Budget 2024 Highlights: Nirmala Sitharaman to table Budget on July 23 - Budget 2024 News

Finance Minister Nirmala Sitharaman will present the Union Budget for FY25 on July 23. The Budget session will commence on July 22 and conclude on August 12. Earlier, Parliamentary Affairs Minister Kiren Rijiju made the announcement on X. He posted, “Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business).”

Also Read

Budget 2024 Income Tax Slab Rate Change Live, Union Budget 2024 Income Tax Slab Change Live Updates

Income Tax Slabs Rate 2024-25 Highlights: New Tax Regime made more attractive for small taxpayers with revised tax slabs, higher Standard Deduction | No changes in Old Tax Regime

Railway Union Budget 2024 Today Live Updates, FM Nirmala Sitharaman Speech on Railway Budget 2024-25 Live: Finance Minister Nirmala Sitharaman began the Union Budget 2024 speech today at 11:00 AM in Parliament.

Railway Budget 2024-25 Highlights

Insurance Union Budget 2024 Today Live Updates, FM Nirmala Sitharaman Speech Today Live: FM's budget announcements for 2024.

Insurance Budget 2024 Highlights: Life and health coverage plans to become affordable to the common man?

Budget 2024: Tweaks in new tax regime, angel tax abolished, Oppn stages walkout from Lok Sabha over Union Budget – Highlights

Live Updates

22:27 (IST) 9 Jul 2024

Budget 2024 Expectations Live: Goldman Sachs on upcoming Budget

"We advise investors to look beyond just the fiscal numbers in this budget," Goldman Sachs said. "We think the government will use the budget as an opportunity to make a big-picture statement about the long-term economic policy vision over the next several years, rather than minor stimulus announcements. These are likely going to align with the government's development agenda for 2047."

Despite India's limited fiscal space, Goldman Sachs believes that the budget will not necessitate a reduction in capital expenditure, thanks to a higher-than-expected dividend transfer from the Reserve Bank of India last month. Goldman Sachs suggests that the budget is likely to prioritize key areas such as the rural economy, job creation through labor-intensive manufacturing, and support for Micro, Small, and Medium Enterprises (MSMEs) via credit or fiscal incentives.

(With inputs from ANI)

20:52 (IST) 9 Jul 2024

Budget 2024 Expectations Live: Healthcare industry body budget wish list

Healthcare industry body NATHEALTH has called on the government to raise public health expenditure to above 2.5% of GDP and to rationalize GST for healthcare with a uniform 5% rate slab. In its pre-budget recommendations, NATHEALTH emphasized the need for transformative measures to strengthen healthcare infrastructure and to make strategic investments addressing both demand and supply-side challenges.

NATHEALTH President and Max Healthcare Institute Chairman & Managing Director Abhay Soi highlighted India's progress toward becoming a global healthcare powerhouse, contributing significantly to GDP and job creation. As India aims for a USD 5 trillion economy, providing quality healthcare for the entire population is essential.

Soi noted that addressing healthcare challenges requires an estimated 2 billion square feet of advanced healthcare infrastructure. "Increasing GDP spending on healthcare to 2.5% is crucial for enhancing social insurance, expanding facilities in tier 2 and 3 cities, and advancing digital health services," he said.

Among its recommendations, NATHEALTH advocated for rationalizing GST with a uniform 5% rate slab for healthcare and full input tax credit eligibility, addressing the issue of unused MAT credits, and reviewing health cess policies for MedTech to ensure affordability.

(Read More Here)

20:15 (IST) 9 Jul 2024

Budget 2024 Expectations Live: Will govt pause 45-day payment rule for MSMEs?

The government may relax the requirement of making payments to MSMEs within 45 days of purchasing goods and services to prevent large corporations from seeking alternative sources, according to sources quoted by news agency PTI. An announcement could be made in the Budget, likely on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the Income Tax Act made by MSMEs during pre-Budget consultations.

Last year's Budget added a new clause under Section 43B of the Income Tax Act to address delayed payments faced by MSMEs.

19:36 (IST) 9 Jul 2024

Budget 2024 Expectations Live: Automotive tyre body' Budget wish list

The Automotive Tyre Manufacturers' Association (ATMA) has urged the Indian government to restrict the import of waste tyres, warning that the country is becoming a "dumping ground" for scrap tyres. In its pre-budget submission to the finance ministry, ATMA highlighted that waste tyre imports have surged more than fivefold since FY20-21.

"Such indiscriminate import of waste/scrap tyres is not only an environmental and safety concern but also undermines the very purpose of the Extended Producers Responsibility (EPR) Regulation on Waste Tyres, in place since July 2022," the association stated.

ATMA Chairman Arnab Banerjee emphasized the need for policy measures to curb these imports, suggesting that if necessary, waste tyres should only be allowed in multiple cut or shredded form. He noted that India has emerged as a leading tyre manufacturer globally, with domestic production exceeding 200 million tyres annually. Therefore, there is sufficient domestic End of Life Tyre (ELT) capacity available.

In FY24 alone, India imported nearly 1.4 million metric tonnes of waste tyres. These tyres are often resold in the replacement market, posing travel safety risks, or burned, leading to environmental degradation, ATMA reported.

ATMA also called for duty-free imports of natural rubber to bridge the domestic demand-supply gap. The association's recommendations aim to enhance safety, protect the environment, and support the sustainable growth of India's tyre manufacturing industry.

(With PTI inputs)

18:12 (IST) 9 Jul 2024

Budget 2024 Expectations Live: PM Modi to consult economists ahead of Budget

Prime Minister Narendra Modi will meet eminent economists on Thursday to gather their views and suggestions for the upcoming Budget, according to a senior government official. The meeting will also include Niti Aayog Vice Chairman Suman Bery and other members. This will be the first major economic document of the Modi 3.0 government, aiming to outline the roadmap for making India a developed nation by 2047.

Union Finance Minister Nirmala Sitharaman is set to present the 2024-25 Budget in the Lok Sabha on July 23.

17:52 (IST) 9 Jul 2024

Budget 2024 Expectations Live: Expectations of taxpayers

While all GST related recommendations come from the GST Council meetings, it will be thereafter implemented through notifications by the government. Jitendra Patel, Associate Partner, Indirect Tax, NA Shah Associates lists few expectations of taxpayers:

- To take measures to curb the increased pending litigations. There are various challenges faced by the industry like availing ITC based on invoices, late filing of returns, mistakes in filing of returns, etc. Various taxpayers had received the notices with substantial demands which needs to be addressed.

-Expedite on functionality of appellate tribunal to resolve the pending litigation matters.

-There has been a huge initial cost for development of drugs in the case of the pharma industry which leads to blockage of working capital. It is expected from the government to provide relaxation/ exemption for GST on these initial costs.

- MRO services in relation to Aircrafts are facing inverted duty structure in relation to ITC as GST in case of inputs higher than the GST in outward supply of MRO services.

- Clarification/ valuation rules in relation to services provided by builders to SRA/ government for construction of buildings against FSI granted by the SRA/ government.

- Reduction in GST rates on health insurance policies.

17:44 (IST) 9 Jul 2024

Budget 2024 Expectations Live: What is the MSME sector hoping for from Union Budget?

Ahead of the presentation of the Union Budget, Federation of Indian Micro and Small & Medium Enterprises (FISME) urged the finance minister to introduce a sector-agnostic PLI scheme tailored for MSMEs. FISME released a 10-point recommendations to Finance Minister Nirmala Sitharaman, wherein it highlighted the need for a revised PLI framework that focuses on sectors that are capable of generating employment.

15:12 (IST) 9 Jul 2024

Budget 2024 Live Updates: Allocations for major schemes

During the presentation of the interim Budget in February, Finance Minister Nirmala Sitharaman had outlined changes in allocations for major schemes including MGNREGA and Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana. Read more to know about the schemes that received massive allocations.

14:56 (IST) 9 Jul 2024

Budget 2024 Live Updates: Inflation attack on food - Veg thali getting dearer, non-veg thali cheaper

According to the CRISIL MI&A Research estimates, the average cost of a home-cooked veg thali has gone up by 10 per cent on-year while the chicken thali has declined by 4 per cent in the month of June. In its monthly indicator of food plate cost – The Roti Rice Rate, Crisil said that the cost of non-veg thali dropped due to a decline in the prices of broiler by approximately 14 per cent. Further, the veg thali price rose because of an increase in tomato prices by 30 per cent, onion prices by 46 per cent and potato prices by 59 per cent YoY. Prices of rice and pulses too increased by 13 per cent and 22 per cent respectively.

13:39 (IST) 9 Jul 2024

Budget 2024 Live Updates: A look at inflation - Tomato prices soar

According to the department of consumer affairs, the average modal retail prices of tomatoes in the country went up to Rs 50/kg. This is an increase from Rs 25/kg which prevailed two months back. In several cities, retail prices of tomatoes have crossed Rs 75/kg. The rise is due to the supply disruption due to heavy rains in Himachal Pradesh and Uttar Pradesh and also the heatwaves in the northern states that hit the output. Meanwhile, the wholesale prices went up to Rs 40/kg on Saturday. This is still better than the average retail prices a year ago that went up to Rs 100/kg.

13:10 (IST) 9 Jul 2024

Budget 2024 Live Updates: PM Modi to chair NITI Aayog Governing Council meet on ‘Vikshit Bharat@2047’

Prime Minister Narendra Modi will chair NITI Aayog’s ninth Governing Council meeting on July 27, focusing on the ‘Vikshit Bharat@2047’ document aimed at transforming India into a developed nation, as confirmed by a senior government official on Monday.

The Governing Council, comprising state chief ministers, lieutenant governors of Union Territories, and several Union ministers, serves as the apex body of NITI Aayog, with Modi serving as its Chairman.

12:48 (IST) 9 Jul 2024

Budget 2024 Live Updates: Services PMI at 60.5 in June

The HSBC India Services Business Activity Index, or services PMI highlights the activity undertaken in a specific period. For June, it rose to 60.5. This is particularly striking as it was a significant upmove from 5-month lows in May at 60.2. This improvement has been primarily due to expansion activities and also higher sales globally.

12:37 (IST) 9 Jul 2024

Budget 2024 Live Updates: Manufacturing PMI rises to 58.3 in June

According to data released by S&P Global, manufacturing activity in India increased to 58.3 in June. This is a recovery from a three-month low of 57.5 in May, and this indicated a sharper improvement in business conditions. Per the data, the buoyant demand conditions spurred the expansions in new orders, output and buying levels. This further led to the fastest rate of hiring in more than 19 years despite inflationary pressures remaining elevated.

12:27 (IST) 9 Jul 2024

Budget 2024 Live Updates: April IIP growth drops to 5%

According to data released by the National Statistical Office (NSO), India’s factory output growth, as measured by the Index of Industrial Production (IIP), dropped to a three-month low of 5% in April due to a drop in manufacturing activity. This is against 5.4% in March. Manufacturing output’s growth during April eased to 3.9% from 5.8% in March, whereas mining growth rose to 6.7% from 1.3%. Electricity output’s growth also increased to 10.2% in April from 8.6% in March.

12:09 (IST) 9 Jul 2024

Budget 2024 Live Updates: CPI inflation to ease in July and August, say economists

India’s CPI inflation is expected to ease further in July and August 2024, economists said. This is after it fell to 4.75 per cent in May from 4.83 per cent in April. This will be driven by an early onset of the Southwest Monsoon. The Southwest Monsoon has seen an early onset in Kerala (June 1) and Northeast India (June 5) by two and six days, respectively. The rain marks the commencement of its four-month sojourn which brings in 75% of the country’s annual rainfall.

11:52 (IST) 9 Jul 2024

Budget 2024 Live Updates: CPI inflation at 4.75% in May

According to data released by the National Statistical Office (NSO), India’s retail inflation, based on the Consumer Price Index (CPI), fell 4.75% in May. It was at 4.83% in April. The fall was driven mainly due to the high base effect and easing food prices. Food inflation during May decreased to 8.69% as compared to 8.70% in April.

11:19 (IST) 9 Jul 2024

Budget 2024 Live Updates: WPI inflation at 2.61% in May

India’s wholesale price index (WPI)-based inflation came in at 2.61 per cent in May. This was driven by an increase in prices of food articles, manufacturing of food products, crude petroleum and natural gas, mineral oils, and other manufacturing, stated the provisional data released by the Ministry of Commerce & Industry. In April, WPI inflation was at 1.26 per cent.

11:18 (IST) 9 Jul 2024

Budget 2024 Live Updates: How is the economy doing?

Let’s have a look at the state of the Indian economy and various economic metrics that will affect the announcements in the Budget document.

06:56 (IST) 9 Jul 2024

Budget 2024 Live Updates: Expectations of aviation sector

As Finance Minister Nirmala Sitharaman gears up to present the Union Budget 2024-25 later this month, the civil aviation sector anticipates policy measures focused on improving business conditions and alleviating tax pressures. Private airport operators have submitted a memorandum to the government outlining suggestions for streamlining both direct and indirect tax structures.

22:55 (IST) 8 Jul 2024

Budget 2024 Live Updates: Real estate sector's expectations from Budget

The Indian real estate sector, having shown strong recent performance, anticipates reforms in the Union Budget 2024. The sector’s GDP contribution is expected to rise from 8% to 13% by 2025, with a market size reaching $1 trillion by 2030. Industry leaders believe policy reforms will streamline processes, enhance transparency, and drive growth.

(Read More Here)

22:28 (IST) 8 Jul 2024

Budget 2024 Live Updates: First budget in Modi 3.0

The Budget Session of Parliament, scheduled from July 22 to August 12, will feature the presentation of the Union Budget on July 23 by Finance Minister Nirmala Sitharaman. This budget marks a significant moment as the first of Prime Minister Narendra Modi's third term, anticipated for its historic initiatives following President Droupadi Murmu's preview of major socio-economic measures.

An interim budget was necessitated in February due to the Lok Sabha elections held from April to June. The upcoming session promises crucial deliberations on key national policies, highlighted by President Murmu during her recent address to Parliament.

22:00 (IST) 8 Jul 2024

Budget 2024 Live Updates: Reduce ATF costs to pre-pandemic levels, says TAAI

Stating that there is a need for simplifying visa requirements and encouraging visa-free entry for tourists visiting India, which can significantly enhance foreign tourist arrivals, Travel agents body TAAI also has sought reduction in Aviation Turbine Fuel (ATF) costs to pre-pandemic levels, saying that this move would improve air travel accessibility.

The Association said it is also hoping for a more favourable GST structure that allows input tax credit for holiday businesses.

This could lead to more affordable hotel stays, making accommodations accessible to tourists and encouraging investment in the sector, it said. (PTI)

21:29 (IST) 8 Jul 2024

Budget 2024 Live Updates: Pharma industry Budget wish list

There is a need to incentivise R&D investments, offer corporate tax concessions and establish an effective intellectual property rights regime in order to push the growth of domestic pharmaceutical industry, as per the industry bodies.

Outlining the sector's wish list for the upcoming Union Budget, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai urged the government to explore methods to incentivise R&D investments, such as deductions on R&D expenses, research-linked incentives for MNCs, and corporate tax concessions.

The initiatives will help in accelerating R&D and innovation in the sector, he added.

"Recognising the high-risk, long-gestation nature of R&D, we suggest extending the scope of section 115BAB of the Income Tax Act, 1961 to companies solely engaged in pharmaceutical research and development and providing a 200 per cent deduction rate on R&D expenditures," Matai said.

This would significantly boost the sector's ability to undertake essential research and development, including clinical trials and patent registration, he added.

(With PTI inputs)

20:54 (IST) 8 Jul 2024

Budget 2024 Live Updates: What are hospitality players expecting from Budget?

Hospitality players are urging the government to grant infrastructure status to hotels in the upcoming Union Budget, making investments in new properties more appealing and moving away from categorizing them as luxury or 'sin goods'. Recognizing the sector's potential in driving India's growth, they advocate for incentives like tax breaks or subsidies for sustainable practices.

"The sector is burdened with high taxation, expensive and multifarious licenses, approvals, and compliances," said Hotel Association of India (HAI) President KB Kachru. He emphasized that hotels, being capital-intensive with a long gestation period, face high and largely fixed operating costs. This risk factor necessitates making hotel investments more attractive and promoting ease of doing business.

Industry stakeholders stress that the upcoming budget is an opportunity to accelerate the tourism agenda and position Indian hospitality as a key engine for GDP growth and employment generation.

(With PTI inputs)

20:20 (IST) 8 Jul 2024

Budget 2024 Live Updates: Consultations with stakeholders concludes

Finance Minister Nirmala Sitharaman on Sunday concluded consultations with various stakeholders, including representatives of industry and social sectors, as part of the budget preparation exercise.

Sitharaman will present her seventh Budget on July 23. This would be the first full budget of Modi 3.0 which is going to set the path for Vikshit Bharat (developed India) by 2047.

Last month, President Droupadi Murmu, while delivering her address to the joint sitting of Parliament, had said that many historic steps and major economic decisions will be taken in the upcoming budget session.

(PTI)

19:21 (IST) 8 Jul 2024

Budget 2024 Live Updates: What does India Inc expect from upcoming Budget?

Industry players suggest the Union Budget FY25 should offer relief to taxpayers, particularly in the lower income brackets, to stimulate consumption.

The industry urged Finance Minister Nirmala Sitharaman to lower corporate tax, phase out tax exemptions, and broaden the tax base to boost economic growth. Assocham recommended rationalizing and simplifying the tax system to improve compliance and promote investment, including reducing corporate tax rates and broadening the tax base.

Rating agency ICRA anticipates the government will set a fiscal deficit target of 4.9-5% for FY25, compared to 5.1% in the Interim Budget.

The government is expected to maintain the capital expenditure target at Rs 11.1 lakh crore, despite the adjusted fiscal deficit target.

18:56 (IST) 8 Jul 2024

Budget 2024 Live Updates: Travel sector’s longstanding concerns

The Travel Agents Association of India (TAAI) has urged the government to address the travel and tourism industry's longstanding concerns, which were overlooked in the interim budget presented by Finance Minister Nirmala Sitharaman on February 1.

TAAI has communicated its demands to Finance Minister Sitharaman, Tourism Minister Gajendra Singh Shekhawat, and Civil Aviation Minister Kinjarapu Rammohan Naidu.

TAAI president Jyoti Mayal highlighted the industry's key requests: infrastructural development, simplification of visa requirements, reduction of aviation turbine fuel costs, rationalisation of GST rates and credit, strategic reduction in income tax, abolition of TCS on outbound travel, tax exemption on leave travel allowance, removal of TDS on automated bookings, and simplification of licensing requirements.

(With PTI inputs)