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Budget 2024 Highlights: Government convenes all-party meeting on Jan 30

Budget 2024 Highlights: This is the final budget of the Narendra Modi government's second term and is deemed 'interim' as the govt faces elections in April-May.
Finance minister Nirmala Sitharaman at the halwa ceremony to mark the commencement of the final stage of preparations for Interim Union Budget 2024 in New Delhi on January 24. (PTI)
Finance minister Nirmala Sitharaman at the halwa ceremony to mark the commencement of the final stage of preparations for Interim Union Budget 2024 in New Delhi on January 24. (PTI)

Budget 2024 Highlights: Union Finance Minister Nirmala Sitharaman is set to present the budget for FY 2024-25 on Thursday, marking the final annual financial statement of the Narendra Modi government's second term. The traditional pre-budget ‘halwa’ ceremony was held on Wednesday, initiating a ‘lock-in’ period for officials involved in budget preparation to maintain confidentiality until its tabling in the Lok Sabha on February 1....Read More

This is the final budget of the Narendra Modi government's second term. The upcoming budget is deemed 'interim' as the government faces a general election in April-May.

The full budget will be presented in July by the incoming government, whether a re-elected or new administration. In India, the financial year starts on April 1 and ends on March 31 the following year.

Follow all the updates here:
Jan 29, 2024 8:15 PM IST

Budget 2024 LIVE Updates: Tourism sector expectations

Nishant Pitti, CEO & Co-founder, EaseMyTrip said, “In expectation of the Union Budget 2024, we earnestly expect crucial reforms to strengthen and revitalize the tourism sector. We expect the Government to allow GST input on holiday businesses, a strategic reduction in income tax to catalyze growth in the country's tourism industry, and the streamlining of the TCS structure to a more favorable 5 percent slab. Additionally, we expect a comprehensive overhaul of tax exemption policies related to Leave Travel Allowance (LTA), urging the Government to consider an annual allowance and the inclusive coverage of the entire tour package cost under LTA, surpassing the limitation to only flight expenses. Predicting the realization of the full potential of domestic tourism, we look forward to a budgetary emphasis on infrastructure development, technology integration, and health-safety measures across airports, aviation, roads, railways, and waterways. Recognizing the vast, underleveraged potential of India's waterways, which includes sea and river cruising opportunities, we strongly urge the Government to undertake necessary measures for the development of this sector.”

Jan 29, 2024 7:35 PM IST

Budget 2024 LIVE Updates: ‘Increase health budget to 2.5% of GDP’

Dr Girdhar Gyani, Director General, Association of Healthcare Providers (AHPI), asked the government to increase budget allocation on health to at least 2.5 percent of GDP to meet its objective of having universal health coverage while flagging the World Health Organisation requirement of 3.5 beds per 1000 people. (ANI)

Jan 29, 2024 6:51 PM IST

Budget 2024 LIVE Updates: ‘No direct change expected’

Co-Founder & Chief Global Strategist Pace Group, Amit Goel told ANI, "If I do a trend analysis of 20-25 years of the interim budget- the focus of any government is the upcoming elections. To give a long-term direction to the economy that is done by the first budget session of the new government...There will be no direction change in this year's budget because it is a vote on the account..."

Jan 29, 2024 6:15 PM IST

Budget 2024 LIVE Updates: Expectations of auto financing industry

“From the interim budget, we expect more well-defined action plans to strengthen digital infrastructure and promote digital payments for deeper financial inclusion. More robust and long term and clearly defined incentives for the adoption of EVs will also help in the growth of the auto finance sector. Inclusion of EV financing as a priority sector lending shall help and translate to lower cost and increase adoption. At large, fintech players are seeking a GST subsidy to enhance the accessibility of financial services and government benefits. With the fintech market expected to reach INR 11.36 Trn by FY 2028, we are aligned with the growth potential of the fintech sector in India and hope that the government will take steps to support the industry’s growth in the upcoming budget,” said Mr. Mayank Thatte, Chief Financial Officer, Rupyy.

Jan 29, 2024 5:36 PM IST

Budget 2024 LIVE Updates: Insurance sector wishlist

“In the upcoming budget, we anticipate that the finance minister will exempt insurance policies from GST, which will bring down insurance premiums. This step will increase insurance affordability and help fulfill Prime Minister Modi’s dream of insurance for all Indians by 2047. Additionally, we expect the government to increase the tax exemption limit under 80C, which will encourage savings, promote insurance coverage, and stimulate economic growth. Various studies have shown that increased insurance penetration multiplies the economy by reducing overall financial distress and making long-term growth capital available to important nation-building industries,” said Mr. Ankit Agrawal, CEO and Co-Founder InsuranceDekho.

Jan 29, 2024 5:05 PM IST

Budget 2024 LIVE Updates: Strong market performance on Monday

In anticipation of the Union Budget 2024, the stock market showed a strong performance, with Sensex rising more than 1200 points today.

Jan 29, 2024 4:20 PM IST

Budget 2024 LIVE Updates: PM Kisan payout hike likely

While no major announcements are expected in the interim budget, the government might increase the PM Kisan scheme payout by 50 percent this year, from 6000 to 9000 per year, reported The Economic Times. Read More.

Jan 29, 2024 3:44 PM IST

Budget 2024 LIVE Updates: IMA seeks investments in public hospitals

Investment in health has stagnated and hospitals in the government sector and their human resources must be strengthened, according to President of the Indian Medical Association (IMA), said Dr RV Asokan. (ANI)

Jan 29, 2024 3:19 PM IST

Budget 2024 LIVE Updates: All party meeting ahead of Interim Budget

A meeting of the floor leaders of various political parties in both Houses of Parliament will be convened on Tuesday by the Minister of Parliamentary Affairs, Pralhad Joshi, ahead of the Budget Session.

Jan 29, 2024 2:56 PM IST

Millet Superfood founder on PLI scheme for millet-based products

Nikhil Tiwari and Nishant Garg, Founders of Millet Superfood said: Last year, The UN's declaration of 2023 as the International Year of Millets underscores the government's commitment to promoting these nutritious grains. Throughout the year, numerous awareness programs on millets have been implemented. The 2023 budget, featuring Shree Anna and designating the Indian Institute of Millet Research (Hyderabad) as a center of excellence for research and technology advancements, signifies a significant stride in this direction. To further bolster this momentum, increasing the budget for the PLI scheme for millet-based products, introducing new financial incentives for farmers and exporters, and formulating advisories for institutions to include millets in canteens can be explored. Additionally, rallying environmental and social activists and influencers to leverage modern platforms for millet advocacy will educate and inspire the younger generation to embrace millets.

Jan 29, 2024 2:12 PM IST

Taxpayers, these are the 10 key budget terms you must know

As Union finance minister Nirmala Sitharaman is set to present the last interim budget before the 2024 general elections on February 1, taxpayers are hopeful for favorable changes. But in order to understand the budget better, let's look at key terms that are used in the document.

Read more.

Jan 29, 2024 1:43 PM IST

What to watch out for in Interim Budget ahead of Lok Sabha polls

Ahead of the upcoming elections, Prime Minister Narendra Modi is expected to focus on targeted spending initiatives without widening the fiscal deficit in India's final budget before polls.

The buoyant economy has generated a tax surplus, enabling the government to meet deficit reduction goals. Finance Minister Nirmala Sitharaman, delivering her sixth budget speech on February 1, may allocate funds to key sectors like agriculture, women, poverty alleviation, and youth, aligning with Modi's election priorities, Bloomberg reported.

However, economists anticipate a cautious approach, as the budget is interim until the new government assumes office.

Jan 29, 2024 1:11 PM IST

Parliamentary leaders meet ahead of interim Budget session

Floor leaders from various political parties in both Houses of Parliament will meet on Tuesday, led by Minister of Parliamentary Affairs Pralhad Joshi, ANI reported.

The upcoming Budget Session, the final session before the anticipated general elections in April-May, is scheduled from January 31 to February 9. Union Finance Minister Nirmala Sitharaman will present the interim budget on February 1, addressing the fiscal needs until a new government is formed after the Lok Sabha polls.

The session will commence with President Droupadi Murmu's joint sitting address to both Houses.

Jan 29, 2024 12:18 PM IST

Budget 2024: Government convenes all-party meeting

Before the Budget session, the government has scheduled an all-party meeting on Tuesday, bringing together floor leaders from various parties in Parliament. This customary practice precedes each session, allowing leaders of different parties to highlight the issues they intend to raise in Parliament. The government takes this opportunity to provide a glimpse of its agenda and seek cooperation.

The upcoming session, occurring between January 31 and February 9, will be brief. Finance Minister Nirmala Sitharaman is poised to present an interim budget ahead of the Lok Sabha polls, with the new government later presenting the full-fledged budget.

The session will commence with an address by President Droupadi Murmu.

Jan 29, 2024 10:39 AM IST

What FMCG, auto & IT sectors expect from FM Sitharaman in Budget 2024

While various sectors have their expectations from the finance minister, major announcements are not expected as the upcoming budget will be ‘interim’; this is because the government faces a general election this year.

The full budget for FY24-25 will be tabled in July by the incoming government.

HT's sister publication, Mint' spoke to experts from infra, FMCG, auto, and IT sectors, to see what each sector expects from FM Sitharaman.

Read More.

Jan 29, 2024 10:03 AM IST

What women entrepreneurs expect from interim Budget 2024?

Anticipated in the upcoming interim budget are potential incentives for maternity leave benefits, a focus on skill training for young women, tax relaxations targeted at women entrepreneurs, and an increase in paid holidays for working mothers. Union Finance Minister Nirmala Sitharaman is set to present the budget on February 1, preceding the Lok Sabha elections.

Read More.

Jan 29, 2024 9:40 AM IST

Assam tea industry seeks exports promotion policy

The ailing tea industry in Assam needs proper promotion, particularly overseas, so that it can tap new markets, according to Nalin Khemani, Chairman of Bharatiya Chai Parishad.

"The commerce ministry must ensure that our exports improve; they promote our tea. There is an oversupply in our domestic market, and the export demand is tepid. If the government takes up with the Tea Board to introduce a tea promotion policy, we can tap new overseas markets," he told ANI ahead of the Union interim budget.

ANI

Jan 29, 2024 8:55 AM IST

Budget 2024 LIVE: Interim budget likely to present report card of Modi govt

The forthcoming interim budget is anticipated to provide a comprehensive review of the decade-old central government's performance. The budget is expected to offer relief to the middle class, introduce measures to curb inflation, sustain key subsidies, prioritize agriculture, promote manufacturing, work towards the saturation of welfare schemes, and advance the mission to achieve a $5 trillion economy by 2027-28.

Additionally, it will emphasize the two-decade-long Viksit Bharat road map. Individuals familiar with the preparations highlighted that the interim budget, also known as the vote on accounts, will serve as an occasion for the government to reaffirm its economic vision. The focus is likely to be on women, youth, farmers, and the economically disadvantaged, including scheduled castes and tribes, aligning with the approaching parliamentary polls in the summer. The sources requested anonymity.

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