Page 6 - Budget 2024

INDIA bloc MPs protest in Parliament for discrimination in Union Budget

INDIA bloc MPs, including Congress president Mallikarjun Kharge, Congress Parliamentary Party chief Sonia Gandhi and Leader of Opposition in the Lok Sabha Rahul Gandhi, staged a protest in Parliament premises on Wednesday over the alleged discrimination against opposition-ruled states in the Union Budget. Besides Kharge, Sonia Gandhi and Rahul Gandhi, several MPs of the Congress, TMC, Samajwadi Party, DMK and the Left joined the protest held on the steps leading up to the Makar Dwar of Parliament. Protesting against the budget, Kharge said, "This Budget is anti-people, no one has got justice. They have talked about special package but special status has not been given. This is a deceptive budget and injustice to the people." The MPs raised placards such as 'We want India budget not NDA budget' and 'NDA betrays India in Budget'. "Yesterday, through the budget, the government of India violated all the principles to keep the federal system," Congress general secretary, organisation, K

Opposition MPs stage walkout to protest Union Budget 2024 in Parliament

Finance Minister Nirmala Sitharaman responds by saying it was not feasible to mention every state in the Budget

Union Budget 2024: How did the opposition react to the Budget

The ruling BJP leaders heaped praises on Finance Minister Nirmala Sitharaman after she presented the “futuristic” Union Budget 2024-25 in the Parliament.

DPIIT to create timelines for govt agencies for clearance of FDI proposals

The Department for Promotion of Industry and Internal Trade (DPIIT) will formulate strict timelines for different government agencies and departments for clearance of Foreign Direct Investment (FDI) proposals from prioritised sectors, a top official said. DPIIT Secretary Rajesh Kumar Singh said though there is a standard operating procedure (SOP) for these clearances, still there are delays as the SOPs are not being followed. The secretary was responding to the Budget announcement that the rules and regulations for FDI and overseas investments will be simplified to facilitate foreign direct investments, and nudge prioritisation. He said that the concerned ministries and departments will be nudged to prioritise applications and speed up the process of approvals. "The idea is to cut short that (clearance and approval) process, we have not yet decided about the sectors where some liberalisation is possible, but certainly there is a view in the government that the processes, where the

Budget 2024: Proposals for critical minerals to help achieve net-zero goals

The Budget announcements related to critical minerals and green transition will not only make India self reliant in resources but also help in meeting net-zero goals, energy industry players said. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. Amit Rautela, CFO of state-owned Meja Urja Nigam said the Budget has strategically addressed present requirement of thermal power with a focus on Advanced Ultra Super Critical (AUSC) technology through joint venture route. Further, duty related measures for critical minerals will make the country self reliant in these important resources. According to Rahul Walawalkar, President of India Energy Storage Alliance (IESA), the announcement for pumped hydro storage in budget is a key step for supporting long duration energy storage technologies. Abolishment of angel tax is a great

India needs to monetise assets to support spending, says JPMorgan

The federal budget released Tuesday targeted a smaller fiscal deficit for this year on the back of a record dividend from the Reserve Bank of India

Pvt sector needs to step up, match govt's efforts: Anand Mahindra

India's private sector needs to step up and match the government's efforts towards job creation and making young people employable, as in the absence of a collective effort, the country's demographic dividend could become a demographic disaster, Mahindra Group Chairman Anand Mahindra said on Wednesday. In his reaction to the Union Budget for 2024-25, he said it shows evidence that the government recognises the importance of growth accompanied by job-creation. "We are the envy of the world in terms of our growth in GDP. We are the preferred destination of the world for investment because of the belief in our future," Mahindra said in a post on social media platform X. He further said, "But the vital task ahead for us is to ensure that this growth is now accompanied by an explosion in job-creation." Mahindra noted that, "Hence for me, the most important element of yesterday's budget was strong evidence that the government recognises this to be its most important mission. And that ...

Research, infra allocation will boost innovation in steel sector: ISA

The increased funding for R&D announced in the Budget and the support extended to startups and MSMEs will foster innovation in steel manufacturing, the apex industry association said on Wednesday. Further, the allocation of Rs 11.11 lakh crore is set to enhance national infrastructure, create millions of jobs, and directly benefit the steel industry, the Indian Steel Association (ISA) said in a statement. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. The Budget's strong emphasis on roads, railways, ports, and urban development will not only generate employment but also improve overall productivity. The increased funding for R&D and the support extended to startups and MSMEs will foster innovation in steel manufacturing, the ISA said. Jindal Steel and Power Ltd (JSPL) Chairman Naveen Jindal said, "The ...

Angel tax was on investments, such inflows should not be taxed: DPIIT Secy

Removal of the Angel tax for startups was a long pending issue as this levy was on investment coming into the country and such overseas inflows should not be taxed, a top government official said. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said the decision will help in attracting foreign investments, promoting innovation and further strengthening the startup ecosystem of the country, which is the third largest in the world. "So this was an ease of doing business issue as well as a tax issue. Ultimately, it was a tax not on income but on investments and investments should not get taxed, that is the basic idea," Singh told PTI. Giving a big relief to startups, the government on Tuesday announced removal of angel tax for all classes of investors. Angel tax (income tax at the rate of over 30 per cent) refers to the income tax that the government imposes on funding raised by unlisted companies, or startups, if their valuation ...

Union Budget 2024-25 significant milestone for country, says Sicci

The Union Budget 2024-25 is a significant milestone for India, with its focus on skills development, higher education, and the empowerment of youth and women, said the Singapore Indian Chamber of Commerce and Industry (SICCI) on Wednesday. "These initiatives are crucial in preparing the Indian citizenry to tackle the economic challenges of the future," SICCI Chairman Neil Parekh said, commenting on the latest financial package designed to drive the Indian economy forward. "SICCI lauds these efforts announced by India's Finance Minister Nirmala Sitaraman. It commends the Indian government under the leadership of Prime Minister Narendra Modi for its foresight in preparing the younger generation to take India to even greater heights," said Parekh. The Budget has allocated Rs 1.48 lakh crore for education, employment, and skill development initiatives in the country, demonstrating the government's commitment to empowering the youth and enhancing their skills for better employment ...

Budget 2024: What is the 'Purvodaya' scheme announced by FM Sitharaman?

Finance Minister Nirmala Sitharaman during her Budget 20204 speech unveiled 'Purvodaya' plan, focusing on human resource development, infrastructure, and economic opportunities in the eastern region

RVNL, HAL: Is there more downside for Rail, Defence stocks post Budget?

Shares of rail and defense related companies bounced back in trades on Wednesday; however, charts reveal that several stocks were trading below their key short-term moving averages.

Budget pinches homebuyers, earns praise of real estate developers

The Union Budget 2024-25 has left homebuyers disappointed, as it did not address concerns like high interest rates on home loans and the annual increase in stamp duty charges, while real estate developers lauded the Budget. Apartment Owners Associations in Noida and Greater Noida in the national capital region believe revoking indexation benefits in property deals will be a big setback for homebuyers. "This budget has left homebuyers disappointed, with no specific provisions or reliefs offered for them. Despite the high interest rates on home loans and the annual increase in stamp duty charges, the budget did not address these concerns," said Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA). Noida along with Greater Noida adjoining Delhi in the national capital region has thousands of distressed homebuyers and stuck housing projects. Rajiva Singh, president of Noida Federation of Apartment Owners Association (NOFAA) believed the budget revoking

Budget 2024: FM Nirmala Sitharaman hikes higher education funding by 8%

Union Budget 2024: Finance Minister Nirmala Sitharaman allocated Rs 47,619 crore for the higher education sector under the Ministry of Education

Budget 2024 is growth oriented, addresses right sectors: Vikas Khemani

Union Budget 2024 analysis: The government has laid out a clear vision for 'Viksit Bharat' by addressing key areas - agricultural reforms, manufacturing push and employment generation among others

Budget 2024: Customs duty hike to increase costs for 4G, 5G network rollout

Union Budget 2024: The increase in basic customs duty on printed circuit board assemblies from 10% to 15% can help create a robust telecom equipment manufacturing ecosystem in India

Budget 2024: Freshers to get one month's free salary. Check eligibility

Budget 2024: As part of the Centre's employment-linked incentive scheme, first-time employees in the formal sector will be offered one month's salary as subsidy up to Rs 15,000

Budget 2024: Old tax regime may still help you save more, here's the math

Choosing between the old and new income tax regimes to minimise your tax outgo can be challenging for many taxpayers. Here's the math to make you understand

How Budget 2024 impacts mutual fund investors and what should you do?

The long-term capital gains tax on equity-oriented investments will also be spiked from 10 per cent to 12.5 per cent from July 23, 2024.

Apex Frozen, Waterbase, Avanti Feeds soar up to 20% on THIS Budget proposal

Finance Minister Nirmala Sitharaman announced a proposal to provide finance for shrimp farming and marketing in Budget 2024-25