5:49
Next week, a White Paper comparing the past ten years' economic performance to that of the prior ten is probably going to be released and presented to Parliament.government source
5:48
"The Finance Minister mentioned GDP but left out the topic of per capita income. Congress leader P Chidambaram claims, "She hardly mentioned inflation and neglected to highlight that food inflation is already at 7.7%.
5:37
A fantastic budget that will accelerate India's remarkable growth story. The best way to increase private investment is to combine budgetary restraint with higher levels of government capital spending. The three new, profitable railway lines will revolutionize industry logistics. It is encouraging that the FM is focusing on women and youth, the two groups who will spearhead India's transformation:Vedanta Group Chairman Anil Agarwal.
5:36
"I commend the Finance Minister for introducing a Budget that exemplifies India's assurance as a substantial and highly promising economy, progressing towards a Viksit Bharat through the principles of outstanding leadership, ongoing visionary changes, coherence in plan and vision, and a remarkable focus on infrastructure advancement, equitable and sustainable growth, and cutting-edge technology," stated Sanjiv Puri, MD, ITC.
5:31 PM
Yogi Adityanath, the chief minister of Uttar Pradesh, comments on the interim budget: "Under PM Modi's leadership, the interim budget presented in the Lok Sabha will give impetus to the building of a developed and self-reliant India." in keeping with the 140 crore Indians' dreams and ambitions. I applaud Nirmala Sitharaman, the Union Finance Minister, for presenting the budget. The budget will play a significant role in realising everyone's aspirations in society."
5:28 PM
"Impressive evidence of the Union Government's dedication to the entire development of GIFT IFSC is the interim budget presented by Finance Minister Smt. Nirmala Sitharaman. Acknowledging GIFT City's pivotal function as an international financial hub, the resolution to prolong tax exemptions on particular profits from IFSC units signifies a progressive stance. The GIFT IFSC applauds this action, which is essential to maintaining business convenience and guaranteeing tax stability. This choice supports our common goal of developing a robust IFSC environment and enhancing India's economic might. Tapan Ray, MD and Group CEO of GIFT City, stated, "We value the government's ongoing support, highlighting GIFT IFSC's critical role in the global financial landscape."
5:23 PM
The government will continue to invest in capital projects; this is crucial. This Budget also includes a respectable amount for capital expenditures (capex): FM Sitharaman
5:21 PM
Nirmala Sitharaman, the finance minister: MGNREGA allocation is not dependent on a trend. It is determined by the ground's need. The CAG has already made comments regarding how MGNREGA is being implemented in certain states and has indicated the areas in which certain governments need to make course corrections.
5:17 PM
The Budget numbers give us confidence that we will reduce our market borrowing in 2024–2025. We feel more confident if things are realistic. Since the expenditure figures are reasonable, the deficit figure can be attained. "So, these are very realistic borrowing numbers," stated TV Somanathan, the finance secretary.
5:14 PM
Ajay Seth, the secretary of economic affairs, stated that a nominal GDP growth estimate of 10.5% for 2024–2025 is a realistic figure.
5:10 PM
Although we would like PLI initiatives to be centred in three states, this is not the case. The PLI plan does not have any geographic requirements. According to Finance Minister Nirmala Sitharaman, the parameters include manufacturing and the number of extra units created.
5:08 PM
In response to a question, Sitharaman acknowledged that there are disturbances in the Red Sea but emphasised that the project of the India, Middle East, and European Corridor will proceed. During the G20 Summit in New Delhi in September of last year, the project was unveiled.
5:05 PM
According to Ajay Seth, the secretary of economic affairs, the committee on demographics will be tasked with examining the opportunities, problems, present numbers, and how they are evolving over time.
4:59 PM
Based on their performance, CPSEs are significant players in the market and continue to provide rewards to their owners, including the government and DIPAM Secretary Tuhin Kanta Pandey.Consequently, he continued, a carefully considered disinvestment plan is required.
4:55 PM
During the press conference following the budget, Sitharaman made it clear that any industrial units that open after March 2024 would not be eligible for a lower tax rate.
4:51 PM
The Finance Minister stated that every rating agency should consider the fact that we have improved fiscal consolidation in addition to reducing the budget deficit.She continued, "We are not only aligning with the fiscal consolidation roadmap we had previously provided, but we are even improving on it. This is a clear and simple message for every ratings agency."
4:47 PM
"Developing the plan for the urban housing scheme. Finance Secretary TV Somanathan responded to a question from the media, saying "For now, we have given a token amount and we will decide on the funding of the scheme once contours are ready."
4:40 PM
According to Finance Secretary TV Somanathan, the goal of bringing the Center's debt-to-GDP ratio down to 40% was established prior to the COVID-19 period.He said that it is necessary to assess the target's current relevance.He added that the goal of getting the Center's debt-to-GDP ratio down to 40% is an artifact of the past.
4:37 PM
11% growth in capital expenditures on a high base, with indications of the private sector entering the picture, according to FM
In answer to a question about the growth of capital expenditures, the finance minister stated, "It is an 11% growth on capex on a high base.""And, we can see signs of private sector also coming in," she stated.
4:36 PM
In response to a question from the media, Sitharaman stated that (Budget) estimates are always realistic with us. She made reference to the estimations presented in her Budget address when she added, "These are our realistic and slightly conservative estimates."
4:32 PM
Sitharaman says a white paper on the economic performance of the past ten years will be released
The finance minister stated that a white paper comparing the economic performance of the last ten years to the ten years prior will be released. She also referred to the next 25 years—which the government called Amrit Kaal—as "Kartavyakaal".
4:29 PM
States of Bihar, Jharkhand, Odisha, West Bengal, Chhattisgarh and West Bengal will be the engines of growth, Finance Minister Sitharaman said.
4:01 PM
Significant interest-free investment will strengthen our digital start-up scene in developing fields like generative AI and 5G
The significant interest-free investment will strengthen our ecosystem of digital start-ups in developing fields such as generative AI, agritech, health tech, and 5G. The sector welcomes the availability of a Rs. 1 lakh crore corpus with a 50-year interest-free period for long-term financing or refinancing, aimed at encouraging the private sector to increase research and development in the sunrise domain. India will be compelled by this to lead the world in innovation and skill development. -- Peeyush Vaish, Deloitte India Partner and TMT Industry Leader
3:45 PM
Former FICCI President and ISC Chair Naina Lal Kidwai comments on the Union Interim Budget 2024, saying, "Many of us were expecting a commitment to stay with the fiscal deficit at 5.3%... the budget was a bit of a surprise." The budget deficit of 5.1% that the administration has declared is even more stringent than the initial estimates that the markets had readily accepted. We're not sure why they think that the revenues will be strong and sufficient to support a 5.1% budget deficit. However, there hasn't been a reduction in capital spending either. There has been an 11.1% rise. We've allocated a sizable sum for capital expenses... Thus, these two very important advantages."
3:27 PM
The government's goals and priorities of reform and general development are expected to be maintained, according to the interim budget. The administration has succeeded in striking a sound balance between funding expansion and sticking to its fiscal restructuring plan. The government's long-term goal of 4.5% is anticipated to be reached by FY26, with the budget deficit set at 5.1% compared to 5.8% for FY24RE. The budget is still focused on innovation and growth in infrastructure and capital expenditures while maintaining fiscal prudence, according to Sachin Bajaj, Head of Investments at Max Life Insurance.
3:36 PM
"The budget skillfully strikes a balance, putting sensibility ahead of populism, in an election year. It demonstrates India's enduring dedication to the development of infrastructure along with a strong commitment to fiscal responsibility. This clears the path for continued expansion and moves the country closer to becoming a developed economy by 2047," states Edelweiss MF's President and Chief Investment Officer for Equities, Trideep Bhattacharya.
3:31 PM
Notable in particular is the introduction of a new middle-class housing initiative. This project appears to be intended to meet the housing needs of those who are paying rent or who live in unsatisfactory environments like chawls and slums. According to Sandeep Runwal, President of NAREDCO Maharashtra, "the government is looking to stimulate the real estate sector and associated industries, as well as improve living standards, by facilitating home ownership."
3:27 PM
"In an election year, the budget adeptly strikes a balance, prioritizing sensibility over populism. It showcases India's unwavering commitment to infrastructure development, coupled with a steadfast adherence to fiscal prudence. This paves the way for sustained growth, steering the nation along the trajectory towards achieving a developed economy by 2047." says Trideep Bhattacharya, President & Chief Investment Officer- Equities, Edelweiss MF.
3:00 PM
Sitharaman noted that the number of people filing returns has increased to 2.4 times over the previous ten years and that the taxpayers are valued "for their support" by the Centre. According to Sitharaman, "Under the new tax scheme, there is now no tax liability for taxpayers with income up to Rs 7 lakh, up from Rs 2.2 lakh in the financial year 2013-14." According to her, the Center's goal over the past five years has been to enhance taxpayer services through the implementation of innovations like faceless assessment, updated income tax returns, and new Form 26AS. Click on this link to read more about it.
2:55 PM
This year's pre-election financial exercise was praised by PM Modi as a budget for the "future of Bharat" and as "inclusive and innovative." See more of PM Modi's remarks regarding Finance Minister Nirmala Sitharaman's Budget 2024 presentation here.
2:44 PM
In her address on the Interim Budget 2024, Finance Minister Nirmala Sitharaman unveiled a plan to assist those residing in slums or rented housing in purchasing a home. "The government's focus on rural development is sustained by the commitment to PM Awas Yojana Grameen, which aims to build 20 million more dwellings. According to Sandeep Runwal, president of NAREDCO Maharashtra, "achieving the milestone of 30 million houses under the rural housing scheme and setting an ambitious target for the next 5 years reflects a significant investment in infrastructure development that addresses a basic need – housing."
2:36 PM
The emphasis of the interim budget is on offering chances for employability and skill development. The finance minister stated in her speech that the government is executing different skill development programmes throughout the nation through more than 20 central ministries and departments in accordance with the mission. According to Pratham Barot, CEO and co-founder of Zell Education, "the accomplishments of the Skill India Mission, including training 14 million youth, upskilling and reskilling 5.4 million individuals, and establishing 3000 new ITIs, signify substantial growth in the education sector.
2:17 PM
The emphasis of the interim budget is on offering chances for employability and skill development. The finance minister stated in her speech that the government is executing different skill development programmes throughout the nation through more than 20 central ministries and departments in accordance with the mission. According to Pratham Barot, CEO and co-founder of Zell Education, "the accomplishments of the Skill India Mission, including training 14 million youth, upskilling and reskilling 5.4 million individuals, and establishing 3000 new ITIs, signify substantial growth in the education sector."
1:47 PM
As per today's statement from Finance Minister Nirmala Sitharaman, the projected budget deficit for 2023–24 is 5.8%, which is less than the 5.9% previously predicted. It has been estimated at 5.1% for 2024–2025. To learn more about the physical deficit, see this link.
1:43 PM
George Alexander Muthoot, Managing Director of Muthoot Finance, commended the Finance Minister's interim budget for its balanced approach, emphasizing fiscal prudence and prioritizing infrastructure growth. He highlighted the focus on key sectors such as the poor, women, youth, and farmers, considering it crucial for economic development. Muthoot expressed optimism regarding the increased outlay for infrastructure, anticipating a positive impact on the broader economy and long-term investment activity. He appreciated the government's support for MSMEs, women entrepreneurs, and the agricultural sector, aligning with Muthoot Finance's commitment to providing credit support to these segments. Muthoot also lauded the focus on addressing housing challenges through the PM Awas Yojana-Grameen. Acknowledging global inflation concerns, he emphasized that the interim budget's commitment to fiscal prudence would contribute to a stable interest rate scenario, benefiting the overall financial sector.
1:39 PM
Richard Rossow, Director of US-India Policy Studies at the Centre for Strategic & International Studies, discussed the Union Interim Budget 2024-25, deeming it more of a continuing resolution. Expressing restrained expectations, he anticipates more significant announcements from the election-winning party. Despite the interim nature, Rossow noted a few modest surprises. As a representative of a foreign organization, he highlighted interest in trade and investment matters. He appreciated the Finance Minister's emphasis on positive Foreign Direct Investment trends and welcomed the absence of new customs duties to facilitate imports, supporting global integration efforts.
1:31 PM
Hari Kiran, co-founder and COO of eBikeGo, expressed enthusiasm regarding the Interim Budget's potential impact on manufacturing and infrastructure development. As an Original Equipment Manufacturer (OEM), Kiran welcomed the government's commitment to expanding and strengthening the Electric Vehicle (EV) ecosystem, anticipating significant boosts in manufacturing and infrastructure. He sees this commitment as a noteworthy contribution towards achieving Net Zero Goals and establishing a robust foundation for sustainable mobility and a greener environment. Additionally, Kiran acknowledged the Finance Minister's emphasis on the transformative impact of new-age technologies and data, recognizing their role in changing lives, fostering economic opportunities, and showcasing innovative solutions through entrepreneurship in India.
1:29 PM
The head of IBA highlighted the significance of focusing on research for a more prosperous future, ensuring the realization of Viksit Bharat by 2047. Finance Minister Nirmala Sitharaman's allocation of financial assistance for machinery supporting biomass schemes in Union Budget 2024 was acknowledged. The emphasis on utilizing biomass for CBG production aligns with the government's commitment to a greener future. The mandate for blending CBG and CNG, even for household use, further supports the transition towards energy security. Gaurav Kedia, Chairman of the Indian Biogas Association, stressed the importance of promoting innovative research for a cleaner, greener, and more prosperous future in line with the government's commitment to Viksit Bharat.
1:24 PM
FM Sitharaman announced a significant move in the Interim Budget, allocating a corpus of Rs 1 trillion to finance research in technology. Additionally, she revealed plans for a new scheme aimed at strengthening deep tech technologies for defense purposes and fostering self-reliance (Atmanirbharta).
1:19 PM
Prashant Daftary, Partner at NA Shah Associates, expressed optimism, stating that the increased capital outlay on infrastructure and railways in Budget 2024 would ensure sustained momentum in capital expenditure (capex) spending and infrastructure development.
1:15 PM
Lok Sabha MP Danish Ali voiced criticism, stating, "Where was the budget? Nothing new was announced," in response to the budget announcements made by FM Sitharaman during the ongoing Union Budget 2024 LIVE news coverage.
1:10 PM
Defence Minister Rajnath Singh expressed optimism about the future, stating, "The interim budget that was presented (by FM Nirmala Sitharaman) is very encouraging and makes us all very hopeful for the future." Singh further highlighted his hope that, based on the indications in this interim budget, the Indian economy would grow to $5 trillion by 2027 and surpass $7 trillion by 2030.
1:04 PM
During the live Union Budget at 1:04 PM, FM Sitharaman announced the government's plan to establish three major economic railway corridors, aimed at reducing congestion and logistics costs in India. Additionally, she proposed the upgrade of around 40,000 trains within the Indian Railways to Vande Bharat trains.
1:00 PM
Atul Sobti, DG of SCOPE, praised Budget 2024 as a 'directional' budget that sets the stage for inclusive and comprehensive development. This statement follows the commencement of the Budget speech, reflecting on the positive direction outlined in the budget for the nation's growth.
12:58 PM
FM Sitharaman today said that the Centre will improve its ‘Llkhpati Didi’ scheme to target 3 crore women in India from the current two crore. Read details on the story here.
12:50 PM
The central government will soon begin work on a housing scheme for the "deserving" middle class, Finance Minister Nirmala Sitharaman said in her Budget speech today. She said, "Our 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."
12:43 PM
The national government has set a goal of Rs 50,000 crore for FY25. The divestiture objective for FY24 has been lowered by the Centre from Rs 51,000 crore to Rs 30,000 crore.
12:36 PM
"This will be a great age for our tech-savvy children. A 50-year interest-free loan would be given, and a corpus of Rs 1 lakh crore will be built. FM Sitharaman stated today that it will be for long-term financing or re-financing with low or no interest rates.
12:34 PM
Indian stock indices turned volatile and erased most gains as Finance Minister Nirmala Sitharaman's Interim Budget speech failed to stimulate the markets today.
11:22 AM
I propose to withdraw such direct tax demands up to Rs 25,000 pertaining up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit 10 million taxpayers, FM Sitharaman said.
11:53 AM
11:39 AM
'Govt will encourage vaccination for cervical cancer,' says FM Sitharaman while presenting the interim Budget 2024.
11:36 AM
Nirmala Sitharaman, the finance minister, stated, The commercial corridor between India, the Middle East, and Europe, which was unveiled at the G20 Summit last year, will revolutionize both India and the rest of the world. Our goal for Viksit Bharat is prosperity in balance with the environment and the chance for everyone to realize their full potential.
11:33 AM
According to FM Sitharaman, the government intends to establish new medical colleges by utilizing the infrastructure of current hospitals. A committee will be formed to investigate and provide any necessary recommendations.
11:25 AM
FM Sitharaman highlighted at 11:25 AM the significant achievement of female enrollment in STEM reaching 43%, one of the highest globally. She expressed optimism that this would positively impact women's participation in the workforce, acknowledging this development during the Budget session.
11:22 AM
During the Budget speech at 11:22 AM, FM Sitharaman noted the emergence of a new world order following the Covid-19 pandemic. This acknowledgment reflects the dynamic shifts and challenges in the global landscape due to the ongoing health crisis.
11:21 AM
In a live update at 11:21 AM, FM Sitharaman revealed a substantial initiative in Budget 2024, stating that 300 million Mudra Yojna loans have been allocated for women entrepreneurs. This announcement underscores the government's focus on empowering women in entrepreneurial endeavors.
11:19 AM
At 11:19 AM, FM Sitharaman asserted the government's commitment to a more comprehensive GDP, emphasizing Governance, Development, and Performance. She highlighted the principles of transparency and non-discrimination, addressing systemic inequalities and focusing on four key pillars: the poor, women, youth, and annadatas (farmers). This statement was part of her Budget 2024 speech.
11:18 AM
FM Sitharaman, at 11:18 AM, underscored the government's support for Startup India, citing the success of Startup Credit Guarantee schemes for youth. Additionally, she mentioned the government providing 30 crore Mudra Yojna loans to women entrepreneurs, emphasizing the positive impact on employment generation.
11:16 AM
During the live coverage of Budget 2024 at 11:16 AM, FM Sitharaman revealed that the Direct Benefit Transfer scheme has disbursed Rs 34 trillion, resulting in substantial savings amounting to Rs 2.7 trillion for the government. This emphasizes the efficiency and impact of the scheme in facilitating financial benefits directly to recipients.
11:14 AM
Finance Minister Nirmala Sitharaman announced at 11:14 AM during the Budget speech that the government has successfully elevated 250 million people out of multidimensional poverty in the last decade. In her address, she underscored the inclusivity of government schemes, specifically highlighting initiatives aimed at tribal communities, persons with disabilities (Divyang), and transgenders who were previously excluded from mainstream development efforts.
11:12 AM
Providing insights during the ongoing coverage of the Interim Budget at 11:12 AM, FM Sitharaman expressed the government's commitment to transforming India into a "Viksit Bharat" (Developed India) by 2047. She reiterated the government's dedication to comprehensive and inclusive development, covering all castes and demographics.
11:11 AM
FM Sitharaman stated that the government is actively addressing systemic inequalities within society. She emphasized a focus on outcomes rather than mere financial outlays, underlining the government's commitment to resolving issues related to the poor, women, youth, and farmers.
11:09 AM
Reflecting on the economic trajectory, FM Sitharaman remarked at 11:09 AM that the Indian economy has witnessed a positive transformation over the last ten years. She noted that the fruits of development have reached people at scale, instilling a renewed sense of purpose in the country. Sitharaman highlighted the government's continued commitment to its agenda, particularly during the second term under PM Modi.
11:05 AM
At 11:05 AM, FM Sitharaman expressed hope for a resounding mandate in the upcoming elections, stating the government's expectation of once again receiving strong support from the public. This sentiment was conveyed during the Budget session in Parliament.
10:44 AM
Bajaj Allianz Life Insurance's CEO, Tarun Chugh, expresses optimism about the potential introduction of much-needed reforms in the interim budget to incentivize the purchase of insurance. Recognizing the imminent retirement of a significant number of individuals in the next decade, Chugh emphasizes the importance of incentivizing the acquisition of products in the pension category. He advocates for aligning life insurance annuity or pension products with the National Pension Scheme (NPS) and recommends an additional deduction of Rs. 50,000 or more. Chugh underscores the necessity for similar initiatives spanning various product categories, including pension products, Unit Linked Insurance Plans (ULIPs), and traditional plans. Anticipating that such measures will benefit customers and provide more reasons to invest in the industry for their long-term financial goals, Chugh emphasizes the potential contribution to India's development.
10:40 AM
In anticipation of the pre-election interim budget, seen by many as a crucial fiscal announcement, AUM Capital's National Head of Wealth, Mukesh Kochar, expects a continuation of government policies with a specific emphasis on infrastructure-led growth. Kochar highlights the anticipation of sustained efforts towards making India an international manufacturing hub through initiatives like 'Make in India.' Foreseeing a substantial allocation towards railways and defense, Kochar emphasizes the market's keen interest in these sectors.
Given the pre-election context, Kochar anticipates announcements aimed at rural economies, particularly focusing on farmers and the rural population. Such measures are expected to boost consumer discretionary demand, benefiting the relevant sector. Expressing overall positivity about the budget's outcome, Kochar suggests the possibility of fresh announcements related to renewables and semiconductors. Additionally, he foresees the introduction of some Production-Linked Incentive (PLI) schemes, aligning with the government's emphasis on manufacturing and anticipating the next phase of economic growth. However, considering the interim nature of the budget, Kochar notes that in-depth details may not be extensively unveiled.
Current Cryptocurrency Tax Structure is Constrictive, Says Vikram Subburaj, Giottus CEO
Vikram Subburaj, the CEO of Giottus, expressed that India has witnessed a positive surge in retail investment, credited to the government's efforts in fostering investment habits through robust regulations and tax incentives in stock investing. Subburaj believes that India can further promote an investment culture by positioning cryptocurrency as a significant medium. However, he contends that the existing cryptocurrency tax framework is restrictive for investors, equating crypto investing with gambling.
Despite this, Subburaj acknowledges positive steps taken in the past year by the Financial Intelligence Unit (FIU), the government, and Indian cryptocurrency platforms, signaling the nation's readiness to progress in this domain. He asserts that the opportune moment has arrived to rationalize the existing 1% Tax Deducted at Source (TDS) on the sale of crypto, along with the 30% tax on profits. Subburaj advocates for the incorporation of the ability to offset losses on trades, envisioning a more comprehensive system aligned with the practices of several developed nations within the G20.
Finance Minister Nirmala Sitharaman to Present Interim Budget 2024, Providing Real-Time Insight into Modi Government's Decade of Achievements
As the Budget Session of Parliament kicks off, Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 later today. This being an interim Budget, expectations are tempered, with no major policy announcements anticipated. Instead, the focus is on delivering a report card on the triumphs of the Modi government over the past decade.
Notably, the projected fiscal deficit of 5.9% of the gross domestic product (GDP) for the current fiscal year is expected to be met, with the debt-GDP ratio at 54%, surpassing the targeted 40%.
The interim Budget will encompass projections for the government's expenditure, fiscal deficit, and overall financial performance for the coming months. The comprehensive budget is slated to be presented in July, aligning with the election cycle of the newly-elected government.
A recent economic review released by the Ministry of Finance predicts a 7% expansion in the Indian GDP for the fiscal year 2023-24, slightly below earlier forecasts. Notably, the budget announcement precedes the decision on the interest rates by the US Federal Reserve. The Federal Reserve is set to begin its two-day meeting on Tuesday to determine the course of its interest rates.
