DHIRENDRA KUMAR UNION BUDGET 2023 IMPACT
Union Budget 2024 may test Modi govt’s fiscal prudence as it attempts to fulfil Lok Sabha manifesto promises
Budget 2024: Modi is back in power with a stronger reliance on the NDA coalition, and FM Nirmala Sitharaman is expected to maintain fiscal prudence. The Centre has a target of bringing down India's fiscal deficit for FY25 to 5.1% of GDP, which experts see as an encouraging indicator for 'Bharat's' growth story. Sitharaman said that the government would stick to numbers provided in the interim budget numbers if voted to power.
Budget 2024: India's FDI flows are dropping, can FM Sitharaman formulate policy measures to reverse the trend?
Budget 2024 expectations: Union Budget 2024 is fast approaching, and Finance Minister Nirmala Sitharaman is expected to introduce more liberalized norms for foreign investments, as Foreign Direct Investments (FDIs) play a crucial role in the Indian economy's growth prospects. Net FDI inflow in the fourth quarter stood at $2.0 billion, down from $3.9 billion in the third quarter and $6.4 billion in the same period last year.
Budget 2024: Agriculture & FMCG sectors seek better infra & tech to help farmers tackle climate change, inflationary pressures
Agriculture and FMCG sectors say that the budget must prioritise funding for climate-smart agriculture and creating better infrastructure facilities for farmers and other stakeholders.
Budget 2024 may propel a key element of the Modi govt's Panchamrit goals
The Indian government has been prioritizing sustainability through clean energy for over half a decade to ensure economic growth. The Green Hydrogen economy, an integral part of the development factors, is a key focus in the country's energy sector. The Modi 3.0 budget could introduce new financial incentives, subsidies, and infrastructure investments to bolster this nascent industry.
Budget 2024 Expectations: Atal Pension may double minimum payout to Rs 10k
Budget 2024 Expectations: The government is considering doubling the minimum guaranteed amount under the Atal Pension Yojana to Rs 10,000 in the upcoming budget, according to sources. This decision, which is expected by July 23, is being evaluated for its fiscal impact while aiming to strengthen the social security framework as the government prepares to implement the labor code on social security.
Union Budget: These infra measures will give a roadmap for the infrastructure for the next five years
UNION BUDGET 2024: Finance Minister Nirmala Sitharaman 8in the Interim Budget 2024-25 outlined India's focus on infrastructure, with ₹11.1 lakh crore allocated for capital investment, up 11% from the previous year. Despite fiscal challenges, the budget emphasizes project completion, private sector participation via incentives, and sustainable infrastructure development. Key areas include digital infrastructure, tourism, water management, and safety improvements in transportation sectors.
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Budget 2024: Modi faces budget pressure as Nitish wants ₹30,000 crore aid
Nitish Kumar, Chandrababu Naidu Budget demands: Prime Minister Narendra Modi's coalition government faces a significant test as his second-biggest ally in Bihar demands Rs 30,000 crore for state projects, while another ally, Andhra Pradesh, seeks over $12 billion. With fiscal pressures mounting, Modi must balance demands while curbing government debt ahead of the upcoming budget release.
Budget 2024: Don't hold your breath, electrify!
India's air quality crisis demands immediate action with a focus on energy and transportation sector reforms. Accelerating EV adoption is vital to lower pollution levels and decrease oil dependence. Transitioning to electric vehicles presents significant economic opportunities and job prospects. The future of India's environment hinges on these crucial decisions.
Sectors linked to electrical, green energy, and railways may see a disproportionate increase in business: Vinayak Chatterjee
“There is a consensus, officially, that India's aspirational target is 8% GCFI, gross capital formation, and infrastructure, as a percentage of GDP, so that is my starting point. If in this budget year, you are going to try and reach that aspirational target of 8% GCFI, you need to spend Rs 13.5 lakh crore,” says Vinayak Chatterjee
Budget 2024: Sitharaman can help weave Indian textile industries' golden fortune with PLI extension to garment sector, MSME funding
India, the world's sixth largest textile and apparel exporter, faces challenges in achieving its textile export goals. The government aims to achieve $600 billion in textile exports by 2047, but the sector faces challenges such as geo-political uncertainties, consumption shifts, and low overall growth. The textiles sector is also affected by the ongoing Russia-Ukraine war, the Red Sea crisis, and the Israel-Hamas conflict.
Budget 2024: DPIIT seeks Angel tax, inverted duty removal in Budget
The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed eliminating the Angel Tax for startups ahead of Budget 2024, said Secretary Rajesh Kumar Singh. Introduced in 2012 under Section 56(2)(viib) as an anti-abuse measure to prevent tax evasion, the tax is levied above 30%. DPIIT asserts this removal could enhance capital formation in India.
2024 Budget: Transforming India's agriculture for climate resilience and food security
Budget: The 2024 budget presents a chance to sow the seeds of a transformed agricultural sector - resilient, sustainable, empowered. By embracing innovation, investing in the future and placing the farmer at the heart of the equation, India can cultivate a productive agricultural landscape that supports its people and the world's.
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
As new criminal laws come into effect, here's what experts think of their impact on legal system
It is said that these laws will affect a large number of citizens at some point in time or the other in their lives. The passing of the three criminal law bills in Parliament last year sparked a series of debates regarding the need to take such steps towards evolution in the field of law with the introduction of new criminal laws.
Sebi for benefits on zero coupon zero principal bonds
To encourage social sector spending, markets regulator Sebi has suggested that the government should allow tax benefits to companies investing in zero coupon zero principal bonds issued by not-for-profit organisations listed at the social stock exchange.
Real estate sector pushes for tax rationalisation and reduced approval cost as Modi 3.0 set to take oath
With Narendra Modi set to take oath as Prime Minister for the third time, the real estate industry has high expectations from Modi 3.0. The interim budget announced a boost for affordable housing by adding 2 crore more houses to the PMAY-U scheme. Experts emphasize the need for policy reorientation, cost reductions, and tax rationalization to accelerate growth. Industry leaders stress the need for government intervention to drive further growth, including reforms in GST and revisiting affordable housing definitions.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
PM Modi-led govt reshaped Budget in last 10 years: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman highlighted that over the past decade, the Modi government has transformed the Union budget from a simple expenditure record into a strategic roadmap for equitable distribution. The minister emphasized the government's commitment to optimizing the utilization of taxpayers' money by ensuring it is allocated for the most effective purposes.
Besides election results, a bigger worry has emerged for investors
In early May, Sensex plummeted 1,100 points amid rumors of post-election tax changes. An alleged plan to overhaul tax laws and asset class treatments worried investors. Minister Nirmala Sitharaman dismissed the claims, but speculations persist. Jefferies’ Christopher Wood warned of a potential market correction due to capital gains tax adjustments post-elections. The complex capital gains tax system in India continues to fuel speculation and calls for simplification, impacting equity investors and market growth.
Paris, Milan become the new favourite shopping destinations for travellers after London's 'Tourist Tax'
After Brexit, the UK discontinued tax-free shopping incentives, leading thousands of tourists to redirect their shopping to Paris, Milan, and Madrid. Despite lobbying efforts, the UK remains steadfast in its decision. The shift has resulted in increased spending per person, particularly in France and Italy. While some argue the policy negatively impacts tourism, the UK government asserts it benefits public finances.
UPSC CSE 2023: Three success stories of a son of a daily labourer, a humiliated ex-police constable and a taxi driver's son
The Union Public Service Commission (UPSC) conducts the Civil Services Examination (CSE), renowned as one of India's toughest tests, demanding years of commitment and intensive preparation. The exam serves as the gateway to prestigious government services, including the IAS, IFS, and IPS. On April 16, 2023, the UPSC declared the results, endorsing 1,016 candidates for diverse central government roles. Among them, three individuals' stories exemplify perseverance and resilience, illuminating their journeys to success.
Energy stocks gain up to 10% led by BPCL, RIL, IREDA. Here's why
Renewable energy stocks were also in action since a slew of announcements by Finance Minister Nirmala Sithraman in her last budget of the Modi 2.0 government. Shares of Indian Renewable Energy Development Agency (IREDA), Waaree Renewable, Gensol Engineering, KPI Green Energy and Inox Wind were up 5% each.
Budget can ignore fiscal largesse that doesn't necessarily impact election outcome, says PwC’s Ranen Banerjee
The government is expected to stick to fiscal prudence in the interim budget, with a 5-10% increase in budget line item allocations. Confidence should be provided that fiscal deficit targets will be met, with reductions in food and fertilizer subsidies. Positive signaling on fiscal spend, including increased allocation for capex, is anticipated. Divestment targets are likely to be modest in the interim budget but significantly enhanced in the full budget. India's macroeconomic situation for FY 2024-25 is projected to have a GDP growth rate of 6.3-6.5%, with risks stemming from geopolitical factors.
Union Budget 2024: What is in store for Indian banks?
Finance Minister Nirmala Sitharaman is set to announce measures in the Union Budget 2024 on February 1. The health of public banks, highlighted as relatively healthy by the Reserve Bank of India, will be closely monitored by executives and shareholders. With 2024 being an election year, a vote on account is expected in February, and the full budget presentation will follow after the General Elections.
Union Budget 2023 recap: Modi government's record capex push & its impact on Indian economy
Union Budget 2023: India's Finance Minister, Nirmala Sitharaman, announced a robust capex push to stimulate economic growth, allocating over 3% of the country's GDP to capital expenditure. Around Rs 10 lakh crore was allocated towards capital expenditure, a record high. The capex push is part of the government's efforts to make India a $5 trillion economy.
Modi govt's capex thrust key during Budget as pvt investment is still weak: Ex-NITI VC Kumar
Former NITI Aayog vice chairman Rajiv Kumar emphasized the Indian government's need to prioritize capital expenditure in the upcoming interim budget to bridge the infrastructure gap and boost the economy. He expects continued focus on investment and fiscal consolidation in the budget, with the government achieving its targets through improved tax-to-GDP ratios and rising capital expenditure.
Budget 2024: Space industry seeks liberal FDI policy, PLI scheme in Union Budget
Interim Budget: India's space sector seeks liberal FDI policy, production-linked incentive, and GST exemption. They also want lower tax rates, reduced withholding tax, and a comprehensive regulatory framework. The industry body, ISpA, demands PLI for space manufacturing and components. They urge the government to procure and adopt space tech solutions and provide reasonable spectrum usage charges. Satellite operators should have depreciation and capital subsidy for infrastructure investments. IN-SPACe projects the space economy to reach USD 44 billion by 2033.
Budget 2024: The budget may be interim but retailers have a red alert
The interim budget for FY25, which will be presented on February 1 after the Lok Sabha elections, is likely to stay on the fiscal course-correction glide path and avoid populist spending. However, the retail industry's message of slowing consumption cannot be ignored. India's top retailers have slowed down their store expansion this fiscal year due to a sharper focus on profitability and lower-than-expected consumption levels. Retail sales have also been affected, with a growth of only 7% in October and November 2023 compared to the same period in 2022. The budget should focus on generating demand and spurring consumption by offering tax benefits and relief to individual taxpayers.
Budget 2024 date and time: Here are the most common Budget FAQs
Union Budget 2024 Date and Time: Confronted with global uncertainties, the looming threat of economic downturns in the United States and Europe, as well as conflicts in Ukraine and Gaza, Finance Minister Nirmala Sitharaman is scheduled to present the interim budget for the Modi government on February 1, 2024, shortly before the Lok Sabha elections.
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