TIME: 8:05 P.M
Budget Reaction: 'Capex with clear roadmap for Viksit Bharat is extremely positive'
Giving a positive feedback towards the Union Budget, Venkat Chalasani, Chief Executive at AMFI cited, "The Finance Minister presented a growth-oriented budget today. The focus on fiscal consolidation without cutting down on capital expenditure with clear roadmap for “Viksit Bharat” is extremely positive. The emphasis on job creation, skilling, a boost to the MSME sector as well as tax relief to the middle classes will add more income in the hands of the people. The increase in exemption limit for Long Term Capital Gains tax from Rs 1 lakh to Rs 1.25 lakh is a welcome change. While the changes in rates for LTCG and STCG were not anticipated, the markets will take them in their stride. We are happy to note that AMFI’s demand of change in definition of ‘Specified Mutual Funds’ under Section 50AA has been acceded to and will lead to rationalization in taxation for the funds affected hitherto."
TIME: 7:55 P.M
Budget Reaction: Maintaining fiscal discipline with a targeted fiscal deficit of 4.9%
In reaction to the Union Budget, Sadaf Sayeed, CEO, Muthoot Microfin, said, "The Union Budget 2024–25 provides an impetus for rural development and growth. Furthermore, it underscores a continuous focus on supporting women and girls through schemes that aid inclusive growth and development. The Union Budget aims to maintain fiscal discipline with a targeted fiscal deficit of 4.9 per cent, which is commendable. The allocation of Rs 2.66 lakh crore for rural development will significantly boost economic activity, create job opportunities, and improve rural living standards and incomes. Its emphasis on job creation and incentivizing skill development initiatives will effectively channel the demographic dividend, benefiting the overall economy.”
TIME: 7:49 P.M
Budget reaction: 'Budget’s focus on streamlining climate finance so as to stimulate carbon markets'
“The budget focuses on all elements of the energy value chain – managing and reducing demand, encouraging resource efficiency, enhancing energy security at a national and citizen level, driving energy transition, and indigenising technologies like nuclear reactors. Most importantly, it focuses on streamlining climate finance and stimulating carbon markets. At the core of the budget is the respite given to the common man’s energy bills through the solar rooftop mission,” signified Sambitosh Mohapatra, Partner & Leader - ESG, Climate and Energy, PwC India, said today.
TIME: 7:36 P.M
Deepak Ramaraju, Senior Fund Manager at Shriram AMC: Striking a balance between social reforms and growth
Deepak Ramaraju, Senior Fund Manager, Shriram AMC, stated, "The budget has not been a big bang budget in terms of announcements or reforms. The government has tried to strike a balance between social reforms, growth, fiscal prudence and coalition partners. Special packages to Andhra Pradesh and Bihar have been provided in terms of industrial corridors, infrastructure push and financial support for key projects. This ensures the continuity of the coalition. The fiscal prudence is improved and the fiscal deficit is reduced to 4.9% of the GDP from 5.1%. The borrowing is pegged to Rs 14 L Cr which is less than last year. This is positive for the overall economy. Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&O segment. We can expect more measures in the F&O space in the days to come."
TIME: 7:26 P.M
Budget Update: Activists Expresses disapproval with respect to the disability affairs dept allocated at Rs 1,225 crore
With a marginal increase of 0.02 percent from the previous year's revised estimate of Rs 1,225.01 crore, the Department of Empowerment of Persons with Disabilities has been allocated a total of INR 1,225.27 crore in the fiscal year 2024-2025. With this, disability rights organizations brought up a negative view of the Union Budget stating that there has been a continued negligence of people with disabilities (PwD).
TIME: 7:23 P.M
Ashok Hinduja, Chairman at Hinduja Group (India): A Positive budget for the Macro Investment Climate
“The budget shows Modi 3.0 is all about continuing the path to Fiscal Consolidation with the Fiscal Deficit target of 4.9% this year and 4.5% the next while maintaining the Capex figure at 3.6%. The focus on the agri sector and housing infrastructure - affordable and urban - is substantive and augurs well. Quite a few changes in taxation have been announced which needs a detailed study. Higher FDI is expected with a reduction in tax on Foreign Companies from 40 to 35%. Overall, a good budget for the macro Indian Investment Climate but could have been better for Indian Investors," cited Ashok Hinduja, Chairman, Hinduja Group of Companies (India).
TIME: 7:20 P.M
Budget Reaction: 'Abolishing of Angel Tax abolishment is set to create more favorable ecosystem for startup growth'
Ankit Jain, Partner, Ved Jain & Associates stated, "The abolishing of the Angel Tax will create a more favorable environment for startup growth and early-stage investments in India. The removal of this tax will likely encourage more investments in early-stage startups and increase the growth of innovation. Investors previously deterred by the tax implications may now find it more appealing to fund young companies, potentially leading to increased capital flow into the startup ecosystem. By eliminating the Angel Tax, the burden of financial scrutiny and administrative hassle will be greatly reduced on startups, enabling them to focus more on innovation and growth. This move will cement India's position as a global startup hub."
TIME: 7:15 P.M
Budget Reaction: 'A Push towards Andhra’s Development with allocation of INR 15,000 Crore '
Alay Razvi, Partner, Accord Juris, said, "The allocation of Rs 15,000 crore for Andhra Pradesh's new capital is a significant step towards the development and modernisation of the state. This funding will not only boost infrastructure but also enhance economic opportunities and improve the quality of life for the residents. The commitment by the Union Government underscores its focus on balanced regional growth and equitable resource distribution. Such investments are crucial for the overall progress and prosperity of the nation."
He further added, "The resolution of over 1,000 complaints through the Insolvency and Bankruptcy Code (IBC), resulting in the recovery of Rs 3.3 lakh crore to creditors, marks a significant milestone in India's financial sector reforms."
TIME: 7:11 P.M
Budget Reaction: 'A Disappointment when it comes to Budget that sets no timeline for transitioning from legacy PAT scheme'
Bose Varghese, Senior Director - ESG, Cyril Amarchand Mangaldas, highlighted, "Research and development funding for Bharat Small and Modular nuclear reactors is a significant step in developing this critical technology of the future indigenously. Modular nuclear reactor is expected to be a key technology for the planet’s net zero transition. Disappointing to note that the Budget sets no timeline for transitioning from the legacy PAT scheme to Indian Carbon Market that is expected to set emission reduction targets for hard-to-abate industries."
TIME: 7:10 P.M
Strengthening Rural Economy by Focusing on Organic Farming
“With agriculture remaining the backbone of the Indian economy, we welcome the Union Budget’s emphasis on ensuring food security, strengthening rural economy, as well as building resilience and productivity in agriculture. The proposed comprehensive review of the agricultural research setup to focus on improving productivity and developing climate resilient crops will lend an impetus to ensuring that Indian agriculture can withstand climate impact. The initiative to bring together experts from both the government and the private sector will lend a much-needed fillip to the R&D in the agri sector. The government’s commitment to get 1 crore farmers into organic farming and promote large-scale horticulture production in the next two years will significantly increase agricultural productivity and sustainability," stated Arun Alagappan, Executive Chairman, Coromandel International Limited.
TIME: 6:44 P.M
While focusing on Bihar and AP, Budget ignores Maharashtra
The BJP and its allies on Tuesday brought forth the Union Budget stating that they would be focusing on youths, farmers, women, and has kept a "substantial allocations" for Maharashtra. However, the opposition has slammed the annual financial statement, stating that it has neglected the western state and only seeks to please its NDA allies.
TIME: 6:38 P.M
Atul Sobti, DG at SCOPE: Union Budget gives special focus on infrastructure, innovation, inclusivity
Atul Sobti, DG, SCOPE, stated, "A forward-looking budget, prioritizing areas for a self-reliant nation giving thrust to infrastructure, innovation, inclusivity and skills, while maintaining fiscal consolidation."
TIME: 6.31 P.M
Nirmala Sitharaman calls on states to embrace the reform agenda
In her budget statement on Tuesday, Finance Minister Nirmala Sitharaman emphasized the importance of cooperation between the federal government and state governments in order to pursue the next generation of reforms pertaining to capital, labor, land, and entrepreneurship.
TIME: 6:24 P.M
A realistic Union Budget as seen by the financial markets: Edelweiss MF and Dhawal Dalal
"The final Union Budget for FY25 maintained the idea of continuity while putting more of an emphasis on employment, business accessibility, tourism, and rural infrastructure. The whole amount of capital spending for FY25 was left at Rs. 11.1 trillion, however the fiscal deficit was decreased from the initial forecast of 5.1% to 4.9%. From the standpoint of the bond market, gross borrowing and net borrowing through dated IGB in FY25 are down by Rs. 12,000 crore, to Rs. 14.01T and Rs. 11.63T, respectively. This falls just short of what the market anticipated. In addition, taxes on bonds, market-linked bonds, debt mutual funds, and fixed deposits remained the same. For investors in fixed income, this was a little depressing. Having said that, we do not anticipate a substantial shift in investor attitude. From the standpoint of the financial market, the Union Budget is generally sensible", according to Dhawal Dalal, President & CIO-Fixed Income, Edelweiss MF.
TIME: 6:22 P.M
Government should create an integrated technology platform to fortify tribunals and enhance the insolvency ecosystem: Fin Min
The government plans to augment the number of benches at the National Company Law Tribunal (NCLT) and establish an integrated technological platform for stakeholders in order to enhance the results of the insolvency processes. In her presentation of the 2024–25 Budget on Tuesday, Finance Minister Nirmala Sitharaman said that the Insolvency and Bankruptcy Code (IBC) will undergo the necessary modifications.
TIME: 6:14 p.m.
A capital expenditure of Rs 11.1 trillion will bolster the development objective, according to Knight Frank India MD
"We applaud the statements made by the Honorable Finance Minister in the Union Budget today. The Union Budget for FY 2024–2025 demonstrates the government’s continued commitment to long-term infrastructural and social development. The 11.1 lakh crore capital expenditure budget, rising from 3.3% of GDP in FY 2023–2024 to 3.4% in FY 2024–2025, will sustain the nation's plan for the construction of roads, trains, and other logistical facilities. The National Industrial Corridor Development Program has selected 12 industrial park projects that are significant endeavors that have the ability to expand economic centers and enhance real estate development along their alignment", Shishir Baijal, chairman and managing director, Knight Frank India, said today.
TIME: 6:01 P.M
INR 1 Trillion fund for private-sector research: Sanjaya Mariwala, Chairman & MD at OmniActive Health Tech
“The 2024 Union Budget aligns with our expectations, prioritizing infrastructure, skill development, and job creation. It places an emphasis on rural development, recognising the diverse needs of India's economic landscape.Agriculture takes center stage with initiatives for climate-resilient crops and increased MSPs, aiming to boost farmer incomes and stability. A groundbreaking Rs 1 lakh crore fund for private-sector research positions India to compete globally and potentially replace China as a primary market in certain sectors," highlighted Sanjaya Mariwala, President, IMC Chamber of Commerce and Industry and executive Chairman & Managing director at OmniActive Health Technologies said.
TIME: 5:58 P.M
Budget Reaction: 'Provisions of Budget is believed to eradicate bottlenecks in the supply chain'
Reacting to the Union Budget Presentation, Kalyan Krishnamurthy, CEO, Flipkart Group, stated, "The Budget is a bold move to enhance India’s human and organizational capital. It spares no effort in incentivizing the youth to upskill and join the formal workforce. The provisions of the budget will remove bottlenecks in the supply chain and lend a big support to industries by encouraging clusters, establishing e-commerce export hubs and improving credit flow to MSMEs. Reducing the TDS rate from 1 per cent to 0.1 per cent will significantly free up working capital for sellers. Development of DPI applications for urban governance shows the government’s focus on improving and easing daily life."
He further added, "The government's commitment to green energy and critical mineral missions also underscores a forward-looking strategy to ensure sustainable development. This comprehensive and inclusive budget aligns with our nation's aspirations to achieve 'Viksit Bharat' and lays a strong foundation for a prosperous and equitable society."
TIME: 5:33 P.M
Small adjustments should raise the mood for those who are paid: ICRA's Chief Economist Aditi Nayar
"The overall budgetary math seems reasonable in some respects. With the tax changes announced in the Budget and the nominal GDP growth expected for FY25, the growth rate of gross tax revenues relative to the preliminary actuals for FY24 is estimated at 10.8%, which appears reasonable. The Budget made a few minor adjustments to the personal income tax system, which could boost sentiment and spending for salaried people making up to about Rs 15-20 lakh. Nevertheless, since a large portion of the tax break would probably be used for high-priced goods that are subject to indirect taxes, this policy is unlikely to result in a significant loss of income", according to Aditi Nayar.
TIME: 5:30 P.M
"Inclusive growth": Karnataka industry associations praise the Union Budget
The Union Budget 2024–25 was praised by the Bangalore Chamber of Industry and Commerce (BCIC) on Tuesday as a thorough and forward-looking plan for India's economic development. The BCIC issued a statement expressing its contentment with the government's proactive approach towards many crucial domains, such as MSME advancement, employment generation, business facilitation, and tax modifications. According to the authority, the budget demonstrates the government's commitment to addressing youth issues through manufacturing, skill development, and education in the MSME sector.
TIME: 5:23 P.M
FinMin Sitharaman: Modifications to capital gains tax to raise an additional Rs 15,000 cr
Revenue Secretary Sanjay Malhotra stated on Tuesday that the budget's planned adjustments to the capital gains tax rates are expected to bring in an extra Rs 15,000 crore for the government. The 2024–25 Budget, which was presented by Finance Minister Nirmala Sitharaman, calls for rationalizing the capital gains tax rate and holding term of a number of assets, including stocks and real estate.
TIME: 5:13 P.M
Nothing in the budget address offers us hope that the government will take the issue of inflation seriously: Chidambaram P
The largest issue the nation is experiencing is unemployment, to which former Finance Minister P Chidambaram said today that the government's "too little" answer will not significantly worsen the situation.
5:05 P.M
India's energy transformation strategy has nuclear energy, pumped storage, and efficient thermal plants at its core
The development of smaller modular nuclear reactors, pumped-storage projects, and more efficient thermal plants would be the main goals of India's energy transformation strategy, the government said on Tuesday. Union Finance Minister Nirmala Sitharaman stated during the presentation of the 2024–25 budget to the Lok Sabha that the government will work with private companies to create small modular reactors (SMRs) and carry out research on cutting-edge technologies to increase the proportion of nuclear power in India's energy mix.
TIME: 4:57 P.M
No response from govt WRT Agnipath scheme to be scrapped: P Chidambaram
Again slamming the Union Budget, Congress leader P Chidambaram cited, "Unemployment biggest challenge facing country; response of govt 'too little', will have little impact on grave situation."
TIME: 4:53 P.M
P Chidambaram: Government seems ignorant of its own statistics
In reaction to the Union Budget, Congress leader P Chidambaram stated, "Nothing in the Budget speech gives us confidence that the government will seriously tackle the issue of inflation."
TIME: 4:50 P.M
Budget set to allocate more than Rs 3 trillion for schemes that benefits women
Finance Minister Nirmala Sitharaman on Tuesday said the budget carries an allocation of more than Rs 3 trillion for schemes benefitting women and girls so as to promote women-led development. Furthermore, Sitharaman said this signals the government's commitment in enhancing women's role in economic development while presenting the Union Budget for 2024-25 in the Lok Sabha.
TIME: 4:47 P.M
Bihar CM Nitish Kumar: 'Special help' was announced to addresses Bihar's concerns in Budget
Union Finance Minister Nirmala Sitharaman in Parliament, Kumar, who is the key ally of the ruling NDA, stated, "We had proposed that if special status wasn't feasible for technical reasons, Bihar should receive special assistance (vishesh madat) from the Centre in another form, which has been announced today."
TIME: 4:39 P.M
Cancer drugs will become cheaper
With Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2024-25, gold, silver and other precious metals along with imported mobile phones, certain cancer drugs and medical devices are set to become cheaper. Having said so, certain items such as imported garden umbrellas and laboratory chemicals are expected to become more costlier due to an increase with respect to basic customs duty.
TIME: 4:34 P.M
Sensex and Nifty Settled considerably down in midst of volatile trade due to Budget session
As the government proposed to hike securities transaction tax on futures & options in the budget for 2024-25, Sensex and Nifty settled marginally lower in volatile trade on Tuesday. The 30-share BSE Sensex settled lower by 73.04 points or 0.09 percent 80,429.04, recovering most of its intraday losses of over 1,200 points. Furthermore, during the day as Finance Minister Nirmala Sitharaman announced budget proposals for 2024-25, the index gyrated between highs and lows.
TIME: 4:31 P.M
Sanjiv Puri, president, CII: People-centric Budget that that creates an equilibrium for equitable growth with fiscal sustainability
Sanjiv Puri, President, CII, cited, "The maiden budget of the new government has unravelled a comprehensive roadmap for sustainable and equitable growth while retaining the focus on creation of jobs. Budget 2025-26 provides an extensive roadmap for each segment of the society so that every Indian becomes an equity holder in the growth aspirations of the new and progressive India. The nine key priorities unveiled in the Budget for Viksit Bharat provides an all-encompassing blueprint for an inclusive, resilient, prosperous, environmentally sustainable and technologically advanced India, which would be a crucial milestone in our journey for a developed India @2047."
TIME: 4:29 P.M
Merger, demerger cases have been kept in the background
Deep Roy, Managing Partner, Equilex, said, "Today the merger, demerger cases and oppression and mismanagement cases have taken a back seat, in light of the thrust on IBC. First measure that was taken by the NCLT president was to apportion a specific day in each bench to hear only company cases. This too was not considered enough. This measure will definitely help improve the time taken for the non IBC, companies act cases as oppression and mismanagement cases sometimes require very detailed hearings which were not being provided by the existing benches. This move will allow such cases to be heard in detail."
TIME: 4:26 P.M
Introduction of integrated platform for IBC is expected to enable swifter recovery process
Shri Venkatesh, Managing Partner, SKV Law Offices stated, "The Indian Government has decided not to extend the custom duty exemptions on critical parts such as Solar Gas, Glass and tinned copper interconnects; as the manufacturing capacity of said parts in India is now sufficient. This will boost indigenous and self-sufficient solar energy infrastructure within India."
He further said, "Finance Minister Sitharaman’s Budget announcements aimed at accelerating the Insolvency and Bankruptcy Code (IBC) process are laudable. The government intends to set up an integrated technology system for the IBC to achieve more effective outcomes. The plan to implement necessary amendments to the IBC is expected to expedite asset resolution, and the establishment of additional specialized tribunals will be a significant facilitator. However, the true impact will rely on the effectiveness of on-ground execution." He continued, "At present, the National Company Law Tribunal (NCLT) is inundated with numerous IBC cases, resulting in delays and causing operational inefficiencies. The introduction of an integrated platform for the IBC, along with more tribunals, will ensure a swifter recovery process and prompt corporate actions, benefiting all stakeholders involved."
TIME: 4:21 P.M
Needed Relief with Abolition of Angel Tax on Investments
Kunal Savani, Partner, Cyril Amarchand Mangaldas, highlighted, "In a major reform to support startups and boost investment in the country, angel tax on investments is proposed to be abolished. While the detailed proposal to abolish the 2 percent equalization levy would need to be examined in detail, the FM seems to have provided a much yearned relief to foreign e-commerce operators and foreign crypto exchanges. The abolition of the angel tax is a major win for the Indian startup ecosystem. Especially for young companies, securing early-stage funding is crucial for growth and innovation. This should be especially helpful for attracting investment from outside India.”
He further added, "Non-resident investors have been facing double trouble in complying with the angel tax and FEMA valuation rules, after extension of the angel tax regime to non-resident investors recently. This change simplifies things and makes India a more attractive destination for startup capital."
TIME: 4:17 PM
Budget Reaction: 'Speed at which Rs 3.3 trillion was recovered a major success for the IBC regime
In response to the Union Budget, Amir Bavani, Founder of AB Legal, stated, "While it has always been the jurisprudence that IBC is not for recovery but only for revival of ailing companies, in today's budget speech the Finance Minister has again made a remark of recovery of 3.3 trillion to creditors under IBC and that approximately 28,000 cases involving around 10 lakh crore rupees have been resolved even before admission into insolvency. In any event, the speed with which this significant amount was recovered is a remarkable victory for the IBC regime as a whole, as it has returned a large sum of money to the corporate market."
TIME: 4:14 PM
Post-Budget Press Conference: 'Asset monetization not merely sale of assets but optimum usage'
Responding to a question about changes in tax slabs, Union Finance Minister Nirmala Sitharaman said, "It is not just because we mentioned it in this budget, but the attempt to widen the tax net is something that we have repeatedly stated, that India's tax net will have to be widened, whether through direct or indirect taxation. Second, PSU dividends are rising since values have skyrocketed and performance has significantly improved. So, revenue mobilization is not limited to taxation; non-tax revenue mobilization is also on the rise."
She went on: "For three years now, we have been talking about asset monetization, which is not selling of assets but optimum utilization of those assets which are lying in the form of unutilized stadiums or land which is available with PSUs which can be utilised for better purposes."
TIME: 4:12 PM
Andhra Pradesh equities gain momentum as FM pledges extra financial help
Finance Minister Nirmala Sitharaman announced today a special financial assistance of Rs 15,000 crore for the state of Andhra Pradesh to enhance its capital. Following the announcement, Andhra Cements' stock closed at Rs 98.97 on the BSE, 5% higher than the previous day.
TIME: 4:08 PM
Home Ministry receives Rs 2.19 trillion; the largest part for CRPF, BSF, and CISF
On Tuesday, the Union Budget 2024-25 allocated Rs 2,19,643.31 crore to the Ministry of Home Affairs, with the majority of it -- Rs 1,43,275.90 crore -- going to central police forces such as the CRPF, BSF, and CISF, which are in charge of internal security, border guarding, and the security of vital installations. Notably, the interim budget 2024-25 provided Rs 2,02,868.70 crore to the home ministry, which is led by Union Home Minister Amit Shah.
TIME: 3:51 P.M
Government must create a framework for economic policy for the upcoming wave of reforms: Sitharaman
The 'Economic Policy Framework' that the administration will create will define the parameters for the upcoming wave of changes aimed at creating jobs and maintaining rapid economic development. During her Budget Speech in the Lok Sabha, Finance Minister Nirmala Sitharaman stated, "We will formulate an Economic Policy Framework to delineate the overarching approach to economic development and set the scope of the next generation of reforms for facilitating employment opportunities and sustaining high growth."
TIME: 3:44 PM
The middle class expected more evident direct tax benefits: Ritika Nayyar, partner at Singhania & Co.
"In presenting the Finance budget for the third term, the Modi 3.0 administration attempted to strike a balance while addressing as many issues as possible. From emphasizing employment and related incentives to upskilling initiatives, huge avenues for MSMEs, focus on empowerment and various initiatives for women workforce, financial upliftment, housing schemes, agendas for both rural and urban development, the largest allocation to infrastructure capex, revisions on various custom duties, abolition of angel tax, changes in TDS rates, simplification of reopening and re-assessments, and so on. While all of these changes are good, the salaried and middle classes in India were hoping for more obvious direct tax advantages in addition to the minor rise in standard deduction and slabs under the new system. An increase in the capital gains tax system will have a negative impact on the market as a whole," said Ritika Nayyar, Partner at Singhania & Co.
TIME: 3:44 P.M
The policy of loosening FDI standards is ongoing: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman stated, "We are trying to, since 2014, bring ease of doing business in India," in reference to the topic of FDI liberalization during the post-Budget news conference. The Center is increasing FDI in a number of industries. The policy of easing FDI norms is ongoing."
TIME: 3:32 P.M
FinMin Sitharaman: "I am unable to remark on the end of the previous tax system"
In response to an inquiry on the previous tax system, Nirmala Sitharaman stated, "Simpler taxation is what we desire. The same goal underpinned the introduction of the new tax system. It is still the previous system as of right now. I am unable to remark on the end of the previous tax system, though." According to the revenue secretary, 70% of the more than 4 crore I-T filings submitted for FY24 thus far fall under the new tax law.
TIME: 3:25 P.M
Government actions indicate a desire to increase employment: Partner of Cyril Amarchand Mangaldas is Abe Abraham
"The government's financial assistance, which comes in the form of three different incentive programs, amply demonstrates its intention to increase employment across the board, with the industrial sector receiving particular attention. It has been declared by the government that an incentive of one month's salaries, up to a maximum of Rs. 15,000, will be paid in three installments. About 210 lakh people would benefit from this incentive, which will be given directly to all new hires in the formal sector who are registered with the EPFO and whose monthly income does not exceed Rs. 1 lakh. The second scheme is designed to reimburse employers in all formal sectors for up to Rs. 3000 monthly EPFO contributions for each additional employee working in that sector whose salary does not exceed Rs. 1 lakh. This incentive is expected to benefit approximately 50 lakh jobs and will be available for a two-year period", according to Abe Abraham, a partner at Cyril Amarchand Mangaldas.
TIME: 3:23 P.M
Budget Reaction: "We are excited to see the positive effects of this significant advancement in the IBC process."
Considering the Budget, "The Finance Minister's announcement of a unified technological platform to enhance the effectiveness of the Insolvency and Bankruptcy Code (IBC) is a welcome and forward-thinking initiative," stated Abhishek Gupta, the founder and managing partner of Pierag Consulting LLP. We acknowledge that technology is essential for simplifying difficult procedures and enhancing results. The launch of this platform represents a major advancement in the IBC framework's modernization. This platform will use technology to guarantee greater levels of accountability and transparency while also streamlining the insolvency resolution process. We encourage companies using the IBC process to take advantage of this technology development as it should result in more predictable and easier-to-manage processes."
TIME: 3:16 P.M
Government’s commitment to employment & employability is clear as per TeamLease VP
Krishnendu Chatterjee, VP and Business Head at TeamLease Services, stated, "The government's commitment to employment and employability is clear with a Rs 1.48 trillion provision. This initiative, based on EPFO enrollment, focuses on recognising first-time employees and includes direct benefit transfers of the first month's salary in three installments for salaries up to Rs 1 lakh. Special emphasis is placed on the industrial and manufacturing sectors. Additionally, employers will receive incentives for job creation, with the government reimbursing up to ₹3,000 per month for two years towards EPFO contributions for each new employee."
TIME: 2:57 P.M
India to come up with VCC structures like Singapore, Mauritius
As variable capital companies, the Indian government will be enabling pooled private equity fund structures. This structure is more popular in the financial markets of Mauritius and Singapore. This is carried out to attract more capital from overseas investors. “We will seek the required legislative approval for providing an efficient and flexible mode for financing leasing of aircrafts and ships, and pooled funds of private equity through a ‘variable company structure’,” stated Finance Minister Nirmala Sitharaman in the Parliament. Furthermore, industry officials believe that the integration of the VCC framework has greatly aided Singapore to become the hub for international fund management. Hence, a similar move for India will be lucrative for the country.
TIME: 2:45 P.M
To addresses relevant issues, Nirmala Sitharaman said will evolve solution on New Pension Scheme
Finance Minister Nirmala Sitharaman on Tuesday highlighted that a solution will be devised with respect to the New Pension Scheme (NPS). This solution will focus on addressing relevant issues so as to ensure fiscal prudence. If we look at the previous year, the finance ministry had set up a committee under Finance Secretary T V Somanathan. The committee was built to review the pension scheme for government employees and also suggest any changes, if needed, pertaining to the existing framework and structure of the National Pension System.
TIME: 2:40 P.M
According to Atishi, not even a penny for Delhi when it comes to share in central taxes
Delhi’s Finance Minister Atishi said on Tuesday that irrespective of paying INR 2.32 lakh crore in taxes to the BJP-led Centre, the national capital has not even got a single penny as its share in central taxes in the Union Budget presentation. While addressing a press conference, Atishi remarked that Delhi had demanded a budgetary allocation for the MCD but it did not get even a single rupee from the Center.
TIME: 2:33 P.M
Healthcare sector gets neglected in the Budget as per the Chairman of Medanta The Medicity
Dr. Naresh Trehan, Chairman and Managing Director of Medanta The Medicity, cited, "We were hoping the Budget to go up. There is a gap in terms of providing quality healthcare to the whole country. There were expectations about expansion of the Ayushman Bharat Scheme to above 70 years of age. We had requested relooking at GST, as we don't get any set off. There is a very thin line the hospitals are walking right now. There are 2-3 things that can be tweaked to provide relief to healthcare."
TIME: 2:26 P.M
NCP: Union Budget is being presented for NDA allies and not for India, especially neglecting Maharashtra
The NCP (SP) on Tuesday highlighted that the Union Budget presented by Finance Minister Nirmala Sitharaman was not for the country but for the NDA allies of Bihar and Andhra Pradesh. NCP’s spokesperson Clyde Crasto said that Maharashtra was neglected in the Budget. He further stated that the people of the state will give the BJP a strong reply in the assembly polls which will happen later this year.
TIME: 2:22 P.M
PM Modi: Budget will work as catalyst in achieving the 'Viksit Bharat' dream
PM Modi stated, "Changes in the income tax slab will help the middle-class. The Budget also focuses on development in eastern states. Tourism is also a key focus area of the Budget. For the benefit of farmers, we will create vegetable clusters. Besides, to check poverty, we will construct 3 crore houses for the poor. All weather-roads will help villages in far-flung areas."
TIME: 2:13 P.M
PM Modi: Budget is set to create new economic hub that will present multiple opportunities for start-ups
Prime Minister Narendra Modi stated, “To ensure that we have an entrepreneur in every home, we have increased the loan amount under the MUDRA scheme. The Budget also announces a scheme to ease credit facilities for MSMEs. We have allocated Rs 1,000 crore for venture capital in the space sector."
TIME: 2:12 P.M
Noteworthy Highlights from FM Sitharaman's Speech: Rectification in Capital Gains Taxes
Here are some of the highlights from Nirmala Sitharaman’s Budget speech:
Changes in Capital Gains Taxes
Short-term gains tax on specified financial assets will increase to 20 percent from 15 percent, wherein, the rates on other financial and non-financial assets will remain the same
Long-term gains tax across all assets will be raised from earlier 10 percent to to 12.5 percent
Exemption limit on capital gains for certain listed financial assets will increase to INR 1.25 lakh to from Rs 1 lakh, annually
TIME: 2:07 P.M
PM Modi: Budget will ensure Inclusive Growth which will Benefit every segment of the society
Prime Minister Narendra Modi, in his video message, said, "This Budget strengthens women, Dalit, and small entrepreneurs. The Budget also focuses on manufacturing... After the success of the PLI scheme, we have rolled out the ELI scheme to boost job creation." PM Modi considers the the Budget as a visionary document. PM Modi: Budget will ensure Inclusive Growth which will Benefit every segment of the society.
TIME 2:01 P.M
Nirmala Sitharaman Shed Light on New Changes in Custom Duty
The Union Budget has introduced duty cuts across Mobile, Printed Citrcuit board Assembly (PCBA) and Mobile charger to 15 percent. Earlier, the Basic Customs Duty on these items stood at 20 percent. Furthermore, the Finance Minister also made an announcement with respect to a reduction in customs duty pertaining to gold and silver from 15 percent earlier to 6 percent.
TIME: 1:56 P.M
Budget Reaction: Defence Minister Rajnath Singh hails Sitharaman for 'highest allocation'
In a post on X, Union Defence Minister Rajnath Singh stated, "As far as the allocation to Ministry of Defence is concerned, I applaud the Finance Minister for granting the highest allocation to the tune of Rs 6.2 trillion, which is 12.9 percent of the entire budget of the Government of India for FY 2024-25. The capital spending of Rs 1.72 trillion would boost the Armed Forces' capabilities. The allocation of Rs 1.05 trillion for domestic capital purchases will offer further impetus to Atmanibharta. I am glad that Border Roads has received a 30% increase in capital allocation over the prior budget. The grant of Rs 6,500 crore to BRO would help us speed our border infrastructure. To enhance the startup ecosystem in Defence Industries, Rs 518 crore has been granted to the iDEX plan to reward technical solutions provided by startups, MSMEs, and innovators.
TIME: 1:48 PM
TMC leaders claim that the budget was for the NDA, n
