Budget 2024 LIVE: Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

09:17 (IST)

Budget 2024 LIVE

FM Nirmala Sitharaman along with her team before the presentation of India's interim Budget

#WATCH | Finance Minister Nirmala Sitharaman along with her team before the presentation of the country's interim Budget pic.twitter.com/hohpB7qtZi— ANI (@ANI) February 1, 2024

09:11 (IST)

Budget 2024 LIVE

‘Indian businessmen hope for the strong implementation of the schemes that were launched by the Modi government’ says CAIT Secretary General Praveen Khandelwal

VIDEO | Budget Expectations: “Indian businessmen hope for the strong implementation of the schemes that were launched by the Modi government. We also expect an announcement on policy support so that businessmen can get finance support easily,” says CAIT Secretary General Praveen… pic.twitter.com/axvGrQ5omk— Press Trust of India (@PTI_News) February 1, 2024

09:09 (IST)

Budget 2024 LIVE

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

The Union Finance Minister will table the interim budget as the Lok Sabha polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government.

09:01 (IST)

Budget 2024 LIVE

‘Good measures taken in previous years will be repeated’, says KV Subramanian, Executive Director, IMF and former CEA to the Government of India

#WATCH | Delhi | Ahead of the presentation of the Union Interim Budget today, KV Subramanian - Executive Director of the IMF and former Chief Economic Advisor to the Government of India says, "First of all, we need to keep in mind that this is a vote on account...The full budget… pic.twitter.com/woWe4pgOo7— ANI (@ANI) February 1, 2024

08:59 (IST)

Budget 2024 LIVE

Duty cut on mobile parts to positively impact end-pricing of smartphones

According to domestic mobile maker Lava International, the five percent tariff reduction on the import of mobile components has the potential to favourably affect customers' final prices.

In an effort to boost exports from the nation, the Union government announced on Tuesday that import duties on mobile replacement parts, such as battery covers, primary lenses, rear covers, mechanical products made of plastic and metal, and others, would be lowered from 15% to 10%. 

08:57 (IST)

Budget 2024 LIVE

FM Nirmala Sithraman, MoS (F) Pankaj Chowdhary, MoS (F) Dr Bhagwat Karad with the CBDT Budget team on the eve of Interim Budget

Hon'ble Finance Minister Smt. @nsitharaman, MoS (F) Sh. @mppchaudhary & MoS (F) Sh. @DrBhagwatKarad with the CBDT Budget team on the eve of Interim Budget.

Finance Secretary, Dr. T.V. Somanathan, Secretary, Revenue, Sh. Sanjay Malhotra, Chairman, CBDT Sh. Nitin Gupta & Member,… pic.twitter.com/ZYGx3N1wAC— Income Tax India (@IncomeTaxIndia) January 31, 2024

08:52 (IST)

Budget 2024 LIVE

How is the interim Budget different from Annual Budget?

The Modi administration is getting ready to unveil its second interim budget on February 1 ahead of the general elections in 2024.

under voting and enacting such legislation, or voting on account, the Lower House is authorised under Article 116 of the Constitution to make any grant in advance for the expected expenditure for a portion of any financial year. The Lok Sabha has the authority to approve the removal of necessary monies for these kinds of expenses from the Consolidated Fund of India.

The Center's funding requirements for wages, ongoing projects, and other expenses during the transitional period are presented in a straightforward vote on account, which is subsequently approved by the Lok Sabha without discussion. Tax rates are not subject to change. Additionally, it has a two-month expiration date with a four-month extension option.

08:47 (IST)

Budget 2024 LIVE

FM Nirmala Sitharaman arrives at Ministry of Finance

#WATCH | Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance as she is set to present the interim Budget today pic.twitter.com/46Ut7oHdzE— ANI (@ANI) February 1, 2024

08:43 (IST)

Budget 2024 LIVE

Finance Minister Nirmala Sitharaman leaves for Ministry of Finance

#WATCH | Finance Minister Nirmala Sitharaman leaves for the Ministry of Finance in North Block pic.twitter.com/CTzff8X3Pk— ANI (@ANI) February 1, 2024

08:42 (IST)

Budget 2024 LIVE

Tuhin Kanta Pandey, Secretary, DIPAM arrives at Ministry of Finance

#WATCH | Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) arrives at the Ministry of Finance pic.twitter.com/0KbFI3UMQv— ANI (@ANI) February 1, 2024

08:40 (IST)

Budget 2024 LIVE

MoS Finance Dr Bhagwat Kishanrao Karad arrives at Ministry of Finance

#WATCH | MoS Finance Dr Bhagwat Kishanrao Karad arrives at the Ministry of Finance in North Block pic.twitter.com/gRCwXcAM1Y— ANI (@ANI) February 1, 2024

08:39 (IST)

Budget 2024 LIVE

India's economic landscape in robust health, resilience

India's economic landscape is pulsating with vigor, as evidenced by a plethora of indicators that underscore its robust health and resilience amidst global uncertainties.

India’s stock market has overtaken Hong Kong’s to rank as 4th biggest equity market globally for the first time.

The robustness of India’s economic fundamentals has been accompanied by strides made in human development. 

08:31 (IST)

Budget 2024 LIVE

‘Govt's commitment to pave way for developed India’, BJP Chief Nadda commends President's address ahead of Budget 24

Bharatiya Janata Party (BJP) national president JP Nadda lauded President Droupadi Murmu's joint address marks ahead of the Budget Session in the Parliament and said that her speech reflects the government's commitment to pave the way for building a 'developed India.'

Taking to his social media handle, Nadda posted, "The address of the President at the beginning of the budget session in the Parliament is a document of our government's commitment to pave the way for building a 'developed India' and for the all-round development of all sections of the society."

संसद में बजट सत्र के आरंभ में माननीय राष्ट्रपति जी का अभिभाषण 'विकसित भारत' निर्माण का पथ प्रशस्त करने के साथ समाज के सभी वर्गों के सर्वांगीण विकास को समर्पित हमारी सरकार की प्रतिबद्धता का दस्तावेज है।

आदरणीय प्रधानमंत्री श्री @narendramodi जी के नेतृत्व विगत 10 वर्षों में…— Jagat Prakash Nadda (@JPNadda) February 1, 2024

08:23 (IST)

Budget 2024 LIVE

MGNREGA allocation in 2024 likely to see a rise as demand stays high

The amount allotted to the MGNREGA programme by the Union government increased steadily from Rs 34,000 crore in 2014–15 to Rs 34,699 crore in 2015–16, Rs 38,500 crore in 2016–17, Rs 48,000 crore in 2017–18, Rs 55,000 crore in 2018–19, and Rs 60,000 crore in 2019–20. Compared to the actual spending of Rs 71,002 crore in 2019–20, the budget for MGNREGA was lowered by 13% to Rs 61,500 crore in 2020–21.

The demand under the scheme rose drastically during the COVID-19 pandemic. Recognising the scheme as a potential source of employment during this crisis, its allocation was increased to Rs 1.11 lakh crore under the Atmanirbhar Bharat stimulus package. 

08:21 (IST)

Budget 2024 LIVE

When was the Interim Budget presented last time?

The last interim budget was presented in 2019 by then Finance minister Piyush Goyal who was given the additional charge of the Finance Ministry due to Arun Jaitley's health issues.

08:09 (IST)

Budget 2024 LIVE

Indian shares set to open higher ahead of national budget

In the run-up to the national elections later this year, Indian shares are expected to begin higher on Thursday. Meanwhile, global stocks were muted after the US Federal Reserve's remarks raised concerns about early rate reduction.

As of 7:45 a.m. IST, the GIFT Nifty in India was trading at 21,829.50 points, indicating that the NSE Nifty 50 will begin higher than its close on Tuesday, which was 21,725.70.

It is anticipated that Indian Prime Minister Narendra Modi would prioritise infrastructure investment above large expenditures on new social schemes in the budget before the general election, all the while reducing the budget deficit.

08:07 (IST)

Budget 2024 LIVE

Q1 FY24 India’s real GDP grew by 7.8%

India’s real GDP clocked a growth of 7.7 per cent in the H1 2023-24 (April-Sept 2023), which is highest amongst the major economies.

In Q1 FY24 India’s real GDP grew by 7.8% & in Q2 FY24 GDP grew by 7.6%. In FY2023, it grew year-over-year (YoY) at 7.2%.

India’s National Statistical Office is projecting India’s real GDP growth in 2023-24 as 7.3%.

07:51 (IST)

Budget 2024 LIVE

Measures for eco, select segments to feature in Sitharaman’s 6th straight budget

The Modi 2.0 government's final budget before the general elections, which is expected to include a combination of measures for the economy and electorally crucial groups like women and farmers, will be presented by Finance Minister Nirmala Sitharaman on Thursday.

Her sixth consecutive Budget, laced with political allusions, may be seen as a political document that highlights the achievements of the Modi administration during the last ten years and provides guidance on the direction the government wishes to lead the nation.

After her recent decisive victories in three states, there was pressure to take populist measures; however, she is anticipated to continue being fiscally conservative and to sprinkle sops on industries like agriculture other engines of the economy that would increase spending and generate employment.

07:29 (IST)

Budget 2024 LIVE

Budget expected to focus on infrastructure, spending big on new vote-garnering measures

Nonetheless, the Budget would offer a chance to evaluate the economy's fiscal health in light of the strong growth in the economy. It would offer the government a chance to outline a precise plan for accomplishing the goals set forth in the Fiscal Responsibility and Budget Management Act (FRBMA).

Although it is almost twice as large as the FRBM fiscal deficit to the GDP objective of 3% for the central government, the planned fiscal deficit of 5.9% of GDP for the current fiscal year is expected to be realised. In line with this, the debt-to-GDP ratio, at 54%, is likewise far higher than the 40% objective. 

07:23 (IST)

Budget 2024 LIVE

Highlights from the 2023-24 Budget

The last full Budget of the Modi government 2.0 projected increasing capital investment outlays by 33% to Rs 10 lakh crore in 2023-24, or 3.3% of GDP. It was roughly three times the budget for 2019-20.

Furthermore, the administration recommended raising the agricultural lending target to Rs 20 lakh crore, with an emphasis on animal husbandry, dairy, and fisheries.

Over the past six years, the country's agriculture industry has grown at an average annual rate of 4.6%.

Union Finance Minister Nirmala Sitharaman set a goal for the budget deficit in 2023–24 of 5.9% of GDP when presenting the Union Budget 2023.

The finance minister went on to state that by the fiscal year 2025–2026, the administration hopes to reduce the deficit to less than 4.5% of GDP.

07:12 (IST)

Budget 2024 LIVE

FM Nirmala Sitharaman's rare milestone today

Today marks Finance Minister Nirmala Sithraman's sixth consecutive budget presentation. After Morarji Desai, she will only be the second finance minister in the nation to give the Union Budget for six years running.

07:12 (IST)

Budget 2024 LIVE

Economic Survey not presented this year

Since Finance Minister Nirmala Sitharaman will be presenting the Interim Budget ahead of the 2024 Lok Sabha elections, which are scheduled to take place in a few months, the national government has not released the Economic Survey this year.

07:05 (IST)

Budget 2024 LIVE

Finance Ministry aims to cut urea import bill by one-third in FY25

According to a government official, the Finance Ministry anticipates the urea import bill to be reduced by one-third to Rs 21,000 crore in 2024-25 as a result of the Centre's drive for the adoption of nano urea, urea gold, and other technologies that would assist restrict the overall fertiliser subsidy next year. In the current fiscal year, the urea import cost is expected to exceed Rs 31,000 crore.

Urea accounts for 55-60 percent of overall fertiliser use, which is satisfied by imports and indigenous manufacturing. The urea subsidy system assures that farmers have continual access to urea at the same price of Rs 242 per 45 kg bag (excluding taxes and neem coating expenses). The bag's actual cost is roughly Rs 2,200.

07:04 (IST)

Budget 2024 LIVE

Government may announce steps to promote, make NPS more attractive

The government may make the National Pension System (NPS) more appealing by extending tax breaks on contributions and withdrawals, particularly for elderly persons over 75. PFRDA, the pension fund regulator, has sought "parity" with the Employees' Provident Fund Office (EPFO) in terms of taxes for employer contributions, and some announcements in this respect are likely in the interim Budget.

At the moment, there is a difference in employers' contributions to employee pension funds, with NPS payments free from tax up to 10% of basic income and dearness allowances by a business, while EPFO contributions are taxed at 12%.

06:55 (IST)

Budget 2024 LIVE

Real estate sector expects home loan interest sops, affordable housing expansion

Real estate players are hopeful that the vote-on Budget will address some of their requests, which include raising the maximum amount of interest that may be deducted from house loans, changing the definition of affordable housing, and giving the sector industrial status.

Given that it has stayed at Rs 2 lakh per year since 2014, an increase in the section 24b deduction limit for house loan interest payments is something that the real estate industry and home purchasers really anticipate.

06:43 (IST)

Budget 2024 LIVE

Hospitality sector seeks industry status, reduction in GST rates from Budget

After the FY 2023–24 Budget proved crucial in revitalising the hospitality industry and offering a lifeline amid difficult times owing to the COVID-19 effect, hoteliers are anticipating a revolutionary Union Budget 2024–25.

According to the Federation of Hotel & Restaurant Associations of India (FHRAI), providing infrastructure status to hotels with a project cost of Rs 10 crore and above will eliminate regional prejudices and promote growth and accessibility in the hotel business, regardless of the population of the city. 

06:36 (IST)

Budget 2024 LIVE

President highlights govt’s four priorities: Youth, women power, farmers, poor

In her speech on Wednesday, President Droupadi Murmu laid the groundwork for the impending budget presentation by outlining the government's goals, which are centred around four main pillars: youth power, women power, farmers' power, and the impoverished.

The President highlighted continued initiatives to increase women's economic involvement and to fortify women's responsibilities in a variety of fields, including water, land, sky, and space.

She also emphasised the government's efforts to increase farming's profitability by lowering costs and raising returns. She also alluded to a lofty goal that the administration was working on, saying that plans were being prepared to make India a developed country by 2047.

06:25 (IST)

Budget 2024 LIVE

3 essential Budget terms you need to know

These three budgetary terms are essential to understand:

The Annual Financial Statement (AF) is a document that lists the government's receipts and outlays for the fiscal year.

Consolidated Fund: The Consolidated Fund of India includes all government income raised, market borrowings, and loan receipts.

Contingency Fund: The President may use this money, which is saved for any unanticipated circumstances.

06:15 (IST)

Budget 2024 LIVE

Embracing Digital Public Infrastructure and Open Networks for a global future

Over the past decade, India has witnessed a remarkable digital revolution, one that has not only transformed the lives of its citizens but also set an example for the world to follow. While the seeds of this revolution were sown earlier, the last 10 years have been characterised by a concerted effort to bring digital services to the very doorstep of every Indian.

From Aadhaar to UPI to Direct Benefit Transfers in an astonishing six years, India has achieved an 80 per cent financial inclusion rate, with the fact that just a decade ago less than a third of its population had access to formal financial institutions, earning the dubious distinction of being the world’s most unbanked nation. This is an achievement recognized and commended in a recent policy recommendation report by the G20 Global Partnership for Financial Inclusion (GPFI) in collaboration with the World Bank.

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06:05 (IST)

Budget 2024 LIVE

Redomiciliation of companies; the India view and expectations

India has been successful in navigating several global and domestic challenges. In the backdrop of the global uncertain environment, the rising growth story and the promising environment in India, dealmakers have been having their own share of successes. From a successful streak of IPOs to private equity interest, to active family offices, the M&A market continues to be buoyant.

Tapping the financial markets and public funds is one of the discussion points on cross-border deals. A related topic which often comes up is tax implications of undertaking any such steps to achieve these objectives. Legal entity structuring plays an important role in such conversations.

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06:03 (IST)

Budget 2024 LIVE

Why MSMEs seek de-risking of credit inflows

Private businesses majorly comprise of Micro, Small and Medium Enterprises (MSMEs). MSMEs are poised as the growth engine of Indian economy as it contributes around 30 per cent of our GDP, 48 per cent of exports, and provides employment to more than 110 million in rural and urban areas.

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06:02 (IST)

Budget 2024 LIVE

How fiscal policy could shape coal and petroleum use

India is largely reliant on fossil fuels for its energy needs, which account for ~57 per cent of the installed electricity capacity and 75 per cent of the electricity production in India. However, India has also been aggressively working towards increasing its renewable energy portfolio, with an ambitious target of achieving 500 GW of renewable energy by 2030, according to the Union Ministry of Power.

To ensure a sustainable energy scenario for India, a two-pronged approach needs to be adopted. First, the adoption of renewable (solar, hydro, wind, etc.) and alternate sources of energy (battery storage) needs to be increased. Secondly, the carbon footprint needs to be reduced for existing projects and initiatives by funding cleaner technologies.

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06:01 (IST)

Budget 2024 LIVE

What India Inc wants from Finance Minister Nirmala Sitharaman

Come Thursday (1 February) and all eyes will turn to Finance Minister Nirmala Sitharaman as she will present the last Union Budget of the current Narendra Modi-led administration before the country heads to the polls.

Earlier, the finance minister had stated that the forthcoming Budget, an interim one, would not have any big-ticket announcements. “No spectacular announcements come in that time (in a vote on account). So, you will have to wait till after the new government comes in and presents the next full Budget in July 2024,” said Sitharaman when asked whether she would announce a ‘supercharged Budget’.

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05:52 (IST)

Budget 2024 LIVE

Nirmala Sitharaman's Union Budget speech to start at 11AM

The Interim Budget 2024 will be unveiled by Finance Minister Nirmala Sitharaman on February 1 at 11 a.m.

This is her sixth budget presentation, and it will carry considerably more weight because it is the last financial blueprint for the Narendra Modi government's second term.