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Sunday, Apr 14, 2024

Budget 2024 Highlights: CII urges for new ‘Investment Ministry’ amid rising Indian investors

Budget 2024 Highlights: On February 1, finance minister Nirmala Sitharaman will table the final budget of the second five-year term of the Modi government.
Entrepreneurs watching the live Union budget session 2023-24 in Ludhiana, Punjab. (Gurpreet Singh/HT)
Entrepreneurs watching the live Union budget session 2023-24 in Ludhiana, Punjab. (Gurpreet Singh/HT)

Budget 2024 Highlights: In just over a week from today, Union finance minister Nirmala Sitharaman will, on February 1, table the final budget (for FY 2024-25) of the second five-year term of the Narendra Modi government. The budget will be an ‘interim’ one; this is because of the upcoming general elections, due in April-May. The full budget will be unveiled later this year by the incoming government....Read More

Starting 2017, the budget has been presented on February 1. That year, it was table by Arun Jaitley, the then finance minister.

The budget session of Parliament will begin on January 31, followed by the presentation of the budget on the next day.

What is the union budget? All you need to know:

• A union budget is the central government's annual financial statement.

• It outlines the government’s proposed expenditures and revenues for the upcoming fiscal year.

• The union finance minister presents it in Parliament.

• It covers the next financial year- the period from April 1 to March 31 of the following year.

• Serves as a comprehensive document outlining the government’s economic and fiscal policies for the next fiscal year.

• Includes details about proposed expenditures, revenues, liabilities, and welfare schemes.

• It is a crucial tool for financial planning and policy-making.

Follow all the updates here:
Jan 24, 2024 7:26 PM IST

Budget 2024 LIVE updates: CII proposes Ministry of Investments

In a proposal aimed at reshaping the country's economic landscape, the Confederation of Indian Industry (CII) has recommended the establishment of a comprehensive Ministry of Investment on the investment front for the interim budget. (PTI)

Jan 24, 2024 6:52 PM IST

Budget 2024 LIVE updates: Farm sector can expect boost

The government is likely to significantly enhance allocation for key farm sector schemes and push credit in the interim Budget to boost rural economy as growth in the agriculture sector is projected to decelerate to 1.8 per cent in 2023-24 from 4 per cent a year ago. (PTI)

Jan 24, 2024 6:07 PM IST

Budget 2024 LIVE updates: Education sector expectations

With the Union Budget 2024 just around the corner, India Inc. is expecting significant announcements, including tax cuts, incentives and fiscal stimulus to drive the country's economic growth. The budget will be tabled by the Union Finance Minister, Nirmala Sitharaman, on February 01, 2024. (PTI)

Jan 24, 2024 5:06 PM IST

Budget 2024 LIVE updates: Apparel sector demands from Centre

Ahead of the central government's interim budget, the Apparel Export Promotion Council (AEPC) has sought uniformity in Goods and Services Tax for the entire value chain.

In its submission to the central government, it requested a uniform GST of 5 per cent across the entire man-made fibres (MMF) value chain, which largely comprises fibre, yarn and fabric. (PTI)

Jan 24, 2024 4:24 PM IST

Budget 2024 LIVE updates: Railway stocks rally on market

As many as 5 railway stocks are up by 7 percent on the stock market ahead of the Budget 2024, in anticipation of fresh investments to be announced by Centre on February 1.

Jan 24, 2024 3:08 PM IST

Budget 2024 LIVE updates: Tourism industry expectations

The tourism industry expected that the there is a reduction in the income tax levels and standardisation of tax collected at source (TCS), in order to boost the sector.

Jan 24, 2024 2:29 PM IST

Budget 2024 LIVE updates: Why was Budget date changed to Feb 1

Earlier, the Budget was presented in the last week of February but the date was changed to February 1 by former FM Arun Jaitley in 2017 in order to divert from colonail practices and give more time to Centre to implement changes in the finances of the country.

Jan 24, 2024 2:01 PM IST

Budget 2024 LIVE updates: 6 ‘key areas’ to look out for

As per Mint, the government may make the National Pension System (NPS) more attractive by extending tax concessions on contributions and withdrawals; could make announcements regarding pension fund regulator PFRDA seeking ‘parity’ with retirement fund body EPFO; is likely to announce a ‘substantial’ increase in the agricultural credit target to 22-25 lakh crore for the next fiscal; may extend the scope of the PLI scheme to include sectors like garments, jewelry, and handicrafts; may impose income tax on rich farmers to bring about fairness in the taxation structure; and, may extend the concessional 15% income tax rate for corporates to set up new manufacturing units by one year (till March 31, 2025).

Jan 24, 2024 12:59 PM IST

Budget 2024 LIVE updates: This analyst expects focus on manufacturing, infrastructure

According to Alekh Yadav, Head of Investment Products at Sanctum Wealth, the interim budget will not be ‘eventful,’ and will not make ‘much of an impact on the market overall.’

Here's what he told HT's sister publication Mint on the upcoming budget.

Jan 24, 2024 12:23 PM IST

Budget 2024 LIVE updates: Here's why this will be an ‘interim’ budget

This because there are certain Election Commission of India (ECI)-imposed limitations that bar an incumbent central government from making announcements that could influence people to vote for them.

The current government will face elections this year, in April-May. The incoming government, whether re-elected or new, will present a full budget in July.

Jan 24, 2024 11:48 AM IST

Budget 2024 LIVE updates: When is the traditional ‘Halwa’ ceremony?

While the date for this year's traditional pre-budget ceremony is yet to be announced, last year's ceremony took place on January 26, coinciding with Republic Day. Click here to read all about the ‘Halwa’ ceremony.

Jan 24, 2024 11:14 AM IST

Budget 2024 LIVE updates: When was budget date changed?

The government argued that presenting the budget earlier will give it more time to prepare for new policies and changes for the coming financial year, which begins from April 1. Accordingly, in 2017, then finance minister Arun Jaitley tabled the budget on February 1, and subsequent budgets have been tabled on the same date. Earlier, the budget was tabled on the last working day of February.

Jan 24, 2024 10:43 AM IST

Budget 2024 LIVE updates: Here's what Nirmala Sitharaman said for last year's budget

“It helps to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. We envision a prosperous and inclusive India, in which the fruits of development reach all regions and citizens,” said FM Sitharaman while tabling the government's annual financial statement last year.

Jan 24, 2024 10:11 AM IST

Budget 2024 LIVE updates: Why ITR process should be streamlined? Expert explains

"Streamlining the ITR process can empower taxpayers and reduce the burden on both individuals and businesses. Leveraging technology for user-friendly interfaces could be a linchpin in fostering a tax regime that is efficient and accessible," says Suman Banerjee of Hedenova.

Jan 24, 2024 9:45 AM IST

Budget 2024 LIVE updates: HRA policies must be revisited, says expert

“Revisiting HRA policies could provide relief to many individuals. Adjusting HRA rates to match current rental trends will be beneficial, especially for those living in urban areas,” Suman Bannerjee, CIO, Hedenova, tells Mint.

Jan 24, 2024 9:25 AM IST

Budget 2024 LIVE updates: By 2030, tourism to generate 13.7 crore jobs, says IBEF report

As per an IBEF report, tourism is projected to contribute $250 billion to the GDP by 2030, generating employment for 137 million (13.7 crore).

Accordingly, the sector expects announcements with regars to the following in the upcoming budget: streamlining TCS, removal of TDS, tax reduction, GST input credit, infrastructural focus, and inbound tourism.

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