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Updated February 1st, 2024 at 22:12 IST

Budget 2024: No changes to taxation, same tax rates for direct and indirect taxes: FM

Budget Updates: Even as people expected some changed in the income tax slabs, FM Sitharaman announced that there's no change in the current tax rates.

Business Desk
Interim Budget 2024
Interim Budget 2024 | Image: Republic
10: 09 IST, February 1st 2024

The updates to the live blog have been closed.

7: 41 IST, February 1st 2024

Interim Budget 2023: The allocation in the Interim Budget for the Ayush Ministry has experienced a notable increase, reaching Rs 3,712.49 crore for the fiscal year 2024-25, up from the revised estimates of Rs 3,000 crore in 2023-24. This marks a rise of 23.74%.

Within this allocation, the National Medicinal Plants Board has been granted Rs 14.63 crore, while the Pharmacopoeia Commission for Indian Medicine and Homoeopathy (PCIM&H) has received Rs 20.80 crore.

Read full story: Budget 2024: Ayush Ministry witnesses a 23.74% boost in budget allocation- Republic World

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7: 35 IST, February 1st 2024

Interim Budget 2024: Finance Minister Nirmala Sitharaman during her Interim Budget 2024 speech announced a push of Rs 1,050 crore for FY25 directed towards Vibrant Villages Program (VVP).
The allocation is Rs 750 crore higher than what was released for the program in the current financial year.

The corpus announced in the budget speech is part of the already approved outlay of Rs 4,800 crore for FY 23-26, for a comprehensive development of selected villages in 46 blocks across 19 districts in India.

Read complete report 👉 Vibrant Villages Program receives Rs 1,050 crore push in Budget 2024 - Republic World

7: 26 IST, February 1st 2024

Interim Budget 2024: AK Goel, Chairman of the Indian Banks' Association (IBA) and Managing Director & CEO of Punjab National Bank, expressed positivity, stressing that the budget reinstates the government's commitment to inclusive growth and sustainable development.

The interim budget, according to Goel, holds promise for the economy by creating more opportunities for the lower echelons of the socioeconomic pyramid. He highlighted the increased focus on infrastructure spending for development, measures aimed at achieving Net Zero by 2070, and a clear emphasis on fiscal consolidation.

Read the complete story 👉 Budget reinstates government’s focus on inclusive growth: IBA- Republic World

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7: 17 IST, February 1st 2024

Interim Budget 2024: In a boost to tribal development, the government has allocated Rs 13,000 crore for the Tribal Affairs Ministry in the interim Budget 2024-25, marking a 70% increase from the previous financial year's allocation of Rs 7,605 crore.

A substantial focus of the budget is on education, with Rs 6,399 crore designated for the construction of Eklavya Model Residential Schools (EMRS) in 2024-25. This allocation reflects a remarkable 150% surge from the Rs 2,471.81 crore allocated in 2023-24. The EMRS initiative aims to provide high-quality middle and high-level education to tribal students in remote areas, ensuring their access to reservations in higher education and various job sectors.

Read complete story 👉 https://www.republicworld.com/economy/budget-2024-govt-pushes-for-tribal-development-with-rs-13000-crore-allocation/

7: 10 IST, February 1st 2024

Interim Budget 2024 | Telcos hail innovation push: The Interim Budget presented by Finance Minister Nirmala Sitharaman on Thursday re-emphasised the government's economic policies and the commitment to sustained growth, improving productivity, and creating opportunities with a focus on skilling and reskilling, said SP Kochhar, Director General, Cellular Operators Association of India (COAI).

Read the full story here 👉 https://www.republicworld.com/business/budget-2024-deep-tech-promotion-to-help-scale-up-innovation-coai-dg/

 

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6: 38 IST, February 1st 2024

Interim Budget 2024: The Federation of Indian Chamber of Commerce and Industry (FICCI) President Dr Anish Shah has said that the Interim Budget recognises innovation as a key driver for growth.

In a post-Budget reaction statement, the FICCI President said the introduction of a significant corpus of Rs 1 lakh crore for offering a fifty-year interest-free loan to scale up R&D in sunrise domains will help domestically produced. The fiscal performance bodes well for the country's macroeconomic stability and investor confidence," he said.

Read the full story here 👉 https://www.republicworld.com/business/budgets-rs-1-crore-corpus-for-rd-to-help-india-compete-globally-dr-anish-shah/

6: 30 IST, February 1st 2024

Interim Budget 2024: The plan addresses critical areas such as cervical cancer prevention, healthcare coverage expansion, and the establishment of new medical colleges. With a 13% increase, the Ministry of Health and Family Welfare's budget is set at Rs 89,155 crore for FY2023-24.

Read the complete report here 👉 https://www.republicworld.com/business/budget-2024-finmin-prioritises-healthcare-with-focus-on-cervical-cancer-and-mission-indradhanush/

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6: 13 IST, February 1st 2024

Interim Budget 2024: After presenting the Interim Budget in the Lok Sabha today, Finance Minister Nirmala Sitharaman speaks to DD News on India's strong infrastructure, the duty and contribution-led approach of the government for citizens and global interest for investments.

5: 57 IST, February 1st 2024

Interim Budget 2024 | "I think this government is known for under-promising and over-delivering on the fiscal front. As far as my sense goes, I think when the final fiscal deficit number for FY24 will be released, it will be 5.7% considering the actual revised estimate on revenue is lower than the run rate so far," opines KV Subramanian, Executive Director of IMF, and Former CEA.

Check the complete report of the exclusive interaction with KV Subramanian here 👉 https://www.republicworld.com/economy/macro-indicators/interim-budget-2024-judicial-on-fiscal-front-visionary-on-many-fronts-kv-subramanian/ 

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5: 49 IST, February 1st 2024

Interim Budget 2024: Easiloan founder and CEO Pramod Kathuria said that as existing income tax slabs have been maintained, the default option is now the new tax regime introduced last year, with the old regime remaining available for those who prefer it.

“Despite expectations, there were no significant announcements regarding tax deductions or exemptions. The budget continued its focus on rural development, allocating 2 crore houses under the PMAY-G scheme for affordable housing in rural areas”, Kathuria said.

“The government also announced measures to alleviate tax burdens and streamline administration. The proposal includes waiving outstanding direct tax demands up to Rs 25,000 for fiscal years up to 2009-10 and up to Rs 10,000 for 2010-11 to 2014-15, benefitting approximately 1 crore taxpayers. This move aims to simplify tax administration. Additionally, the budget highlights achievements in processing tax returns, with the average time reduced from 93 days in 2013-14 to just 10 days, ensuring faster refunds and an enhanced taxpayer experience," he added.

5: 32 IST, February 1st 2024

Interim Budget 2024: The government has hiked the budget allocation for the rural development ministry to Rs 1.77 lakh crore for the fiscal year 2024-25, marking 12% increase from the previous year's allocation of Rs 1.57 lakh crore. However, a closer look at the mid-year review of expenditure, as indicated by the revised estimates, reveals a 3% increment from the Rs 1.71 lakh crore spent during the last financial year.

Read more 👉 https://www.republicworld.com/economy/macro-indicators/government-hikes-budget-allocation-to-rural-development-ministry/

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5: 28 IST, February 1st 2024

Interim Budget 2024: Union Finance Minister Nirmala Sitharaman’s Budget announcement on affordable housing focus on social schemes will help domestic consumer market witness growth, said Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII).

“The measures will provide economic security to the vulnerable sections of the society, raising their standards of living and expanding the rapidly growing Indian consumer market,” the CII DG said. This expansion has a direct bearing on economic growth for the consumption-led Indian economy. Broad basing of consumption also adds to the resilience of consumption-driven growth, Banerjee said.

Read full story here 👉 https://www.republicworld.com/business/sitharamans-budget-focus-on-social-schemes-to-spur-consumer-market-cii-dg/

5: 05 IST, February 1st 2024

Interim Budget 2024: Finance Minister Nirmala Sitharaman said that this budget not only aligns with the fiscal consolidation roadmap that the government gave earlier. This is the simple, straightforward message that every rating agency should take on board, the minister added.
 

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4: 57 IST, February 1st 2024

Interim Budget 2024: “We largely kept vote on account as vote on account. But also showed how the economy will move forward” Finance Minister Nirmala Sitharam said during a post-budget press conference. She also said that the government indicated what kind of investments it would make after "coming back" to present the Union Budget post-elections.
 

4: 49 IST, February 1st 2024

Interim Budget 2024: Union Finance Minister Nirmala Sitharaman says, “There will be a white paper on the economic performance of the last 10 years compared with the previous 10 years...Govt has got the trust, confidence and blessings of the people based on its exemplary track record of GDP that is Governance, development and performance...”.
 

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4: 40 IST, February 1st 2024

Interim Budget 2024: Union Finance Minister Nirmala Sitharaman says, “The budget deficit, fiscal deficit 5.8% which is much lower than the 5.9... Similarly, for the 2024-25 budget, we've given 5.1 as the fiscal deficit. So clearly indicating that we are on track to meet the glide path which was set in 2021-22 and that we are well on track to meet the 4.5% fiscal deficit on or below 4.5 even by FY 26...”.

4: 28 IST, February 1st 2024

Interim Budget 2024: "Massive increase of capex happened in last four years … Continuing the trend, we're on the sustained path towards the Vikasit Bharat goal", says Finance Minister Nirmala Sitharaman.

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4: 11 IST, February 1st 2024

Interim Budget 2024: Dhriti Prasanna Mahanta, Vice President and Business Head at Teamlease Digital Apprenticeship said integrating Direct Benefit Transfer (DBT) with the National Apprenticeship Promotion Scheme (NAPS) 2.0 can play a pivotal role in realising the Prime Minister's vision of Viksit Bharat. 

The initiative, which aims to skill 47 lakh youths and enhance the skilling ecosystem, will directly benefit the end-users and promises significant government savings similar to other successful DBT schemes to strengthen the infrastructure for skilling, he added.

Pertaining to the aviation industry, he said its progress depends on having a skilled workforce in its 12 key functions, but the country faces a 67 per cent skill deficit in this sector due to the high training costs and inadequate infrastructure. 

 

3: 59 IST, February 1st 2024

Interim Budget 2024: Ketul Acharya, President, Global Alliance for Mass Entrepreneurship said the interim budget reflects holistic development across sectors and highlights the Government's  commitment to fostering economic growth. 

“It is heartening to note the emphasis on MSMEs, skill development and entrepreneurship. Indian MSMEs need to be competitive globally and providing them with the necessary resources is of paramount importance,” he added, saying that the budget has created an optimistic environment for the full-year budget slated for July 2024.

Prioritising the empowerment of four crucial segments – the underprivileged, women, youth, and our agricultural providers (Anna-data), the budget echoes the Government's dedication to uplifting these sections of society, Acharya noted. 

It shows a focus on creating an environment conducive to entrepreneurship, especially among the youth and women. Moreover, the allocation of Rs 43 crore loans under the PM Mudra Yojna, training and upskilling of 1.4 crore youth as well as the introduction of strategic initiatives like the Fund of Funds, Startup India, and Startup Credit Guarantee Schemes will be transformative for the economy. 

Streamlining the regulatory environment to aid the ease of doing business is always a welcome move, he added, since it paves the way for the country's economic growth consistently and sustainably. 

 

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3: 42 IST, February 1st 2024

Interim Budget 2024: Vishal Malhotra, Tax Leader - Technology, Media and Entertainment, Telecommunications, EY India said the allocation of corpus for financing research and innovation in sunrise domains is a catalyst to support the technology companies in the private sector.

"A separate scheme for deep tech technology to support the defence industry is a welcome move and details of this scheme will be keenly awaited by technology companies and start-ups," he added.

While the increase in allocation of funds for production-linked incentives and certain digital India programs is a positive development, Malhotra said the non-extension of timelines for availing concessional corporate tax rate for manufacturing seems to be a miss for the IT hardware/electronic manufacturing industry specifically.
 

3: 31 IST, February 1st 2024

Interim Budget 2024: Serum Institute of India CEO Adar Poonawalla has applauded the Indian government's announcement to vaccinate girls aged 9-14 against cervical cancer. 

“Let's pledge to prevent HPV and ensure easy access to vaccination. Extending health cover for ASHA and Anganwadi workers, setting up more medical colleges, and streamlining maternal and child healthcare schemes demonstrate a holistic commitment to health," the SII chief posted on X.

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3: 10 IST, February 1st 2024

Vidit Aatrey, Founder and CEO, Meesho said the government's emphasis on the MSME sector reflects the government's commitment to timely support, relevant technologies, and essential training.

“Recognising the pivotal role they play, the government's dedicated focus on growth and global competitiveness is a crucial stride. Keeping with last year’s emphasis on MSMEs, the government has announced a comprehensive set of measures this year as well,” he said, adding that these initiatives are poised to bring substantial benefits to the MSME ecosystem, further elevating India's standing globally.
 

3: 02 IST, February 1st 2024

Nitya Sharma, Founder and CEO of checkout network Simpl said the Interim Union Budget 2024 aligns with business expectations “seamlessly” as it offers a foundation of stability and predictability.

“Notably, the emphasis on supporting small businesses and MSMEs through initiatives like Mudra Yojna loans underscores a commitment to their growth. This strategic move is not merely about policy; it's a catalyst propelling these enterprises into the digital sphere, unlocking opportunities in the expansive and evolving online market,” Sharma added.

Policies towards enhancing disposable incomes, bolstering air infrastructure and promoting tourism sites signal significant advantages for the start-up ecosystem, according to the fintech founder.

The budget's emphasis on streamlining policies and offering training for MSMEs and start-ups will boost global competitiveness, Sharma noted, with the overall Interim Union Budget 2024 acknowledging the intricacies of the business landscape, outlining a comprehensive framework resonating with the real challenges and aspirations of businesses in the nation.

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2: 52 IST, February 1st 2024

Ranen Banerjee, Partner and Leader Economic Advisory, PwC India saie the Government has walked the path of fiscal prudence.

“It is heartening to note that the fiscal deficit target for FY24, pegged at 5.8 per cent, will be overachieved. The fiscal deficit being pegged at 5.1 per cent for FY25 is a positive move as it will help free up space for private borrowings as they pick pace during the year, besides helping in containing inflationary pressures and supporting the bond markets.”

He noted that no change on the taxation front is part of the government sticking to the norm of not making major announcements in an interim budget.

“The additional allocation of Rs 1.1 trillion for capex, taking it to Rs 11.1 trillion, should provide continuity in the pace of infra creation and in bringing down the logistics cost in the country progressively,” he added.

2: 47 IST, February 1st 2024

The fiscal deficit target for the next fiscal year has been trimmed to 5.1 per cent of the GDP, which is a notable reduction compared to the revised deficit estimate of 5.8 per cent.

Read more here: https://www.republicworld.com/economy/macro-indicators/interim-budget-proposes-rs-1111-lakh-crore-capex-key-highlights/

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2: 36 IST, February 1st 2024

Interim Budget 2024: Archit Agarwal, Founder & CEO, Tikshark Solutions, said the budget presented today by Finance Minister Nirmala Sitharaman promises opportunities for the digital marketing industry. 

"With the government's focus on digital infrastructure and technology, we anticipate a conducive environment for innovation and growth. We look forward to leveraging these developments to enhance our digital marketing strategies and reach wider audiences. However, we also hope for measures that address challenges such as data privacy and cybersecurity to ensure a secure and trustworthy digital ecosystem. Overall, the budget sets a positive trajectory for the future of digital marketing in India," Agarwal added.

2: 22 IST, February 1st 2024

Kunal Bahl, former CEO of Snapdeal said while it was an interim budget, there were a couple of very important announcements that can positively impact a startup’s economy. 

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2: 20 IST, February 1st 2024

Presenting the Interim Union Budget 2024, Finance Minister Nirmala Sitharaman on Thursday said Prime Minister Narendra Modi-led government's policies benefitting farmers, women, youth, and the underprivileged have ensured an equal distribution of resources, signifying government’s focus on "growth in action."

Read more here: https://www.republicworld.com/business/health-cover-and-roof-for-all-1-crore-solar-power-connections-light-up-sitharaman-s-budget-speech/

1: 58 IST, February 1st 2024

Fujitsu India's Head of GDC Manoj Nair said the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. Nair also termed the continued focus on EVs as a pragmatic step.

As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively,” he added. 
 

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1: 36 IST, February 1st 2024

Interim Budget 2024: Finance Minister Nirmala Sitharaman announced on Thursday that the government intends to borrow a gross sum of Rs 14.13 lakh crore in the fiscal year commencing April 1, a decrease from the current fiscal year's borrowing of Rs 15.43 lakh crore.

Read full story👉 https://www.republicworld.com/economy/macro-indicators/government-to-borrow-rs-1413-lakh-crore-in-fy25-bond-yields-plunge/

1: 29 IST, February 1st 2024

Interim Budget 2024: Deloitte Asia Pacific Partner Rajeev Singh welcomed the government's reassurance and commitment to electric vehicles in the Budget, adding that the sector has seen a significant growth over the last couple of years.


Read full story here 👉 https://www.republicworld.com/economy/from-evs-to-skill-development-industry-welcomes-interim-budget/

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1: 24 IST, February 1st 2024

Interim Budget 2024: This interim budget is inclusive and innovative. It has confidence in continuity. It will empower all 4 pillars of Viksit Bharat- Yuva, Garib, Mahila and Kisan. This Budget gives the guarantee of making India a developed nation by 2047, said Prime Minister Narendra Modi.

“This budget has a reflection of the young aspirations of a young India. Two important decisions were made within the Budget. For research and innovation, a fund of Rs 1 lakh crore has been announced,” he added.

1: 15 IST, February 1st 2024

Interim Budget 2024: "The Interim Budget has stuck to the winning formula that I think the current government has figured out - fiscal restraint with welfarism and growth...So, overall it is a 10/10 budget. It is just an interim budget, the actual budget will be presented after the election but they want to stick to their winning formula they have figured out over last 10 years."

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1: 00 IST, February 1st 2024

Interim Budget 2024: Defence Minister Rajnath Singh has lauded the interim budget presented by Finance Minister Nirmala Sitharaman.

"I am hopeful that, by the indications given in this interim budget, the Indian economy will grow up to $5 trillion by 2027 and more than $7 trillion by 2030," the minister said.

12: 54 IST, February 1st 2024

Interim budget 2024: Increased revenue expenditure by the Government of India can have positive impact on the economy with spending, directed towards essential services.

Read full story here 👉 https://www.republicworld.com/economy/govt-pegs-revenue-expenditure-at-rs-365-lakh-crore-for-fy25/

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12: 49 IST, February 1st 2024

Interim Budget 2024: During the Interim Budget 2024, Union Finance Minister Nirmala Sitharaman informed that the government will work on creating multiple railway corridor projects to strengthen the national infrastructure.

The central push towards infrastructure comes on the back of an "11.1% rise in capital outlay to over Rs 11 lakh crore, making up 3.4% of the India GDP," Sitharaman said.

Read full story here 👉 https://www.republicworld.com/economy/infrastructure/40000-railway-bogies-to-be-converted-to-vande-bharat-bogies-nirmala-sitharaman/

12: 44 IST, February 1st 2024

Interim Budget 2024: Yashraj Bhardwaj, Co-founder, Petonic Infotech said, “As we reflect on the Union Budget 2024, the IT sector is cautiously optimistic about the proposed changes. The focus on infrastructure development is encouraging, as a robust digital backbone is vital for our industry's growth. Standardisation of capital gains taxation structures is a welcome move, offering clarity and predictability to investors.”

“However, the sector awaits further details on income tax changes and hopes for measures that promote innovation and entrepreneurship. Overall, the budget's emphasis on the digital technology sector is a positive step towards India's digital transformation,” he added.

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12: 38 IST, February 1st 2024

Interim budget 2024: The government's proposal to gross borrow Rs 14.13 lakh crore ($170.35 billion) via bonds in the upcoming financial year stands in stark contrast to previous estimates, signalling a more conservative borrowing approach.

Read the full story here 👉 https://www.republicworld.com/economy/macro-indicators/government-aims-lowering-fiscal-deficit-to-51-for-fy25/

12: 31 IST, February 1st 2024

Interim Budget 2024: Envisioning a clear trajectory, experts anticipate a budget that paves the way for India to reach $5 trillion economy by 2027, escalating to $7 trillion by 2030, and $10 trillion by 2035.

Read more 👉 https://www.republicworld.com/business/interim-budget-2024-experts-foresee-india-s-10-trillion-economy-by-2035/

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12: 21 IST, February 1st 2024

Interim Budget 2024: Markets trade on a flat note after the Finance Minister's Budget speech. Sensex rises 6 points at 71,758 and Nifty 50 index declined 5 points to 21,720

12: 13 IST, February 1st 2024

Interim Budget 2024: "Our government will expand this and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of E-buses for public transport networks will encouraged through payment security mechanism," says Finance Minister Nirmala Sitharaman.

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12: 09 IST, February 1st 2024

Interim Budget 2024: "83 lakh SHGs with nine crore women are transforming rural socio-economic landscape with empowerment and self-reliance. Their success has assisted nearly 1 crore women to become lakhpati didi already. Buoyed by the success, it has been decided to enhance the target of lakhpati didi from 2 crore to 3 crore," says Union Finance Minister Nirmala Sitharaman.

11: 56 IST, February 1st 2024

Interim Budget 2024: "Three major Railway economic corridors programmes will be implemented. These are energy, mineral and cement corridor; port connectivity corridors and high traffic density corridors. The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce cost," says Finance Minister Nirmala Sitharaman.

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11: 51 IST, February 1st 2024

Interim Budget 2024: Fiscal deficit for current financial year revised downwards to 5.8% of GDP versus 5.9%. Government to follow path of fiscal consolidation, likely to hit fiscal deficit target of 4.5% by 2026. Fiscal deficit for next financial year pegged at 5.1%: FM Sitharaman.

11: 50 IST, February 1st 2024

Interim Budget 2024: FM Sitharaman announced that the healthcare cover under Ayushmann Bharat Scheme will be extended to all Asha workers, all Anganwadi workers and helpers.

 

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11: 45 IST, February 1st 2024

Interim Budget 2024: Finance Minister Nirmala Sitharaman, "For further growth of agriculture sector, the government to further promote public and private investment in post-harvest activities."

11: 42 IST, February 1st 2024

Interim Budget 2024: Despite the challenges due to COVID, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years to meet the requirement arising from increase in the number of families."
 

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11: 40 IST, February 1st 2024

Interim Budget 2024: The finance minister said that the next five years under the Modi government will be years of unprecedented growth. She also said India, as a G20 host, showed forward way and built consensus for solutions for problems being faced by the world.

11: 34 IST, February 1st 2024

Interim Budget 2024: The government has extended 43 crore loans aggregating to Rs 22.5 lakh crore were extended under the PM Mudra Yojana, Finance Minister Nirmala Sitharaman said on Thursday. Sitharaman in her pre-election Budget, which is technically a vote on account and is popularly termed an interim Budget, said direct benefit transfer of Rs 34 lakh crore through Jan Dhan accounts have resulted in savings of Rs 2.7 lakh crore.

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11: 31 IST, February 1st 2024

Interim Budget 2024 LIVE: Finance Minister Nirmala Sitharaman on Thursday said 25 crore people got freedom from multi-dimensional poverty in the last 10 years. Earlier approach of tackling poverty through entitlement resulted in very modest outcomes, she said while presenting the interim Budget in the Lok Sabha.

11: 28 IST, February 1st 2024

Interim Budget 2024 LIVE | FM Sitharaman lists elements of economic development in last 10 years

  • All forms of infra built in record time
  • All parts of country participating in growth
  • Digital public infra is instrumental in economic growth
  • GST has enabled one nation, one market, one tax
  • Strengthening of finance sector
  • GIFT IFSC creating robust gateway for global capital
  • Proactive inflation management
     
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11: 24 IST, February 1st 2024

Interim Budget 2024 LIVE: Markets erase gains, turn flat as Sensex rises 0.14 per cent and Nifty trades 10 points higher at 21,735.

11: 21 IST, February 1st 2024

Interim Budget 2024 LIVE: PM Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades. The schemes for empowerment of divyangs and transgender persons reflect firm resolve of our our government to leave no one behind: FM Sitharaman

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11: 17 IST, February 1st 2024

Interim Budget 2024 LIVE: Farmers are our annadata. Every year under PM Kisan Samman Yojana, direct finance assistance is provided to 11.8 crore farmers. Crop insurance given to 4 crore farmers under PM Fasal Bima Yojana: FM Sitharaman.

11: 15 IST, February 1st 2024

Interim Budget 2024 LIVE: Direct Benefit Transfer of Rs 34 lakh crore from govt using PM Jan Dhan accounts has led to savings of up to Rs 2.7 lakh crore for the govt. This saving has been realised through avoidance of leakages prevalent earlier: FM Sitharaman.

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11: 06 IST, February 1st 2024

Interim Budget 2024 LIVE: The Indian economy has witnessed profound transformation in last 10 years people of India are looking at India with hope. The country was facing enormous challenge in 2014, but govt overcame those challenges via structural reforms and other policies: FM Sitharaman.

10: 56 IST, February 1st 2024

Interim Budget 2024: Union Cabinet approves the Interim Budget. Finance Minister Nirmala Sitharaman will present the Budget in the House, shortly.

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10: 39 IST, February 1st 2024

Interim Budget 2024 LIVE: Union Minister of Finance and Corporate Affairs Nirmala Sitharaman along with Ministers of State Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget.

10: 36 IST, February 1st 2024

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget.

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10: 30 IST, February 1st 2024

Interim Budget 2024 LIVE: Rahul Garg - Chairman, National Council on Direct Taxes, ASSOCHAM & Partner, Price Waterhouse & Co LLP says, “The industry expectation is that our financial prudence in running the economy, how has that performed - it should come out very clearly. So, I think this being an Interim Budget, everybody is eyeing whether we would be able to contain our fiscal deficit. It seems that through the payment of taxes and collection of taxes by people and businesses, we have had a reasonably good collection of taxes.”

"The overall government expenditure - both on infrastructure as well as on the welfare schemes - was in a range which is within the overall collection of taxes. Therefore, it is very likely that the industry expectation, the economists' expectation, the whole world's expectation of prudence in India's financial management would be very apparent. So, most likely we would get an announcement that we were able to contain our fiscal deficit at 5.9%. This also gives a confidence that we can consolidate it further and next year perhaps we could look even lower," Garg added.
 

10: 17 IST, February 1st 2024

Interim Budget 2024 LIVE: President of Utkal Chamber of Commerce and Industry, Brahmananda Mishra says, “All of us expect a very good budget. This budget will give India a direction to become a $5 trillion economy by 2027, $7 trillion by 2030, and $10 trillion by 2035. This budget should be the roadmap for our country as well as the world. Since this is the election year, people will expect a lot of relief.”

"They need to lay emphasis on the youth, the largest population in the world and work for the expansion of infrastructure and also on the MSME sector. The MSME sector can provide a lot of employment opportunities. Startup ecosystem has to be encouraged. Subsidies given for renewable energy for a trade deficit need to be minimised... Since India is emerging as the largest economy with the largest population and is the largest democracy, the entire world is looking at how the budget is going to be presented," Mishra added.

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10: 12 IST, February 1st 2024

Interim Budget 2024 LIVE: Union Cabinet meets in Parliament, ahead of the presentation of the interim Budget.

10: 00 IST, February 1st 2024

Interim Budget 2024 LIVE: Finance Minister Nirmala Sitharaman carrying the Budget tablet arrives at Parliament, to present the country's interim Budget.


 

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9: 52 IST, February 1st 2024

Interim Budget 2024 LIVE: As the countdown to the 2024-2025 Interim Budget begins, the real estate sector eagerly anticipates potential policy reforms that could propel the momentum achieved in 2023. In 2023, the residential real estate market witnessed growth, with approximately 4.77 lakh units sold across the top seven cities and nearly 4.46 lakh newly launched homes flooding the market, according to Anarock report.


Read full story👉 https://www.republicworld.com/business/real-estate/budget-buzz-what-might-the-2024-2025-budget-hold-for-real-estate/

9: 46 IST, February 1st 2024

Interim Budget 2024 LIVE: Assets Under Management-to-GDP ratio, a measure of mutual fund penetration in the economy, has surged to 15 per cent compared to 7-8 per cent a decade ago.


Read full story👉 https://www.republicworld.com/business/markets/mutual-fund-industry-expects-tax-reforms-for-greater-financial-inclusion-in-budget/

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9: 39 IST, February 1st 2024

Interim Budget 2024 LIVE:  Kamaljeet Rastogi, CEO, Manipal Business Solutions said, "In the upcoming Interim Budget 2024, the middle-class can anticipate a transformative financial landscape driven by the fintech sector. First, enhanced digital banking services will provide convenient access to financial products. Second, innovative payment solutions will streamline transactions, fostering a cashless economy. Third, personalised financial management apps will empower individuals to make informed decisions.

Fourth, the expansion of affordable credit options will catalyse economic growth. Fifth, robust cybersecurity measures will ensure the safety of digital transactions. Sixth, tax incentives and rebates will lighten the financial burden on the middle-class. 

Seventh, advancements in blockchain technology will secure and transparent financial transactions. Eighth, sustainable and responsible investing options will align with societal values. Ninth, improved financial education initiatives will empower individuals to navigate the complex financial landscape. Tenth, collaborations between traditional banks and fintech startups will drive comprehensive financial inclusion.

Furthermore, we anticipate the focus being more on rural infrastructure in this budget, which will serve as a catalyst for further financial inclusion. The development of rural infrastructure is poised to uplift the economic prospects of the rural population, creating a more inclusive financial environment and fostering overall national growth. 

Together, these measures promise a more accessible, secure, and prosperous financial future for both the middle-class and rural communities."

9: 32 IST, February 1st 2024

Interim Budget 2024 LIVE: “As India prepares for the Union Budget 2024, the focus is on revolutionising the travel and hospitality sector. This budget is a critical opportunity to enhance tourism, a key element of India's economic and cultural identity. Key proposals include rationalising GST rates and allowing GST credit for travel and visa services, making travel more accessible and affordable. This move could boost tourism, spurring growth in related areas.

Lowering income tax can also increase disposable income, further stimulating travel spending. These changes are more than fiscal adjustments; they're transformative steps to unleash India's tourism potential. The budget aims to create a welcoming environment for both domestic and international tourists, fostering investment, job creation, and cultural exchange. This is a momentous chance for India to redefine its global tourism stature, capitalising on its rich heritage and diverse landscapes while promoting sustainable and inclusive growth,” said Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd.

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9: 29 IST, February 1st 2024

Interim Budget 2024 LIVE:With the much-anticipated Interim Union Budget 2024, taking center stage in less than three hours from now, key announcements of Finance Minister Nirmala Sithar

Read full story👉 https://www.republicworld.com/business/finance-minister-nirmala-sitharamans-speech-what-you-should-expect/

9: 34 IST, February 1st 2024

Interim Budget 2024: Sensex, Nifty flat ahead of Finance Minister Nirmala Sitharaman’s 2024 Budget speech. Sensex opened on Thursday at 71,998.78 and Nifty opened at 21,780.65.

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9: 21 IST, February 1st 2024

Interim Budget 2024: Nirmala Sitharaman, in a navy blue silk saree, is all set for her sixth budget speech.
 

9: 19 IST, February 1st 2024

Interim Budget 2024 LIVE: Ahead of Budget, Executive Director of the IMF and former Chief Economic Advisor, KV Subramanian says this is a vote on account budget only and the economy is in the right direction, the 7.3% development rate, and inflation is also under control.

“A few more new steps could be seen in the budget. Government can also bring in things for women. Public digital infra is enabling the people in the last line. The money is going into the accounts of the people directly. This budget will show the direction of the economy. Capex push is going to extend hopefully. Digital goods are built by private companies in other countries which creates a monopoly in their market leading to price rise. However, in India, Govt built this public infra which led to a wider adoption. World recongnises that India’s fastest growing economy in the world. When compared to China and other countries, the working human capital is declining. The development in India is going to be driven by our young work force,” he added.

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9: 04 IST, February 1st 2024

Interim Budget 2024 LIVE: Rajeev Kapur, MD, Steelbird said he expects a deduction in the Goods and Service Tax (GST) on helmets ahead of the Finance Minister's Budget speech today. Kapur hopes for a reduction in GST on helmets from the current 18% to 5%.

9: 01 IST, February 1st 2024

Interim Budget 2024 LIVE: "First of all, we need to keep in mind that this is a vote on account...The full budget will be presented after elections, in June or July...So, not many measures are taken in this budget...Since the economy is in a very good position with the possibility of a growth rate of 7.3%, I think the government will carry forward what it has done in previous years. Perhaps a few measures will be taken...maybe there will be something for women...Overall, I see that the good measures taken in previous years will be repeated," said KV Subramanian - Executive Director of the IMF and former Chief Economic Advisor to the Government of India.

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8: 57 IST, February 1st 2024

Interim Budget 2024 LIVE: In an exclusive dialogue with Republic Business, Vikram Subburaj, Co-founder of Gittos, shared insights into the expectations surrounding the interim budget.

Read full story👉 https://www.republicworld.com/business/cryptocurrency/giottus-founder-shares-crypto-industrys-budget-wishlist-and-market-dynamics/

8: 54 IST, February 1st 2024

Interim Budget 2024 LIVE: “Indian businessmen hope for the strong implementation of the schemes that were launched by the Modi government. We also expect an announcement on policy support so that businessmen can get finance support easily,” says CAIT Secretary General Praveen Khandelwal.

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8: 52 IST, February 1st 2024

Interim Budget 2024 LIVE: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance as she is set to present the interim Budget today.

8: 42 IST, February 1st 2024

Interim Budget 2024 LIVE: Finance Minister Nirmala Sitharaman leaves for the Ministry of Finance in North Block.

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8: 40 IST, February 1st 2024

Interim Budget 2024 LIVE:  MoS Finance Dr Bhagwat Kishanrao Karad arrives at the Ministry of Finance in North Block

8: 37 IST, February 1st 2024

Interim Budget 2024 LIVE:  Despite the challenging global regulatory landscape, crypto businesses in the country are building world-class solutions and demanding a conducive ecosystem.


Read full story👉 https://www.republicworld.com/business/cryptocurrency/budget-2024-crypto-leaders-demand-tax-relief-lauds-govts-regulatory-attempts/

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8: 35 IST, February 1st 2024

Interim Budget 2024 LIVE: Nischal Shetty, Co-founder, WazirX told Republic Business that he is hopeful that the government will lower the crypto TDS in the interim budget 2024.


Read full story👉 https://www.republicworld.com/business/cryptocurrency/govt-should-consider-cutting-tds-on-crypto-transactions-from-1-to-001-shetty/

8: 35 IST, February 1st 2024

Budget 2024 LIVE: Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said the “Wall Street took a hit overnight with the Dow down 0.8%, the S&P 500 off 1.6%, and the Nasdaq tumbling 2.2% amid disappointing earnings from Alphabet. The Fed's decision to keep interest rates steady further fueled selling across indexes.”

“Investors now await Finance Minister Nirmala Sitharaman's Interim Union Budget presentation, hoping for measures to boost economic growth and control deficits. On a positive note, January's GST collections hit a record high of Rs 1.72 lakh crore. Trading strategies suggest buying opportunities for Nifty and Bank Nifty, with bullish sentiments on select stocks like INDIGO. Amid earnings season, attention is on companies like Titan Company and Adani Enterprises. Volatility remains a key theme in the market,” Tapse added.

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8: 29 IST, February 1st 2024

Interim Budget 2024 LIVE:  The Indian equity benchmarks are set to open on a higher as indicated by Nifty futures traded on GIFT Nifty traded on International Financial Services Centre (IFSC) in Gandhinagar.


Read full story👉 https://www.republicworld.com/business/markets/nifty-set-to-open-higher-all-eyes-on-interim-budget-2024/

8: 21 IST, February 1st 2024

Interim Budget 2024 LIVE:  The last few years have been challenging for Finance Minister, Nirmala Sitharaman as the country braved demonetisation and the pandemic, and the impact of the Russia-Ukraine war. Some natural results were an upswing of the fiscal deficit combined with a growth decline.  What provided a breather for the government and made up for fiscal slippage was its direct tax collections.  As the finance minister gets set to work the finances of India with her ‘khata bahi’, will she peg the gross tax collection growth even higher?

Read full story👉 https://www.republicworld.com/economy/macro-indicators/union-budget-2024-will-robust-tax-collection-continue-to-provide-comfort/

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8: 16 IST, February 1st 2024

Interim Budget 2024 LIVE: Amroha dholak makers voice their opinions to demand better export avenues, bigger markets, and electricity subsidies ahead of interim budget 2024.


Read full story👉 https://www.republicworld.com/business/exhibitions-to-showcase-craft-export-avenues-among-amroha-dholak-makers-wishlist/

8: 14 IST, February 1st 2024

Interim Budget 2024 LIVE: Analysts and experts believe with a spillover of some key big-ticket disinvestments, the target of disinvestment may decline in the upcoming budget.

Read full story👉 https://www.republicworld.com/economy/macro-indicators/interim-budget-2024-capex-announcement-likely-to-be-between-11-12-trillion-economist/

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8: 11 IST, February 1st 2024

Interim Budget 2024 LIVE: Economy watchers are curious about the allocation for Capex, for subsidies, and how the upcoming budget will pave the way for sustaining India’s growth story.


Read full story👉 https://www.republicworld.com/economy/macro-indicators/interim-budget-2024-capex-announcement-likely-to-be-between-11-12-trillion-economist/

8: 09 IST, February 1st 2024

Interim Budget 2024 LIVE: While Union Budget spans the entire fiscal year, detailing income sources and expenses, Interim Budget is a concise overview with a focus on a limited period.


Read full story👉 https://www.republicworld.com/economy/policy/union-budget-vs-interim-budget-key-differences-and-implications-for-2024/

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8: 07 IST, February 1st 2024

Interim Budget 2024 LIVE: Rumki Majumdar, director, and economist at Deloitte India expects that the government’s prioritisation of capital expenditures is likely to help bring down logistics costs and improve economic efficiencies.
 

Read full story👉 https://www.republicworld.com/economy/macro-indicators/government-capex-will-bring-down-logistics-cost-and-improve-efficiency-majumdar/

8: 05 IST, February 1st 2024

Interim Budget 2024 LIVE: But what are the key things to watch out for in the upcoming budget? In an exclusive interview, Gaura Sen Gupta, India Economist, IDFC First Bank shared some insights with Republic Business.

Read full story👉 https://www.republicworld.com/economy/macro-indicators/budget-expected-to-target-fiscal-consolidation-remain-growth-supportive/

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8: 00 IST, February 1st 2024

Interim Budget 2024 LIVE: Republic Business spoke to several craftsmen, traders and exporters, who are hopeful that industry-friendly policies, such as cluster development initiative of the government could provide a shot in the arm for the pashmina segment of shawls.

 

Read full story👉https://www.republicworld.com/business/shawl-makers-seek-cluster-development-to-boost-pashmina-exports/

8: 01 IST, February 1st 2024

Interim Budget 2024 LIVE: With the help of new-age technologies and taxation measures, can central policy initiatives ensure the revival of  India’s domestic apple produce?

 

Read full story👉 https://www.republicworld.com/business/interim-budget-indias-3-apple-producing-hubs-seeking-revival/

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8: 01 IST, February 1st 2024

Interim Budget 2024 LIVE: FICCI has sought a new panel on independent dispute which will ensure effective and time bound dispute resolution.

 

Read full story👉 https://www.republicworld.com/business/budget-2024-ficci-bats-for-fair-sustainable-financing-new-independent-dispute-resolution-forum/

7: 49 IST, February 1st 2024

Interim Budget 2024 LIVE: Union Minister Finance Minister will begin the presentation of her sixth budget at 11 am on February 1. After the Lok Sabha elections, the upcoming government will present the full budget for the financial year 2024-25

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7: 49 IST, February 1st 2024

Budget 2024 LIVE: It is boom time for India's mobile manufacturing sector. Thanks to the Production Linked Incentive Scheme (PLI) that not only transformed the sector but also pushed up exports to levels to unexpected levels.

Read full story here 👉 https://www.republicworld.com/business/interim-budget-2024-indian-mobile-manufacturers-seek-import-tariff-rationalisation/
 

7: 25 IST, February 1st 2024

Hello and welcome to the LIVE budget coverage by Republic Business. Watch this space for all the latest updates from the Parliament and expert reactions on Interim Budget 2024.

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