Budget 2024 Updates: Finance Minister Nirmala Sitharaman delivered her Budget speech, presenting the Interim Budget 2024-25 at Parliament on Thursday, February 1, a day after the commencement of the Budget Session.
Applauding the interim budget, PM Modi said investment for capital expenditure was taken to a historic high of ₹11,11,111 crore. Calling India's capex and infra spending situation to be on a ‘sweet spot’, PM Modi underlined the creation of enumerable job opportunities for youngsters in the coming years.
"This budget has a reflection of the young aspirations of a young India. Two important decisions were made within the Budget. For research and innovation, a fund of ₹1 Lakh Crore has been announced," said PM Modi.
Key Budget 2024-25 major announcements:
-FY25 gross borrowing is estimated at ₹14.13 trillion, achieving a reduction from that of FY24
- Research led the growth and development of indigenous oilseeds like mustard, groundnut and sesame to make India self-sufficient. Currently, India imports about 60% of its cooking oil spending over ₹1.5 trillion in a year.
-FM Nirmala Sitharaman has raised outlay for infrastructure by 11% for FY 25 to ₹11,11,111 crore from ₹10,00,000 crore.
-FM has adopted an aggressive fiscal consolidation target. She has announced an FY25 fiscal deficit target of 5.1% as against the expectation of 5.3% levels. In FY24 the fiscal deficit target of 5.8% has been achieved thanks to better revenue mobilization as against the target of 5.9%.
-FM announces a scheme for housing for the middle class to those living in rented houses, slums, and unauthorised colonies to buy or build their own house.
-More medical colleges to be set up using existing infrastructure. Healthcare cover under Ayushman Bharat scheme to be extended to all Anganwadi workers, helpers
-Efforts to boost farmers' income will be stepped up. To reduce fertiliser imports and subsidies, the government will encourage faster adoption of nano DAP. Government to promote private investment in post-harvest activities
- The Finance Minister Sitharaman announced the withdrawal of outstanding disputed tax demands. The move is set to benefit 1 crore taxpayers.
- In a disappointment for the taxpayers, the FM chose to keep the tax rates unchanged in the interim Budget 2024, including import duty. However, certain benefits to start-ups and tax exemptions to certain IFSC units expiring in March will be extended to March 2025.
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions, and Funny Memes.
FAQs on the Interim Budget 2024:
Where to watch FM Nirmala Sitharaman’s speech?
Finance Minister Nirmala Sitharaman's Budget speech will be telecasted live on the official channel of Parliament Sansad TV and Doordarshan.
Where to read the Budget 2024 document?
The interim Budget 2024 can be accessed in a "paperless form" through the Union Budget Mobile App. The bilingual app, available in English and Hindi, can be downloaded on Android, iOS, or from the Union Budget Web Portal (www.indiabudget.gov.in). This Government of India app will provide all essential Budget documents, including the Annual Financial Statement, Demand for Grants, and the Finance Bill as mandated by the Constitution. Budget documents will be promptly available on the Mobile App following the conclusion of the Budget Speech.
What are the major tax reforms introduced by FM Sitharaman in Budget 2024?
Finance Minister Nirmala Sitharaman didn't announce any major income tax announcements. The tax rates were kept unchanged. The government has extended the deadline fortarget certain tax benefits to startups and exemptions to specific IFSC units to March 2025.
What is the fiscal deficit announcements for FY 2024-2025?
The fiscal deficit target for FY 25, was fixed by the FM as 5.1% as against the expectation of 5.3% levels.
What are the major announcement for the Railways sector?
In the interim budget, FM Sitharaman announced three major economic railway corridor programmes under are PM Gati Shakti: energy, mineral and cement corridors; port connectivity corridors, and high traffic density corridors.
02 Feb 2024, 07:39:23 PM IST
Budget 2024 Live: The key takeaways were not beyond expectations, considering that the main budget will be presented once the new government is sworn in at the center
Avinash G Singh, Executive Vice President, Investment Research and Advisory, Aranca, said, "India’s Finance Minister, Ms. Nirmala Sitharaman, presented the interim budget for 2024, coinciding with the upcoming General Elections scheduled to be held this year. The key takeaways were not beyond expectations, considering that the main budget will be presented once the new government is sworn in at the center. That said, the FM’s focus on tourism, air and road connectivity, affordable housing, and healthcare in her speech reflects the government's long-term plans to improve the quality of life for the middle class through multi-year initiatives.
Additionally, the proposed provision of 300 units of free electricity for 10 million households under the new solar power policy also underscores the government's commitment to advancing investments and development within the renewable energy space."
02 Feb 2024, 07:27:11 PM IST
Budget 2024 Live: Shruti Shibulal CEO & Director, Tamara Leisure Experiences Pvt. Ltd, analyzes the tourism sector
“The infrastructural support extended in the current budget (across air, water, railways and roads) will be an essential boon for tourism. In addition to this, I believe that promoting ‘Destination India’ would require us to look holistically at ensuring that our country can sustainably manage an uptick in tourism. This includes prioritising the wellbeing of native communities, protecting heritage sites, preserving natural ecosystems and promoting circular economies to secure responsible consumption and production chains. While advocating the promotion of iconic destinations, we can also look at increasing access to remote areas of the country where travellers can seek out unique experiences. I would also urge each of us to work collectively to mitigate the impact of tourism on people and the planet in accordance with global sustainability benchmarks. This can be done through various macro and micro initiatives in collaboration with public, private and non-governmental organisations across the industry."
02 Feb 2024, 07:04:51 PM IST
Budget 2024 Live: Finance Minister announced to set up more medical colleges, utilising India’s existing hospital infrastructure under various departments
Rajit Mehta, MD & CEO, Antara Senior Care, Part of Max Group, said, “At Antara Senior Care, we are excited to witness a new era of progress in the Indian healthcare sector with the boost that the Union Budget 2024 provides. We applaud the Hon. Finance Minister’s announcement to set up more medical colleges, utilising India’s existing hospital infrastructure under various departments. This will also pave the path for delivering more effective and holistic geriatric care enabling the senior population to live with dignity and respect. This is a strong step in the right direction and by fostering greater collaboration between policymakers, industry stakeholders we can all better address the evolving health and lifecare needs of our seniors."
02 Feb 2024, 06:44:23 PM IST
Budget 2024 Live: The multi-modal connectivity will undoubtedly streamline the movement of goods
Mahendra Shah, Chairman and Managing Director, V-Trans, said, "The interim budget presents a positive outlook, showcasing significant strides in managing the fiscal deficit. For the fiscal year 2024, the deficit stands commendably at 5.8%, comfortably aligning with the budget, with a targeted reduction to 4.5% by fiscal year 2026.
We welcome the government's visionary approach towards infrastructure development as outlined in the Interim Budget 2024-25. In terms of the logistics sector, there are two notable highlights. Firstly, the emphasis on infrastructure development directly enhances logistical efficiency. The budget allocates a substantial increase of 11.1% in infrastructure spending compared to the previous year, totaling INR 11.11 Lakh Crore. The commitment to enhancing our country's logistics and transportation sector is evident through initiatives like the implementation of major railway corridor programs under PM Gati Shakti. This strategic move not only aims at improving logistics efficiency but also promises a significant reduction in costs. The multi-modal connectivity will undoubtedly streamline the movement of goods, benefitting not only the logistics industry but also contributing to the nation's economic growth.
Moreover, the government's focus on reducing logistics costs is a game-changer. As a logistics company, we recognize that this emphasis directly translates into improved services and reduced expenses, ultimately benefiting consumers. Lower logistics costs and associated taxes have a domino effect, leading to a decrease in the prices of goods and services. This budgetary commitment aligns seamlessly with our aim to provide efficient, cost-effective, and reliable logistics solutions.
In conclusion, Budget 2024 reflects a forward-looking approach, with its strategic emphasis on infrastructure development, PM Gati Shakti's initiatives, and reduction in logistics costs. As a logistic player, we are excited about the positive impact this will have on our operations and, more importantly, on our customers, fostering a more vibrant and competitive market for all."
02 Feb 2024, 06:30:16 PM IST
Budget 2024 Live: Budget will also bolster awareness about solar technology and its benefits across diverse customer segments
Kalyanram udathu, CEO, Enerparc Pvt. Ltd, said, "The Budget proposal for solarizing 1 crore households and providing up to 300 units of free electricity monthly is a significant step towards promoting renewable energy adoption in India. While the focus is on residential customers, it will also bolster awareness about solar technology and its benefits across diverse customer segments, thereby further accelerating the renewable energy adoption. As India progresses towards a cleaner and more sustainable energy trajectory, initiatives such as the Pradhanmantri Suryodaya Yojana are instrumental in fostering awareness and acceptance of solar energy solution," said Kalyanram Udathu, CEO of Energy, Enerperc, a leading EPC and IPP company having portfolio of more than 4100 MW globally and specializes in solar energy solutions for corporate and industrial clients"
02 Feb 2024, 06:14:18 PM IST
Budget 2024 Live: Interim Budget announcements will also help in creating more employment opportunities across its ancillary industries
Deepak Patkar, MD & CEO, SMFG Grihashakti, said, “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"
02 Feb 2024, 05:55:25 PM IST
Budget 2024 Live: The budget commits to launching new retail destinations
Varun Tangri CEO and founder at QueueBuster POS, said, "Entering India's Interim Union Budget 2024, the spotlight on infrastructure and road development marks a pivotal moment for the Retail and Retail Technology industry. With an injection of 11 Lakh crore and the PM GatiShakti project, we witness a strategic push for economic corridors, opening doors for three new corridors that will strengthen and expand organized retail in newer cities.
Acknowledging the retail sector's key role in India's economy, the budget commits to launching new retail destinations, aligning seamlessly with our vision. Globally, our country has secured its place as the fourth-largest retail destination, driven by a surge in demand for lifestyle products. As India targets the third-largest consumer market by 2030, strategic investments in infrastructure promise substantial growth.
In a noteworthy move, the budget raises the presumptive taxation threshold for retail businesses to ₹3 crore, offering valuable support to SMEs in the sector. These initiatives will surely be instrumental in positioning India as the world's largest retail destination in the coming decades."
02 Feb 2024, 05:25:33 PM IST
Budget 2024 Live: Budget has set a very promising goal on augmenting infrastructure capacities, viability funding for wind energy, the mega railway corridors and much more
Prof. Jayadev M, Chairperson, Centre for Capital Markets and Risk Management and Professor in the Finance & Accounting area, IIM Bangalore, said, “The Union Budget has set a very promising goal on augmenting infrastructure capacities, viability funding for wind energy, the mega railway corridors, new ports including Lakshadweep and improving the quality of urban infrastructure by going for metro transportations. The increase in capex by the government also increases the private investment both for capex and working capital and improves credit outflow. Capex increase will create new employment opportunities but the government to be cautious about inflation push in this process. While regarding the tax proposals the budget disappointing many middle-class taxpayers. Since last two years the prices of grains, pulses, milk, and other food commodities have increased substantially, post covid period health care cost and cost of education have also increased, thus overall increase in cost of living. By keeping the tax slabs unchanged, the middle class have hardly any residual money for savings. Data also substantiates overall reduction in household sector savings. With the increase in price levels and cost of living without any tax benefits, individuals are borrowing more, increased individual leverage may not be a healthy feature for the economy."
02 Feb 2024, 05:07:28 PM IST
Budget 2024 Live: There is a significant need for sustainable and economical last-mile connectivity
Prasan Firodia, Managing Director, Force Motors, said, "The Indian mobility needs are rapidly changing. With the growing urbanisation and consequent growth of public transport solutions in the cities, there is a significant need for sustainable and economical last-mile connectivity. Our focus aligns with the Indian Government’s focus on ensuring Safe, Adequate and Holistic Infrastructure (SAHI) for all our citizens. We are confident that our urban mobility solutions can play a vital role in decongesting roads through efficient mobility solutions and we are looking forward to offering our solutions to major urban centres where they can symbiotically enhance the connectivity from Public Transportation points."
Force Motors was founded with the vision of providing affordable commercial transport for the masses by harnessing the best available technology and offering economical, reliable and efficient products. The three vehicles that we have displayed at the Bharat Mobility Expo not only stand true to that vision but also embody the company's commitment to innovation, sustainability, and performance, serving as a testament to Force Motors' dedication to shaping the future of urban mobility."
02 Feb 2024, 04:45:29 PM IST
Budget 2024 Live: Interim Budget 2024-25 focuses on major pillars of our society – ‘Poor’, ‘Women’, ‘Youth’ and ‘Farmer’
Amit Gainda, Managing Director & CEO, Avanse Financial Services, said, "The Interim Budget 2024 was extremely progressive and high on intent. It prioritised four major pillars of our society – ‘Poor’, ‘Women’, ‘Youth’ and ‘Farmer’. We would like to congratulate the Government of India for achieving milestones in youth training and educational expansion as a part of their Skill India Mission. It’s a proud moment for India as Skill India Mission has successfully trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3,000 new ITIs.
The Budget announcement also highlighted that female enrolment in higher education has increased by 28% in the last ten years. In STEM courses, girls and women constitute 43% of enrollment, one of the world’s highest. We are ecstatic about this development and aspire to contribute in our own way to increase this number in our journey to democratise education and education financing in India. We at Avanse Financial Services have always focused on creating robust platforms to motivate female aspirants to pursue their higher education dreams. As of H1FY24, more than one-third of the total students funded by Avanse are women. We strongly believe that educating women results in empowered families, stronger societies, a knowledgeable economy and, ultimately, a prosperous nation. Thus, we will continue encouraging women to pursue their academic aspirations and fortify their journey towards upward mobility.
This Interim Budget highlighted and captured all the crucial parameters required to build on the vision of ‘Viksit Bharat’. We believe that the next Budget will focus more on the implementation aspect of the same. Team Avanse Financial Services promises to stand by the youth to assist them in accessing quality education, educational infrastructure, and various schemes planned for them to become Atmanirbhar."
02 Feb 2024, 04:21:55 PM IST
Budget 2024 Live: Ram Iyer, Founder & CEO of Vayana, analyzes the infrastructure development
“The priority given to infrastructure development and the utilization of Digital Public Infrastructure is poised to continue to yield favourable outcomes and offer MSMEs more avenues to access formal financing. This aligns with our vision at Vayana, where the convergence of technology and finance is pivotal in enabling low-cost capital to MSMEs. The budget, characterized by continuity, upholds the government’s commitment to maintaining the consistency of existing policies. As anticipated for an interim budget, the government has laid the foundation for a more detailed financial roadmap to be unveiled in July."
02 Feb 2024, 03:53:41 PM IST
Budget 2024 Live: Sustainable energy policies to pave the way for economic growth of the nation
Aditi Bhosale Walunj, Founder and CVO at Repos Energy, said, “The Indian Economy is expected to have steady growth, as predicted by multiple agencies. But we have to keep on emphasising on structural reforms, and one of the key factors in that is Energy security. So it is great to see that the Govt. of India is taking active steps in this direction with the Nation Green Hydrogen Mission. This is a progressive step towards sustained future growth as it would ensure an uninterrupted supply of clean energy to all the stakeholders. The technological applications may also benefit us in the efficient and optimal use of currently available fuels. 24/7 easy access to energy shall drive domestic production. This emphasis on sustainable energy policies coupled with fundamental infrastructural developments will for sure drive the economic growth of the nation."
02 Feb 2024, 03:32:19 PM IST
Budget 2024 Live: Government's commitment to promoting sustainable mobility is a welcome step towards a greener future
Devndra Chawla, MD and CEO, GreenCell Mobility, said, " We commend the major announcements made by Finance Minister Smt. Nirmala Sitharaman in the Interim Budget 2024. The government's commitment to promoting sustainable mobility is a welcome step towards a greener future. Focusing on increased usage of e-buses for public transport networks is a noteworthy initiative. As a green mobility firm, we applaud this effort for its potential to greatly cut carbon emissions and improve the overall efficiency of public transit networks. This decision is completely aligned with our aim to promote ecologically friendly urban mobility alternatives.
Furthermore, encouraging states to undertake the entire development of renowned tourist destinations and sell them worldwide is a smart decision. This not only benefits the tourism industry, but it also presents opportunity for sustainable transportation solutions in these places. We look forward to contributing to such projects with our environmentally friendly mobility solutions.
The commitment to a significant FY25 capex spend of 3.4% of GDP and a capex target of ₹11.1 trillion, an 11.1% increase, is very bold and forward looking step. It demonstrates the Government's commitment to infrastructure development. The assistance for the production and manufacture of electric mobility is well aligned with our main business. We applaud the Government's measures in promotion of sustainable mobility which plays a crucial role in creating a cleaner and greener world.
The announcement highlights the promotion of charging infrastructure for electric vehicles and increased adoption of e-buses in public transport networks. This will be facilitated through a payment security mechanism. The government's initiative not only drives electric vehicle adoption but also creates entrepreneurial opportunities for vendors involved in the supply and installation of EV chargers. This approach contributes to employment generation, particularly for skilled youth, aligning with our vision of promoting sustainability and fostering economic growth.
Lastly, the focus on solar energy and the rooftop solarisation scheme is a forward-looking initiative. It not only aims to provide free electricity to households but also acts as a catalyst for the growth of the electric vehicle charging ecosystem. We appreciate the holistic approach towards sustainable development, which not only considers the end-users but also fosters entrepreneurship and employment opportunities across the value chain.
At last, the Interim Budget 2024 sets an optimistic tone for the future. We believe that the next few years will indeed be filled with golden moments as the nation progresses toward a more sustainable and resilient future. We eagerly look forward to contributing to and benefiting from these positive changes in the mobility and energy sector."
02 Feb 2024, 03:14:35 PM IST
Budget 2024 Live: The Interim Budget 2024-25 included initiatives to eliminate sickle cell anaemia by 2047
Raj Gore, CEO, HealthCare Global Enterprises Ltd said, "I appreciate the government’s push for a comprehensive health development for women in this budget. The emphasis on promoting cervical cancer vaccination for girls aged 9-14 is a pivotal step towards raising awareness and taking preventive measures to reduce cervical cancer burden in India. The budget announced other initiatives such as comprehensive programs for maternal and child healthcare schemes, mission to eliminate sickle cell anaemia by 2047, and setting up more medical colleges by utilizing existing hospitals. These steps will help in improving overall national health indicators in future. It is also important to recognize the significance of universal healthcare in ensuring equitable access to quality healthcare services for all citizens. However, I strongly recommend an increased allocation to the healthcare sector in the upcoming post-election budget."
02 Feb 2024, 02:35:32 PM IST
Budget 2024 Live: Paving the Way for Greener Growth with Renewables, Agri-Support, and Youth Entrepreneurship
Ranjit Barthakur, Founder of Balipara Foundation, commends the strides in Budget 2024 towards renewable energy, agri-support systems, and youth entrepreneurship, steering India toward a greener economic trajectory. The focus on reaching a 49GW annual renewable energy capacity, coupled with schemes for rooftop solar and offshore wind installation, reflects a commitment to sustainable energy growth.
Emphasizing the role of youth in driving green entrepreneurship, the budget aligns with the transition towards a green economy. The incentivization of biofuels, while promising, necessitates careful regulations to prevent ecological imbalance, especially in regions like the North East. The focus on value addition processes for farming addresses post-harvest losses, with a keen eye on incentivizing investment in the post-harvest value chain, storage capacity, and accessible market transport for small and marginal farmers. The budget aims at not only economic growth but also ensuring sustainability and inclusivity in India's development.
02 Feb 2024, 02:34:35 PM IST
Budget 2024 Live: Interim Budget Propels Technological Progress, Embracing the Digital Revolution and Deep Tech for Defense Advancement
Vaibhav, CTO at PrivEzi, analyzes the 2024 budget, identifying a significant impetus for technological progress. The budget's emphasis on digital infrastructure showcases the government's commitment to accelerating the ongoing digital revolution. Notably, the recognition of deep tech's role in driving defense activities underscores a dedication to technological advancement.
As we step into this digital era, the transformative impact of technological strides extends beyond the economy, creating opportunities for individuals through the development of Digital Public Infrastructure. The budget's provisions for additional AI interventions and the development of data centers signal a path forward marked by continued growth and innovation.
02 Feb 2024, 02:33:18 PM IST
Budget 2024 Live: Jayesh Jain, Group CFO of Balanchero India, Applauds Transformative Path of Interim Budget Towards 'Viksit Bharat' by 2047
Jayesh Jain, Group CFO of Balanchero India, lauds the Interim Budget for charting a transformative path towards 'Viksit Bharat' by 2047, envisioning India as the world's third-largest economy. The notable 50% rise in average real income is seen as a catalyst for economic empowerment for millions.
Highlighting the government's resolute commitment to innovation and digital transformation, Jain points to a ₹1 lakh crore corpus and a 50-year interest-free loan for tech initiatives. He expresses confidence in the sector's potential, citing expanded schemes like Mudra Yojana and robust gateways through the International Financial Services Centres Authority (IFSCA).
The extension of tax benefits until March 31, 2025, for startups, investments by sovereign wealth or pension funds, and certain IFSC unit incomes, reflects the government's promise to foster entrepreneurial endeavors and promote sustainable growth. Jain emphasizes that this budget seamlessly aligns with Balanchero India's vision of serving the next billion while creating a digitally inclusive India. He expresses trust that their efforts will leverage these opportunities to drive financial inclusion, empower individuals, and propel the nation towards economic prosperity.
02 Feb 2024, 01:57:26 PM IST
Budget 2024 Live: Dheeraj Arora, HRIPL's Managing Director & CEO, Applauds Budget's Emphasis on Growth and Sustainable Development
Dheeraj Arora, Managing Director & CEO of HRIPL, expresses satisfaction at the substantial emphasis placed on achieving a harmonious blend of economic growth and sustainable development in the budget speech. Arora commends the focus on embracing new-age technologies, innovation, and entrepreneurship as the foundational pillars of the budget.
02 Feb 2024, 01:56:31 PM IST
Budget 2024 Live: Kalyanram Udathu, CEO of Enerparc Pvt. Ltd., Applauds Budget's Milestone Initiative for Solar Energy Adoption
Kalyanram Udathu, CEO of Enerparc Pvt. Ltd., praises the Budget's groundbreaking proposal to solarize 1 crore households and provide up to 300 units of free electricity monthly. This significant step not only focuses on residential customers but also aims to raise awareness about solar technology and its benefits across diverse customer segments. Udathu believes this approach will further accelerate the adoption of renewable energy in India.
02 Feb 2024, 01:55:34 PM IST
Budget 2024 Live: Naveen Tewari, InMobi Group's Founder & CEO, Applauds Government's Visionary Budget and Tech-Focused Initiatives
Naveen Tewari, Founder & CEO of InMobi Group, extends commendation to the government for its forward-looking budget, emphasizing research, innovation, and sustainable technology. The allocation of a one lakh crore corpus for long-term financing in innovation aligns seamlessly with InMobi and Glance's commitment to developing cutting-edge technologies in India.
Tewari notes the significance of the introduced 50-year interest-free loans, heralding a golden era for the tech-savvy youth. He underscores the foundational impact on sectors such as consumer-tech, semiconductor design and production, quantum computing, and emerging technologies like AI. Tewari anticipates future budgets to delve deeper into AI development and research.
02 Feb 2024, 01:54:27 PM IST
Budget 2024 Live: Felix Kim, Redrob's Co-founder & CEO, Commends Government's Forward-Thinking Approach in Interim Budget
Reflecting on the Interim Budget presented by Finance Minister Sitharaman, Felix Kim, Co-founder & CEO of Redrob, expresses appreciation for the government's commitment to economic growth and the vision for 'Viksit Bharat.' Notable highlights include the withdrawal of outstanding direct tax demands up to Rs. 25,000 and the extension of tax exemptions for startups, showcasing a proactive stance towards taxpayer services and fostering innovation.
02 Feb 2024, 01:52:21 PM IST
Budget 2024 Live: Paving way for long-term impact and innovation, says Shubham Jhuria, CFO & Partner at Aeravti Ventures
Shubham Jhuria, CFO & Partner at Aeravti Ventures, provides insights into the recently unveiled Interim Budget, highlighting key initiatives with profound long-term implications. The government's strategic move towards promoting DeepTech growth in the Defence sector is poised to unlock opportunities, breaking the traditional barriers that safeguarded this industry. Simultaneously, it is anticipated to foster India-centric innovations.
Jhuria emphasizes the significance of the government's focus on Research and Development (R&D), particularly through the provision of interest-free loans. This move is expected to bridge the gap between theoretical concepts in laboratories and their real-world applications, fostering a conducive environment for innovation.
02 Feb 2024, 01:50:15 PM IST
Budget 2024 Live: Abdul Hameed, Finance Area Chair at Alliance University, Highlights Emphasis on Empowerment and Fiscal Responsibility
Abdul Hameed, Finance Area Chair at Alliance University, delves into the nuances of the recently unveiled Interim Budget for 2024. The budget, he notes, is strategically centered on fortifying the foundations of a developed India, with a key focus on empowering the nation's youth, impoverished, women, and farmers.
Hameed highlights the notable measures aimed at incentivizing startups, accompanied by substantial allocations totaling ₹11.11 lakh crore for capital expenditure. Remarkably, the government maintains fiscal control despite these significant expenditures.
02 Feb 2024, 01:44:30 PM IST
Budget 2024 Live: Focus on women livelihoods and on the rural economy and a thrust on international trade, says Vinayak Kamath, Co-founder and Partner, Hearth Ventures
Vinayak Kamath, Co-founder and Partner, Hearth Ventures, “This budget was expected to be modest in aspiration as an interim budget. What was encouraging to note was the signals given on continued investment in infrastructure, creation of jobs, focus on women livelihoods and on the rural economy and a thrust on international trade. The government’s fiscal prudence and control on inflation should be directionally positive for the economy. It is encouraging to note that real income in the hands of people have increased by 50%. Overall, we are transitioning from a savings culture to a consuming and investing culture. The next decade should be interesting for enterprise and investment in India."
02 Feb 2024, 01:42:58 PM IST
Budget 2024 Live: Interim Budget 2024 lays a solid foundation for Viksit Bharat, says Divyesh Dalal, Managing Director and Head- Global Transaction Service
Divyesh Dalal, Managing Director and Head- Global Transaction Services, SME, and Institutional Liabilities, DBS Bank India, "The Interim Budget 2024 lays a solid foundation for Viksit Bharat, affirming the government's vision to transform India into a developed nation by 2047. The commitment to green growth is evident in the bio-manufacturing scheme. This also aligns with our focus on financing sustainable projects and helping businesses in transitioning to low-carbon operations. Additionally, training for MSMEs will equip them with skills that foster innovation and adaptability, enhancing competitiveness on the global stage. Raising the presumptive taxation threshold from INR 2 crore to INR 3 crore will provide significant relief to small retail businesses. We are confident these initiatives will act as catalysts for long-term economic growth, propelling India to the forefront of the global economic landscape."
02 Feb 2024, 01:41:39 PM IST
Budget 2024 Live: Interim budget marks a pivotal stride towards fostering inclusive and robust academic growth, says Akshay Munjal, Founder & CEO, Hero Vired
Akshay Munjal, Founder & CEO, Hero Vired, said,“The interim budget marks a pivotal stride towards fostering inclusive and robust academic growth. The establishment of new institutes underscores our commitment - that is, to elevate both the scale and quality of education. Women constitute 43% of enrolments in STEM courses, their participation increasing by 28% in the last decade reflects a substantial leap towards expanding opportunities in traditionally male-dominated fields. Additionally, through the Skill India Mission, the training of 114 million youth, along with upskilling/reskilling of 5.4 million youth, are strong steps that will benefit the industry at large by addressing the crucial need to bridge the demand-supply gap for skilled workers."
02 Feb 2024, 01:39:40 PM IST
Budget 2024 Live: Focus on developing tourism with a focus on events/conferences and spiritual sites, says Vineet Mittal, Avaada Group
Vineet Mittal, Chairperson of Avaada Group on the budget allocation, said, “In the Interim Budget 2024–25, Finance Minister Nirmala Sitharaman has outlined its development philosophy, which aptly involves both social and geographic inclusion. She has given a detailed account of the Government's performance in the last ten years through hard facts and figures. While it was an interim budget, the Government has displayed consistency in its approach to India's march in the 'Amrit kaal'."
“The focus on developing tourism with a focus on events/conferences and spiritual sites is a thoughtful move and can potentially generate significant employment. Increased emphasis on Women's Empowerment and Research & Development will go a long way in developing India's growth story. The Government's plan for fiscal consolidation and bringing down the fiscal deficit to 4.5% by FY-26 shows its commitment to fiscal discipline in future," Mittal added.
02 Feb 2024, 01:35:33 PM IST
Budget 2024 Live: Deepak Sharma, Co-founder and CEO of MedLern analyzes transformative effects of Union Budget 2024 on healthcare industry
In a comprehensive assessment of the recently unveiled Interim Budget 2024, Deepak Sharma, Co-founder and CEO of MedLern, highlights its profound implications for the healthcare sector. The Finance Minister's strategic budget presentation revealed ambitious plans to establish additional medical colleges by optimizing existing infrastructure across various departments.
Emphasizing the pivotal role of research and development in healthcare, the budget aims to foster innovation and advance new medical technologies. The allocation of increased funds for healthcare education and training programs signals a commitment to nurturing a skilled healthcare workforce, he further added.
02 Feb 2024, 01:14:03 PM IST
Budget 2024 Live: Highway projects have witnessed relatively good speed ever since the government began securing at least 80% to 90% of ROW land
Anantha Keerthi, Partner at Vector Consulting on Infrastructure, said, “FM Niramala Sitharaman confirmed infrastructure being built in record time during Interim Budget 2024-25. Highway projects have witnessed relatively good speed ever since the government began securing at least 80% to 90% of ROW land before awarding the project contract."
“Among many challenges like ROW, the second significant hurdle that leads to unreliability in the speed of highway projects is the availability of soil and aggregate. Government, like it did with ROW, if it plays a larger role in securing sources of soil and aggregate before awarding contracts it will bring a lot of reliability to the execution speed of highway projects, rather than relying solely on the liaison skills of the construction company," Keerthi added.
“This could be a small but firm step towards achieving the government's ambition to increase the speed of National Highway construction to 50 km/day from the current 28.3 km/day," as per Keerthi.
02 Feb 2024, 11:22:25 AM IST
Budget 2024 Live: IFSCA's Proactive Approach Applauded: Budget Reflects Government's Commitment to Position GIFT City as Premier Global Financial Hub
Varun Kalsi, the Global Head of Business & Family Solutions at Lighthouse Canton, emphasizes that the Finance Minister's budget reinforces the Government of India's steadfast commitment to promote the Gujarat International Finance Tec-City (GIFT City) as the preferred destination for Indians seeking exposure to global public and private markets. It is evident that the International Financial Services Centres Authority (IFSCA) is diligently addressing challenges and eliminating obstacles hindering the achievement of this declared objective. IFSCA has swiftly gained a reputation for being an exceptionally proactive and patient regulator, showcasing a commendable effort. Undoubtedly, this is a noteworthy achievement for both the regulator and the Government of India.
02 Feb 2024, 09:51:18 AM IST
Budget 2024 Live: Interim budget has provided a significant boost to the agricultural sector, says Ankit Agrawal
"The government's commitment to a "Viksit Bharat" and the vision for a prosperous India by 2047, reflects a broader vision for fostering prosperity and inclusivity in India. The budget has provided a significant boost to the agricultural sector and focussed on cultivating a thriving environment for the startup ecosystem," Ankit Agrawal, CEO and Co-Founder InsuranceDekho, said.
“The crop insurance will offer farmers direct financial assistance, fostering awareness and growth in rural India. The emphasis on offering adequate financial help to MSMEs will pave the way for small enterprises to grow, generate employment and compete globally. The government has extended 43 crore loans aggregating to ₹22.5 lakh crore under the PM Mudra Yojana. This fund was aimed to help the entrepreneurial youth of the nation. Besides that, Fund of Funds, Startup India, and Startup Credit Guarantee schemes are assisting our youth," Agrawal.
02 Feb 2024, 09:48:19 AM IST
Budget 2024 Live: VGF announced in this year’s budget will aid in lowering power generation costs, says Devansh Jain of Inox Wind
“We recognize the government's visionary move in introducing Viability Gap Funding for offshore wind projects, a fairly complex endeavour in the Indian context. This initiative holds potential to open up large opportunities for the wind sector, as India marches aggressively towards its 2030 renewable energy and 2070 net-zero targets. Compared to onshore, offshore projects currently are significantly costlier from cost of energy perspective, and the VGF announced in this year’s budget will aid in lowering power generation costs to ensure power offtake from these projects, as well as instil confidence among wind players towards investing in offshore technologies. We expect the benefits to materialize more prominently in the medium to long term." Mr. Devansh Jain, Executive Director, INOXGFL Group.
02 Feb 2024, 09:46:52 AM IST
Budget 2024 Live: Proposal of waiver of old unreconciled trivial tax outstanding is in line with the Government’s vision to improve ease of living
“In the Interim Budget 2024, the Proposal of waiver of old unreconciled trivial tax outstanding is in line with the Government’s vision to improve ease of living and ease of doing business. There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing undue hardship, administrative difficulties and hindering refunds of subsequent years," Suresh Surana, Founder, RSM India, said.
“The proposal is to withdraw such outstanding direct tax demands up to Rs. 25,000 pertaining to the period up to financial year 2009-10 and up to Rs. 10,000 for financial years 2010-11 to 2014-15. No specific mention has been made about whether this tax proposal would be applicable for individual or corporate taxpayers. it is expected to overall benefit about 1 crore taxpayers and is extremely welcome. There are no specific proposals in the Finance Bill 2024 in this respect and it is likely that a separate circular will be issued by the CBDT to provide the aforesaid relief," Surana added.
02 Feb 2024, 08:33:16 AM IST
Budget 2024 Live: Increased allocation for infrastructure development to boost demand for housing
Sarosh Amaria, Managing Director Tata Capital Housing Finance Ltd, said, “The increased allocation for infrastructure development will also create a positive effect, which would boost the demand for housing. We are particularly encouraged by the commitment to empower women homeowners, with higher percentage of houses assigned to them under the PMAY-Grameen Scheme. We believe these initiatives will further strengthen our Prime Minister’s vision of ‘Housing for All’ and contribute to Inclusive and Sustainable growth."
02 Feb 2024, 08:04:26 AM IST
Budget 2024 Live: Budget clarifies ambiguities and eases compliance for businesses, says Saurabh Agarwal, EY India
“The latest budget proposal refines the Input Service Distributor (ISD) scheme, aligning it with Circular 199. Now, ITC distribution through ISD is limited to services directly benefiting distinct branches in different states/GST registrations. This clarifies ambiguities and eases compliance for businesses, as it doesn't encompass all received services. However, careful analysis is crucial to determine if services fall under the "distinct person" rule for ISD or constitute a separate supply in itself. Importantly, this change applies prospectively, protecting past cross-charges from disputes. While positive, a case-by-case approach is essential to navigate the "distinct person" rule effectively to avoid future disputes," Saurabh Agarwal, Tax Partner, EY India, said.
02 Feb 2024, 07:43:46 AM IST
Budget 2024 Live: More 2 crore houses under PM Awas Yojana Scheeme to boost ancillary sectors such as cement, steel, says, EY India
“In a positive for the real estate sector, 2 crore more houses will be built under the PM Awas Yojana scheme in the next five years and new scheme for enabling middle class who are currently living in rented premise to build or buy their own houses will be implemented. This should also provide an impetus to the ancillary sectors such as cement, steel etc. The extension of the Sovereign and Pension Fund exemption till March 31, 2025 could lead to more investments in the warehosuing and data centre segments," said, Gaurav Karnik, Partner and Real Estate Leader, EY India
02 Feb 2024, 07:39:51 AM IST
Budget 2024 Live: Budget is distinctly positive for fixed income market, says Anurag Mittal, Head of Fixed Income, UTI AMC
Anurag Mittal, Head of Fixed Income, UTI AMC, said, “The budget is distinctly positive for fixed income market. The budget continued its push on public capex while balancing fiscal responsibility. The fiscal deficit target of 5.1% for FY25 was below all consensus estimate & the most positive aspect was gross borrowing number of 14.1 trillion well below market estimates of 15-15.2 trillion."
02 Feb 2024, 07:38:53 AM IST
Budget 2024 Live: A forward-looking budget drives the adoption of sectors like solar rooftop, EV, and Compressed biogas, says Tata Cleantech Capital
Manish Chaurasia , Managing Director, Tata Cleantech Capital, said, "A forward-looking budget drives the adoption of sectors like solar rooftop, EV, and Compressed biogas, while laying the foundation for the launch of offshore wind energy. This demonstrates the Government's steadfast commitment to climate transition."
02 Feb 2024, 07:37:40 AM IST
Budget 2024 Live: Decision to retain current tax rates for direct and indirect taxes to offer stability for businesses, investors, says Rajiv Sabharwal, Tata Capital
Rajiv Sabharwal, MD & CEO Tata Capital shared that:-
• The budget’s focus towards four major pillars – youth, poor, women and farmers will collectively work towards the vision of a ‘Developed India by 2047’
• I commend the government's steadfast commitment to fiscal consolidation, aiming for a 4.5% fiscal deficit in 2025-26. Recognizing the significant transformation in the Indian economy over the past decade and highlighting structural reforms underscores a positive trajectory for economic resilience.
• The decision to maintain current tax rates for direct and indirect taxes, including import duties, will provide a much-needed sense of stability for businesses and investors.
01 Feb 2024, 10:55:41 PM IST
Budget 2024 Live: ‘Commitment to green growth in budget is evident in the bio-manufacturing scheme,’ says DBS Bank India's Divyesh Dalal
Budget 2024 Live: “The Interim Budget 2024 lays a solid foundation for Viksit Bharat, affirming the government's vision to transform India into a developed nation by 2047. The commitment to green growth is evident in the bio-manufacturing scheme. This also aligns with our focus on financing sustainable projects and helping businesses in transitioning to low-carbon operations. Additionally, training for MSMEs will equip them with skills that foster innovation and adaptability, enhancing competitiveness on the global stage. Raising the presumptive taxation threshold from INR 2 crore to INR 3 crore will provide significant relief to small retail businesses. We are confident these initiatives will act as catalysts for long-term economic growth, propelling India to the forefront of the global economic landscape," said Divyesh Dalal, Managing Director and Head- Global Transaction Services, SME, and Institutional Liabilities, DBS Bank India.
01 Feb 2024, 09:58:29 PM IST
Budget 2024 Live: ‘Record 43% female enrolment in STEM courses is commendable,' says Leverage.biz CEO
Budget 2024 Live: "We applaud the Union Finance Minister Nirmala Sitharaman for presenting a forward-looking Interim Budget 2024. The emphasis on female empowerment through the record-high 43% female enrolment in STEM courses is commendable, positioning India at the global forefront
The initiative to establish more medical colleges, utilising existing hospital infrastructure and forming a committee for recommendations, is a commendable step towards strengthening the healthcare system. There is an infinite need for healthcare professionals world over, and I see it replicating with talent, what we did during the pandemic era, truly playing our Vasudhaiva Kutumbakam," said Akshay Chaturvedi Founder & CEO Leverage.biz.
01 Feb 2024, 09:34:59 PM IST
Budget 2024 Live: 67% increase in PM Awas Yojana (Gramin) will support cement and building construction segments, says CRISL
Budget 2024 Live: Calling the 67% rise in PM Awas Yojana (Gramin) target a positive step, Aniket Dani, Director-Research, CRISIL Market Intelligence & Analytics, said that the move will not only reduce house shortages in rural areas, but the target would also support cement and building construction segments.
"The 67% increase in target for PM Awas Yojana (Gramin) to bring 2 crore additional houses under its ambit over the next five years, is a positive.
For one, It will reduce housing shortage in rural areas. The incremental target will support cement and building construction segments, too, as it will lead to at least 15 MTPA incremental cement demand. It will also support other allied building and construction activities.
Execution under the scheme has been encouraging so far. Of the targeted 2.95 crore houses, 2.55 crore have been completed as of January, with as much as 70% of these having women as either sole or joint owners," said Aniket Dani.
01 Feb 2024, 09:00:03 PM IST
Budget 2024 Live: ‘Cumulative incentive outlay under PLI likely to exceed ₹23,000 crore by FY 2025’, says CRISIL analyst Aniket Dani
Budget 2024 Live: Commenting on the outlay under the Production-Linked Incentive scheme, Aniket Dani, Director-Research, CRISIL Market Intelligence & Analytics, said that a significant portion of the incentives will be back-ended and may peak around fiscal 2027. He also pointed out that the incentives between fiscal 2022 and fiscal 2025 will be led by mobiles, auto and pharmaceuticals.
“The cumulative incentive outlay under the Production-Linked Incentive (PLI) scheme is likely to exceed ₹23,000 crore by fiscal 2025. Given the nature of this capex, a significant portion of the incentives will be back-ended and may peak around fiscal 2027. Incentives over the scheme period will total ~ ₹1.9 lakh crore. While incentives between fiscal 2022 and fiscal 2025 will be led by mobiles, auto and pharmaceuticals, investment in relatively complex sectors such as ACC (advanced chemistry cell) batteries and solar photovoltaic modules will drive PLI disbursem*nts from fiscal 2026. Cumulatively, the scheme will lead to incremental capex of ₹3-3.5 lakh crore, of which ~ ₹1 lakh crore has been realised till November 2023," said Aniket Dani.
01 Feb 2024, 08:31:01 PM IST
Budget 2024 Live: GoodDot Co-founder welcomes Atmanirbhar Oilseeds Abhiyaan
Budget 2024 Live: Praising the Atmanirbhar Oilseeds Abhiyaan, GoodDot Co-founder Abishek Sinha, said that the increase in the budget outlay for Production Linked Incentives will help the manufacturing and agri processing space in increasing their scale as well as productivity.
“On a long term horizon it’s good to see GoI’s Commitment to meet 'Net Zero' by 2070 through viability gap funding for wind energy, roof solarization, adoption of e-buses for public transport network and Strengthening e-vehicle ecosystem manufacturing and charging infrastructure," said Sinha.
01 Feb 2024, 08:17:32 PM IST
Budget 2024 Live: Ajeenkya DY Patil University and Chairman applauds budget's focus on AI, technology and 50-yr-interest free loan
Budget 2024 Live: Applauding the government initiatives to boost AI technology innovation and research and development sector, Ajeenkya DY Patil University and Chairman, said, "The government's focus on AI, technology, and forward-thinking initiatives is highly commendable. This strategic approach, coupled with appropriate fiscal support, promises to guide the country in the right direction. Moreover, the government's provision of a ₹1 lakh crore corpus and a 50-year interest-free loan for long-term financing/refinancing to bolster research funding will create opportunities for universities to play a significant role in shaping the nation's future.
01 Feb 2024, 08:09:02 PM IST
Budget 2024 Live: Govt's 50-yr interest-free loan to promise golden era for tech entrepreneurs, says Staqu Technologies CEO
Budget 2024 Live: “India has emerged as a vibrant ecosystem for startups that have witnessed exponential growth in recent years. As startups play a pivotal role in driving India towards the 5 trillion-dollar economy, the government has been proactively emphasizing digital infrastructure investments while incentivising for research, skill enhancement and innovation hubs for emerging technologies including Artificial Intelligence(AI).
In a huge boost to the sector, the interim budget has announced a corpus of ₹1 trillion with 50-year a interest-free loan, which promises to be a golden era for aspiring tech entrepreneurs. As the startup ecosystem continues with its upward trajectory, we are proud to be part of this wave. Our AI-powered audio-video analytics have enabled us to partner with government and police forces to enhance the scope of security services. Our recent endeavour in offering cutting-edge surveillance at the Ayodhya Ram Mandir inauguration is a testament to our nation’s growth as a premier hub for startups and innovation," said Atul Rai, Co-Founder & CEO of Staqu Technologies.
01 Feb 2024, 07:45:25 PM IST
Budget 2024 Live: ‘Interim budget paints a hopeful outlook,’ says Acviss Technologies founder
Budget 2024 Live: “Compared to 2023 this year's interim budget paints a hopeful outlook, however, questions remain about its long-term impact. Prioritizing fiscal consolidation, infrastructure development and key sectors like dairy and tourism certainly offer a potential boost to economic growth. The government giving more emphasis on extending Ayushman Bharat coverage and introducing tech-focused schemes are positive steps for social welfare and youth development. However, the major concerns linger around the ambitious 5.1% fiscal deficit target. And the effectiveness of initiatives like EV support and tech-skill development hinges on strong implementation. Yet, the crucial questions regarding income inequality and affordability should have gotten more attention. Addressing these will be critical for ensuring inclusive and sustainable growth in the years to come," said Vikas Jain, Founder, Acviss Technologies.
01 Feb 2024, 07:07:20 PM IST
Budget 2024 Live: Thomas Cook welcomes announcement on airport development and expansion
Budget 2024 Live: “We welcome the announcements on airport development and expansion: having already doubled to 149 airports in the last decade, the government’s plans to boost air connectivity by the addition of 517 new routes across Tier 2-3 cities, carrying 1.3 crore passengers via the UDAN scheme, will play a critical role with vibrant hub and spoke air corridors to boost accessibility-affordability for Regional India. Implementation of major rail connectivity corridors via the PM Gati Shakti program together with port and metro/rapid transport expansion will serve to create valuable multi modal connectivity for Tourism. We welcome the special focus on Domestic Tourism which represents a vibrant growth driver via the government’s plan of long-term interest free loans to States; development of iconic tourism centres by States along with marketing on global standards," said Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited.
01 Feb 2024, 06:42:54 PM IST
Budget 2024 Live: Interim budget provides indirect boost to the real estate sector with enhanced capex, says Sterling Developers MD
Budget 2024 Live: Despite no direct announcement for the real estate sector, the interim budget announcements are likely to give an indirect impetus to the real estate sector, according to Ramani Sastri, Chairman and MD, Sterling Developers Pvt. Ltd.
“ Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective and will aid the growth of the real estate sector. The unwavering focus on infrastructure upgrades and building connectivity across the country is noteworthy move for the industry as it will benefit real estate growth in not just the top cities but in tier 2 & 3 cities across the country. The buoyancy which we have witnessed in the realty sector in the recent past is set to continue in the near term. However, there are several grey areas when it comes to schemes, taxation, funding and others where the government should provide a helping hand going forward. While these policies are welcome, real estate which is a booming sector would have got a further fillip with greater allocation to it," said Ramani Sastri.
01 Feb 2024, 06:27:13 PM IST
Budget 2024 Live: Increased investments in renewable energy align with global environmental responsibility, says Pune Gas ED
Budget 2024 Live: Applauding the recently-announced interim budget, Pune Gas Executive Director, Jesal Sampat, said that the main focus of the inerim budget was on sustainable energy, robust infrastructure development. Sampat also noted that robust infrastructure development and announcement of new railway corriders would lower logistics costs boosting domestic trade.
“The increased investments in renewable energy align seamlessly with global environmental responsibility. Additionally, the consistency in tax rates provides a stable foundation for operations. Eagerly anticipating the positive impact of these initiatives on the industry and the nation," said Jesal Sampat.
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