BUDGET 2024 INTERIM BUDGET 2024
Budget Tales: Throwback to Independent India's first Budget
Finance Minister Nirmala Sitharaman will rise in Parliament soon to present this year's Full Union Budget. This marks India's 93rd Union Budget since the inception of regular and interim budgets. Over the years, India has seen 77 regular budgets and 15 interim budgets, totaling 92 budgets presented in Parliament. Here's a glimpse into independent India's inaugural budget.
Union Budget 2024 measures can upgrade India's supply chain in its bid to match up with China
BUDGET EXPECTATION: Finance Minister Nirmala Sitharaman, through Budget 2024, may introduce measures to strengthen India’s supply chain and manufacturing sector. This aligns with India’s strategic pivot to become a global manufacturing alternative to China. Under Prime Minister Modi's leadership, India has gained traction with infrastructure and logistics improvements, drawing multinational interest.
Budget 2024: Tariffs, duties & nuisance tax - Here's what electronics industry wants from FM Nirmala Sitharaman
Budget 2024 Expectations: The electronics industry wants Finance Minister Nirmala Sitharaman to simplify tariff lines and streamline duties for sub-assemblies and input parts in the upcoming budget. They specifically call for reducing the current seven tariff slabs to three and eliminating nuisance tariffs of 2.5% on certain parts.
Capital gain taxation in Budget 2024: Income tax rate parity, uniform holding period for long-term gain; what taxpayers want
Budget 2024 expectations: The present provisions of determining capital gains tax are complex and varied. The government has hinted at simplifying it, and the upcoming budget could be the perfect opportunity to make those changes. Here's how Budget 2024 can simplify capital gains tax for investors.
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
Budget 2024: Electronics industry’s wish list
The electronics industry has recommended reducing the number of tariff lines and streamlining the duty structure for sub-assemblies and input parts, along with removing nuisance tariffs of 2.5% on some parts.
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Budget Glossary: Key terms to know before Nirmala Sitharaman presents Budget
According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget keeps the account of the government's finances for the fiscal year that runs from 1st April to 31st March. Union Budget is classified into Revenue Budget and Capital Budget.
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
Budget 2024: Will Sitharaman stick to fiscal prudence this time around? All you need to know about India’s fiscal deficit
Fiscal Deficit of India 2023-24 | Finance Minister Nirmala Sitharaman's 2024 Budget, scheduled for July, aims to navigate India's fiscal deficit amidst varied economic priorities and coalition dynamics. With fiscal discipline crucial, the Modi 3.0 government seeks to balance capital expenditure initiatives with rural, healthcare, and educational needs while aiming to achieve a fiscal deficit target of 5.2% and eventually 4.5% by 2025-26 | Union Budget 2024
Budget 2024: Will India’s robust manufacturing segment sway Sitharaman’s decisions? A look at PMI numbers
India manufacturing PMI Budget 2024 | Finance Minister Nirmala Sitharaman's upcoming Budget for 2024 is set against the backdrop of robust manufacturing PMI readings, signaling strong economic growth. The latest GDP figures for Q4 and FY24 underscore this momentum, driven by resilient manufacturing and services sectors. Amid global uncertainties, the budget aims for continuity, balancing growth and coalition priorities.
Budget 2024: India’s GST kitty remains central focus; a look at overall collection
India GST Collection Budget 2024 | Finance Minister Nirmala Sitharaman is set to incorporate robust Goods and Services Tax (GST) collections, hitting Rs 2.1 lakh crore in April 2024, into Union Budget 2024. With May's collections at Rs 1.73 lakh crore, GST continues to streamline, aiding government fiscal strategies amidst economic growth and coalition governance challenges.
Budget 2024: A look at India’s GDP growth rate before Sitharaman sets the ball rolling in Lok Sabha
Budget 2024 GDP | Finance Minister Nirmala Sitharaman is preparing to unveil Union Budget 2024 in July, underlining India's robust GDP growth. With GDP climbing to 7.8% in Q4 FY24 and an estimated 8.2% for FY24, policies will focus on sustaining growth momentum. The budget aims to align economic strategies with evolving demands amidst global uncertainties.
India's economy: A-Z all you need to know before announcement of Union Budget
Union Budget will be announced by Finance Minister Nirmala Sitharaman in late July. The report covers key economic indicators, including India's GDP growth at 7.8% in Q4FY24, concerns over consumption expenditure, stable retail inflation at 4.7%, fiscal deficit reduction to 5.6% in FY24, and a narrowing trade deficit | Budget 2024
Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens
Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations for the forthcoming Union Budget 2024.
Outlay for export tax remission plans unlikely to change in Budget
The government is unlikely to increase the allocation for key tax remission schemes for exporters in the 2024-25 budget, despite demands for more support. In the interim budget, ₹16,575 crore was earmarked for the RoDTEP scheme and ₹9,246 crore for the RoSCTL scheme. Exporters argue for adequate allocation to maintain zero-rated exports, a government policy, as merchandise exports rose 5.1% year-on-year in the first two months of this fiscal.
Budget documents and their meanings, decoded by Ministry of Finance
The Department of Economic Affairs under the Ministry of Finance has explained the meanings of different documents that you will come across while reading the Budget for this year. The first one in the list is Annual Financial Statement. As per the DEA, "Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of the Government of India has to be laid before Parliament in respect of every financial year which runs from 1st April to 31st March. Annual Financial Statement is the main Budget document and is commonly referred to as the Budget Statement.
Sharpen focus on education and health this Budget, experts urge FM
Although the pandemic is behind us, the focus on the health sector shouldn't be diluted, he added. There were also suggestions to tightly monitor the implementation of all such social sector schemes, he added. Facilities at schools and hospitals need to be further improved and vacancies filled up on time, some of them said in the meeting. In the interim Budget for FY25 in February, the government had pegged the outlay for the Ministry of Health and Family Welfare at ₹90,659 crore, up marginally from the FY24 budget estimate of ₹89,155 crore. This outlay also includes spending on health research.
Red Budget Bag: A British link to the colour of the Budget bag and briefcase
In 2019, Finance Minister Nirmala Sitharaman attempted to break away from British traditions by ditching the briefcase containing Budget documents that was historically brought in by other FMs. Before her first Budget speech, she posed with a red bahi khata with a national emblem. This has continued till date, with Sitharaman now presenting the Budget from her tablet instead of reading out from papers.
Budget 2024: Three types of Budgets in India and their meanings
A government budget is an annual financial document outlining projected government revenues and outlays for the next fiscal year. There are three types of budgets: balanced, surplus, and deficit, based on how accurate these projections are. The three distinct budget kinds are discussed below.
Budget 2024: What is a Budget? Why is it important? When is Budget 2024?
According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget keeps the account of the government's finances for the fiscal year that runs from April 1 to March 31.
Dream Budget to Black Budget: Revisiting the iconic Budgets of India
Yashwantrao B. Chavan presented the Budget in 1973-74 under Indira Gandhi's rule. This Budget, marked by a staggering fiscal deficit of Rs 550 crore, earned the infamous nickname "The Black Budget." It was a proof of the severe financial hardship India was facing at that time.
Budget 2024: What is a Populist Budget and why is it controversial?
A populist budget is a fiscal plan focused on immediate public appeal through measures like tax cuts and social spending increases. Criticized for prioritizing short-term benefits over long-term economic stability, such budgets can lead to fiscal deficits, inflationary pressures, and disparities in resource distribution, while potentially undermining independent economic institutions.
How is the Budget prepared: Insights and expectations for this year
The Indian Union Budget preparation is a meticulous process overseen by the Ministry of Finance (MoF), involving NITI Aayog and other ministries. It begins around August-September, culminating in the February 1 presentation, in a non-General Election year. Defined by Article 112 of the Constitution, it forecasts revenues and expenditures, balancing fiscal prudence with developmental goals through circular issuance, revenue scrutiny, stakeholder consultations, allocation decisions, and the symbolic Halwa Ceremony.
Union Budget 2024 date and time; Check the common FAQs, answers to budget related questions here
Budget 2024: India’s Finance Minister Nirmala Sitharaman will present the Budget for 2024-2025 in late July amidst global uncertainties and conflicts. Business leaders have called for reduced income taxes, increased capital expenditure, and measures to control food inflation. Emphasis is also on bolstering infrastructure and the MSME sector to sustain economic growth.
Budget 2024: Five steps of India's Budget formation explained
Budget 2024: The Union Budget, crafted annually by the Department of Economic Affairs within the Ministry of Finance, functions as a comprehensive financial blueprint for the nation. It details projected revenues and expenditures for the forthcoming fiscal year. The preparation process for Budget 2024 commenced six months ahead of its presentation, initiating with the dissemination of Budget Circulars to pertinent ministries and departments.
Budget 2024 FAQs: Quick guide on how to read and understand the Budget
Budget 2024 FAQs: The Budget acts as a detailed plan outlining the government's anticipated income and spending for a fiscal year, covering from April 1 to March 31 of the subsequent year. This financial blueprint is pivotal in defining the nation's economic priorities and allocating resources accordingly. After the finance minister delivers the budget speech in the Lok Sabha, these essential documents are promptly uploaded to the official website, ensuring quick and widespread access to critical financial information.
Subsidy allocation likely to stay at Interim Budget mark of Rs 4.1 lakh crore
The Centre aims to reduce the fiscal deficit to 5.1% of GDP, with allocations for food and fertiliser subsidies slightly lower than previous estimates. Plans include reducing dependency on imports for better fertiliser subsidy management.
Budget 2024: Why India has two Budgets this year; Difference between Interim Budget and Full Budget
The exact date of Budget 2024 is unknown at this time. The question of whether there should be two budget sessions or just one is being discussed. The administration will make a decision in the coming days, although it may decide to divide the Budget session into two sessions: a motion of thanks and a budget presentation in the second half.
Budget 2024 date, time, details: Who will present Budget 2024?
With the conclusion of the Lok Sabha elections and the subsequent swearing in of the government led by Prime Minister Narendra Modi, all eyes are now on the Full Budget of India. The first session of the newly-elected Cabinet is set to begin on June 24.
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