Budget 2024: One Crore Youth Will Directly Benefit From Our Internship Scheme, Says Finance Minister
Explaining the rationale behind tax collection of asset classes Finance Minister said, "The intention is not revenue generation but simplification. So that no one has confusion on it."
It is important to reach to the farmers and today they require better inputs, technology and high-quality seeds. The 109 seeds that have been developed by the Indian scientist will be given to the framers by the government. The government is also looking at giving input support to the farmers.
The government is working with private sector by offering them incentives to offer jobs to the youth, said Nirmala Sitharaman. The government is also working with the companies to provide ITI training to the youth in the state. She also said that one crore youths will directly benefit as the government will talk to over 500 companies to offer them job through CSR.
Talking about the angel tax T.V. Somanathan, Finance Secretary said that hardly anything was collected through it and the number of people subject to the tax was small. He further added that there are other alternatives to Angel Tax in the IT rule.
The first three employment schemes are for the people recruited in the private sector, said T.V. Somanathan, Finance Secretary making the involvement of the companies very passive. He further said that they are not being directed to recruit anyone and have no obligation to do anything.
Karnataka CM Chief Minister Siddaramaiah said that the demands of the state were not acknowledged by the central government. He further added that the Rs 5000 crore allocation for Upper Bhadra Project was not followed through by the government.
"The Union Budget 2024 brings significant developments for GIFT IFSC. The announcement of a tax-efficient regime for retail funds and ETFs will create new business opportunities for asset management companies in GIFT City. This move is expected to attract investments from NRIs and foreign retail investors into India. We thank the Union government for its continued support in helping GIFT City become a truly vibrant global financial centre," said Tapan Ray, MD and Group CEO, GIFT City.
The schemes in the budget are an incentive for informal sector to become part of formal sector said V. Anantha Nageshwaran, Chief Economic Advisor. The schemes will offer support and massive assistance to the informal sector, he added.
According to him the boost in the formal sector will also spill over to the informal sector.
The move by the government to boost employment generation will also in turn help in increasing consumption, according to V. Anantha Nageshwaran, Chief Economic Advisor. With more jobs there will be more income generated and it will help in the growth of consumption he added.
"Job creation agenda in budget extremely comprehensive," V. Anantha Nageshwaran, Chief Economic Advisor told NDTV Profit. All the five schemes announced in the budget will collectively create significant jump in economy. The incentives offered in these schemes will also help in bulk job creation.
"Any change in lower tax slab impacts everyone beyond the tax slab," Sanjeev Malhotra, Revenue Secretary told NDTV. Explaining further he said that if there is an increase in the slab offers benefits for everyone with an income above Rs 7 lakh.
SMEs and MSMEs will be encouraged to participate in the economy due to the budget announcements, said Dinesh Kumar Khara SBI Chairman. He is also hopeful that the MSME lending will be boosted post the budget.
NTPC, BHEL Shares Rise After Budget Proposes JV For 800-MW Power Plant
The central government will set up a critical mineral mission for domestic exploration, recycling of minerals and overseas acquisition of critical mineral assets, Finance Minister Nirmala Sitharaman said in her 2024 Union Budget speech on Tuesday.
The mandate of the mission is said to include technology development, an extended producer responsibility framework, a skilled workforce and a suitable financing mechanism, Sitharaman said.
Read full story here.
The 2024-25 Union Budget has allocated Rs 1,248.91 crore for expenses incurred by the Council of Ministers, the Cabinet Secretariat and the Prime Minister's Office, and for hospitality and entertainment of State guests. The allocated amount is substantially lower than the Rs 1,803.01 crore earmarked in 2023-24.
A total of Rs 828.36 crore has been given for the expenses of council of ministers. This allocation is for expenditure on salaries, sumptuary and other allowances and travel by cabinet ministers, ministers of state and former prime ministers. This also includes a provision for special extra session flight operations for VVIPs.
(Source: PTI)
Budget 2024: Tourism Stocks Gain On Corridor Plans For Religious Sites
Key macro figures in the Union budget 2024-25 indicate continuing fiscal consolidation even as the government focused on creating employment, reskilling of labour and enabling financing for the micro, small and medium enterprises.
The Union government will target a fiscal deficit of 4.9% of the gross domestic product for the current financial year, as compared to a target of 5.1% set in the interim budget, Finance Minister Nirmala Sitharaman announced in her budget speech on Tuesday. For the last fiscal too, the fiscal deficit has been revised to 5.6% of the GDP.
Read full story here.
On 12.5% tax on long-term capital gains, Union Finance Minister Nirmala Sitharaman says, "We wanted to simplify the approach to taxation - also for the capital gains. Second, if anything, the average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes...The point that we brought it down from below the average to 12.5% encourages investment in the markets..."
"Commitment is to endeavour to reduce debt-to-GDP ratio every year. Can say that it is most likely that fiscal deficit will be not more than 4.5% in FY26"
"Economic Survey gave its view on investments from China. These investment goes through review, like those from other neighbouring countries. The survey indicated that it is time to open up, but it (suggestion) is at an arm's distance. That does not mean I am disowning the suggestion."
"Well thought out budget. Fiscal discipline maintained. Right focus on employment and Msme. Capital gains tax smartly simplified, leaning in favour of revenue. STT increase is necessary sand in the wheels of high derivative volumes. Paradigm shift of saver to investor continues. (sic)"
Budget 2024: Government Announces Financial Support For Andhra Pradesh In FY25
The railway's expenditure budget is Rs 2,55,390 crore in FY25, the highest ever, a Finance Ministry official said.
"PM package has five different schemes. Scheme for first-timer employees is very innovative. We want to provide first-timers 1 month salary as direct benefit transfer. Will identify when an employer picks up a first timer through EPFO credit. Applicable individuals can receive up to Rs 15,000 through first-timer subsidy."
"Other than Awaas Yojana, Sadak Yojana, there is major push towards industrial corridors. Rural infrastructure is also seeing improvement."
"We expect more foreign company to invest in India after corporate tax cut. Earlier, the gap between domestic and foreign companies was big," revenue secretary said.
"Our ambition to so simplify the personal income tax regime. I cannot comment on sunset of old tax regime. The review in underway."
"The average taxation has come down to lowest in last several years. Revenue mobilisation is not just tax based; there is also non-tax based mobilisation."
Read full story here
"The Indian Automobile Industry welcomes the continued emphasis on economic growth with several announcements especially the strong fiscal support for infrastructure in the next 5 years. The announcements such as liberal allocation for rural development & infrastructure of Rs 2.66 lakh crores is a welcome step that will boost the rural economy."
Read full story here.
MGNREGA: From Rs 60,000 crore in FY24 to Rs 86,000 crore in FY25
Direct Benefit Transfer- LPG: From Rs 180 crore to Rs 1,500 crore
Lines of Credit under IDEA Scheme: From Rs 1,300 crore to Rs 3,850 crore
R&D Projects: From Rs 840 crore to Rs 1,200 crore
Nuclear Power Projects: From Rs 420 crore to Rs 2,228 crore
PLI for Pharmaceutical Industry: From Rs 1,200 crore to Rs 2,143 crore
Development of Semiconductors and Display Manufacturing: From Rs 3,000 crore to Rs 6,903 crore
Solar Power (Grid): From Rs 4,970 crore to Rs 10,000 crore
The government has proposed to reduce customs duty on mobile phones and related parts to 15%, in what is seen as a fillip to local manufacturing.
Read full story here.
The government announced on Tuesday an increase in the standard deduction to Rs 75,000 from Rs 50,000 in the Union Budget 2024–25, a move that is expected to benefit salaried individuals, providing them with higher tax savings and greater disposable income.
The standard deduction in the new tax regime was raised from Rs 5 lakh to Rs 7 lakh in the Budget 2019. Initially, the new tax regime did not contain a standard deduction, but this was included as an incentive to move to the new system in Budget 2023.
Read full story here.
“Targeted interventions and making the states a focal point for Infra development is one of the key themes. Increased focus on Cities and their all-round development has taken centerstage. Development of Industrial parks, cities as growth hubs, transit oriented development scheme, brownfield development of cities water and sanitation are some of the key announcements in this regard. The allocation to infrastructure ministries has been maintained as in the interim budget. Expending the allocated budgets will be key for this year.”
-- Jagannarayan Padmanabhan, Senior Director & Global Head, Transport, Mobility and Logistics, Consulting, CRISIL Market Intelligence and Analytics.
"This budget has provided new opportunities for startups, innovation ecosystem and young entrepreneurs. The space research fund and abolishing of angel tax is the right step to encourage entrepreneurship."
"The internship scheme will give rural youth the opportunity to work in India's top companies and begin their career with decent earnings."
"The budget will give new scale to education and skill. Job creation will get a boost. It will create new growth opportunities for MSMEs. The budget has focus on both manufacturing and infrastructure."
"This budget will empower every section of the society. Our government has managed to pull 25 crore people out of poverty. This budget will empower this new middle class," PM Modi said.
Nirmala Sitharaman proposed to reduce customs duty on cancer medicines and mobile phones, which will reduce the prices in the retail markets. Import duty on gold and silver has been reduced to 6%, while the duty on platinum has been cut to 6.4%.
Meanwhile, the finance minister has increased the basic custom duty on specified telecom equipment to 15% from the earlier 10%.
Read the full story here.
Defence: Rs 4,54,773 crore
Rural Development: Rs 2,65,808 crore
Agriculture and Allied Activities: Rs 1,51,851 crore
Home Affairs: Rs 1,50,983 crore
Education: Rs 1,25,638 crore
IT and Telecom: Rs 1,16,342 crore
Health: Rs 89,287 crore
Energy: Rs 68,769 crore
Social Welfare: Rs 56,501 crore
Commerce & Industry: Rs 47,559 crore
Budget 2024: Government Sets Aside Rs 1.52 Lakh Crore For Agriculture, Allied Sectors In FY25
Budget 2024: Relief For Startups, Angel Tax For Investors To Be Abolished
Indexation benefits on real estate, gold, other non-financial assets abolished
Changes in treatment of long-term capital gains effective from July 23
Gains from non-financial assets to be treated as long-term after 2 years
Rate of taxation on LTCG from non-financial assets at 12.5%
Context: Previously LTCG on non-financial assets were taxed at 20% with indexation benefit
Budget 2024 Highlights: Tax Slab Changes, Bonanza For Andhra & Bihar, Employment For GenZ And More
The budget refers more to job creation
Some burden has been given to top companies to train more people
There has been only minor change on securities transaction tax, the tax regime remains stable
Increase in STT not very substantial
There has been a lot of critisism on derivatives volume. This is also an outcome of the criticism
- Ashishkumar Chauhan, CEO, NSE
Standard deduction in income tax raised to Rs 75,000 from Rs 50,000
New tax regime slabs changed; salaried employee to save up to Rs 7,500
Comprehensive review of Income Tax Act, 1961
Long-term & short-term capital gains tax, STT hiked
Angel tax abolished
Customs duty for mobile phones, gold, cancer medicines, medical equipment slashed
Fiscal deficit cut to 4.9% from 5.1%; better fiscal discipline
Special finance schemes for Andhra Pradesh & Bihar
Multiple job schemes announced with incentives for employers
Special schemes for MSMEs focused on easy access to credit
“Government’s plan to implement a policy for rental housing market, is a big step to streamline residential renting market and can open doors to many large real estate players including foreign investors to establish large residential complexes and ensure smooth renting. Guidance to all States to rationalize stamp duty and to give more benefit for women buyers is also a huge welcome step”.
- Harsh Parikh, Partner at Khaitan & Co.
Budget 2024: Long-Term Capital Gains Tax Hike A Surprise, Says EY's Pranav Sayta
Stock Market Live: Nifty, Sensex Down Over 1% As Government Hikes Capital Gain Tax
"The comprehensive scheme to provide internship opportunities to one crore youth in the top 500 companies over the next five fiscals will support upskilling of youth by providing them with practical work experienced for 12 months. Companies will have to bear the training cost and 10% of the internship costs are to be used from CSR funds, thereby encouraging the creation of job opportunities. This initiative will increase skilled workforce according to industry needs."
"A large-scale rate rationalisation exercise in GST may trigger a new wave of anti-profiteering complaints, assuming the reduced GST rates take effect before the sunset date of April 1, 2025, as recommended by the GST Council in its last meeting. Companies, especially in the B-to-C space, need to be cautious and mitigate their exposure by learning from past anti-profiteering litigations."
- Sudipta Bhattacharjee, Partner, Khaitan & Co.
The local currency weakened 2 paise to a record low of 83.68 against the US dollar after budget. The forex market is reacting to capital gain taxation proposals.
Revenue of Rs 37,000 crore to be foregone based on tax proposals
Revenue of Rs 30,000 crore to be mobilised based on tax proposals
Total revenue foregone on account of tax proposals at Rs 7,000 crore
Income of Rs 0-3 lakh to be taxed at 0%,
Rs 3-7 lakh at 5%,
Rs 7-10 lakh at 10%
Rs 10-12 lakh at 15%
Rs 12-15 lakh at 20%
Above Rs 15 lakh at 30%
Salaried employee in New Tax Regime stands to save up to Rs 17,500 in income tax based on changes, says FM.
Deduction of expenditure of employers towards NPS to be raised to 14% from 10% of salary.
Deduction of expenditure up to 14% of salary from income to be provided New Tax Regime.
Securities Transaction Tax on futures and options to be raised to 0.02% and 0.1% respectively.
The government to reduce corporate tax rate on foreign companies to 35% from 40%.
Budget 2024: Relief For Startups, Angel Tax For Investors To Be Abolished
Short-term capital gains on some financial assets to attract 20%
Long-term capital gains on financial, non-financial assets to be taxed at 12.5%
To raise limit of exemption of capital gains on some financial assets to Rs 1.25 lakh per year
Listed financial assets held for more than a year to classify as long-term
Unlisted financial assets, non-financial assets must be held for 2 years to classify as long term
Unlisted bonds, debentures, debt MFs, market-linked debentures to be taxed at slab rate
"Two tax exemption regimes for charities are proposed to be merged into one. TDS rate on e-commerce to be reduced from 1% to 0.1%. Credit of TCS proposed to be given in TDS to be deducted in salary."
To increase customs duty on ammonium nitrate to 10% from 7.5%
To raise customs duty on PVC flex banners to 25% from 10%
To raise customs duty on some specified telecom equipment to 15% from 10%
Customs duty on mobile phones, related parts, chargers cut to 15%
Propose to exempt customs duty on 25 critical minerals, reduce duty on 2
To reduce customs duty on some brood stock, shrimp, fish feed to 5%
To reduce customs duty on real down-filling material from duck or goose
To reduce customs duty on MDI for manufacture of spandex yarn to 5% from 7.5%
Export duty structure on raw hides, skin, leather to be simplified, rationalised
To reduce customs duty on gold, silver to 6%, platinum to 6.4%
To remove customs duty on ferro nickel and blister copper
To remove customs duty on oxygen-free copper for manufacture of resistors
"Capex in the first two months of this fiscal was down 14.4% on-year. So, the government’s budgeted target of Rs 11.1 lakh crore means capex will have to grow at a 23.9% clip for the rest of this fiscal. The increased capex assistance of Rs 1.5 lakh crore to states this fiscal – up from 1.3 lakh crore announced during interim budget – will be salutary. The capex for infrastructure sectors is along the lines of the announcement in the interim budget. Over the past three years, the number is higher in absolute terms but lower as a percentage of allocation."
Customs duty on mobile phones, related parts, chargers cut to 15%.
To exempt three more medicines for cancer treatment from customs duty.
Gross market borrowing in FY25 seen at Rs 14.01 lakh crore
Net market borrowing in FY25 seen at Rs 11.63 lakh crore
Aim to bring fiscal deficit to 4.5% of GDP in FY26
Budget 2024: Government Sets FY25 Fiscal Deficit Target At 5.1%, Revises FY24 Number To 5.8%
"The government will seek required legislative approval for providing efficient mode for financing leasing of ships, aircraft, pooled funds through variable company capital structure."
"India imports ~60% of its edible oil requirement, so the support announced to self-sufficiency in oilseeds production is welcome. Between 2015 and 2023, nine annual oilseed crops have seen a compound annual growth rate of just 7.3%."
"Government to facilitate wide array of services to labour. Comprehensive integration of e-Shram portal with other portals to be undertaken."
"Rural land related actions to include assignment of unique land parcel identification number. Land records in urban areas to be digitised with GIS mapping."
"The government will operationalise 'Anusandan' national research fund for basic research and prototype development. It will set up a mechanism for spurring private sector-driven R&D at commercial scale with a financing pool of Rs 1 lakh crore."
"The MSME sector in India is estimated to have a significant funding shortage of Rs 20-25 lakh crore. Banks account for 75% of lending to this segment. Public sector banks will do well to set up in-house, technology-driven underwriting capacity to serve new borrowers and bring them into the formal credit fold."
Venture capital fund of Rs 1,000 crore to be set up to encourage space technology development, says FM Sitharaman.
"Government to support development of Nalanda as tourism destination. Comprehensive development of Vishnupad temple corridor and Mahabodhi temple corridor in Bihar will be supported on the lines of the successful Kashi Vishwanath corridor."
The government will also provide support to Odisha for development of tourism destinations.
The Central government will provide assistance to Himachal Pradesh, Uttarakhand and Sikkim for reconstruction, rehabilitation through multi-lateral development assistance, announced Sitharaman.
Government to provide assistance to Assam for flood management, irrigation projects.
Budget 2024: Government Retains FY25 Capex Outlay At Rs 11.11 Lakh Crore
"Government to partner with partner with private sector to set up Bharat small reactors. Joint venture between NTPC and BHEL to set up full-scale 800 MW commercial plant using AUSC technology. Government to provide required fiscal support for NTPC, BHEL JV."
"The increase in the cap for MUDRA loan classification to Rs 20 lakh was much required given the inflation over the past decade."
"PM Surya Ghar Muft Bijli launched to install roof-top solar for 1 crore households. The scheme got 1.28 crore registrations, 14 lakh applications."
"The development of the Gaya node along the Amritsar-Kolkata route will offer a major fillip to the Eastern Dedicated Freight Corridor. Ports in eastern India will benefit over the medium term."
"Transit oriented development programmes for 14 large cities with population above 30 lakh will be formulated. Government to launch scheme to develop 100 streetfood hubs in select cities over five years."
"Encourage states with high stamp duties to moderates rates for all, and also consider further lowering duties for properties purchased by women."
"PM Awaas Yojana – Urban 2.0 to cater to 1 crore urban poor with investment of Rs 10 lakh crore and have Central assistance of Rs 2.2 lakh crore over next five years."
"IBC has resolved more than 1,000 companies resulting in recovery of Rs 3.3 lakh crore to creditors. Steps for strengthening debt-recovery tribunals to be taken."
"The establishment of 10,000 need-based bio-inputs units will support the area under organic farming, which has increased at a compound annual growth rate of 23% between 1990 and 2023. This comes at a time when chemical fertilisers have been significantly affecting the crop response ratio (quantity of fertilisers used versus yield)."
"Government to launch auction of first tranche of offshore blocks for mining. Building on exploration already carried out. To set up critical mineral mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets."
"Rental housing with dormitory-type accommodation for industrial workers to be facilitated in PPP mode with VGF support."
"Internship in 500 top companies to be encouraged under 5th new scheme of Modi government. 1 crore youth to benefit from government’s internship scheme. Internship allowance of Rs 5000 per month and one-time assistance of Rs 6,000 to be provided under internship scheme. Companies to bear training costs from their CSR funds under govt's internship scheme."
"SIDBI to open new branches to serve more MSMEs over three years. SIDBI to open 24 new branches in FY25. To enable MSMEs to sell products in international markets, e-commerce export hubs to be set up."
PM Mudra loans' limit to be enhanced to Rs 20 lakh from current Rs 10 lakh for those who've paid previous loans under 'Tarun' category.
"Credit guarantee scheme for MSMEs in manufacturing to be introduced. Credit guarantee scheme for MSMEs to operate on pooling of credit risks. New mechanism for continuation of bank credit to MSMEs during stressed periods to be introduced. Credit availability for MSMEs during stressed period to be provided through from government promoted fund."
"Made provision of Rs 2.66 lakh crore for rural development including rural infrastructure."
"Allocation of over Rs 3 lakh crore made for schemes benefiting women development."
"The introduction of 109 high-yielding, climate-resilient varieties of seeds is salutary. It will reduce production volatility and help stabilise prices over the medium term. This is crucial considering the increasing incidents of inclement weather over the past few years, which have impacted crop yields and contributed to food inflation."
"Setting up of digital agriculture infrastructure, annual digital crop survey and mapping of farmers to their land parcels will facilitate better credit risk assessment, and enhance formal credit penetration in agriculture, which stands at around 60% today."
Budget 2024: Government Announces Financial Support For Andhra Pradesh In FY25
Budget 2024: Bihar Gets Slew Of Measures For 'Vikas' With 'Viraasat'
"States in Eastern part of the country to be targeted under scheme ‘Purvodaya’. Bihar, Jharkhand, Odisha and Andhra Pradesh to benefit from ‘Purvodaya Scheme’."
BJP has key allies JDU in Bihar and TDP in Andhra Pradesh.
Model skill loan scheme to be revised to facilitate loans up to Rs 7.5 lakh with guarantee from government promoted fund. Model skill loan scheme to benefit 25,000 students per year.
Incentive to be provided at specified scale both to employee, employer in first four years of employment, says FM.
"All employment within salary of Rs 1 lakh per month to be counted. Government to reimburse to employers Rs 3,000 per month towards. EPFO contribution for two years for each additional employee."
"Government to set up 3 schemes for employment generation. Scheme for first timers to provide 1 month wage to all persons newly entering workforce in all sectors. First time employment scheme to benefit 2.1 crore youths."
Rs 1.52 lakh crore will be set aside for agriculture, allied sectors in FY25, says Sitharaman.
"Issuance of Jan Samarth-based Kisaan credit cards to be enabled in five states."
"The government will strengthen production, storage, marketing of oil-seeds. Large-scale clusters for vegetable production to be developed closer to consumption centres. Digital crop survey for Kharif to be taken up in 400 districts in FY25."
"Government to undertake comprehensive review of agricultural research and focus on developing climate resilient varieties in agriculture. New 109 high yielding, climate resilient varieties to be released to farmers. 1 crore farmers to be initiated into natural farming over 2 years. 10,000 need based bio-input centres to be established."
Productivity and resilience in agriculture
Employment and skilling
Improved human resources, social justice
Manufacturing and services
Urban development
Energy security
Infrastructure
Innovation, research and development
Next generation reforms
"Budget to focus on employment, skilling, MSMEs, middle class. Rs 1.48 lakh crore provision made for education, employment, skilling."
This Budget envisages sustained focus on 9 priorities:
Productivity and resilience in agriculture
Employment and skilling
Improved human resources, social justice
Manufacturing and services
Urban development
Energy security
Infrastructure
Innovation, research and development
Next generation reforms
"Steps being taken to ensure supplies of perishable goods reach market in timely manner. The poor, women, youth, and farmer were focus of Interim Budget. PM Garib Kalyan Anna Yojana was extended by 5 years, benefiting more than 80 crore people. Schemes announced in Interim Budget are well underway."
"Global economy is still in the grip of policy uncertainties. India’s economic growth continues to be the shining exception, will remain so in years ahead. India’s inflation continues to be low, stable, moving towards 4% target."
"The people of India have reposed their faith in government led by PM Modi. We are grateful for the support, faith, trust of the people in our policies. We are determined to ensure all Indians make substantial progress to realise their aspirations."
Lok Sabha is expected to convene shortly for Finance Minister's Budget speech.
Stock Market Live: Nifty, Sensex Fall As HDFC Bank, RIL Drag Of Ahead Budget
The Union Cabinet headed by PM Modi meets in Parliament has approved the Union Budget ahead of its presentation by Finance Minister Nirmala Sitharaman.
The Union Cabinet headed by PM Modi meets in Parliament to approve the Union Budget ahead of its presentation by Finance Minister Nirmala Sitharaman.
Unions Ministers and other MPs have arrived at the Parliament for the Budget session today. PM Narendra Modi and Nirmala Sitharaman are expected to come shortly.
"There can be rally in Indian equities if there are no changes in taxes. But given RBI and SEBI concerns on retail participation, private capex cannot pickup up if bank deposits slow. It can create margin pressure on banks," said Andrew Holland, CEO, Avendus Capital Public Markets Alternate Strategies LLP.
"Housing should have focus, as well as rural recovery. They have to be fiscally prudent. Markets have priced in everything."
Finance Minister Nirmala Sitharaman will head to Parliament shortly to present the Union Budget 2024. The cabinet is expected to meet before her Lok Sabha speech.
"We expect government to show up better fiscal consolidation. We expect fiscal deficit 4.9%-5% after RBI dividend transfer," said Tanvee Gupta Jain, UBS India Economist.
She also expects double-digit growth in government capital expectation to support rural recovery.
Budget 2024: Industry Bodies Bullish On India's GDP Growth Beating Economic Survey Forecast
Edelweiss Mutual Fund MD and CEO Radhika Gupta said she expects tweaks in short-term capital gains in the Budget today. She also said taxation on arbitrage funds is unlikely to happen.
Stock Market Live: Nifty, Sensex Snap Two-Day Loss At Open Before Budget 2024
#NirmalaSitharaman and senior finance ministry officials with 'Bahi Khata'. #BudgetWithNDTVProfit
— NDTV Profit (@NDTVProfitIndia) July 23, 2024
Read all #Budget2024 updates: https://t.co/iMFxegxPHg pic.twitter.com/Zu4UudZIEK
The yield on the benchmark 10-year government bond opened flat at 6.97%, ahead of Budget. It closed at 6.97% on Monday.
Source: Cogencis
The local currency strengthened by 2 paise to open at 83.64 against the US dollar, ahead of Budget. It closed at 83.66 on Monday.
Source: Bloomberg
Exit Poll Probe Reveals 21 Mutual Funds, 27 FPIs, 7 Retail Investors And A PMS Amongst Largest Sellers
#NirmalaSitharaman arrives at Finance Ministry ahead of #Budget2024.
— NDTV Profit (@NDTVProfitIndia) July 23, 2024
Read all updates: https://t.co/bpBUgilf5O pic.twitter.com/z6aftcnNdG
Finance Minister Nirmala Sitharaman left her residence. She will present the Union Budget today at the Parliament.
Meanwhile, Chief Economic Advisor V Anantha Nageswaran arrived at Ministry of Finance, ahead of Union Budget presentation.
Stock Market Live: GIFT Nifty Above 24,500; Bajaj Finance, HUL, ICICI Securities In Focus On Budget Day
Fiscal Deficit Target Likely To Be Scaled Down 5% Or Less In Budget: ICRA
Finance Minister Nirmala Sitharaman will lay on the table, a statement (in English and Hindi) of the estimated receipts and expenditure of the government, for the year 2024–25 in the Rajya Sabha. She will table the Budget one hour after the conclusion of the presentation of the Union Budget 2024-25 in the Lok Sabha.
The minister will also lay on the Table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers:
(i) Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement;
(ii) Macro-Economic Framework Statement.
Sitharaman will further lay on the table, statements (in English and Hindi) of the estimated receipts and expenditure (2024-25) of the union territory of Jammu and Kashmir (with legislature).
As India’s Finance Minister unveils the Union Budget, all eyes will be on key sectors and themes like infrastructure, consumption and public sector companies. Additionally, market watchers expect that this might propel the equity benchmarks to surpass its landmark levels.
Investors have already begun adjusting their positions in the equity market, as the 10-day volatility of key indices is seeing mild upticks going into the budget announcement. Market swings are expected to rise amid these circumstances, especially with the quarterly earnings that recently began with the information technology majors.
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India's real gross domestic product growth is estimated at 6.5-7% for the financial year ending March 31, 2025, according to the latest economic survey report. "The survey conservatively projects a real GDP growth of 6.5–7%, with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side," the report said.
Domestic growth drivers have supported economic growth in FY24 despite uncertain global economic performance, the survey said, adding that improved balance sheets will help the private sector cater to strong investment demand.
However, private capital formation after good growth in the last three years may turn slightly more cautious because of fears of cheaper imports from countries that have excess capacity, the survey said.
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Union Budget 2024: A Look Back At Key Milestones In Budget History
Budget Glossary: 10 Terms To Know Before The Union Budget Presentation
Union Budget 2024: Date, Time And How To Watch Nirmala Sitharaman's Speech Live?
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