Budget 2024 LIVE news: Auto firms seek continued push for green mobility

Budget LIVE: Ahead of Lok Sabha elections, Finance Minister Nirmala Sitharaman will be presenting the interim budget on February 1, catch all the Budget related updates here

Ahead of the interim Budget, leading firms in the automobile sector expect To promote green mobility, the Central government should continue with favourable policies, while also maintaining its focus on infrastructure development at a robust pace. Prime Minister Narendra Modi-led Central government is set to present the Budget on February 1.  "We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said.

On Friday, the displaced Kashmiri Pandits requested the Central government to increase their monthly relief amount in the upcoming Budget session, which Finance Minister Nirmala Sitharaman is scheduled to present on February 1. They further requested to allocate a new employment package, featuring 5,000 jobs in the Kashmir valley.  Any Kashmiri Pandit family that lacks a government employee as its member, receives a meager monthly amount of Rs 13,000 for its sustenance. During the last decade, there has been no enhancement. However, families with government employees do not receive such relief. 

Ahead of the upcoming Budget, exporters have requested the Central government to allocate funds worth $3.88 billion for the Market Access Initiative (MAI) scheme, to promote Indian exports and touch the $2 trillion mark by 2030. According to the Federation of Indian Export Organisations (FIEO), the apex body for exporters, the marketing support under the MAI scheme in the current financial year is less than $2 billion and is also grossly inadequate.

As Union Finance Minister Nirmala Sitharaman is scheduled to present the interim Budget on February 1, some experts expect an increase in income tax exemption limits, providing support to women entrepreneurs, and ways to boost consumption and savings. The experts are also demanding for parity in taxation among companies, partnerships, and limited liability partnerships. "This is going to be an interim budget but at least there may be some indications of full-budget benefits. There may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to Rs 8 lakh from now Rs 7 lakh, inclusive of rebates," All India Federation of Tax Practitioners national president Narayan Jain said.

2:04 PM

Govt halves interim Budget support to oil firms and defers filling strategic reserves

The government has halved the amount of equity infusion in state-owned fuel retailers to Rs 15,000 crore for supporting their investments in energy transition projects, the finance ministry has said.

 

Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for 2023-24 fiscal (April 2023 to March 2024) announced equity infusion of Rs 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms' energy transition plans.

1:21 PM

Here's what Anand Achari, Principal, Vivekanand Education Society’s College of Architecture expects

"The government's efforts in implementing skill development programs have set the stage for positive change. However, there is a need to strengthen industry-academia collaboration for better alignment of academic curricula with the evolving job market. Moreover, prioritizing financial support for Academic-Industry collaboration is crucial, as it serves to forge robust connections between educational institutions and industries. This strategic emphasis ensures that academic curricula stay abreast of the ever-evolving demands of the industry, thereby nurturing a workforce equipped with agility, adaptability, and preparedness for future challenges."

 

12:59 PM

Budget LIVE news: Here's what the education sector expects from the govt?

Vishnu Manchu, Pro-Chancellor, Mohan Babu University.

 

"The Indian government, driven by the National Education Policy (NEP) 2020, has initiated transformative measures like the National Credit Framework (NCF), the Central Universities (Amendment) Bill, and seamless online learning integration, reshaping education. As the nation endeavours to build on these efforts, there's an expectation for more support in the upcoming budget. "

 

"There's a need to enhance the education system to attract more foreign students, necessitating substantial investments in higher education. The potential introduction of the Higher Education Commission of India (HECI) holds promise, and expectations are high for increased allocations to flagship initiatives like Samagra Shiksha, Eklavya Model Residential Schools, and the Skill India Programme. This strategic approach aims to address evolving education sector needs, emphasizing holistic education, inclusivity, and global competitiveness."

 

12:16 PM

Budget news: Here's what Toyota official had to say over expectations from govt on green mobility

'Government will continue its push towards shifting the economy and transportation sector to a greener future that is less dependent on fossil fuels', says Toyota Kirloskar Motor Deputy Managing Director (Corporate Planning, Finance & Administration and Manufacturing) Swapnesh R Maru. 
 

"Looking ahead, policy stability and continued emphasis on spurring investment and infrastructure development will not only further enhance the country's global competitiveness but also lead to growth of the manufacturing and service sector," he added.

11:45 AM

Here's what JK Tyre & Industries Chairman expects from interim Budget

JK Tyre & Industries Chairman & Managing Director Raghupati Singhania said that consistent automotive policies would propel sectoral expansion. "A robust budget is vital for India's journey to become the third-largest global economy," he noted

11:31 AM

Budget LIVE: Auto companies seek push to green mobility, infra development

Ahead of the interim Budget, leading firms in the automobile sector expect To promote green mobility, the Central government should continue with favourable policies, while also maintaining its focus on infrastructure development at a robust pace. Prime Minister Narendra Modi-led Central government is set to present the Budget on February 1.  "We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said.

 

11:04 AM

Delhi Budget session to commence from Feb 15; health, education among priorities

Arvind Kejriwal-led Delhi government will present its tenth budget in the upcoming Budget session of the Delhi Assembly. the session will be held from February 15-20 and the focus is expected to be on health, education, roads, and infrastructure. According to officials, Delhi's Finance Minister Atishi will table the budget on February 17, which will also be her first Budget, who was given the portfolio last year. A file of the budget session has been sent to Lieutenant Governor V K Saxena for his approval

10:32 AM

Budget LIVE: Analysts expect Budget, US Fed policy decision to drive stock markets

Union Finance Minister Nirmala Sitharaman to present the interim Budget on February 1. Ahead of the budget, analysts expect the budget, US Fed policy decision, and quarterly earnings to be the major drivers for stock markets, which are likely to see some consolidation. 

10:08 AM

Radhika Dalmia, chairperson, FICCI Ladies Organisation supports tax relaxations for women entrepreneurs

Chairperson of FICCI Ladies Organisation (Kolkata chapter), Radhika Dalmia, supports tax relaxations for women entrepreneurs and more paid holidays for working mothers. "Increasing the Rashtriya Swasthya Bima Yojana allowance and enhancing education benefits for girls are crucial steps. Strengthening financial inclusion and healthcare infrastructure along with prioritising education, particularly for girls, is vital for a more inclusive Bharat," she said.

 

9:46 AM

Budget LIVE: Here's what a Kashmiri Pandit expects from the Centre for his community

"I request the central government to keep a separate amount for the Kashmiri Pandit community in the forthcoming Budget. I will press for implementation of two things and will urge the Finance Ministry and Lieutenant Governor Manoj Sinha ji. There should be enhancement of relief amount to the community as early as possible in this Budget session," Head of Kashmiri Pandit Volunteers (KPV) Vikram Kaul told PTI.

 

He further added, "We had high expectations from the BJP. We view Modi ji as our guide. However, tangible progress has yet to materialise. We remain hopeful for a substantial enhancement of relief, surpassing previous allocations."

 

9:24 AM

Interim Budget: To promote Indian exports, exporters seek higher allocation for MAI scheme

Ahead of the upcoming Budget, exporters have requested the Central government to allocate funds worth $3.88 billion for the Market Access Initiative (MAI) scheme, to promote Indian exports and touch the $2 trillion mark by 2030. According to the Federation of Indian Export Organisations (FIEO), the apex body for exporters, the marketing support under the MAI scheme in the current financial year is less than $2 billion and is also grossly inadequate.

 

9:18 AM

Budget LIVE updates: Displaced Kashmiri Pandits urge Centre to increase monthly relief amount

On Friday, the displaced Kashmiri Pandits requested the Central government to increase their monthly relief amount in the upcoming Budget session, which Finance Minister Nirmala Sitharaman is scheduled to present on February 1. They further requested to allocate a new employment package, featuring 5,000 jobs in the Kashmir valley.  Any Kashmiri Pandit family that lacks a government employee as its member, receives a meager monthly amount of Rs 13,000 for its sustenance. During the last decade, there has been no enhancement. However, families with government employees do not receive such relief. 

 

9:16 AM

Budget 2024: Experts expect Income tax benefits, parity in taxation

As Union Finance Minister Nirmala Sitharaman is scheduled to present the interim Budget on February 1, some experts expect an increase in income tax exemption limits, providing support to women entrepreneurs, and ways to boost consumption and savings. The experts are also demanding for parity in taxation among companies, partnerships, and limited liability partnerships. 

 

"This is going to be an interim budget but at least there may be some indications of full-budget benefits. There may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to Rs 8 lakh from now Rs 7 lakh, inclusive of rebates," All India Federation of Tax Practitioners national president Narayan Jain said.