Jul 15, 2024, 5:16 pm IST
Budget 2024 Live Updates: Real Estate Seeks Policies To Sustain Urban Development
Ashish Agarwal, Director, AU Real estate says- As the nation gears up for the Union Budget 2024-25, the real estate sector is brimming with hopeful expectations. The industry is eagerly awaiting policy measures that can catalyze sustainable development, foster growth, and enhance affordability for homebuyers. With the rising demand for housing in both urban and rural areas, the sector is hopeful for strategic tax reliefs and incentives that can empower homebuyers and bolster the overall housing market. The real estate industry is also anticipating policies that prioritize sustainable urban development and infrastructure enhancement, as well as measures to catalyze investment and foster innovation. The sector is confident that the upcoming budget will pave the way for a more vibrant and resilient real estate landscape.
Jul 15, 2024, 3:20 pm IST
Budget 2024 Live Updates: How Budget Will Impact Gold Prices?
Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited: Bullion Industry has a lot of expectations from this budget, as always. A few expectations on duty structure are like Import duty cut in Gold from 15% to 10%, Silver import duty to be at par with Gold under CEPA, stopping import duty benefits from LDC and FTA and a special benefit of 0.5% for importing gold through IIBX. There are a lot of other expectations also, but only import duty cuts on Gold will impact domestic gold prices. As of January 22, 2024, the import duty on gold in India is 15%, which includes a 10% Basic Customs Duty (BCD) and a 5% Agriculture Infrastructure Development Cess (AIDC). The expectation is to bring down import duty from 15% to 10%, so if this happens, we will see a direct 5% fall in domestic gold prices around budget days. If there is no change in duty structure, then there would be no impact on gold prices.
Jul 15, 2024, 3:15 pm IST
Budget 2024 Expectations Live Updates: Restructuring Of The Taxation System Likely
Rishabh Sethia, Director & Business Administrator, MARS Cosmetics: For the upcoming 2024 Union budget, we expect the government to put major emphasis on improved tax incentives and a comprehensive restructuring of the taxation system. This will help in creating a better and a favorable environment for investment. We also anticipate the government to promote both private and government investment prospects, with a particular emphasis on incentivizing and enhancing research and development (R&D) activities. By adopting sustainable packaging, promoting the use of organic ingredients, and reducing the environmental impact of manufacturing processes, the budget will show its commitment to leading the industry towards a more sustainable future. We at MARS firmly believe that these initiatives are essential to drive long-term growth and innovation in the beauty and skincare sector.
Jul 15, 2024, 3:13 pm IST
Budget 2024 Expectations: Fintech Expectations
Tashwinder Singh, CEO & MD, Niyogin Fintech: As we approach the upcoming budget, we eagerly anticipate substantial reforms that encourage a favourable business environment. We expect regulatory changes that simplify compliance, taxation policies that encourage entrepreneurship, and innovation incentives that drive R&D investments. Moreover, it would be great to see enhanced support for MSMEs, which are the backbone of our economy, along with policy ease for fintech startups that fuels their growth. Additionally, we hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. Finally, we also look forward to significant investments in digital infrastructure development, enabling us to advance into a futuristic economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship.
Jul 15, 2024, 2:49 pm IST
Budget 2024 Live Updates: Budget FY25 To Emphasize On Both Economic, And Fiscal Responsibility
Samir Bhandari, Co-founder & Chief Financial Officer of hBits, said:The Indian government's budget for 2024-25 prioritizes both economic growth and fiscal responsibility. It sets an ambitious GDP growth target of 7.5%, reflecting confidence in the post-pandemic recovery. This optimism is backed by projections of strong domestic consumption and increased investments building on the 6.8% growth achieved in 2023-24.
At the same time, the budget emphasizes fiscal consolidation. It aims to bring down the fiscal deficit to 5.9% of GDP, a step towards the government's goal of reaching 4.5% by 2025-26. This strategy balances the need for responsible spending with investments in crucial areas, as evidenced by a total expenditure of ₹45.03 lakh crore alongside an estimated revenue of ₹31.12 lakh crore (excluding borrowings). In summary, the 2024-25 budget outlines a comprehensive approach to accelerate economic growth while maintaining fiscal prudence.
Jul 15, 2024, 1:37 pm IST
Budget 2024 Expectations Live: An All-Round Budget On July 23?
Kotak Institutional Equities: We expect the Union Budget in July to provide a combination of (1) higher capex targets, (2) higher allocation to the rural and agricultural sectors and (3) further fiscal consolidation—without shifting away from the existing prudent fiscal policy framework. In our view, (1) the RBI’s higher-than-budgeted surplus transfer (additional 0.4% of GDP) for FY2025 and (2) strong tax collections in 2MFY25 will allow the government to provide adequate support for capex and incremental support to consumption.
Kotak also expects PM Modi government to increase allocations to specific rural-focused schemes such as (1) PM-KISAN (income support to farmers), (2) MNREGA, (3) PMAY (rural housing), (4) rural roads and (5) irrigation. We also expect the government to increase allocation to women-centric schemes such as increasing subsidy on LPG.
Jul 15, 2024, 1:33 pm IST
Budget 2024 Expectations Live: Will Budget Influence A Rate Cut?
Murthy Nagarajan. Head-Fixed Income, Tata Asset Management Said: The Government is expected to reduce the fiscal deficit target below 5 percent in the coming budget from 5.1 percent target in the interim budget. There could be additional focus on welfare measures particularly in rural areas, but allocation of resources will be along with state government contributions. The finance minister would be focussing on infrastructure to reduce supply bottlenecks. SME sector which has been lagging the overall growth of the economy could be a additional focus. With normal rainfall CPI inflation is expected to come in the 4 percent range in the coming months. Lower borrowing programme and higher demand for government securities by FII , NPS, EPFO could led to lower yields even without a rate cut in the coming months.
Jul 15, 2024, 1:27 pm IST
Budget 2024 Live Updates: Fiscal Deficit Target
Chandraprakash Padiyar, Senior Fund Manager, Tata Asset Management said: The most important aspect of the upcoming budget would be the Fiscal Deficit target for FY25 and trajectory for FY26. Honourable Finance Minister in her pre-election budget had reiterated government’s intention to adhere to fiscal discipline with target to achieve a deficit of 5.1% for FY25 and below 4.5% for FY26. India has recently opened its doors for foreign investors to invest in fixed income (Select Government securities) market and it would be important to deliver on promised pathways for annual borrowings. Fiscal discipline has important implications on domestic liquidity environment, currency movement, inflation, interest rates and indirectly equity market outlook. We would look forward to a positive balance between capital investment and welfare schemes for the poor section of the country.
Jul 15, 2024, 12:09 pm IST
Exciting News for Farmers: PM Kisan Allocation Likely to Increase by 30% in Union Budget 2024
The Centre is likely to boost the budget for the PM Kisan Samman Nidhi by 30%, raising it to approximately Rs 80,000 crore in the forthcoming budget, according to government sources. This increase aims to address demands from agricultural representatives.
In the interim budget, the government had allocated Rs 60,000 crore for the PM Kisan Samman Nidhi. Each farmer currently receives an allowance of Rs 6,000 annually under this scheme. However, there have been calls to raise this amount.
Potential Increase in Farmers' Allowance
Agricultural representatives have urged Finance Minister Nirmala Sitharaman to consider increasing the annual allowance per farmer to Rs 8,000. These requests were made during pre-budget consultation meetings held in late June.
The proposed hike in allocation reflects the government's intent to support farmers more robustly. The additional funds would help address various challenges faced by the agricultural sector.
Sources indicate that this potential increase is part of broader efforts to enhance rural incomes and improve agricultural productivity. The move is expected to provide significant relief to farmers across the country.
Jul 15, 2024, 12:07 pm IST
Budget Expectations: New Tax Regime To Short Term Capital Gains, Modi 3.0 May Focus On Tax Base Of Citizens
The Union Budget is a little over a week away, and the consensus is that this first budget of Modi 3.0 is likely to focus on tweaking the tax base of Indian citizens, while keeping the fiscal target unchanged. Anand K Rathi, co-founder of Mira Money believes the Budget 2024 is likely to be a "regular' one with no major changes or deductions expected.
Jul 15, 2024, 11:08 am IST
Budget 2024 Live Updates: Cometic Industry's Expectations
Deepak Jain, CEO and founder of Lass Natural Said: The retail organic cosmetics sector is hoping for regulations that would encourage innovation and sustainable growth as the new budget announcement draws near. The growing customer demand for natural and eco-friendly products is fueling our sector's strong annual growth. We look for incentives that lessen the tax burden on environmentally friendly packaging options and encourage the development of organic components. Furthermore, manufacturers who are dedicated to lessening their environmental impact would greatly profit from subsidies for research and development in green technologies. Improving market entry for new businesses will also result from streamlining the organic certification regulations. We think these actions will benefit our sector and further environmental objectives, given the growing consumer awareness of and preference for organic cosmetics. We anticipate a budget that acknowledges the growth potential of the organic cosmetics industry and is in line with the worldwide trend towards sustainability." Deepak Jain, CEO and founder of Lass Natural
Jul 15, 2024, 10:24 am IST
Budget 2024 Expectations Live: Health Insurance, And Other Perks Expected For Elderlies
Rahul Misra, Founder of Vesta Elder Care: “As we look forward to the Union Budget 2024-25, we hope to see continued support and enhancements in government initiatives for the healthcare industry. The interim budget's increased allocations for PMABHIM, Ayushman Bharat-PMJAY, and the PLI scheme reflect a strong focus on affordable healthcare and sustainable development. In 2024, the total expenditure of the industry has increased from ₹79,221 crore in 2023-24 to ₹90,171 crore in 2024-25, showcasing a significant commitment to improving healthcare services. And in the upcoming Union Budget, we anticipate further steps to strengthen the healthcare infrastructure, enhance accessibility, and ensure the provision of quality care, especially for the elderly. Additional support for home healthcare services, advancements in medical technology, and training for healthcare professionals will be crucial in meeting the growing demand for comprehensive and compassionate care. We look forward to a budget that prioritizes the health and well-being of seniors too.” – said Mr. Rahul Misra, Founder of Vesta Elder Care
Jul 15, 2024, 10:14 am IST
Budget Expectations Live: Consumer Durables Sector Looks For These Measures From FM
Harshit Aggarwal, CEO and Founder Novamax Appliances: As we look ahead to the upcoming Union Budget 2024, we are highly optimistic about its transformative potential for the consumer durables sector. We eagerly expect the new government to bring in policies that support research and development, enhance infrastructure, and promote sustainable practices. The 2024’s interim budget's emphasis on supporting MSMEs with a substantial ₹22,137.95 Crores allocation reflects a commitment to fostering innovation and growth. By increasing funds and offering supportive measures like the PLI schemes and reduced corporate tax rates, the budget aims to attract more investment while also supporting new businesses to grow. We hope for a budget that not only addresses current challenges but also drives us from 'Make in India' to 'Innovate in India,' and positions India as a beacon of innovation on the global stage.
Jul 15, 2024, 10:11 am IST
Budget Expectations Live Updates: FMCG Sector's Wish From Union Budget 2024
Shammi Agarwal, Director, Pansari Group: Our expectations from the upcoming 2024 Union Budget is to allocate more grants to support the FMCG industry, with a major focus on Micro, Small, and Medium Enterprises. MSMEs are the backbone of the economy which drives growth, employment and entrepreneurship. Additionally, we anticipate certain changes in taxation. Simplifying and reducing tax burdens for MSMEs can enhance their profitability and encourage reinvestment into business growth. The 2024 Interim Budget put a major emphasis on achieving Atmanirbharta for oilseeds, including sesame, sunflower, and mustard. This ensured food security and opened avenues for sustainable farming practices that benefited both farmers and consumers. We strongly believe that supporting MSMEs in the agriculture and FMCG sectors can lead to more sustainable and inclusive growth. Lastly, we hope that this Union budget will rationalise export and import duties on food items. In 2022-23, India’s exports of Processed Food were Rs. 62,562.90 Crores which included the share of products like Mango Pulp (Rs. 1189.66 Crores), Processed Vegetables (Rs. 4987.39 Crores), Cucumber and Gherkins (Rs. 1761.10 Crores), processed fruits, juices & Nuts (Rs. 4754.83 Crores). And we at Pansari firmly believe that it is important to adopt strict standards like those in the US or Europe. It will help improve our industry and make sure our products can compete with the best in the world.”
Jul 15, 2024, 9:38 am IST
Stock Market Opened In Green As Countdown For Budget Begins
Budget 2024 Expectations Live Updates, July 15: The Union Budget FY25 is a little over a week away, and stock market has started the current weekly trading session with a big bang as the Nifty 50 touched a new all-time high of 24,598, while Sensex neared its own record high by hitting an intraday high of 80809.8. Stocks like HCL Tech, Maruti Suzuki, M&M, Tata Motors, and Ultratech Cement emerged as top gainers with gains of 1-5%.
Jul 15, 2024, 9:25 am IST
SENSEX and NIFTY Update
Stock Market Live Updates
Jul 15, 2024, 9:11 am IST
Budget 2024 Expectations Live Updates: Insurance Sector Expectations From Union Budget
Rakesh Goyal, Managing Director, Probusinsurance.com: The Union Finance Budget is around the corner, and like every time, the insurance industry has certain expectations from the government and the finance minister. These are not new topics or new prospects, but the ones that are in long-standing demand from the industry. The first and foremost is the reduction in the Goods and Services Tax (GST) on insurance premiums. Currently, GST on insurance premiums is 18 percent, which is considered high and a deterrent for potential policy buyers. If there is a reduction in GST, it will help the industry in a big way. Secondly, the policyholders should receive higher tax benefits for their medical insurance. We should raise the limit to Rs 50,000 for self, spouse, and children, and Rs 1 lakh for senior citizens. Finally, increase the limits for the Income Tax Act 80C. Right now, Indians get a tax exemption of Rs 1.5 lakh every year, but it's crowded with various financial products. We would expect the limit to increase or to establish a separate exemption limit specifically for life insurance premiums. This move would help increase countrywide insurance penetration.
Jul 15, 2024, 9:09 am IST
Union Budget Live Updates: Agri-Tech Sector Expectations In Union Budget
Dr. Sat Kumar Tomer, Founder & CEO, Satyukt Analytics: India's vast geography makes it one of the world's most productive agrarian economies, contributing 15-16% to its GDP and ensuring food security for 1.3 billion people. However, 89.4% of agricultural households own less than two hectares, facing challenges like erratic monsoons, rising temperatures, groundwater overexploitation, poor irrigation, overuse of chemical fertilizers etc. Small farmers struggle with credit and insurance, while complex agricultural policies hinder progress. Considering all these factors, Satyukt Analytics envisions leveraging ISRO's satellite data for agriculture with a forward-thinking approach. We advocate for real-time integration into agricultural delivery, farm-scale credit assessments, and crop insurance. Promoting precision agriculture, particularly in water optimization and crop advisories, and incentivizing agri-tech startups to collaborate with institutions like KVKs, will drive sustainable growth. We support policies encouraging ag-tech startups to run awareness programs for best practices and emphasize digital literacy and R&D to create user-friendly agritech solutions tailored to farmers' needs. These initiatives align with our mission to innovate in agriculture, banking, and financial services through advanced technologies.
Jul 15, 2024, 8:49 am IST
Budget 2024 Live Expectations: New Tax Regimes To Get Revised?
Anand K Rathi who is the Co-Founder of MIRA Money said: People anticipate tax reforms every time the budget happens. However, I believe this year won't bring any significant changes to Section 80C, HRA, or similar provisions. This is primarily because the government had already announced a major new tax regime last year. I think this time around, they will likely focus on enhancing the new tax regime. They might increase the upper limit of lower taxes from 15 lakhs to 20 lakhs. I don't expect them to increase benefits under Section 80C from 1.5 lakhs to 2 lakhs, as it would be counterintuitive given their aim to move away from such provisions. Regarding personal income tax, my view is that there won't be any substantial changes.
Jul 15, 2024, 8:34 am IST
Rupee Holds 83.50 Level Against US Dollar
The Indian rupee opened at 83.51 against the US dollar at the interbank forex market. In the early trade, the rupee is trading in the range of 83.485-83.559 per dollar. The local currency closed last week at 83.519 per dollar on Friday. In India, focus has shifted towards Union Budget which will be the first after PM Modi and his government's third consecutive win in Lok Sabha Election.
Jul 15, 2024, 8:21 am IST
Will Govt Announce Tax Reliefs For Lower Income Brackets?
Nimesh Chandan, CIO, Bajaj Finserv Asset Management said, “Indian economy is moving on a strong growth trajectory. This makes the Government finances comfortable on the revenue side. The budget is expected to maintain the fiscal deficit and borrowing targets same as the February interim budget. There could be some positive announcements on allocations towards rural economy. Also, there is a possibility of tax benefits for the lower income brackets. Focus on capital expenditure is also expected to continue with increasing central expenditure, persuading state level capex and also incentivising private capex. Overall, we are likely to see policy continuity.”
Jul 15, 2024, 8:07 am IST
Welfare Of People: PM Modi Aims Through This Budget
After winning India's elections for the third time in row, PM Modi during his oath ceremony speech said, "We will continue to ensure the welfare of our people, and will continue to deliver 'quality of life' to all." Also, he added that in the next 10 years, good governance, development, quality of life and I am determined to reduce government interference in people's lives."
Jul 15, 2024, 7:54 am IST
When Was The First Budget Presented In India?
One would have assumed that the first Union Budget in India was presented after the country got its Independence in 1947. However, that was not the case. In fact, the first Union Budget of the country was presented by James Wilson in April 1860, and during that time he introduced the income tax, which is in effect up till this date. India was under the British colonial rule in 1860.
Jul 15, 2024, 7:49 am IST
Seventh Budget Of Finance Minister Nirmala Sitharaman Ahead
Finance Minister Nirmala Sitharaman will be creating a new history. She will become the first finance minister to present the most budget in India, breaking the record of Morarji Desai.
Sitharaman has taken charge of leading the Finance Ministry since 2019. Since then she has already presented six Union Budgets. The 2024 Budget will be her seventh, highest by any finance minister.
Earlier, the highest record of presenting the Union Budget was held by Morarji Desai who was Minister of Finance and Deputy Prime Minister in Indira Gandhi's cabinet, until 1969. He has presented six Union Budgets so far. He also served as fourth Prime Minister of India between 1977 to 1979 with a government known as the Janata Party.
Jul 15, 2024, 7:46 am IST
Budget 2024 Session
After the hattrick wins in the elections, PM Modi's government is set to announce Union Budget 3.0 on July 23. The Budget session is likely to begin on July 22nd and will continue till August 12. Finance Minister Nirmala Sitharaman will present the Budget for the financial year 2024-25.
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