per cent to settle at ₹1,996.65 on the BSE. During the day, it rallied 9.99 per cent to reach its 52-week high of ₹2,006.15.

    Shares of Websol Energy System climbed 4.99 per cent to hit its one-year peak of ₹388.15, and Sterling and Wilson Renewable Energy ended 1.07 per cent higher at ₹572.45 after jumping 4.16 per cent to ₹590 during the session. – PTI

  • February 01, 2024 18:06

    Budget 2024 live updates: UGC faces over 60% cut, budget for school education increased

    The University Grants Commission (UGC) has faced a budget cut this year with the Centre reducing its grant by over 60 per cent while the allocation for Indian Institutes of Management (IIMs) has been slashed for the second consecutive year.

    The budget for school education has been increased by over ₹500 crore but the grant for higher education has been reduced by over ₹9,600 crore from the previous fiscal year’s Revised Estimate (RE).

    In the interim budget for 2024-25 announced by Finance Minister Nirmala Sitharaman on Thursday, the funding for UGC has been brought down to ₹2,500 crore from the previous year’s RE of ₹6,409 crore, a 60.99 per cent drop.

  • February 01, 2024 18:02

    Budget 2024 live updates: Budget focuses on making India $5 tn economy, developed nation: Assocham

    The interim budget focuses on the government’s objective of making India a $5 trillion economy and a developed nation by 2047, Assocham President Ajay Singh said on Thursday.

    Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday in which she announced a Rs 11.11 lakh crore spending on infrastructure among other proposals.

    “It is an India-first budget. A confident budget of a confident government that focuses on the objective of ensuring that India becomes a 5 trillion-dollar economy by 2025 and a developed nation by 2047,” Singh told PTI in a post-budget interaction. – PTI

  • February 01, 2024 18:00

    Budget 2024 live updates: President’s office gets ₹144.18 crore in interim Budget, 47.5 per cent higher than FY24

    The interim Budget on Thursday allocated ₹144.18 crore for the staff, household and allowances of the president, a massive increase of ₹46.49 crore (about 47.5 per cent) from ₹97.69 crore earmarked in the revised estimates for FY24.

    In the announcements for the 2024-25 interim Budget by Finance Minister Nirmala Sitharaman, ₹90.87 crore was allocated for the president’s secretariat and ₹52.71 crore was sanctioned under the head ‘other expenditures’, which provides for the expenditure on the household establishment of the president, including staff salaries. – PTI

  • February 01, 2024 17:58

    Budget 2024 live updates: TMC dubs budget as ‘election gimmick’

    The Trinamool Congress on Thursday dubbed the interim budget as an “election gimmick” ahead of the Lok Sabha polls and urged the BJP to “stop political theatrics and prioritise human welfare”.

    Senior TMC leader and minister in the West Bengal government, Chandrima Bhattacharya, expressed the party’s discontent, highlighting alarming statistics on farmer suicides. – PTI

  • February 01, 2024 17:57

    Budget 2024 live updates: EV stocks settle mostly higher after Budget announcement

    Shares of companies related to the electric vehicle segment ended mostly higher on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged.

    JBM Auto climbed 2.48 per cent to settle at ₹1,963.20 on the BSE. During the day, it jumped 4.96 per cent to hit its one-year peak of ₹2,010.80.

    Greaves Cotton advanced 0.95 per cent to settle at ₹165.05 after rising 3 per cent to the day’s high of ₹168.55. – PTI

  • February 01, 2024 17:47

    Budget 2024 live updates: Marginal increase in budget allocation for environment ministry

    The government has allocated ₹3,265 crore to the environment ministry in the interim budget 2024-25, a marginal increase over ₹3,231 crore earmarked in the financial year 2023-24.

    The ministry’s budgetary allocation for the next financial year is just 0.07 per cent of the total estimated expenditure. – PTI

  • February 01, 2024 17:46

    Budget 2024 live updates: Sports Ministry gets ₹45 crore boost in interim Budget

    The Sports Ministry was on Thursday allocated The Sports Ministry was on Thursday allocated ₹3,442.32 crore, a hike of ₹45.36 crore as compared to last year, in the interim Union Budget presented by Finance Minister Nirmala Sitharaman. – PTI

  • February 01, 2024 17:33

    Budget 2024 live updates: Health Ministry allocated over ₹90,658 crore in interim Budget

    The Union Health Ministry has been allocated ₹90,658.63 crore in the interim Budget for 2024-2025, a hike of 12.59 per cent over 80,517.62 crore in the Budget (revised estimates) for 2023-2024.

    The government also announced that healthcare cover under the Ayushman Bharat insurance scheme will be extended to all ASHA and anganwadi workers and helpers.

  • February 01, 2024 17:31

    Budget 2024 live updates: Budget reveals grim situation, poor becoming poorer: CPI(M)

    The interim budget reveals the “grim” economic situation confronting India’s working people and the government’s idea of development is making the rich richer and the poor poorer, the CPI(M) alleged on Thursday.

    In a statement, the Left party said while the actual budget for 2024-25 will be the responsibility of the new government and Parliament to be formed after the 2024 general elections, the revised figures for 2023-24 reveal that expenditure in social sectors has “gone down”. – PTI

  • February 01, 2024 17:29

    Budget 2024 live updates: Modi govt’s ₹47.66 lakh cr Budget lays strong foundation for ‘Viksit Bharat’, say experts

    Finance Minister Nirmala Sitharaman has presented a Union Budget laying a strong foundation for making India a ‘Viksit Bharat’ or a developed nation by 2047, opined experts.

    The finance minister on Thursday presented a ₹47.66 lakh crore Budget with a focus on all the sectors of the economy. – PTI

  • February 01, 2024 17:27

    Budget 2024 live updates: 11% increase in infra spend, measures for agri sector; shuns populism

    Finance Minister Nirmala Sitharaman on Thursday announced a ₹11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government’s last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.

    Presenting a vote on account or an interim Budget for 2024-25, Sitharaman proposed no changes in income tax rates for individuals and corporates, as well as import duty but offered amnesty for disputed income tax demands of the period prior to 2014-15 as a relief to small taxpayers. – PTI

  • February 01, 2024 17:26

    Budget 2024 live updates: Census, NPR unlikely in 2024 too as only ₹1,277 cr allocated in budget

    The interim budget 2024-24 on Thursday allocated ₹1,277.80 crore for census, a significant reduction from 2021-22 when ₹3,768 crore was allocated and an indication that the exercise may not be carried out even after three years of delay.

    A meeting of the Union cabinet on December 24, 2019 had approved the proposal for conducting census of India 2021 at a cost of ₹8,754.23 crore and updating the National Population Register (NPR) at a cost of ₹3,941.35 crore. – PTI

  • February 01, 2024 17:20

    Budget 2024 live updates: Budget gives a boost to post-harvest activities, encourage value addition

    The post-harvest segment in farm sector will get a fillip with government announcing its intent to further promote both public and private sector investments in the agriculture supply chain. The move will encourage value addition while reducing post-harvest losses, besides enhancing farmers’ income, stakeholders said. 

    Finance Minister Nirmala Sitharaman, presenting her interim budget for 2024-25, said the efforts for value addition in agricultural sector and boosting of farmers’ income will be stepped up. “For ensuring faster growth of the sector, our government will further promote private and public investment in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding,” the Finance Minister said.

  • February 01, 2024 17:17

    Budget 2024 live updates: SpiceJet lauds Centre’s effort towards tourism and growing air connectivity. – PTI

  • February 01, 2024 17:05

    Budget 2024 live updates: Budget will help India deliver aspirational yet people-centric, inclusive development: Industry

    Industry leaders on Thursday welcomed the interim Budget 2024-25 presented by Finance Minister Nirmala Sitharaman, saying the measures announced augur well for India to deliver on aspirational yet people-centric, inclusive development with prudence scoring a decisive victory.

    They termed the Budget as a forward-looking one and a “budget of continuity and trust” with no populist measures despite being presented ahead of the general elections. – PTI

  • February 01, 2024 17:04

    Budget 2024 live updates: Govt to strengthen EV ecosystem by supporting charging, manufacturing infra: Sitharaman

    The government will expand the electric vehicle ecosystem by supporting charging and manufacturing infrastructure in the country, Finance Minister Nirmala Sitharaman said on Thursday, a move lauded by the automotive industry players.

    Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also noted that usage of electric buses for public transport networks will be encouraged. – PTI

  • February 01, 2024 17:03

    Budget 2024 live updates: Health experts hail plan to set up more medical colleges, boost vaccination for girls

    Healthcare experts on Thursday gave a thumbs up to the Centre’s plan to set up more medical colleges by utilising the existing hospital infrastructure, with some saying the move demonstrates a “holistic commitment” to health.

    Finance Minister Nirmala Sitharaman, while presenting the interim Union Budget for 2024-2025 on Thursday, among other announcements, also said the government will encourage vaccination for girls in the 9-14 year age group for the prevention of cervical cancer. – PTI

  • February 01, 2024 16:58

    Budget 2024: Markets turn choppy on Budget day; Sensex, Nifty settle lower

    Benchmark equity indices ended lower on the Budget day on Thursday as investors opted for profit-taking amid mixed cues.

    After shedding early gains, the markets turned volatile during the presentation of the interim Budget, where in the capital expenditure outlay was marginally hiked but there were no major announcements.

  • February 01, 2024 16:55

    Budget 2024: Rupee rises 8 paise to settle at 82.96 after FM Nirmala Sitharaman’s presentation

    The rupee appreciated by 8 paise to close at 82.96 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in its interim Budget for 2024-25.

    However, a strong greenback against major rivals overseas and subdued domestic equity markets restricted the sharp gain in the domestic unit, forex traders said.

  • February 01, 2024 16:49

    Budget 2024 live updates: Jal Shakti Ministry allocated ₹98,418 cr in interim budget, Jal Jeevan Mission gets maximum share

    The Jal Shakti Ministry was on Thursday allocated ₹98,418 crore in the interim budget for 2024-25 with its flagship Jal Jeevan Mission getting a 71 per cent share.

    The allocation for the ministry in the 2023-24 budget was ₹96,549 crore. The Department of Drinking Water and Sanitation (DoDWS) has been allocated ₹77,390 crore in the budget, a minimal increase of 0.4 per cent from 2023-24. Out of this, the share of the Jal Jeevan Mission, which aims to provide safe and adequate drinking water by 2024 to all households in rural India, is ₹69,926 crore.

  • February 01, 2024 16:47

    Budget 2024 live updates: ₹1,249 crore for salaries of union ministers, entertainment of guests, ex-governors

    The interim budget 2024-25 on Thursday allocated ₹1,248.91 for the expenses incurred by the council of ministers, cabinet secretariat, prime minister’s office, and on hospitality and entertainment of State guests.

    The allocated amount is substantially lower than ₹1803.01 crore earmarked in 2023-24.

    A total of ₹832.81 crore has been given for the expenses of council of ministers (₹1,289.28 crore in 2023-24). – PTI

  • February 01, 2024 16:45

    Budget 2024 live updates: Healthcare cover under Ayushman Bharat to be extended to ASHA, anganwadi workers

    Healthcare cover under the Ayushman Bharat insurance scheme will be extended to all Accredited Social Health Activist (ASHA) and anganwadi workers and helpers, Finance Minister Nirmala Sitharaman said while presenting the interim Budget for 2024-2025 on Thursday. PTI

  • February 01, 2024 16:42

    Budget 2024 live updates: At 56 minutes, Sitharaman’s shortest budget speech ever

    Finance Minister Nirmala Sitharaman on Thursday presented her sixth consecutive budget with a speech lasting 56 minutes, her shortest-ever.

    Sitharaman, who holds the distinction of delivering the longest budget speech at 2.40 hours in 2020, was cheered at regular intervals by the treasury benches — her remarks on the presentation of the full budget by “our government” in July receiving the loudest applause. – PTI

  • February 01, 2024 16:38

    Budget 2024 live updates: We have better managed the economy with correct intentions, says FM Sitharaman

    “This is an interim budget presented just before the (2024 Lok Sabha) elections… On governance, this budget speaks from a position where we have delivered on development, we have better managed the economy with correct intentions, correct policies and correct decision. So it’s a governance with care, conviction and confidence,” says Union Finance Minister Nirmala Sitharaman at a press conference. – PTI

  • February 01, 2024 16:23

    Budget 2024 live updates: Interim Budget evokes mixed response from Indian business community in Gulf

    India’s interim Budget for 2024-25 received mixed reactions from the Indian business community in the Gulf with some hailing it as forward-looking and a vision statement for the journey from developing to a developed country by 2047 while others voiced disappointment over the absence of tax reliefs for individuals.

    Presenting a vote on account for 2024-25 in Parliament, Finance Minister Nirmala Sitharaman proposed no changes in income tax rates for individuals and corporations, as well as customs duty. – PTI

  • February 01, 2024 15:56

    Budget 2024 live updates: Here’s what Sundararaman Ramamurthy, MD & CEO of BSE, said on Budget announcements

    “This budget lays emphasis on fiscal products and gives room for private capital investment into the growth of India. Continuing with the trends of the last 10 years, the Finance Minister once again lays on the foundation for a very strong path for India with due focus on areas of national importance.”

  • February 01, 2024 15:46

    Budget 2024 live updates: Focus on fiscal prudence and capex expenditure signifies the “sweet spot” for the economy, says Prime Minister Narendra Modi

    Prime Minister Narendra Modi on Thursday said that this was “not merely an interim budget but an inclusive and innovative budget.” He added that this will empower all pillars of developed India which includes the youth, the poor, women and farmers. He emphasised that the budget presented by FM Nirmala Sitharaman “gives the guarantee of strengthening the foundation of Viksit Bharat by 2047.”

  • February 01, 2024 15:23

    Budget 2024 live updates: Govt to establish ₹1-lakh crore corpus for long-term funding of R&D projects including deep defence technology

    Finance Minister Nirmala Sitharaman announced in her interim budget speech on Thursday that a ₹1-lakh crore corpus will be established with a 50-year interest-free loan for long-term financing research and innovation in sunrise domains which also includes deep defence technology.

    Though the details of scheme allocation under different heads for ministries to take up R&D projects will emerge later, it appears to answer long-standing demand for greater enhancement of funds for innovations in core areas of defence that includes for marine and air platform engine development and manufacturing in India besides for next generation weapon system needed at a time of growing global insecurities.

  • February 01, 2024 14:19

    Budget 2024 live updates: Doubling of FDI inflow in 2014-23 to $596 bn marks golden era: Sitharaman

    Foreign Direct Investment (FDI) inflow into the country in the 2014-23 period doubled to $596 billion, compared to the inflows in 2005-13, while the focus of the bilateral investment treaties being negotiated with foreign partners is now on `first develop India’, Finance Minister Nirmala Sitharaman pointed in her Budget speech for 2024-25.

    The play on the acronym for FDI, which the FM says also stands for `first develop India’, is important as the country is in the midst of intense negotiations on BITs with a number of trade partners, specifically the UK and the EU.

  • February 01, 2024 13:46

    Budget 2024 live updates: Budget strengthens foundation of developed India, says PM Modi

    Prime Minister Narendra Modi asserted on Thursday that the Union Budget presented by Finance Minister Nirmala Sitharaman offers the “guarantee” of strengthening the foundation of a developed India.

    In a televised address following the budget, he said it will empower the four pillars of developed India, namely the young, poor, women and farmers.

    “This is a budget of creating India’s future,” he said, adding that it is a reflection of the young aspirations of a young India.

    Citing the announcement of Rs 1 lakh crore fund for research and innovation, he noted that the “historic” budget has also offered rebates for start-ups. It has provisions for a huge capital expenditure of ₹11.11-lakh crore while keeping the fiscal deficit under control, he said. (PTI)

    The budget empowers the poor and middle class and will create countless employment opportunities for the youth, he said.

  • February 01, 2024 13:43

    Budget 2024 live news: FM Sitharaman delivers on capex-led growth strategy, walks the talk on fiscal consolidation

    Ahead of the general elections, Finance Minister Nirmala Sitharaman on Thursday presented a ‘Vote on Account’ that came with a booster dose for the economy in areas of infrastructure and housing, even while striking a balance between growth and fiscal consolidation imperatives.

    Highlighting the Centre’s ‘whole of nation’ approach in governance and policies, Budget 2024 lays special emphasis on youth, women, the poor and farmers, besides the middle class, which will now get a housing scheme. Tax rates remained unchanged on expected lines, given that the latest exercise was a vote on account. 

    In her 60-minute-long Budget speech — her sixth in a row and the last Budget of the second Narendra Modi government— Sitharaman reaffirmed the government’s commitment to pursue a capex-led growth strategy in 2024-25 as well, while conveying its intent to rein in the fiscal deficit at 5.1 per cent, a number that beats the expectations of several economists and analysts, and could be music to the ears of foreign portfolio investors. 

  • February 01, 2024 13:41

    Budget 2024 live news: Railway corridors mooted to improve efficiency, reduce cost, accelerate GDP growth

    Indian Railways through three upcoming Railway corridors – the energy, mineral and cement corridor, the port connectivity corridors, and the high traffic density corridors – will look to improve efficiency and reduce cost, Finance Minister Nirmala Sitharaman said. 

    While presenting the Interim Budget 2024-2025, she said, “Projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics’ efficiency and reduce cost.”

    According to her, the resultant decongestion of the high-traffic corridors will also help in improving operations of passenger trains. This in turn will result in safety and higher travel speed for passengers.

  • February 01, 2024 13:31

    Budget 2024 live updates: Govt enhances target for Lakhpati Didi Scheme from 2 crore to 3 crore

    Eighty-three lakh SHGs with nine crore women are transforming rural socio-economic landscape with empowerment and self-reliance. Their success has assisted nearly one crore women to become Lakhpati Didi already, FM Nirmala Sitharaman said. 

    They are an inspiration to others. Their achievements will be recognised through honouring them. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore to 3 crore, she added.

  • February 01, 2024 13:28

    Budget 2024 live updates: Here’s what Karthik Jayaraman, Managing Director of WayCool Foods, said on Budget’s focus on agriculture sector

    “The continuity of policy in supporting food and agriculture sectors is encouraging. The new proposals of PPP Projects in post harvest management and value addition will help unlock entrepreneurship and value in the supply chain. In addition, entrepreneurs and start-ups are keenly looking forward to understanding the details of the proposed soft loans for R&D programs. This will help in creating explosive growth by driving innovation, and expedite reforms in sectors of national importance like food and agriculture.”

  • February 01, 2024 13:27

    Budget 2024 live updates: Focus on domestic tourism development, interest-free loans

    Union budget 2024 has a “heavy focus on domestic tourism”. States will be offered interest-free loans to boost tourism within their borders, said Finance Minister Nirmala Sitharaman. It holds substantial potential for generating tourism revenue in India and creating numerous job opportunities.

    The Indian government has said that there will be a “comprehensive development of tourist centres.”

    The finance minister said that states will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale. “A framework for rating of the centres based on quality of facilities and services will be established. Long-term interest free loans will be provided to States for financing such development on matching basis.”

  • February 01, 2024 13:25

    Budget 2024 live updates: In this Budget, many significant decisions have been taken for farmers with focus on nano DAP and Atamanirbhar scheme for oil seeds, says PM Narendra Modi

  • February 01, 2024 13:22

    Budget 2024 major announcements: Government to support manufacturing, charging infrastructure to help expand EV ecosystem

    Government will expand and strengthen the electric vehicle (EV) ecosystem by supporting manufacturing and charging infrastructure, Finance Minister Nirmala Sitharaman announced in the Budget on Thursday.

    “Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism,” she said in her Budget speech.

    In her pre-election Budget, which is technically a Vote-on-Account or Interim Budget, she also said that blending of compressed biogas into compressed natural gas for transport and piped natural gas would be made mandatory.

  • February 01, 2024 13:20

    Budget 2024 live news: Income Tax remission scheme will benefit one crore citizens of middle class, says PM Narendra Modi

    The interim Budget 2024 has proposed withdrawing outstanding direct tax demands up to ₹25,000 until FY 2009-10. Similarly, outstanding direct tax demands up to ₹10,000 for financial years 2010-11 to 2014-15 were withdrawn.

  • February 01, 2024 13:15

    Budget 2024 live updates: This is an inclusive and growth oriented Budget, says Prime Minister Narendra Modi after the presentation of the Budget by FM Sitharaman

    The start-ups have given importance, the Prime Minister added.

  • February 01, 2024 13:10

    Budget 2024 live updates: EV stocks rally post Budget announcement

    Shares of companies related to the electric vehicle segment jumped on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged.

    The stock of Olectra Greentech jumped 6.21 per cent to reach its 52-week high of Rs 1,849.25 on the BSE.

    JBM Auto climbed 4.96 per cent to hit its one-year peak of Rs 2,010.80. Greaves Cotton went up by 3 per cent to the day’s high of Rs 168.55.

    The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged, Finance Minister Nirmala Sitharaman said on Thursday.

    Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory.

    Biomanufacturing and bio foundry scheme will be launched to provide environment-friendly alternatives for bio-degradable production, she added. (PTI)

  • February 01, 2024 13:05

    Budget 2024 live updates: Indian Bonds rally as government lowers borrowings

    Finance Minister Nirmala Sitharaman announced a lower-than-expected bond sales program for the next fiscal year, as the nation prepares for big foreign inflows on global index inclusion. Bonds rallied. 

    The administration aims to borrow ₹14.13 trillion ($170 billion) in the fiscal year starting April 1, Finance Minister Nirmala Sitharaman said in her budget speech on Thursday. That’s lower than the ₹15.2 trillion estimated in a Bloomberg survey. 

    The net borrowings, adjusted for maturities, are planned at ₹11.75 trillion for the next fiscal year. The yield on the benchmark 10-year bond fell as much as nine basis points to 7.05 per cent after the announcement. (Bloomberg)

  • February 01, 2024 13:03

    businessline’s take| Budget 2024 speech: Damp squib for stocks, bullish for bonds

    Despite attempts by the Finance Minister to quell expectations from this interim budget, both the stock markets and India Inc were primed for some big-ticket announcements, having put out elaborate wish-lists. The Budget speech had none. The FM stuck to the script by mainly recounting the achievements of the NDA government over the last 10 years, with a few forwarding looking statements.

    This seems to be why the Nifty50, which began the Budget session on a slightly upbeat note, at about 21790 levels, lost ground to 21720 by the time the FM wrapped up her 60-minute speech. There was nothing really disappointing about the speech. In fact, its sub-text was that the ruling regime is fairly confident of winning a third term.

    Apart from refraining on big-bang announcements on corporate or personal taxes, the Budget perhaps negatively surprised the stock market by sticking to non-populist, conservative spending targets, that have been the norm with the NDA.

  • February 01, 2024 13:00

    Budget 2024 live news: Here’s what Anand Mahindra said on interim Budget 2024

    “For many years, I have been saying that we create too much drama around the budget and raise expectations of policy announcements to an unrealistically feverish pitch. The Budget is NOT necessarily the occasion for transformational policy announcements. Those can, and should, happen throughout the year. 

    “Just as it is for all private households, the Budget is an opportunity to plan our finances prudently and with fiscal rectitude. The more we are focussed on living within our means and investing for a robust but sustainable future, the more confidence we will gain with global investors.”

  • February 01, 2024 12:42

    Budget 2024 major announcements: FM Nirmala Sitharaman hikes capital spend, trims deficit for next fiscal

    Finance Minister Nirmala Sitharaman on Thursday hiked capital expenditure by 11 per cent for the next fiscal to sustain world-beating economic growth rate while trimming the deficit in a reform-oriented interim budget that also gave relief to common man from disputed small tax demands of up to ₹25,000.

    Presenting a vote on account or an interim budget for 2024-25, Sitharaman proposed no changes in income tax rates for individuals and corporates, as well as customs duty.

    In less than an hour-long budget speech, she presented the Modi government’s achievements in the last 10 years that transformed India from being a ‘fragile’ economy to the world’s fastest-growing major economy.

    She hiked capital expenditure to ₹11.11 lakh crore for 2024-25 while trimming the fiscal deficit for this financial year to 5.8 per cent, from the budgeted 5.9 per cent of GDP, and further lowering to 5.1 per cent in the next fiscal.

    Stating that every challenge of the pre-2014 era was overcome through economic management and governance, she said the government, in its July budget, will present a detailed roadmap to make India a developed country.

    “Guided by the principle ‘reform, perform, and transform’, the Government will take up next-generation reforms, and build consensus with the states and stakeholders for effective implementation,” Sitharaman said in her speech.

    The revenue receipts for the current fiscal at ₹30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalisation in the economy.

    “We continue on the path of fiscal consolidation, as announced in my Budget Speech for 2021-22, to reduce fiscal deficit below 4.5 per cent by 2025-26,” Sitharaman said. (PTI)

  • February 01, 2024 12:37

    Budget 2024 live news: Sensex, Nifty trade flat after Sitharaman’s speech; mixed sectoral performance

    NSE Nifty was up by 0.03 per cent or 5.95 points to 21,731.65 points, while the BSE Sensex was at 71,806.44 up by 0.04 per cent or six points. A total of 3,820 stocks were actively traded, 1,722 advanced, while 1,962 declined and 136 stocks remained unchanged where 397 stocks hit a 52 week high and 13 stocks hit a 52 week low at 12 pm on Thursday. 

    Major gainers on the NSE at 12 include, Maruti (3.56%); Power Grid (2.70%); Cipla (1.92%); M&M (1.91%); TCS (1.59%). Major losers include Dr Reddy’s Lab (-2.40%); ONGC (-1.88%); Grasim (-1.75%); L&T (-1.74%); Ultratech Cement (-1.69%)

    Nifty Realty down by 1.57 per cent at 842.75; Nifty Metal down 1.26 per cent at 7,872.80

  • February 01, 2024 12:33

    Budget 2024 live updates: Here’s what Jagannarayan Padmanabhan, Senior Director & Global Head, Consulting, CRISIL Market Intelligence and Analytics, said on interim Budget announcements

    “Capex infra increase of 11.1% is lower than what has been the run rate in the previous years – need for private sector to step in for maintaining the growth momentum.

    Development of economic rail corridors (commodity specific) to de-congest existing lines (mostly eastern part of the country) aiding faster freight movement and in reducing the logistics cost and increasing manufacturing competitiveness. Having a focused approach for aiding freight movement will help in achieving the National Rail Plan targets having a 50% modal share in the medium term.”

  • February 01, 2024 12:33

    Budget 2024 live news: No Big-bang Announcements for real estate sector, says Anuj Puri, Chairman of ANAROCK Group

    “As anticipated, the Interim Budget 2024 made no big-bang announcements, but it continued its focus on infrastructure upgrades and building connectivity across the country. This will benefit real estate growth in not just the top cities but in tier 2 & 3 cities across the country.

    The FM made some announcements that will go on to benefit the sector both directly and indirectly:

    – PM Awas Yojana (Gramin) – Despite all the challenges, the implementation of this scheme continued, achieving the target of close to 3 crore houses and now aims for 2 crore more houses to be taken up in the next five years.

    – Housing for the middle class – The Government will launch a scheme to help deserving sections of the middle class, living in rented houses or slums, or chawls and unauthorized colonies, to buy or build their own houses. This is likely to free encroachment areas like slums for easier redevelopment.

    – Capex outlay allocation to be increased by 11.1% to INR 11,11,111 lakh Cr, accounting for 3.4 % of GDP – This will unlock the potential for real estate development across assets because major part of this allocation will be used for various infra upgrades and new projects.

    – Transit oriented development in urban areas – this may give a boost to housing demand in cities and lead to rise in residential prices, especially in peripheral areas and tier 2 and tier 3 cities.

    – Development of iconic tourist centres – this is likely to favourably impact the hospitality sector with hotels and restaurants across categories. Moreover, long-term loans are proposed to states for tourism.

    – Extending tax benefit to startups for another year – this may help the office real estate to rejuvenate.

    Key Unmet Expectations

    – Industry status: The industry has been requesting industry status for years, believing it would unlock benefits like easier access to credit, tax breaks, and infrastructure development. This wasn’t explicitly addressed in the interim budget.

    – Tax benefits: Tax incentives for homebuyers, such as increasing the deduction limit on home loan interest under Section 24, were expected. The interim budget remained silent on this as well.

    – Affordable housing: Boosting allocations for schemes like PMAY (Urban) to improve affordability and encourage new projects in this segment was a key expectation. No major announcements appeared in the interim budget regarding this either.

    While the interim budget didn’t directly address the real estate sector’s key demands, the upcoming Union Budget might hold more concrete measures addressing industry concerns and potentially impacting market trends.”

  • February 01, 2024 12:32

    Budget 2024 Live Today: Volatility grips Indian markets post interim Budget presentation

    The Indian stock market experienced heightened volatility following the presentation of the interim Budget. The BSE Sensex initially declined 139.37 points to 71,612.74, while the Nifty was 33.15 points lower at 21,692.55. However, both indices later rebounded, with the Sensex trading 91.52 points up at 71,843.63, and the Nifty 17.95 points higher at 21,743.65. Finance Minister Nirmala Sitharaman emphasized the positive transformation of the Indian economy in the last decade. Proactive inflation management contributed to keeping inflation within a manageable range. GST collections for January surged 10.4% to over Rs 1.72 lakh crore, indicating buoyant economic activity. Global markets displayed mixed trends, with US markets ending lower on Wednesday.

  • February 01, 2024 12:22

    Budget 2024 major announcements: 2 crore more houses will be built under PM Awas Yojana in next 5 years, says FM Sitharaman

    Despite the challenges due to Covid, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families.

  • February 01, 2024 12:16

    Budget 2024 live updates: FM extends certain tax benefits start-ups, pension funds

    Certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024. To provide continuity in taxation, I propose to extend the date to 31.03.2025, Sitharaman said.

  • February 01, 2024 12:14

    Budget 2024 live news: FM Nirmala Sitharaman keeps current tax rates unchanged

    “As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” the Finance Minister said.

  • February 01, 2024 12:10

    Budget 2024 announcements: FM says government will encourage vaccination for girls in the age group of 9-14 years to prevent cervical cancer

  • February 01, 2024 12:10

    Budget 2024 live updates: Here’s what Kanishk Maheshwari, Co-Founder & Managing Director, Primus Partners, said on Interim Budget announcements

    “Recognition of the role of MSME, need to compete globally in a green economy and need for policy environment that considers the need of MSME is important. India cannot generate the jobs it needs and compete globally without making its MSMEs competitive.”

  • February 01, 2024 12:08

    Budget 2024 live updates: Govt proposes to withdraw tax demand of up to ₹25,000 up to 2009-10, says FM Sitharaman.

    This will benefit 1 crore taxpayers, she added.

  • February 01, 2024 12:06

    Budget 2024 live news: Govt to raise ₹14.13 lakh crore from market by issuing dated securities during 2024-25, says FM Sitharaman

    The gross and net market borrowings through dated securities during 2024-25 are estimated at ₹14.13-lakh crore and ₹11.75-lakh crore, respectively.

  • February 01, 2024 11:58

    Budget 2024 live updates: No change in direct, indirect tax rates, says FM Nirmala Sitharaman

    Finance Minister Nirmala Sitharaman on Thursday said there are no changes in tax rates for direct and indirect taxes, including import duties.

    She also said the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014.

    The processing time of tax returns hasreduced from 93 days in FY14 to 10 days; and refunds have been made faster, she said.

  • February 01, 2024 11:58

    Budget 2024 live updates: Govt will lay a white paper in house on mismanagement of the economy before 2014, says FM Sitharaman

  • February 01, 2024 11:53

    Budget 2024 live updates| Income Tax news| Average ITR assessment days reduced to 10 days this year, says FM Nirmala Sitharaman

    The focus has been to improve tax payer services in last 5 years, she added.

  • February 01, 2024 11:52

    Budget 2024 Live Today: NiftyRealty falls over 1% amid Finance Minister’s speech in Parliament.

  • February 01, 2024 11:52

    Budget 2024 Live Today: CRISIL: 11.1% rise in infrastructure capex Budget, private sector key for sustaining growth

    CRISIL View: The 11.1% higher capex budgeted for infrastructure is lower than what has been the run rate in the previous years. This implies the private sector will have to step in if the growth momentum has to be maintained.

  • February 01, 2024 11:48

    Budget 2024 live updates: Revised total expenditure for FY24 was pegged at ₹44.90-lakh crore.

    Revised fiscal deficit estimated for FY24 has been pegged at 5.8% of GDP and the deficit for FY25 is pegged at 5.1%, she added.

  • February 01, 2024 11:46

    Budget live news: The govt will form a high powered committee to address the concerns of fast population growth and demographic change, says Finance Minister

  • February 01, 2024 11:45

    Budget 2024 live updates: FDI stands for First Develop India, says FM Sitharaman

    FDI inflows stand at $596 billion, twice more than 2014-15, she added.

  • February 01, 2024 11:43

    Budget 2024 Live Today: Manoj Purohit of BDO India on Insurance

    “The government has continued its support to farmers under the crop insurance facility and intends to further strengthen the same. This will ensure penetration and awareness around insurance in rural India thereby providing a boost to the insurance industry.”

  • February 01, 2024 11:38

    Budget 2024 live news: 40,000 normal railway bogies will be converted to Vande Bharat standards, announces Sitharaman

    This will enhance safety and convenience, says the FM

  • February 01, 2024 11:37

    Budget 2024 live updates: 1-lakh crore corpus will be made available with 50 year interest free (long-term financing or refinancing) to encourage the private sector to scale up R&D

    This will cover sunrise sectors, says Sitharaman

  • February 01, 2024 11:37

    Stock Market Live Today: Budget 2024: We are close to achieving target of 3 cr under rural housing scheme; 2 cr more to be constructed in next 5 years: FM.

  • February 01, 2024 11:35

    Budget 2024 live updates: India as a G20 host showed forward way and built consensus for solutions for problems being faced by the world, says FM Sitharaman

  • February 01, 2024 11:33

    Budget 2024 live news: We will double exports to ₹1-lakh crore rupees, says FM Sitharaman

    This will generate 5 lakh new jobs, she added.

  • February 01, 2024 11:30

    Stock Market Live Today: Budget 2024: STEM (science, technology, engineering, and mathematics) courses has seen enrolment of 43 per cent women, highest in the world: FM

  • February 01, 2024 11:30

    Budget 2024 live news: To ensure housing for middle class, the government will launch a scheme for middle class, says FM Sitharaman

    This is to help them to buy or build their own houses for those living in slums, chawls or rented houses, she added.

  • February 01, 2024 11:29

    Stock Market Live Today: Budget 2024: Govt is focused on more comprehensive GDP, governance, development and performance, says FM

  • February 01, 2024 11:29

    Budget 2024 Live Today: NSE sectoral indices in the red, excluding Nifty auto, FMCG, and IT; Nifty realty slips 1.25%

    All sectoral indices on the NSEexcept Nifty auto, FMCG, and IT, trade in red.

    Nifty Realty at 845.50; down by 10.70 pts or -1.25%

  • February 01, 2024 11:26

    Budget 2024 live updates: Under PM Away Yojana Grameen, 2 crore houses will be taken up, says FM Sitharaman

    Rooftop solarisation will allow one crore houses to claim 300 units of free electricity every month, she added.

  • February 01, 2024 11:25

    Budget 2024 live news: Orienting the regulatory environment to economic growth will be an important element of policy mix, says FM Sitharaman

    Govt will prepare financial sector in terms of skills regulatory framework, she added

  • February 01, 2024 11:24

    Budget 2024 live news: Skill India Mission has trained and upskilled 1.4 crore youth in the country, says Finance Minister while unveiling Interim Budget, says FM Sitharaman

  • February 01, 2024 11:21

    Budget 2024 live updates: New world order is emerging after the Covid pandemic, says FM Sitharaman

    Pandemic has led to a crisis of food fertiliser fuel and finances. But India successfully navigated its way, she added.

  • February 01, 2024 11:21

    Budget 2024 Live Today: Nifty Auto at 19,419.60, up 192.45 pts or 1.00%

  • February 01, 2024 11:20

    Budget 2024 speech live updates: Saturation approach of covering all eligible people is true and comprehensive achievement of social justice; this is secularism in action, says FM Sitharaman

  • February 01, 2024 11:19

    Budget 2024 live news: Avg real income has increased by 50 per cent, says FM Sitharaman

  • February 01, 2024 11:18

    Budget 2024 Live Updates: BSE Sensex and Nifty turning weak #blbudget

  • February 01, 2024 11:18

    Budget 2024 Live Updates: SmallCap and MidCap indices in red #blbudget

  • February 01, 2024 11:17

    Budget 2024 live updates: Female enrolment in higher education has gone up by 28 per cent in 10 years, says FM Sitharaman

  • February 01, 2024 11:15

    Budget 2024 live news: For our government, social justice is an effective and necessary model, says Finance Minister Nirmala Sithraman

  • February 01, 2024 11:14

    Budget 2024 live updates: Minimum support prices for ‘Annadata’ (farmers) increased periodically, appropriately, says FM Sitharaman

  • February 01, 2024 11:13

    Budget 2024 live news: Electronic agri Mandi has connected 1051 mandis, transacting ₹2-lakh crore, says Finance Minister Nirmala Sitharaman

  • February 01, 2024 11:12

    Budget 2024 live updates: Direct financial assistance was extended to 11.8 crore farmers, says Finance Minister Nirmala Sithraman

  • February 01, 2024 11:11

    Budget 2024 live news: Govt could save 2.7-lakh crore through avoidance of leakages, says Finance Minister Nirmala Sitharaman

    Direct Benefit Transfer of ₹34-lakh crore from the government using PM-Jan Dhan accounts has led to savings of ₹2.7-lakh crore for the government, said the finance minister. This has been realized through avoidance of leakages prevalent earlier. The savings have helped in providing more funds for ‘Garib Kalyan’, she added.

  • February 01, 2024 11:09

    Budget 2024 live updates: Garib, Mahila, Annadata and Yuva will be focus groups, says Finance Minister Nirmala Sitharaman

  • February 01, 2024 11:07

    Budget 2024 live updates: Working to make India a Vikasit Bharat by 2047, says Finance Minister Nirmala Sithraman

  • February 01, 2024 11:06

    Budget 2024 live news: Worries about food have been eliminated with free rations for 80 crore people, says Sitharaman

  • February 01, 2024 11:05

    Budget 2024 live updates: Whole of nation approach was taken up to overcome the Covid pandemic, says Sitharaman

  • February 01, 2024 11:03

    Budget 2024 live updates: Indian economy witnessed tremendous transformation in the last ten years, says Finance Minister Nirmala Sitharaman

    We undertook comprehensive development of all people and all regions, she added.

  • February 01, 2024 10:56

    Budget 2024 Live Today: Rail stocks trade higher ahead of Budget

    Stocks of companies related to railways were trading in the positive territory on Thursday morning ahead of the presentation of the interim Budget.

    Shares of IRCON International rallied 3.26 per cent, Texmaco Rail & Engineering jumped 2.71 per cent, Indian Railway Finance Corporation climbed 2.58 per cent and Rail Vikas Nigam advanced 1.52 per cent on the BSE.

    The stock of Jupiter Wagons went up 1.46 per cent, Indian Railway Catering and Tourism Corporation (IRCTC) (0.88 per cent) and Titagarh Rail Systems (0.71 per cent).

    “In railways, we anticipate a surge in investment, unveiling transformative projects and introducing 300-400 Vande Bharat trains,” Suman Bannerjee, CIO of Paris-based hedge fund Hedonova, said.

    In the equity market, the 30-share BSE Sensex rose 118.59 points to 71,870.70 points and the Nifty quoted 68.20 points up at 21,789.90 points.

  • February 01, 2024 10:53

    Budget 2024: Union Cabinet has approved the interim Budget.

    Sitharaman will present the Budget shortly.

  • February 01, 2024 10:42

    Budget 2024 live news: Rail stocks trade higher ahead of Budget

    Stocks of companies related to railways were trading in the positive territory on Thursday morning ahead of the presentation of the interim Budget.

    Shares of IRCON International rallied 3.26 per cent, Texmaco Rail & Engineering jumped 2.71 per cent, Indian Railway Finance Corporation climbed 2.58 per cent and Rail Vikas Nigam advanced 1.52 per cent on the BSE.

    The stock of Jupiter Wagons went up 1.46 per cent, Indian Railway Catering and Tourism Corporation (IRCTC) (0.88 per cent) and Titagarh Rail Systems (0.71 per cent). (PTI)

  • February 01, 2024 10:39

    Budget 2024 live updates: “Let the budget come out. They (government) will try and hoodwink the people of India,” says MDMK leader Vaiko

  • February 01, 2024 10:32

    Budget 2024 presentation: Union Minister of Finance and Corporate Affairs Nirmala Sitharaman along with ministers called on President Droupadi Murmu at Rashtrapati Bhavan

  • February 01, 2024 10:32

    Budget 2024 Live Updates: Budget for world’s fastest growing economy: Key numbers to be watched

    Finance Minister Nirmala Sitharaman will be presenting the pre-election Budget which would list out achievements of the Modi government in the past 10 years, while giving a glimpse of the future plans to make India a developed nation by 2047.

    All eyes will be on whether Sitharaman will deliver a populist budget leaving more money in hands of the common man or push the reform agenda by staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.

    Finance Minister Nirmala Sitharaman to present sixth Budget in a row

    Finance Minister Nirmala Sitharaman will present her sixth straight Budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai.
    Sitharaman in her pre-…

    Sitharaman, who would be presenting her sixth straight budget, had in her first Budget in 2019 replaced the leather briefcase — which had been in use for decades for carrying budget documents — with a traditional ‘bahi-khata’ wrapped in red cloth. This year’s Budget would be in paperless form, as done in the last three years.

    Here are the key numbers to watch for in pre-election Budget 2024-25: * Fiscal Deficit: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal ending March 2024 is 5.9 per cent, against 6.4 per cent in the last fiscal. The number for 2024-25 would be in focus as it is widely expected that the government would open its purse strings in an election year.

    The budgeted fiscal deficit of 5.9 per cent of gross domestic product (GDP) for the current fiscal is likely to be achieved, but it is nearly twice the Fiscal Responsibility and Budget Management Act (FRBMA) fiscal deficit to the GDP target of 3 per cent for the central government. Correspondingly, the debt-GDP ratio at 54 per cent is also well above the target of 40 per cent.

    * Disinvestment/Privatisation: In current fiscal year the budgeted disinvestment target is likely to be missed, like the past five years. It is expected the government would set a realistic target of sub-Rs 50,000 crore for next fiscal.

    * Capital Expenditure: The government’s planned capital expenditure for this fiscal year is budgeted at Rs 10 lakh crore, higher than Rs 7.3 lakh crore in the last fiscal. The government has been pushing infrastructure creation and also incentivising states to step up capex.

    * Tax Revenue: The Budget had pegged direct and indirect tax mop-up at Rs 18.23 lakh crore and Rs 15.29 lakh crore for current fiscal, taking the gross tax collection to Rs 33.61 lakh crore. The government’s tax revenues are expected to overshoot the budget estimates on buoyant collections in GST; and income and corporate tax.

    * Borrowing: The government’s gross borrowing budget was at Rs 15.43 lakh crore in the current financial year ending March 31. The government borrows from the market to fund its fiscal deficit. The borrowing number would be watched by the market, especially on the back of expected higher capital expenditures to boost growth and populist announcements.

    * Nominal GDP: India’s nominal GDP growth (real GDP plus inflation) in the current fiscal is estimated to be 11 per cent. The Budget is expected to give an outline on the nominal GDP growth numbers. Real GDP growth in current fiscal is projected at 7.3 per cent and 7 per cent in the next.

    * Spotlight would also be on spending on key schemes, like NREGA, as well as key sectors like health and education. – PTI

  • February 01, 2024 10:30

    Budget 2024 Live Updates: Sitharaman calls on President Murmu before arrival in Parliament

    Keeping with tradition, Finance Minister Nirmala Sitharaman first called on President Droupadi Murmu at Rashtrapati Bhawan together with her collegaues Ministers of State Bhagwat Karad and Pankaj Chaudhary ahead of the Budget presentation in Parliament on Thursday morning.

    Sitharaman earlier arrived at the Finance Ministry ahead of her big speech in Parliament today.

    She was seen carrying a red-coloured ‘bahi khata’ which contains Budget document, in paperless form.

    Over the past past three years, a new tradition has been set, where the finance minister carries budget documents in electronic form in a bahi khata. – ANI

  • February 01, 2024 10:29

    Budget 2024 live news: Rupee rises 9 paise to 82.95 against US dollar ahead of Budget

    The rupee appreciated 9 paise to 82.95 against the US dollar in early trade on Thursday as market participants remained cautious ahead of the interim Budget.

    Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments.

    At the interbank foreign exchange, the rupee opened at 83.02 against the dollar and then touched a high of 82.95, registering a gain of 9 paise over its previous close.

    In initial trade, the rupee also touched a low of 83.03 against the American currency.

    On Wednesday, the rupee appreciated 6 paise to 83.04 against the US dollar. (PTI)

  • February 01, 2024 10:27

    Budget 2024 live updates: Here’s what  Samir Somaiya – President of IMC Chamber Of Commerce And Industry said on expectation from interim Budget

    This is an Interim Budget, so there will be some limitations. But I think they will underscore their priorities. I also think that when you look at the demographic dividend that the country has – we have such a large young population, you need to also skill them if you need them to be ready for the kind of infrastructure, defence, space, agriculture, precision farming and the whole startup infrastructure that they also need to create. So, I think they will continue to build this ecosystem to build a virtuous cycle so that India continues to grow at 6.5% and more, says Samir Somaiya. (ANI)

  • February 01, 2024 10:24

    Budget 2024 live news: Here’s what Ramachandran Dinesh, President, CII and Chairman, TVS Supply Chain Solutions Ltd

    We are asking for continuity. We are asking for the focus on Capex and the infrastructure, which has happened very well in the past, to continue. We are recommending a 20% increase in CapEx spending, Rs 12 Lakh Crores to be spent on infrastructure. We are also looking at giving direction in terms of how equitable growth will be maintained in future and what the focus of the government will be, says Ramachandran Dinesh (ANI)

  • February 01, 2024 10:21

    Budget 2024 live updates: PM Narendra Modi government’s last Budget is likely to focus on electorally significant segments like farmers and women

    Prime Minister Narendra Modi government’s last Budget before the general elections is widely expected to contain a mix of measures for the economy and electorally significant segments like farmers and women.

    Peppered with political statements, it may be a political document with a snapshot of the Modi government’s triumphs over the last 10 years and pointers to how it wants to take the country forward.

    With pressure for populist measures off after recent emphatic wins in three states, including Madhya Pradesh and Rajasthan, Sitharaman is expected to stick to being fiscally prudent while sprinkling sops for sectors like agriculture and engines of the economy that would create jobs and boost consumption.

    While convention dictates that no major policy announcements are made in the interim Budget, it however, presents an occasion for spectacle just weeks ahead of the Model Code of Conduct coming into force for the general elections.

    Some finance ministers in the past have used the occasion to announce doles for rural India and the middle class.

    For instance, the then Finance Minister Piyush Goyal in his interim Budget in 2019 had announced Rs 75,000 crore outlay for PM KISAN Samman Nidhi scheme wherein farmers are paid Rs 6,000 cash a year.

    He also raised standard deduction to Rs 50,000, and came up with tax rebate to ensure that individuals with income of up to Rs 7 lakh per annum are not taxed.

    In the pre-election Budget of 2014, Finance Minister P Chidambaram in the Congress-led UPA government slashed excise duty on cars, SUVs, two wheelers, capital goods and consumer durables to boost manufacturing.

    Pranab Mukherjee too in his interim Budget in 2009 hiked the outlay for rural sector schemes to shield economy from the aftermath of global financial crisis triggered by collapse of US-based investment bank Lehman Brothers in 2008.

    Jaswant Singh of the BJP-led NDA government in the 2004 pre-election interim Budget announced sops for central government employees. (PTI)

  • February 01, 2024 10:14

    Budget 2024 expectations: Focus is on fiscal deficit, says Assocham

    Ahead of the presentation of the Union Interim Budget, Rahul Garg – Chairman, National Council on Direct Taxes, ASSOCHAM & Partner, Price Waterhouse & Co LLP says, “The industry expectation is that our financial prudence in running the economy, how has that performed – it should come out very clearly. So, I think this being an Interim Budget, everybody is eyeing whether we would be able to contain our fiscal deficit. It seems that by payment of taxes and collection of taxes by people and businesses, we have had a reasonably good collection of taxes. The overall government expenditure – both on infrastructure as well as on the welfare schemes – was in a range which is within the overall collection of taxes.” (ANI)

  • February 01, 2024 10:11

    Union Budget 2024: “It is an important day,” says Union Minister Arjun Ram Meghwal as the government is set to present interim Budget.

  • February 01, 2024 10:10

    Interim Budget 2024: Union Cabinet meets in Parliament, ahead of the presentation of the interim Budget

  • February 01, 2024 10:08

    Budget 2024 live: Budget documents at the Parliament premises

    New Delhi: Bundles containing Interim Budget 24 copies being unloaded from a truck ahead of its presentation in Parliament, in New Delhi, Thursday, Feb. 1, 2024. (PTI Photo/Shahbaz Khan)(PTI02_01_2024_000044B)

  • February 01, 2024 10:01

    Budget 2024 Live Updates: Reliance Securities’ Vikas Jain: Strong tax collections and Government capex to shape positive outlook in interim Budget

    Budget – Union minister Nirmala Sitharaman will present the country’s interim budget today at 11am. Traders focus on Rail, fertilizer, Solar, PSU Banks, Infra, Green Energy, affordable healthcare, cashless insurance, EV and defence stocks. 

    Positive factor is that strong tax collection may reduce fiscal burden. Income Tax collection surged to above Corporate tax collection this year. Direct collection spiked from Rs4.5 lakh cr in 2020 to Rs10.5 lakh cr in 2024 while Corporate tax collection from 5.6lakh cr in 2020 to Rs9.5 lakh cr in 2024. Moreover, rising GST Collection will be positive for the market. Average GST collection nearly Rs1.7 lakh cr in the last seven months in 2024 compared to Rs1.5 lakh cr in 2023. 

    Government capex surged five times in the last few years specially in defence, rail infra and road infra sectors. Government may focus Solar, power, EV, Green Hydrogen, rail infra. — Vikas Jainof Reliance Securities.

  • February 01, 2024 10:00

    Budget 2024 live: Finance Minister Nirmala Sitharaman carrying the Budget tablet arrives at Parliament, to present the country’s interim Budget

  • February 01, 2024 09:59

    Budget 2024 live updates: Finance Minister Nirmala Sitharaman along with her team before the presentation of the country’s interim Budget.

  • February 01, 2024 09:57

    Budget 2024: Union Finance Minister Nirmala Sitharaman leaves from the Rashtrapati Bhavan, for Parliament.
    She will present the Union Interim Budget today.

    Nirmala Sitharaman will present her sixth Budget at 11 a.m. in Lok Sabha.

  • February 01, 2024 09:52

    Budget 2024 news: Here’s what KV Subramanian said on Budget expectations

    Ahead of the presentation of the Union Interim Budget today, KV Subramanian – Executive Director of the IMF and former Chief Economic Advisor to the Government of India said, “…India is in a good position(economically) but we have to continue the work…We have to further strengthen the reforms that have been done in manufacturing…The investments and subsidies in power sector have to be focussed on…Voters need to be wary of the ‘freebies culture’ that has set in a few states. It doesn’t do much for the economy…” (ANI)

  • February 01, 2024 09:30

    Budget 2024 Live Updates: Bajaj Allianz CEO urges incentives for pension products in interim Budget

    “The industry is hopeful that the interim budget will introduce much-needed reforms to incentivize the purchase of insurance and enhance the industry’s efforts to increase insurance penetration within the country.

    With a significant number of people heading towards retirement age in the next decade, incentivizing the purchase of products in the pension category becomes crucial in this interim budget. It is recommended that life insurance annuity or pension products be aligned with the National Pension Scheme (NPS). We also advocate for an additional deduction of Rs. 50,000 or more. Additionally, similar initiatives will be required across our product categories, including pension products, ULIPs, and even traditional plans. I believe customers will benefit from them and will have more reasons to invest in the industry for their long-term financial goals, thereby fuelling India’s development.” — Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance

  • February 01, 2024 09:28

    Budget 2024 Live Updates: Sensex has gained in three out of the last four interim Budgets

    The benchmark indices have given positive returns in three out of the four interim Budget days. The Sensex rose 0.6 per cent on February 1, 2019. The index saw gains of 0.5 per cent and 2.4 per cent in 2014 and 2004, respectively. In 2009, the gauge saw a drop of 3.4 per cent. 

    The Sensex, however, has fallen on 4 out the last five occasions one month after the Budget, with the steepest drop of 7.7 per cent on July 5, 2019 – Our Bureau

  • February 01, 2024 09:21

    Budget 2024 Live Updates: Sensex and Nifty open flat with positive bias amid interim Budget spotlight

    Indian benchmark indices, namely Sensex and Nifty, opened with a flat but positive bias on Thursday, drawing attention to the Interim Budget. In early trade, the 30-share BSE Sensex saw a 76.55-point climb to reach 71,828.66, while the NSE Nifty gained 19.80 points, reaching 21,745.50. 

    Despite Finance Minister Nirmala Sitharaman emphasizing it will be a vote on accounts, expectations of potential personal tax adjustments and industry concessions have surfaced.

    Global markets experienced a decline as the US Federal Reserve maintained status quo on interest rates, contrary to widespread expectations of a rate cut. The Gift Nifty at 21,821 suggests a flat opening, with ongoing scrutiny of the FED Policy outcome and the Interim Budget.

    Analysts emphasise the significance of the index surpassing 21,800 for an uptrend continuation and caution against the critical moving average support at 21,300. Continuous selling by foreign portfolio investors is anticipated to impact short-term stock movement, driven by the firm stance of the US Fed.

  • February 01, 2024 08:55

    Budget 2024 Live Updates: India Inc urges persistence in Capex-led growth, appeals for buy-back tax exemption

    Corporate India — CII and FICCI — have urged the Finance and Corporate Affairs Minister Nirmala Sitharaman to stay the course on Capex-led growth strategy in the upcoming Vote-on-account as well to sustain the ongoing growth momentum of the economy. 

    Centre’s capital expenditure must be increased by at least 20 per cent to ₹12 lakh crore, Confederation of Indian Industry (CII) said in its submissions for Vote on Account and Union Budget 2024-25.

    Although lower than the Capex growth rates in the last three years, this is higher than the pre-pandemic 12 per cent annual growth between FY16 and FY20, CII said. 

  • February 01, 2024 08:54

    Budget 2024 Live Updates: Indian paper sector seeks higher import duty to level playing field

    Following the 43 per cent rise in import of paper and paperboard in the first half of FY24 and the 25 per cent increase in volume terms in FY23, India’s paper industry has asked for a hike in the import duty on paper in the upcoming Budget to ensure a level playing field for domestic manufacturers.

    The industry has been reeling under stress with underutilisation of capacity owing to an indiscriminate increase in import of paper and paperboard, the Indian Paper Manufacturers Association (IPMA) has said in its pre-budget submission to the government.

  • February 01, 2024 08:53

    Budget 2024 Live Updates: CPAI urges Govt to use derivatives platform for MSP operations

    The Commodity Participants Association of India (CPAI) has recommended to the government that put options in commodity exchanges should be utilized as a mechanism for managing Minimum Support Prices (MSP).

    The crop insurance provide cover for loss of crop due to climatic conditions but farmers are still exposed to price risk, said CPAI in its pre-Budget submission to the government.

    The government can help farmers pay a small premium and buy a put option (an option to sell produce at a pre-defined minimum support price on a future date), it said 

  • February 01, 2024 08:17

    Budget 2024 Live Updates: Sensex and Nifty await interim Budget moves amidst global uncertainty

    Indian benchmark indices, Sensex and Nifty, are likely to open flat on Thursday, as market participants will keenly watch the Interim Budget. Though Finance Minister Nirmala Sitharaman has reiterated it will be only a vote on accounts, expectations of (personal tax tweaks and concessions to some industries) have crept in.

    Global markets are down, as the US Federal Reserve remained status-quo on interest rates. There was wide expectation that the Fed would cut the rate.

    Gift Nifty at 21,821 indicates a flat opening for Nifty and Sensex, as Nifty futures on Wednesday closed at 21,808.60

  • February 01, 2024 07:40

    Budget 2024 Live Updates: Radhika Rao of DBS Group expects incremental capex surge of Rs 1.5-2 lakh crore in Budget 2024

    “In the wake of weak monsoon, and subdued Rabi sowing, the Budget will focus on steering rural growth. For this, enhanced spending on MGNREGA, PM KISAN, and PMAY can be expected. Driving investment growth will be another focus area for the government. We thus expect Rs 1.5-2 lakh crore incremental increase in capex for the next year.” Radhika Rao, Senior Economist, DBS Group Research, said the Budget will emphasise an “inclusive and prosperous” policy push in the context of incremental progressive steps in the roadmap over the next 20-plus years toward India@100 (a century since independence).

    “In an election year, the government usually tables the vote-on-account or the Interim Budget. A vote-on-account seeks approvals for essential expenditure outlays until the polls, while the interim Budget broadly includes an assessment of the current state of the economy, current/capex expenditures, and receipts, as well as revised estimates of the current financial year and estimates for the year ahead.” Taking a leaf off the pre-election 2019 Budget, “we expect this interim edition to propose modest pro-demand steps to address near-term risks”, she said.

  • February 01, 2024 07:37

    Budget 2024 Live Updates: Challenges ahead: Bank of Baroda highlights fiscal hurdles in reducing deficit in 2024-25 interim Budget

    “Given the need to sustain the public investments and also support certain social segments through subsidies or budgetary relief, the targeted reduction of fiscal deficit from 5.9 per cent to 5.3 per cent will pose a material challenge for the finance ministry, necessitating significant step-up in non-tax revenues like PSU disinvestments.” A research note from the Bank of Baroda said that with the 2024-25 Budget being an interim one, the government will focus on maintaining continuity of policies while committing itself to the path of fiscal consolidation.

  • February 01, 2024 07:36

    Budget 2024 Live Updates: Suman Chowdhur of Acuite Ratings forecasts emphasis on fiscal discipline over stimulus

    Suman Chowdhury, chief economist and head – Research, Acuite Ratings & Research, said, “Given the priority that is likely to be given for fiscal consolidation in the upcoming Budget, we don’t expect any significant fiscal stimulus in it. However, the government may continue to earmark a significant quantum for capital expenditure with a growth of 15 per cent in its budgetary allocation; the latter will continue to be a primary driver of the domestic economy over the medium term”.

    The government may also enhance the subsidy allocation for some segments like farmers, women, informal sector workers and unemployed youth to strengthen domestic private consumption, which is estimated to show a weak growth of 4.4 per cent in FY24, he said.

  • February 01, 2024 07:31

    Budget 2024 Live Updates: Countdown to polls: Nirmala Sitharaman to present interim Budget

    On Thursday, Union Finance Minister Nirmala Sitharaman will table the interim budget before the country heads for Lok Sabha polls later this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government.The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government.

    The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.

    In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy.

    “The year 2023 was a historic year for India when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters,” she said.

    The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days.

    A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President’s Address.

    However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties.

    In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. – ANI

  • February 01, 2024 07:21

    Budget 2024 Live Updates: Interim Budget: Measures for eco, select segments to feature in Sitharaman’s 6th straight budget

    Finance Minister Nirmala Sitharaman will on Thursday present the Modi 2.0 government’s last Budget before the general elections, which is likely to contain a mix of measures for the economy and electorally significant segments like farmers and women.

    Peppered with political innuendos, her sixth straight Budget may present a political document with a snapshot of the Modi government’s triumphs over the last 10 years and pointers to how it wants to take the country forward.

    With pressure for populist measures off after recent emphatic wins in three states, she is expected to stick to being fiscally prudent while sprinkling sops on sectors like agriculture and engines of the economy that would create jobs and boost consumption.

    The Budget she will present is technically a vote on account and popularly termed an interim Budget as it seeks Parliament’s nod for a grant in advance to meet the central government’s essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July.

    The interim Budget, however, presents an occasion for spectacle just weeks ahead of the Model Code of Conduct coming into force.

    While the precedence dictates that no major policy announcements are made in a vote on accounts, going by past conventions hasn’t stopped governments from making big announcements like the cash dole for farmers announced in the 2019 interim Budget.

    The Budget is expected to focus on infrastructure and buck a trend of spending big on new vote-garnering measures.

    The Budget would, however, provide an occasion to assess the fiscal health of the economy against the backdrop of robust economic growth. It would provide an occasion for the government to give a clear roadmap for achieving the Fiscal Responsibility and Budget Management Act (FRBMA) targets.

    The budgeted fiscal deficit of 5.9 per cent of the gross domestic product (GDP) for the current fiscal is likely to be achieved, but it is nearly twice the FRBM fiscal deficit to the GDP target of 3 per cent for the central government. Correspondingly, the debt-GDP ratio at 54 per cent is also well above the target of 40 per cent. – PTI

  • February 01, 2024 07:10

    Budget 2024 Live Updates: Budget must help slash business costs to propel growth: PHDCCI

    The upcoming interim budget must focus on reducing the cost of doing business, especially at factory level and address issues around cost of capital, cost of power, cost and availability of land, cost of logistics besides cost of compliance, industry body PHD Chamber of Commerce and Industry (PHDCCI) has suggested. 

    Although procedural requirements have been relatively reduced and the communication between the government departments have become transparent and hassle free, the cost aspect still needs to be relaxed further, PHDCCI has said in its pre-budget memorandum submitted to the Finance and Corporate Affairs Minister Nirmala Sitharaman here recently.

  • January 31, 2024 22:09

    Budget 2024 live updates: Budget 2024: Ahead of interim Budget, cheer on GST and fiscal deficit; core sector disappoints

    Ahead of the Interim Budget, two high frequency economic indicators sent mixed signals. While GST collection surged to second all-time high of over ₹1.72-lakh crore in January and fiscal deficit reached 55 per cent of budget estimate in April-December period, eight core industries’ output growth slumped in December 2023 to a 14-month low of 3.8 per cent.

    GST revenue for January 2024 surged to ₹1.72 lakh crore, reflecting an impressive 10.4 per cent Year-on-Year growth. This is the second-highest monthly collection ever and the third instance in the fiscal year 2023-24 where collections have exceeded ₹1.70 lakh crore. Simultaneously, fiscal deficit narrowed from 59 per cent reported in the comparable period a year earlier. 

  • January 31, 2024 21:32

    Budget 2024 live updates: Budget should focus more on glitches in distribution, transmission network, says power sector analysts

    Even as the industry expects a growth-oriented budget focusing on asset creation in the power sector for FY24, many are of the view that enhanced focus is required on distribution, the sector’s Achilles heel.

    Analysts and market players point out that majority of policies are largely one sided, which is capacity building of the energy value chain. However, the distribution sector, despite schemes such as the Revamped Distribution Sector Scheme (RDSS), needs enhanced focus.

    Managing Director and CEO of Hitachi Energy India, N Venu aptly sums up the scenario in the sector. He noted that government is moving in the right direction setting a conducive environment that will propel India to a carbon-neutral future.

  • January 31, 2024 21:29

    Budget 2024 live updates: Centre may lower 2024-25 disinvestment targets in interim Budget due to anticipated shortfall

    Faced with a huge shortfall in disinvestment receipts this fiscal, the Centre is likely to, in the upcoming interim budget, lower its goal on government stake sale mop up for 2024-25, say economists and analysts.

    The scaling down of the disinvestment target may be pronounced given that the country is expected to see general elections in the next few months. This may be the approach even as market conditions in 2024-25 are expected to be slightly more supportive for government stake sales.

    As against the 2023-24 budget target of ₹51,000 crore, the Centre has so far netted ₹10,051.7 crore from shares sales in public sector enterprises, as per data from the Department for Investment and Public Asset Management (DIPAM) in the Finance Ministry. The current fiscal mop-up is only 20% of the target for the fiscal.

  • January 31, 2024 21:28

    Budget 2024 live updates: Auto majors seek continued push to green mobility and infrastructure development

    Interim Budget needs to continue pro-industry measures to promote green mobility while also focussing on development of infrastructure, per some leading firms in the automobile sector.

  • January 31, 2024 21:25

    Budget 2024 live updates: India Inc urges persistence in capex-led growth, appeals for buy-back tax exemption

    Corporate India — CII and FICCI — have urged the Finance and Corporate Affairs Minister Nirmala Sitharaman to stay the course on Capex-led growth strategy in the upcoming Vote-on-account as well to sustain the ongoing growth momentum of the economy. 

    Centre’s capital expenditure must be increased by at least 20 per cent to ₹12 lakh crore, Confederation of Indian Industry (CII) said in its submissions for Vote on Account and Union Budget 2024-25.

  • January 31, 2024 21:22

    Budget 2024 live updates: Rationalisation of GST, tax-break on annuity top wish list of life insurers

    Rationalisation of Good and Services Tax (GST) and tax-break on annuity top the wish list of life insurance industry in the upcoming Union Budget 2024-25.

    GST rate rationalisation from the current rate of 18 per cent on life insurance term policies may also help make life insurance more affordable for the masses, who are keener on buying protection-oriented products, according to Sumit Rai, MD and CEO, Edelweiss Tokio Life Insurance.

    “With the experience in the last 2-3 years, it can be viewed as a social necessity to reduce the GST burden, making the category more affordable,’‘ Rai told businessline.

  • January 31, 2024 21:21

    Budget 2024 live updates| Wish-list of travel industry: Visa-free entry, enhanced promotion of Indian destinations

    Ahead of interim Budget 2024, India’s travel, hospitality, and aviation sectors have pushed for reforms on fronts like Tax Collected at Source and Aviation Turbine Fuel. Industry players also advocated visa-free entry to neighbouring countries and enhanced promotion of Indian destinations abroad.

    However, the expectations are tempered as the industry is not realistically expecting any substantive announcement in the interim Budget ahead of the elections. 

    Acknowleding that it is an interm Budget, Jyoti Mayal, President of TAAI, said: “We are hopeful for a standardisation of Tax Collected at Source (TCS) at five per cent on foreign travel packages, as opposed to the current slabs of five per cent and 20 per cent.”

  • January 31, 2024 21:20

    Budget 2024 live updates: India Inc confident of achieving $5 trillion economy, reveals Deloitte pre-budget survey

    India Inc is confident of achieving a $5 trillion economy on the back of Central Government’s support in infrastructure investments, additional reforms and enhanced technology adoption, a pre-Budget survey by Deloitte Touché Tohmatsu India LLP (DTTI) showed. 

    About 50 percent of India Inc reflects optimism about India posting above 6.5 percent GDP growth in 2024-25, marking the third consecutive year of the fastest growth amongst major economies. 

    Among industry sectors, automotive (50 per cent), consumers and retail (66 per cent), technology, media and telecommunications (47 percent) and energy, resources and industrials (44 per cent) anticipate high growth. 

  • January 31, 2024 21:18

    Budget 2024 live updates: Rising inflation, job security key concerns for Indians ahead of Union Budget, reveals Kantar survey

    Rising inflation and layoffs emerged as key concerns for Indian consumers in Kantar’s India Union Budget Survey. Despite lower expectations from the interim (pre-election) Budget, consumers do hope the government will make policy change announcements with respect to income tax brackets , which will help them to augment their disposable incomes.

    Nearly 57 per cent Indian consumers raised concerns about “rising inflation”. One in three Indians are also concerned about job security and layoffs, the third edition of Kantar’s Union Budget Survey stated.

  • January 31, 2024 21:15

    Budget 2024 live updates: MSMEs seek strategic policies for growth and innovation

    For the sector to continue its growth trajectory and envision the government’s vision of a 50 per cent GDP contribution from MSMEs and SMEs by 2030, the interim Budget this year will have a set of expectations that align with the sector’s unique needs and potential, says Ketul Acharya, President, Global Alliance for Mass Entrepreneurship.

    The interim Budget must strengthen policies to ensure easier and non-delayed access to finance, he added. 

  • January 31, 2024 21:10

    Budget 2024 live updates: Interim Budget must continue capex-led growth strategy, says CII DG Chandrajit Banerjee

    In a conversation with businessline, Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said the infrastructure is likely to remain a focus of the interim Budget 2024

    Another area of focus will be boosting the rural economy including agriculture. We expect higher allocations for programs like the Pradhan Mantri Gram Sadak Yojana (PMGSY), Pradhan Mantri Awas Yojana – Gramin (PMAY-G), and the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Banerjee added.

  • January 31, 2024 21:03

    Budget 2024 live updates: Nirmala Sitharaman to equal Morarji Desai’s record with sixth consecutive budget presentation

    Finance Minister Nirmala Sitharaman is set to equal the record of former Prime Minister Morarji Desai when she presents her 6th straight Budget on Thursday. 

    Notably, Sitharaman is the first full-time woman finance minister of the country. She has presented five full budgets since July 2019. 

    With the presentation of interim budget 2024, the finance minister will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row.

  • January 31, 2024 20:59

    Budget 2024 live updates: Government to “follow tradition” in the interim Budget, says PM Modi

    Prime Minister Narendra Modi on Wednesday said that the government will “follow tradition” in the interim budget. He simultaneously targeted the Opposition for “frequently disrupting” Parliamentary proceedings.

    “Traditionally, when elections are imminent, the complete budget is not presented. We will adhere to this tradition and present the full budget after the formation of the new government. This time, the country’s Finance Minister, Nirmala Ji, will be presenting her budget tomorrow with some guiding points,” PM Narendra Modi said in his customary remarks before the beginning of the last session of the 17 th Lok Sabha 

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