LOK SABHA INTERIM BUDGET 2024
Can Modi government stick to interim numbers in upcoming Budget 2024? Here's what Sitharaman had to say
UNION BUDGET: Before the 2024 Lok Sabha elections, Finance Minister Nirmala Sitharaman had indicated that the BJP-led NDA government would adhere to the fiscal measures outlined in the Interim Budget, emphasizing fiscal prudence and continued capital expenditure. Re-elected for a third term, the Modi government’s budgetary focus includes a significant boost to infrastructure and renewable energy initiatives.
Budget 2024 may see Modi govt hiking rural housing subsidy by 50% following Lok Sabha disappointment
India plans a substantial increase in rural housing subsidies in the upcoming federal budget, potentially exceeding $6.5 billion, up by 50% from the previous year. This initiative aims to address rural economic distress and boost infrastructure spending including village roads and job programs, amid challenges in the agriculture sector and recent electoral setbacks for Prime Minister Narendra Modi's party.
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.
"President's address is actually the speech of the government," says Akhilesh Yadav
Samajwadi Party chief Akhilesh Yadav responded to the President's Address to the joint session of Parliament, noting it as a traditional representation of the government's views. He emphasized the significance of the speech as reflecting the government's stance. Meanwhile, Congress MP Pramod Tiwari criticized the government, describing it as tired and lacking willpower, with nothing new to offer for the nation's benefit. Congress leader Imran Masood echoed similar sentiments, alleging that the address was predetermined amidst what he termed as a situation akin to an emergency.
Who will present Budget 2024 and how is it prepared?
Union Budget 2024: Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget since 2019, joining a distinguished group of finance ministers who have delivered at least five consecutive Union Budgets. This year's budget will be the first full budget presented as part of Modi 3.0, with a notable shift to a paperless format. The budget-making process typically begins in September, over six months before the presentation date, generally on February 1. The Finance Ministry issues budget-related circulars to various entities, including states, Union Territories, Union Ministries, Defense forces, government departments, and autonomous bodies.
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.
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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 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.
Meeting at Rajnath Singh's residence today to discuss Lok Sabha Speaker post
A meeting at Defence Minister Rajnath Singh's residence will discuss better floor coordination among NDA partners for the Lok Sabha Speaker post ahead of the Parliament Session.
Modi 3.0: How different will be the third Modi government
Narendra Modi is scheduled to take take oath for the third term as India's Prime Minister in a changed political landscape. Allies demand concessions, potentially affecting economic agenda. Expectations for populist budget with focus on welfare and rural areas, though concerns raised over economic impact. Reform agenda may face challenges due to weakened mandate, but continuity likely in infrastructure investment and business environment improvements.
RBI MPC retains repo rate at 6.5 per cent for 8th time in a row; GDP forecast hiked, inflation unchanged
RBI MPC Meet 2024: The Reserve Bank of India, under the guidance of the Monetary Policy Committee (MPC), maintained the repo rate at 6.5 per cent for the eighth consecutive time. The announcement was made by RBI governor Shaktikanta Das following the conclusion of a three-day meeting that began on June 5.
Weaker BJP in power won't increase borrowing in July budget, says Kotak Mahindra Bank
Budget 2024: A weaker majority for Prime Minister Narendra Modi's alliance may lead to increased welfare spending without the need for additional borrowing, potentially limiting a rise in bond yields, according to a senior executive at Kotak Mahindra Bank . The government is expected to utilize a large dividend from the Reserve Bank of India for welfare schemes, rather than increasing gross borrowing in the upcoming budget. Despite concerns of populist measures, the executive rules out a supply cut in bonds and forecasts the 10-year benchmark yield to remain below 7.10% over the next six months.
Lok Sabha results won't force India's budget to make significant policy shifts: Fitch
Fitch Ratings anticipates minimal policy shifts in India post-election losses. The upcoming July budget will detail economic reform plans and fiscal goals for the next five years, crucial for addressing fiscal metrics, reducing debt, potential deviations from capital expenditure commitments, the risk of heightened social spending, progress in judicial reforms at the state level, and reforms in the manufacturing sector.
After Lok Sabha exit polls overestimated NDA victory, public apologies and calls for probe follow
Highly inaccurate exit polls predicting a sweeping election victory for Prime Minister Narendra Modi's party have led to dramatic public apologies from polling companies this week and calls for an investigation into possible manipulation. Nearly all the exit polls released on June 1 predicted that Modi's Bharatiya Janata Party (BJP) and its allies would secure over 350 seats in the lower house of parliament. However, the final results, announced three days later, showed the coalition winning only 293 seats.
Global leaders from P-5 countries applaud Modi’s historic win
While US President Joe Biden, Russian President Vladimir Putin and UK PM Rishi Sunak and telephoned Modi to congratulate Modi, French President Emmanuel Macron sent a congratulatory message. Among the P5 Putin was the first leader to telephone the PM. Meanwhile, the Sri Lankan President, PMs of Nepal, Bangladesh and Mauritius besides the Bhutanese leadership have been invited for the swearing in ceremony likely on June 8.
India has made huge strides, but the new govt still has a lot to do
The past decade in India has seen significant transformations in infrastructure, economic reforms, and digitization, laying the groundwork for sustained growth. The challenge for the new government is to maintain an 8%-plus growth rate and increase per capita income. To achieve this, private investment must drive growth, with investments rising to 32-35% of GDP. Scaling up manufacturing, outcome-oriented skill development, supporting women and youth entrepreneurs, reforming municipal governance, realizing tourism potential, accelerating R&D, and addressing urban challenges are key areas for action.
Why should reforms now be a problem? Freebies, promised or delivered, didn’t work. Labour, trade, education & privatisation reforms await
Voters in the recent election have sent a clear message: they value responsible spending over freebies. At the national level, the NDA government, despite a reduced majority, was preferred over a challenger promising unattainable giveaways. Similarly, in Andhra Pradesh, the incumbent government, known for excessive freebies, faced a resounding defeat. The takeaway for future governments is to spend taxpayer money judiciously, prioritizing essential functions like infrastructure, education, health, and defence.
BJP sweeps Lok Sabha polls in Himachal Pradesh, wins all four seats
BJP wins all four Lok Sabha seats in Himachal Pradesh. Anurag Thakur, Kangana Ranaut, and Rajiv Bharadwaj emerge victorious in the elections.
Election 2024: 400 Paar or Safachat? Seven reasons why exit polls predictions may still go wrong
Election 2024: As the Lok Sabha election results are just hours away, the main focus is on whether the ruling National Democratic Alliance (NDA) or the opposition coalition led by Congress, known as the Indian National Developmental Inclusive Alliance (INDIA), will form the next government. Despite most exit polls predicting a BJP-led NDA majority, their history of inaccuracies remains a concern.
Result day today, keep your shirt on
Stockbrokers advise clients to keep extra margins for trading on election results day amidst rising volatility index, exceeding exchange limits, and cautioning investors to heed advice. Markets react to GDP data and upcoming central bank review. Incoming government's monetary and fiscal policies will impact market. Budget and policy continuity influence systematic investment.
SC refuses to entertain BJP plea challenging Calcutta HC order barring derogatory ads against TMC
The Supreme Court rejected a plea filed by the BJP challenging a Calcutta High Court order that upheld a single-judge verdict prohibiting the party from issuing advertisements allegedly violating the model code during the Lok Sabha polls. A vacation bench declined to interfere with the high court ruling, stating that the advertisement appeared disparaging. Senior advocate P S Patwalia, representing the BJP, sought to withdraw the plea after the bench showed reluctance to hear the case, and it was dismissed accordingly.
"We will reveal this one day and show how people are misled": CEC Rajiv on SC's verdict on voter turnout data
Kumar commited to addressing concerns about the integrity of the electoral process and stated, "What's the play here, why are doubts created, and why are suspicions raised, we will reveal all of this one day and show everyone how people are misled. How doubts arise in people's minds that maybe the EVMs are not working properly, maybe the voting list is incorrect, or maybe the voting numbers have been manipulated. The Supreme Court has given its answer yesterday, but we will also give our answer, and we will definitely give it."
No booth-wise turnout data mid-polls, says Supreme Court
Supreme Court, led by Justice Dipankar Datta, denied interim relief on disclosing votes in ongoing elections. Maninder Singh opposed ADR's plea, highlighting its potential impact on voter turnout. The decision aimed to maintain faith in the poll panel.
'Stock market rally' from June 4, predicts PM Modi: Should stock, mutual fund, gold investors tweak portfolios before Lok Sabha election results?
Lok Sabha election results 2024: Prime Minister Narendra Modi said that the stock market would have a rally once the election results are out. A few days back, Union Home Minister Amit Shah asked investors to buy the dip before June 4, 2024, as the market will shoot up after that. Now the question is what should investors do till the election results are out? Is it time to accumulate more stocks or avoid the volatility and play it safe? Find out here
Rs 1.4 lakh-crore: The cost parties are paying to woo voters in the world's biggest election
In West Bengal though, it seems candidates across the board aren't ready to give up on the traditional campaign methods just yet with parties displaying an overt preference for a mix and match of tried-and-tested mass outreach methods with those of the digital age.
'Arrested without proper investigation': RJD MP Manoj Jha on interim bail to Kejriwal
Hailing the Supreme Court verdict granting interim bail to Chief Minister Arvind Kejriwal in connection with the Delhi excise policy case, RJD MP Manoj Jha on Saturday said he was 'happy' with the reprieve for the ruling Aam Aadmi Party (AAP) as he was arrested without a 'proper investigation'.
Budget 2024: India's cabinet approves Interim Budget 2024
India Budget: India's cabinet has approved Interim Budget for fiscal 2025. Finance Minister Nirmala Sitharaman will present the interim budget in parliament at 11:00 am today. Prime Minister Narendra Modi vows to present a full budget after returning to power, with focus areas including women empowerment, youth, farmers, and the economically weaker section. The interim budget tests the Bharatiya Janata Party's ability to balance handouts and fiscal consolidation while competing with China and driving investments.
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