Page 16 - Budget

Tax benefits extension to startups till Mar 2025 progressive move: Industry

The interim Budget announcement related to the extension of tax benefits to startups by one more year till March 2025 underlines the government's commitment towards creating a conducive environment for startup development and sustainable investments, the industry said on Thursday, terming it a progressive and encouraging move. "...the extension of tax benefits until March 2025 for startups, sovereign wealth, and pension funds signify a government committed to supporting growth and resilience. The prolonged tax benefits indicate a steady commitment to creating a conducive environment for startup development and sustainable investments," MobiKwik Founder and CEO Bipin Preet Singh said. CEO and Co-Founder of magicpin Anshoo Sharma lauded the move saying it would provide much-needed continuity and inflows to the Indian startup ecosystem. "We also appreciate the extension of tax benefits to startups on investments made by sovereign wealth or pension funds to 31.03.2025, this will provide

Interim Budget: Improved fiscal resilience amid modest tax buoyancy

The Interim Budget had assumed nominal GDP growth of 10.5 per cent of GDP, but First Advance Estimates placed it at 8.9 per cent

Demand to rise as Budget proposes to help middle-class buy homes: Realtors

Realtors on Thursday hailed the Budget proposal of launching a scheme to help middle-class people buy or build their own homes, saying this will boost demand for residential properties and help in the overall growth of the real estate sector. In the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorised colonies' to buy or build their own houses. She also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen). Commenting on the Budget proposals, CREDAI President Boman Irani said these initiatives are "encouraging and will aid in the growth of the housing market". Sustained focus on infrastructure development will further boost growth in the housing sector, he said. With tax rates remaining unchanged, Irani said the common man will not have ...

Govt extends animal husbandry infra fund worth Rs 29,610 cr till 2025-26

The Union Cabinet on Thursday extended the Animal Husbandry Infrastructure Development Fund (AHIDF) till 2025-26. In June 2020, the government had approved setting up of AHIDF worth Rs 15,000 crore. According to an official statement on Thursday, the Cabinet approved the "continuation of Animal Husbandry Infrastructure Development Fund (AHIDF) to be implemented under Infrastructure Development Fund (IDF) with an outlay of Rs 29,610.25 crore for another three years up to 2025-26." The scheme will incentivize investments for dairy processing and product diversification, meat processing and product diversification, animal feed plant, breed multiplication farm, animal waste to wealth management (Agri-waste management) and veterinary vaccine and drug production facilities. "Government of India will provide 3 per cent interest subvention for 8 years including two years of moratorium for loan up to 90 per cent from the scheduled bank and National Cooperative Development Corporation (NCDC)

Interim Budget: Rama's radiance in FM Sitharaman's six yards of optimism

The Opposition made only half-hearted efforts to interrupt the speech and did not appear to notice that in the Budget speech, the Prime Minister was quoted five times

Budget 2024: Allocation for Auto PLI rises over seven-fold to Rs 3,500 cr

The government on Thursday announced an over seven-fold increase in allocation for the automotive industry's production-linked incentive scheme for 2024-25 to Rs 3,500 crore, the interim budget documents showed. According to the Expenditure Budget, a sum of Rs 3,500 crore has been earmarked towards the Production Linked Incentive (PLI) scheme for automobiles and auto components in the financial year beginning March, up from a revised estimate of Rs 483.77 crore in the current fiscal. Additionally, the budget for the PLI scheme for advanced chemistry cell and battery storage has been hiked from Rs 12 crore to Rs 250 crore in 2024-25. The Ministry of Heavy Industries recently extended the tenure of the PLI scheme for automobile and auto components by one year, with incentives now applicable for five consecutive financial years starting 2023-24. The Union Cabinet had approved the PLI-Auto scheme on September 15, 2021 with a budgetary outlay of Rs 25,938 crore for a period of 5 years .

Civil aviation ministry to get Rs 2,300 cr budgetary allocation for 2024-25

The budgetary allocation for the civil aviation ministry has come down to Rs 2,300 crore for the next financial year. For the ministry, the allocation in the revised budgetary estimate for the current fiscal ending March 2024 stood at Rs 2,922.12 crore. According to the documents of the interim Budget for 2024-25, the ministry will get an allocation of Rs 2,300 crore, including the revenue component of Rs 2,257.79 crore. Out of the total amount, Air India Asset Holding Ltd (AIAHL) will get Rs 1,158.79 crore in the next fiscal, higher than Rs 713.92 crore allocated for 2023-24. The provision is kept for servicing of loans transferred to AIAHL as a result of financial restructuring of Air India, as per the Budget document. AIAHL is a special purpose vehicle formed by the government that holds various assets of the national carrier Air India. The allocation for Production-Linked Incentive (PLI) Scheme for Drone and Drone Component has been hiked to Rs 57 crore for 2024-25, from Rs 3

Budget focus on infra, connectivity to help real estate growth: Experts

The Interim Union Budget 2024-25 also focused on women's empowerment through housing facilities under the PM Awas Yojna scheme

eCourts Ph-3 project gets Rs 825 cr this fiscal, Rs 1,500 cr for next FY

The phase-III of the ambitious eCourts project, which seeks to upgrade the lower judiciary's digital infrastructure, has been allocated Rs 825 crore this fiscal after the revised estimates, while an enhanced sum of Rs 1,500 crore has been allocated for the next financial year. The phase-III received a Cabinet nod in September last year with a financial outlay of Rs 7,210 crore. According to the revised estimates for 2023-24, the Law Ministry has been granted Rs 825 crore for the Phase III of the project. The project will get Rs 1500 crore, according to the budget estimates for 2024-25. This phase of the the project, which is to be implemented over four years, will see digitisation of entire court records, both legacy and pending cases, at an estimated cost of Rs 2,038.40 crore. A total of 3,108 crore documents will be digitised, official sources had said. The eCourts Mission Mode Project has been described by the government as the prime mover for improving access to justice using

Budget 2024: Govt to keep spending on border roads after 30% overrun

The countries have been in a military standoff since July 2020 when at least 24 Indian and Chinese troops were killed in the worst clashes between the two sides in five decades

Budget focused on transforming country into developed economy by 2047: TDP

TDP state president K Atchen Naidu on Thursday appreciated the interim budget presented by Union Finance Minister today for focusing on transforming the country into a developed economy by 2047. Naidu noted that the budget focused on primary sectors and employment generation. "The implementation of the Skill India Mission programme for 1.4 crore youth, alongside the allocation of Rs 11 lakh crore for the primary sectors will significantly impact the nation's trajectory," said Naidu, talking to reporters. The TDP joined forces with Jana Sena party led by actor-politician Pawan Kalyan, which is a part of the NDA at the Centre, after party chief N Chandrababu Naidu was arrested in a corruption case. The two parties plan to contest jointly in the upcoming assembly polls in the state, which are to be held alongside the Lok Sabha elections. Lashing out at Chief Minister Y S Jagan Mohan Reddy, the TDP leader asserted that Andhra Pradesh used to be a top job creator through skill training

Interim Budget balances need for equitable growth, says CII president

He welcomed govt's push for infrastructure, capex-led growth

Budget 2024: Govt will encourage vaccination for cervical cancer, says FM

As per 2022 estimates, every year, approximately 125,000 women are diagnosed with cervical cancer, and over 75 thousand die from the disease

Budget for President's office increase by 47.5% to Rs 144.18 crore

The interim Budget on Thursday allocated Rs 144.18 crore for the staff, household and allowances of the president, a massive increase of Rs 46.49 crore (about 47.5 per cent) from Rs 97.69 crore earmarked in the revised estimates for FY24. In the announcements for the 2024-25 interim Budget by Finance Minister Nirmala Sitharaman, Rs 90.87 crore was allocated for the president's secretariat and Rs 52.71 crore was sanctioned under the head 'other expenditures', which provides for the expenditure on the household establishment of the president, including staff salaries. Other expenditures also include discretionary grants of the president and provision for capital section. The document shows that of the total allocation, Rs 60 lakh has been allocated for the salary and allowances of the president, which remained unchanged from the last budget. The amount allocated under the head 'president's secretariat' provides for the establishment and allied expenses with respect to it which includ

Interim Budget 2024 focuses on $5 trillion economy target: Assocham

The interim budget focuses on the government's objective of making India a USD 5 trillion economy and a developed nation by 2047, Assocham President Ajay Singh said on Thursday. Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday in which she announced a Rs 11.11 lakh crore spending on infrastructure among other proposals. "It is an India-first budget. A confident budget of a confident government that focuses on the objective of ensuring that India becomes a 5 trillion-dollar economy by 2025 and a developed nation by 2047," Singh told PTI in a post-budget interaction. Speaking further, he said the government has focused on infrastructure, startups, and rail corridors in the Budget. The Finance Minister also announced a Rs 1 lakh crore fund for research and development and the startup sector which is a very significant move. There is no question that the Budget will have a significant impact on the common man, Singh, who is also the CMD of airline company ...

Sports ministry's Budget allocation up by Rs 45 crore at Rs 3,442 crore

The Sports Ministry was on Thursday allocated Rs 3,442.32 crore, a hike of Rs 45.36 crore as compared to last year, in the interim Union Budget presented by Finance Minister Nirmala Sitharaman. In the previous budget, the Sports Ministry had got a revised allocation of Rs 3,396.96 crore. The Olympic Games in Paris, to be held from July 26 to August 11, will be the country's main focus during the 2024-25 financial year. The ministry's flagship programme, Khelo India, was allotted Rs 900 crore, an increase of Rs 20 crore from the previous budget. The Sports Authority of India (SAI), which organises national camps, provides infrastructure and equipment to athletes, appoints coaches among others, saw Rs 26.83 crore increase in its budgetary allocation from the previous year's revised expenditure of Rs 795.77 crore. The National Sports Federations (NSFs) will receive Rs 15 crore more this time, as compared to the 2023-24 revised budget of Rs 325 crore. The National Anti-Doping Agency

Interim Budget 2024 unveils growth path with fiscal prudence: Economists

Finance Minister Nirmala Sitharaman announces fiscal measures aiming at sustainable growth and fiscal consolidation, drawing positive reactions from economists

Census, NPR unlikely in 2024 too as only Rs 1,277 cr allocated in budget

The interim budget 2024-24 on Thursday allocated Rs 1,277.80 crore for census, a significant reduction from 2021-22 when Rs 3,768 crore was allocated and an indication that the exercise may not be carried out even after three years of delay. A meeting of the Union cabinet on December 24, 2019 had approved the proposal for conducting census of India 2021 at a cost of Rs 8,754.23 crore and updating the National Population Register (NPR) at a cost of Rs 3,941.35 crore. The house listing phase of the census and the exercise to update the NPR were scheduled to be carried out across the country from April 1 to September 30, 2020 but postponed due to the COVID-19 outbreak. The census operation continues to be on hold and the government has not yet announced the new schedule. Officials said since general elections are due this year, the census is unlikely to be carried out in 2024. According to the interim budget, Rs 1277.80 crore has been allocated for census surveys and statistics (Rs .

On path to achieving fiscal deficit target of 4.5% by FY26: FM Sitharaman

Interim Budget: Revenue Secretary Sanjay Malhotra said that the removal of tax old tax disputes is likely to cost the Centre around Rs 3,500 crore

Budget 2024: What did FM Sitharaman say on education, Skill India Mission

The Centre proposes opening of new medical colleges and upgrade Anganwadi centres in the Interim Budget 2024