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Nirmala Sitharaman Defends Union Budget 2024: Refutes Bias Allegations

July 30, 2024, 9:18 pm

Finance Minister Nirmala Sitharaman dismissed accusations from the opposition that the Union Budget 2024 ignored states ruled by opposition parties. During her address in the Lok Sabha, she emphasized that no state was denied funds in the budget presented on July 23.

VIDEO | “We have provided substantial financial support of Rs 17,000 crore in the Union Budget of UT Jammu and Kashmir this year. It includes Rs 12,000 crore towards financing the cost of Jammu and Kashmir Police. That’s the burden we want to take on our shoulders, so that Jammu… pic.twitter.com/lMFvw2BE6j

— Press Trust of India (@PTI_News) July 30, 2024

Historical Context:
Sitharaman pointed out that previous budgets under the UPA government also did not mention all states by name. “In the 2004-2005 Budget, 17 states were not named. In the 2005-06 budget, 18 states were not named. 13 states were not named in 2006-07, 16 states were not named in 2007-08, and in 2009-10, 26 states were not named. Did they stop the funds for these states?” she questioned.

SBI Research Report:
The finance minister cited an SBI research report indicating that India created 12.5 crore jobs between 2014 and 2023, compared to 2.9 crore during the 10 years of the UPA government. She also mentioned the decline in the unemployment rate from 6% in 2017-18 to 3.2% in 2022-23, with youth unemployment dropping from 17.8% to 10% in the same period.

Increased Budget Allocation:
Sitharaman highlighted the increase in budget allocation for various social schemes. The agriculture and allied sector allocation rose from ₹30,000 crore in 2013-14 to ₹1.52 lakh crore in the current budget, which is ₹8,000 crore more than last year.

Opposition’s Concerns:
The opposition had criticized the budget for its announcements favoring Bihar and Andhra Pradesh, states ruled by key NDA allies Janata Dal (United) and Telugu Desam Party, respectively.

Kharge Jibes Sitharaman, Says Mataji To Bolne Me Expert Hai While Targeting Govt Over Budget

July 24, 2024, 6:30 pm

Congress president and Leader of Opposition in the Rajya Sabha Mallikarjun Kharge on Wednesday jibed Union Finance Minister Nirmala Sitharaman sayung that ‘mai bol deta hun, mataji to bolne me expert hai’ and then also accused the BJP-led government on Wednesday of prioritizing only two states, Bihar and Andhra Pradesh, in the Union Budget for 2024-25 while disregarding the rest of the nation.

The Congress chief also dubbed the budget as a “kursi-bachao” document while spearheading the criticism by the grand old party and other INDIA bloc parties against the alleged bias.

“No state got anything in the budget of Modi government. The states where people have rejected BJP, those states got nothing from this budget. Everyone’s plate is empty, and in the plate of two states there are Pakora and Jalebi. This budget has been brought only to save his chair,” Kharge said in Rajya Sabha while targeting the government.

As Rajya Sabha chairman Jagdeep Dhankhar urged Kharge to allow finance minister Nirmala Sitharaman to respond, Kharge remarked, “Mai bol deta hun. Mataji bolne mein to expert hain, mujhe maloom hai. (Let me finish. Mataji is expert in speaking, I am aware of that.)”

Kharge then also said that there can be no development without balance between states.

As finance minister Nirmala Sitharama was given the floor to respond, Kharge led the opposition bloc out of the House in protest.

Sitharaman pointed out that she had not named many states in either the interim budget presented in February or the full budget tabled on Tuesday. She highlighted that this does not imply that government schemes are not benefiting those states and cited the example of Maharashtra, which was not mentioned in either budget but still received approval for the Rs 76,000-crore Vadhavan port project in Dahanu last month.

The finance minister challenged the Congress party to review their own budget speeches and determine if they had named every state in the country. She called the opposition’s allegation “outrageous”.

Kharge mentioned that states like Tamil Nadu, Kerala, Karnataka, Maharashtra, Punjab, Haryana, Rajasthan, Chhattisgarh, Odisha, and Delhi were completely neglected.

He condemned the budget, asserting that the entire INDIA alliance, from Kanyakumari to Kashmir, would protest against it.

The Congress leader also stressed that political loyalties change over time and condemned the government’s discriminatory attitude.

Number Of Innovative Ideas In Budget Speech: BJP National Vice President

July 24, 2024, 5:57 pm

New Delhi: The national vice president of BJP Chuba Ao welcomed the Union Budget 2024-25 and said that it is no small achievement that India’s economic growth has reached 8.2 per cent.

Speaking to the Daily Guardian, Chuba Ao said, “It ought to be stated that every sector from agriculture, rural development, education, healthcare has been kept focused in the budget and Finance Minister Madam Sitharaman deserves compliments.”

He added, “We can conclude that the budget is inclusive, with a strong thrust on job creation and improving the skills. Notably, it has also able to strike the right balance between agriculture and other sectors like services and manufacturing.
The Finance Minister.much to her credit, announced a substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors in the new financial year.”

Talking about the prospects in agriculture, he said, “Importantly, over the next two years, 10 million farmers will be introduced to natural farming practices. As a Naga farmer by birth, it also makes me happy to note that our Modi government will release new 109 high yielding, climate resilient seeds for 32 field and horticulture crops. Nagas in particular and the northeast people and other agrarian communities in the rest of the country will be immensely benefited.”

Adding, “The central government will also promote farmer producer organisations, cooperative and startups. The Digital public infra in agriculture will be made use of for coverage of farmers and lands in three years.”

Ao said, “The Prime Minister’s stewardship is now time tested as in the last 10 years he had put the country towards a journey for a developed India by 2047. There are a number of innovative ideas as mentioned in the Budget speech. FM Sitharaman has reduced fiscal deficit target to 4.5 per cent and she also announced a revised income tax structure in the new regime. I particularly welcome a series of initiatives such as 20 lakh youths to be skilled during next five years and that 1000 training institutions will be upgraded.“

Industry Applauds Budget For Strengthening India’s Global Position In the Space Sector

July 24, 2024, 3:56 pm

In a landmark announcement during the Union Budget 2024-25, Union Finance Minister Nirmala Sitharaman revealed a transformative initiative for India’s space sector. The government plans to establish a Rs 1,000 crore venture capital fund aimed at expanding the nation’s space economy, with a goal to increase its size fivefold over the next decade.

This new fund is expected to attract substantial private sector investment, propelling growth within the space industry. The initiative is part of a broader strategy to enhance India’s global position in space exploration.

Siddharth Mody, Partner at JSA Advocates and Solicitors, lauded the move, emphasizing its potential to accelerate industry growth. “With the space economy projected to expand from USD 8.4 billion to USD 44 billion by 2033, this venture capital fund is a strategic boost,” Mody said. He added that it would support early-stage space tech companies, contributing to India’s goal of capturing a 10% share of the global space economy by 2030.

Sanjay Kumar, CEO of Geospatial World, highlighted the crucial role of geospatial technology in this development. “The enhanced role of geospatial technology will be vital in India’s path to becoming a global innovation hub,” Kumar noted.

Saurabh Rai, CEO of Arahas, also emphasized the transformative potential of this funding. “The venture capital fund opens new opportunities for collaboration and innovation, reinforcing India’s growing presence in space exploration.”

By providing essential capital and fostering a supportive environment, the new fund aims to accelerate advancements in satellite manufacturing, launch vehicle production, and satellite services.

Budget 2024: 4 Key TDS Changes Announced By Nirmala Sitharaman That Will Affect You

July 24, 2024, 3:27 pm

Finance Minister Nirmala Sitharaman has announced significant changes to the Tax Deducted at Source (TDS) framework that will impact salaried individuals. These modifications are set to increase disposable income and simplify tax processes. Nirmala Sitharaman stated, “A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions, and capital gains taxation.”

Section 192 of the Income Tax Act, which governs TDS on salary income, will be amended to include all TCS paid and TDS deducted under other sections. This change, effective from October 1, 2024, is expected to put more money in the hands of salaried employees.

Previously, there was ambiguity regarding the deduction of tax on the sale of immovable properties (excluding agricultural land) when multiple buyers or sellers were involved, and the sale value exceeded ₹50 lakh. The Finance Bill clarifies that the exemption applies only when the total sale value is less than ₹50 lakh, irrespective of the number of buyers or sellers.

Additionally, the Finance Bill proposes a reduction in the TDS rate on rent payments. Currently, individuals or Hindu undivided families paying monthly rent exceeding ₹50,000 must deduct TDS at a rate of 5 percent. The proposed amendment reduces this rate to 2 percent.

Furthermore, the Budget addresses the issue of Tax Collected at Source (TCS) credited in a minor’s name. Previously, TCS could only be claimed in the minor’s name. Now, the adjustment of TCS credits in the minor’s name with the parent’s tax liability is allowed, provided the minor’s income is clubbed with that of the parent.

These changes are part of a broader effort to streamline tax processes and provide financial relief to taxpayers. The amendments are expected to take effect from October 1, 2024.

Budget 2024 : Akhilesh Yadav Slams ‘Support Price to Allies Instead of MSP For Farmers’

July 24, 2024, 2:23 pm

Samajwadi Party chief Akhilesh Yadav criticized the ruling Bharatiya Janata Party (BJP), claiming that while the INDIA bloc leaders were advocating for Minimum Support Price (MSP) for farmers, the Union Budget presented on Tuesday revealed that the BJP has prioritized “support price” for their allies.

“We all, especially the Samajwadi Party, were demanding that farmers should get MSP to double their income. But it seems that the support price is given to alliance partners who are saving the BJP government, rather than the farmers,” Yadav remarked, speaking to ANI on Wednesday during the INDIA bloc’s protest against the Budget at the Parliament complex.

Criticizing the government’s proposal to offer internships to the youth, Yadav questioned the long-term prospects for interns once their internships end. “You are creating jobs in such a disorganized manner that the future of the youth will not be secured. What will happen after the internship? Who will give them jobs?” he asked.

Yadav also argued that the government has failed to effectively tackle inflation. “The government has not taken any concrete steps regarding inflation. Even if some benefits are given to the middle class, they are essentially taken back due to inflation,” he said.

The Samajwadi Party chief further claimed that Uttar Pradesh did not receive significant allocations from the Budget because of strained relations between Lucknow and Delhi. “Uttar Pradesh did not get anything substantial. The state should have benefited from the double-engine government of Delhi and Lucknow. It seems the people of Lucknow have angered those in Delhi, and this is reflected in the Budget. So what is the benefit of the double engine?” he questioned.

Addressing flood control, Yadav suggested that it would be impractical to control floods in Bihar without addressing the issue in the upper plains of neighboring Nepal and Uttar Pradesh. “If you want to control floods in Bihar, how can you do so without stopping floods in Uttar Pradesh and Nepal?” he asked.

Samajwadi Party MP Jaya Bachchan dismissed the Union Budget as mere “drama,” claiming that the promises on paper would not be implemented. “This budget doesn’t deserve a reaction. It is just drama. Promises kept on paper will not be implemented,” she told ANI.

Samajwadi Party MP Ram Gopal Yadav echoed the sentiment, stating that Uttar Pradesh was not even mentioned in the Budget document. “Forget about giving anything to Uttar Pradesh, it was not even named in the Budget. To save the government, they are giving funds to some and ignoring others,” he said, speaking to ANI.

The opposition INDIA bloc MPs held a protest in the Parliament complex on Wednesday against the Union Budget. Chanting slogans like “Opposition virodhi kursi bachao Budget murda baad,” the INDIA bloc leaders protested, holding placards and claiming that the Budget is “discriminatory” in nature. Notable participants included Leader of Opposition Rahul Gandhi, Congress MP Sonia Gandhi, Congress president Mallikarjun Kharge, Congress General Secretary KC Venugopal, Samajwadi Party chief Akhilesh Yadav, and TMC MP Dola Sen.

INDIA Bloc Protests in Parliament Over ‘Discriminatory’ Union Budget

July 24, 2024, 11:46 am

MPs from the opposition INDIA bloc staged a protest within the Parliament complex, criticizing the Union Budget presented the previous day by Finance Minister Nirmala Sitharaman.

During the protest, which featured leaders brandishing placards, the INDIA bloc MPs chanted slogans such as “Opposition virodhi kursi bachao Budget murda baad,” denouncing the Budget as “discriminatory.”

Prominent figures participating in the protest included Leader of Opposition Rahul Gandhi, Congress MP Sonia Gandhi, Congress President Mallikarjun Kharge, General Secretary KC Venugopal, Samajwadi Party chief Akhilesh Yadav, and TMC MP Dola Sen.

Congress President Kharge described the Budget as “deceitful” and “unjust,” expressing his dissatisfaction with the new financial plan. He commented to reporters, “This is a deceitful Budget and it is injustice.” When asked about his participation in the Budget’s General Discussion, Kharge noted, “We will protest and then we will see.”

Before the Opposition walked out of the Rajya Sabha over what they called a ‘discriminatory’ Budget, Leader of the Opposition Mallikarjun Kharge said, “Yeh kursi bachane ke liye yeh sab hua hai. We will condemn it and protest against it. All INDIA alliance parties will protest. How will development happen if there is no balance?”

#WATCH | Before the Opposition walked out of Rajya Sabha over 'discriminatory' Budget, LoP Rajya Sabha Mallikarjun Kharge said, "…Yeh kursi bachane ke liye yeh sab hua hai…We will condemn it and protest against it. All INDIA alliance parties will protest…How will… pic.twitter.com/i00BsjXuhL

— ANI (@ANI) July 24, 2024

Prior to the protest, the INDIA bloc’s floor leaders from both the Lok Sabha and Rajya Sabha convened at Congress President Kharge’s residence to strategize. Congress General Secretary KC Venugopal criticized the Budget, stating, “The concept of the budget has already been destroyed by this year’s Union Budget. They have completely discriminated against most of the states.” He indicated that the alliance meeting focused on opposition strategies.

Congress MP Pramod Tiwari added, “We will hold the protest as the government has presented the ‘BJP’s budget.’ Wherever there is a non-BJP government, the budget has been blacked out. In the name of development, there is nothing. We will protest tomorrow in the Parliament regarding this. We will raise our voice inside the Parliament also. This is not the budget of the BJP, it is the budget of the whole country, but they have presented it as if it is BJP’s budget.”

On social media, Rahul Gandhi criticized the Budget, accusing the Finance Minister of making empty promises. He tweeted, “Kursi Bachao Budget. Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets.”

Mallikarjun Kharge also took to social media, tweeting, “Modi Government’s ‘copycat budget’ could not even copy Congress’ justice agenda properly! The Modi Government’s budget is distributing half-hearted ‘rewadis’ to dupe its coalition partners so that the NDA survives. This is not a budget for the ‘progress of the country,’ it is a ‘save Modi government’ budget!”

Congress leader Jairam Ramesh criticized the Modi government for its failure to conduct the Census, pointing out that Finance Minister Sitharaman’s budget speech did not address funding for the decadal Population Census, which was due in 2021.

West Bengal Chief Minister Mamata Banerjee also condemned the Union Budget 2024-25, describing it as politically motivated, directionless, anti-people, and lacking vision.

Budget 2024: Top Performing And Struggling Sectors In The Stock Market

July 24, 2024, 10:36 am

Domestic brokerage firm Emkay Global has praised the Union Budget 2024, describing it as ‘solid’ and emphasizing its policy continuity and commitment to fiscal consolidation. The firm noted that the budget maintained the fiscal consolidation path and continued to focus on capital expenditure.

The brokerage mentioned that a minor hike in capital gains tax is not significant, while the introduction of direct incentives for employment is a substantial measure. Regarding the stock market, Emkay Global expressed caution, stating, “The stock market is vulnerable at these valuations and could correct in the short term. Our favored sectors are FMCG, IT, and consumer durables, while we remain negative on industrials and financials.”

Emkay Global also pointed out that the upcoming earnings season might be lackluster, with moderate topline growth and diminishing margin benefits. The firm added that rate cuts are at least 1-2 quarters away and noted that valuations are stretched at 21.4 times the 1-year forward P/E of Nifty, with no imminent upgrades.

The brokerage noted that the increase in Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) taxes has been minimal and is not a major concern, though the tax on buybacks could negatively impact payouts. It also observed that the increase in Securities Transaction Tax (STT) on derivatives is minor. “Overall, the increase in taxes on capital markets has not been severe and is unlikely to affect market valuations materially,” it added.

Emkay Global sees potential growth for retail, Non-Banking Financial Companies (NBFCs), and Microfinance Institutions (MFIs). The firm explained, “Half the windfall gain from the RBI dividend was diverted to revenue expenditure, with transfers to states being the most prominent expenditure head. We see both as positive and addressing the K-shaped post-Covid recovery. Our positive stance on FMCG and two-wheelers is reinforced by these moves.”

Additionally, Emkay Global highlighted two budget positives: the jewelry sector, which will benefit from a cut in gold import duties, and battery manufacturers, who are likely to gain from lower import duties on critical metals.

“Capital market participants were hit by the CGT and STT hikes, but the impact is negligible. There was a relief rally in some stocks, as there were expectations of more severe measures, especially on derivatives trading,” the firm concluded.

Union Budget 2024: Taking Rent To Come Under Income From House Property Tax? What FM Nirmala Sitharaman Says?

July 23, 2024, 10:16 pm

This year in the Union budget, Finance Minister Nirmala Sitharaman has suggested income derived from renting a house or a part of the house should now come under income from house property, when submitting income tax.

As per finance minister, some of the taxpayers are registering their rent income under incorrect tax head, which is ‘Profits and gains of business or profession.’ Instead of ‘Income from house property.’

As a result, taxpayers are displaying house property income in an incorrect head. Thus, they are decreasing their tax liability.

Therefore, she asked the central government to make changes in section 28, which clears, that income rental via taxpayer’s property will not incur charges under ‘Profits and gains of business or profession.’

Hence, this new law is likely to hike tax liability of such individuals. As per Sitharaman, this amendment will be implemented from coming financial year.

What About TDS?

Coming to TDS (tax deducted at source) over sales of immovable property, She revealed, ‘where there is more than one transferor or transferee in respect of an immovable property, then such consideration for transfer of the immovable property shall be the aggregate of the amounts paid or payable by all the transferees to the transferor or all the transferors for transfer of such immovable property.’

Meanwhile Finance Minister Nirmala Sitharaman presented the budget for 7th time in 2024. Thus, breaking the record of veteran finance minister Morarji Desai. Breaking the record of 6.

Intense Gunfight Between Security Forces And Terrorists In Trimukha, North Kashmir

July 23, 2024, 7:38 pm

Kashmir: An intense gunfight erupted on Tuesday in the Trimukha area of North Kashmir’s Kupwara district, involving terrorists and security forces.

According to a senior police officer, the clash began when a joint team of police and army personnel launched a cordon and search operation in Trimukha. As the forces approached a suspected terrorist hideout, the terrorists opened fire, sparking a fierce exchange of gunfire.

The senior officer reported that the security forces had been tipped off about the presence of terrorists in the area, prompting the operation. As they closed in on the suspected location, the hiding terrorists began firing, initiating the gunfight. The officer confirmed that the exchange of fire was intense, with heavy firing from both sides.

The security forces have cordoned off the area to prevent the terrorists from escaping and to ensure the safety of civilians in the vicinity. Local residents have been advised to stay indoors until the situation is brought under control.

The police officer also mentioned that initial reports suggest two to three terrorists are trapped in the area. The operation is ongoing, and additional forces have been deployed to assist in neutralizing the threat.

Record Rs 6.21 Lakh Crore Allocation For Defence Sector, Boosts Innovation And Border Infrastructure

July 23, 2024, 7:33 pm

New Delhi: The Ministry of Defence (MoD) has been allocated over Rs 6.21 lakh crore in the Regular Union Budget for the Financial Year (FY) 2024-25.

“In the Regular Union Budget of Financial Year (FY) 2024-25, Ministry of Defence (MoD) has been allocated Rs 6,21,940.85 crore (approx. US $75 Billion), the highest among the Ministries,” as per a Ministry of Defence press release.

“While maintaining the allocation made to MoD during interim budget, the Government has made an additional allocation to the tune of Rs 400 crore on innovation in defence through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme,” as per a Ministry of Defence press release.

In a statement on X, defence minister Rajnath Singh thanked Nirmala Sitharaman for giving the “highest allocation”, which is 12.9 per cent of the total Budget for the financial year 2024-25.

“The capital outlay of ₹1,72,000 Crore will further strengthen the capabilities of Armed Forces. Earmarking of Rs, 1,05,518.43 Crore for domestic capital procurement will provide further impetus to Atmanirbhar Bharat. I am pleased that Border Roads have been given 30% increase in allocation over the last budget under the capital head. This allocation of ₹6,500 Crore to BRO will further accelerate our Border Infrastructure”.

“To boost the startup ecosystem in Defence Industries, ₹518 crore has been allocated to iDEX scheme to fund technological solutions given by startups, MSMEs and innovators,” Defense Minister posted.

Through this scheme, MoD is engaging with start-ups/MSMEs and innovators to develop Def-Tech solutions and supply the Indian military with innovative and indigenous technological solutions. A grant of upto 50 per cent of Product Development Budget with enhanced limit (Max) of Rs 25 crore per applicant will be awarded as per extant iDEX guidelines.

Quote by Suhas Tejaskanda, Founder and CEO Flying Wedge Defence and Aerospace “With 1.52 Lakh Crore allotted to agriculture and allied sectors, the farming industry is destined to proliferate in the coming days. This allocation will allow organisations to invest their time and infrastructure in better technological advancements and pave the way for a bright future. In addition, the special emphasis laid on Energy Security, Innovation, Research, and Development will further aid the overall growth of the agricultural sector. Moreover, the initiation of 1 Crore farmers into natural farming will make way for improved provisions and technological advancement. Lastly, the allocation of 12.9% of the total Budget of FY 2024-25 to the Defence sector will not just boost the startup ecosystem but will also light the path for advanced technological experiments.” said Suhas Tejaskanda, CEO of Flying Wedge Defence and Aerospace.

India to Establish Dedicated E-commerce Export Hubs: Finance Minister Announces in Union Budget

July 23, 2024, 7:15 pm

India is set to establish dedicated e-commerce export hubs to boost online trade, Finance Minister Nirmala Sitharaman announced in the Union Budget. The government aims to create a streamlined regulatory and logistics environment to support the growing e-commerce sector.

The Directorate General of Foreign Trade (DGFT) is already collaborating with the Reserve Bank of India (RBI) and other ministries to implement measures that will facilitate e-commerce exports. The DGFT, an arm of the commerce ministry, has been actively working with the RBI and concerned ministries, including the finance ministry, to promote exports through the e-commerce medium, recognizing the significant export opportunities in the sector.

Industry experts suggest that these hubs will facilitate export clearances and offer additional services such as warehousing, customs clearance, returns processing, labeling, testing, and repackaging.

Ashwani Kumar, President of the Federation of Indian Export Organisation (FIEO), praised the Union Budget for its efforts to enhance the competitiveness of exports in the leather and textile sectors. He noted the reduction in Basic Customs Duty (BCD) on real down filling material from ducks or geese, additions to the list of exempted goods for manufacturing leather and textile garments, footwear, and other leather articles, and the simplification and rationalization of the export duty structure on raw hides, skins, and leather as significant boosts for the export sector during challenging times.

The FIEO Chief reiterated that setting up E-commerce Export Hubs under the Public-Private Partnership (PPP) mode will enable MSMEs and traditional artisans to sell their products in international markets and promote trade and export-related services under one roof. This initiative will also help promote the Districts as Export Hubs and One District One Product schemes of the government, thereby supporting GI products and handicraft goods. These hubs will showcase such products, benefiting artisans, craftsmen, and farmers by significantly increasing their income.

Kumar further emphasized, “priority to productivity and resilience in agriculture by transforming agricultural research is the key to further giving boost to the sector. Natural farming along with Shrimp production & export and digital public infrastructure will help in fast-tracking growth of rural economy and generation of employment opportunities on a large-scale with a budget provision of 1.52 lakh crore for agriculture and allied sector,”.

Lower Import Duty On Gold May Enhance Domestic Demand: GJC

July 23, 2024, 7:11 pm

New Delhi: All India Gem and Jewellery Domestic Council member and former Chairman Anantha Padmanaban today commended the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman and said that it will help in boosting the industry.
“It’s been pending for the last 12 years & at last government has obliged by reducing it to 6%. Today with reduced customs duty consumers would get benefited from high gold prices,” he said. The current import duty on gold is 15%. The retail price of the yellow metal in Delhi is Rs. 71,510 per 10 gram of 24 carat.

Finance Minister Nirmala Sitharaman on Tuesday proposed to reduce customs duties on gold and silver to six per cent to enhance value addition in precious metal jewellery.
Padmanaban said that it is a very good move by the government in giving benefit to the common man in a big way. This will eventually result in cheaper imports of the yellow metal.

“More gold would be bought and we hope sales will also pick up now,” he added.
India is one of the largest consumers of the yellow metal in the world. Before 2023, India was the largest consumer of gold. However, China pipped India as the top gold consumer of the world in 2023 with Beijing’s demand for jewellery rising by 10 per cent and investment by 28 per cent. Releasing Gold Demand Trends for 2023 and Q4 2023, the World Gold Council, a body of gold producers, said China was the main engine of growth.

With lower purchase for the metal last year due to higher prices resulted in overall less demand but following reduction in duties on the imported gold, chances are higher that its demand from the common people is expected to catapult, the industry sources said.

FM Announces Flood Relief Aid For Bihar, Assam, Sikkim, HP, Uttarakhand

July 23, 2024, 7:05 pm

New Delhi: In her seventh consecutive Union Budget for 2024–25, Finance Minister Nirmala Sitharaman emphasised the government’s key priorities, including providing financial assistance to flood-prone states such as Bihar, Assam, Himachal Pradesh, Uttarakhand, and Sikkim. These states have experienced significant losses due to floods and other natural calamities.

During the Monsoon Session of Parliament, Finance Minister Nirmala Sitharaman presented the first Union Budget of the Modi 3.0 government and her seventh consecutive one. The budget session began on July 22 and is scheduled to conclude on August 12. In her budget speech, Sitharaman announced an allocation of Rs 11,500 crore for flood control measures in Bihar. Bihar, which often suffers from floods, will receive some relief as plans to construct flood control structures in Nepal are set to advance.

“Bihar has frequently suffered from floods, many of which originate outside the country. Plans to build flood control structures in Nepal are yet to progress. Through the accelerated irrigation benefit programme and other sources, our government will provide financial support for projects estimated at Rs 11,500 ore. These include the Kosi-Mechi intra-state link and 20 other ongoing and new schemes, such as barrages, river pollution abatement, and irrigation projects,” Sitharaman said in her Budget speech in the Lok Sabha.

Sitharaman stated that the central government will support Assam in flood management and related projects. “Assam struggles with widespread flooding, primarily from the Brahmaputra river and its tributaries that originate outside India. We will provide assistance for flood management and related projects in Assam,” said the Finance Minister.

Similar to Assam, the Finance Minister announced assistance for Himachal Pradesh’s reconstruction and rehabilitation. “Himachal Pradesh suffered extensive losses due to floods last year. Our government will support the state through multilateral development assistance,” Sitharaman said.

Sitharaman also announced aid for Uttarakhand, which suffered losses from cloudbursts and massive landslides. “Recently, Sikkim witnessed devastating flash floods and landslides that wreaked havoc across the state. Our government will provide assistance to Sikkim,” she added.

Former Bihar Chief Minister and RJD leader Rabri Devi expressed her dissatisfaction with the Union Budget, calling it a “jhunjhuna.” She emphasised that the flood situation had displaced many people, causing them to lose their homes and valuable belongings due to the heavy rains.

Budget 2024-2025: Green Strides But Miles To Go

July 23, 2024, 6:44 pm

New Delhi: The Union Budget 2024 presented a mixed bag for India’s green ambitions. While Finance Minister Nirmala Sitharaman highlighted the importance of energy transition, experts from the Centre for Science and Environment (CSE) expressed both optimism and concern regarding the specific measures.

Sitharaman on Tuesday said, “We will develop a taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation. This will support the achievement of the country’s climate commitments and green transition.”

The budget emphasised several green initiatives. The PM Surya Ghar Yojana aims to install rooftop solar plants in one crore households, potentially reducing reliance on grid power. Exemptions on import duties for certain solar cell and panel components are expected to boost domestic solar manufacturing. Additionally, the development of a climate finance taxonomy is seen as a crucial step to attract green investments and align financial flows with climate goals. Furthermore, increased allocation for the National Clean Air Programme (NCAP) signals a commitment to air pollution control.

Anumita Roychowdhury, Executive Director of Research and Advocacy at CSE, praised some aspects of the budget but also highlighted areas needing improvement. “The focus on decarbonization pathways for hard-to-abate industries like cement is a positive step,” she said. Roychowdhury also noted the potential of the Critical Mineral Mission to strengthen domestic production of minerals essential for renewable technologies and electric vehicles (EVs). She appreciated the integration of urban and transport planning with a focus on transit-oriented development (TOD) as it can promote sustainable mobility and reduce emissions.

However, there are concerns about the budget’s clarity on achieving the ambitious target of 500 GW of renewable energy by 2030. The exemption of import duties might not be sufficient to ensure cost-effective domestic production of green technologies. Roychowdhury also pointed out the lack of concrete plans to address climate change adaptation challenges like heatwaves and sea level rise. “Beyond mentioning a carbon trading mechanism, there’s no clear strategy for reducing emissions from hard-to-abate sectors crucial for meeting the 2070 net-zero target,” she added.
Avantika Goswami, Programme Manager for Climate Change at CSE, echoed these sentiments. She acknowledged key policy signals for decarbonizing the economy but emphasized the need for more detailed pathways. “The development of a climate finance taxonomy is a significant step,” Goswami said, but she noted that measures for climate adaptation were insufficient.

Nivit Kumar Yadav, Programme Director of CSE’s Industrial Pollution team, pointed out the disconnect between the budget’s renewable energy measures and India’s goal of generating 500 GW of renewable energy by 2030. “The renewable energy sector did not receive a clear and supportive message from the current government,” he stated, highlighting the lack of a clear roadmap and supportive policies for the sector.
CSE’s research supports their concerns. The climate finance gap is a significant hurdle for developing countries like India in achieving ambitious climate goals. There is an urgent need for developed nations to contribute more in terms of technology and finance. Additionally, the European Union’s Carbon Border Adjustment Mechanism (CBAM) could disproportionately impact developing countries, hindering economic growth and access to global markets.

The Union Budget 2024 takes some positive steps towards India’s green transition. However, as CSE experts point out, more needs to be done to achieve ambitious targets and ensure a just and equitable transition. Increased transparency, detailed roadmaps, and robust adaptation strategies are crucial for a truly sustainable future.

Industry Leaders Hail 2024 Union Budget For Comprehensive Development Strategy

July 23, 2024, 6:33 pm

Mumbai – The 2024 Union Budget has been met with enthusiastic approval from key industry leaders, who applaud its focus on infrastructure, skill development, and job creation. The budget’s alignment with the diverse needs of India’s economic landscape has been particularly well-received.

“The 2024 Union Budget aligns with our expectations, prioritizing infrastructure, skill development, and job creation. It places an emphasis on rural development, recognizing the diverse needs of India’s economic landscape,” stated Mr. Sanjaya Mariwala, President of IMC Chamber of Commerce and Industry and Executive Chairman & Managing Director of OmniActive Health Technologies.

Agriculture is a standout focus in this year’s budget, with initiatives aimed at climate-resilient crops and increased Minimum Support Prices (MSPs) designed to boost farmer incomes and stability. “Agriculture takes center stage with initiatives for climate-resilient crops and increased MSPs, aiming to boost farmer incomes and stability,” Mariwala added.

A significant highlight is the groundbreaking Rs 1 lakh crore fund allocated for private-sector research, which positions India to compete globally and potentially replace China as a primary market in certain sectors. “A groundbreaking Rs 1 lakh crore fund for private-sector research positions India to compete globally and potentially replace China as a primary market in certain sectors,” noted Mariwala.

The budget also focuses on stimulating consumption, boosting employment, and creating a favorable environment for both domestic and foreign businesses. “With a focus on stimulating consumption, boosting employment, and creating a favorable environment for both domestic and foreign businesses, the budget sets the stage for sustainable economic growth,” said Mariwala.

Overall, industry leaders believe the budget presents a balanced and comprehensive strategy for India’s development, addressing critical needs in agriculture, research, and infrastructure. “Overall, a balanced budget presenting a comprehensive strategy for India’s development, addressing critical needs in agriculture, research, and infrastructure. An approach that has the potential to propel India towards a more competitive and prosperous future on the global stage,” concluded Mariwala.

The positive reception from industry stakeholders underscores the budget’s potential to drive sustainable economic growth and position India favorably on the global stage.

Nikhil Kamath’s Budget Day Post Turns Heads For The Wrong Reasons

July 23, 2024, 5:40 pm

Zerodha co-founder Nikhil Kamath shared a photo on Budget day that was intended to reflect his reaction to the Union Budget 2024. However, the focus quickly shifted from his thoughts on the budget to his physical appearance.

The Photo and Social Media Reaction

View this post on Instagram

A post shared by Nikhil Kamath (@nikhilkamathcio)

In the photo, 37-year-old Kamath is seen wearing a grey sleeveless T-shirt with a bemused expression. The caption reads simply, “Budget day.” Despite his intention to comment on the budget, social media users were more interested in his physique.

Comments quickly turned to discussions about his biceps, with users noting:

“Biceps dikhane ka tareeka thoda casual hai” (His way of showing off his biceps is a bit casual).
“He is smart and hot??”
“Excuse me, why are you so hot?”
Comparisons to Tusshar Kapoor and remarks like “Didn’t know Nikhil was lowkey jacked.”

Nithin Kamath’s Take on the Budget

Nikhil’s brother, Nithin Kamath, also shared his views on the Union Budget, focusing on tax changes. He commented on the increased securities transaction tax and long-term capital gains tax, suggesting it might slow market activity.

Fitness and Lifestyle

Both Kamath brothers are known for their fitness regimes. Nikhil Kamath has previously discussed his intermittent fasting routine, which involves not eating until 2 PM and managing his appetite with coffee.

The photo’s unexpected attention highlights the impact of social media on public figures, where personal appearances can sometimes overshadow professional commentary.

Opposition Calls Bihar’s Rs 26,000 Crore Budget Allocation A ‘Jhunjhuna’

July 23, 2024, 5:29 pm

The Rs 26,000 crore budgetary allocation for Bihar announced by Union Finance Minister Nirmala Sitharaman has triggered intense reactions from political leaders. The allocation, intended for various development projects in the state, has been dismissed by the opposition as a mere “jhunjhuna” (distraction), especially in the context of the demand for special status that was not granted.

Key Details of the Budget Allocation

In the Union Budget 2024-25, the Centre allocated Rs 26,000 crore to Bihar for development projects, including:

An industrial node at Gaya on the Amritsar-Kolkata Industrial Corridor.
Road connectivity projects.
Several new medical colleges and infrastructure improvements.

Opposition Leaders’ Reactions

Independent MP Pappu Yadav criticized the allocation, questioning the effectiveness of the budget in creating jobs and addressing migration issues. He also expressed frustration over the lack of a special package or special state status.

Former Bihar CM Rabri Devi from RJD called the Rs 26,000 crore allocation a “jhunjhuna,” arguing that it does not address pressing issues such as crime, unemployment, and farmer problems.

Ruling Party Defends the Allocation

JD(U) leader Neeraj Kumar acknowledged the expectations from the budget but defended the allocation, particularly highlighting the focus on roadways and infrastructure. He pointed out that the region’s special status had been debated for years and emphasized the positive aspects of the current budget.

BJP MLA Tarkishore Prasad praised the budget for including three new expressways, medical colleges, and infrastructure investments, dismissing opposition claims as politically motivated.

Bihar Minister Dilip Jaiswal welcomed the allocation, describing it as a significant development for the state. He highlighted new infrastructure projects, including bridges and a power plant, and expressed gratitude towards the central government.

Overall Reaction

The budget allocation has sparked a heated debate, with opposition leaders questioning its adequacy and the ruling party defending it as a substantial investment in Bihar’s development. The discussions reflect ongoing tensions over the state’s development needs and political priorities.

Budget 2024 Boosts Real Estate For Urban Poor, Middle-Class

July 23, 2024, 4:42 pm

The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman on Tuesday, introduces significant measures aimed at rejuvenating the real estate sector with a particular focus on benefiting the urban poor and middle class. The budget outlines a series of initiatives and financial allocations designed to make housing more affordable and accessible, addressing critical challenges in India’s urban housing market.

Expanding Affordable Housing
A key highlight of the budget is the expansion of affordable housing schemes. Sitharaman announced, “Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore. This will include the central assistance of Rs 2.2 lakh crore in the next 5 years.” This substantial allocation aims to provide increased financial support and incentives, ensuring more housing units are available at lower costs. The initiative also includes a provision for interest subsidies to facilitate loans at affordable rates, easing the financial burden on low and middle-income families and making homeownership more attainable.

Infrastructure Development and Its Impact
Infrastructure development is another significant aspect of the budget, with an allocation exceeding Rs. 11.11 lakh crore, nearly 3.4% of India’s GDP. This substantial investment is expected to drive real estate growth by enhancing urban infrastructure. “Improved infrastructure directly correlates with real estate development,” noted Anuj Puri, Chairman of the ANAROCK Group. The focus on developing smart cities and improving urban living conditions, including better access to utilities, transportation, and essential services, creates a more conducive environment for the urban poor and middle-class families.

Support for MSMEs and Economic Growth
The budget also includes measures to support the Micro, Small, and Medium Enterprises (MSMEs) sector, which has a multiplier effect on overall economic growth. The credit guarantee scheme for MSMEs aims to provide impetus to industrial development, indirectly benefiting the real estate sector. “Affordable housing demand has been tepid since the pandemic, but this move could rejuvenate interest and activity, particularly in tier 2 and 3 cities,” observed Puri. By supporting MSMEs, the budget aims to create a positive ripple effect that will ultimately benefit the real estate market.

For individual taxpayers under the new tax regime, the increased standard deduction limit to Rs. 75,000 from the previous Rs. 50,000, along with the new income tax slabs, provides some financial relief to middle-class families. Sitharaman stated, “The standard deduction for salaried employees is proposed to be increased from Rs 50,000/- to Rs 75,000/-.” Although these measures may not significantly boost housing demand, they do provide some financial relief to middle-class families, potentially easing the path to homeownership.
Regional and Industrial Development

The budget also highlights the development of industrial corridors, such as the Hyderabad-Bengaluru and Vizag-Chennai corridors. These mega allocations are expected to drive growth along these corridors, subsequently boosting real estate activities in these regions. Additionally, the sanctioning of 12 new industrial parks and the promotion of rental housing with dormitory-type accommodations under the PPP mode are strategic moves aimed at enhancing housing options for industrial workers.

Sitharaman also touched on urban renewal through the brownfield redevelopment of cities under the PPP mode, opening opportunities for real estate development. This initiative aligns with the government’s broader vision of rejuvenating urban spaces and creating sustainable living environments.

Union Budget 2024: Industry Leaders Assess Economic Impact and Policy Priorities

July 23, 2024, 4:36 pm

As the echoes of the Union Budget 2024 reverberate through the corridors of industry, leaders across various sectors have weighed in on its implications for economic growth and sectoral development. The budget, touted as a pivotal document setting fiscal policies and economic priorities, has drawn both praise and scrutiny from diverse quarters of the business community.

Sanjana, Managing Trustee of G.D. Goenka Public Schools and an advocate for educational reform, commended the budget’s strides in prioritizing the education sector. “It’s heartening to see the government’s renewed focus on education, particularly its emphasis on skilling and internships,” she remarked. “However, while the increased budget allocation is a positive step, achieving the recommended 6% of GDP for education remains a critical goal for sustainable development.”

With a wealth of experience in educational policy reform across global contexts, including collaborations with UNICEF and governmental bodies in Egypt and Kyrgyzstan, Sanjana highlighted the need for robust policy implementation and public-private partnerships to enhance educational outcomes effectively.

Meanwhile, Rajeev Baid, Founder of Chai Chun and a prominent figure in the tea industry, expressed optimism about the budget’s implications for startups and traditional industries alike. “The allocation for venture capital and incentives for agri-tech startups will bolster innovation in the tea sector,” he observed. “Reduced GST rates and streamlined compliance processes are significant boosts for entrepreneurial endeavors, fostering growth and sustainability.”

Baid underscored the importance of digital infrastructure investments in rural connectivity, foreseeing enhanced operational efficiencies through technologies like AI and IoT in tea cultivation and processing. He also praised initiatives aimed at skill development tailored for the agri-tech and tech sectors, crucial for maintaining competitiveness and fostering innovation.

In the healthcare domain, Mr. Neeraj Lal, COO & Unit Head at Apollo Hospitals in Gujarat, lauded the budget’s comprehensive measures to strengthen public health infrastructure.
“The Union Budget introduces significant measures to bolster the healthcare sector, with an emphasis on increased spending and public health initiatives. Notable measures include substantial funds for upgrading healthcare infrastructure, particularly in rural areas, and expansion of digital health services such as telemedicine and electronic health records. The budget also prioritises preventive healthcare through new public health schemes and vaccination programs, along with significant investments in medical R&D. Enhanced training and development programs will address the shortage of healthcare professionals, while expanded insurance schemes and subsidies will make healthcare more affordable for the underprivileged. Additionally, increased funding for mental health initiatives underscores the government’s commitment to comprehensive healthcare. Overall, the budget’s healthcare initiatives are poised to create a more inclusive, effective, and efficient healthcare system.” Said Mr. Neeraj Lal, COO & Unit Head Apollo Hospitals. Gujarat Region
Overall, the Union Budget 2024 has sparked optimism among industry leaders, who view its provisions as pivotal in shaping the economic trajectory of the nation. The blend of sector-specific allocations and broader economic reforms aims to foster growth, innovation, and sustainability across education, startups, traditional industries, and healthcare. As these policies translate into action, their impact on India’s economic landscape will unfold, steering industries towards a path of resilience and competitiveness in the global arena.
The discourse surrounding the budget reflects not just an assessment of fiscal allocations but also a forward-looking approach to leveraging opportunities and addressing challenges in key sectors vital to India’s growth story. As stakeholders navigate the post-budget landscape, the effectiveness of these measures in driving inclusive and sustainable development remains a focal point for ongoing debate and analysis.

Budget 2024: Over ₹3 Lakh Crore Allocated For Benefit Of Women And Girl

July 23, 2024, 3:19 pm

Finance Minister Nirmala Sitharaman, in her seventh consecutive budget speech, presented the Union Budget 2024-25 on Tuesday in the Lok Sabha. She announced a substantial allocation of more than ₹3 lakh crore for schemes benefiting women and girls, underscoring the government’s commitment to promoting women-led development.

Key Highlights for Women’s Development:

Sitharaman emphasized that the significant budgetary allocation is a clear signal of the government’s dedication to enhancing the role of women in economic development. “For promoting women-led development, the Budget carries an allocation of more than ₹3 lakh crore for schemes benefitting women and girls,” she stated.

In a bid to further support women in the workforce, the government plans to collaborate with industry partners to establish working women’s hostels and creche facilities. This initiative aims to create a supportive environment that encourages women’s participation in professional activities and fosters their career growth.

Additionally, this industry-government partnership will launch women-specific skilling programs and promote market access for women-led Self-Help Group (SHG) enterprises, enhancing their economic opportunities.

Social Justice and Inclusive Development:

The budget also reflects the government’s commitment to social justice. Sitharaman announced a saturation approach to cover all eligible individuals through various schemes, focusing on health and education. The objective is to achieve inclusive human resource development, a core priority of the Union Budget 2024-25.

“Our government is committed to all-round, all-pervasive, and all-inclusive development of people, particularly farmers, youth, women, and the poor,” Sitharaman remarked. She highlighted the increased implementation of schemes supporting economic activities by craftsmen, artisans, SHGs, SC/ST and women entrepreneurs, and street vendors, including PM Vishwakarma, PM SVAnidhi, NRLM, and Stand-Up India.

Urban Development Initiatives:

Under urban development, the government has encouraged the moderation of high stamp duty by all states for urban-related development. Additionally, it has called for further reduction of duties for properties purchased by women, facilitating easier property ownership and investment for women.

Union Budget 2024: Empowering MSMEs And Women Entrepreneurs

July 23, 2024, 2:47 pm

Finance Minister Nirmala Sitharaman announced significant measures for the MSME sector in the Union Budget 2024-25, including a Rs 100 crore Credit Guarantee scheme for MSMEs. This scheme, supported by a self-financing guarantee fund, will provide term loans without collateral, aiding machinery and equipment purchases.

Public sector banks will build in-house credit assessment capabilities. The budget also includes doubling the MUDRA loan limit for the Tarun category, reducing the TReDS platform onboarding threshold, expanding SIDBI branches to cover more MSME clusters, developing e-commerce export hubs, and setting up food irradiation units and quality testing labs to bolster MSME growth and competitiveness.

Suchita Vishnoi, Co-Founder & CMO of GatewAI, praised the budget’s transformative step towards empowering women and enhancing their role in India’s economic landscape. GatewAI commends the government’s commitment to advancing women through initiatives like the provision of ₹30 crore in Mudra Yojana loans, aimed at fostering entrepreneurship and providing financial support to women entrepreneurs.

This move will ease the path for women to start and scale their businesses. The focus on STEM education, with girls and women constituting 43% of enrollments, reflects a progressive approach to bridging the gender gap in technology and innovation sectors. The Lakhpati Didi schemes exemplify the government’s dedication to transforming women’s economic status and promoting financial independence.

Varun Tangri, Founder & CEO of QueueBuster POS, commended the government’s decision to increase the Mudra loan limit for MSMEs from ₹10 lakh to ₹20 lakh, which will empower the retail sector significantly. This enhancement will provide over 63 million MSMEs across India with greater access to vital financial resources, enabling businesses to invest in cutting-edge retail technology. Additionally, the abolition of the angel tax on investors will bolster the Indian start-up ecosystem and fuel innovation and entrepreneurship nationwide, fostering a more robust and dynamic business environment.

Budget 2024: Memes Go Viral As FM Sitharaman Presents Budget

July 23, 2024, 2:40 pm

Finance Minister Nirmala Sitharaman delivered her seventh consecutive Budget for the fiscal year 2024-25, marking the Modi-led government’s first Budget since their re-election in June.

As expected, social media has been abuzz with reactions, including a flurry of amusing memes. Many have humorously turned to their Chartered Accountant (CA) friends for help in deciphering the Budget.

Take a look at the viral memes:

Among the memes making the rounds, one notably references a scene from Sanjay Dutt’s film ‘Munnabhai MBBS’, adding to the comedic commentary.

Nirmala Tai delivering #Budget2024

Me to my CA friends :#BudgetSession #Budget #BudgetDay pic.twitter.com/FDChSWzbOX

— Ashish Kumar (@Ashish___Kumar_) July 23, 2024

This person chose to use a scene from the film ‘Dhamaal’ to convey their opinions.

me to my CA friend pic.twitter.com/VrAVMzAsgi

— diveshchaudh@ry (@diveshchaudhry8) July 23, 2024

Another X user shared this meme…

Me asking my CA friends to explain the new budget#Budget2024 pic.twitter.com/wAIMN7IqVh

— ????? ?????? ?? (@qasim_says_) July 23, 2024

With this Budget, Nirmala Sitharaman has surpassed Moraji Desai’s record of presenting six consecutive budgets. To date, she has delivered six annual budgets and one interim budget in succession.

On February 1, ahead of the 2024 general elections, Sitharaman introduced the Interim Budget, which detailed the extensive financial strategy.

Did any of these memes made you laugh?

CM Yogi Applauds Union Budget 2024-25 As Blueprint For A Self-Reliant, Developed India

July 23, 2024, 2:32 pm

Uttar Pradesh Chief Minister Yogi Adityanath praised the Union Budget 2024-25 unveiled by Finance Minister Nirmala Sitharaman, calling it a development-focused plan reflecting the aspirations of India’s 1.4 billion citizens.

He highlighted the budget’s potential for growth, especially in agriculture and women’s empowerment, with allocations of Rs 1.52 lakh crore for farmers and over Rs 3 lakh crore for women.

CM Yogi emphasized the budget’s role as an economic framework for a “Developed India-Self-Reliant India,” focusing on comprehensive development across various societal segments, including rural areas, the poor, and youth. He welcomed the new tax slabs and provisions in the direct tax system, which provide significant relief to the middle class.

Finance Minister Sitharaman detailed key budget measures, including substantial funding for agriculture R&D, aiming to enhance oilseed production, storage, and marketing. She announced a three-year plan for digital public infrastructure in agriculture, targeting comprehensive coverage of farmers and their lands. This includes a digital crop survey for Kharif in 400 districts and updates to farmer and land registries.

Additionally, a new national cooperation policy will be introduced to boost the cooperative sector, enhance rural economic growth, and create job opportunities. Sitharaman’s budget outlines a vision for India’s economic advancement and self-reliance, with a goal of transforming the country into a $5 trillion economy and a global growth engine.

Uttar Pradesh Finance Minister Suresh Kumar Khanna Anticipates Milestone Union Budget For ‘Viksit Bharat’

July 23, 2024, 2:05 pm

With the Union Budget 2024 set for unveiling, Uttar Pradesh Finance Minister Suresh Kumar Khanna expressed strong optimism about its potential, calling it a crucial step toward realizing a “Viksit Bharat” (Developed India).

Khanna shared his expectations with ANI, emphasizing that the budget is pivotal for the nation’s development. He noted recent positive economic trends, including a growth rate increase to 8.2% from 6.5% and a decrease in the unemployment rate, reflecting robust economic activity.

Khanna also highlighted that the upcoming budget is expected to directly benefit Uttar Pradesh. Copies of the Union Budget 2024 have already been delivered to Parliament, and it will be the first budget presented by Narendra Modi’s government in its third term. The Union Cabinet, led by Prime Minister Modi, approved the budget on Tuesday ahead of its formal presentation by Finance Minister Nirmala Sitharaman.

Prime Minister Modi, along with key ministers including Amit Shah and Rajnath Singh, attended the Cabinet meeting. Sitharaman is set to present the budget today at 11 am, marking her seventh consecutive budget, surpassing Morarji Desai’s record. Expectations are high for revisions in income tax and improvements in the ease of doing business. The budget session, which began on July 22, will run until August 12.

Budget 2024: Fiscal Deficit Target Cut To 4.9% With Emphasis On Consolidation

July 23, 2024, 1:56 pm

In presentation of the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman has set a fiscal deficit target of 4.9% of Gross Domestic Product (GDP). This marks a decrease from the 5.1% target outlined in the Interim Budget on February 1.

For the fiscal year 2023-24, the initial fiscal deficit target was set at 5.9% of GDP but was later revised down to 5.8%. The fiscal deficit, which reflects the gap between total revenue and total expenditure, indicates the government’s borrowing requirements.

Sitharaman emphasized the government’s commitment to fiscal consolidation, aiming to reduce the fiscal to below 4.5% of GDP by the financial year 2025-26. “The fiscal consolidation path announced in 2021 has been beneficial for our economy, and we aim to achieve a deficit below 4.5% next year,” she stated.

Looking further ahead, Sitharaman assured that from 2026-27, the goal would be to ensure the central government’s debt as a percentage of GDP declines annually. “The government is dedicated to maintaining this trajectory, and our endeavor will be to keep the fiscal deficit on a downward path,” she added.

Union Budget 2024: What’s Cheaper And Why? Here’s The List

July 23, 2024, 1:27 pm

Finance Minister Nirmala Sitharaman has revealed a series of significant reductions in customs duties in her Union Budget 2024 speech, aimed at making various essential items more affordable for Indian consumers.

Among the key changes:

Mobile Phones & Accessories: Customs duties reduced to 15%, which is expected to lower retail prices and boost the electronics sector.
Gold & Silver: Duties cut to 6%, with platinum reduced to 6.4%. This move is likely to increase retail demand and help in controlling smuggling, although it might also impact India’s trade deficit and the rupee.
Cancer Medicines: Three additional drugs now exempt from basic customs duties, providing relief to patients.
Ferro Nickel & Blister Copper: Basic customs duties on these materials have been removed, aiding the manufacturing sector.
Solar Panel Equipment: Expansion of the list of exempted capital goods used in solar panel production to support clean energy initiatives.

The Finance Minister’s announcement marks the first Union Budget 2024 of the Modi 3.0 government and is expected to influence various sectors, from infrastructure to social welfare. This comprehensive approach aims to address both economic growth and consumer relief.

Prime Minister Narendra Modi had previously assured that the Finance Minister would present a strong budget, with a focus on fulfilling the government’s commitments. The Economic Survey, tabled on the first day of the Monsoon Session, set the stage for these impactful announcements.

Budget 2024: ₹1.52 Lakh Crore Set Aside For Agriculture And Allied Sectors By FM Sitharaman

July 23, 2024, 12:26 pm

In her presentation of the Union Budget for the fiscal year 2024-25, Finance Minister Nirmala Sitharaman announced a significant allocation of ₹1.52 lakh crore to the agriculture and allied sectors. The budget highlights a strong focus on research and development (R&D) in agriculture, aiming to bolster the production, storage, and marketing of pulses and oilseeds.

Key Initiatives and Funding

Sitharaman emphasized the importance of achieving self-reliance, or “atmanirbharta,” particularly in the production of oilseeds such as mustard, groundnut, sesame, soybean, and sunflower. She stated, “We will strengthen their production, storage, and marketing” to ensure greater self-sufficiency in these essential crops.

To enhance vegetable supply chains, the budget proposes the development of large-scale clusters near major consumption centers. Sitharaman outlined plans to support farmer producer organizations, cooperatives, and startups involved in vegetable supply chains, including collection, storage, and marketing.

Digital Infrastructure and Farmer Support

The budget introduces a three-year plan to establish digital public infrastructure for agriculture, aiming to cover farmers and their lands comprehensively. A digital crop survey for Kharif crops will be conducted in 400 districts this year, integrating details of six crore farmers and their lands into comprehensive registries. Additionally, the issuance of Jan-Samarth based Kisaan Credit Cards will be initiated in five states.

Support for Aquaculture and Cooperatives

Recognizing the potential of aquaculture, the budget allocates funds for the creation of nucleus breeding centers for shrimp broodstocks. Financial support for shrimp farming and exports will be facilitated through the National Bank for Agriculture and Rural Development (NABARD).

Furthermore, a new national cooperation policy will be introduced to ensure the systematic and orderly development of the cooperative sector. This policy aims to accelerate the growth of the rural economy and generate substantial employment opportunities.

The announcements reflect a robust commitment to advancing India’s agricultural sector, improving self-reliance, and supporting rural development through targeted investments and strategic planning.

Budget 2024: FM Sitharaman Presents The Union Budget | Highlights So Far

July 23, 2024, 12:15 pm

Finance Minister Nirmala Sitharaman has commenced her presentation of the Union Budget 2024-25 today, July 23, marking her seventh consecutive Budget address in Parliament. This achievement makes her the first finance minister to deliver seven consecutive Budget speeches, surpassing the previous record held by former Prime Minister Morarji Desai, who presented six consecutive budgets between 1959 and 1964.

Key Highlights From The Budget

Employment and Skilling:

Launch of five schemes to target 4.1 crore youth over the next five years, with a central allocation of Rs. 2 lakh crore.
A comprehensive internship program aimed at one crore youth in leading companies over five years.
Employment-linked incentives, including wage support for first-time employees.
Specialized skilling programs for women and initiatives to boost their workforce participation.

Support for MSMEs and Manufacturing:

Focus on enhancing support for MSMEs and the manufacturing sector.
Introduction of a credit guarantee scheme and term loans for machinery acquisition.
A technology support package for MSMEs.
Expansion of SIDBI with 24 new branches to cater to MSME clusters.

Financial Initiatives:

Increase in Mudra loan limit from Rs. 10 lakh to Rs. 20 lakh for previous borrowers.
Financial backing for higher education loans up to Rs. 10 lakh in domestic institutions.
Development of an integrated technology system for the Insolvency and Bankruptcy Code (IBC).

Agriculture and Rural Development:

Allocation of Rs. 2.66 lakh crore for rural development.
Focus on transforming agricultural research to enhance productivity and develop climate-resilient crops.
Initiative to introduce one crore farmers to natural farming over two years.

Infrastructure and Regional Development:

Provision of rental housing in PPP mode for industrial workers.
Special financial aid of Rs. 15,000 crore for Andhra Pradesh.
Development of new airports, medical facilities, and sports infrastructure in Bihar.

Economic Outlook:

Inflation trending towards the 4% target.
India’s economic growth described as a “shining exception.”
Emphasis on job creation and boosting consumption, with potential benefits for the consumer goods, real estate, and auto sectors.

Nine Priority Areas:

Agriculture
Employment
Inclusive Development
Manufacturing and Services
Urban Development
Energy
Infrastructure
Innovation and R&D
Next-Generation Reforms

Women-Led Development:

Allocation of over Rs. 3 lakh crore for schemes benefiting women and girls.

Social Welfare:

Extension of the PM Garib Kalyan Anna Yojana (PMGKAY) for an additional five years, benefiting over 80 crore people.

Digital and Technological Advancements:

Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance.