UNION BUDGET SCHEMES
Budget 2024: MSME ministry seeks additional ₹5,000 crore for job generation scheme
Budget 2024: The government subsidizes a percentage of the loan amount for self-employment ventures, with applicants required to contribute towards the project cost. Despite the high demand, the budget allocation for PMEGP in the current year is lower than the revised estimates for the previous year.
View: Now to craft the politics in policy
The Union budget is set to dominate headlines in India, with the question of whether realpolitik or coalition compulsions will dictate the budget's economic policy. The interplay between economics and politics is not new to India, as it is part of elected democracies. The BJP's performance fell short of expectations due to inflation and unemployment, both factors within the domain of economic policy.
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.
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
Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens
Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations for the forthcoming Union Budget 2024.
Outlay for export tax remission plans unlikely to change in Budget
The government is unlikely to increase the allocation for key tax remission schemes for exporters in the 2024-25 budget, despite demands for more support. In the interim budget, ₹16,575 crore was earmarked for the RoDTEP scheme and ₹9,246 crore for the RoSCTL scheme. Exporters argue for adequate allocation to maintain zero-rated exports, a government policy, as merchandise exports rose 5.1% year-on-year in the first two months of this fiscal.
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Sharpen focus on education and health this Budget, experts urge FM
Although the pandemic is behind us, the focus on the health sector shouldn't be diluted, he added. There were also suggestions to tightly monitor the implementation of all such social sector schemes, he added. Facilities at schools and hospitals need to be further improved and vacancies filled up on time, some of them said in the meeting. In the interim Budget for FY25 in February, the government had pegged the outlay for the Ministry of Health and Family Welfare at ₹90,659 crore, up marginally from the FY24 budget estimate of ₹89,155 crore. This outlay also includes spending on health research.
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.
Budget 2024: Hi-tech thermal plants may get Rs 6,000 cr viability support
Budget 2024: The Union budget for 2024-25 is expected to include a support scheme for setting up 800 MW coal-based power plants using Advanced Ultra Supercritical (AUSC) technology. The finance ministry is evaluating a proposal for ₹6,000 crore viability gap funding (VGF) and a ₹3,500 crore payment security mechanism for electric buses. The project, based on indigenous technology developed by a consortium of Bharat Heavy Electricals Limited, Indira Gandhi Centre for Atomic Research, and NTPC, is expected to cost upwards of ₹15,000 crore at completion.
Govt’s infrastructure focus makes sector funds a compelling choice
With the National Democratic Alliance (NDA) returning to administration for a third consecutive term and the 2024 Union Budget round the corner, analysts expect the government to retain focus on the infra sector with a sustained budgetary allocation.
RSS-affiliated union demands extension of MGNREGS to 200 days
Bharatiya Mazdoor Sangh presses for extending MGNREGS, raising pensions, and improving worker benefits, including for beedi and National Health Mission workers.
Budget Preview: Govt could use part of RBI dividend to reduce fiscal deficit, says Motilal Oswal
A transfer of Rs 2.11 lakh crore by the RBI implies excess receipts of about Rs 1.5 lakh crore in FY25, the MOFSL note said. MOFSL sees the new government largely retaining its tax and non-debt capital receipt (including disinvestment) projections as presented during the interim Budget in February.
RSS-affiliate union seeks extension of mandatory work under MGNREGA to 200 days in pre-Budget meet
BUDGET EXPECTATION: In its pre-budget meeting with the finance minister Nirmala Sitharaman on Monday, BMS general secretary Ravindra Himte demanded increasing the minimum pension under the Employees’ Pension Scheme (EPS), 1995 from Rs 1,000 to Rs 5,000 while enhancing of honorarium of scheme workers, especially for Asha, Aanganwadi, Mid-day Meal and National Health Mission workers, the central trade union said in a statement issued on Tuesday.
Budget FY25: Central trade unions call for scrapping of four Labour Codes and the new pension scheme
In their pre-budget meeting with finance minister Nirmala Sitharaman on Monday, the joint platform of 10 central trade unions, barring the Bhartiya Mazdoor Sangh, suggested government to enhance resource mobilization through enhanced corporate tax and wealth tax, raise the ceiling limit for the income tax rebate for the salaried class, set up the social security fund and fill up all the existing vacancies in the central government departments and public sector undertakings with regular employment while doing away with contract jobs.
Union Budget 2024: Incentivise capex, rationalise GST rates on EVs, components make part of ACMA's Budget wishlist
Auto components industry body ACMA has proposed measures to boost the auto component sector, including incentivizing capex expenditure, increasing depreciation rates on plant and machinery, and rationalising GST rates on EVs and their components. The recommendations were submitted to the Ministry of Finance and the Ministry of Heavy Industries.
Central govt employees seek rationalised income tax slabs and old pension scheme from Budget
Central government employees are advocating for key reforms in the Union Budget 2024-25. Their demands include rationalization of income tax slabs, the restoration of the old pension scheme, the establishment of the eighth central pay commission, improved home loan recovery terms, enhanced medical facilities, and income tax exemptions for pensioners.
Budget 2024: Sitharaman underlines Centre's support to states via timely tax devolution, GST compensation arrears
Union Budget: Finance Minister Nirmala Sitharaman emphasised the Centre's commitment to supporting states through timely tax devolution and GST compensation arrears to boost economic growth during a pre-budget meeting with state finance ministers. She encouraged states to utilize the 50-year interest-free loan scheme for reforms. States appreciated the assistance and provided suggestions for the upcoming Union Budget, with specific requests for projects and allocations.
States seek infra, rural push in pre-budget meet with FM Sitharaman
States presented demands for higher special assistance, increased allocations for rural schemes, and support for housing programmes to Finance Minister Nirmala Sitharaman in the pre-budget meeting. Sitharaman highlighted the Centre's aid to states through timely tax devolution and release of GST compensation arrears. Andhra Pradesh requested central funds for various projects and initiatives, including the development of Amaravati as its capital.
Budget wishlist from agriculture & MSMEs stakeholders: Sops, infra push, easy loans and PLI schemes
Stakeholders from the agricultural sector and MSMEs provided key suggestions to Finance Minister Nirmala Sitharaman during pre-budget consultations. Suggestions included rationalizing fertilizer subsidies, boosting agricultural infrastructure investment, and implementing employee-centric production-linked incentive schemes.
Budget expectation of farm sector: Spotlight on agri research, fertiliser subsidy, climate fight in meeting with FM
Budget 2024 expectations: Experts at the meeting advocated for the consolidation of all agriculture-related subsidies for transfer through Direct Benefit Transfer (DBT) and proposed a hike in the retail price of urea, unchanged since 2018. They also emphasized promoting bio-fertilisers and foliar fertilisers through subsidies.
Budget 2024: Modi 3.0 may have to redo the Budget math to provide more money to Naidu & Nitish-ruled states
Union Budget: Following recent Indian election results, Prime Minister Narendra Modi reasserts control over the federal government. Despite depending on various allies for support, none have significant ministerial roles. The focus shifts to relations between New Delhi and influential state governments, with demands for increased federal funds. The upcoming budget will reveal potential shifts in India's policy landscape.
Budget 2024: Five steps of India's Budget formation explained
Budget 2024: The Union Budget, crafted annually by the Department of Economic Affairs within the Ministry of Finance, functions as a comprehensive financial blueprint for the nation. It details projected revenues and expenditures for the forthcoming fiscal year. The preparation process for Budget 2024 commenced six months ahead of its presentation, initiating with the dissemination of Budget Circulars to pertinent ministries and departments.
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.
Union Budget 2024: Key facts and insights you need to know
Union Budget 2024: India's inaugural Budget was announced in pre-independent India on April 7, 1860, by Scottish economist and politician James Wilson of the East India Company, presenting it to the British Crown. Following Independence, India's first post-independence budget was presented on November 26, 1947, by then Finance Minister R K Shanmukham Chetty.
Focus on agriculture sector in Budget 2024 as it can generate employment: PHDCCI
Budget expectations: In its pre-Budget recommendations to the Finance Ministry, PHD Chamber of Commerce and Industry (PHDCCI) emphasized focusing on the agriculture sector as a vital employment generator. With a significant portion of India's workforce in agriculture, PHDCCI advocates for boosting rural infrastructure, increasing public and private investments, and reducing post-harvest losses.
Budget must focus on employment generation, boost to manufacturing sector: Economists
Economists attending the pre-Budget consultation with Finance Minister Nirmala Sitharaman emphasized the need for the upcoming Budget to prioritize employment generation and bolster the manufacturing sector. They highlighted concerns over unemployment and urged the government to focus on job creation. There was consensus that with the economy showing resilience, stimulating consumption demand would not be a major challenge.
FAME-3 may get a budget-day release; Rs 10,000-crore outlay expected
Electric two, three, and four-wheelers are expected to be supported under the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme, which could receive a budgetary allocation of about Rs 10,000 crore, people familiar with the deliberations told ET.
Modi 3.0: Growth sequel starring jobs, investment
The full budget, likely to be presented early in July, will detail specific measures toward this end. "The focus would be to promote labour-intensive growth that will create jobs, with continued emphasis on macroeconomic stability," a top government official aware of the details told ET. A host of measures on startups and taxation - including inverted duty structure correction, along with GST rate rationalisation - is under discussion, said the person cited above.
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.
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