UNION BUDGET 2023 BUDGET 2023
Union Budget: What lies ahead in Budget 2024 for indirect taxes?
Budget Expectations: The upcoming Union Budget by NDA 3.0 is highly anticipated for its economic and social welfare policies to rejuvenate India. The budget is expected to focus on infrastructure, healthcare, education, job creation, and tax reliefs. Indirect taxation, including GST, will be a key area of scrutiny, with potential adjustments to customs duties and the introduction of production-linked incentive schemes. The industry eagerly awaits measures to streamline compliance processes, boost revenue, and support the Make in India initiative.
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 must address fundamental questions, why is private investment very sluggish: Congress
The Congress challenged the government's claims of sharp economic growth and job creation. It urged the forthcoming budget to address issues of sluggish private investment, stagnant private consumption, plummeting household savings, and rising household debt, among other concerns. Finance Minister Nirmala Sitharaman prepares to present the Budget for 2024-25 on July 23 amidst debates on the economy's performance and the need for tax relief to boost consumption and accelerate growth.
Take steps to accelerate growth: Eminent economists tell PM ahead of Union Budget
Eminent economists urged PM Modi to prioritize economic growth and infrastructure in the upcoming budget during a NITI Aayog meeting. Finance Minister Sitharaman will present the 2024-25 budget on July 23, focusing on accelerating growth and agricultural productivity.
Budget 2024: India trails China in defence spending, but must fill the 'insufficient' allocation
Experts anticipate a significant increase in India's defence budget during Finance Minister Nirmala Sitharaman's upcoming Union Budget presentation on July 23. This follows a strategic shift towards bolstering military capabilities, especially in response to China's growing influence and territorial challenges.
Budget 2024: How Nirmala Sitharaman can lay the infra bricks for a Viksit Bharat by 2047
Budget 2024: Finance Minister Nirmala Sitharaman's focus on infrastructure development and the 'Viskit Bharat by 2047' plan highlights the government's commitment to boosting investments, job creation, and reducing logistics costs. Challenges in road construction pace and the need for private sector participation are key areas of concern for improving infrastructure.
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Income tax cut in Union Budget 2024: India’s middle-class is asking for it but may not get it
BUDGET TAX RELIEF: Despite yearly budget hopes, India's middle class likely faces disappointment again over tax cuts amidst inflation. Both citizens and industry seek relief, especially for lower-income earners. However, there is a chance that fiscal prudence approach may prevent tax benefits. Focus remains on growth via targeted schemes. Economists debate the efficacy of tax cuts on boosting consumption, with rural demand still rebounding.
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 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.
The road to a $1 trillion digital economy: A tech lawyer’s wish-list for Budget 2024-25
The post-election budget is expected to support digital public infra (Aadhaar, UPI, DigiLocker), UPI and RuPay incentives, tech manufacturing, cybersecurity, AI, deep tech in healthcare and agriculture, and skilling initiatives under the Skill India Mission. Expanding the PLI scheme, AI research, R&D, the National Quantum Mission, and extending optical fibre to all villages will be crucial.
Union Budget 2024: Good time to push disinvestment of public banks, says SBI report
Budget 2024: The State Bank of India (SBI) has suggested that the government should proceed with disinvestment of public sector banks (PSBs) as they are in good condition. The SBI's research report, titled 'Prelude to Union Budget 2024-25', argues for the consolidation of existing government-owned banks. The report also seeks clarity on the privatisation of IDBI Bank, which is being sold by the government and Life Insurance Corporation of India.
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.
Union Budget: Will Budget 2024 book tourism’s ticket to growth?
Budget Expectations: The 2024 interim Budget saw a 44.7% increase in tourism sector allocation, a promising sign for industry growth. With job opportunities on the rise, stakeholders eagerly await the upcoming Budget announcements. Strategic investments in infrastructure and connectivity are crucial for India's booming domestic travel market. Expectations include simplified GST regulations and tax reforms to drive sustainable tourism practices and economic growth.
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.
Budget 2024: Is a Rs 10 lakh insurance the vitamin India's healthcare system needs?
The Centre is considering doubling the beneficiary base of the Ayushman Bharat health insurance scheme over the next three years, starting with those aged above 70, alongside raising annual coverage to Rs 10 lakh. These proposals are anticipated in the upcoming Union Budget. The interim Budget increased Ayushman Bharat's allocation to Rs 7,200 crore for secondary and tertiary care, with Rs 646 crore for health infrastructure.
Budget 2024: SBI wants Modi 3.0 to not obsess too much over fiscal stance
Budget expectations: The upcoming full Budget for 2024-25 under Prime Minister Narendra Modi's government aims for fiscal prudence with a focus on a fiscal deficit target of 4.9%. SBI Research recommends not being overly fixated on this goal. The government aims to reduce fiscal deficit below 4.5% of GDP for 2025-26, with robust growth in revenues contributing to this strategy. Finance Minister Nirmala Sitharaman's sixth budget speech, scheduled for July 23, will mark a significant milestone, setting the financial course for Modi's third term.
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.
Budget 2024: Drugmakers want Nirmala Sitharaman to prescribe tax relief tablet for the economy
Budget 2024: Indian pharmaceutical companies are looking for tax incentives and financial support in the upcoming Union Budget to boost research on innovative drugs. Industry experts emphasize the importance of thinking creatively and implementing policies to enhance growth in the sector.
Budget 2024: Tax cuts and lower rates top developers’ Budget wishlist
Budget Expectations: As the Union Budget 2024 nears, real estate developers eagerly await tax rationalisation and interest rate cuts for financial viability and growth. The CREDAI and Colliers survey underscores the need for GST input tax concessions and lower interest rates to boost project feasibility. Developers anticipate strong demand in Tier I and II cities, with hopes of sustaining momentum in 2024. Expectations include cost management solutions, price increases, and exploring new residential models. Developers and stakeholders look to Budget 2024 for crucial support in driving sector growth.
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.
Sitharaman may focus on affordable housing in Union Budget: Former HDFC CEO Keki Mistry
BUDGET 2024: Finance Minister Nirmala Sitharaman is expected to prioritize affordable housing in the upcoming Union Budget, former HDFC CEO Keki Mistry stated. Real estate developers are advocating for tax rationalization, more funds for the SWAMIH scheme, and continued government backing to sustain sector growth and stimulate demand
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.
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: 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 how India’s inflation panned out within a year before Sitharaman’s key announcements
Budget 2024 India Inflation Rate | Finance Minister Nirmala Sitharaman is set to unveil Budget 2024 amid a focus on India's inflation, a pivotal concern. With inflation easing to a 12-month low of 4.75% in May, the RBI aims for a sustainable 4% target. The budget will navigate challenges like food prices and global uncertainties, shaping economic policies for stability and growth.
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