Budget 2024 LIVE: Tax benefits, support to women among expectations

Union Budget 2024 Live Updates: Catch all the latest developments on the Interim Budget 2024 here

8:13 PM

Union Budget 2024: What to expect from the Interim Budget 2024?

Finance Minister Nirmala Sitharaman said there will be no big-bang announcements this time. However, investors and market observers are expecting something. In this episode of Budget Made Easy, we discuss what you can expect this time around. Watch here

 

6:15 PM

Kashmiri Pandits urge Centre to increase relief, job opportunities in Budget session

The displaced Kashmiri Pandits on Friday urged the Centre to increase their monthly relief amount and allocate a new employment package featuring 5,000 jobs in the Kashmir Valley during the upcoming Budget session.

 

A Kashmiri Pandit family, lacking any government employee as its member, currently receives "meagre" Rs 13,000 per month for sustenance without any enhancement during the last one decade. The families with government employees, however, do not receive such relief.

 

"I request the central government to keep a separate amount for the Kashmiri Pandit community in the forthcoming Budget. I will press for implementation of two things and will urge the Finance Ministry and Lieutenant Governor Manoj Sinha ji. There should be enhancement of relief amount to the community as early as possible in this Budget session," Head of Kashmiri Pandit Volunteers (KPV) Vikram Kaul told PTI.

 

Expressing optimism, he hoped that the BJP government, despite a perceived lack of significant initiatives for the community, would address their demands.

6:11 PM

Interim Budget 2024 LIVE: Income tax benefits, support to women entrepreneurs among expectations

An increase in income tax exemption limits, support to women entrepreneurs, a long-term taxation policy and steps to boost consumption and savings are among the expectations of experts from the interim budget which will be presented by Union Finance Minister Nirmala Sitharaman on February 1 ahead of Lok Sabha elections.

 

They also demand for parity in taxation among companies, partnerships and limited liability partnerships.

 

"This is going to be an interim budget but at least there may be some indications of full-budget benefits. There may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to Rs 8 lakh from now Rs 7 lakh, inclusive of rebates," All India Federation of Tax Practitioners national president Narayan Jain said.

 

Bharat Chamber of Commerce president N G Khaitan said there is a need for a long-term taxation policy and parity in taxation among companies, partnerships and limited liability partnerships (LLPs) for a level playing field for small and medium firms.

 

MSMEs, which have a huge contribution to the country's GDP and employment generation, are subjected to higher taxation, he said.

5:05 PM

Every partner needs to collaborate for India to become third-largest economy by FY28, says FM

Finance Minister Nirmala Sitharaman on Saturday said the initiatives of Customs department like Faceless Assessment and Single Window Clearance need to evolve with the overall objective of growth of trade as every partner needs to collaborate to help India's GDP surpass USD 5 trillion by 2027-28.

 

In a written message on the occasion of 'International Customs Day 2024', Sitharaman said with a common purpose of ease of doing business for nation building during India's 'Amrit Kaal', all the stakeholders need to come together and contribute for benefits to citizen of India.

 

She said this year's theme of International Customs Day which is "Customs Engaging Traditional and New Partners with Purpose" resonates with the Motto of 'Sabka Saath Sabka Vikas' given by Prime Minister Narendra Modi.

4:26 PM

Benefiting about 2,200,000 farmers, Pradhan Mantri Krishi Sinchayee Yojana has enhanced irrigation potential

Benefiting about 2,200,000 farmers, Pradhan Mantri Krishi Sinchayee Yojana PMKSY has enhanced irrigation potential, encouraging farmers to invest more in farming technology and leading increased productivity and farm income.

 

3:51 PM

Interim Budget 2024 expectations: Education experts urge Centre for policy-level support to boost R&D

To realise the goal of providing 25 per cent of the global workforce by 2047, educators and experts argue that there is a need to foster a synergy of various learning dimensions, including research, innovation, skill development, and entrepreneurship, to nurture a workforce equipped for the demands of the future. 

 

Prioritising budgetary allocation and policy-level support is anticipated from the Interim Budget to boost infrastructure, research, and protect intellectual property and experiential learning in this sector, particularly for private higher educational institutions

 

Read full story here.

 

3:36 PM

Interim Budget 2024 LIVE: Guidelines to be revised to support CBG producers and distribution

Crop Residue Management guidelines are being revised in Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, and Delhi. Meanwhile, compressed biogas (CBG) producers may be authorised to produce in sell in bulk to accelerate distribution.

3:28 PM

Interim Budget 2024 LIVE: CNG-CBG blend exempted from excise duty under GOBARdhan scheme

The CNG-CBG blend has been exempted from Central Excise Duty to prevent double taxation, fostering the growth of Compressed Biogas (CBG) production under the Galvanising Organic Bio-Agro Resources Dhan (GOBARdhan) scheme, the Ministry of Finance shared in a post on X.
 

3:22 PM

Interim Budget 2024 LIVE: Govt to establish 500 'waste to wealth' plants under GOBARdhan scheme at Rs 10k cr

Under the Galvanising Organic Bio-Agro Resources Dhan (GOBARdhan) scheme, the government aims to establish 500 'waste to wealth' plants, promoting a circular economy. This initiative includes setting up 200 compressed biogas (CBG) plants, with 75 in urban areas and 300 community or cluster-based plants, amounting to a total investment of Rs. 10,000 crore.

 

In the near future, a five per cent CBG mandate will be introduced for all organisations involved in marketing natural and biogas. To support the collection of biomass and distribution of bio-manure, appropriate fiscal assistance will be provided. The GOBARdhan scheme signifies a substantial step towards sustainable waste management and the promotion of clean energy in line with a circular economy model.
 

3:09 PM

Interim Budget 2024 LIVE: 224 community biogas plants constructed under GOBARdhan scheme

The GOBARdhan scheme was launched to convert organic waste to biogas. 

In a post on X, the Ministry of Finance stated that, in line with the 2023 Budget goals, 224 community biogas plants have been constructed under Galvanising Organic Bio-Agro Resources Dhan (GOBARdhan) scheme.
 

500 new community biogas plants have been completed, while 218 plants are currently under construction. 

2:52 PM

Interim Budget 2024 LIVE: Rs 1 trillion to be disbursed in loans by land institutions

2:50 PM

Interim Budget 2024 LIVE: Design entrepreneurship, incubators required in education sector

To promote entrepreneurship in design education, experts ask for the establishment of design startup incubators within institutes, following the successful model of the National Design Business Incubator (NDBI) at NID, Ahmedabad. These incubators will offer student entrepreneurs mentorship, co-working spaces, and crucial access to funding, cultivating a vibrant ecosystem from the grassroots.

 

Funds should be allocated towards co-created skill development programmes between design institutes and companies, focusing on high-demand areas such as generative design, AI-powered design, bio-design, and data-driven design.

 

Read full story here.

 

2:28 PM

Interim Budget 2024 expectations LIVE: Making design education a priority

In the upcoming budget, educators call for a focus on design education, especially in boosting R&D with strategic infrastructure investments. Experts ask Centre to allocate funds for co-funded research projects between design institutes and private companies to leverage industry expertise. Direct grants for expanding and equipping design labs would help facilitate innovation with cutting-edge tools, ensuring alignment with contemporary industry needs.

 

Read full story here.

 

1:25 PM

Interim Budget 2024 LIVE: Education sector expects more focus on industry-academia partnership

Experts in the education sector feel there is a pressing need to bolster collaboration between industries and academia. Therefore, prioritising financial support for academic-industry collaboration would be paramount in the upcoming 2024 Budget. 

 

This strategic focus would ensure that academic programmes stay in sync with the evolving demands of the industry, cultivating a workforce equipped with agility, adaptability, and readiness for future challenges.

 

Read full story here.

 

12:59 PM

Interim Budget 2024 LIVE: Agriculture ministry aims to secure $98 million for clean plant programme

The Department of Economic Affairs (DEA) approved the proposal from the Department of Agriculture & Farmers Welfare (DAFW) to seek assistance from the Asian Development Bank (ADB). The collaboration targets the establishment of Clean Plant Centers at seven crop-specific ICAR institutes.

 Loan negotiations, held in October between the Ministry of Agriculture and Farmers Welfare (MOAFW), ADB, and DEA, aim to secure an ADB loan of $98 million for the project, according to a post by the Ministry of Finance on X.

12:27 PM

Interim Budget 2024 LIVE: Horticulture clean plant programme to be launched at Rs 2,200 cr

In line with the government's Budget 2023 commitment to enhance disease-free, quality planting material for high-value horticultural crops, the Ministry of Agriculture and Farmers Welfare has launched the Atmanirbhar Horticulture Clean Plant Programme. With an outlay of Rs. 2,200 crore, this initiative aims to strengthen the availability of top-notch planting material.

12:19 PM

Interim Budget 2024 LIVE: Govt to promote nature tourism and wetlands livelihood

As part of government initiatives to promote environment conservation values, the Ministry of Environment, Forest and Climate Change (MoECC) and the Ministry of Tourism are working collaboratively to strengthen nature tourism and wetlands livelihood through the Amrit Dharohar scheme.  

 

The Amrit Dharohar Implementation Strategy was launched on June 5 2023, as part of the Budget 2023 promises made by the central government.

12:10 PM

Interim Budget 2024 LIVE: Education videos on wetlands prepared with CIET, NCERT

To promote awareness of environmental conservation, the Ministry of Environment, Forest and Climate Change (MoECC) has worked with the Central Institute of Educational Technology (CIET), and the National Council of Educational Research and Training (NCERT) to prepare educational materials for school children as part of Budget 2023 promises.
 

12:02 PM

Interim Budget 2024 LIVE: Framework management plan to be developed for wetland conservation

Under the Amrit Dharohar initiative, consultative workshops with State Wetland Authorities have been conducted to develop a Framework Management Plan, a precursor to an Integrated Management Plan (IMP). Similar workshops with industries aim to foster partnerships for the sustainable management of wetlands. 

11:48 AM

Interim Budget 2024 LIVE: Amrit Dharohar to be implemented over 3 years for wetland conservation

Launched on June 5, 2023, the Amrit Dharohar Implementation Strategy focuses on four key components: Species and Habitat Conservation, Nature Tourism, Wetlands Livelihoods, and Wetlands Carbon. Over the next three years, the scheme aims to optimise wetland usage, enhance biodiversity, carbon stock, eco-tourism, and income generation for local communities.

 

Progress on these promises so far includes the completion and publication of the faunal inventory for all 75 Ramsar Sites by the Zoological Survey of India (ZSI). Additionally, the Botanical Survey of India (BSI) has finalised floral inventorisation, with People's Biodiversity Registers (PBRs) of Ramsar Sites in the final stages of updating, a shared by the Ministry of Finance through a post on X.

11:31 AM

Interim Budget 2024 LIVE: FIEO advocates Rs 5,000 cr outlay for the district as an export hub (DEH) scheme

The Federation of Indian Export Organisations (FIEO) has appealed to the government for a financial outlay of Rs 5,000 crore to be jointly shared by the Centre and states for the District as an Export Hub (DEH) scheme. 

 

This approach, FIEO argues, would boost state-level exports and, consequently, contribute to the overall export growth of the country. The upcoming Budget might unveil a pilot scheme, initially implemented in 50 districts, with a corpus of Rs 5,000 crore, shared between the Centre and states.

 

Read full story here.

 

11:13 AM

Interim Budget 2024 LIVE: Exporters rally for increased funding in MAI scheme

Ahead of the Interim Budget 2024, exporters have urged the government to allocate a substantial $3.88 billion for the Market Access Initiative (MAI) scheme. The aim is to bolster Indian exports and propel them towards the ambitious $2 trillion target by 2030. The Federation of Indian Export Organisations (FIEO), representing exporters, deems the current allocation of less than $2 billion for the MAI scheme inadequate in promoting exports to reach the desired $2 trillion mark by 2030. The MAI scheme adopts a 'focus product-focus country' strategy, utilising market studies and surveys to sustainably boost India's exports.

 

Read full story here.

 

10:53 AM

Interim Budget 2024 LIVE: Mangrove restoration had been allocated Rs 100 cr in Budget 2023

Launched on World Environment Day, 5th June 2023, by Prime Minister Narendra Modi, MISHTI aims to provide financial assistance to local communities for mangrove plantation activities and awareness campaigns as part of reforestation and afforestation efforts.

 

 

10:46 AM

Interim Budget 2024 LIVE: MISHTI Scheme for Mangrove restoration to be taken up across shorelines

The Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI) scheme will be taken up along the coastline and on saltpan lands wherever feasible, the Ministry of Finance announced through a post on X. 

 

The scheme requires convergence between the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Compensatory Afforestation Fund Management and Planning Authority (CAMPA) Fund, and other funding sources.

 

10:35 AM

Budget 2024 LIVE: Green Credit Programme to be notified under Environment (Protection) Act

Delivering on 2023 Budget promises, the Ministry of Finance announced that a 'Green Credit Programme' will be notified under the Environment (Protection) Act to incentivise eco-friendly responsive actions by companies, individuals, and local bodies. This also aims to bring in additional resources for more pro-environment actions.

 

The Green Credit Rules were notified by the Government of India, under the Environment (Protection) Act on October 12, 2023.

10:22 AM

Interim Budget 2024 LIVE: Rs 18 trillion disbursed in credit to agriculture by finance ministry

By the end of the 2023 calendar year, Rs 18,00,514 crore (provisional) was disbursed by the Ministry of Finance as credit to agriculture. The 2023-24 Budget outlined Rs 20 trillion for credit, 90 per cent of which has been disbursed, the ministry shared through a post on X on Saturday.

 

This includes Rs 1,91,412 crore (provisional) credit disbursed to the animal and husbandry sector, which is 65 per cent of the Budget 2023 target of Rs 2.93 trillion.

10:09 AM

Interim Budget 2024 LIVE: Provisions being made to make PACS more inclusive to women and SC/ST

The Ministry of Cooperation is working on provisions to make Primary Agricultural Credit Societies (PACS) more inclusive to better represent women and Scheduled Castes and Scheduled Tribes. In cooperation with stakeholders, bylaws are also being drafted to enable PACS to undertake more than 25 business activities, including fisheries, LPG/CNG/Petrol/Diesel distributorship, and Fair Price Shops (FPS). Model bylaws have been adopted by 31 states and union territories so far, in the latest updates shared by the Ministry of Finance.

9:50 AM

Interim Budget 2024 LIVE: Govt released Rs 575 cr to help facilitate digital transition of PACS

The Ministry of Cooperation has received proposals for the computerisation of 62,318 Primary Agricultural Credit Societies (PACS) from 28 States/UTs. To facilitate this digital transition, a substantial amount of Rs. 575.55 crore has been released by the Centre. This funding supports hardware procurement, digitisation, and the establishment of a robust support system.

 

System Integrators (SI) have been onboarded in 25 States/Union Territories, laying the groundwork for the implementation of advanced digital solutions. Additionally, 20 States/UTs have effectively undertaken the procurement of hardware, enhancing the technological infrastructure of cooperative societies.

9:44 AM

Interim Budget 2024 LIVE: Govt initiates computerisation of 63,000 PACS with Rs 2,516 crore

To realise the vision of 'Sahkar Se Samriddhi', an initiative to boost the rural economy by strengthening the cooperative movement in the country, the Ministry of Cooperation shared that nearly 63,000 Primary Agricultural Credit Societies (PACS) have already begun being computerised with an investment of Rs 2,516 crore. The finance ministry shared progress on the Budget 2023 promise through a post on X.

9:31 AM

Interim Budget 2024 LIVE: Govt may aim to limit fiscal deficit to 5.9% by deferring filings

Sources indicate that the reduction in equity infusion and the postponement of crude oil filing could be linked to the government's prioritisation of spending, aiming to limit the fiscal deficit to 5.9 per cent of GDP for the current financial year ending on March 31. This move comes as the government grapples with a revenue shortfall, particularly from the sale of stakes or divestment in Public Sector Undertakings (PSUs).

 

Read full story here.