Page 11 - Budget And Economy

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

PM Modi faces Budget pressure as Nitish Kumar seeks Rs 30,000 crore aid

Modi's biggest ally in the coalition - N Chandrababu Naidu of the Telugu Desam Party - has already made a request for more than $12 billion in aid over the next few years for Andhra Pradesh

Exports to jobs: 5 macro signals FM should heed ahead of Budget 2024

Rural consumption slowdown and slowing bank deposits are among other issues she should consider

Union Budget 2024: PM Narendra Modi to meet top economists on July 11

Budget 2024: At the key meeting, economists and industry experts as well as Niti Aayog Vice Chairman Suman Bery will present their views and recommendations regarding the Budget

On Budget table: 100% MSP for oilseeds, pulses; Centre may tweak PM-AASHA

India's dependence on imports for meeting its domestic demand for edible oils has increased during the last few decades and roughly 60 percent of domestic consumption is met through imports

Morgan Stanley expects Budget 2024 to focus on road map for 'Viksit Bharat'

Global brokerage firm Morgan Stanley expects Finance Minister Nirmala Sitharaman's upcoming Budget to focus on the government's road map for 'Viksit Bharat' by 2047 and spell out the medium-term plan for fiscal consolidation. "With fiscal prudence guiding the overall fiscal policy stance, we expect the focus to remain on capex expenditure over revenue expenditure and targeted social sector spending with a focus on improving access to physical, social and digital infrastructure," said Morgan Stanley's research report on Wednesday. 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 brokerage firm expects the central government's fiscal deficit target to be retained at 5.1 per cent of GDP in 2024-25 in line with the interim budget (against 5.6 per cent of GDP in 2023-24) and to be on track to attain the target of 4.5 per cent of GDP by the next financial year. "The fiscal headroom h