Page 9 - Budget 2024

Budget to boost rural consumption, augment purchasing power: FMCG industry

The Union Budget will help drive consumption, especially from rural areas, with its special focus on agricultural schemes and rural development, FMCG industry leaders said. Terming the measures announced in the budget "positive , HUL CEO and MD Rohit Jawa said investment in infrastructure will have multi-year effect and help drive consumption. "The new announcements today, increasing the investment rural development, investment activities supporting urban poor, the schemes for youth, employment, especially skilling, are quite positive, especially for business like ours that serves consumers," said Jawa during an earning calls on Tuesday. "These investments will have multi-year effect in driving consumers to spend more in consumption, that, in turn, of course drive the economy for its value," he said adding these are right set of announcements and the focus of the budget is mass consumption. Parle Products Vice President Marketing Mayank Shah said initiatives announced in the budget

Budget 2024: A step in right direction, particularly driving job creation

This Budget has taken steps to ease access to educational loans

Budget 2024 brings relief for gold ETFs, equity FoFs, international schemes

According to MF officials, these offerings had unintentionally got classified as debt funds last year, and this budget makes a course correction

Budget at a glance: Here're the key numbers from Union Budget 2024

This is Nirmala Sitharaman's seventh consecutive presentation

Union Budget 2024: Govt slashes food, fertiliser, and fuel subsidy bill

As the gas prices dropped, the cost of producing urea has also come down, and with it its subsidy expenditure from the government

Budget 2024: Surge in working days; more people engaged in agriculture

Boost to rural infra and National Cooperation Policy to help fast-track rural growth

Budget 2024: Tax burden on share buybacks shifted to shareholders

Finance Minister proposes to tax income received on buybacks of shares in the hands of recipient

Union Budget 2024: Urban consumption growth in Q1 lags behind rural areas

Lower taxes and levies on mobile phones and associated products such as chargers to help bring down prices

Union Budget 2024-25: Govt abolishes angel tax on startup funding

Capital gains tax rates between listed, unlisted equity aligned

Angel tax abolition significant milestone, will boost startups: IT Minister

The Union Budget announcement of the abolition of the angel tax is a significant milestone that will boost the startup ecosystem in India, IT Minister Ashwini Vaishnaw said on Tuesday. It is a "very good decision" and has been the biggest demand of deep tech startups, Vaishnaw said, adding that the move will spur investment in startups. "Angel tax has been a long-standing issue...deep tech startups had a major issue on how do you do valuation... that point has been addressed with its abolition," he said at a post-budget conference. The minister said India has taken big strides in domestic manufacturing of mobiles, laptops and servers, and the focus now is to encourage component manufacturing. The process of framing rules under the Data Protection Act (DPDP Act) is in the "advanced stage", he said, adding that "we will place rules for public and stakeholder consultation soon".

Govt brings listed equity & units of REITs, InvITs at par to calculate LTCG

The government on Tuesday brought units of listed business trusts -- REITs and InvITs -- at par with listed equity shares while calculating long-term capital gain tax, a move that will foster a more agile investment environment. According to the Union Budget document, the government has reduced the holding period for determining long-term capital gains for business trusts from 36 months to 12 months. "Thus units of listed business trust will now be at par with listed equity shares at 12 months instead of earlier 36 months," the document noted. Real estate Investment Trusts (REITs) and infrastructure investment trusts (InvITs) are new concepts in the Indian market but have been a popular choice globally for their lucrative returns and capital appreciation. A REIT is made up of a portfolio of commercial real estate assets, the majority of which are already leased out, and InvITs consist of a portfolio of infrastructure assets like highways. Indian REITs Association, which has been

Budget allocation to Delhi stagnates at Rs 1,168 cr; Atishi slams Centre

The allocation for the Government of National Capital Territory of Delhi (GNCTD) in the Union budget 2024-25, presented in the Lok Sabha on Tuesday, remained stagnant at Rs 1,168 crore, the same amount allotted in 2023-24. The AAP government's Finance minister Atishi lashed at the BJP saying no money was given to Delhi neither as share in central taxes, nor as financial assistance to the Municipal Corporation of Delhi (MCD) despite the city paying Rs 2.32 lakh crore to the central pool. The transfer to Delhi from the Union home ministry included Rs 1,168 crore under the revenue head and Rs 0.01 crore under the capital head, showed the budget document tabled in the Lok Sabha. In the 2022-23 budget, Delhi was allocated Rs 960 crore. The amount was increased to Rs 1,168.01 crore in 2023-24 and it remains the same for 2024-25. There were no grants in lieu of its share in central taxes and duties for Delhi. It was Rs 325 crore in the 2022-23 budget. The amount of grants in return of ..

CII T'gana, FTCCI welcome Budget, term it growth oriented, progressive

The CII Telangana on Tuesday termed the Union Budget as growth-oriented and one which gives a big boost for MSMEs, jobs creation and skill development areas. The Federation of Telangana Chambers of Commerce and Industry (FTCCI) welcomed the Union Budget presented by Nirmala Sitharaman and said it is progressive, pro-development budget that attempted to lay a strong foundation for 'Viksit Bharat'. CII Telangana Chairman and Executive Director, Bharat Biotech International Ltd Sai D Prasad said the focus on MSMEs is extensive and the Budget for 2024-25 provides a detailed strategy for each segment of society, aiming to ensure that every Indian shares in the growth ambitions of our country, according to a release by CII Telangana. The nine key priorities outlined in the Budget for a 'Viksit Bharat' offer a holistic framework for an inclusive, resilient, prosperous, environmentally sustainable, and technologically advanced nation, he said. This ambitious plan represents a significant s

Budget 2024: Karnataka CM says FM has done injustice to people of state

Terming the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman as "disappointing", Karnataka Chief Minister Siddaramaiah on Tuesday said the State has been totally neglected. "As Nirmala Sitharaman is the Rajya Sabha member from Karnataka, we had expected her to do justice for the state and hoped that she would protect the interest of the state, but she has disappointed and done injustice to the people of Karnataka," he said. "In this budget Nirmala Sitharaman has given Karnataka 'Chombu' (a small, round water container). Karnataka has got nothing. Andhra Pradesh and Bihar got special grants, no other states have got grants. Because for Nandra Modi Modi to continue as Prime Minister Andhra Pradesh and Bihar's support is required," Siddaramaiah said. Speaking to reporters here, he said no impetus has been given to Karnataka in this budget including in sectors like industries and railways, despite five central ministers being from the state. "The budget is totall

Budget 2024: India to enable VCC structures like Singapore, Mauritius

Industry officials believe that the adoption of the VCC framework has helped Singapore become the hub for international fund management, and a similar move for India will be beneficial

Union Budget 24: What's cheaper and what's costlier? Check full list

In the Union Budget for FY25, Finance Minister Nirmala Sitharaman announced several changes impacting the prices of various items. Read on to find out what they are

Zerodha to collect Rs 2,500 cr from STT hike in Budget 2024: Nithin Kamath

STT on derivatives hike in Budget 2024: While unveiling the Budget 2024 proposals, the first budget in the Modi 3.0 regime, FM Nirmala Sitharaman announced a slew of changes relating to stock markets

Transitioning to a green future: Budget 2024 underlines energy security

The government will also formulate a roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets'

Ignored plight of Manipur amidst flood, violence in Union Budget: Congress

The opposition Congress in Manipur on Tuesday criticised the BJP-led government at the Centre, alleging that it ignored the plight of the state, which not only suffered a major flood but also bore the brunt of ethnic violence, in the Union Budget. State Congress president K Meghachandra alleged that there was a partisan approach in the Budget. "There was a partiality in the budget. The entire Northeast was not taken care of. Manipur was once again neglected. While flood-hit Assam was mentioned, Manipur that witnessed a catastrophic hailstorm and two of the worst floods in more than 20 years was not," he said. "Not providing any aid to more than 60,000 displaced people is also a setback. We are very much disappointed," he said. Meanwhile, the ruling BJP in the state hailed the Budget, asserting that it was dedicated to the holistic and inclusive development of all citizens. In a statement, state BJP spokesperson M Asnikumar said, "To achieve comprehensive social justice, we will em

Budget 2024: HP to get aid to overcome losses due to last year's floods

Himachal Pradesh, which suffered major losses due to floods last year, would be provided aid through multilateral development assistance, Finance Minister Nirmala Sitharaman said during her budget speech in the Lok Sabha on Tuesday. Heavy rains triggered floods and landslides in the hill state last year and about 550 people died during the monsoon season. The Himachal Pradesh government has requested the Centre to release Rs 9,042 crore as financial assistance following a post-disaster assessment carried out by a central team. "Himachal Pradesh suffered extensive losses due to floods last year and our government would provide assistance to the state for reconstruction and rehabilitation through multilateral development assistance," Sitharaman said. The state received three spells of very heavy rains last year. It received 223.9 mm of rain from July 8 to July 12 against the normal of 42.2 mm, 111.2 mm from August 11 to August 14 against the normal of 41.7 mm, an excess of 167 per cen