Budget 2024 LIVE: Union FM Nirmala Sitharaman to give Interim Budget today, ahead of 2024 Lok Sabha elections
06:05 (IST)
Budget 2024 LIVE
Redomiciliation of companies; the India view and expectations
India has been successful in navigating several global and domestic challenges. In the backdrop of the global uncertain environment, the rising growth story and the promising environment in India, dealmakers have been having their own share of successes. From a successful streak of IPOs to private equity interest, to active family offices, the M&A market continues to be buoyant.
Tapping the financial markets and public funds is one of the discussion points on cross-border deals. A related topic which often comes up is tax implications of undertaking any such steps to achieve these objectives. Legal entity structuring plays an important role in such conversations.
06:03 (IST)
Budget 2024 LIVE
Why MSMEs seek de-risking of credit inflows
Private businesses majorly comprise of Micro, Small and Medium Enterprises (MSMEs). MSMEs are poised as the growth engine of Indian economy as it contributes around 30 per cent of our GDP, 48 per cent of exports, and provides employment to more than 110 million in rural and urban areas.
06:02 (IST)
Budget 2024 LIVE
How fiscal policy could shape coal and petroleum use
India is largely reliant on fossil fuels for its energy needs, which account for ~57 per cent of the installed electricity capacity and 75 per cent of the electricity production in India. However, India has also been aggressively working towards increasing its renewable energy portfolio, with an ambitious target of achieving 500 GW of renewable energy by 2030, according to the Union Ministry of Power.
To ensure a sustainable energy scenario for India, a two-pronged approach needs to be adopted. First, the adoption of renewable (solar, hydro, wind, etc.) and alternate sources of energy (battery storage) needs to be increased. Secondly, the carbon footprint needs to be reduced for existing projects and initiatives by funding cleaner technologies.
06:01 (IST)
Budget 2024 LIVE
What India Inc wants from Finance Minister Nirmala Sitharaman
Come Thursday (1 February) and all eyes will turn to Finance Minister Nirmala Sitharaman as she will present the last Union Budget of the current Narendra Modi-led administration before the country heads to the polls.
Earlier, the finance minister had stated that the forthcoming Budget, an interim one, would not have any big-ticket announcements. “No spectacular announcements come in that time (in a vote on account). So, you will have to wait till after the new government comes in and presents the next full Budget in July 2024,” said Sitharaman when asked whether she would announce a ‘supercharged Budget’.
05:52 (IST)
Budget 2024 LIVE
Nirmala Sitharaman's Union Budget speech to start at 11AM
The Interim Budget 2024 will be unveiled by Finance Minister Nirmala Sitharaman on February 1 at 11 a.m.
This is her sixth budget presentation, and it will carry considerably more weight because it is the last financial blueprint for the Narendra Modi government's second term.
Union Finance Minister Nirmala Sitharaman will give the Interim Budget today, ahead of the Lok Sabha elections in 2024, which would be the final budget of Prime Minister Narendra Modi’s second term. This is an interim budget, and the complete budget for fiscal year 2024-25 will not be issued until the next government is formed following the general elections.
The Interim Budget specifies expenditures and income until the formation of a new administration, assisting the government in managing its financial responsibilities.
Ahead of the Interim Budget, President Droupadi Murmu highlighted that India has maintained its position as the fastest-growing major economy, saying, “The year 2023 was a historic year for India when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters.”
It is anticipated that record capital expenditures on infrastructure, with a particular emphasis on roads, highways, and Indian Railways, would be announced in the 2024 budget. This will continue in line with the Modi administration’s plan to use infrastructure expenditure to propel economic growth in India. It is anticipated that Indian Railways would get a record-breaking allocation of about Rs 3 lakh crore for capital expenditures in the Budget. Since 2017, the railway budget has been included in the Union Budget address rather than being given out separately.
Expectations for the income tax in Budget 2024 are likewise high, particularly given the current relatively high rate of inflation. The average person, middle class, and salaried individuals are looking to Budget 2024 to offer some income tax relief. This could come in the form of changes to the income tax rate or slab, an increase in the standard deduction, an increase in the maximum amount that can be deducted from income, such as Section 80C, or a modification to the new income tax regime to make it more advantageous. Despite being an interim budget, analysts predict certain populist initiatives because this is an election year budget.
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Prakriti Jash
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