BUDGET 2014
Budget 2024: Ahead of Sitharaman’s big announcement, a look at govt’s forex war chest to deal with external shocks
India Forex Reserve FY 2023-24 | Finance Minister Nirmala Sitharaman is set to present her seventh Budget in July 2024 amid robust economic indicators, including India's substantial foreign exchange reserves of nearly $654 billion. The Modi 3.0 government's first full budget comes amidst high capital inflows and resilient forex management, underscoring economic resilience and strategic fiscal planning
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
Budget will announce historic steps, present a ‘futuristic vision,’ says President Murmu
President Murmu said that today India alone contributes to 15% of the global growth and reiterated her government’s commitment to make India the third largest economy in the world. She sought the support of the Opposition to meet this goal, invoking the Vedas and said all sides should work together “with a common idea and goal”.
India starts preparing for a China-like population problem
Falling fertility rates have left India staring at the spectre of looming demographic challenges that have caused big problems for other Asian powerhouses such as China and Japan. The government is now beginning to plan for an aging India which could be a reality within a decade or two.
Budget 2024: Modi 3.0 may have to redo the Budget math to provide more money to Naidu & Nitish-ruled states
Union Budget: Following recent Indian election results, Prime Minister Narendra Modi reasserts control over the federal government. Despite depending on various allies for support, none have significant ministerial roles. The focus shifts to relations between New Delhi and influential state governments, with demands for increased federal funds. The upcoming budget will reveal potential shifts in India's policy landscape.
Union Budget: India mulls income tax cuts in Budget as part of $6 billion consumer boost
India Budget Tax Expectations: India's government under Prime Minister Narendra Modi is considering measures worth over 500 billion rupees to boost consumption in the upcoming budget. This includes tax cuts for lower income individuals for the first time in seven years. The plan aims to target consumers with high propensity to spend amidst economic challenges.
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Nirmala Sitharaman assumes charge of Finance Ministry, to ensure 'ease of living'
Nirmala Sitharaman took charge of Finance Ministry for her second consecutive term and isset to present FY '25 Budget defining Modi 3.0 government's priorities. She was greeted by officials upon reaching office. Her previous tasks included base corporate tax cut, managing economy during Covid-19, and fiscal consolidation. Sitharaman, born in Madurai, pursued economics before entering politics.
Countdown for first 100 days of Modi 3.0 begins. What should stock investors do?
Countdown for the first 100 days of Modi 3.0 has stock market investors debating over the continuation of winners from Modi 2.0, with Sensex performance in focus.
2014, 2019 and now 2024: Nirmala Sitharaman takes oath as Union minister in PM Modi cabinet
In the 2014 cabinet, she served as the Minister of State for Finance and Corporate Affairs and later the Minister for Commerce and Industry with Independent Charge. In 2017, she was appointed as the Union Defence Minister.
India's budget for infrastructure on China border rose significantly after 2014: S Jaishankar
External Affairs Minister S Jaishankar emphasized India's increased focus on border infrastructure with China since Narendra Modi became Prime Minister. He stated that despite lessons from the 1962 war, no progress was made in border development until 2014. The Modi government significantly raised the budget for border infrastructure from Rs 3,500 crore to Rs 14,500 crore.
Agenda of Modi 3.0: It will be driven by aspirations like $7 trillion GDP by 2027
Though GST numbers look good, at some point, the 53rd meeting of GST Council will have to look at harmonising and streamlining rates and bringing in more products into GST. Since average GST rates are unlikely to increase, higher revenue will be through enforcement and administrative efficiency.
Budget session to be extended by a day till Feb 10
Budget session of Parliament extended till Saturday, alongside plans to present a 'white paper' analyzing Indian economy pre and post-2014. Finance Minister Nirmala Sitharaman hints at economic progress since 2014, emphasizing the need to learn from past mismanagement. Extension reflects government's commitment to transparent economic evaluation.
Budget 2024: Continuity of SWFs/ PF tax benefits by extending sunset clause to 31 March 2025 – Augurs well for Infrastructure Sector
The Finance Minister presented the Interim Budget 2024, which focuses on infrastructure and investment. The budget allocates over ₹11 Lakh crore for the upcoming year, constituting 3.4% of the GDP. The government recognizes the importance of green energy and aims to achieve 'net-zero' by 2070. In order to finance infrastructure projects, the government has extended the tax exemption for qualifying investments made by Sovereign Wealth Funds and Pension Funds until March 2025.
Govt likely to present next week White Paper on mismanagement of eco prior to 2014
The government is expected to present a White Paper on the economic mismanagement before 2014, aiming to draw lessons from that period. Finance Minister Nirmala Sitharaman announced the plan during the presentation of the interim budget. The White Paper is likely to be presented next week and will examine the economic situation before 2014 when the Congress-led UPA government was in power. Sitharaman emphasized the need to give hope to the people, attract investments, and build support for reforms during her budget speech.
Sitharaman presents Rs 47.66 lakh crore Budget 2024. How it compares with previous year's budget
The Budget 2024-25 has increased by 6.1%, reaching Rs 47.66 lakh crore due to higher expenditures and increased allocations for capital and social sector schemes. Finance Minister Nirmala Sitharaman stated that total receipts, excluding borrowings, and expenditures are estimated at Rs 30.80 lakh crore and Rs 47.66 lakh crore, respectively.
Interim Budget 2024: Check full text of FM Nirmala Sitharaman's speech here
The Finance Minister presented the Interim Budget 2024 in a speech that lasted for 48 minutes. The budget focuses on four main areas: women, poor, farmers, and youth. The government aims to empower the poor and has implemented various programs to achieve this. Direct Benefit Transfer has resulted in significant savings for the government, which has been used for the welfare of the poor. The budget also highlights initiatives for women empowerment, youth development, agriculture, infrastructure, and taxation reforms.
Key budget announcements in Modi 2.0's last financial document you can't miss
Key Budget Announcements: Finance Minister Sitharaman outlined initiatives for the next five years, including increased housing, expanded access to free electricity, and enhanced medical care, especially for women. Sitharaman pledged support for key sectors targeted by Modi, such as farmers, youth, women, and the impoverished, as the country looks towards 'unprecedented development' in the next five years.
India negotiating bilateral investment treaties with different countries to promote foreign inflow: FM
Finance Minister Nirmala Sitharaman said that foreign direct investment (FDI) has doubled during 2014-23 to USD 596 billion compared to the inflow received during 2005-14. While presenting the interim budget, India is negotiating this treaty with countries such as the UK. These investment treaties help in promoting and protecting investments in each other's countries.
Budget 2024: Sitharaman takes tablet in red pouch to Parliament to present paperless Budget
Finance Minister Nirmala Sitharaman presents the interim Budget 2024-25 in a paperless format, using a digital tablet instead of a traditional briefcase. This continues her tradition of using a tablet wrapped in a 'bahi-khata' style pouch to carry the Budget documents. She poses for a picture with her team outside her office before heading to meet the President. Sitharaman's Budget for FY2024-25 is the Modi government's 12th straight Budget since 2014.
Budget 2024: Nari-shakti may drive Bharat's moment in the world order
World Bank data shows that India's female labor force participation rate is relatively low at 19.2%, contributing 17% to the GDP. Achieving gender equality could potentially increase India's GDP by 27%. Industrialist Kumar Mangalam Birla highlights the importance of women's involvement in economic activities to boost India's growth.
Budget recap: Tax tweaks and other key policy changes FM Nirmala Sitharaman made last year
Budget 2024: There is significant interest around the coming budget, despite the fact that it is going to be an interim budget. Last year's announcements, including the ones on income tax, could give an idea of what this budget might bring.
The beast called interim budget: An outgoing govt's budget or a returning one's?
Union Budget 2024: In the run-up to the upcoming General Elections, the shape of India's interim budget remains unpredictable, given its historical variability. Past interim budgets have showcased a mix of fiscal responsibility and populist measures, reflecting the government's economic and political considerations. As FM Nirmala Sitharaman prepares to present the budget, the nation awaits an announcement that could impact the course of India's $5 trillion economy by 2025.
Railways Budget: Can Budget 2024 build the safety net for happy rail rides?
Union Budget 2024: The Indian Railways proposes a groundbreaking ₹1 lakh crore plan to procure 7,000-8,000 new train sets over 15 years. Aimed at relieving passenger demand, the initiative targets track optimization. As the budget approaches, securing funds for this ambitious plan remains pivotal for modernising India's rail network and enhancing travel experiences.
Budget 2024: Freebies or welfare schemes, what can the Modi government opt for?
Ahead of Union Budget 2024, we discuss the upcoming interim Budget in India and the debate surrounding welfare schemes and freebies. Prime Minister Narendra Modi opposes schemes from opposition-ruled state governments that offer cash or incentives, calling them 'revdis'. The Indian government is likely to extend social security to domestic workers and increase funds transferred under the PM Kisan scheme. The lack of a clear definition adds fuel to the debate.
Budget 2024: The need for a Budget of, by and for the middle class of the Republic of India
India's interim budget is eagerly awaited by the middle class, who have high expectations for relief in income tax through adjusted tax slabs and expanded exemptions. The budget is also anticipated to address employment concerns and generate more job opportunities. Affordable housing, education, and healthcare take center stage, with hopes for interest rate reductions, increased subsidies, and improved infrastructure.
Modi government's past Budget promises: The hits and misses
From "Achhe din" in 2014 to "New India 2022," the Modi administration is renowned for creating catchphrases for its several programmes. Let's look at a few of the Modi government's well-known budgeting pronouncements and their current performance.
How interim budget speech has changed - from recounting economic challenges to recalling political milestones
Budget 2o24: India's first interim budget in 1947, presented by RK Shanmukham Chetty, addressed economic challenges caused by Partition, including foodgrains shortage and high imports. It resulted in a depletion of forex reserves, restrictions on import of essential items, and supply-side inflation. Morarji Desai's interim budgets in 1962 and 1967 were presented after general elections. In the 1950s, CD Deshmukh and TT Krishnamachari addressed deficits in foodgrains, balance of payments, and the closure of the Suez Canal.
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