Budget 2024 Highlights: FM Proposes No Changes To Tax Slabs, Stock Market Closes In Red

India Budget 2024 Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world

Background

Budget 2024 Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.Finance Minister Nirmala Sitharaman is all set to table the Interim Budget for the financial year 2024-25 today. Markets, investors, and all stakeholders are awaiting to see the financial blueprint for the upcoming fiscal year. The budget being of an interim nature is not expected to include any major policy revisions, however, experts feel it will have certain changes of a populist nature. The finance minister is scheduled to table the Interim Budget in Parliament starting at 11 am IST. Sitharaman’s address will be streamed live on the official Parliamentary channel on YouTube and can be seen on TV on the Doordarshan and Sansad TV channels. The full speech of the address will be available online on the Union Budget website/app, after the official presentation concludes. The Budget Session began Wednesday, January 30, 2024, and will end on February 9, 2024. The session started with President Droupadi Murmu’s address in the Parliament. In her address, the President lauded the country for its achievements. Youth power, women power, farmers, and the poor are the four pillars on which a developed economy will be built," she said. The President also lauded India for securing a place in the top 5 economies in the world. "Our banking system today has become one of the strongest in the world. Make in India and Atmanirbhar Bharat have become our strengths today. Mobile manufacturing has increased by over 5 per cent," she said.Investors will be keenly observing the Budget as stock markets will be indicative of the public’s response to the financial document. In the last trading session on Wednesday, the markets took cues from the upcoming Budget and attempted a recovery rally. After opening, the markets continued to trade in a positive trajectory, ahead of the President’s address in the Budget session. As of 10:09 AM, the Sensex was trading higher by over 200 points at 71,404.58, while the Nifty50 gained more than 50 points and stood at 21,590.85.By the session’s end, the equity benchmarks settled in green. The S&P BSE Sensex rallied 613 points to end at 71,753. On the other hand, the NSE Nifty50 was settled at 21,726, up 204 points.

01/02/2024 18:45:49

Titan Q3: Net Profit Rises 15% On Strong Sales In Festive Season

Titan reported a 15.3 per cent jump in its consolidated net profit at Rs 1,053 crore for the third quarter ended December 2023 in the current fiscal year, owing to strong sales in the festive season. The leading jewellery and watchmaker logged a net profit of Rs 913 crore in the corresponding quarter in the 2022-23 fiscal year. Sales increased to Rs 13,963 crore in Q3FY24, against Rs 11,167 crore in the same quarter a year earlier.  

01/02/2024 18:23:07

Raymond Q3 Results: Net Profit Nearly Doubles To Rs 185.39 Crore

Raymond on Thursday said that its consolidated net profit in the third quarter of the current fiscal year almost doubled to Rs 185.39 crore, due to strong growth in the real estate and branded apparel businesses. The firm logged a net profit of Rs 96.60 crore in the October-December quarter in the preceding 2022-23 fiscal year, it revealed via an exchange filing. 

The revenue from operations grew to Rs 2,386.16 crore in Q3FY24, from Rs 2,188.16 crore in the corresponding period a year earlier. 

01/02/2024 17:00:45

Rupee Appreciates 8 Paise To Settle At 82.96 Against US Dollar

The Indian rupee appreciated by 8 paise to settle at 82.96 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in its interim Budget for 2024-25. Forex traders noted that the gains were restricted by a strong dollar against major rivals overseas and subdued domestic equity markets. At the interbank foreign exchange, the domestic unit opened at 83.02 against the greenback and hit a high of 82.93 and a low of 83.03, during the session. 

01/02/2024 16:07:50

Stock Markets Settle Lower: Sensex Drops Over 100 Points, Nifty Closes Below 21,700

The stock markets closed in red after exhibiting volatility following the Budget 2024 announcements. The BSE Sensex closed over 100 points lower, below the 71,650 mark and settled at 71,645.30, while the NSE Nifty50 ended the session at 21,697.45, after dropping almost 30 points. 

01/02/2024 15:32:08

Govt Estimates Dividend Income From RBI, Public Sector Banks At Rs 1.02 Lakh Crore In FY25

The government on Thursday estimated a dividend income of Rs 1.02 lakh crore from the Reserve Bank of India and public sector financial banks in the upcoming 2024-25 fiscal year.  For the current fiscal year 2023-24, the government revealed that projected dividend income stood at Rs 1.04 lakh crore, higher than the Budget Estimate of Rs 48,000 crore. 

01/02/2024 14:43:24

Govt Proposes To Extend Tax Benefits To Startups For 1 More Year

Finance Minister Nirmala Sitharaman said that certain tax benefits to start-ups are extended till March 31 2025. This step aims to support the growth of the already booming startup ecosystem in India.

01/02/2024 13:17:57

Stock Market Trading Flat Amid Volatility After Budget 2024 Announcements

Stock market traded nearly flat and exhibited volatility, reacting to the Interim Budget presented today. As of 1:13 PM, the BSE Sensex traded higher by almost 30 points at 71,779.95, while the NSE Nifty50 inched up by 15 points and stood at 21,741.

01/02/2024 13:13:54

Interim Budget Stuck To Winning Formula, Says NSE CEO Chauhan

Reacting to the Union Interim Budget 2024-25, Ashish Chauhan, CEO, National Stock Exchange of India (NSE) says, "The Interim Budget has stuck to the winning formula that I think the current government has figured out - fiscal restraint with welfarism and growth...So, overall it is a 10/10 budget. It is just an interim budget, the actual budget will be presented after the election but they want to stick to their winning formula they have figured out over last 10 years."

01/02/2024 12:40:44

Access The Full Budget Speech Here

Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in Parliament today. The minister met Lok Sabha speaker, Om Birla, after the presentation concluded. You can access the full Budget speech and highlights of the interim Budget on the official website of Union Budget .

01/02/2024 12:33:07

Capex Target For FY25 Set Higher By 11.1%: FM

The revised estimate of the total receipts other than borrowings is set at Rs 27.56 lakh crore, of which the tax receipts stood at Rs 23.24 lakh crore for the year 2023-24. The revised estimate of the total expenditure stood at Rs 44.90 lakh crore for the current fiscal year. The capex target for the year 2024-25 has been set at Rs 11.1 lakh crore, up by 11.1 per cent, said Sitharaman.

 

01/02/2024 12:27:27

Govt Launches Blue Economy 2.0: FM

The Finance Minister revealed that coal gasification and liquefaction of 100 metric tonne will be set up by 2030. The government also launched Blue Economy 2.0 to enhance aquaculture in the country.  

01/02/2024 12:12:47

Govt To Launch Bio-Manufacturing Scheme: FM

The Finance Minister announced that the government will expand and boost the EV ecosystem by providing support to manufacturing and charging infrastructure. Further, to push green growth, a new scheme for bio manufacturing will be launched, she said.

01/02/2024 12:08:33

Budget Estimates 2024-25: FM Says Tax Receipts Set At Rs 26.02 Lakh Crore

In the Budget estimates for 2024-25, the FM said that tax receipts are estimated at Rs 26.02 lakh crore.

01/02/2024 12:04:42

I-T Returns Processing Time Reduced To 10 Days In 2023-24: FM

"The average processing time of income tax returns has been reduced from 93 days in 2013-14 to 10 days in 2023-24, in turn making refunds faster," says FM.

01/02/2024 12:02:55

No Changes In Tax Slabs: FM

In keeping with convention, FM Sitharaman proposed not to make any changes to the tax slabs

01/02/2024 13:05:26

Fiscal Deficit Estimate For FY2024-25 At 5.1% Of GDP: FM

Regarding the Budget Estimates for FY2024-25, the FM says the government estimates the fiscal deficit to be 5.1 per cent of the GDP. The gross and net market borrowings estimated at Rs 14.13 lakh crore and Rs 11.75 lakh crore, respectively, lower than 2023-24. 

For FY2025-26, the fiscal deficit estimate has been set at 4.5 per cent. 

01/02/2024 11:47:29

Corpus Of Rs 1 Lakh Crore To Be Launched With 50-Year Interest Free Loan: FM

FM says a corpus of Rs 1 lakh crore will be established with a 50-year interest-free loan. This corpus will provide long-term financing or refinancing with low to nil interest rates. This will encourage scale-up research and innovation in the sunrise domain. A new scheme will be launched for strengthening deep tech technologies for defence as well. For tech-savvy youth, this will be a golden era, says FM. 

01/02/2024 11:45:57

Govt To Develop Existing And New Airports: FM

In the aviation sector, the rollout of air connectivity to tier 2 and tier 3 cities has been widespread. Indian carriers have also proactively placed orders for over 1000 new aircraft. In addition, the expansion of the existing and development of new airports will continue in the coming years, says FM.

01/02/2024 11:45:01

Port Connectivity Infra Projects To Be Launched In Lakshadweep: FM

Port connectivity, tourism infra projects to be taken up in Lakshadweep Islands to boost tourism and create employment opportunities, says FM.

01/02/2024 11:43:20

Govt To Boost Global Competitiveness Among MSMEs: FM

Policy emphasis on global competitiveness training for MSMEs, says Sitharaman, highlighting the importance of facilitating their growth. The government is committed to preparing the financial sector to meet investment requirements, she added.

01/02/2024 11:41:53

Govt To Boost E-Buses For Public Transportation: FM

For the Electric Vehicles industry, the greater adoption of e-buses for public transport will be encouraged by the government, says FM. 

01/02/2024 11:40:39

Govt To Implement 3 Major Railway Corridors: FM

For the Railways sector, the government will implement three major railway corridor programs, namely cement, port connectivity, and high traffic density corridors, under the PM GATI Shakti scheme. 40,000 normal rail boggies will be converted to Vande Bharat standards to enhance safety and convenience, says the FM.

01/02/2024 11:32:33

Program To Help Dairy Farmers Will Be Launched: FM

For dairy development, the government will launch a comprehensive program to help dairy farmers, says the FM. 

01/02/2024 11:30:34

Ayushman Bharat Schemes To Cover ASHA, Anganwadi Workers: FM

Healthcare covered under Ayushman Bharat schemes will be extended to all ASHA and Anganwadi workers, says the Union Finance Minister.

01/02/2024 11:28:55

New World Order Coming Up After Pandemic: FM Sitharaman

FM says that a new world order is emerging after Covid pandemic. The pandemic has led to a crisis of food, fertiliser, food, and finances for the world, while India successfully navigated its way. India also assumed the G20 Presidency during difficult times for the world, she adds.

01/02/2024 11:28:07

Govt To Launch Housing Scheme For Middle Class: FM

Govt to launch scheme to help the middle class living in rented houses or slums or chawls, to buy or build their own house, says FM.

01/02/2024 11:26:08

Development Of The East Is Government's Priority: FM

"Development of the east - govt will pay utmost attention to make the eastern region and people the powerful drivers of development," promises the FM. 

 

01/02/2024 11:24:05

Rs 34 Lakh Crore Distributed Under Direct Benefit Transfer Scheme: FM

Next 5 years will be years of unprecedented development and golden moments to realise the dream of a developed India by 2047, says FM Sitharaman. She adds that under the Direct Benefit Transfer scheme, Rs 34 lakh crore has been provided, which has led to saving worth Rs 2.7 lakh crore for the government.

 

01/02/2024 11:21:45

250 Million People Lifted Out Of Poverty: FM

The FM says that 250 million people were uplifted from multidimensional poverty in last decade. Schemes for all section: tribal, Divyang, and transgenders show the resolve of government to leave no one behind. The average real income of the people has increased by 50 per cent. 

01/02/2024 11:21:00

Crop Insurance Given To 4 Crore Farmers Under PM Fasal Bima Yojana: FM

Under the PM Fasal Bima Yojana, the FM says that crop insurance has been given to four crore farmers, which assists the annadata in producing food for the country

01/02/2024 11:20:18

GST Enabled One Nation, One Market, And One Tax: FM

"Inflation is moderate. Effective and timely delivery of programmes and of large projects. All forms of infra, physical, digital, and social, are being built in record time. All parts of the country becoming active participants in economic growth. GST has enabled One Nation, One Market, and One Tax. Tax reforms have enabled the widening of tax base. GIFT IFSC are creating robust gateway for global capital and financial services economy," says the Finance Minister.

 

01/02/2024 11:17:28

Govt Focusing On GDP - Governance, Development, and Performance: FM

"PM Aawas Yojana gave 70% houses in rural areas to women as sole or joint owners. The govt is focused on a more comprehensive GDP - Governance, Development, and Performance. Our govt has provided citizen first govt," says FM. 

 

01/02/2024 11:15:52

43 Crore Loans Sanctioned Under PM Mudra Yojana: FM

"7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, 19 Universities set up by our govt. Under PM Mudra Yojana, we sanctioned 43 crore loans for entrepreneurial aspirations of our youth. Initiatives like Start-up India, Start-up credit guarantee, etc are assisting youth," says FM.  

 

01/02/2024 11:12:47

India Laid Foundations For Amrit Kaal: FM

"With a whole of nation approach of Sabka Prayaas', the country overcame the challenges of once-in-a-century pandemic, took long strides towards Aatmanirbhar Bharat and laid solid foundations towards the Amrit Kaal," says Union Finance Minister 

01/02/2024 11:11:06

Women, Poor, Youth, Farmers Are Govt's Priority: FM

"Our govt focuses on four major class, namely the poor, women, youth and farmers. Their needs aspirations and welfare are our highest priority. All four require and receive govt support. Their empowerment and wellbeing will drive the country forward. We believe in empowering the poor. When the poor became empowered partners in the development process, the government’s power to include them in the development process becomes easier," says the FM.

 

01/02/2024 11:08:09

Working To Make Viksit Bharat By 2047: FM

"Worries about food have been eliminated through free ration for 80 crore people. Provision of basic necessities have enhanced real income in the rural areas. Their economic needs could be addressed. We are working to make Viksit Bharat by 2047," says the FM.

 

01/02/2024 11:05:32

'Sabka Sath, Sabka Vikaas, Sabka Vishwaas' Is Our Development Policy: FM Sitharaman

"The economy got a new vigour. Fruits of development started reaching people at scale. Our govt doubled down on its responsibilities to build a prosperous country. 'Sabka Sath, Sabka Vikas, and Sabka Vishwaas' was our developmental policy," says FM Sitharaman as she begins the Budget address.

01/02/2024 10:59:47

Stocks Of Railway Firms Trade Higher Ahead Of Budget

Stocks of companies related to railways were trading in the green zone on Thursday morning ahead of the presentation of the interim Budget. Shares of IRCON International rallied 3.26 per cent, Texmaco Rail & Engineering jumped 2.71 per cent, Indian Railway Finance Corporation climbed 2.58 per cent and Rail Vikas Nigam advanced 1.52 per cent on the BSE. The stock of Jupiter Wagons went up 1.46 per cent, Indian Railway Catering and Tourism Corporation (IRCTC) (0.88 per cent) and Titagarh Rail Systems (0.71 per cent).

01/02/2024 10:59:26

Watch Budget Session Live

The Budget presentation is about to start at 11 AM. You can choose to view the live stream at PIB's YouTube channel. 

01/02/2024 10:58:03

President Murmu Approves Budget Session

President Droupadi Murmu approved the Budget Session in a meeting with the cabinet ahead of the Budget presentation, scheduled to begin at 11 AM.

01/02/2024 10:46:13

Need To Improve IBC Process: Hari Mishra

On Budget expectations, Hari Hara Mishra, CEO, Association of Asset Reconstruction Companies, said, “There are some improvements required in the IBC process. The timelines are exceeding the prescribed timelines. So, there is a need for technological integration of the whole IBC process,” reported PTI.

01/02/2024 10:43:22

Expect Budget To Be Election-Oriented: Congress MP K Suresh

Ahead of the presentation of the Union Interim Budget, Congress MP K Suresh said, "We are expecting this to be an election-oriented budget. BJP wants to win again and come back to power. That is why, there will be some gimmick in the budget. There will be eyewash schemes for common people...On one side they talk about common people and on the other side, they are increasing commercial gas cylinder's price and implementing anti-people policies," reported ANI. 

01/02/2024 10:19:07

Anticipating Policies To Help Make Tax Compliance Easier And Simplify ESI Scheme, Says Sonali Chowdhry

Regarding the tax expectations from the upcoming Budget, Sonali Chowdhry, CEO, Officenet, said, “In the upcoming budget, we advocate for policies that aim to reduce compliance complexity.” The executive also expressed that initiatives offering support for reskilling and upskilling initiatives would also help empower the workforce. 

On the Employee State Insurance (ESI) schemes, Choudhry noted, “The current structures pose administrative challenges, leading to delayed contributions and settlements. A comprehensive reform to simplify these processes could significantly enhance operational efficiency in HR management.”

01/02/2024 10:20:59

PM Narendra Modi Holds Cabinet Meeting

Prime Minister Narendra Modi is chairing a cabinet meeting before the Interim Budget presentation. At 11 AM, Finance Minister Nirmala Sitharaman will present the Budget, which will then have to be approved by the cabinet. The Budget Session started on January 31, 2024, with President Droupadi Murmu addressing the Parliament and will conclude on February 9, 2024. 

01/02/2024 10:00:06

Stock Markets Positive Ahead Of Budget: Sensex Above 71,800, Nifty Nears 21,750

The stock market traded in green ahead of the Interim Budget 2024, set to be tabled by the Finance Minister Nirmala Sitharaman at 11 AM IST today. However, investors expressed caution as the markets traded marginally higher. As of 9:55 AM, the S&P BSE Sensex gained almost 75 points to trade at 71,827.07, while the NSE Nifty50 stood higher by almost 18 points at 21,743.40. 

01/02/2024 10:21:26

Nirmala Sitharaman Arrives At Ministry Of Finance

Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance as she is set to present the interim Budget today.

01/02/2024 09:24:47

Measures For Eco, Select Segments Likely To Feature In Budget 2024

Sitharaman's sixth straight Budget is expected to stick to being fiscally prudent while sprinkling sops on sectors like agriculture and engines of the economy that would create jobs and boost consumption. The Budget she will present is technically a vote on account and popularly termed an interim Budget as it seeks Parliament's nod for a grant in advance to meet the central government's essential expenditure for the initial months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July. The interim Budget, however, presents an occasion for spectacle just weeks ahead of the Model Code of Conduct coming into force. While the precedence dictates that no major policy announcements are made in a vote on accounts, going by past conventions hasn't stopped governments from making big announcements like the cash dole for farmers announced in the 2019 interim Budget. The Budget is expected to focus on infrastructure and buck a trend of spending big on new vote-garnering measures.

 

01/02/2024 07:31:49

Union Budget 2024 Expectations

As the Union government is set to present the interim Budget for 2024, expectations are for a reduction in tax, low-cost stamp duty and support to proptech among others.

01/02/2024 07:31:36

Experts List Areas Health Budget Should Focus On

The healthcare budget for the financial year 2023-24 focused on five areas: medical and nursing colleges, sickle-cell anaemia elimination mission, medical research, pharma innovation, and multidisciplinary courses. Experts expect the healthcare budget for 2024-25 to focus on areas such as medical research, preventive healthcare, mental health, and healthcare infrastructure. 

01/02/2024 07:31:27

Nirmala Sitharaman To Table Interim Budget Today

Union Finance Minister Nirmala Sitharaman will present the government's interim Budget 2024 today. This time, the minister will equal the record of former Prime Minister Morarji Desai with her sixth Budget presentation. Sitharaman, the first full-time woman finance minister of the country, has presented five full Budgets since July 2019 and will present an interim or vote-on-account budget today. With the presentation of the interim Budget, she will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had tabled five Budgets in a row.