Budget 2024 highlight: At least ₹20,000 crore to be allocated to PM Suryoday Yojana, says report

The Congress on Saturday attacked the government over people reportedly queuing up in Uttar Pradesh and Haryana for jobs in Israel, saying it was a reflection of the "grim unemployment situation" in the country and makes a "mockery" of the claims of a booming economy.

Lok Sabha Speaker Om Birla on Sunday said necessary steps are being taken for robust and foolproof security of the Parliament complex, taking into consideration the dignity of members.

Birla's statement comes ahead of the Budget session of Parliament that begins on Wednesday under the cloud of the security lapse last month when two intruders had jumped into the Lok Sabha chamber from the public gallery and set off smoke canisters.

Interim budget, the US Federal policy decision and quarterly earnings will be the major drivers for stock markets which may also see some consolidation this week, say analysts.

Besides, investors would also focus on the trading activity of foreign investors and global trends for further cues.

From the macroeconomic front, the PMI (Purchasing Managers’ Index) data for the manufacturing sector is scheduled to be announced on Thursday.

Finance Minister Nirmala Sitharaman will present the interim budget for 2024-25 on February 1 (Thursday). The Federal Open Market Committee meeting will be held on January 30 and 31.

Mahindra Last Mile Mobility MD & CEO Suman Mishra said that by driving inclusive income generation, electric three-wheelers and commercial vehicles pave the way for financial upliftment of many.

"We call upon the Union Budget 2024 to prioritise this segment through continued FAME support, fostering economic empowerment for the most deserving and environmental well-being for all," she noted.

S K Narvar, Group Chairman, Trident Realty is optimistic that the upcoming Union Budget will bring impactful measures to accelerate growth momentum.

He says, "The budget should include a fiscal stimulus and personal tax relief by increasing the tax rebate on home loan interest rates from Rs. 2 lakh to Rs. 5 lakh. This will be a significant boost for millions of first-time homebuyers. Another key area for the government to consider is to continue focusing on Tier 2 & Tier 3 cities and to provide more infra-development funds to ensure that a larger number of projects in these cities benefit. Furthermore, the government should consider revising the definition of affordable housing, both in terms of value and size, to cater to a large population that has returned to their hometown and to boost housing demand in new markets."

"We are anticipating a growth-oriented budget where real estate thrives as a cornerstone of progress with policies that nurture sustainable development, incentivize innovation, and foster the housing segment with significant tax breaks. The Indian real estate industry rose massively in 2023 with a slew of projects be it residential or commercial. Maintaining similar optimism, we await the Union Budget with the provisions for the single window clearance system for greater transparency and efficiency. We would also like the administration to grant the most awaited 'Industry' status to the real estate sector," Santosh Agarwal, Executive Director and CFO, Alphacorp.

"We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said.

The luxury car industry has a significant value contribution to the GDP and the segment aspires for a rationalised duty structure and GST on priority, he added. "Overall, we expect consistency in various policies and no surprises in the upcoming budget," Iyer stated.

The growth rate of the combined revenue receipts of the 16 largest states has fallen by almost 80 per cent to 5 per cent during April-November from the budgeted 17.4 per cent for the current fiscal, Icra Ratings said in a report.

Radhika Dalmia, chairperson of FICCI Ladies Organisation (Kolkata chapter):

Increasing the Rashtriya Swasthya Bima Yojana allowance and enhancing education benefits for girls are crucial steps. Strengthening financial inclusion and healthcare infrastructure along with prioritising education, particularly for girls, is vital for a more inclusive Bharat.

Sitharaman's 2020 address was the longest budget speech in history, with a duration of 2 hours 42 minutes.

July 2019: 2 hours 17 minutes

Feb 2021: 1 hour 50 minutes

Feb 2022: 1 hour 27 minutes

Feb 2023: 1 hour 25 minutes

On the day, the finance minister's speech will begin at 11 am, coming a day after the budget session of Parliament begins with the President's joint address to both Houses of Parliament.

The budget speech will be broadcast live on news channels.

Edtech companies are hoping for potential tax incentives and benefits, contending that slashing GST rates on digital educational content and services could enhance the affordability of online learning, proving advantageous for both students and edtech companies, reports Moneycontrol.

Moneycontrol reports that in the incoming budget, the finance minister is likely to allocate at least ₹20,000 crore for the recently introduced rooftop solar scheme for households, the Pradhan Mantri Suryoday Yojana. Also, enhanced subsidies could be unveiled as part of the scheme.

"This sector (MSME) has the talent and risk-taking appetite and can play a big role in strengthening India's capabilities even in critical sectors such as semiconductors, space technology, defence, and medical equipment, Puneet Kaura, Chairman of CII Delhi State and MD & CEO of Samtel Avionics, told PTI.

This year, the traditional pre-budget ‘halwa’ ceremony was held on January 24. Post the ceremony, officials involved in budget preparation entered a a ‘lock-in’ period to maintain confidentiality of the final document, and will come out only after its tabling on February 1.

MSMEs in sectors like automotive, electronics, industrial, and electrical machinery, and chemicals, require the reduction of risks in capital flows, consultancy firm Deloitte tells Mint.

“We anticipate a budget that prioritises financial inclusion and ease of doing business, fostering a conducive environment for growth. Measures such as simplified regulatory procedures and reduced compliance burdens can empower startups and MSMEs, promoting a more agile and competitive landscape,” Rohit Arora, CEO and co-founder, Biz2X and Biz2Credit, tells Mint separately.