Live Coverage: Bharat’s 2024 Government Budget Sessions Today
Introduction to Bharat’s 2024 Budget
- FM Sitharaman presents Budget documents to the President
- Accompanied by her team, Finance Minister Nirmala Sitharaman is heading to Rashtrapati Bhawan with a copy of the Union Budget 2024-25 to meet President Droupadi Murmu.
- Budget 2024 LIVE Updates: Sensex opens in green; currently up by 229.89 points, trending at 80,731.97 on the day of the Union Budget presentation
- Budget 2024 LIVE Updates: Will FM Sitharaman touch upon derivatives trading?
- Union Budget 2024 Live Updates: Derivatives trading, which has mostly driven the stock market’s rise since the COVID-19 epidemic, is something that the government and regulators wish to curtail since they view it as speculative and dangerous.
JULY 23, 2024 / 12:36 PM IST
Budget 2024 Update: The maximum Short-Term Capital Gains (STCG) tax has been increased to 20%, while Long-Term Capital Gains (LTCG) have been raised from 10% to 12.5%.
The sudden change involves an increase in short-term capital gains tax to 20% from 15% and long-term gains to 12.5% from 10%. Additionally, there will be a rise in Securities Transaction Tax (STT) on futures and options, and income from buybacks will now be taxable. While these changes may have a short-term negative impact, they are not expected to significantly change the overall market direction.
JULY 23, 2024 / 12:31 PM IST
Budget 2024 Live: Updated tax brackets in the new system
0-3 lakh – Nil
3-7 lakh – 5%
7-10 lakh – 10%
12-15 lakh – 20%
Short term gains on certain financial assets will be 20 percent, rest is applicable tax rate
Long term capital gains will be 12.5 percent
Listed financial assets held for more than a year will be classified as long term
JULY 23, 2024 / 12:18 PM IST
Live coverage of Budget 2024: The TDS rate for e-commerce operators will be decreased from 1 percent to 0.1 percent.
JULY 23, 2024 / 12:17 PM IST
Live Update: Budget 2024 reveals that the Centre plans to borrow Rs 14.01 lakh crore in FY25, which is less than the estimate in the interim Budget.
Finance Minister Nirmala Sitharaman announced on July 23 that the Centre slightly reduced the gross borrowing target from the markets in 2024-25 to Rs 14.01 lakh crore to cover its fiscal deficit of 4.9 percent of the GDP in the speech presenting the complete Budget for 2024-25.
This marks a decrease of Rs 1.4 lakh crore compared to the earlier estimate of Rs 15.43 lakh crore for FY24.
JULY 23, 2024 / 12:18 PM IST
Budget 2024 Live Update: The TDS rate for e-commerce operators will be decreased to 0.1 percent from 1 percent.
JULY 23, 2024 / 12:14 PM IST
Live coverage of the 2024 Union Budget: The Finance Minister highlighted the importance of job creation and enhancing employability through various measures.
The finance minister, Nirmala Sitharaman, has shifted focus towards job creation and enhancing employability by implementing a series of measures. The challenge of continuously generating millions of jobs for the increasing number of young individuals seeking employment annually remains a key long-term policy issue in India.
A new internship program has been introduced, allowing companies to hire interns for a monthly stipend of Rs 5,000 for a year, utilizing corporate social responsibility (CSR) funds. The objective is to skill ten million youth over the span of five years through this initiative.
Furthermore, a new e-voucher scheme has been unveiled, offering loans of up to Rs 10 lakhs for higher education in local institutions. This scheme will directly benefit 1 lakh students annually with an annual interest subvention of 3 percent of the loan amount.
In a bid to support first-time employees, a direct benefit transfer scheme has been launched, providing a one-month salary in three installments of up to Rs 15,000 to new employees registered in EPFO.
To stimulate job creation in the manufacturing sector, incentives will be provided directly to both employees and employers based on their EPFO contributions during the initial four years of employment.
Additionally, as a measure to assist employers, reimbursement of up to Rs 3,000 per month for two years will be granted towards their EPFO contributions for each additional employee hired.
JULY 23, 2024 / 12:12 PM IST
Live coverage of the 2024 Union Budget: Update on fiscal consolidation
It is estimated that receipts for FY25 will amount to Rs 32.07 lakh crore.
Expenditure for FY25 is projected to reach Rs 48.21 lakh crore.
JULY 23, 2024 / 12:10 PM IST
Watch the live coverage of the 2024 Union Budget announcement regarding the customs duty on critical minerals.
FM has waived customs duties on 25 essential minerals and reduced basic customs duty for two of them.
JULY 23, 2024 / 12:09 PM IST
Live coverage of the Union Budget 2024: Positive developments for purchasers of mobile phones!
FM announced a reduction in the basic customs duty (BCD) for mobile phones and mobile chargers to 15 percent.
JULY 23, 2024 / 12:05 PM IST
Live coverage of Union Budget 2024 reveals a reduction in fiscal deficit to 4.9% of GDP, with market borrowing remaining steady at Rs 14.13 lakh crore.
FM Sitharaman has revised the fiscal deficit for FY25 to 4.9% from the previously projected 5.1% in the interim Budget.
The Finance Minister aims to achieve a fiscal deficit of less than 4.5% by FY26.
JULY 23, 2024 / 12:02 PM IST
Live coverage of the Union Budget 2024: Urban Development holds the fifth position in budget priorities.
•Urban Housing: Urban 2.0 initiative aims to provide one crore houses for the urban poor, with an allocation of ten lakh crore rupees.
• Implementing policies and regulations to ensure transparency in the rental housing markets
• Providing services for urban development in 100 major cities
• Street Markets: Svanidhi program has positively impacted the lives of street vendors, with support for urban haats
• Stamp Duty: States are encouraged to levy higher stamp duty to stabilize rates for all, while reducing duties for women
JULY 23, 2024 / 12:01 PM IST
Live coverage of the Union Budget 2024: Government’s initiatives for enhancing skills and fostering partnerships.
The fourth initiative within the Prime Minister’s program aims to enhance skills and foster collaboration with state governments and industries. Over a span of five years, 20 lakh young individuals will receive training. Additionally, 1000 ITIs will be modernized through Hub and Spoke partnerships with a focus on achieving results. The Model Skill Loan program will be revamped to enable loans of up to Rs 7.5 lakh, backed by a government-supported fund guarantee. Furthermore, to assist young individuals who have not qualified for any government schemes, a financial aid program has been introduced to provide loans of up to Rs 10 lakh for higher education at local institutions.
JULY 23, 2024 / 11:59 AM IST
Live Coverage of Union Budget 2024: Relief as Capex budget remains unchanged
The unchanged Capex budget of Rs 11.11 lac cr from the Interim budget brings relief. However, the current announcements indicate a clear accommodation of coalition partners, which may not be well-received by the markets.
JULY 23, 2024 / 11:58 AM IST
Live coverage of the Union Budget 2024 reveals that the efforts to accelerate the IBC process through budget announcements are praiseworthy.
FM Sitharaman’s Budget proposals aimed at expediting the IBC process are praiseworthy. The government plans to establish a comprehensive technology system for IBC to enhance its effectiveness. The initiative to introduce necessary modifications to IBC is likely to facilitate quicker asset resolution; the establishment of more specialized tribunals will support this effort. Nevertheless, the actual impact will hinge on successful implementation at the grassroots level.
JULY 23, 2024 / 11:56 AM IST
Live coverage of Union Budget 2024: A significant increase of Rs 1,000 crore allocated to the space economy!
The space economy is projected to grow fivefold in the next decade.
An increase of Rs 1,000 crore has been announced to support the space sector.
JULY 23, 2024 / 11:54 AM IST
Live coverage of Union Budget 2024: Providing financial aid to Sikkim, Assam, Uttarakhand, and Himachal Pradesh, states affected by floods.
The Finance Minister has stated that assistance will be given to Assam and Himachal Pradesh for flood management.
JULY 23, 2024 / 11:49 AM IST
Live coverage of Union Budget 2024: The Finance Minister maintains capital expenditure at Rs 11.11 lakh crore, equivalent to 3.4% of GDP.
In the first Union Budget of the third Narendra Modi government, Finance Minister Nirmala Sitharaman maintained India’s FY25 capex outlay at Rs 11.11 lakh crore on July 23, the same as allocated in February. This amount exceeds the revised estimate of Rs 9.5 lakh crore from the previous year.
JULY 23, 2024 / 11:46 AM IST
Live coverage of Union Budget 2024: The Finance Minister’s address includes key initiatives outlined in the BJP’s election manifesto.
The Budget speech by the Finance Minister includes key initiatives from the BJP’s Lok Sabha election manifesto unveiled during the elections. For example, the Budget introduces a digital public infrastructure (DPI) for agriculture, a scheme that the BJP pledged to implement upon forming the government. Additionally, the finance minister revealed plans for a thorough assessment of agricultural research to develop climate-resilient crop varieties, as outlined in the manifesto. The budget also introduces an internship program for young people, a concept previously highlighted in the manifesto’s discussion on launching internship programs to integrate theoretical and practical skills. – Gaurav Choudhury, Consulting Editor, Network 18
JULY 23, 2024 / 11:45 AM IST
Live coverage of the Union Budget 2024 reveals an allocation of Rs 10 lakh crore for urban housing development.
The Finance Minister announced that an investment of Rs 10 lakh crore will be allocated to address the housing needs of 1 crore urban poor and middle-class families.
The government has initiated the PM Surya Ghar Muft Bijli Yojana to provide rooftop solar panels for 1 crore households.
JULY 23, 2024 / 11:42 AM IST
Government plans to establish a comprehensive technology system for the Insolvency and Bankruptcy Code (IBC) to improve results.
Live coverage of Union Budget 2024: Finance Minister reveals new tech platform to enhance IBC results
Extension of C-PACE to LLPs, voluntary shutdown of LLPs to continue
Over 1000 companies dissolved under IBC, leading to direct recovery of Rs 3.3 trillion
Plans to introduce necessary modifications to IBC and establish more tribunals
JULY 23, 2024 / 11:39 AM IST
Live coverage of the 2024 Union Budget: Finance Minister discussing DPI applications
FM Sitharaman proposed the development of DPI applications at a population scale in credit, e-commerce, law and justice, and corporate governance.
JULY 23, 2024 / 11:36 AM IST
Watch the live coverage of Union Budget 2024
The Finance Minister announced that rental housing with dormitory-style accommodation for industrial workers will be supported under the PPP model.
JULY 23, 2024 / 11:35 AM IST
Live coverage of the 2024 Union Budget focusing on job creation!
The government plans to introduce an extensive program that will provide internships at leading companies to one crore young people over the course of five years, announced FM Sitharaman.
Limit of Mudra loans to extend to Rs 20 lakh from Rs 10 lakh for those who have availed and paid previous loans: FM Sitharaman
JULY 23, 2024 / 11:31 AM IST
Live coverage of Union Budget 2024 reveals Finance Minister announcing a provision of 2.66 lakh crore for rural development.
JULY 23, 2024 / 11:29 AM IST
Live coverage of the 2024 Union Budget: FM’s emphasis on promoting women’s development
FM Sitharaman announced over 3 lakh crore for schemes benefiting women and girls, emphasizing development led by women.
JULY 23, 2024 / 11:26 AM IST
Live coverage of the 2024 Union Budget: The Finance Minister reveals Special Financial Assistance for Andhra Pradesh.
–A budget of 15,000 crore has been allocated for Andhra Pradesh, with provisions for additional funding in the coming years
–The government is dedicated to providing financial support and ensuring project completion, stated the Finance Minister
JULY 23, 2024 / 11:25 AM IST
Live coverage of Union Budget 2024: The Finance Minister unveils plans for new airports, healthcare facilities, and sports infrastructure in Bihar.
The Budget has revealed plans for new airports, medical facilities, and sports infrastructure in Bihar.
The Finance Minister has announced an allocation of Rs 26,000 crore for highways in Bihar.
JULY 23, 2024 / 11:19 AM IST
Live coverage of Union Budget 2024: Three programs introduced to provide incentives linked to employment
A: Freshers’ salary for one month
B: Boosting job opportunities in the manufacturing sector
C: Assistance provided to employers
JULY 23, 2024 / 11:19 AM IST
Live coverage of the 2024 Union Budget: The Finance Minister begins boldly and decisively.
The FM takes an immediate proactive approach, addressing key political issues such as employment, education, youth, agriculture, and poverty.
JULY 23, 2024 / 11:16 AM IST
Live coverage of Union Budget 2024: FM Sitharaman announces one-month salary assistance for businesses hiring their first employees.
The Finance Minister announced that first-time employees will receive a one-time salary advance under the DBT scheme, capped at Rs 15,000, with an eligibility limit of Rs 1 lakh per month.
Approximately 210 lakh young individuals are expected to benefit from this initiative.
Manufacturing job creation will be incentivized based on EPFO contributions, benefiting 30 lakh young workers and their employers.
JULY 23, 2024 / 11:16 AM IST
Live coverage of the Union Budget 2024 reveals that Finance Minister Sitharaman has allocated Rs 1.52 lakh crore for the agricultural and related sectors. Read more
JULY 23, 2024 / 11:14 AM IST
Live coverage of the Union Budget 2024: Energy Security to be among the Nine Priorities
The Finance Minister, Nirmala Sitharaman, has identified energy security as one of the key priorities of the government. This aligns with the findings of the Economic Survey 2023-24, which emphasized the importance of India diversifying its energy sources to ensure energy security while meeting its nationally determined contribution (NDC) targets. With India’s energy requirements projected to increase 2-2.5 times by 2047 due to economic growth, the renewable energy sector continues to face challenges.
As of 2022-23, India’s energy mix was predominantly reliant on fossil fuels, comprising approximately 84 percent, which includes coal, oil, and natural gas.
JULY 23, 2024 / 11:13 AM IST
Live coverage of Union Budget 2024: Finance Minister discusses agricultural scheme
FM Sitharaman emphasizes the need to shift agri research towards increasing productivity and developing climate-resilient varieties.
A comprehensive review of the current farm research system will be conducted to focus on creating crop varieties that can withstand climate challenges.
JULY 23, 2024 / 11:11 AM IST
Live coverage of Union Budget 2024: The Finance Minister outlines a plan to follow nine key priorities to seize opportunities for India.
The Finance Minister has outlined a comprehensive plan to focus on nine key areas to create opportunities for India. These priorities include:
- Agri
- Employment
- Inclusive development
- Manufacturing and Services
- Urban Development
- Energy
- Infrastructure
- Innovation and Research & Development
- Next-Generation reforms
Read more: https://www.whitecollarwealth.in/post/live-budget-2024
JULY 23, 2024 / 11:09 AM IST
Live coverage of Union Budget 2024: The Finance Minister announces five schemes aimed at targeting 4.1 crore young individuals over a period of 5 years, with a central allocation of Rs 2 lakh crore.
The Finance Minister emphasized employment, skilling, MSMEs, and the middle class in this budget.
Five schemes will target 4.1 crore youth over a span of 5 years, with a central outlay of Rs 2 lakh crore, as stated by the Finance Minister.
Read more: https://www.whitecollarwealth.in/post/live-budget-2024
JULY 23, 2024 / 11:07 AM IST
Live coverage of Union Budget 2024: The Finance Minister highlights India’s economic growth as a standout success.
FM Nirmala Sitharaman announced that inflation is approaching the 4 percent target.
The PMGKAY program has been prolonged for five years, providing benefits to over 80 crore individuals, according to the FM.
Read more: https://www.whitecollarwealth.in/post/live-budget-2024
JULY 23, 2024 / 11:04 AM IST
Live coverage of the Union Budget 2024: FM Sitharaman stands up to deliver the first Budget of Modi 3.0
The initial significant policy announcement by the Modi government is anticipated to prioritize job creation and enhancing consumption, a move that analysts believe will have a positive impact on sectors like consumer goods, real estate, and automobiles.
Read more: https://www.whitecollarwealth.in/post/live-budget-2024
JULY 23, 2024 / 10:54 AM IST
Live coverage of Union Budget 2024: Finance Minister Sitharaman will soon deliver her unprecedented 7th address in Parliament.
At 11 am, Finance Minister Nirmala Sitharaman will deliver her 7th consecutive Budget for the Modi government. The Interim Budget in February 1 did not introduce significant policy changes or new advantages for the middle class.
In the upcoming Budget, Sitharaman will need to navigate the task of promoting economic growth, managing inflation, and staying committed to fiscal consolidation.
Keep following for all the latest updates on Budget 2024 here.
Read More: https://www.whitecollarwealth.in/post/live-budget-2024
JULY 23, 2024 / 10:52 AM IST
Live coverage of Union Budget 2024: Will the Budget tackle issues related to capital gains?
Initially, holding equities for up to a year results in the imposition of short-term capital gains tax. Nevertheless, the advantages of capital gains for debt mutual funds were eliminated in 2023. Selling listed debt securities after a year incurs a 10% long-term capital gains (LTCG) tax, without indexation. On the other hand, selling unlisted debt securities after 36 months attracts a 20% LTCG with indexation. Essentially, there is a significant discrepancy in the thresholds and rates of LTCG and short-term gains across various financial instruments. The question remains whether there will be a call for greater consistency in this regard.
Read More: https://www.whitecollarwealth.in/post/live-budget-2024
JULY 23, 2024 / 10:50 AM IST
Union Budget 2024 Live: There might be an upward revision of the current exemption limit on deposit interest.
Bankers are increasingly seeking to offer depositors some relief or tax benefit. Currently, interest earned on deposits up to Rs 5,000 is exempt from tax. Due to the fierce competition in attracting deposits and banks facing challenges from non-banking savings options, it is expected that the existing exemption threshold for deposit interest could be raised. This adjustment would be advantageous for both depositors and banks.
Read More: https://www.whitecollarwealth.in/post/live-budget-2024
JULY 23, 2024 / 10:47 AM IST
Live coverage of Union Budget 2024: Fertiliser subsidy to be controlled
The reduction in raw material and feedstock costs may decrease the government’s expenditure on fertiliser subsidies. This reduction in subsidies could enable the government to reallocate funds towards more effective purposes. The interim budget estimated the fertiliser subsidy demand for FY25 at Rs 1.64 lakh crore, whereas in FY23, the government’s fertiliser subsidy expenses amounted to Rs 2.5 lakh crore.
Read More: https://www.whitecollarwealth.in/post/live-budget-2024
JULY 23, 2024 / 10:37 AM IST
Live coverage of Union Budget 2024: Cabinet gives green light to Modi 3.0’s inaugural Budget; focus on FM Sitharaman’s address
Finance Minister Nirmala Sitharaman is set to deliver her 7th consecutive Budget, outlining a vision for a developed India by 2047 and offering insights into the past decade’s progress.
The focus will be on whether Sitharaman will offer the anticipated tax cuts for the middle class, enabling them to retain more of their income, given the current tax revenue growth. Additionally, there are expectations from the market for adherence to the fiscal roadmap to reduce the fiscal deficit to 4.5% of GDP by 2025-26.
JULY 23, 2024 / 10:12 AM IST
Union Budget 2024 Live: Kotak’s Nilesh Shah emphasizes that the budget should be as impressive as Surya Kumar Yadav’s catch.
The challenge for this Budget is to accomplish the seemingly impossible task of balancing fiscal responsibility, investing in infrastructure, and stimulating consumption, much like Surya Kumar Yadav’s catch in the T20 World Cup final, according to Nilesh Shah from Kotak.
JULY 23, 2024 / 10:11 AM IST
Live coverage of Union Budget 2024: Envision’s Nilesh Shah states that the government is in a favorable position regarding available revenue.
Nilesh Shah, Envision on Budget 2024: This govt is advantegeously place in terms of revenue at disposal. Infra and investment side of the economy has been in focus for this Govt. Curbing F&O activity beyond a point will impact liquidity. Markets need it and any excessive step may not create a conducive environment.
JULY 23, 2024 / 10:07 AM IST
Live coverage of the Union Budget 2024 reveals that the mining sector is optimistic about receiving increased financial incentives for essential minerals.
Budget commentary
The Economic Survey 2023-24 has raised concerns about the concentrated geographical distribution and trade restrictions on essential and rare earth minerals, which play a crucial role in the advancement of clean energy technologies and electric mobility. These factors are seen as a major obstacle hindering India’s renewable energy and electric vehicle (EV) ambitions. In response to this, the Indian government recently launched a new initiative that provides partial reimbursements to exploration license holders for their costs.
There is optimism within the mining sector regarding the possibility of receiving additional financial incentives for critical minerals. If the upcoming budget includes measures like viability gap funding to assist exploration companies facing financial challenges, it could significantly boost the industry.
– Rachita Prasad
Editor- Energy and Infrastructure
JULY 23, 2024 / 09:58 AM IST
Live coverage of the 2024 Union Budget: Indian bond yields remain unchanged before the Budget address at 11 am.
Indian bond yields started the day unchanged and remained steady as investors awaited the announcement of Union budget 2024. The yield on the 10-year benchmark bond maturing in 2034 opened at 6.9662 percent today, slightly lower than the 6.9663 percent closing rate in the previous trading session.
The Indian rupee is also trading largely unchanged ahead of the budget announcement. It opened at 83.64 against the US dollar, compared to 83.67 in the previous trading session. Currently, it is trading at 83.63 against the greenback.
JULY 23, 2024 / 09:52 AM IST
Live coverage of Union Budget 2024: FM Sitharaman presents Budget documents to the President
Accompanied by her team, Finance Minister Nirmala Sitharaman is heading to Rashtrapati Bhawan with a copy of the Union Budget 2024-25 to meet President Droupadi Murmu.
Prior to their departure, they took a photo together with the red ‘Bahi Khatha’ digital tablet as a memento before proceeding to Rashtrapati Bhavan.
Today at 11 am, Nirmala Sitharaman will present the Union Budget 2024 in Parliament, her seventh consecutive budget, surpassing the late Moraji Desai’s record of six consecutive budgets. The budget is expected to concentrate on alterations in the income tax system and enhancing the business environment in India.
JULY 23, 2024 / 09:45 AM IST
Live coverage of the 2024 Union Budget: Stock market remains steady as Sitharaman’s speech approaches.
Before Finance Minister Nirmala Sitharaman’s Budget speech at 11 am, Sensex and Nifty are trading without much change, following a slightly higher opening.
Indian stocks started the day on a positive note, driven by financial and public sector firms, with investors anticipating significant policy announcements that could impact market trends.
As of 9:15 a.m. IST, the NSE Nifty 50 increased by 0.24% to 24,568.9, and the S&P BSE Sensex rose by 0.28% to 80,724.3.
Despite a nearly 6% decline on June 4 due to the unexpected reliance on allies by Prime Minister Narendra Modi’s party after returning to power, the Nifty has reached several record highs this year, with a total gain of approximately 13%. Nevertheless, the index has shown growth in each of the past seven weeks.
Readmore
JULY 23, 2024 / 09:38 AM IST
Live coverage of Union Budget 2024: Important figures to pay attention to during Sitharaman’s significant 7th Budget address
Here are the main figures to keep an eye on in Modi 3.0’s first complete Budget:
— Fiscal Deficit: The estimated fiscal deficit for the ongoing fiscal year stands at 5.1%, as outlined in the Interim Budget in February, down from 5.8% in the previous fiscal year. Anticipations for the full Budget are optimistic due to tax buoyancy.
–The government aims for a fiscal deficit of 4.5% of the GDP in FY26.
— Capital Expenditure: The planned capital expenditure for this fiscal year is set at Rs 11.1 trillion, higher than the previous year’s Rs 9.5 trillion. The government is emphasizing infrastructure development and encouraging states to increase capital expenditure.
— Tax Revenue: The Interim Budget projected gross tax revenue at Rs 38.31 trillion for 2024-25, indicating an 11.46% growth from the previous fiscal year. This includes an estimated Rs 21.99 trillion from direct taxes (personal income tax + corporate tax) and Rs 16.22 trillion from indirect taxes (customs + excise duty + GST).
— GST: The Goods and Services Tax (GST) collection for 2024-25 is expected to reach Rs 10.68 trillion, a rise of 11.6%. The tax revenue statistics will be closely monitored in the final Budget for the 2024-25 fiscal year.
— Borrowing: As per the Interim Budget, the government’s gross borrowing Budget for the current fiscal year was Rs 14.13 trillion. Market watchers will be attentive to the borrowing figures, particularly following the higher-than-expected dividend from the RBI and financial institutions.
— Nominal GDP: The estimated nominal GDP growth (real GDP plus inflation) for the ongoing fiscal year is 10.5% at Rs 327.7 trillion, as per the Interim Budget. With an anticipated normal monsoon, enhanced revenue collections, and increased rural consumption, a growth estimate revision is plausible. Real GDP growth for the current fiscal year is projected at 7.2%, according to the RBI.
—Dividend: The Interim Budget had forecasted Rs 1.02 trillion from the RBI and financial institutions. This is expected to be revised upwards following the RBI’s surplus transfer of Rs 2.11 trillion in May. Additionally, an estimated Rs 43,000 crore is anticipated from CPSEs.
–Attention will also be on the expenditure for key schemes like NREGA, as well as critical sectors such as health and education.
JULY 23, 2024 / 09:35 AM IST
Live coverage of the Union Budget 2024: The oil and gas sector anticipates measures to enhance domestic exploration.
Analysis of the budget: The oil and gas sector anticipates measures to enhance domestic exploration and production activities to increase the supply side, as well as reforms to stimulate natural gas consumption to bolster demand. There has been a persistent request for the incorporation of petroleum products under GST. Although the council makes decisions regarding GST, any indication from the Finance Minister in this regard would be welcomed by the industry.
Rachita Prasad
Energy and Infrastructure Editor
JULY 23, 2024 / 09:32 AM IST
Live coverage of the Union Budget 2024 highlights an increase in capital expenditure, a move towards a more standardized taxation approach, as noted by Moody’s Analytics.
Moody’s Analytics mentioned that the complete budget for 2023-24 may see a potential increase in capital spending and could introduce a more standardized tax approach. In its preview of the Indian budget, Moody’s Analytics highlighted that the budget will impact both business and consumer confidence. Following the loss of its majority in the Lok Sabha in June, Prime Minister Narendra Modi’s Bharatiya Janata Party aims to foster confidence and public trust in the new coalition government it currently heads, as stated by Aditi Raman, Associate Economist at Moody’s Analytics.
JULY 23, 2024 / 09:31 AM IST
Experts suggest that the Union Budget 2024, broadcasted live, may feature a reduced fiscal deficit goal, supported by a significant dividend windfall from the RBI.
The Axis View
Axis Bank’s Head of Global Research Neelkanth Mishra said that it is likely that RBI’s dividend for FY26 could also be well above the Rs 1.5 lakh crore figure, but it can not be assumed to be steady state revenue. The priorities this budget are likely to be the same, and the focus will be expenditure that are fiscal multipliers like infra and railways.
JPMorgan View
A significant revenue space has been generated by last year’s austere budget and the RBI transfers, JPMorgan’s head of EM economics, Jahangir Aziz told CNBC-TV18, adding that Centre may choose to bring down the fiscal deficit target for the year to 5.1 percent of GDP. Given the RBI’s dividend transfer, this fiscal tightening will not be a drag on the economy.
JULY 23, 2024 / 09:21 AM IST
Live Updates on Budget 2024: Finance Minister is seen holding the ‘Bahi Khaata’ before delivering her 7th Budget speech
Today in Parliament, Finance Minister Nirmala Sitharaman will present the first budget of the Modi 3.0 government. Accompanied by other Finance Ministry officials such as CEA Anantha Nageswaran and MoS Finance Pankaj Chaudhary, the Finance Minister is ready with the ‘Bahi Khaata’ for the budget presentation.
Live Coverage of Union Budget 2024: Finance Minister Nirmala Sitharaman is currently presenting the first Union Budget of the Modi 3.0 government, marking her 7th consecutive budget announcement on July 23 during the Monsoon Session of Parliament. The Interim Budget presented on February 1 did not introduce any significant policy changes or new benefits for the middle class.
For the complete Budget, Sitharaman is tasked with the challenge of boosting economic growth, managing inflation, and sticking to the fiscal consolidation path. The upcoming Budget is anticipated to focus on supporting the productive sectors of the economy by striking a delicate balance between promoting investments and consumption. Additionally, the Finance Minister must address the requirements of key allies such as N Chandrababu Naidu’s Telugu Desam Party (TDP) and Nitish Kumar’s Janata Dal (United), whose backing was essential for the BJP to secure its third consecutive term despite not attaining a majority in the recent Lok Sabha elections.
In terms of economic strategies, Sitharaman will need to outline plans to realize India’s objective of becoming a $5 trillion economy and the world’s third-largest economy, a commitment made by Prime Minister Narendra Modi prior to the elections. The Budget must also cater to the needs of the agricultural sector, create job opportunities, manage public expenditure, and enhance tax revenues.
The salaried class is eagerly awaiting potential tax relief, which could materialize through reductions in personal tax rates or an increase in tax exemption thresholds, particularly under the new tax structure introduced in 2020.
The new administration benefits from a solid economic groundwork and a significant dividend of Rs 2.11 lakh crore from the Reserve Bank of India (RBI) for FY24. This substantial dividend will aid in expediting fiscal consolidation, reducing the debt-to-GDP ratio, and decreasing market borrowing, paving the way for sustained economic stability and progress.
Live Coverage of Union Budget 2024: Finance Minister Nirmala Sitharaman is currently delivering the inaugural Union Budget of the Modi 3.0 administration, marking her seventh consecutive budget presentation on July 23 in the midst of the Monsoon Session of Parliament. The Interim Budget presented on February 1 did not introduce significant policy changes or new advantages for the middle class.
Union Budget 2024 Live: MoS Pankaj Chaudhary states that the budget is formulated in alignment with PM Modi’s ‘Sabka Saath Sabka Vikas’ vision.
Pankaj Chaudhary, the Minister of State for Finance, stated that the upcoming Union Budget of the third Modi government will be guided by the principle of “Sabka Saath Sabka Vikas”.
Chaudhary was one of the first members of FM Nirmala Sitharaman’s team to arrive at the North Block offices of the Finance Ministry before the Budget Presentation.
Additionally, Vivek Joshi, Secretary of the Department of Financial Services, and Chief Economic Advisor V. Anantha Nageswaran have also reported to the ministry.
Live coverage of Union Budget 2024: First major policy announcement of Modi 3.0 administration.
Analysts anticipate that the Union Budget, as the primary policy announcement of Modi 3.0, will prioritize job creation and enhancing consumption, potentially benefiting sectors like consumer goods, real estate, and automobiles.
The 2024 budget session is a pivotal moment for Bharat, as it sets the stage for the economic trajectory the nation will follow in the coming year. Under the stewardship of Finance Minister Sitharaman Nirmala, the BJP government aims to address a multitude of economic challenges while seizing opportunities to bolster growth and development. The anticipation surrounding the finmin 2024 budget is palpable, given its potential to impact various sectors and the overall financial health of the country.
One of the primary objectives of the budget is to navigate the complexities of a global economic landscape that remains unpredictable. With inflationary pressures and geopolitical tensions influencing global markets, Bharat’s budget must strike a balance between domestic priorities and international realities. The BJP 2024 government is expected to focus on prudent fiscal management while ensuring that the needs of the populace are met, particularly in sectors such as healthcare, education, and infrastructure.
Furthermore, the 2024 budget is seen as a critical component in the realization of the ‘New India 2024’ vision. This vision encompasses a range of initiatives aimed at fostering economic resilience, technological advancement, and social equity. The live sessions today will provide a comprehensive look at how the government plans to allocate resources towards these goals, and how it intends to stimulate economic activity through various policy measures. Key areas of interest include tax reforms, public expenditure, and incentives for both domestic and foreign investments.
As the budget unfolds, stakeholders from all sectors will be keenly observing the announcements and their implications. The finance minister’s strategies will be scrutinized not only for their immediate impact but also for their long-term sustainability. In essence, the 2024 budget is more than a financial plan; it is a roadmap for Bharat’s future, embodying the aspirations of a nation poised to achieve greater heights on the global stage.
Pre-Budget Expectations and Predictions
As Bharat’s 2024 budget session approaches, a spectrum of stakeholders eagerly anticipates the policy direction envisioned by the BJP government. Economists, business leaders, and the general public have voiced a myriad of expectations, hoping for measures that will bolster economic growth and improve overall quality of life in the emerging New India of 2024. The focus is predominantly on several key sectors: healthcare, education, infrastructure, and tax reforms.
Healthcare remains a top priority, especially in the aftermath of the global pandemic. Analysts predict that Sitharaman Nirmala, the esteemed Finance Minister, will allocate significant resources to enhance the public healthcare system. There is a palpable expectation for increased spending on medical infrastructure, research and development in pharmaceuticals, and broader access to healthcare services, which are seen as crucial for ensuring a resilient and healthy workforce.
In the realm of education, stakeholders are hopeful for substantial reforms and investments aimed at bridging the gap between urban and rural educational facilities. Predictions suggest that the 2024 government budget may introduce policies to modernize educational institutions, promote digital learning, and provide better training for educators. These measures are anticipated to equip the youth with skills relevant to the evolving job market, thus contributing to a robust New India by 2024.
Infrastructure development is another critical area where significant investments are expected. Business leaders are particularly optimistic about initiatives to enhance transportation networks, build smart cities, and improve connectivity. Such developments are crucial for facilitating trade, attracting foreign investments, and driving economic growth. The emphasis on infrastructure is seen as a strategic move to position Bharat as a global economic powerhouse.
Tax reforms also remain a focal point of pre-budget discussions. There is a widespread call for simplifying the tax structure to make it more business-friendly, thereby encouraging entrepreneurship and investment. Analysts predict that the FinMin 2024 budget may introduce measures to rationalize tax rates and reduce compliance burdens, fostering a more conducive environment for economic activities.
Overall, the pre-budget expectations reflect a desire for comprehensive policies that address both immediate needs and long-term goals, setting the stage for a prosperous and progressive New India under the BJP 2024 government.
Key Announcements and Highlights
The 2024 budget session, led by Finance Minister Sitharaman Nirmala, unveiled a comprehensive roadmap aimed at steering Bharat toward a prosperous future. One of the standout initiatives was the significant increase in allocations for healthcare and education sectors, indicating the BJP government’s commitment to fostering a robust foundation for New India 2024. The budget 2024 outlines a 20% hike in healthcare expenditure, which includes funding for new hospitals and upgradation of existing healthcare infrastructure.
In addition, education received a substantial boost with a 15% increase in budgetary allocations, focusing on enhancing digital learning platforms and setting up new research and development centers across the nation. These measures are anticipated to bridge the gap in educational disparities and equip the youth with the skills required for a rapidly evolving job market.
The budget also introduced notable changes to the tax structure. The finance minister announced a new tax regime with reduced tax slabs, aiming to simplify the tax filing process and increase disposable income for the middle class. This move is expected to stimulate consumer spending and drive economic growth. Furthermore, there were incentives for startups and small businesses, including tax holidays and easier access to credit, underlining the BJP government’s focus on fostering entrepreneurship and innovation.
Another key highlight was the allocation of substantial funds towards infrastructure development. The budget 2024 proposes the construction of new highways, railways, and urban development projects. These initiatives are targeted at improving connectivity and fostering regional growth, aligning with the vision of a more integrated and developed New India 2024.
Environmental sustainability was also a critical component of the budget, with significant investments earmarked for renewable energy projects and initiatives aimed at reducing carbon footprints. These measures are expected to position Bharat as a leader in green energy and sustainable practices in the coming years.
Overall, the key highlights from the budget session reflect a balanced approach by the BJP 2024 government, addressing immediate economic challenges while laying the groundwork for long-term sustainable growth.
Economic Impact Analysis
The announcement of the Bharat 2024 Government Budget by Finance Minister Nirmala Sitharaman has sparked significant discussions about its potential economic impacts. This budget, crafted under the aegis of the BJP government, aims to usher in a new era of economic growth and stability for New India. A detailed examination of the budget reveals both short-term and long-term economic effects that will shape the nation’s financial landscape.
In the short term, the budget’s focus on infrastructure development and social welfare schemes is poised to stimulate economic activity. Analysts predict that increased government spending in these areas will boost GDP growth by creating jobs and enhancing productivity. The budget’s emphasis on digitalization and technology upgrades in various sectors is expected to further drive economic expansion, aligning with the vision of New India 2024.
Long-term projections, however, are contingent upon the sustained implementation of these initiatives. The BJP 2024 government has outlined ambitious plans to revamp the agricultural sector, which could potentially elevate the rural economy and reduce urban-rural disparities. Additionally, measures aimed at improving ease of doing business and tax reforms are anticipated to attract foreign investments, thereby fortifying the financial underpinnings of the nation.
Employment rates are another critical area of focus. The budget’s allocation towards skill development programs and vocational training is likely to enhance the employability of the youth, addressing the unemployment challenges. Experts believe that these efforts will contribute to a more skilled workforce, crucial for sustaining long-term economic growth.
Sectoral impacts are varied and significant. The manufacturing sector is expected to benefit from incentives for small and medium enterprises (SMEs), while the healthcare sector will see improvements with increased funding for public health initiatives. The budget also prioritizes renewable energy, positioning Bharat as a leader in sustainable development.
Overall, the budget presented by FinMin 2024 sets a comprehensive framework for economic growth and development. While the immediate effects are promising, the true test will be in the meticulous execution of these plans to ensure that Bharat’s economy thrives in the years to come.
Sector-Specific Breakdown
The 2024 budget presented by the BJP government, under the stewardship of Finance Minister Sitharaman Nirmala, outlines specific measures aimed at boosting various sectors critical to New India’s growth trajectory. Each sector’s allocation and strategic initiatives reveal a concerted effort to drive sustainable development, reflecting the government’s vision for New India 2024.
In the agriculture sector, the budget introduces several innovative schemes to enhance farmers’ income and promote sustainable farming practices. The allocation for irrigation projects has seen a significant increase, ensuring that water supply for agricultural activities remains uninterrupted. Additionally, a new initiative focusing on organic farming aims to reduce dependency on chemical fertilizers, fostering a more eco-friendly approach to agriculture.
For the technology sector, the budget earmarks substantial funds for research and development, as well as for infrastructure improvements to support the burgeoning tech industry. Notably, the establishment of new technology parks and incubation centers is expected to foster innovation and entrepreneurship. These measures are designed to position India as a global leader in technology and digital transformation.
The manufacturing sector, a cornerstone of the Make in India initiative, receives a significant boost with enhanced incentives for small and medium enterprises (SMEs). The budget includes tax relief measures and easier access to credit, aimed at empowering SMEs to scale up production and compete on a global level. Furthermore, specific provisions are made to modernize existing manufacturing units, ensuring they are equipped to meet international standards.
The services sector, which contributes significantly to India’s GDP, sees strategic investments in education and healthcare infrastructure. By enhancing skill development programs and expanding access to quality healthcare, the government aims to build a more resilient and capable workforce. These initiatives are expected to have a long-term positive impact on the overall economy, driving both growth and inclusivity.
Case studies illustrate how these measures can transform industries. For instance, a small tech startup that benefited from the 2023 budget’s incubation support has now expanded its operations internationally, showcasing the potential of targeted government interventions. Similarly, a farmer cooperative in Maharashtra has doubled its yield through organic farming techniques introduced in previous budgets, underscoring the effectiveness of sustainable practices.
Overall, the sector-specific measures introduced in the 2024 budget by the BJP government are poised to drive significant growth and development across agriculture, technology, manufacturing, and services, laying a robust foundation for New India 2024.
Public and Political Reactions
The unveiling of the Bharat 2024 Government Budget has sparked varied reactions from across the political spectrum, business associations, and the general public. The opposition parties have been quick to voice their opinions, with many expressing skepticism about the budget’s long-term effectiveness. They argue that while certain measures appear beneficial, they lack the depth required to address the underlying issues in the economy. A prominent leader from the opposition stated, “The budget seems ambitious, but it remains to be seen how the BJP government will implement these policies effectively.”
Business associations, on the other hand, have had a mixed reaction. Industry leaders appreciate the focus on infrastructure development and digital transformation, viewing these as critical steps towards realizing the vision of a ‘New India 2024’. However, there is concern about the potential tax implications and regulatory changes. One business association spokesperson commented, “While the initiatives are commendable, clarity on implementation and regulatory frameworks is essential for us to fully support the FinMin 2024 budget.”
Citizen groups have also voiced their opinions, with many appreciating the increased focus on healthcare and education. Social media platforms are abuzz with discussions, and public opinion polls indicate a cautiously optimistic sentiment. A trending hashtag, #NewIndiaBudget2024, reflects the public’s engagement with the budget announcements. One user tweeted, “Sitharaman Nirmala’s budget seems promising for the youth and healthcare sector. Hoping for effective execution.”
Overall, the immediate public and political reactions highlight a blend of optimism and caution. While there is a general appreciation for the vision of a ‘New India’, the real test lies in the execution of the policies outlined in the budget. As the days unfold, the true impact of the FinMin 2024 budget will become clearer, shaping the future trajectory of Bharat’s economy under the BJP 2024 government.
Comparative Analysis with Previous Budgets
The 2024 budget, presented by Finance Minister Nirmala Sitharaman, marks a pivotal moment in the fiscal roadmap of New India. When compared to previous budgets, several key differences, improvements, and areas of continuity emerge, offering a comprehensive view of the BJP government’s evolving financial strategies.
One of the most notable differences in the 2024 budget is the increased focus on digital infrastructure. Previous budgets under the BJP government have laid the foundation for digital transformation, but the 2024 budget significantly ramps up investment in this sector. This aligns with the vision of a New India, where technology and connectivity are paramount.
Another significant improvement is the allocation towards healthcare. While the past few budgets have seen incremental increases in healthcare funding, the 2024 budget substantially boosts this allocation, reflecting lessons learned from the pandemic and the government’s commitment to a healthier nation.
In terms of continuity, the 2024 budget maintains the government’s consistent support for rural development. Similar to previous years, substantial funds have been directed towards agrarian reforms, rural infrastructure, and welfare schemes. This persistent focus underscores the BJP government’s long-term strategy to uplift rural India and bridge the urban-rural divide.
Charts and graphs comparing budget allocations across key sectors over the years highlight these trends effectively. For instance, a bar graph depicting the year-on-year increase in healthcare funding clearly shows the sharp rise in 2024. Similarly, a line graph tracking digital infrastructure investments across budgets reveals a steady upward trajectory, peaking in the current budget.
Moreover, tables summarizing sector-wise allocations provide a clear, concise view of financial priorities under the BJP 2024 government. For example, a table contrasting rural development funds over the past five years showcases both the continuity and incremental growth in this critical area.
Overall, the comparative analysis of the 2024 budget against previous budgets demonstrates a blend of innovation and consistency, reflecting the BJP government’s adaptive yet steadfast approach to transforming New India by 2024.
Conclusion and Future Outlook
The 2024 budget session, presented by Finance Minister Sitharaman Nirmala, has unveiled significant strategies aimed at steering Bharat towards a new era of economic growth and development. The budget 2024 reflects the BJP government’s commitment to building a New India, emphasizing robust reforms across various sectors such as infrastructure, healthcare, education, and digital innovation. These reforms are designed to enhance the country’s global competitiveness and foster a more resilient and inclusive economy.
Key takeaways from the 2024 budget include increased allocations for sustainable development projects, incentives for startups and small businesses, and substantial investments in renewable energy. The finance minister’s approach indicates a strategic shift towards promoting self-reliance, reducing dependency on imports, and enhancing domestic manufacturing capabilities. Additionally, the focus on digital infrastructure and technological advancements is expected to drive innovation and create new employment opportunities, particularly in the tech sector.
Looking ahead, the budget 2024 presents both opportunities and challenges. On one hand, the proposed policies have the potential to accelerate economic growth, reduce poverty, and improve the quality of life for millions of citizens. On the other hand, the effective implementation of these policies will require careful monitoring and collaboration between government agencies, private sector stakeholders, and the general public. Ensuring fiscal discipline while managing inflation and public debt will be critical for sustaining long-term economic stability.
Economic experts have expressed a cautious optimism about the budget’s overall effectiveness. They acknowledge the ambitious vision of the BJP 2024 government and its alignment with the country’s long-term goals. However, they also emphasize the importance of transparent governance and effective policy execution. As Bharat transitions into New India 2024, the government’s ability to navigate global economic uncertainties and domestic challenges will be pivotal in realizing its vision for a prosperous and equitable future.
Post Comment