Budget 2024 Live Updates: Will Modi 3.0 Govt Bring Tax Relief? FM Sitharaman To Present Budget At 11 AM – News18

Budget 2024 Live Updates: Job Market Needs Push

Sachin Alug, CEO, NLB Services said that the interim budget of 2024 highlighted some major initiatives like Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Matsya Sampada Yojana. Additionally, funds were allocated for research, innovation, and infrastructure development to stimulate job creation.

“Similarly, the Union Budget 2024, is going to be a further extension of the interim budget to focus on various aspects including employment generation which will be one of the most crucial aspects anticipated by industry leaders.

The current job market has been experiencing a fluctuation due to global economic changes and technological advancements. To become USD 7 trillion by 2030, employers and employees have strong hope from the union budget for 2024. We are also hopeful that the budget will focus on investments in human capital, infrastructure, sustainable employment generation, education, and increasing the participation of the women workforce to drive economic growth.

Apart from employment generation, upskilling will be another focus area of the upcoming Union Budget 2024 for the HR sector. We are anticipating an increase in budget allocation for skill development and entrepreneurship by 20-25%.

Additionally, the budget is also expected to bridge the gap between industry requirements and the existing talent pool as the existing gap is 15-20% in the tech sector which is hampering both the employers and the employees. Moreover, the sector will look forward to support for structured skilling programs, vocational training, STEM education, and digital upskilling to align the workforce with emerging market demands.

In the education sphere, there would be more incentives and higher allocations in the upcoming Union Budget 2024. This is because of the continuation of National Education Policy 2020 (NEP) and skill training initiatives, the education sector is likely to be a key focus for Finance Minister Nirmala Sitharaman in the Budget.

Additionally, the increased funding for new schools and teacher-training programs are essential to universalize education from preschool to secondary level with a 100% Gross Enrollment Ratio by 2030. Overall, the HR and education sector is expecting the budget to uplift the job market to execute its goal of achieving USD 7 trillion by 2030.”

Budget 2024 Live Updates: With Budget 2024 FM Sitharaman To Create History

Finance Minister Nirmala Sitharaman is set to create history when she presents her seventh straight Budget today for the fiscal 2024-25, surpassing the record of former prime minister Morarji Desai.

Sitharaman, who will turn 65 next month, was in 2019 appointed as India’s first full-time woman finance minister when Prime Minister Narendra Modi won a decisive second term. Since then, she has presented six straight budgets, including an interim one in February this year. Read more

Budget 2024 Live Updates: Interim Budget 2024 Key Highlights

The Interim Budget presented in February 2024 laid the groundwork for the upcoming Union Budget. It focused on the theme of “Viksit Bharat” (Developed India) and outlined the government’s vision for the country’s progress.

• The budget proposed a total expenditure of ₹47,65,768 crore for FY 2024-25, a 6% increase over the previous year. It also outlined plans to manage the fiscal deficit.
• Continued emphasis on schemes like MGNREGA, with increased allocation.
• Infrastructure: Investment in infrastructure development, including roads, railways, and airports, to boost economic growth.
• Social Welfare: Focus on programs for the underprivileged, healthcare, and education.
• Energy: Promotion of renewable energy sources, with specific targets for solar and green hydrogen.
• Taxation: No major tax changes were announced, indicating a potential focus on tax reforms in the upcoming Union Budget.
• A scheme to provide free electricity to one crore households through rooftop solar panels.
• Aviation: Continued expansion of air connectivity to tier-2 and tier-3 cities.
• Youth Employment: Emphasis on skill development and entrepreneurship programs.

Budget 2024 Live Updates: Top Expectations

The Union Budget 2024 is highly anticipated, with expectations running high across various sectors. Here are some of the top expectations:

Income Tax Relief

• Increase in basic exemption limit: A significant demand for raising the basic exemption limit under the new tax regime.
• Enhancements to the new tax regime: Making the new regime more attractive by increasing deductions, widening tax slabs, and extending benefits.
• Simplification of tax laws: Reducing complexities and compliance burdens.

Focus on Capital Expenditure

• Continued investment in infrastructure: Boosting economic growth and job creation.
• Emphasis on green energy: Promoting sustainable development and reducing carbon footprint.
• Support for manufacturing and exports: Strengthening India’s position as a global manufacturing hub.

Support for Agriculture and Rural Development

• Investment in agricultural infrastructure: Improving farmers’ income and productivity.
• Focus on rural employment generation: Creating job opportunities in rural areas.
• Promotion of digital agriculture: Leveraging technology for better farming practices.

Boost for MSME Sector

• Access to credit: Facilitating easier access to loans for MSMEs.
• Tax incentives: Encouraging entrepreneurship and job creation.
• Digitalization: Supporting MSMEs in adopting technology.

Healthcare and Education

• Increased healthcare spending: Improving public health infrastructure.
• Focus on affordable education: Making quality education accessible to all.
• Skill development: Creating a skilled workforce to meet industry demands.

Budget 2024 Live Updates: Insurance, Affordable Housing Top Asks

Krishnendu Chatterjee, Vice President and Business Head (BFSI) TeamLease Services;

1. Insurance for All: The Govt’s push towards insurance inclusiveness has already started penetrating the Tier II and III cities and we expect this to further move towards the rural areas. We expect all the large Insurance players playing an important role towards this mission

2. Affordable Housing: In the last two terms the government has been promoting and pushing for affordable housing under the Pradhan Mantri Aavas Yojna. The Banks and NBFCs have played a critical role towards making this a reality. Now the Financial sector is expecting Tax reliefs and other stimulus measures for them to carry with the Govt Mission and reach the far flung of the country

3. Reduced regulatory burden: The Financial sector expects the Govt to reduce regulatory burdens which will allow them to focus more on their core business of lending and providing financial services

4. Increased Infrastructure Spending: Banks are also expecting an increased spending in the Infrastructure this budget. This would create opportunities for them to finance new projects

5. Greater Push towards Financial Inclusion: The Financial sector is expecting a greater push towards Financial Inclusion by promoting Micro Financing and Digital Banking Infrastructure across the country.

Budget 2024 Live Updates: Real Estate Expectations

Removing capital gains tax on real estate would eliminate the tax paid on profits from selling property. This could boost real estate transactions, increase liquidity, and potentially lower housing costs.

Residential rental income is currently subject to taxation as income from house property. It would be beneficial for homeowners if rental income could be directly offset against home loan EMIs. This policy change would alleviate the double taxation burden on property owners, who currently pay taxes on both rental income and home loan interest. Such a measure is anticipated to stimulate real estate transactions.

Reducing GST rates on real estate could potentially decrease overall housing costs by lowering the tax burden on property purchases.

Increasing the interest deduction limit under Section 24B of the Income Tax Act would allow homeowners to claim a higher amount of interest paid on their home loans as a tax deduction, potentially providing significant tax relief.

Single-window clearance system aims to consolidate all development authorities under one roof, ensuring timely approvals for real estate projects.

Budget 2024 Live Updates: Health Budget Expectations

Dr. Sangita Reddy, Joint Managing Director, Apollo Hospitals Group;

“We are hopeful that the government will continue to prioritize the healthcare sector. The interim budget 2024-25 in February rightly emphasized preventive care, women’s health, infrastructure expansion, and child development, marking significant strides towards a healthier future. We anticipate that the upcoming budget will maintain and strengthen this approach.

The promotion of cervical cancer prevention by vaccination for girls aged 9-14 was one of the major announcements, and it represents a significant step toward improving women’s health. We hope the government will keep on supporting these programs. Furthermore, Initiatives under programs like U-Win and Mission Indradhanush should be encouraged.

Strengthening infrastructure is crucial to effectively enhance health services in rural and remote regions, ensuring equitable access to health care. Increased support is expected from the government to achieve this goal.”

Budget 2024 Live Updates: Key Highlights of Economic Survey 2023-24

The Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges.

The Survey projects a real GDP growth rate of 6.5 per cent-7 per cent. Domestic growth drivers have supported economic growth in FY24 despite uncertain global economic performance.

Inflationary pressures stoked by global troubles, supply chain disruptions, and vagaries of monsoons have been deftly managed by administrative and monetary policy responses. As a result, after averaging 6.7 per cent in FY23, retail inflation declined to 5.4 per cent in FY24.

The fiscal balances of the general government have improved progressively despite expansionary public investment. Tax compliance gains driven by procedural reforms, expenditure restraint, and increasing digitisation helped India achieve this fine balance.

The medium-term growth outlook will happen in the context of the following global trends, namely, increased geo-economic fragmentation, a global push for self-reliance, looming climate change, rise of technology as the biggest strategic differentiator and limited policy space for countries across the world.

The growth strategy for Amrit Kaal is predicated on six key areas. Firstly, there must be a deliberate focus on boosting private investment. Secondly, the growth and expansion of India’s Mittelstand (MSMEs) is a strategic priority. Thirdly, the potential of agriculture as an engine of future growth must be recognised and policy impediments removed. Fourthly, there is a need to secure the financing of green transition in India. Fifthly, the education-employment gap must be bridged. And finally, focused building of state capacity and capability is required for sustaining and accelerating India’s progress.

According to the Economic Survey 2023-24, the Indian economy is moving forward with a reformed approach to welfare, focused on empowerment, saturation approach, universal access to necessities, efficiency, cost-effectiveness, and enhanced participation of the private sector and civil society.

Indian labour market indicators have improved in the last six years, with the unemployment rate declining to 3.2 per cent in 2022-23.

Budget 2024 Live Updates: KPMG In India on Economic Survey

Yezdi Nagporewalla, CEO, KPMG in India on the Economic Survey 2024;

“The Economic Survey provides an insightful glimpse into how the country’s economy has remained steadfast despite global risks and trade restrictions. Measures such as prudent monetary policy response and regulated trade policy seem to have paid off. For instance, a 20 per cent higher GDP in FY24 compared to FY20 level is a remarkable feat that indicates a recovery and development of the Indian economy. This growth will further build confidence among investors looking for avenues in the country.

The 9 per cent rise in the Gross Fixed Capital Formation in 2023-24, is a favourable impact of the government’s focus on driving private investments and maintaining the sustained momentum in capex. The survey’s projection of healthier corporate and bank balance sheets further strengthening private investment, is a must watch in the ongoing fiscal. Furthermore, the Survey states that Current Account Deficit (CAD) improved from a deficit of 2.0 per cent of GDP in FY23 to 0.7 per cent of the GDP during FY24. Retail inflation has also witnessed a considerable reduction from 6.7 per cent in FY23 to 5.4 per cent in FY24. This bodes well for further encouraging consumer spending, thereby accelerating further economic growth.

As India grows, job creation remains a major challenge. With services and manufacturing playing their part, the survey highlights the role of the construction sector in creating employment, on the back of increased boost to infra development in the country. According to the survey, the Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector. Against this backdrop, greater stimulus on employment creation across sectors will be key for catering to India’s rising workforce. Bridging the education-employment gap is one of the six key areas predicted as part of the growth strategy for ‘Amrit Kaal’ in the survey. Inclusivity in these areas is a crucial factor for resolving the increasing divide between the haves and the haves not.

Finally, the Economic survey’s projection of continued strong growth in FY25, rightly comes with caution of the impact of global headwinds leading to challenges such as supply dislocations and higher commodity prices. However, an overall positive global trade outlook for 2024, gives us the hope that the budget will make the most of this opportune time to further accentuate India’s positive economic prospects.”

Budget 2024 Live Updates: Economic Survey 2024

Leading up to the Budget, the Economic Survey was tabled in Parliament on Monday by the Finance Minister, offering a detailed assessment of the country’s economic landscape.

The Economic Survey 2023-24 said the government places significant focus on this issue and all the critical policy interventions being undertaken with a focus on creating jobs, integrating the informal sector with the formal sector, and expanding the female labour force are aimed at effectively addressing inequality.

Budget 2024 Live Updates: 7th Budget By Sitharaman

Union Budget 2024 will be FM Sitharaman’s seventh consecutive budget, making her only the second finance minister to achieve this feat after C D Deshmukh.

Budget 2024 Live Updates: Union Budget Time Today

Finance Minister Nirmala Sitharaman will present the Union Budget on July 23 at 11 am in Lok Sabha.

Budget 2024 Live Updates: Budget Session Of Parliament

The Parliament’s Budget Session has started on July 22 and will continue till August 12.

Budget 2024 Live Updates: Opposition To Meet On Parliament Session

INDIA Alliance to convene a meeting on July 23 evening, regarding the Parliament session. The meeting will be held at the residence of the Congress national president and Rajya Sabha LoP Mallikarjun Kharge and will be attended by senior MPs of INDIA Alliance.

Budget 2024 Live Updates: Top Things To Look At

Tax Revenue: The Interim Budget had pegged gross tax revenue at Rs 38.31 lakh crore for 2024-25, an 11.46 per cent growth over the last fiscal. This includes Rs 21.99 lakh crore estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty + GST).

GST: Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of 11.6 per cent. The tax revenue figures will have to be watched out for in the final Budget for the 2024-25 fiscal year.

Borrowing: The government’s gross borrowing Budget was Rs 14.13 lakh crore in the current financial year as per the Interim Budget. The government borrows from the market to fund its fiscal deficit. The borrowing number will be watched by the market, especially on the back of more-than-expected dividend from the RBI and financial institutions.

Nominal GDP: India’s nominal GDP growth (real GDP plus inflation) in the current fiscal year is estimated to be 10.5 per cent to Rs 327.7 trillion as per the Interim Budget. In view of expected normal monsoon, improvement in revenue collections and pick up in rural consumption, is expected that there could be upward revision in growth estimate. Real GDP growth in current fiscal is projected at 7.2 per cent, as per the RBI.

Dividend: The interim Budget had projected Rs 1.02 lakh crore from RBI and financial institutions. This will be revised upwards as the RBI has already made surplus transfer of Rs 2.11 lakh crore earlier in May. At the same time, Rs 43,000 crore expected to be garnered from CPSEs.

Spotlight would also be on spending on key schemes, like NREGA, as well as key sectors like health and education.

Budget 2024 Live Updates: Capital Expenditure Likely To Be In Focus

Capital Expenditure: The government’s planned capital expenditure for this fiscal year is budgeted at Rs 11.1 lakh crore, higher than Rs 9.5 lakh crore in the last fiscal year. The government has been pushing infrastructure creation and also incentivising states to step up capex.

Budget 2024 Live Updates: Capital Expenditure Likely To Be In Focus

Capital Expenditure: The government’s planned capital expenditure for this fiscal year is budgeted at Rs 11.1 lakh crore, higher than Rs 9.5 lakh crore in the last fiscal year. The government has been pushing infrastructure creation and also incentivising states to step up capex.

Budget 2024 Live Updates: Fiscal Deficit Targets

Fiscal Deficit: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal is 5.1 per cent as projected in the Interim Budget in February, against 5.8 per cent in the last fiscal year. The full Budget is expected to provide better-than-earlier projections as there has been tax buoyancy. The government has projected fiscal deficit at 4.5 per cent of the GDP in FY26.

Budget 2024 Live Updates: FM Meets Team

The Finance Minister on Monday evening met with various teams associated with the making of Union Budget 2024-25 in New Delhi.

Budget 2024 Live Updates: Tax Relief For Middle Class Among Top Expectations

All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy. Besides, the market also expects staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.