UNION BUDGET 2023 KEY ANNOUNCEMENTS
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 may see Modi government continue its pitch for India's green energy ambitions
BUDGET EXPECTATIONS: Industry experts anticipate the Union Budget 2024 will maintain the Modi government’s focus on renewable energy, emphasizing policy stability and increased investment. Sharad Mahendra of JSW Energy underscores the need for consistent policies to support long-term projects and a significant boost in annual renewable capacity to meet India’s 2030 target of 500 GW.
Budget 2024: Will govt retain focus on LPG subsidy to keep the cooker burning in rural India?
Union Budget 2024: The Modi-led government is likely to allocate Rs 9,000 crore for the LPG subsidy to beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY) in the upcoming Budget, according to a report by ET Now citing sources. This move continues the government's focus on providing subsidies under the Ujjwala Yojana scheme, primarily benefiting women.
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 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
Union Budget 2024 measures can upgrade India's supply chain in its bid to match up with China
BUDGET EXPECTATION: Finance Minister Nirmala Sitharaman, through Budget 2024, may introduce measures to strengthen India’s supply chain and manufacturing sector. This aligns with India’s strategic pivot to become a global manufacturing alternative to China. Under Prime Minister Modi's leadership, India has gained traction with infrastructure and logistics improvements, drawing multinational interest.
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: 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.
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
Make in India, the next season India planning a Budget day release
India has launched several initiatives to attract investments to the country, presenting itself as an alternative manufacturing destination to companies seeking a China+1 supply chain shift. The IT hardware and mobile phone programmes have seen success. The Centre is hopeful of a similar shift in other sectors as well and there is a view that PLI plus a lower corporate tax rate will offer investors a competitive return on investment.
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.
Union Budget: India mulls income tax cuts in Budget as part of $6 billion consumer boost
India Budget Tax Expectations: India's government under Prime Minister Narendra Modi is considering measures worth over 500 billion rupees to boost consumption in the upcoming budget. This includes tax cuts for lower income individuals for the first time in seven years. The plan aims to target consumers with high propensity to spend amidst economic challenges.
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.
Hike capex by 25%, reduce GST slabs to maximum of 3 in Union Budget: FICCI tells Nirmala Sitharaman
Budget 2024: Industry lobby group FICCI in pre-budget consultation with Finance Minister Nirmala Sitharaman in Delhi emphasized the need to support growth momentum, infrastructure development, rein in food inflation, support MSMEs, and prioritize innovation and research & development for accelerated growth.
Budget tries to find a counter to a potent weapon of the opposition
Finance Minister Nirmala Sitharaman's interim budget proposed a rooftop solar scheme called Pradhan Mantri Suryodaya Yojana, providing 300 units of free electricity per month to 10 million households. This scheme aims to save households Rs 15,000-18,000 annually and promote solar power generation. It also creates entrepreneurship and employment opportunities. The grid-connected rooftop solar system will reduce burden on electricity distribution companies, lower fossil fuel usage, and contribute to India's renewable energy goals of 500 GW by 2030 and 50% non-fossil fuel power generation capacity.
Interim Budget: Direct, indirect taxes comprise 63 paise of every rupee in govt coffer
The interim Budget 2024-25 documents reveal that 63 paise of every rupee in government revenue will come from direct and indirect taxes, 28 paise from borrowings and other liabilities, 7 paise from non-tax revenue, and 1 paise from non-debt capital receipts. Direct taxes, including corporate and individual income tax, will contribute 36 paise, while indirect taxes such as GST, excise duty, and customs levy will account for 26 paise. The remaining 38 paise will be allocated for interest payments, states' share of taxes and duties, defence, central sector schemes, centrally-sponsored schemes, Finance Commission and other transfers, subsidies, pension, and other expenditures.
India Budget: New Delhi to borrow Rs 14.13 lakh crore in FY25, bond yields plunge
Budget Announcements: The Indian government plans to borrow 14.13 trillion rupees ($170.36 billion) in the next fiscal year, lower than economists' estimates, according to Finance Minister Nirmala Sitharaman. Net borrowings are expected to remain largely unchanged from the current fiscal year, at 11.75 trillion rupees. The funds will be used to finance a fiscal deficit of 5.1% of GDP, with the government also conducting switch auctions worth 1 trillion rupees. Additionally, 4.66 trillion rupees will be raised through India's small savings fund to cover the budget gap.
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