LOK SABHA INTERIM BUDGET 2024
Budget 2024: Finance Minister Nirmala Sitharaman to present Union Budget on July 23
Budget 2024: Prime Minister Narendra Modi's government will present its first budget of the third term on July 23, following the Economic Survey for 2023-24 on July 22. Finance Minister Nirmala Sitharaman will lead the budget presentation the next day, with the session concluding on August 12. The government aims to continue its policy direction and reforms, focusing on fiscal consolidation, amid expectations of potential populist measures ahead of state elections.
Govt must offer Lok Sabha deputy speaker's post to opposition: Derek O'Brien
Derek O'Brien, a TMC MP, emphasized the government's responsibility to ensure smooth functioning of Parliament during the upcoming Budget session. He reiterated the opposition's demand for appointing one of its members as the Lok Sabha deputy speaker to avoid "bulldozing of bills". O'Brien highlighted the INDIA bloc's push for appointing a deputy speaker from their coalition, aiming to ensure fair debate on national issues like the NEET-UG paper leak and unemployment.
Budget 2024: When will Union Budget be presented? Here are date, time and other details
The Union Budget 2024 will be presented on 23rd July, with the session running from 22nd July to 12th August. Expected highlights include increased tax deductions for salaried individuals, enhanced tax benefits for home loan borrowers, subsidies for women, and a focus on infrastructure, defence, and renewable energy. The government also aims to decriminalise over 100 legal provisions to support businesses.
Budget 2024: ONDC and more on e-commerce's cart for Nirmala Sitharaman
Budget 2024: Finance Minister Nirmala Sitharaman will present Budget 2024 on July 23, outlining Modi's third term roadmap. The e-commerce sector, including Vijay Shekhar Sharma and MSMEs, seeks ONDC support. TEAM scheme, Rs 277 crore, aids MSMEs' digitalization. Shireesh Joshi targets 10 million ONDC transactions. Parliament session: July 22-August 12. Interim budget was presented in February; Lok Sabha polls held April-June.
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.
Budget 2024: A coalition budget may require Modi to bow down to states' demand
Budget 2024: The Indian government's coalition government, led by Narendra Modi, may face challenges in achieving a 'Viksit Bharat' due to the recent meeting between Telugu Desam Party (TDP) supremo Nara Chandrababu Naidu and BJP's top-brass. Naidu has listed state-specific demands for Andhra Pradesh in the forthcoming Budget 2024, with PM Modi agreeing in principle to provide financial support.
Budget 2024: Will Budget remove the ‘killer’ angel for the sake of Indian startups?
Budget expectations for startups: Ahead of the Budget 2024, the DPIIT has proposed eliminating the Angel Tax for startups to boost capital formation. The department also aims to address the inverted duty structure and high tariffs on electronics inputs. The 'angel tax' issue has sparked political debates, with industry leaders and organizations urging its removal to facilitate startup investments. Startups will await Budget announcements with hopes for measures on angel tax.
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.
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.
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.
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.
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