Budget 2024 Updates: Finance Minister Nirmala Sitharaman to present the Union Budget on Tuesday

Union Budget 2024: As Finance Minister Nirmala Sitharaman presents the Union Budget on Tuesday, markets expect tax cuts, infra spending, and a boost to rural demand. Stay with us for all updates

7:01 PM

GTRI urges govt not to cut import duty on smartphone components in Budget

Economic think tank GTRI on Monday urged the government to cut import duty on smartphone components in the Budget as it could lead to an increase in superficial assembly plants that rely heavily on imported parts.

 

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 tomorrow.

 

The Global Trade Research Initiative (GTRI) said the current schemes and tariff structure resulted in great success, and the current framework is also ensuring duty-free imports of components for exports.

 

"Do not cut import duty on smartphone components in this Budget. Removing tariffs could lead to an increase in superficial assembly plants that rely heavily on imported parts, contributing little to the local economy.

6:59 PM

"Every Budget of PM prepared as per Adani, Ambani's advice": Congress MP Gaurav Gogoi

Congress MP Gaurav Gogoi on Monday targeted the BJP-led NDA government at the Centre over the Budget 2024-25 which will be presented by Finance Minister Nirmala Sitharman on Tuesday, alleging that every budget of PM Modi is prepared as per Adani and Ambani's advice.

 

He also alleged that this Budget would provide no relief on tax to middle-class people and the poor.

 

Notably, Union Budget for 2024-25 will be presented in Lok Sabha by Nirmala Sitharaman on July 23

 

Speaking on expectations from the Budget, Gogoi told ANI, "The budget will be prepared keeping in mind the profits of Adani and Ambani...There will be no relief on tax for middle-class people and the poor...Every budget of PM Modi is prepared as per Adani and Ambani's advice."

5:51 PM

Budget 2024: 'India to ease borrowing, investment rules for state firms'

India plans to remove some restrictions on its state-owned companies, including allowing them to borrow and invest without seeking the permission of the government, according to a Bloomberg report citing sources. Prime Minister Narendra Modi wants to make it easier for these firms to diversify into new markets and boost manufacturing, thereby helping him create jobs and lower imports, the people said, asking not to be identified before a formal announcement. The proposal may be announced as early as Tuesday, when Union Finance Minister Nirmala Sitharaman presents the Union Budget.

5:34 PM

Ahead of Budget, govt issues guidelines for Rs 4,950 cr incentive to discoms under PM-Surya Ghar scheme

A day before the Union Budget, Union Minister Pralhad Joshi on Monday (July 22) said the New & Renewable Energy Ministry has issued guidelines to provide Rs 4,950 crore incentive to discoms under the PM-Surya Ghar: Muft Bijli Yojana. Criteria for incentivising Discoms include achievement of installation of additional grid-connected rooftop solar capacity beyond the baseline level, the New & Renewable Energy Minister said in a post on X.

5:10 PM

20 hours earmarked for discussion on budget in Lok Sabha

4:55 PM

India's trade deficit expected to decline further: Economic Survey

Boost in domestic manufacturing due to PLI (production linked incentive) schemes and increase in exports on account of free trade agreements are expected to bridge the country's trade deficit further, Economic Survey said on Monday. However, it said that fluctuations in commodity prices, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels.

4:50 PM

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Economic Survey

Issues related to data privacy and rising online frauds are emerging as significant hurdles in the growth of e-commerce in India, said the Economic Survey 2023-24 tabled in Parliament on Monday. Citing third-party data, the survey said that the e-commerce industry in India is expected to cross $350 billion by 2030 and called for the need to educate users on the safe use of e-commerce platforms.

4:41 PM

Households not in distress, investing more in financial assets: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Monday said that households are investing more in financial assets and their market value are not captured in the national income data. The Economic Survey 2023-24, tabled in Parliament, said that registered investor base at NSE has nearly tripled from March 2020 to March 2024 to 9.2 crore as of March 31, 2024, potentially translating into 20 per cent of the Indian households now channelling their household savings into financial markets.

4:30 PM

Economic Survey projects doable 7% growth for FY25: CEA Anantha Nageswaran

The Economic Survey has projected a prudent growth rate of 6.5-7 per cent for the current financial year, and much will depend upon the progress of the monsoon, Chief Economic Advisor V Anantha Nageswaran said on Monday. Addressing reporters here after the tabling of the Economic Survey 2023-24 in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said the economic growth rate of 7 per cent is doable but will depend on how the monsoon rains progress.

4:20 PM

Convergence of efforts by Centre, states needed to improve education quality: Economic Survey

Convergence of efforts across the Centre, states and local bodies is needed to improve the quality of education, especially primary education, the Economic Survey said on Monday. According to the survey for FY 2023-24 tabled in Parliament, the National Education Policy (NEP) 2020 is expected to yield foundational literacy and numeracy for every child passing the third standard in the near future.

4:10 PM

People of every religion and caste will benefit from Union Budget: Ramdas Athawale

Speaking on the Union Budget to be presented on Tuesday (July 23), Union Minister Ramdas Athawale says, "... This budget will announce more development projects for the country... People of every religion and caste will benefit from the budget... We will strive to uplift the people living below the poverty line in the next five years, just like 25 crore people were brought out of poverty in the last 10 years..."

4:04 PM

GTRI urges govt not to cut import duty on smartphone components in Budget

Economic think tank GTRI on Monday urged the government to cut import duty on smartphone components in the Budget as it could lead to an increase in superficial assembly plants that rely heavily on imported parts. Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 on Tuesday (July 23). The Global Trade Research Initiative (GTRI) said the current schemes and tariff structure resulted in great success, and the current framework is also ensuring duty-free imports of components for exports.

3:52 PM

'With several nations aiming for net zero emission, it's going to be a major issue in resource availability'

3:25 PM

GST played remarkable role in reducing logistics cost: Economic Survey

The Goods and Services Tax (GST) has played a remarkable role in bringing down the country's logistics cost, Economic Survey on Monday said. The 'One Nation, One Tax' regime has ensured that trucks do not have to wait for hours on state borders, which has brought down the travel time by up to 30 per cent. "This has reduced the logistics cost and increased the average distance trucks travel from 225 km before GST to 300-325 km," the Economic Survey 2023-24 tabled in Parliament said.

3:22 PM

Economic Survey suggests use of digital system 'Agri Stack' for better targeting of fertiliser subsidy

Economic Survey has prescribed for better targeting of fertiliser subsidy using 'Agri Stack' digital system to ensure that a fixed quantity of subsidised nutrients are sold to only identified farmers based on parameters such as land ownership and cropping pattern of a particular district. It also suggested direct transfer of fertilisers subsidy to farmers through E-RUPI, a digital payment mechanism.

3:14 PM

Economic Survey suggests removing food from inflation-targeting framework, calls for re-examination

The Reserve Bank should stop looking at food inflation in deciding interest rates and the government should explore giving coupons or direct cash transfer to poor to deal with higher food prices, the pre-Budget economic survey said on Monday.

 

2:56 PM

Flagship initiatives needed for outcome-based empowerment: Economic Survey

India’s social welfare approach has undergone a shift from an input-based approach to outcome-based empowerment. Saturation of basic necessities has been recognised as imperative to achieve this, thus impelling an array of flagship initiatives.

2:22 PM

Revise consumer price index with fresh weights and item baskets: Economic Survey

"The ongoing efforts to construct the producer price index for goods and services may be expedited to have a greater grasp of episodes of cost-push inflation," stated the Survey authored by a team of economists led by Chief Economic Adviser V Anantha Nageswaran. It also suggested expeditiously revising the consumer price index with fresh weights and item baskets.

2:18 PM

Agriculture sector continues to face structural issues that have implications for India' growth: Eco Survey

"Despite its centrality in India's growth trajectory, the agriculture sector continues to face structural issues that have implications for India's economic growth," the Survey said. Policymakers must strike a delicate balance between incentivising farmers to increase production and keeping food prices within acceptable limits, according to the survey. This dual objective requires careful policy interventions, the survey noted.

2:14 PM

Indian economy seen growing at 6.5-7% in 2024-25: Economic Survey

India's gross domestic product (GDP) is expected to grow at 6.5-7 per cent in FY25, according to the Economic Survey released on Monday. The survey stated that India's growth drivers have supported economic growth in FY24 despite uncertain global economic performance. Click here for a detailed story.

2:07 PM

Obesity is emerging as a serious concern among India's adult population, says Economic Survey

Raising concerns over growing obesity and increase of consumption of highly processed foods laden with sugars and fat, the Economic Survey said 54 per cent of the total disease burden in India is due to unhealthy diets. Obesity presents a "concerning situation" and preventive measures must be taken to enable citizens to have a healthier lifestyle, it said. "Obesity is emerging as a serious concern among India's adult population," said the Survey, which was tabled on Monday by Finance Minister Nirmala Sitharaman in Parliament.

2:06 PM

Economic Survey paints a nice picture of the Indian economy: Mohandas Pai

The Indian economy has grown at 8 per cent plus last year and this year, they expect to grow in real term at 6.5-7 per cent. The fiscal deficit is coming down and investment is more than a trillion dollars a year and there is growth all around, said Chairman of Aarin Capital, Mohandas Pai.

1:29 PM

AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey

The Economic Survey, released on Monday, said the advent of Artificial Intelligence (AI) casts a "huge pall of uncertainty" with regard to impact on workers across all skill levels. The Economic Survey 2023-24 tabled in Parliament predicted that the new-age technology, while turbocharging productivity, has the potential to disrupt employment in certain sectors. The Survey described AI as "phenomenal in its rapid pace of innovation and ease of diffusion" but also cautioned that the the future of work will be reshaped by it. "... The advent of Artificial Intelligence casts a huge pall of uncertainty as to its impact on workers across all skill levels -- low, semi and high," it said.

1:21 PM

FDI inflows from China can help India increase global supply chain participation: Economic Survey

Increased foreign direct investment inflows from China can help increase India's global supply chain participation and push exports, says the Economic Survey. The Survey said as India looks to deepen its involvement in global value chains (GVCs), it needs to look at the successes and strategies of East Asian economies. These economies have typically pursued two main strategies - reducing trade costs and facilitating foreign investment. "Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the US, similar to how East Asian economies did in the past," the Survey, tabled in Parliament by Nirmala Sitharaman on Monday, said.

1:17 PM

Speculative stock market activity for greater returns a concern: Economic Survey

Economic Survey 2024 expressed concern over stock market activity based on the speculation for higher returns. It said, "The significant increase in retail investors in the stock market calls for careful consideration. This is crucial because the possibility of overconfidence leading to speculation and the expectation of even greater returns, which might not align with the real market conditions, is a serious concern." Read more here

1:10 PM

India likely to have highest per-capita income growth in the world at 5.4%: Report

Ahead of the Union Budget, a recent report by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organisation (FAO) has said, "India is likely to have the highest per-capita income growth in the world at 5.4 per cent per annum during 2024-33, allowing it and other emerging economies to drive global consumption of agricultural and fisheries products in the next decade." 

12:50 PM

Normal monsoon, moderating global prices of imports back RBI's benign inflation projection: Economic Survey

The Reserve Bank of India and the India Monetary Fund have projected that India's consumer price inflation will "progressively align" towards the inflation target in FY26. Assuming a normal monsoon and no further external or policy shocks, the RBI expects headline inflation to be 4.5 per cent in FY25 and 4.1 per cent in FY26, said Economic Survey 2023-24. Similarly, IMF10 has projected an inflation rate of 4.6 per cent in 2024 and 4.2 per cent in 2025 for India.

12:40 PM

Insights from Economic Survey: Social media, unhealthy food a lethal mix that undermines health, productivity

The Economic Survey noted social media, screen time, sedentary habits, and unhealthy food as a "lethal mix" that can undermine public health and productivity. "The private sector’s contribution to this toxic mix of habits is substantial, and that is myopic. The emerging food consumption habits of Indians are not only unhealthy but also environmentally unsustainable. India’s traditional lifestyle, food and recipes have shown how to live healthily and in harmony with nature and the environment for centuries. It makes commercial sense for Indian businesses to learn about and embrace them, for they have a global market waiting to be led rather than tapped," it added.

12:33 PM

Insights from Economic Survey: 'There has to be heavy lifting on the domestic front for sustained recovery'

The Economic Survey document has said that the Indian economy has demonstrated resilience in the face of geopolitical challenges. It added, "The Indian economy has consolidated its post-Covid recovery with policymakers – fiscal and monetary – ensuring economic and financial stability. Nonetheless, change is the only constant for a country with high growth aspirations. For the recovery to be sustained, there has to be heavy lifting on the domestic front because the environment has become extraordinarily difficult to reach agreements on key global issues such as trade, investment and climate."

12:16 PM

FinMin Nirmala Sitharaman tables Economic Survey 2023-24, Economic Survey 2023-24 statistical appendix in LS

Tabling the Economic Survey in the Parliament, Finance Minister Nirmala Sitharaman said, "A lot of steps have been taken by the central government on Ease of Doing Business. Nearly 11 steps have been mentioned in the reply, but most importantly Decriminalisation of 63 offences and as a result of which companies today are able to carry on their functions without the worry of compliance. A central processing system has also been set up."