FY24 BUDGET
Budget 2024 date: Finance Minister Nirmala Sitharaman to present Union Budget in Lok Sabha on July 23
Budget 2024 date: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget, which will outline the roadmap for Modi 3.0, in the Lok Sabha on July 23. The Parliamentary session dedicated to the Budget will commence on July 22 and extend until August 22.
New tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24
New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be the automatic choice for the fiscal year 2023-24.
HAL to consider final dividend payout for FY23-24 on June 26
On Wednesday, Hindustan Aeronautics (HAL), a defense PSU, disclosed its plan to discuss the payment of the final dividend for the fiscal year 2023-24 during its board meeting scheduled for June 26th.
What is Cost Inflation Index (CII) for FY 2024-25, FY 2023-24 for income tax purposes?
CII number for FY 2023-24, FY 2024-25: The income tax department notifies cost inflation index number for every financial year. This CII number helps to calculate inflation adjusted cost or inflation indexed cost on specified capital costs. Read on to know the CII number from 2001-02 for different financial years.
GDP to grow 8% in FY25 on agriculture, services boost: CII
According to the industry body, the agriculture sector is likely to grow at 3.7% in the current fiscal, compared with 1.4% last year, whereas the services sector may see a growth of 9% against 7.9% a year back.
Budget 2024 preparations begin; when will Finance Minister Nirmala Sitharaman present it?
The preparation for the Union Budget 2024-25 has commenced. Yesterday, Finance Minister Nirmala Sitharaman took charge of the Finance Ministry and held a meeting with senior officials. FM directed the officials to initiate the budget preparation process, emphasizing the need for meticulous planning and comprehensive analysis.
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Pakistan missed GDP growth target; achieves 2.38 % against envisaged 3.5 % in FY 2023-24: Economic Survey
The growth remained below the estimated target of 3.5 per cent for the outgoing year and the government failed to achieve it, mainly due to underperformance of industries and services sectors.
Harsh Gupta Madhusudan on key indicators to monitor ahead of Budget
I think that there should be some more not exactly freebies or welfare, but something more attuned towards consumption and we were already seeing that even in the financial markets. I gave you the number of top line, the most obvious data point to check directly FMCG sales.
New govt may cut FY25 fiscal deficit target amid robust growth and windfall RBI dividend
In the interim budget in February, the government had set the FY25 fiscal deficit goal at 5.1% of GDP and revised the FY24 target to 5.8%. However, the actual fiscal gap for FY24 was contained at 5.6%. With exit polls projecting Prime Minister Narendra Modi to retain power with a strong majority, policy continuity is expected, and the government may aim to further improve the fiscal deficit target for the upcoming fiscal year starting April 1, 2025.
At 5.6% of GDP, FY24 fiscal gap beats target
In absolute terms, the FY24 fiscal deficit stood at ?16.54 lakh crore, down from the revised estimate of ?17.35 lakh crore and FY23 level of ?17.38 lakh crore, showed the official data released on Friday. A lower-than-anticipated deficit in FY24 and a generous surplus transfer by RBI earlier this month make the government's goal of reining in fiscal gap at 5.1% of GDP in FY25 seem more realistic now, experts said.
Economy expands 7.8% in Q4, lifting FY24 growth to 8.2%
This is the highest annual growth since FY17, excluding the 9.7% post-Covid rebound in gross domestic product (GDP) in FY22 after the 5.8% contraction in FY21. The advance estimate released in February had pegged FY24 growth at 7.6%. Economists and government expect the high growth to continue though tepid private consumption remains a concern.
Govt may lower fiscal deficit target below 5.1 pc for FY25
For previous financial year ended March 2024, the fiscal deficit was better at 5.6 per cent of the GDP as against estimates of 5.8 per cent accounted in the interim Budget presented on February 1.
India utilised 99.9% of its capex target in FY24
India has used Rs 9,48,506 crore in its capital expenditure in FY24, up from the revised estimate of Rs 9,49,555 crore. The government plans to narrow its fiscal deficit to 5.1% in FY25 from 5.8% in FY24. Private capex is expected to be an important driver of growth and job creation. India's GDP growth was 7.8% in Q4 of FY24, and the overall growth rate is now estimated to be 8.2%.
India's fiscal deficit improves to 5.6% of GDP in FY24, lower than target of 5.8%
India's FY24 fiscal deficit hit Rs 16.54 lakh crore, 95.3% of target. Central government's FY24 fiscal deficit stood at at 5.6% GDP, below 5.8% estimate. Tax receipts surpassed at Rs 23.27 trillion, 100.1% target. Expenditure at Rs 44.43 trillion, 99% target. Capital expenditure at Rs 9.49 lakh crore. Fiscal discipline aims for 5.1% deficit in FY25.
Fiscal deficit may fall below revised estimate of 5.8%
The Indian government's fiscal deficit could be slightly lower than revised estimates of 5.8% of GDP due to robust revenues and lower subsidy outgo. Tax revenues could exceed the revised estimate by ₹27,000 crore. The fiscal deficit in absolute terms is pegged at ₹ 17.3 lakh crore. Direct tax receipts are expected to exceed revised estimates by about Rs 14,000 crore, while indirect revenues, including customs and excise duty, by Rs 13,000 crore.
FY25 capital expenditure outlay may be hiked by 10%
India may increase FY25 capital expenditure by 8-10% from the ₹11.11 lakh crore vote on account allocation, boosted by better tax revenue and a record RBI surplus transfer. The full budget, awaited post-election results on June 4, could see a surge in spending, as per a senior official.
TV broadcasters hope ad revenues to bounce back in FY25, expect flat or degrowth in FY24
Top broadcasters like Star India, Sony Pictures Networks India, Zee Entertainment, and Sun TV Network saw ad revenue remaining flat or shrunk in FY24 due to the exit of new-age advertising and the shift of ad dollars to digital due to free cricket streaming by JioCinema and Disney+ Hotstar.
RBI approves dividend of Rs 2.11 lakh crore to Centre for FY24, up 140% YoY
RBI DIVIDEND: At its 608th meeting in Mumbai, the Reserve Bank of India approved a dividend of Rs 2.11 lakh crore for the Central government for FY24, marking a 141% increase from FY23's Rs 87,416 crore. This move, reported earlier by ET, aids the Centre in reaching its fiscal deficit target for FY25.
India may raise FY25 CPSE dividend target in full budget
The finance ministry is set to increase CPSE dividend estimates by Rs 5,000 crore to approximately Rs 53,000 crore for the current fiscal year in the full budget to be presented in July. This adjustment reflects improved dividend forecasts based on updated financial data. Dividend receipts for 2023-24 totaled Rs 63,000 crore.
RBI's investment in IIFC UK subsidiary fell by a fifth in FY23-24
The central bank is mandated to invest small portion of its foreign exchange reserves- $ 5 billion in the company following demands from the government in the past to fund infrastructure.
IOC, BPCL, HPCL post Rs 81,000 cr record profit in FY24
The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost.
India's FY24 fiscal gap may be slightly better than revised estimates: Official
The central government's fiscal deficit for FY24 is expected to be slightly better than revised estimates, thanks to higher-than-anticipated revenue receipts. Despite slower nominal growth, deficit-to-GDP ratio is estimated to improve. Direct tax revenue exceeded expectations, and expenditure remains on track. The government is prepared to manage potential capital inflows from JPMorgan's inclusion of Indian government bonds in its index.
At Rs 1.8 lakh cr, March mopup second best since GST rollout
India's goods and services tax (GST) collection in March reached ₹1.78 lakh crore, marking an 11.5% increase from the previous year and the second-highest since the tax regime's launch in 2017. The total gross collection for FY24 exceeded the revised budget estimate, standing at ₹20.18 lakh crore. This indicates strong domestic demand, with average monthly collections in 2023-24 up by 17.6% year-on-year. Experts suggest that the upcoming general election may further boost consumption and GST collection, potentially leading to a revision of the FY25 GST target.
Govt garners Rs 16,507 crore via public sector enterprises disinvestment in FY24
The budget had pegged disinvestment proceeds for 2023-24 fiscal at Rs 51,000 crore. However, the revised estimates (RE) on February 1, 2024, did away with separate head for disinvestment receipts.
Smallcap index gave 70% return this year. Will it be a repeat performance in FY25? Chakri Lokapriya answers
Chakri Lokapriya anticipates a strong year with robust fundamentals in new sectors. Smallcap index saw a 70% return. Focus on investors, traders, NBFCs, auto sector players like Maruti and TVS Motors, and companies like Shriram Finance, SBI, VIP and Safari. Also, Lokapriya says we will continue to hold on to Indian Hotels, Chalet Hotels, Lemon Tree, Thomas Cook.
Net direct tax collections likely to surpass FY24 target of Rs 19.45 lakh crore
Net direct tax collections from April 1, 2023, to March 15, 2024, stood at Rs 18.95 lakh cr, up 14.05% year on year, buoyed by advance tax collections of Rs 9.10 lakh crore, officials said.
FMCG sector to grow 4.5-6.5% in FY24: NielsenIQ; may decline by half from 2023
The FMCG market is poised for 4.5-6.5% growth in FY24, this outlook reflects the industry's ability to navigate complexities and adapt to evolving market dynamics, NielsenIQ said.
Budget 2024: Push for EV charging infrastructure brings cheer
Budget 2024: Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory.
Economic climate encouraging; 7.3 pc GDP growth estimate very positive: SBI chairman
State Bank of India Chairman Dinesh Kumar Khara has expressed his optimism regarding the 7.3% growth estimate for India in FY24. Speaking to PTI at the Vibrant Gujarat Global Summit, Khara described the estimate as a "very positive" development and stated that the overall economic climate is currently "very encouraging". The National Statistical Office (NSO) recently projected a real GDP growth rate of 7.3% for FY24, surpassing previous estimates of less than 6.5%.
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