Budget 2024 LIVE updates: Govt raises import duty on gold, silver jewellery
Union budget 2024: Govt will table the interim budget where focus will likely be on controlling fiscal deficit and supporting agri ahead of the elections. Catch all the budget-related live updates
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Budget 2024: In its interim budget scheduled to be tabled on February 1, the government is likely to focus on controlling the fiscal deficit while expanding the capital expenditure to an all-time high, according to a report published in Reuters. This budget is significant given that it will be tabled weeks before the Lok Sabha elections where Bharatiya Janata Party (BJP) is predicted to win a third-term. The interim budget is likely to stike a balance between populist measures and fiscal prudence.
The fiscal deficit target for FY25 is likely to be pegged at 5.3 per cent of the gross domestic product (GDP) in the upcoming interim budget, suggests an analysis of multiple projections made by economists and forecasting agencies, Business Standard reported.
Fiscal deficit is determined by calculating the difference between the total income of the government and the total expenditure incurred by it.
With intensions to support agriculture and farmers in the country, the government is likely to announce a substantial increase in the agricultural credit target to Rs 22-25 trillion in the upcoming interim Budget for the next fiscal and ensure every eligible farmer has access to institutional credit, according to sources. The government's agri-credit target is Rs 20 trillion for the current fiscal.
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Budget 2024 LIVE updates: Coai request custom duty exemption on certain telecom equipment in Budget
The Cellular Operators Association of India (Coai), which represents private sector telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea, requested exemptions on Customs duty on certain telecom equipment, which presently increases the cost of rolling out this critical infrastructure. Rising over a period of five to six years, duties have now hit 20 per cent.
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Budget 2024 LIVE updates: Telecom service providers urge finance ministry to suspend USOF in Budget
Telecom services providers have urged the Ministry of Finance to suspend the universal service obligation fund (USOF) till the existing corpus is exhausted.
In their Budget recommendations, they have also pressed for an exemption from the service tax on “assignment of right to use natural resources” and the slashing of Customs duty on telecom equipment to zero.
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Budget 2024 LIVE updates: Govt defers Rs 5,000 cr plan to fill parts of strategic petroleum reserve
India has deferred a Rs 5,000 crore ($601.78 million) plan to fill parts of its strategic petroleum reserve, keeping in mind emerging trends in oil markets, the finance ministry said on Saturday.
In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth Rs 5,000 crore for caverns in the southern cities of Mangalore and Visakhapatnam.
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Budget 2024 LIVE updates: Govt likely to up Budget size by 10% to Rs 43-33 trillion
The government's size of the Budget for the current year was Rs 40 trillion and next year it is likely to increase by 10 per cent to Rs 43-44 trillion. (PTI)
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A recent poll by news agency Reuters suggested that the upcoming Budget is expected to strike a balance between populist measures and fiscal prudence. It said that the Centre will target a lower fiscal deficit of 5.3 per cent for 2024-25 from 5.9 per cent in the current year.
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Interim Budget 2024: What to expect
Sitharaman has hinted that there may not be any big announcements in the upcoming Budget but experts still expect a number of key promises.
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Budget 2024 LIVE updates: Capital spending this financial year has already exceeded Rs 10 trillion
Capital spending has already surged more than 33 per cent this financial year to over Rs 10 trillion ($120 billion) and is projected to rise 15 per cent in the next, reaching Rs 11.50 trillion, with expectations of an increase in private investment.
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Budget 2024 LIVE updates: Interim Budget to reduce fiscal deficit, shows Reuters poll
The government is aiming to narrow the fiscal deficit to 4.50 per cent of GDP by the end of the 2025-26 fiscal year (FY) from 5.90 per cent in the current year to end-March 2024.
The Jan. 10-19 Reuters poll of 41 economists showed the February 1 budget is expected to target a narrowing of the fiscal deficit as a percentage of GDP to 5.30 per cent in 2024-25.
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Budget 2024 LIVE updates: Interim Budget to focus on capex, shows Reuters poll
The Janusary 10-19 Reuters poll of 41 economists showed that nearly all respondents said infrastructure investment (34) would be the top priority, followed by rural development (17) and job creation (16), as the latter has failed to keep pace with the tens of millions joining the workforce each year.
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Budget 2024 LIVE updates: More funds may go towards welfare schemes like MGNREGA, PM Kisan Samman Nidhi
This tax buoyancy has given the government headroom to allocate more funds for social sector schemes, like MGNREGA, rural roads, PM Kisan Samman Nidhi, PM Vishwakarma Yojana without deviating from the fiscal consolidation path of lowering fiscal deficit to 4.5 per cent by 2025-26. (PTI)
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Budget 2024 LIVE updates: Markets expects removal of securities tax
The markets have been expecting removal of securities transaction tax (STT) for a few years now. This tax (charged at 0.1 per cent for delivery based equity trading) is levied on the value of securities transacted through a recognised stock exchange in India.
“Relief in taxation of dividends in the hands of investors will boost sentiment,” wrote analysts at ICRA Analytics.
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Budget 2024 LIVE updates: Markets expect policy continuity in Budget announcement
Since the government is in election mode, analysts at Nomura believe there will be tacit targeting of its key constituents, with the interim budget likely to be a political statement. Since most opinion polls expect the current dispensation to be back in power, it is likely that the interim budget will be presented under the assumption of policy continuity after the elections.
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In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent. (Reuters)
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Budget 2024 LIVE updates: Govt raises import duty on gold, silver jewellery findings to 15% from 11%
The Indian government has increased the import duty on gold and silver findings, used in making jewellery, and on precious metal coins to 15 per cent from 11 per cent, effective from January 22, to bring them in line with duties on gold and silver bars.
In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent. (Reuters)
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Budget 2024 LIVE updates: Govt budgeted to collect Rs 18.23 trillion from direct taxes in this financial year
The government had budgeted to collect Rs 18.23 trillion from direct taxes in this fiscal. Till January 10, the mop-up stood at Rs 14.70 trillion, which is 81 per cent of budget estimates. The total direct tax mop-up is likely to exceed budget estimates by about Rs 1 trillion. (PTI)
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Budget 2024 LIVE updates: Rs 226 crore sanctioned for ropeway in Himachal, says Nitin Gadkari
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Budget 2024 LIVE updates: Centre likely to announce Phase IV of Delhi Metro project which includes 5 corridors
According to the Delhi Metro Rail Corporation (DMRC), phase IV has five more corridors. These are Janakpuri West to R.K Ashram, Tughlakabad to Delhi Aerocity, and Majlis Park to Maujpur, which are under implementation. The other two corridors are Inderlok - Indraprastha and Lajpat Nagar to Saket G Block. All which may be announced in the Interim Budget on February 1.
Topics : Narendra Modi Fiscal Deficit Nirmala Sitharaman Gross Domestic Product (GDP) Lok Sabha elections Budget session Union Budget BJP State fiscal deficits Fiscal deficit target Finance minister Finance Ministry
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First Published: Jan 23 2024 | 9:33 AM IST
