Page 10 - Budget And Economy

Budget 2024: Rail budget may see more focus on passenger capacity, safety

Ashwini Vaishnaw recently announced that the national transporter will manufacture 10,000 non-air-conditioned coaches over the next two financial years

Double standard deduction: KPMG outlines key tax reforms for Budget 2024

Doubling standard deduction to Rs 1 lakh, increasing tax break on interest paid on housing loan and rationalisation of capital gains tax regime are some of the expectations that consultancy firm KPMG has from the Budget 2024-25 to be unveiled on July 23 in Parliament. There has been a significant rise in medical expenses, fuel costs and overall inflation. Keeping in mind the increase in personal expenditure it is popularly expected to enhance the standard deduction to Rs 1 lakh from the existing limit of Rs 50,000, KPMG said in a note. With the objective to have more net disposable income which can either be spent on consumer goods or channelised as savings, it is a popular expectation that the basic tax exemption limit under the default new tax regime be increased to Rs 5 lakh from Rs 3 lakh, it said. With regard to housing loans, it said there is mounting pressure on the real estate sector with recent hikes in interest rates and regulatory reforms. To alleviate these challenges a

Economic vision, political theme key aspects to watch in Budget: Nomura

The new government's economic vision and management of the "political theme" will be among the key aspects to watch in the upcoming Union budget, a Japanese brokerage said on Thursday. The brokerage said the second half of the year will see "muted returns" on the equities front, and reiterated its year-end target of 24,860 points on Nifty, which is only about 3 per cent higher than the current levels. The fiscal glide path beyond FY26, when the government has committed to reduce the fiscal deficit to 4.6 per cent, will also be a key theme to look at, Nomura's India Economist Aurodeep Nandi told reporters. Reminding of the 100-day programmes of the new government prepared by various ministries ahead of the elections, Nandi said getting some idea of the economic vision of the new government will be a key area to watch. After the election setback, the "political theme" of the budget by the new government dependent on coalition partners will also be keenly watched, he said. Specifical

Budget watch: Real estate sector wants industry status, tax relief

The sector also expects the Centre to provide measures, including tax breaks, to boost the demand for affordable housing, generally priced below Rs 50 lakh

Induce reforms in Budget to drive private consumption, says Godrej CEO

The government needs to take steps such as reviewing personal income tax slabs in the upcoming Union Budget to drive private consumption, which in turn will drive private investment, Godrej & Boyce Executive Director & CEO, Anil G Verma said on Thursday. He also expressed optimism that the government will build upon the solid foundation laid by the interim budget, which focused on boosting infrastructure development, maintaining fiscal prudence, and laid progressive emphasis on women, youth, farmers, and the underprivileged through skilling, welfare measures and financial assistance. "The important area that needs to be addressed now, amongst others, is the continued lower-than-expected growth in private consumption," Verma said in a statement. Asserting that private consumption drives private investment, he said, "Therefore, I am hopeful that the GoI (government of India) will take steps that boost consumption through a slew of measures that could include optimising GST ...

Global tax deal: Impact analysis done, govt may talk on Pillar 2 in Budget

Experts suggest India is still iffy on Pillar 1 and the equalisation levy may be extended beyond June 30

Budget 2024: Experts call for restructuring AB-PMJAY to hike health budget

Echoing the urgency of healthcare reforms ranging from restructuring of Ayushman Bharat Yojana (AB-PMJAY) to accelerating the digital health mission, experts and industry leaders have outlined key priorities for the Modi government in its third consecutive term. Their statements highlight the importance of prioritising preventive healthcare measures, strengthening infrastructure, and increasing healthcare spending. Healthcare experts have expressed concerns about whether the government in its new term will make any difference by increasing public expenditure on healthcare to the desired level in India. Notably, the National Health Policy (NHP) 2017, which promises to increase public health spending to 2.5 percent of the GDP, remains overdue even as Indians rely heavily on private services. Dr Girdhar Gyani, Director General, AHPI (Association of Healthcare Providers, India) said, "In the upcoming term, we urge the government to prioritise a comprehensive approach to fostering a ...

How defence Budget priorities have shifted after the Galwan clash?

From 2020 to 2024, India's defence Budget rose from Rs 4.71 trillion to a projected Rs 6 trillion, focusing on modernisation, equipment acquisition, and self-reliance

Full Budgets tend to realign fiscal deficits set in interim Budgets

Analysis of fiscal trends since 1991 reveals that full Budgets typically reduce fiscal and revenue deficits set in interim budgets, with notable exceptions during economic crises and major reforms

Budget 2024: Standard deduction for salaried persons may rise to Rs 1 lakh

Budget 2024: Under the Indian taxation laws, the standard deduction is a provision for the salaried employees and taxpayers receiving a pension

Budget Watch: FinMin confident of sticking to fiscal deficit of 5.1% of GDP

However, this path may not be as easy for the government to tread

Budget 2024: Centre may hike Provident Fund limit to Rs 25k after a decade

Budget 2024: For the Provident Fund, the current limit of Rs 15,000 came into effect after the wage ceiling for coverage was revised almost a decade ago in September 2014

Ahead of Union Budget 2024-25, DPIIT recommends angel tax removal

The angel tax is on the amount received by a company above the fair market value as income

Union Budget 2024: FM Nirmala Sitharaman set to present Budget on July 23

The Budget session of Parliament is slated to take place from July 22 to August 12

Union Budget 2024: Push for Lakhpati Didi 2.0 to boost women empowerment

Budget 2024: The Union Budget for the financial year 2024-25 is scheduled to be presented in the Lok Sabha on July 23

FinMin wraps up consultations, FY25 Budget to be presented on Jul 23

Finance Minister Nirmala Sitharaman has concluded consultations with various stakeholders, including representatives of industry and social sectors, as part of the budget preparation exercise. Sitharaman will present her seventh Budget on July 23. This would be the first full budget of Modi 3.0 which is going to set the path for Vikshit Bharat (developed India) by 2047. Last month, President Droupadi Murmu, while delivering her address to the joint sitting of Parliament, had said that many historic steps and major economic decisions will be taken in the upcoming budget session. In her first address to the joint sitting of Parliament since the constitution of the 18th Lok Sabha, the President said, "This budget will be an effective document of the government's far-reaching policies and futuristic vision". "Along with major economic and social decisions, many historic steps will also be seen in this budget," she said. The Finance Ministry in a statement said the pre-budget consultat

Pre-budget wish list: Set up Credit Guarantee Fund for agri loans, says SBI

The SBI report said that this fund is expected to boost fresh agriculture credit multiple times

Budget 2024: Govt may double beneficiaries under Ayushman Bharat scheme

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23; the Budget session of Parliament to take place from July 22 to August 12

Budget 2024 must focus on tax relief to stimulate consumption: India Inc

The Union Budget FY25 should focus on offering relief to taxpayers, especially in the lower income brackets, to stimulate consumption, industry players suggested. Finance Minister Nirmala Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23 which will be the first major policy document of the new government. The industry also urged the finance minister to lower corporate tax, phase out tax exemptions, and broaden tax base to boost economic growth. "Rationalise and simplify the tax system to improve compliance and promote investment. Consider measures such as reducing corporate tax rates, phasing out tax exemptions, and broadening the tax base to make the tax regime more efficient and equitable," Assocham said. Rating agency ICRA said the government is likely to set a fiscal deficit target at 4.9-5 per cent for FY25, as against 5.1 per cent estimated in the Interim Budget on February 1, without compromising the capital expenditure target of Rs 11.1 lakh .

Budget 2024: 7 key demands listed by govt employees' union for Centre

Ahead of the Budget on July 23, the union has called for a lunch hour demonstration in front of all central government offices from July 17-19 in support of these demands