Feb 02, 2024, 2:56 pm IST
Budget Reaction By Deepak Patkar, MD & CEO, SMFG Grihashakti
“The announcements in the Interim Budget on the intention to launch a new scheme tailored for the deserving sections of the middle class is a step in the right direction towards ensuring universal homeownership. We are also happy to note the continued focus by the government on infrastructure development which will aid the real estate sector as well as the vision of extending PM Awas Yojana Grameen scheme to build another two crore homes over the next five years. These steps not only support the growth trajectory of the housing sector but it will also help in creating more employment opportunities across its ancillary industries. The government has also stated that they will pay attention to making the eastern region and its people powerful drivers of India’s growth, giving impetus to affordable housing development in the region”
Feb 02, 2024, 1:49 pm IST
Budget Reaction By Anooshka Soham Bathwal, CEO & Founder of Dhanvesttor
"In her address, the Honourable Finance Minister highlighted the achievements of the past decade, emphasizing the government's commitment to inclusive growth, particularly targeting Garib Youth Annadata and Nari. With a focus on bolstering infrastructure and unveiling strategies for upcoming initiatives in the 'Amrit Kaal', the government's progress under PM Awas Yojana is near completion, with plans to add 2 crore more houses in the next five years. Notably, the push for environmental sustainability aims to achieve net-zero emissions by 2070.
Empowering women remains a priority, evident in the increase of Lakhpati Didi targets to 3 crore and a substantial boost in infrastructure spending by 11.1%, along with a dedicated focus on railway infrastructure. Striving to achieve the goal of a developed Bharat by 2047, adherence to the FRBM goal of a 4.5% fiscal deficit by FY26 is commendable. The reduction of the fiscal deficit target from 5.9% to 5.8% and a further decrease to 5.1% in FY25 underscores fiscal prudence.
The budget also champions women's empowerment through entrepreneurship, with 30 crore Mudra loans allocated for women entrepreneurs and an increased scheme target of Rs 3 crore. Aligning with market expectations, the budget emphasizes infrastructure, defense, and railways, with a significant allocation of ₹11.11 trillion for infrastructure development, promising opportunities for societal progress. This budget embodies a visionary approach towards fostering prosperity and equity for all."
Feb 02, 2024, 1:48 pm IST
Budget Reaction By Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd
"The Interim budget marks a significant stride towards a forward-looking and positive vision for India's development, encapsulating our aspiration for a 'Vikashit Bharat.' The government's emphasis on bolstering the Electric Vehicle (EV) ecosystem, particularly through the expansion of charging infrastructure and promotion of EV public transport, showcases its commitment to sustainable development. By announcing a substantial corpus of Rs 1 lakh crore for low to nil interest rate loans, aimed at fostering research and innovation in sunrise sectors, the government is paving the way for private sector participation in driving economic growth. This budget, with its unexpected fiscal deficit target of 5.1%, reflects the government's determination to navigate challenges while prioritizing economic stability and growth."
Feb 02, 2024, 12:47 pm IST
Budget Reaction By Roopali Prabhu, CIO and Head of Products and Solutions at Sanctum Wealth
As expected, the interim budget was a directional policy intent of the incumbent government ahead of the elections. Fiscal deficit control and glide path was the most significant announcement. The revised estimates for FY24 fiscal deficit came in at 5.8% which is 10bps lower than the budgeted estimate of 5.9%. Moreover, the same for FY25 is estimated at 5.1% of GDP (and 4.5% in FY26). Lower government borrowing implies private sector won’t get crowded out. This is important at a time where private investment is beginning to scale. Capital outlay for FY25 is budgeted to increase by 16.8% against the downward revised number for FY24 (revised from Rs. 10 Tn to Rs. 9.5 Tn) with the downward revision being a minor disappointment in the budget. The focus continues on inclusive development and infrastructure and housing in line with expectations. The budget further provides for a meaningful boost to innovation and tourism through long term financing and interest-free loans to the states. Many of the measures will aid job creation which is important considering Indian demographics.
Feb 02, 2024, 12:33 pm IST
Budget Reaction By AR Ramachandran from Tips2trades
"As expected, no major changes have taken place in the interim Budget including no big relief in personal income tax slabs which could disappoint retail investors in the near term. Keeping in mind the general elections in the coming months, markets are also reacting in a sideways manner as the ruling party victory seems to have already been factored in the stock prices. Investors should be booking profits at current levels as markets could correct in the near term with geo-political tensions ensuring inflation to remain sticky in the coming months as well."
Feb 02, 2024, 12:15 pm IST
Budget Reaction On Behalf of Sachin Jain, Country Manager, ETS India and South Asia
"The Finance Minister's recent budget presentation reveals a strong commitment to enhancing India's educational landscape and skill development. Highlighting an impressive milestone, over 14 million students have benefited from the Skill India Mission. This move aligns with the government's focus on fostering a skilled workforce ready for the challenges of the modern economy. The budget prioritizes the upskilling of the youth and endorses the spirit of 'Jai Anusandhaan,' envisioning a future where Indian youth lead in innovation and research. This strategic investment in education and research is poised to empower the next generation, ensuring they are well-equipped to navigate a rapidly changing world. The government's dedication to this cause is evident, and we look forward to the comprehensive budget details for the education sector."
Feb 02, 2024, 12:09 pm IST
Budget Reaction On Behalf of Manisha Zaveri, Joint Managing Director, Career Mosaic
"I commend the government for its achievements over the past year and appreciate the budget's focus on inclusive growth. The remarkable increase in women's higher education enrollment, with significant representation in STEM, is a major step towards gender equality. The budget's alignment with modern data and technology use reflects a forward-thinking approach. The introduction of a substantial fund for interest-free loans to support private sector research and innovation is a positive development. This budget is foundational for empowering India's youth in shaping the country's technological advancements and international stature. We eagerly anticipate the details the full budget will unveil for the higher education sector."
Feb 02, 2024, 12:08 pm IST
Budget Reaction On Behalf of Saurabh Arora, CEO, University Living
"I applaud the government for its commendable achievements over the past decade and express gratitude for the Budget's unwavering focus on fostering inclusive growth. In this era where new-age technologies and data are transforming lives and businesses, the budget recognizes their role in creating economic opportunities and providing high-quality services at affordable prices, particularly for those at the 'bottom of the pyramid.' The expanding global opportunities for India are being driven by innovative solutions and entrepreneurial spirit. With Rs 73,008 crore allocated to the School Education, strategic investments and accomplishments in the education sector, this budget lays a crucial foundation for empowering India's youth, enabling them to aspire for higher education avenues beyond boundaries and elevate India’s international standing."
Feb 02, 2024, 12:06 pm IST
Budget Reaction: Satish Reddy, Chairman, Dr Reddy's Laboratories Limited
"Apart from innovation, there is clear and welcome impetus to green initiatives (such as the new scheme of bio-manufacturing and bio-foundry to transform the current consumptive manufacturing paradigm) as well as empowerment and inclusion (e.g., the cervical cancer vaccine to girls between 9 to 14 years, extension of the Ayushman Bharat scheme to ASHA and anganwadi workers, and women in STEM).”
Feb 02, 2024, 12:06 pm IST
Budget Reaction: Satish Reddy, Chairman, Dr Reddy's Laboratories Limited
“The interim budget announced by the Finance Minister today envisions an India that is modern, innovative, resilient, with a strong focus on sustainability and empowerment as part of the ‘Viksit Bharat’ vision. Its emphasis on ease of doing business and local manufacturing are welcome. In particular, the Rs. 1 lakh crore R&D allocation for sunrise sectors can potentially act as a catalyst in our innovation journey as the Indian pharma industry aims to reach USD 120-130 billion by 2030."
Feb 02, 2024, 11:51 am IST
Budget 2024 Reaction By Rajashree Murkute, Senior Director - Infrastructure Ratings, CareEdge Ratings
"In line with CARE Ratings expectations, Government’s capital investment outlay for infrastructure to be maintained at 3.4% of GDP(2024-25), which is in sync with 3.3% of GDP (2023-24). Incremental focus on economic corridors to gain logistic efficiency; green energy initiatives through roof top solarisation and VGF support for off-shore wind projects augur well in the pursuit of transforming the nation into USD 26 trillion economy by 2047."
Feb 02, 2024, 11:28 am IST
Budget Reaction On Behalf of Tanmay Kumar, Chief Financial Officer, Shiprocket
"We commend our government's strategic initiatives aimed at fortifying India's logistics ecosystem—a critical linchpin for economic advancement. The emphasis on optimizing logistics efficiency and reducing costs not only streamlines operations but also ensures safety and enhances travel speeds. The dedication to freight corridors resonates profoundly with Shiprocket's mission, as we strive to empower MSMEs and fortify the Indian e-commerce landscape.
This budget is a big step towards achieving India @100, which is consistent with Shiprocket's objective to provide seamless e-commerce solutions for MSMEs. Our Finance Minister’s steadfast focus on providing timely financial support to MSMEs and facilitating their global competitiveness is a clear testament to the government's unwavering backing of small and medium enterprises.
We are inspired by the Prime Minister's vision for 'Amrit Kaal'—a period characterized by unprecedented development and golden moments. The 2047 vision outlined in this year's budget not only lays the foundation for a developed India but also positions Shiprocket proudly as a pivotal player in this transformative journey. We are deeply enthusiastic about our role in shaping the future of e-commerce and wholeheartedly supporting MSMEs in realizing their full potential on the global landscape."
Feb 02, 2024, 11:22 am IST
Budget Reaction: Runwal Managing Director, Runwal Group.
“The Union Budget for the fiscal year holds significant implications for both the real estate and infrastructure sectors, signalling a pivotal shift in development initiatives nationwide. With substantial allocations towards infrastructure and railway projects, the government has catalyzed the emergence of new realty hotspots across the country. By incentivizing urban centres to prioritize sustainable planning, the administration paves the way for comprehensive urban development strategies."
Feb 02, 2024, 10:45 am IST
Budget Reaction By Shweta Sastri, MD, Canadian International School, Bangalore
"As India stands poised to become a knowledge economy, the 2024 budget has focused on national skill development. This is a welcome move as it would train students to learn and master skills in multiple domains. This will also enable greater confidence among students and get them ready to face new challenges. However, we could have had a significant allocation for the education sector as it determines how effectively the nation equips future generations with knowledge needed to thrive in an ever-evolving world. The education sector is the foundation of the country’s economic and social development and reflects innovation and adaptability. There could have been redistribution of resources for different sectors of education and some specific areas of favourable allocation could have included : expansion of infrastructure for education, expansion of scholarships and other financial aid programs for students from economically weaker sections of society, implementation of new pedagogical methods, strengthening of vocational training programs to equip students with industry-relevant skills. There is a need to upscale the education system to attract more foreign students to the country and India should be promoted as a global study destination. Looking ahead, we must strive to ensure that the learning experience remains meaningful and enriching."
Feb 02, 2024, 10:28 am IST
Prateek Maheshwari, Co-Chair, India Edtech Consortium (IEC), Co Founder, Physics Wallah (PW) Says:
"The education sector is undergoing a significant transformation, fueled by the transformative reforms introduced in the NEP 2020 and Skill India Mission, training 1.4 crore youth and establishing 3,000 new IITs. The increase in female enrolment in higher education is a testament to the commitment towards fostering inclusivity and equal opportunities. The Finance Minister's emphasis on female enrolment in STEM courses, further showcases India's commitment to breaking gender barriers in traditionally male-dominated fields. Increased budgetary allocation by the Govt will go a long way to maintain this momentum; a reduction in the GST from 18% to 5% will help being the sector on par with the off-line offerings. Easy access and affordability remain key to aligning with global educational trends. The collaboration between the public and private sectors is paramount for driving the necessary changes in our approach to education. Together, we can ensure widespread access to affordable, high-quality education, addressing the needs of our diverse population and laying the groundwork for a prosperous future."
Feb 02, 2024, 10:14 am IST
Budget Reaction Of Mr. Punit Sood, Founder & Director, Karabi Art Community
"The PM Vishwakarma Yojana has the potential to completely transform the artisan and crafters community at Karabi Art Community thanks to its significant financial investment and all-encompassing methodology. The program's dedication to providing comprehensive assistance, including monetary support, instruction, and exposure to contemporary methods, is a game-changing move. In addition to streamlining the registration process and bringing accessibility into the modern era, the biometric-based portal offers free registration, which benefits our community. This project has the potential to improve our abilities, give much-needed financial support, and create a growth-oriented atmosphere. Because the program covers a wide range of 18 trades, it is inclusive and benefits a diverse group of artisans. All things considered, the PM Vishwakarma Yojana is a shining example of empowerment, promising to strengthen and elevate our sector by providing us with the tools, information, and assistance required to prosper in a changing and cutthroat environment."
Feb 02, 2024, 9:48 am IST
Budget Reaction On Tax Regime: Deepashree Shetty, Partner, Tax & Regulatory Services, BDO India LLP
"Considering this is an Interim Budget, no changes are proposed in the personal tax rates. Individual taxpayers need to continue analysing the effective tax regime selection i.e. old vs. new tax regime. Since rationalisation and reduction of personal tax rates have happened in the recent Finance Budgets, no changes are proposed in the Interim Finance Budget 2024."
Feb 02, 2024, 9:47 am IST
Budget Reaction On Taxation: Jiger Saiya, Partner & Leader, Tax & Regulatory Services, MSKA & Associates
“Despite no major announcements, tax buoyancy is expected to increase with a focus on simplified tax laws, easier compliance, and efficient administration thereby increasing taxpayer confidence and encouraging compliance. This could result in an increased tax base.”
Feb 02, 2024, 9:47 am IST
Budget Reaction On Business & Economy: Manoj Purohit, Partner & Leader, Financial Services, Tax & Regulatory Services, BDO India
"The BFSI sector will continue to be a support system for the government’s initiative on various fronts like PM Mudra Yojana for providing small loans, in the form of crop insurance for more than 4 crore farmers; infrastructure development and financing; etc. Moreover, the Government’s proposal to enter into bilateral investment treaties will boost the financial services as these services play a crucial role in facilitating the foreign investment in the Indian ecosystem."
Feb 02, 2024, 9:31 am IST
Budget Reaction On Agriculture: Soumyak Biswas ,Partner, Management Consulting, BDO India
"The interim budget 2024 seems to be a pragmatic one, as it clearly focuses on transformational shifts in the agriculture sector which include areas on productivity improvement and value addition, sustainable agriculture, reduction of import dependence, fast-tracking development in allied sectors such as dairy and fisheries and rural employment through creation of micro enterprises. Encouraging Public Private Partnerships (PPP) is expected not only to infuse investments in the sector but also bring in the much-needed expertise in enabling a large majority of farmers who are small and marginal in moving up the value chain."
Feb 02, 2024, 9:30 am IST
Budget Reaction On FDI: Jiger Saiya, Partner & Leader, Tax & Regulatory Services, MSKA & Associates
"It will be interesting to see how the new terminology coined by the FM on FDI, “First Develop India”, pans out through the proposed and renegotiated Bilateral Investment Treaties. Meanwhile, the Government should consider notifying a number of already signed Most-Favoured-Nation protocols consummating the amendments to the tax treaties enabling favourable tax treatment to certain transactions with non-residents."
Feb 02, 2024, 8:36 am IST
Budget Reaction: Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants)
“The Interim Union Budget paints a promising picture of India's transformation. The focus on skilling India's youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India's aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047."
Feb 02, 2024, 8:04 am IST
Budget Reaction: Amit Kapoor, Co-founder and CEO, Eupheus Learning
"As the Interim Budget for 2024-25 unfolds, we welcome the notable 6.1% increase in the schooling outlay, with a substantial Rs 4,200 crore boost in the School Education Budget, and a significant allocation of Rs 6,000 crore to the PM SHRI program, marking a remarkable 50% surge from the previous year. This underscores a dedicated focus on enhancing the quality of school education including digitalization. While we await the full-fledged budget post the upcoming elections, these initial steps are encouraging notes for the education sector to partner with edtech companies like ours."
Feb 01, 2024, 5:19 pm IST
Budget Reaction: Dr. Prof Anand Achari, Principal, Vivekanand Education Society’s College of Architecture
"At VESCOA, we appreciate the budget's focus on empowering the youth for a prosperous future. The significant impact of the Skill India Mission, training 1.4 crore youths and upskilling 54 lakh individuals, aligns seamlessly with our commitment to skill development," said Dr. Prof Anand Achari.
As we navigate the educational landscape, we are encouraged by the initiatives that prioritize quality teaching and nurture well-rounded individuals. The rise in female enrollment reflects positive strides towards gender inclusivity, contributing to the increasing participation of women in the workforce. Within these achievements, we also acknowledge the potential impact of a heightened focus on R&D, which could have further amplified the transformative era in education. As we look to the future, we express our anticipation for strategic initiatives that place increased emphasis on R&D, fostering innovation, improving learning outcomes, and propelling our nation's educational advancement, said Dr. Prof Anand Achari.
Feb 01, 2024, 5:18 pm IST
Budget Reaction: Rajesh Sinha, Senior Research Analyst of Bonanza Portfolio
"Budget has reduced the fiscal deficit target at 5.1% of GDP for FY25. It revised down the fiscal deficit target for FY24 to 5.8% from 5.9% of GDP. This has the potential for lower interest rates due to a larger-than anticipated decrease in fiscal deficit, enhancing the overall macroeconomic stability," said Rajesh Sinha.
Also, Gross Market borrowing for FY25 Rs. 14.13 lakh crs and Net Market borrowing at 11.75 lakh crs. This move can be a positive for public sector banks. Budget announces a capex allocation of Rs 2.55 lakh crore for the Indian Railways in the new financial year, against Rs 2.4 lakh crore allocated in the last budget. Budget also unveiled three new railway corridors (Energy, Mineral and Cement; Port Connectivity; High Traffic Density) under the PM Gati Shakti scheme for enhanced multi-modal connectivity, aiming to lower costs and enhance efficiency, added Rajesh Sinha.
In addition, 40,000 bogies will be converted to Vande Bharat standard, prioritizing safety and convenience for passengers. Budget announced application of nano DAP on various crops will be expanded in all agro-climatic zones. The focus on the usage of Nano DAP and extending its application for all climate zones is a big positive. Nano fertilizers will improve crop yield with less fertiliser consumption, stated Rajesh Sinha.
Feb 01, 2024, 5:03 pm IST
Budget Reaction: Saral Talwar, COO at BikeWo
"The 2024 budget turned out to be relatively uneven, considering it marked the final budget for this government. As anticipated, there were no significant surprises or substantial changes. However, there were notable positive initiatives, particularly for sunrise industries. The establishment of a 1 Lakh Crore Fund to provide interest-free loans of 50 lakhs could significantly benefit emerging sectors, such as the EV Industry - showcasing a forward-thinking perspective for the evolving landscape," said Saral Talwar.
Moreover, the budget's emphasis on expanding India's electric vehicle charging infrastructure is poised to drive the adoption of EVs, instilling confidence in potential adopters. This move supports the EV ecosystem and opens up many entrepreneurship opportunities within the sector, further contributing to its growth. This strategic move extends the budget's impact beyond immediate fiscal implications, added Saral Talwar.
Feb 01, 2024, 5:01 pm IST
Budget Reaction: Rajesh Gupta, Founder & Director, Recyclekaro
"The union budget's "Panchamrit" targets, as highlighted by the finance minister, aim to support sustainable economic growth with a focus on using resources efficiently. This is expected to boost India's raw material capacity, especially in the manufacturing of Li-ion batteries, said Rajesh Gupta.
The commitment to strengthen the e-vehicle ecosystem through support for manufacturing and charging infrastructure shows a proactive approach to environmentally-friendly growth. By embracing economic policies for ongoing growth, the government is setting a path for a circular economy, emphasizing environmental responsibility and smart use of resources. This approach not only tackles challenges in the lithium-ion battery industry but also contributes to building a resilient and sustainable future for our nation, added Rajesh Gupta.
Feb 01, 2024, 4:56 pm IST
Post Budget Quote: Azad Moopen, Founder and Chairman - Aster DM Healthcare
“It is heartening to see that the Interim Union Budget focuses on the upliftment of the masses through specific focus on the poor, farmers, youth and women. The allocation of Rs. 1-lakh crore with 50-year interest free loans will encourage the start-up culture that India is now thriving upon, encouraging the youth of today to become entrepreneurs and focus on their growth as well growth of the nation," said Azad Moopen.
In healthcare we were hoping to see an increase in the GDP allocation of minimum 5% for the sector, hopefully this will be addressed in the complete Budget to be announced in July this year, under the new government. We are glad that the government is considering to add more hospitals in all districts in the country, which is essential to meet the rising demand. We would recommend focusing on public-private partnerships (PPP) to address this. With all maternal and child healthcare to be brought under one- scheme, this will be essential, added Azad Moopen.
It is promising to hear that government plans to open more medical colleges alongside existing hospital infrastructure. There is now an urgent need for comprehensive reform of medical education, to ensure that the medical professionals of tomorrow are trained in the latest medicine and techniques, like their western counterparts.
The strong impetus on immunisation of children under Mission Indradhanush and young girls for cervical cancer will go a long way in strengthening preventive care measures in the country and reduce the burden from communicable and non-communicable diseases, stated Azad Moopen.
Feb 01, 2024, 4:56 pm IST
Budget Reaction: Vinay Maheshwari, Executive Chairman, New York Academy
"The Finance Minister, highlighting the importance of youth empowerment, sheds light on the transformative reforms initiated by the National Education Policy 2020. Aligned with the vision for a 'Viksit Bharat' by 2047, the government reaffirms its commitment to raising India to international standards, starting with education. Particularly notable is the twenty-eight per cent increase in female enrollment in higher education over the past decade, indicating significant progress towards achieving inclusive education," said Vinay Maheshwari.
The government's developmental approach is marked by its comprehensive, inclusive nature, nurturing a generation of young leaders dedicated to shared ideals. This commitment aims to position India as a global leader in quality and excellence, contributing to the vision of a 'Prosperous Bharat' characterized by harmony with nature, modern infrastructure, and opportunities for all citizens, added Vinay Maheshwari
Feb 01, 2024, 4:55 pm IST
Budget 2024 quote on behalf of Dr Charit Bhograj, Founder & CEO, Tricog Health
"Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman promises a boost for healthcare in India. The proposed measures include broadening health insurance coverage, reinforcing immunization efforts, investing in maternal and child health, and prioritizing rural healthcare. These initiatives will enhance medical service accessibility in vulnerable regions. The budget reflects a commitment to inclusivity, accessibility, and establishing a robust healthcare foundation for all citizens, signaling a significant move toward strengthening the healthcare infrastructure in the country.”
Feb 01, 2024, 4:40 pm IST
Post-Budget Quotes By Mr. Nikunj Agarwal, Head - Fundraise & Alliance
“As anticipated, the budget aligns predominantly with a continuing budget for the fiscal year, characterized by stability rather than significant upheaval, serving as an interim measure. The Honourable Finance Minister has elucidated upon the manifold accomplishments of the government, would be receiving commendation, and signalling a trajectory of growth in the forthcoming years.”
Feb 01, 2024, 4:21 pm IST
Mr. Vishal Kampani- Non-executive Vice Chairman, JM Financial Limited has forecast his views on the Interim Budget 2024:
“The budget has laid the framework for a robust growth for the country. The focus continues on fiscal consolidation while balancing the infrastructure development and sustainability goals of the economy. Refraining from being too populist, the government targeted inclusive development by announcing measures which have a far-reaching impact on the economy. Most notable of which are extending PM-AWAAS yojana by 5 more years (20mn houses), transforming 40,000 normal bogies to Vande Bharat giving a fillip to the Make in India Campaign. Capex outlay is sizable at INR 11.11tn (11% YoY), with specific mention of development of eastern India. Considering capex growth over the revised estimate of FY24, it has been robust at 16.9%. The Government's commitment to reaching Net zero by 2070 is also evident by the announcement in solar roof top schemes and viability gap funding for various green initiatives. The lower than expected target of Fiscal deficit (5.1%) for FY25, shows government's commitment towards fiscal consolidation, although this decision would make it easier to achieve FD target for FY26 and reduces debt burden but it came at the cost of lower capital outlay. Also, there is a promise to lay the detailed roadmap and strategy for Amrit Kal in the full year budget in July 2024.”
Feb 01, 2024, 4:06 pm IST
Budget reaction quote from CA Aditya Sesh, Founder & MD of Basiz Fund Service Pvt. Ltd., also a Member of the Expert Committee in the Ministry of Agriculture & Farmers Welfare, GOI
“I think of this budget in two dimensions, one being political, which is most important given the election year, and much of the work done has been discussed. It focuses on performance rather than promises. One thing that struck me is that while free electricity has been discussed in some states, here it has been achieved with minimal impact on electricity-generating companies by utilizing solar rooftop resources, essentially providing up to 300 units of electricity to households. The fiscal deficit target, currently at 5.8%, is expected to decrease to 5.1%, primarily due to maintaining the expenditure target well and ensuring that revenue collection, especially tax collection, has been on or even exceeded targets most of the time, purely through compliance. I still remember the 2016 Budget, which had GST and sales tax at 85,000 crores per month, now doubling to 1,65,000 crores per month, so that’s a significant jump. Income tax collection has tripled, indicating that compliance has been maintained without making too many changes to the laws. Over the last 10 years, tax rates for corporates have been reduced from 30% to about 22%. The personal income tax exemption limit has increased from 2.5 lakhs to 7 lakhs. Capex has almost tripled; I think the economy is in very good shape. Capital markets are expected to rise, and India is looking very attractive in terms of growth. The P/E ratios are slightly premium, but that’s because the growth is good, and the inflation management targets are at the desired levels, around 6% odd, matching the increases in GDP, so effectively, there would be no impact on real income.”
Feb 01, 2024, 3:53 pm IST
Budget Reaction: Prathamesh Pai, Director and H&N Surgeon, Punyashlok Ahilyadevi Holkar Head & Neck Cancer Institute of India
"Vaccination for prevention of cervical cancer is definitely a welcome move, given it’s the second most prevalent cancer affecting women in India. Right steps in this direction can help eliminate the risk of this cancer and reduce incidences as well as fatality. The increase in focus on public healthcare by providing insurance schemes, maternal and child health programmes is the need of the hour."
Feb 01, 2024, 3:53 pm IST
Budget Reaction: Mazhar Syed, Director, Asmita India Realty:
"The swift advancement of infrastructure, spanning physical, digital, and social aspects, indicates an era of unparalleled progress. Every part of the country is actively contributing to economic growth. In the 21st century, Digital Public Infrastructure becomes a crucial element in production, significantly contributing to the organization of the economy."
Feb 01, 2024, 3:52 pm IST
Budget Reaction: Soumya Sarkar, Co-founder, Wealth Redefine (AMFI registered MFD)
"The salient features of the interim budget 2024 include a CapEx target for FY25 rising by 11.1% to 11.1 lakh crore. Specifically, there is no change in direct or indirect taxes status quo. The FY25 physical deficit target is pegged at 5.1 percent of GDP; this represents a marginal decrease from that of FY24. The budget also allows highlighting pillars such as the poor, women, youth and farmers in an attempt to foster holistic growth."
Feb 01, 2024, 3:52 pm IST
Budget Reaction: Sneha P Pai- Senior Director, Direct Tax Nexdigm
"The rooftop solar electricity program is an excellent step towards green energy. Reduces burden on electricity distribution companies, on coal and other minerals and makes uninterrupted electricity available to individuals. A win win for all. FDI - bilateral investment treaties with aim of First Developed India (FDI). More FDI means more employment and more incomes - need funds for developing India. Fiscal deficit in 24-25 estimated to be 5.1% of GDP. Government remains committed to lower fiscal deficit."
Feb 01, 2024, 3:52 pm IST
Budget Reaction: Nishit Parikh- Partner Direct Taxation, Sudit K. Parekh & Co. LLP
"Average real income of people increased by 50%. This would boost consumption and facilitate further growth. Capex outlays 3.4% of the GDP. This is up 11.11% year on year basis. This should further push the reforms in infrastructure which has been the focus of this government. More roads, airports and trains would be some of the items on top priority of the Government."
Feb 01, 2024, 3:52 pm IST
Budget Reaction: Raj Gaikar, Research Analyst at SAMCO Securities | Tourism
"The Finance Minister Nirmala Sitharaman during her budget speech said that this budget will take up the promotion of tourism during her budget 2024 statement in Parliament. States will be urged to build tourism destinations in order to attract tourists and foster local commercial prospects. States will receive interest-free loans to promote tourism in their areas."
Feb 01, 2024, 3:51 pm IST
Budget Reaction: S L Jain, MD & CEO of Indian Bank
"We welcome the positive developments outlined by the Honorable Finance Minister, which underscore the resilience and potential of the Indian economy. The government's focus on infrastructure, including projects for tourism, expansion of Metro Rail and Namo Bharat to more cities, and support for EV manufacturing and charging infrastructure, aligns with the nation's developmental goals."
Feb 01, 2024, 3:51 pm IST
Budget Reaction: Dilip Chenoy, Chairman, Bharat Web3 Association
“Considering that this was a Vote-on-account budget, we weren’t expecting any big movement during the session. We are eagerly anticipating changes to be announced post elections when the full budget is announced, and we are optimistic with respect to the state of the sector in the country."
Feb 01, 2024, 3:51 pm IST
Budget Reaction: Sanjay Gupta, Vice Chancellor of the World University of Design
"As a design university, we enthusiastically welcome the government's acknowledgement of 'Nari Shakti' and its commendable efforts in advancing female education, especially in STEM courses. The commitment to empowering women transcends education, as one can see it being reflected in various reforms."
Feb 01, 2024, 3:51 pm IST
Budget Reaction: Deepashree Shetty, Partner, Tax & Regulatory Services, BDO India LLP
"Considering this is an Interim Budget, no changes are proposed in the personal tax rates. Individual taxpayers need to continue analysing the effective tax regime selection i.e. old vs. new tax regime. Since rationalisation and reduction of personal tax rates have happened in the recent Finance Budgets, no changes are proposed in the Interim Finance Budget 2024."
Feb 01, 2024, 3:50 pm IST
Budget Reaction: Amar Ambani, Executive Director, YES Securities
"In a short budget speech, usual for an interim budget immediately preceding general elections, the FM largely traversed on a sustained development trajectory. The Budget is largely non-populist, given that there is barely any change in Budgeted subsidies for FY25, uncharacteristic of an Interim Budget ahead of the national elections. The policy intent was crystal clear as seen through the selective allocation of resources, with stronger emphasis on sectors of rural and middle-class housing and Green Energy."
Feb 01, 2024, 3:50 pm IST
Budget Reaction: Hemant K. Mehta, M.D and Chairman of Elegar Kerpen
"The Union Budget 2024 heralds a new era for the infrastructure sector, with a notable increase in capital expenditure. This enhanced focus on infrastructure development, particularly in the realms of transportation and digital connectivity, is a significant boon for the wire and cable industry. Our sector stands at the cusp of a demand surge, driven by the government's commitment to modernizing the nation's infrastructure, including pivotal rail projects and the expansion of digital networks."
Feb 01, 2024, 3:50 pm IST
Budget Reaction: V.L.A. Ambala, SEBI Registered Research Analyst and Co-Founder of SMT
"I welcome the interim budget’s focus on prioritizing infrastructure development, reviving the farming sector, promoting sustainable mobility, and the proposal of raising CAPEX by 11.1% to Rs. 11.11 lakh crore. Notably, the revised estimate of the fiscal deficit is 5.1% of GDP is an improvement on the budget estimate. In my view, this development aligns with the current market expectation, marking the fourth consecutive year of increased CAPEX."
Feb 01, 2024, 3:49 pm IST
Budget Reaction: G Pradeepkumar, CEO, Union Asset Management Company Pvt Ltd
“The budget has sent out strong signals that the next five or ten years would be a period of high growth for the Indian economy. The Finance Minister has done an outstanding job in containing the fiscal deficit in FY24 and even more so in FY25. The estimate of 5.1% for FY25 is significantly better than market expectations. The discipline exercised on government borrowing is another big positive factor."
Feb 01, 2024, 3:49 pm IST
Budget Reaction: Dhawal Dalal, President & Chief Investment Officer- Fixed Income, Edelweiss MF
"A very pragmatic & growth-oriented interim budget with continued focus on conservative revenue estimation and fiscal consolidation. The FM believes in under-promise and over-delivering on fiscal front. Lower borrowing in FY25 is expected to decline bond yields. This will be positive for the economy and will support in reaching our goal of T economy by end of 2027, in our view."
Feb 01, 2024, 3:49 pm IST
Budget Reaction: Balachander Sekhar, Co-founder of RenewBuy
“The Government has presented an encouraging budget, highlighting a positive approach in governance and policies. This budget has laid more emphasis on youth, women, farmers and people living below the poverty line. The Finance Minister's choice to keep personal income tax slabs and rates unchanged in the Interim Budget is a cautious move. Given ongoing global challenges, it's crucial to balance fiscal control with necessary spending on capital projects to support economic growth.”
Feb 01, 2024, 3:48 pm IST
Budget Reaction: Rahul Kapoor, MD, RKA Corporate Advisory - RKCA
" Even though it is an Interim Budget year and it is understandable that there will not be major changes by the current government given the elections, some urgent clarifications on irksome tax interpretation issues would have been welcome. For example, clarification on treatment of support provided by parent companies’ personnel to the Indian subsidiary, GST levied on foreign airlines in India, retrospective levy of 28% GST on e-gaming companies deeming them to be gambling/betting activities even in the case of skilled based games etc. is needed."
Feb 01, 2024, 3:48 pm IST
Budget Reaction: ONDC's Official Statement
"Emphasizing the importance of Digital Public Infrastructure (DPI) as a new factor of production in the 20th century highlights its critical role in shaping a more organized and structured economy. Minister Sitharaman's assurance of preparing the financial sector for investment needs is a welcome commitment. ONDC applauds the government's dedication to fostering inclusive and sustainable development, improving productivity, and creating opportunities for all."
Feb 01, 2024, 3:48 pm IST
Budget Reaction: ONDC's Official Statement
"We applaud the government's unwavering commitment to supporting MSMEs post-budget announcement. The acknowledgement of MSMEs' pivotal role in the global market and the focus on fostering a green economy is noteworthy. Recognizing the need for a policy environment tailored to MSMEs' unique requirements is significant. Prioritizing training initiatives for global competitiveness reflects a forward-looking approach."
Feb 01, 2024, 3:48 pm IST
Budget Reaction: Radhika Shrivastava, Executive Director, Fotune Institue of International Business
“The transformative impact of the National Education Policy 2020, Prime Minister Shri’s commitment to quality education, and the tangible outcomes of the Skill India Mission underscores the government’s dedication to shaping a skilled and educated workforce."
Feb 01, 2024, 3:47 pm IST
Budget Reaction: Pragya Goyal, CEO & Co-Founder, Vegh Automobiles
"The infusion of thirty crore Mudra Yojana loans into the hands of women entrepreneurs is a game-changer, providing financial backing for aspiring female leaders to venture into the dynamic field of electric vehicle manufacturing. The commendable twenty-eight per cent surge in female enrolment in higher education, particularly in STEM courses, fortifies the talent pool for the EV sector."
Feb 01, 2024, 3:47 pm IST
Budget Reaction: Roopali Prabhu, CIO and Head of Products and Solutions at Sanctum Wealth
"Lower government borrowing implies private sector won’t get crowded out. This is important at a time where private investment is beginning to scale. Capital outlay for FY25 is budgeted to increase by 16.8% against the downward revised number for FY24 (revised from Rs. 10 Tn to Rs. 9.5 Tn) with the downward revision being a minor disappointment in the budget."
Feb 01, 2024, 3:47 pm IST
Budget Reaction: Dr Girdhar Gyaani, Founder Director, AHPI
"In FM's interim budget speech, the extension of healthcare coverage under the Ayushman Bharat scheme to ASHA workers, Anganwadi Workers, and Helpers showcases a holistic and inclusive approach, strengthening the backbone of India's healthcare system. We commend the government's visionary steps to fortify the healthcare infrastructure by establishing more medical colleges and leveraging existing hospital facilities."
Feb 01, 2024, 3:47 pm IST
Budget Reaction: Pramod Kathuria, Founder and CEO of Easiloan
"In the interim budget maintained existing income tax slabs without major changes. 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."
Feb 01, 2024, 3:46 pm IST
Budget Reaction: Himanshu Kohli, Co-founder, Client Associates
"This budget reflects a commendable focus on fiscal responsibility, with the fiscal deficit pegged at 5.1% for FY25, a move towards increased Capex spending, and a shift away from excessive subsidies. The brevity of the speech suggests either an interim measure paving the way for a comprehensive budget in July or a vote of confidence in the current state of affairs. It reaffirms the notion that significant announcements can transcend the budget, showcasing a government committed to prudent fiscal management and consistent economic growth."
Feb 01, 2024, 3:46 pm IST
Budget Reaction: Mayank Bhatnagar, Co-founder and COO, FinEdge
“Overall, a balanced budget considering it is a ‘vote on account’. Tight fiscal consolidation with a view on future growth of the economy is a big positive. All eyes will be on the main budget in July to see a more detailed plan on growth and development plan over the next 5 years.”
Feb 01, 2024, 3:46 pm IST
Budget Reaction: A Ganesan, Vice Chairman, Neuberg Diagnostics
"Maternal and child healthcare takes center stage with the introduction of Saksham Anganwadi and Poshan 2.0 initiatives. Notably, newborn screening, facilitated by leading healthcare entities such as Neuberg Diagnostics, will play a pivotal role in the early detection of health issues shortly after birth. Proposing the integration of newborn screening as a national program, accessible in every hospital, underscores the commitment to securing childhood and fostering holistic development."
Feb 01, 2024, 3:46 pm IST
Budget Reaction: A Ganesan, Vice Chairman, Neuberg Diagnostics
"India's Finance Minister, Nirmala Sitharaman, presented the budget for 2024, outlining a vision for "unprecedented" economic development. Emphasizing four key areas of focus- poor, youth, women, and farmers- the government is confident to drive comprehensive progress."
Feb 01, 2024, 3:45 pm IST
Budget Reaction: Harjeet Singh Arora, Managing Director at Mastertrust Ltd
"The budget primarily emphasizes capital expenditure and consolidation. In the long run, key sectors poised to benefit include infrastructure, renewable energies, aviation, railways, metros, power, and capital goods, as they receive government support through increased spending. Additionally, the government is fostering tourism by offering long-term interest-free loans to promote renowned tourist destinations."
Feb 01, 2024, 3:45 pm IST
Budget Reaction: Harjeet Singh Arora, Managing Director at Mastertrust Ltd
"The stock market is currently experiencing volatility, albeit at a lower level compared to previous fiscal periods. The market's response has been more pronounced in the bond sector than in stocks, following the Financial Minister's commitment to curbing the fiscal deficit and reducing borrowings. This has notably eased pressure on the debt market."
Feb 01, 2024, 3:45 pm IST
Budget Reaction: Nikunj Agarwal, Head - Fundraise and Alliance
"As anticipated, the budget aligns predominantly with a continuing budget for the fiscal year, characterized by stability rather than significant upheaval, serving as an interim measure. The Honourable Finance Minister has elucidated upon the manifold accomplishments of the government, would be receiving commendation, and signalling a trajectory of growth in the forthcoming years."
Feb 01, 2024, 3:44 pm IST
Budget Reaction: Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company Ltd
The vision under Vikasit Bharat by 2047 and top 4 priorities laid out with respect to empowering Poor, Women, Youth and Farmers will go a long way in manifesting the long- term growth story of India. It is high on optics, low on spending impact as fiscal consolidation remains its paramount focus. The key announcements on power sector coupled with new energy, railways, defense, affordable housing is indeed encouraging."
Feb 01, 2024, 3:44 pm IST
Budget Reaction: Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company Ltd
“Budget 2024 is a Holistic Budget exemplifying fiscal prudence and encompassing all the imperative sectors despite electoral compulsions. This budget gives credence to government’s unwavering resolve to adhere to the fiscal consolidation glide path, especially after having delivered robust growth-oriented budget in the last 3 years."
Feb 01, 2024, 3:44 pm IST
Budget Reaction: Kunal Varma, CEO and Co-Founder Freo
"Expanding housing benefits for the middle class, along with boosting the dairy and fisheries sectors, are steps in the right direction. Another highlight is the push towards clean energy, offering perks like free electricity units to homes powered by solar energy. Despite these changes, there's no shake-up in the treasury's approach to taxes and revenue, which isn't surprising given the positive trends in tax receipts and collections we've observed."
Feb 01, 2024, 3:43 pm IST
Budget Reaction: Kunal Varma, CEO and Co-Founder Freo
"We're still waiting on some specifics, like who exactly qualifies for the new long-term loans aimed at the private sector. It seems like the government might be gearing up for bolder moves in the full budget come July. What stands out to me is the significant emphasis on supporting small businesses and promoting inclusive growth. It's great to see initiatives aimed at empowering women (Naari Shakti Schemes) and substantial investments in infrastructure, including ports and railways."
Feb 01, 2024, 3:43 pm IST
Budget Reaction: Rajagopal Menon, Vice President, WazirX
"We expect these developments to factor in the government's agenda along with our existing requests for a reduction in TDS rates to 0.01% and offset of losses for traders.”
Feb 01, 2024, 3:43 pm IST
Budget Reaction: Rajagopal Menon, Vice President, WazirX
“We believe crypto and VDAs can be a force multiplier in achieving Viksit Bharat by empowering individuals at the grassroots level. Digital public infrastructure and the PM's aspiration for 'Anusandhan' will benefit from integrating provisions for long term financing of domestic crypto projects given how India is at a pivotal phase in the Crypto revolution."
Feb 01, 2024, 3:42 pm IST
Budget Reaction: Shikhar Aggarwal, Chairman of BLS E-Services
"The MUDRA Yojana's success in reaching 30 crore women with loans is commendable, and initiatives like PM Awas Yojana granting ownership to women are empowering. Similarly, PM Kisan Samman Yojana's direct financial assistance to farmers and PM Fasal Bima Yojana's crop insurance are welcome steps towards rural welfare."
Feb 01, 2024, 3:42 pm IST
Budget Reaction: Shikhar Aggarwal, Chairman of BLS E-Services
"We laud the Hon'ble Finance Minister's Budget 2024 announcement, emphasizing a holistic approach to GDP, encompassing governance, development, and performance. This focus aligns perfectly with our mission to empower citizens through accessible and inclusive digital services. We are particularly encouraged by the initiatives targeting crucial segments like women entrepreneurs, farmers, artisans, and tribal communities."
Feb 01, 2024, 3:41 pm IST
Budget Reaction: Roshan Shah, Co-founder & CEO, VoloFin
"The buoyant economy, propelled by active foreign investment, is a testament to our stability and success. Through strategic policies, performance reforms, and transformative initiatives for MSMEs, we are poised to compete globally. The robust regulatory framework by IFSCA and GIFT IFSC is a beacon for the finance sector, paving the way for innovative products and services that will propel us into a prosperous tomorrow."
Feb 01, 2024, 3:41 pm IST
Budget Reaction: Roshan Shah, Co-founder & CEO, VoloFin
"In unveiling the 2024 Interim Budget, Finance Minister Nirmala Sitarama has charted a visionary course for our nation's economic future. With a commitment to fostering sustained growth, promoting inclusive and sustainable development, and enhancing productivity, the government is set to create unprecedented opportunities for both public and private sectors."
Feb 01, 2024, 3:40 pm IST
Budget Reaction: Sarvjeet Virk, Co-founder & MD, Finvasia
"The fiscal deficit reduction to 5.1% of GDP by 2025-26 showcases a forward-looking economic path. The commitment to deep tech for defense, infra development, and air connectivity to tier 2 and tier 3 cities exemplifies a holistic approach. Here's to a developed India and a Viksit Bharat, fostering entrepreneurship, employment, and technological prowess."
Feb 01, 2024, 3:40 pm IST
Budget Reaction: Sarvjeet Virk, Co-founder & MD, Finvasia
"The post-budget landscape looks fairly positive, with a continued emphasis on initiatives like Startup India, Funds of India, and Startup credits. A corpus of Rs 1 lakh crore, coupled with interest-free loans for 50 years, is allocated for research and innovation. This initiative aims to offer long-term financing or refinancing with extended tenures and low to zero interest rates. It signals robust support for our tech sector, encouraging innovation in sunrise domains. This is a very positive development and will boost the morale of the whole startup community."
Feb 01, 2024, 3:40 pm IST
Budget Reaction: Ahsan Karim Khan, Chairman, Splice Ply
"India's economy is doing well, and the government thinks it can be one of the fastest-growing soon. To help with that, they're giving some people a tax break, so they can save more money. This budget is good news for everyone, from homeowners to construction workers, and it should help India keep growing strong."
Feb 01, 2024, 3:40 pm IST
Budget Reaction: Ahsan Karim Khan, Chairman, Splice Ply
"India's 2024 budget is all about fixing homes and building roads! The government plans to build 2 million new houses in the next 5 years, which will help many people and also boost industries like construction and cement. They're also spending more money on roads and bridges to make them better."
Feb 01, 2024, 3:39 pm IST
Budget Reaction: Prashant Bhalla, President, Manav Rachna Educational Institutions.
"In a transformative move, the Finance Minister highlighted the National Education Policy (NEP) 2020 as a catalyst for revolutionizing the education sector. A noteworthy increase in the budget allocation for the Pradhan Mantri Shiksha Vikas Yojana (PMSHRI) from 4000 crores to 6050 crores was announced, poised to significantly enhance the education infrastructure."
Feb 01, 2024, 3:39 pm IST
Budget Reaction: Prashant Bhalla, President, Manav Rachna Educational Institutions
"The Kartavya Kal Budget 2024 emerges as a beacon of responsibility, spotlighting the empowerment of four key stakeholders: the Poor, Yuva (Youth), Women, and Farmers. The Finance Minister passionately delved into strategies for their upliftment, placing a paramount emphasis on skills enhancement and robust capacity frameworks."
Feb 01, 2024, 3:39 pm IST
Budget Reaction: S Ravi, Founder, Ravi Rajan & Co.
"A significant announcement is the free 300-unit rooftop solar power scheme, a positive step to encourage clean energy adoption. Additionally, increased allocations are made to the farm sector, farmers, and infrastructure development. So, overall, this budget prioritizes infrastructure and rural development, laying a strong foundation for the future."
Feb 01, 2024, 3:39 pm IST
Budget Reaction: S Ravi, Founder, Ravi Rajan & Co.
"This budget is on the expected lines because it's a vote on account budget. There are no changes in the direct and indirect taxation which is on the expected lines. This budget focuses on what the government has achieved in the last 10 years and also the way forward in terms of economic growth. The focus is on “Viksit Bharat 2047” which talks about clean energy."
Feb 01, 2024, 2:57 pm IST
Mr. Abhishek Banerjee, Smallcase Manager, CEO & Founder, Lotusdew Wealth and Investment Advisors, further adds:
“Freeing up of tax litigations dating back to 1962 to benefit 1 crore taxpayers and also free up department time to pursue more serious offenses. Finally, the dream to own houses for most renters will once fulfilled put downward pressure on rental assets - which is a positive for redevelopment schemes and relators in general. The goal to upgrade 40000 wagons - will see demand from various wagon processing companies - which continues to feed into the positive story around railways.”
Feb 01, 2024, 2:40 pm IST
Post- Budget Highlight By Abhishek Banerjee, Smallcase Manager, CEO & Founder, Lotusdew Wealth and Investment Advisors
“This was a fantastic budget and the focus was on the next 50 years instead of next year. Right from thinking of GIFT city as a doorway to trade 300 years later to focus on a developed Bharat. It's not difficult to imagine that most of the 1 lakh crore interest-free loans will go to states that support tourism which are primarily ruled by the BJP. This ensures continued capex into states where the BJP is in power. Agri as expected in terms of post-Agri processing, fisheries, and oil seeds stood out. The path to fiscal consolidation means Indian bond yields will remain range bound till the election.”
Feb 01, 2024, 2:25 pm IST
Dr. Vikas V Gupta, smallcase Manager, CEO and Chief Investment Strategist - OmniScience Capital
“The most important announcement about the Railways was about the 3 new corridors. The Railway Sector got very critical support with the announcement of 3 new corridors: the Energy, Mineral & Cement Corridor; the Port connectivity corridor; and the high traffic density corridor. These 3 are going to ease up resources transport in the first 1 thus reducing the cost of manufacturing in the economy, the second will allow for larger exports and the third will result in decongestion and more efficiency for goods and passengers in high traffic zones
The focus on logistics and infrastructure continues with this under the PM Gati Shakti as enabling infrastructure for economic growth. The conversion of 40,000 normal bogies to Vande Bharat is also a positive for the sector. Overall, the Large capex announcement of 11.1 lakh crore is a huge positive and continues supporting the overall enabling infrastructure theme of Amrit Kaal.”
Feb 01, 2024, 2:07 pm IST
Sonam Srivastava, smallcase Manager, Founder - Wright Research.
“Budget 2024 brought forth several key announcements aimed at bolstering infrastructure, healthcare, and housing, alongside initiatives to support MSMEs and promote technological advancements in defense. Notably, the commitment to affordable housing through the launch of a new scheme for the middle class and the emphasis on next-generation reforms underscore the government's focus on sustainable development and economic inclusivity. The budget's approach to maintaining stability in tax rates while enhancing the ease of doing business reflects a strategic balance between fostering growth and ensuring fiscal prudence. The market's reaction to these announcements has been mixed, with positive movements in the FMCG sector, attributed to measures expected to boost consumer spending power. Conversely, railway stocks declined, possibly due to concerns over the execution and immediate impact of the infrastructure projects announced. Overall, the muted market response underscores cautious optimism, with investors looking for more clarity on implementing budget proposals. Looking ahead, the effectiveness of Budget 2024 will largely hinge on the government's ability to execute its outlined plans efficiently. The focus will be on translating policy announcements into tangible outcomes that stimulate economic growth, enhance sectoral performance, and bolster investor confidence in the Indian market's long-term potential.”
Feb 01, 2024, 1:45 pm IST
Budget Reaction: Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL)
"This interim budget couldn’t gladden the bullion industry participants, as there were no major announcements related to this industry. The wishlist from the bullion industry was very long, like reducing 15% import duties on precious metals, reducing 3% GST, exempting Capital Gain Tax on gold jewelry sales, GST refunds to NRIs, simplifying TCS and TDS rates, etc. All taxes and duties remain in status quo until the next budget."
Feb 01, 2024, 1:44 pm IST
Budget Reaction: Sachin Kothari, Director at Augmont Gold For All
"Bullion Industry stakeholders had a lot of expectations from the government to simplify and reduce the duties structure of the gold trade in this budget and solve the challenges they faced. However, none of these issues and challenges were addressed in this interim budget. Bullion Market participants have forwarded these hopes and expectations for the final budget, which will be announced after the elections this year."
Feb 01, 2024, 1:44 pm IST
Budget Reaction: Siddhesh Mehta, Research Analyst, Samco Securities
"PM Modi’s focus on the installation of 1 crore rooftop solar panels will help households to save monthly up to 15000 – 18000 rupees as they receive 300 units of free electricity per month. Solar power companies such as Insolation Energy, Surana Solar, Solex Energy, etc stand to benefit from the rooftop solarization scheme."
Feb 01, 2024, 1:43 pm IST
Budget Reaction: Veer Trivedi, Research Analyst, SAMCO Securities
"An additional plan to build 2 crores more houses over the next five years signals sustained commitment. This intensified focus on PMAY is expected to trigger increased investments and heightened activity in the construction sector, with multiplier effects on Housing Finance, Cement, Steel, and Paints industries, reflecting a significant positive impact across various sectors."
Feb 01, 2024, 1:43 pm IST
Budget Reaction: Veer Trivedi, Research Analyst, SAMCO Securities
"Launched on June 25, 2015, the Pradhan Mantri Awas Yojana (Urban) Mission seeks to ensure housing for all. The government aimed to construct 3 crore pucca houses by March 2024, the finance minister stated in the speech that they are closer to achieving this goal."
Feb 01, 2024, 1:41 pm IST
Budget Reaction On Fiscal Policy: Anirudh Garg, Partner and Fund Manager at INVAsset, PMS
"Fiscal Policy: Maintaining fiscal discipline, the budget sets a target deficit at 5.1% of GDP, with a gross market borrowing of INR 14.13T and a net of INR 11.75T. The tax regime remains stable, extending benefits for startups until March 31, 2025."
Feb 01, 2024, 1:40 pm IST
Budget Reaction On Tourism: Anirudh Garg, Partner and Fund Manager at INVAsset, PMS
"With an aim to fortify the tourism sector, long-term interest-free loans are slated to support the development of tourist centers, and expansion plans for metro and 'Namo Bharat' trains to more cities are expected to boost domestic travel."
Feb 01, 2024, 1:40 pm IST
Budget Reaction On Green Energy & Environment: Anirudh Garg, Partner and Fund Manager at INVAsset, PMS
"The introduction of new solar power schemes and the provision of free electricity units to households highlight the push towards renewable energy. A corpus with 50-year interest-free loans for sunrise domains is set to further incentivize green advancements."
Feb 01, 2024, 1:39 pm IST
Budget Reaction On Healthcare & Welfare: Anirudh Garg, Partner and Fund Manager at INVAsset, PMS
"Healthcare reform continues with the extension of Ayushman Bharat to all workers under ASHA and Anganwadi, alongside efforts to integrate various health schemes. Plans to utilize existing hospital infrastructures for new medical colleges signify an infrastructural and educational leap in healthcare."
Feb 01, 2024, 1:38 pm IST
Budget Reaction On Housing: Anirudh Garg, Partner and Fund Manager at INVAsset, PMS
"PM Awas Yojana Grameen's success is set to continue with 2 crore additional houses. A new scheme will enable middle-class families in temporary accommodations to move towards homeownership, stimulating demand for construction materials."
Feb 01, 2024, 1:38 pm IST
Budget Reaction On Infrastructure & Railways: Anirudh Garg, Partner and Fund Manager at INVAsset, PMS
"The focus is on enhancing connectivity with the India-Middle East-Europe corridor, alongside a boost in capital expenditure to 3.4% of GDP. The expansion of the Dedicated Freight Corridor (DFC) and addition of new rail corridors for energy, cement, and minerals, complemented by upgrading 40,000 rail bogies to Vande Bharat standards, mark a transformative era for Indian Railways."
Feb 01, 2024, 1:37 pm IST
Budget Reaction: Anirudh Garg, Partner and Fund Manager at INVAsset, PMS
"The Interim Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, is a blueprint for India's journey towards inclusive and sustainable growth, encapsulating ten years of transformative economic policy."
Feb 01, 2024, 1:37 pm IST
Budget Reaction: Sonam Srivastava, Founder and Fund Manager at Wright Research, PMS
"The budget's focus on next-generation reforms, including digitalization and sustainable development, indicates a shift towards a more modern, efficient, and environmentally friendly economy. Sectors related to renewable energy, digital services, and sustainable technologies are likely to witness significant developments and growth opportunities as a result of these changes."
Feb 01, 2024, 1:36 pm IST
Budget Reaction: Sonam Srivastava, Founder and Fund Manager at Wright Research, PMS
"Efforts to improve the ease of doing business, such as streamlining regulatory processes and enhancing digital infrastructure, are expected to have a positive impact on all sectors by reducing bureaucratic hurdles and operational inefficiencies. This can attract foreign investment, encourage startups, and facilitate the expansion of existing businesses, thereby boosting sectoral growth and contributing to economic resilience."
Feb 01, 2024, 1:36 pm IST
Budget Reaction: Sonam Srivastava, Founder and Fund Manager at Wright Research, PMS
"The introduction of policies and schemes aimed at supporting MSMEs, promoting deep tech in defense, and facilitating affordable housing for the middle class are poised to stimulate economic activity across various sectors. These initiatives can lead to increased demand for goods and services, encourage entrepreneurship, and attract investments, contributing to overall economic growth. The focus on deep tech and defense modernization could also catalyze research and development, fostering innovation within the tech industry."
Feb 01, 2024, 1:36 pm IST
Budget Reaction: Sonam Srivastava, Founder and Fund Manager at Wright Research, PMS
"The budget allocation for sectors such as infrastructure, healthcare, technology, and renewable energy indicates a strategic focus on sustainable development and digital transformation. For instance, the emphasis on affordable housing and infrastructure development will likely spur growth in the construction, real estate, and related manufacturing sectors (cement, and steel). The allocation towards healthcare and technology suggests an acceleration in digital health initiatives and tech-driven innovation, opening up new avenues for businesses in these sectors."
Feb 01, 2024, 1:36 pm IST
Budget Reaction: Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS
"Green Energy as expected has some developments. Wind Energy in particular is very interesting for us as we invest in a company that works in the wind industry. The share price of that company also went up as the announcement was made to promote offshore wind energy harnessing by gap funding."
Feb 01, 2024, 1:35 pm IST
Budget Reaction: Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS
"Infrastructure allocation has been increased slightly to make up for 3.4% of the GDP. This has come in mainly with railways to be revamped with 3 new corridors and an increased number of Vande Bharat trains. We don’t invest directly in PSUs but we saw some action as our portfolio companies manufacture parts for railways. The IMEC, agreed upon during the G20 summit was also mentioned so we should see the development of the corridor starting soon. Lakshadweep tourism, which has been in conversation for some time now, along with local and religious tourism will be promoted."
Feb 01, 2024, 1:35 pm IST
Budget Reaction: Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS
"Infrastructure allocation has been increased slightly to make up for 3.4% of the GDP. This has come in mainly with railways to be revamped with 3 new corridors and an increased number of Vande Bharat trains. We don’t invest directly in PSUs but we saw some action as our portfolio companies manufacture parts for railways. The IMEC, agreed upon during the G20 summit was also mentioned so we should see the development of the corridor starting soon. Lakshadweep tourism, which has been in conversation for some time now, along with local and religious tourism will be promoted."
Feb 01, 2024, 1:35 pm IST
Budget Reaction: Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS
"Aquaculture is in good focus this year as the PM Matsya Sampada Yojana has revised to increase productivity by 2 tonnes per hectare, a goal of further doubling down exports here on. 55 lakh new employment opportunities are said to be generated as 5 new aqua parks are being set up. This was interesting for us as we just saw the share prices of one of our portfolio companies that works in the seafood industry go up by 6% in a fraction of a second."
Feb 01, 2024, 1:35 pm IST
Budget Reaction: Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS
"Focus on Infracture and populist stance before elections as expected. No changes in tax are surprising as the masses had faced the burnt of a fall in disposable income and this announcement could have appeased the masses. We are seeing a different form of Governance in India, which is positive for the long term."
Feb 01, 2024, 1:34 pm IST
Budget Reaction: Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS
"Focus on Infracture and populist stance before elections as expected. No changes in tax are surprising as the masses had faced the burnt of a fall in disposable income and this announcement could have appeased the masses. We are seeing a different form of Governance in India, which is positive for the long term."
Feb 01, 2024, 1:34 pm IST
PM Speaks on Interim Budget
Union Budget 2024-25
Feb 01, 2024, 1:34 pm IST
Budget Reaction: Jyoti Prakash Gadia, Managing Director at Resurgent India
"The FM is relying upon the strategy of maintaining continuity and consistency to prove their point in favour of a brighter future with a comprehensive set of reforms set out in due course."
Feb 01, 2024, 1:33 pm IST
Budget Reaction: Jyoti Prakash Gadia, Managing Director at Resurgent India
"The announcements about income tax relaxation and rationalisation of indirect taxes were much expected but the same proved to be unfortunately a part of wishful thinking only."
Feb 01, 2024, 1:33 pm IST
Budget Reaction: Jyoti Prakash Gadia, Managing Director at Resurgent India
"The emphasis on the tourism sector is a welcome move considering the immense potential we have and the bad times it faced during the pandemic. The overall announcements are on expected lines as a part of the interim budget without any major announcements of specific areas."
Feb 01, 2024, 1:33 pm IST
Budget Reaction: Jyoti Prakash Gadia, Managing Director at Resurgent India
"Although it is only an interim budget by way of a vote on account, there were large expectations across all segments, it is an opportunity for the government to showcase its ambitious plans just before the next general elections. The FM has accordingly chosen to concentrate on the initiatives already taken by them in the fields of agriculture, dairy farming, MSME and infrastructure with a long-term perspective in mind."
Feb 01, 2024, 1:32 pm IST
Budget Reaction: Jiger Saiya, Partner & Leader, Tax & Regulatory Services, MSKA & Associates
“Despite no major announcements, tax buoyancy is expected to increase with a focus on simplified tax laws, easier compliance, and efficient administration thereby increasing taxpayer confidence and encouraging compliance. This could result in an increased tax base.”
Feb 01, 2024, 1:19 pm IST
PM On Budget 2024
This Budget lays down the foundation to become Vikshit Bharat by 2047.
Feb 01, 2024, 1:18 pm IST
PM On Budget 2024
This budget is for young aspirants. R&D schemes worth Rs 1 lakh crore announced. Fiscal deficit to be in control, capital expenditure raised.
Feb 01, 2024, 1:16 pm IST
PM Modi On Budget 2024
PM Modi congratulates the Finance Minister on the Interim Budget.
Feb 01, 2024, 1:13 pm IST
Budget Reaction: Manmeet Kaur, Partner, Karanjawala & Co.
"To improve tax payer services and for ease of business it has been announced that Rs 25,000 tax demand up to the years 2009-2010 and Rs. 10,000 from 2010-11 to 2014-15, tax dues to be waived off by the Government. This move is going to de-clog tax recovery proceedings and litigation."
Feb 01, 2024, 1:13 pm IST
Budget Reaction: Manmeet Kaur, Partner, Karanjawala & Co.
"For next generation reforms, the government is looking to work closely with stakeholders holders and states which will enable timely finance required for purpose of relevant technology and facilitation of regulator environment for sustainable development for MSME."
Feb 01, 2024, 1:12 pm IST
Budget Reaction: Rajesh Narain Gupta, Managing Partner of SNG & Partners, Advocates & Solicitors
"Huge incentives to the private sector for innovations by creating a new fund exceeding one lakh crore and further a deep focus on infrastructure development by increasing the overall provisions as well as steps being taken towards rural, women and farmers development are astounding steps which will accelerate India becoming a developed nation."
Feb 01, 2024, 1:12 pm IST
Budget Reaction: Veer Trivedi, Research Analyst, SAMCO Securities
"This empowerment not only stimulates the rural economy but also enhances credit demand for micro-financiers, particularly from women and self-help groups, potentially reducing stress on asset quality issues. Credit Access Grameen, Fusion Micro Finance, Muthoot Microfinance are some of the stocks that could see a positive impact of this scheme in the medium term."
Feb 01, 2024, 1:12 pm IST
Budget Reaction: Veer Trivedi, Research Analyst, SAMCO Securities
"The Lakhpati Didi Scheme, aiming to empower two crore women in villages, has achieved notable success by reaching 83 lakh self-help groups and benefiting 9 crore women. With a financial injection of Rs 1 lakh per household for one crore beneficiaries, this initiative is poised to significantly uplift the economic status of rural women."
Feb 01, 2024, 1:11 pm IST
Budget Reaction: Sanjay Moorjani, Research Analyst At SAMCO Securities
"After the success of Vande Bharat trains, the FM announced around 40,000 more rail bogies will be converted to Vande Bharat coaches. Stocks such as Jupiter Wagons, Titagarh Rail Systems, Siemens, RVNL would benefit from the manufacturing of Vande Bharat trains. This will further create job opportunities while reducing travel time as well as increasing tourism across the country."
Feb 01, 2024, 1:10 pm IST
Budget Reaction: Amit Kothari CFO, Chief Finance Officer Propelld
“After landmark changes in the tax regime in budget 2020-21, the increase in threshold limits for higher tax rates for individuals in budget 2024 is another significant reform by the Government. Increase disposal income for individuals will be fuelling growth in the economy. Allowance of exemptions for say employee contribution to PF and national pension scheme under new tax regime is beneficial move for individuals to move towards new regime and sunset the old regime. This will help take away the confusion between the two regimes and offer higher net cash for the individuals.”
Feb 01, 2024, 1:08 pm IST
Budget Reaction: Siddhesh Mehta, Research Analyst, Samco Securities
"The government announces a golden era for tech-savvy enterprises, setting a corpus of Rs. 1 lakh crore with a 50-year interest-free loan for long-term financing/refinancing. This strategic financial initiative, featuring low to nil interest rates, aims to scale up the private sector's research and development efforts significantly in sunrise domains. Notably, this infusion is set to fortify deep tech technologies."
Feb 01, 2024, 1:07 pm IST
Budget Reaction: Siddhesh Mehta, Research Analyst, Samco Securities
"The Finance Minister reports a significant milestone, citing a doubling of tax collections over the past decade. Notably, the current budget maintains the status quo in both direct and indirect taxation, including import duties. Companies may find this predictability beneficial in navigating their financial planning, fostering a more secure and sustainable business environment."
Feb 01, 2024, 1:07 pm IST
Budget Reaction: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
"The hallmark of this interim Budget is its fiscal rectitude. The fact that the Government has prioritised fiscal consolidation over populism on the eve of general elections is commendable. The fiscal deficit numbers of 5.8 % in the revised estimates for FY24 and 5.1% for FY25 are better than the most optimistic expectations. This is very good news for the economy and consequently for the market. The boost to housing is another important proposal from the market perspective since this will benefit industries like cement, steel and all construction related segments."
Feb 01, 2024, 1:06 pm IST
Budget Reaction: Mr. Sujit Bangar, Founder, Taxbuddy.com
"The most comforting announcement is about the scrapping of petty income tax disputed demands outstanding for many years. This announcement is in line with the government's earlier initiatives to reduce litigation. Tax rates and regimes have remained unchanged, with no proposed changes in personal taxation. This might be a little disheartening for those expecting a few such announcements."
Feb 01, 2024, 12:52 pm IST
PM Modi To Address Parliament At 1 PM
Finance Minister Nirmala Sitharaman announces hike in FY25 capital expenditure outlay, PM Modi to address Parliament at 1 pm. More surprises incoming?
Feb 01, 2024, 12:43 pm IST
Budget Reaction On Tech industry: Hariom Seth, Founder, Tagglabs
"Lastly, timely repayment of such loans can enhance a company’s credit profile, making it easier to secure future funding. However, while these benefits can provide a significant boost to companies, it’s also important for them to manage these funds wisely to avoid potential financial challenges."
Feb 01, 2024, 12:43 pm IST
Budget Reaction On Tech industry: Hariom Seth, Founder, Tagglabs
"The provision of a corpus of 1 lakh crore rupees as 50-year interest-free loans with low or no interest rates is a significant move that can greatly benefit companies. This initiative increases liquidity, allowing companies to invest in research, development, and innovation without the burden of immediate repayment. It also mitigates financial risk associated with borrowing due to the long tenure of the loan and the low or nil interest rates. Furthermore, it encourages innovation as companies can focus more on creating innovative products and solutions with easier access to funds. The overall cost of the loan decreases due to lower interest rates, leading to savings that can be used for other business activities."
Feb 01, 2024, 12:42 pm IST
Budget Reaction On Tech industry: Hariom Seth, Founder, Tagglabs
"An innovative landmark statement was made by Nirmala Sitharaman, who announced A corpus of 1 lakh crore rupees 50-year interest-free loan with low or nill interest rates to encourage and scale up research and innovation. This marks a landmark in the history of tech startups and companies, providing a one-of-a-kind chance to explore distant shores and leave an indelible mark on the ‘Make in India’ dream."
Feb 01, 2024, 12:41 pm IST
Budget Reaction On Tech industry: Abbhinav R Jain, CFO, AdCounty Media
"Dubbing this period as the golden era for innovation and entrepreneurship, she went on to say that the corpus will provide long-term financing or refinancing with long tenures and low or nil rates. The budget, undeniably, is leaving no stone unturned to bridge the gap between youth and technology to realise the aim of a fully developed India (“Viksit Bharat”) by 2047."
Feb 01, 2024, 12:41 pm IST
Budget Reaction On Tech industry: Abbhinav R Jain, CFO, AdCounty Media
The Interim budget marks a significant move towards India's digitisation. In the budget 2023-24, the government announced an outlay of 4795.24 crore for its Digital India program which ensured universal access to high-speed internet and digital literacy initiatives. This year, in a bid to bolster R&D in sunrise domains, Honourable FM, Nirmala Sitharaman, announced a corpus of 1 Lakh Cr with 50 year interest free loan.
Feb 01, 2024, 12:37 pm IST
Budget Reaction On Women Entrepreneurship: Gunjan Goеl, Dirеctor, Goеl Ganga Dеvеlopmеnts
"Multi-pronged efforts spanning infrastructure upgrades, sensitization campaigns, mandatory organizational policies, incentivization and more are needed to move the needle. Achieving equal representation in business leadership and expanding women's labor force participation to its full potential will have manifold dividends for India’s prosperity."
Feb 01, 2024, 12:37 pm IST
Budget Reaction On Women Entrepreneurship: Gunjan Goеl, Dirеctor, Goеl Ganga Dеvеlopmеnts
"However, systemic barriers continue to constrain the full normalization of women in the workplace. Deeply entrenched socio-cultural attitudes, lack of affordable childcare options, inadequate transport safety, and unconscious biases in hiring and promotion are key deterrents. While the government is expanding skills programs and enterprise schemes for women, the private sector needs to step up equally around diversity and inclusion."
Feb 01, 2024, 12:37 pm IST
Budget Reaction On Women Entrepreneurship: Gunjan Goеl, Dirеctor, Goеl Ganga Dеvеlopmеnts
"The intent to boost women's labor force participation is absolutely the right way forward. As the Finance Minister noted, enrollment of women in STEM streams has already grown 28% over the past decade - a promising indicator of changing gender perceptions around certain fields. Legal changes like banning triple talaq and mandating parliamentary reservation for women are also progressive steps that uplift women’s agency and status."
Feb 01, 2024, 12:36 pm IST
Budget Reaction On Women Entrepreneurship: Mamta Shekhawat, Founder, Gradding.com
"This has increased female enrollment in higher education by 28% in the last decade. Especially in STEM courses, the enrollment of girls and women has risen to 43%, one of the world's highest contributions. This opened gates to increase the participation of women in the workforce. On the other hand, making Triple Talaq illegal, reserving one-third for women in Lok Sabha and state assemblies, and giving over 70% of houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity. Thus, as a woman, I can see the benefits and the opportunities the Government is bringing up to lead more women to fulfil their dreams.”
Feb 01, 2024, 12:35 pm IST
Budget Reaction On Women Entrepreneurship: Mamta Shekhawat, Founder, Gradding.com
"The proposals put up for "Empowering the Women" under the Budget 2023-2024 through various policies is a great step towards the women's empowerment and country's development. With the introduction of the empowerment of women through entrepreneurship, there has been momentum in the ease of living and dignity of women in society for the last ten years. The 30 crore Mudra Yojana loan sanctioned made education affordable even for female students from weaker backgrounds."
Feb 01, 2024, 12:33 pm IST
Budget Reaction On Women Entrepreneurship: Zameer Malik, CEO, Kulsum’s Kaya Kalp
"However, there is still a long road ahead to normalize women's labor force involvement. India currently ranks low globally in female labor force participation, so systemic barriers remain. The private sector needs to prioritize diversity, equity and inclusion policies as well while the government scales skill development and entrepreneurship schemes for women. We need more women in leadership roles in every sphere - corporate, research, governance, judiciary and more. This will have multiplier effects in terms of prosperity, decision-making and role modeling."
Feb 01, 2024, 12:32 pm IST
Budget Reaction On Women Entrepreneurship: Zameer Malik, CEO, Kulsum’s Kaya Kalp
"The Finance Minister's emphasis on increasing women's workforce participation is a welcome move. As she highlighted, enrolment of women in STEM fields has risen 28% over the last decade, indicating promising trends. Legal changes criminalizing triple talaq and mandating parliamentary reservation have also bolstered women's agency and dignity."
Feb 01, 2024, 12:32 pm IST
Budget Reaction On Women Entrepreneurship: Nidhi Aggarwal, Founder, Spacemantra
"It reflects a comprehensive strategy for fostering entrepreneurship and economic development, valuing and promoting indigenous skills and knowledge. By uplifting artisans and their families, this initiative contributes significantly to the socio-economic progress of the nation. It represents a significant stride in honouring India's rich artisanal heritage and ensuring its continuity for future generations. Its holistic approach to supporting artisans underscores the government's commitment to inclusive growth and sustainable development."
Feb 01, 2024, 12:31 pm IST
Budget Reaction On Women Entrepreneurship: Nidhi Aggarwal, Founder, Spacemantra
"The budget's focus on empowering marginalized groups, especially through women's entrepreneurship, is commendable. Similarly, the promotion of artisans through the Prime Minister's Vishwakarma Yojana is praiseworthy, recognizing their vital role in India's culture and economy. This initiative provides essential support and opportunities for artisans, preserving traditional craftsmanship while enabling them to thrive in modern markets."
Feb 01, 2024, 12:31 pm IST
Budget Reaction On Women Entrepreneurship: Ridhima Kansal, Director, Rosemoore
"Women’s economic independence should not be taken as the end but as the means to achieve greater economic development of the country. Hence, by conforming policies in order to increase women’s representation level in the business environment, the government is not only promoting financial independence among women but also financial development of the nation. This multipronged action reflects an integrated solution to socio-economic issues, which is proof that the nation is ready to become a better and a richer place to live."
Feb 01, 2024, 12:30 pm IST
Budget Reaction On Women Entrepreneurship: Ridhima Kansal, Director, Rosemoore
"This move is strategic as it seeks to empower the poor segments of the society and ensure equitable economic growth. It is worth noting that the Finance Minister’s emphasis on women empowerment signifies a commendable step towards empowering them to prosper as entrepreneurs. Realizing the critical impact women have on the socio-economic landscape, this approach both contributes to gender equality and enables economic development by harnessing the tremendous potential that lies in women entrepreneurs."
Feb 01, 2024, 12:30 pm IST
Budget Reaction: Rajesh Narain Gupta, Managing Partner of SNG & Partners, Advocates & Solicitors
'Huge incentives to the private sector for innovations by creating a new fund exceeding one lakh crore and further a deep focus on infrastructure development by increasing the overall provisions as well as steps being taken towards rural, women and farmers development are astounding steps which will accelerate India becoming a developed nation'.
Feb 01, 2024, 12:14 pm IST
Tax Updates In Interim Budget 2024-2025
FM Nirmala Sitharam Announced No Tax liability up to Rs. 7 lakhs, Professional Eligibility for presumptive tax increased from Rs. 50 lakh to Rs. 75 lakhs. The corporate tax rate decreased from 30% to 22% for existing companies and the Government's complete focus on improving tax-payer services in the country. ITRs are simpler and easier, with average processing times from 93 days to a mere 10 days, refunding faster. The indirect tax regime, GST has reduced the compliance burden on trade and industry-academia as the industry has acknowledged the importance of GST. The Average Monthly Gross GST collection has crossed almost doubled to 1.66 lakh cores this year. States SGST revenue, including compensation in the GST period, has achieved a buoyancy of 1.22 as taxes have brought down prices of most goods and services.
Feb 01, 2024, 12:02 pm IST
Finance Minister Says
Withdrawing some outstanding direct tax demands related to previous years.
Feb 01, 2024, 11:59 am IST
FM Nirmala Sitharaman's Speech
Union Budget 2024: Live Updates
Feb 01, 2024, 11:58 am IST
Finance Minister Says
Direction tax collection has more than tripled with returns welled 2.4 times. Tax contributions are used wisely for the country's development and welfare.
Feb 01, 2024, 11:57 am IST
Finance Minister Says
-FY24 total expenditure revised estimates at Rs 44.90 lakh crore
-FY24 revised estimate of receipts at Rs 27.56 lakh crore
-FY25 budget gap target at 5.1% of GDP
-FY25 gross market borrowing seen at Rs 14.1 lakh crore
Feb 01, 2024, 11:54 am IST
Finance Minister Says
The scheme of 50-year interest-free loans for capital expenditure to states will be continued this year with an outlay of Rs 1.3 lakh crore.
Feb 01, 2024, 11:53 am IST
Finance Minister Says
FDI is 'First Develop India'; inflow from 2014 to 2023 was 6 billion, marking a golden era. This was twice the FDI inflow between 2005 to 2014. For sustained FDI, we are negotiating bilateral investment treaties with foreign partners
Feb 01, 2024, 11:52 am IST
Finance Minister Says
The total receipts other than borrowings and total expenditure are estimated at Rs 30.80 lakh crore and Rs 47.66 lakh crore. Tax receipt estimated at Rs 26.02 lakh crore.
Feb 01, 2024, 11:51 am IST
Finance Minister Says
Revised estimates of 2023-24. The revised estimates of total receipts other than borrowings are Rs 27.56 lakh crore. Of which, tax receipts are Rs 23.24 lakh crore. The revised estimates of total expenditure is Rs 44.90 lakh crore. The revenue receipts at Rs 30.03 lakh crore are expected to be higher than the budget estimates, reflecting strong growth momentum and formalisation in the economy. The revised estimates of fiscal deficit is 5.8% of GDP, improving on the budget estimates.
Feb 01, 2024, 11:51 am IST
FM Nirmala Sitharaman's Speech
Union Budget 2024: Live Updates
Feb 01, 2024, 11:50 am IST
Finance Minister Says
Fiscal deficit in 2024-25 is estimated to be 5.1% of GDP.
Feb 01, 2024, 11:49 am IST
Finance Minister Says
Coal gasification and liquefaction capacity will be set up by 2030.
Feb 01, 2024, 11:48 am IST
Finance Minister Says
Will expand the EV ecosystem by encouraging the adoption of EVs in public transport.
Feb 01, 2024, 11:48 am IST
Finance Minister Says
FY25 capital expenditure outlay hiked to Rs 11.11 lakh crore.
Feb 01, 2024, 11:47 am IST
FM Nirmala Sitharaman's Speech
Union Budget 2024: Live Updates
Feb 01, 2024, 11:46 am IST
Finance Minister Says
Three major economic railway corridor programs will be implemented. These are firstly energy, mineral and cement corridors. Secondly Port connectivity corridors, and number 3 high traffic density corridors. The projects are identified under PM Gati Shakti for enabling multi-model connectivity. They will improve logistics efficiency and reduce costs. The resultant decongestion of high-traffic corridors will also help in improving operations of passenger trains.
Feb 01, 2024, 11:43 am IST
FM Nirmala Sitharaman's Speech
Union Budget 2024: Live Updates
Feb 01, 2024, 11:43 am IST
Finance Minister Says
Will create 517 new routes carrying 1.3 crore passengers, Indian carriers proactively placed 1,000 new aircraft orders; development of new airports to stay robust.
Feb 01, 2024, 11:42 am IST
Finance Minister Says
Our government plans to set up more medical colleges by utilising the existing hospital infrastructure under various departments. A committee for this purpose will be set up to examine the issues and make relevant recomendations.
Feb 01, 2024, 11:41 am IST
Finance Minister Says
Through roof-top solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the Prime Minister on the historic day of the consecration of Shri Ram Mandir in Ayodhya.
Feb 01, 2024, 11:41 am IST
Finance Minister Says
To convert 40,000 rail bogies to Vande Bharat standards.
Feb 01, 2024, 11:39 am IST
Finance Minister Says
FY25 capex outlay at 3.4% of GDP.
Feb 01, 2024, 11:38 am IST
Finance Minister Says
The corpus will provide long-term financing or refinancing with long tenures with low or NIL interest rates to tech-savvy youth.
Feb 01, 2024, 11:37 am IST
Finance Minister Says
A corpus of Rs 1 lakh crore will be established with 50-year interest-free loans for sunrise domains.
Feb 01, 2024, 11:36 am IST
Finance Minister Says
Five integrated aqua parks will be set up. The fisheries scheme will help reach Rs 1 lakh crore of exports target.
Feb 01, 2024, 11:34 am IST
Finance Minister Says
A comprehensive programme to support dairy farmers will be formulated.
Feb 01, 2024, 11:34 am IST
Finance Minister Says
Application of Nano DAP on various crops will be expanded in all agro zones.
Feb 01, 2024, 11:33 am IST
Finance Minister Says
To bring maternal, and child care health schemes under one plan.
Feb 01, 2024, 11:32 am IST
FM Nirmala Sitharaman's Speech
Union Budget 2024: Live Updates
Feb 01, 2024, 11:30 am IST
Finance Minister Says
Ayushman Bharat Scheme to be extended to all ASHA workers.
Feb 01, 2024, 11:29 am IST
Finance Minister Says
Rooftop solarization will lead to saving of up to Rs 15,000 to Rs 20,000 per month.
Feb 01, 2024, 11:28 am IST
Finance Minister Says
Two crore houses are to be built in the next five years under the Rural House Plan.
Feb 01, 2024, 11:28 am IST
Finance Minister Says
The strategy for Amrit Kal is to adopt economic policy with sustainable development.
Feb 01, 2024, 11:26 am IST
Finance Minister Says
The next five years will be years of unprecedented development.
Feb 01, 2024, 11:24 am IST
FM Nirmala Sitharaman's Speech
Union Budget 2024: Live Updates
Feb 01, 2024, 11:24 am IST
Finance Minister Says
GST enable One nation, one market, one taxation. Strengthening the financial sector making investment more efficient.
Feb 01, 2024, 11:24 am IST
Finance Minister Says
People-centric inclusive development. All forms are infra are being built in record time.
Feb 01, 2024, 11:23 am IST
Finance Minister Says
Effective and timely delivery of programs and large projects.
Feb 01, 2024, 11:23 am IST
Finance Minister Says
Average real income hiked by 50%, inflation is moderate.
Feb 01, 2024, 11:23 am IST
Finance Minister Says
Transparent and Maximum government approach, macro-economic stability.
Feb 01, 2024, 11:22 am IST
Finance Minister Says
Direct Benefit Transfer of Rs. 34 lakh crore using PM Jan Dhan accounts has led to huge savings for the government. This has been realized through the avoidance of leakages, savings have helped to provide more funds for the welfare of the poor.
Feb 01, 2024, 11:22 am IST
Finance Minister Says
The scheme for the empowerment of Divyang and transgender people reflects our resolve to leave no one behind.
Feb 01, 2024, 11:21 am IST
Finance Minister Says
The Skill India mission has trained 1.4 crore youths. Upskilled and reskilled 54 lakh youths and established 3,000 new ITIs. A large number of institutions of higher learning namely seven IITs, 16 Triple ITs, 7 IIMs and 15 AIIMS. And 390 universities have been setup.
Feb 01, 2024, 11:20 am IST
Finance Minister Says
The National Education Policy 2020 is assuring transformational reforms. PM schools for rising India, PM Shri are delivering quality teaching and nurturing holistic and well-rounded individuals.
Feb 01, 2024, 11:19 am IST
Finance Minister Says
Empowerment for Women has gained momentum
- 30 crore Mudra Yojana loans for female entrepreneurs
- Hike of 28% in women participation
- 43% of women enrolment
- Reserved 1/3rd seats in Parliament
Feb 01, 2024, 11:18 am IST
Finance Minister Says
Sanctioned loans worth Rs 22.5 lakh crore to 43 crore people under PM Mudra.
Feb 01, 2024, 11:17 am IST
Finance Minister Says
PM SVANIDHI gave credit assistance to 78 lakh street vendors.
Feb 01, 2024, 11:16 am IST
FM Nirmala Sitharaman's Speech
Union Budget 2024: Live Updates
Feb 01, 2024, 11:16 am IST
Finance Minister Says
PM Vishwakarma provided M2M support, a scheme for Divyanag and Transgender to leave no one behind.
Feb 01, 2024, 11:15 am IST
Finance Minister Says
78 lakh street vendors, 2.3 lakh received credit three times.
Feb 01, 2024, 11:15 am IST
Finance Minister Says
Jhan Dhan Account provided 2.74 laks crores saved by avoidance of leakages.
Feb 01, 2024, 11:15 am IST
Finance Minister Says
Pursuit OF Sabka Sath, 25 crore people free from Multidimensional poverty.
Feb 01, 2024, 11:14 am IST
Finance Minister Says
Gave direct benefit to 11.8 crore farmers under PM Kisan.
Feb 01, 2024, 11:14 am IST
Finance Minister Says
Crop insurance given to 4 crore farmers under PM Fasal Bima Yojana
Feb 01, 2024, 11:13 am IST
Finance Minister Says
Electronic national agricultural market has integrated 1,361 mandis, and is providing services to 1.8 crore farmers with trading volumes of Rs 3 lakh crore.
Feb 01, 2024, 11:12 am IST
Finance Minister Says
We need to focus on Garib, Mahilayen, Yuva and Annadata; their needs and aspirations are our highest priorities.
Feb 01, 2024, 11:12 am IST
FM Starts Speech
Union Budget 2024
Feb 01, 2024, 11:12 am IST
Finance Minister Says
In the last 10 years, have targeted housing, electricity, cooking gas, and bank accounts for all. Have delivered "housing for all, har ghar jal, in record time."
Feb 01, 2024, 11:11 am IST
Finance Minister Says
With the pursuit of Sabka Saath, the government has assisted 25 crore people to get freedom from multi-dimensional poverty in 10 years.
Feb 01, 2024, 11:10 am IST
Finance Minister Says
To achieve social justice goal we need to improve people's capability and power them. Previously, social justice was mostly a political slogan. For our government, social justice is an effective and necessary governance model.
Feb 01, 2024, 11:10 am IST
Finance Minister Says
Our young country has high aspirations, pride in its present, and hope in the future. Our young country has pride in its presence and hope and confidence in the future. The worries about food have been eliminated through free ration for 80 crore people.
Feb 01, 2024, 11:09 am IST
Finance Minister Says
MSP hike, and provision of basic goods raised rural real income.
Feb 01, 2024, 11:08 am IST
Union Budget 2024-25: Live Updates
FM Starts Speech
Feb 01, 2024, 11:07 am IST
Finance Minister Says
We are working to make India a Viksat Bharat by 2047.
Feb 01, 2024, 11:07 am IST
Finance Minister Says
Social justice: Our government is working for an approach that is all round, all persuasive and all-inclusive.
Feb 01, 2024, 11:06 am IST
Finance Minister Says
Housing for all, har ghar jal, cooking for all in record time.
Feb 01, 2024, 11:05 am IST
Finance Minister Says
Our development steps have covered all elements of inclusivity.
Feb 01, 2024, 11:05 am IST
Finance Minister Says
Structural reforms have been undertaken, and reforms have been implemented; fruits of development have started reaching people at a scale.
Feb 01, 2024, 11:05 am IST
Finance Minister Says
Govt strengthened mantra to 'Sabka Sath, Sabka Vikas, Sabka Viswaas'
Feb 01, 2024, 11:04 am IST
Union Budget 2024-25:Live Updates
Finance minister Nirmala Sitharaman
Feb 01, 2024, 11:04 am IST
Finance Minister Says
India got a new sense of purpose under PM Modi.
Feb 01, 2024, 11:03 am IST
Finance Minister Says
Indian economy has witnessed transformation in last 10 years.
Feb 01, 2024, 11:01 am IST
Budget Speech Starts
Finance Minister Nirmala Sitharaman rises to present interim budget 2024 in the Parliament.
Feb 01, 2024, 10:47 am IST
Railway Stocks Rise Ahead Of Budget Speech
Shares of railway-related companies were in the green on Thursday morning in anticipation of the interim Budget presentation. IRCON International witnessed a surge of 3.26%, Texmaco Rail & Engineering saw a jump of 2.71%, Indian Railway Finance Corporation climbed 2.58%, and Rail Vikas Nigam advanced by 1.52%on the BSE.
Feb 01, 2024, 10:43 am IST
FM Meets President Murmu Ahead Of Budget Speech
Finance Minister Nirmala Sitharaman, accompanied by Ministers of State Dr. Bhagwat Kishanrao Karad and Shri Pankaj Chaudhary, along with senior officials from the Ministry of Finance, met with President Droupadi Murmu at Rashtrapati Bhavan before presenting the interim budget for 2024.
Feb 01, 2024, 10:34 am IST
FM Takes Tablet In Red Pouch To Parliament To Present Paperless Budget
Finance Minister Nirmala Sitharaman once again opted for a paperless presentation as she headed to Parliament to present the interim Budget 2024-25. In a departure from the traditional 'bahi-khata' style, she carried a digital tablet wrapped in a pouch. Sitharaman, accompanied by her team of officials, adhered to the customary photo-op outside her office, replacing the traditional 'briefcase' picture with her holding a tablet.
Feb 01, 2024, 10:26 am IST
Sensex, Nifty Open In Green Ahead Of Budget Announcements
Sensex and Nifty 50 opened in green ahead of the interim budget announcement scheduled at 11:00 am on Thursday. However, the upside was at a slower pace as investors rather opted for wait-and-watch mode amidst budget. The 30-scrip benchmark was over 71,840 levels, and Nifty held 21,740 mark. Finance Minister Nirmala Sitharaman will present the budget for 2024-25 fiscal ahead of Lok Sabha elections.
Feb 01, 2024, 10:22 am IST
Pre-budget 2024 Expectations By Dr. Jitin Chadha, Founder & CEO, Indian Institute of Art & Design
"While last year's budget rightfully emphasised green growth and sustainability, this year presents a unique opportunity to invest in our most valuable asset—human capital. Specifically, focusing on nurturing the talent and innovative spirit of the Indian youth will be instrumental in driving our digital economy forward. Despite a longstanding debate over the recommended 6% Gross Domestic Product (GDP) allocation to the public education system—a policy instituted six decades past—it is imperative to reassess these metrics in light of current needs and demands."
Feb 01, 2024, 10:19 am IST
Rupee Appreciates Against US Dollar Before Budget, Below 83
Indian rupee strengthened against US dollar by erasing its 83 mark. The local unit was at 82.97 per dollar, appreciating by 0.6% compared to the previous price level of 83.084. The performance comes ahead of an interim budget for FY25 that is scheduled to be presented by FM Nirmala Sitharaman. The budget is vote-on account and not major announcements are expected since main budget will be declared after outcomes of Lok Sabha elections.
Feb 01, 2024, 10:16 am IST
Sachin Sharma, Founder and Director - Gem Enviro Management Limited On Budget Expectations
"As the nation looks forward to the forthcoming budget, stakeholders eagerly anticipate targeted measures that will not only reinforce the foundations of the waste management ecosystem but also align with the broader aspirations of a greener and more sustainable India. The nation's waste crisis necessitates immediate intervention. Governments should consider allocating funds for advanced waste management solutions, such as waste-to-energy plants, enhancing waste management infrastructure, optimizing supply chains, and providing incentives for businesses to adopt sustainable practices"
Feb 01, 2024, 10:16 am IST
Budget Expectations: Sachin Sharma, Founder and Director - Gem Enviro Management Limited
"With climate action occupying a central position in India's G20 agenda and the notable Green Credit Initiative taking center stage at COP28, the government's unwavering commitment to sustainable growth and effective waste management is unmistakable. However, there exists a compelling opportunity to amplify support for the recycling of plastic and e-waste management industries, a move that could substantially strengthen and propel these sectors toward heightened sustainability."
Feb 01, 2024, 10:13 am IST
FM Arrives In Parliament
Finance Minister Nirmala Sitharaman has reached the Parliament complex and is expected to deliver her speech shortly.
Feb 01, 2024, 10:11 am IST
FM Nirmala Sitharaman holding Budget Tablet
Union Budget 2024
Feb 01, 2024, 10:09 am IST
Sachin Sharma, Founder and Director - Gem Enviro Management Limited On Budget Expectations
"Despite these commendable initiatives, challenges persist in effectively streamlining waste management processes, notably in handling plastic waste. In anticipation of the upcoming budget, industry stakeholders are optimistic about the prospect of a revision in the 18% GST on plastic input material, reverting to the previous rate of 5%."
Feb 01, 2024, 10:09 am IST
Budget Expectations: Mr. Sachin Sharma, Founder and Director - Gem Enviro Management Limited
"In the preceding year's budget, the government strategically positioned 'Green Growth' as a pivotal focus within the comprehensive 'Saptarishi' framework, allocating a substantial Rs 35,000 crore for priority capital investment to achieve net zero emissions by 2070."
Feb 01, 2024, 10:06 am IST
Top Gainers and Losers Today
Source:NSE
Feb 01, 2024, 10:03 am IST
Union Budget 2024-25: Live Updates
Experts Anticipate About the Budget
Feb 01, 2024, 9:52 am IST
Union Budget 2024 - 25: Live Updates
LPG Prices
Feb 01, 2024, 9:51 am IST
LPG Prices Hiked By Rs 14 Ahead Of Budget 2024
Following the adjustment, the retail sales price of a 19 Kg commercial LPG cylinder in Delhi will now stand at Rs 1,769.50. It is crucial to note, however, that this price hike solely impacts commercial cylinders, and the prices for domestic LPG cylinders remain unaffected.
Feb 01, 2024, 9:51 am IST
LPG Prices Hiked By Rs 14 Ahead Of Budget 2024
The hike in prices specifically affects the 19-kilogram commercial LPG gas cylinders, witnessing a surge of Rs 14. This alteration in rates came into effect starting today, Thursday, February 01.
Feb 01, 2024, 9:49 am IST
Budget Expectations: Gaurav Goel, Co-founder and CEO, Toprankers
“The initiatives will play a key role in accomplishing the objectives of NEP 2020 and moving our nation towards a competitive global standing. I am confident that this budget will serve as a driving force, steering India towards a future where education becomes the cornerstone of progress and prosperity for all.''
Feb 01, 2024, 9:38 am IST
Budget Expectations By Mr. Gaurav Goel, Co-founder & CEO, Toprankers
"As we sail into this year, our focus remains on bridging the social gap, providing quality education, and enhancing the learning outcomes of students. With the upcoming union budget 2024, we eagerly anticipate allocations that boost the educational infrastructure, including cutting-edge technologies, enhanced accessibility across diverse regions, and a conducive regulatory environment for education technology players.”
Feb 01, 2024, 9:22 am IST
Expectations By Mr. Amit Kapoor, Co-founder & CEO, Eupheus Learning
“The transformative NEP 2020 and an elaborate NCF 2023 have mandated holistic and experiential learning for school students. It also involves intervention at the infrastructure level, digitalization being the key. This will involve even higher level of engagement of schools with the EdTech companies. As we await the upcoming budget, a thoughtful GST policy, coupled with incentives will empower EdTech companies like ours to innovate and create tools and techniques for schools to implement these key mandates.”
Feb 01, 2024, 9:02 am IST
Budget Expectations: Devrath Banerjee, Director, TresVista
"Since this is an election year, the budget is expected to provide continuity to the government's previous initiatives without initiating any drastic reforms/additions. With the forthcoming budget, the financial sector is seeking a more comprehensive policy on cryptocurrency regulation, and the government is expected to create a regulatory framework that increases the ICRA's participation in the crypto market. The industry expects the government to rationalize the tax rates levied on Indian and foreign banks. RBI, SEBI, and IRDAI Regulators have started working together to ensure that financial innovation does not come at the cost of financial stability. The 2024 Union Budget is expected to make accommodations toward regulating the crypto and fintech sectors by setting up a separate inter-regulatory cooperation framework. The government has also been nudging banks to settle their foreign transactions via Indian rupees since July last year. Launching international trade in the Indian currency could lead to savings of -36 billion annually, reducing the pressure on the exchange rate. A push toward the same in this year's budget can be anticipated with increased incentives for banks. The dividends tax is another area where markets will be hoping for a change. Currently, a firm pays taxes on its profits, but at the same time, the shareholders are also taxed on their dividends, resulting in double taxation. Changes to rectify this anomaly can be awaited, with reforms to make dividends tax-free for shareholders."
Feb 01, 2024, 8:49 am IST
Budget Expectations: Rakesh Goyal, Managing Director, Probus Insurance broker
"The insurance industry advocates for a reduction in the Goods and Services Tax (GST) on insurance products, a move that would significantly benefit consumers across the nation. The current 18 per cent GST rate is deemed excessively high, and anticipation exists for a revision. Moreover, there's a call for greater flexibility for deductions from health insurance for personal use, family needs, and senior care. Additionally, there is a business plea for distinct deductions within Section 80C of the Income Tax Act, particularly for insurance, a measure that holds promising potential for long-term business growth. These proposed adjustments collectively aim to create a more favourable environment for both insurers and policyholders."
Feb 01, 2024, 8:39 am IST
Budget Expectations: Niyati Mavinkurve, Chartered Accountant And Digital Content Creator
Salaried individuals can expect lesser compliances on their part and also higher standard deduction to keep up with the rising medical and transport costs. Since the burden of healthcare on individuals has sharply increased in recent times, it would do well to also increase the 80D limit to encourage people to invest in health insurance covers for themselves and their families.
Generally, salaried employees bear a larger burden of personal income taxes. It would do the Government well to crack down on people who earn money but don't pay any taxes through voluntary income disclosure schemes. Salaried employees generally do not have any choice when it comes to tax deduction. It would also be great if taxpayers are rewarded in some form.
Feb 01, 2024, 8:23 am IST
Budget Expectations: Himani Chaudhary, Financial Educator
The upcoming budget is India's last before the elections, and after major changes announced last year, the common man is expecting some changes in the tax structure.With rising inflation and higher loan EMIs, we are expecting the government to provide some relief. We can expect- increase in investment limit under section 80C, some level of deductions on home loan interest and health insurance premium in the new tax regime, as it will help a lot of people to shift to the new tax regime.
Feb 01, 2024, 8:20 am IST
Union Budget 2024 - 25: Live Updates
Interim Budget
Feb 01, 2024, 7:54 am IST
What To Expect From The Interim Budget?
The Interim Budget will give a preliminary view of the Government's Broad Plan for the next fiscal year, starting in April.
Authorization of expenditures is necessary until a new government is formed.
After the election results, the full Budget will be presented in July.
Authorization of Expenditures is important until a new government is formed after elections.
Feb 01, 2024, 7:54 am IST
How, when and where to watch Nirmala Sitharaman's speech?
Today, February 1, Finance Minister Nirmala Sitharaman is scheduled to present the Interim Budget 2024. At 11 a.m., her 2024 interim budget address will be broadcast live on Doordarshan and Sansad TV. The Union Budget Mobile App will also provide access to the interim Budget 2024 speech and highlights. For all the latest updates, you can also stay connected to Goodreturns' live budget blog.
Feb 01, 2024, 7:45 am IST
Interim Budget Expectations From Abhay Bhutada- Managing Director- Poonawalla Fincorp
“I think the 2024 interim budget will help deepen NBFCs contribution to India’s sustainable economic growth, aligned with the goal of becoming 5 trillion USD economy. This budget should lay emphasis on offering liquidity assistance to galvanize the lending ecosystem. I hope for more progressive policies to strengthen Fintech and digital lending ecosystem and enhancing digital skills, as well as supporting and ensuring a robust regulatory framework for NBFCs.”
Feb 01, 2024, 7:12 am IST
Union Budget 2024: Live Updates
FM: Nirmala Sitharaman
Jan 31, 2024, 9:17 pm IST
Pradeep Aggarwal, Founder and Chairman of Signature Global (India) Ltd.
We eagerly await the forthcoming budget announcement, anticipating transformative measures to invigorate the Indian real estate sector. Emphasizing the long-overdue grant of Industry status to the Real Estate sector, we expect it to catalyze investments and streamline regulations. Urging the extension of Infrastructure status to affordable housing, we advocate for a solution where the sector receives input tax credit benefits and reduced GST rates on construction materials reduced to single digit. Additionally, we implore the government to institute a Single Window Clearance system for expeditious project execution. Furthermore, the government should relaunch the CLSS scheme, expanding affordable housing criteria to INR 75 lakhs and increasing the carpet area to 90 square meters. These strategic measures are envisioned to fortify the real estate sector and contribute significantly to the nation's economic resurgence."
Jan 31, 2024, 6:21 pm IST
Mr Prashant Rao, Managing Director, Poulomi Estates, a Hyderabad-based Real Estate Developer Expects:
“We strongly appeal to the Finance Minister to thoroughly consider increasing the income tax deduction applicable to home loan repayments. The current deduction of Rs 2 lakh against home loan interest has remained unchanged for the past decade, with the last adjustment being an increase of Rs 50,000 in 2014. Considering the rise in property prices, the borrowing amounts have escalated substantially, besides that interest rates have gone up as well, resulting in higher EMIs for homebuyers. The government must consider doubling the home loan interest deduction limit to Rs 4 lakh. This measure would provide substantial relief to potential homebuyers and contribute to an economic boost.”
Jan 31, 2024, 6:03 pm IST
Budget Expectations From Mr. Mohit Jain, Managing Director, Krisumi Corporation
“Single Window Clearance, Industry Status, and Increase in tax exemption for housing loans are some of the steps, we expect in the upcoming budget. The exemption limit on housing loans should be enhanced to Rs 5 lakhs. Besides, the Government should continue its thrust on the infrastructure as it has a multiplier effect on the economy as a whole, and real estate too stands to benefit from it, the upsurge in the Gurugram real estate market is a case in point.”
Jan 31, 2024, 5:42 pm IST
Expectation of Mr. Piyush Bothra, Co-Founder & CFO, Square Yards For Interim Budget 2024
"Homebuyers are anticipating increased tax benefits in the upcoming budget. One key expectation is to elevate the current Rs 2 lakh tax rebate on housing loan interest under Section 24 of the Income Tax Act to a minimum of Rs 5 lakh. This adjustment is crucial to bolster housing demand, especially within the affordable housing segment. Additionally, a reassessment of the price bracket for affordable housing is necessary, particularly in cities like Mumbai, where the current limit of Rs 45 lakh is impractical. Raising this limit to Rs 75 lakh or beyond will significantly benefit a broader spectrum of homebuyers, fostering affordability and driving housing demand.
Furthermore, a reduction in the prevailing 20% capital gains tax is recommended. This move will incentivize investments, subsequently fostering increased economic growth and stability."
Jan 31, 2024, 5:11 pm IST
Budget Expectations: Badal Yagnik, Chief Executive Officer, Colliers India
“The real estate community looks at the upcoming budget with optimism, seeking a strategic roadmap that aligns well with evolving needs of stakeholders including end-users developers & investors. Housing, infrastructure development, sustainability and digitization will remain at the core of the budget, which will go a long way in supporting real estate growth across segments in long term. EV infrastructure, renewable energy and green financing will continue to remain in focus creating a strong base for a sustainable future. Incentivisation of green buildings through minimum alternate tax or tax breaks similar to infrastructure sector will be particularly beneficial. Meanwhile, retail investors are calling for additional rationalising of the capital gains tax structure. The Union Budget 2024-25 should explore initiatives to boost greater retail engagement in REITs and InvITs. Moreover, alterations to personal tax slabs have the potential to fuel consumption across various sectors, including real estate assets and allied sectors.”
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