The Global Trade Research Initiative (GTRI) said the current schemes and tariff structure resulted in great success, and the current framework is also ensuring duty-free imports of components for exports.

"Do not cut import duty on smartphone components in this Budget. Removing tariffs could lead to an increase in superficial assembly plants that rely heavily on imported parts, contributing little to the local economy.

6:59 PM

"Every Budget of PM prepared as per Adani, Ambani's advice": Congress MP Gaurav Gogoi

Congress MP Gaurav Gogoi on Monday targeted the BJP-led NDA government at the Centre over the Budget 2024-25 which will be presented by Finance Minister Nirmala Sitharman on Tuesday, alleging that every budget of PM Modi is prepared as per Adani and Ambani's advice.

He also alleged that this Budget would provide no relief on tax to middle-class people and the poor.

Notably, Union Budget for 2024-25 will be presented in Lok Sabha by Nirmala Sitharaman on July 23

Speaking on expectations from the Budget, Gogoi told ANI, "The budget will be prepared keeping in mind the profits of Adani and Ambani...There will be no relief on tax for middle-class people and the poor...Every budget of PM Modi is prepared as per Adani and Ambani's advice."

5:51 PM

Budget 2024: 'India to ease borrowing, investment rules for state firms'

India plans to remove some restrictions on its state-owned companies, including allowing them to borrow and invest without seeking the permission of the government, according to a Bloomberg report citing sources. Prime Minister Narendra Modi wants to make it easier for these firms to diversify into new markets and boost manufacturing, thereby helping him create jobs and lower imports, the people said, asking not to be identified before a formal announcement. The proposal may be announced as early as Tuesday, when Union Finance Minister Nirmala Sitharaman presents the Union Budget.

5:34 PM

Ahead of Budget, govt issues guidelines for Rs 4,950 cr incentive to discoms under PM-Surya Ghar scheme

A day before the Union Budget, Union Minister Pralhad Joshi on Monday (July 22) said the New & Renewable Energy Ministry has issued guidelines to provide Rs 4,950 crore incentive to discoms under the PM-Surya Ghar: Muft Bijli Yojana. Criteria for incentivising Discoms include achievement of installation of additional grid-connected rooftop solar capacity beyond the baseline level, the New & Renewable Energy Minister said in a post on X.

5:10 PM

20 hours earmarked for discussion on budget in Lok Sabha

4:55 PM

India's trade deficit expected to decline further: Economic Survey

Boost in domestic manufacturing due to PLI (production linked incentive) schemes and increase in exports on account of free trade agreements are expected to bridge the country's trade deficit further, Economic Survey said on Monday. However, it said that fluctuations in commodity prices, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels.

4:50 PM

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Economic Survey

Issues related to data privacy and rising online frauds are emerging as significant hurdles in the growth of e-commerce in India, said the Economic Survey 2023-24 tabled in Parliament on Monday. Citing third-party data, the survey said that the e-commerce industry in India is expected to cross $350 billion by 2030 and called for the need to educate users on the safe use of e-commerce platforms.

4:41 PM

Households not in distress, investing more in financial assets: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Monday said that households are investing more in financial assets and their market value are not captured in the national income data. The Economic Survey 2023-24, tabled in Parliament, said that registered investor base at NSE has nearly tripled from March 2020 to March 2024 to 9.2 crore as of March 31, 2024, potentially translating into 20 per cent of the Indian households now channelling their household savings into financial markets.

4:30 PM

Economic Survey projects doable 7% growth for FY25: CEA Anantha Nageswaran

The Economic Survey has projected a prudent growth rate of 6.5-7 per cent for the current financial year, and much will depend upon the progress of the monsoon, Chief Economic Advisor V Anantha Nageswaran said on Monday. Addressing reporters here after the tabling of the Economic Survey 2023-24 in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said the economic growth rate of 7 per cent is doable but will depend on how the monsoon rains progress.

4:20 PM

Convergence of efforts by Centre, states needed to improve education quality: Economic Survey

Convergence of efforts across the Centre, states and local bodies is needed to improve the quality of education, especially primary education, the Economic Survey said on Monday. According to the survey for FY 2023-24 tabled in Parliament, the National Education Policy (NEP) 2020 is expected to yield foundational literacy and numeracy for every child passing the third standard in the near future.

4:10 PM

People of every religion and caste will benefit from Union Budget: Ramdas Athawale

Speaking on the Union Budget to be presented on Tuesday (July 23), Union Minister Ramdas Athawale says, "... This budget will announce more development projects for the country... People of every religion and caste will benefit from the budget... We will strive to uplift the people living below the poverty line in the next five years, just like 25 crore people were brought out of poverty in the last 10 years..."

4:04 PM

GTRI urges govt not to cut import duty on smartphone components in Budget

Economic think tank GTRI on Monday urged the government to cut import duty on smartphone components in the Budget as it could lead to an increase in superficial assembly plants that rely heavily on imported parts. Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 on Tuesday (July 23). The Global Trade Research Initiative (GTRI) said the current schemes and tariff structure resulted in great success, and the current framework is also ensuring duty-free imports of components for exports.

3:52 PM

'With several nations aiming for net zero emission, it's going to be a major issue in resource availability'

3:25 PM

GST played remarkable role in reducing logistics cost: Economic Survey

The Goods and Services Tax (GST) has played a remarkable role in bringing down the country's logistics cost, Economic Survey on Monday said. The 'One Nation, One Tax' regime has ensured that trucks do not have to wait for hours on state borders, which has brought down the travel time by up to 30 per cent. "This has reduced the logistics cost and increased the average distance trucks travel from 225 km before GST to 300-325 km," the Economic Survey 2023-24 tabled in Parliament said.

3:22 PM

Economic Survey suggests use of digital system 'Agri Stack' for better targeting of fertiliser subsidy

Economic Survey has prescribed for better targeting of fertiliser subsidy using 'Agri Stack' digital system to ensure that a fixed quantity of subsidised nutrients are sold to only identified farmers based on parameters such as land ownership and cropping pattern of a particular district. It also suggested direct transfer of fertilisers subsidy to farmers through E-RUPI, a digital payment mechanism.

Union Budget 2024 Expectations: Will Prime Minister Narendra Modi stick to fiscal prudence, or promise dole-outs to push demand? Will the government continue to focus on infrastructural spending, or cut taxes to benefit the middle class? Will the government announce an Employment Linked Incentive scheme, or increase the annual payment under the PM Kisan Samman Nidhi? Or will it be all of this?

The first Budget is usually the one where the central government takes the toughest decisions, but the Narendra Modi government (with a weakened majority) would also not want to hamper its chances of winning the three upcoming state elections. Therefore, speculations are doing the rounds on what the upcoming Union Budget, set to be presented by Union Finance Minister Nirmala Sitharaman on Tuesday (July 23), will look like.

Both BSE and Nifty 50 markets have been rallying over the past few weeks in anticipation that the Budget would continue the Modi government's momentum on infrastructure spending and take more measures to ensure ease of doing business. Investors will keep an eye on any announcement relating to the capital gains tax. Any favorable adjustment to it will trigger a stock market rally. Similarly, simplifying GST also remains an area of interest for not just businesses, but individuals as well.

The Budget also comes amid expectations that the Narendra Modi government will loosen its purse strings as it is set to receive a Rs 2.11 trillion dividend from the Reserve Bank of India.

Find out all the updates on the Union Budget here:

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Topics :Nirmala Sitharaman Narendra Modi Stock Market Budget 2024 Union Budget Rural economy Budget and Infrastructure infrastructure projects PLI scheme Employment in India Job growth corporate tax cut Tax policies GST

First Published: Jul 22 2024 | 9:47 AM IST

Budget 2024 Updates: Finance Minister Nirmala Sitharaman to present the Union Budget on Tuesday

Union Budget 2024: As Finance Minister Nirmala Sitharaman presents the Union Budget on Tuesday, markets expect tax cuts, infra spending, and a boost to rural demand. Stay with us for all updates

Key Events

GTRI urges govt not to cut import duty on smartphone components in Budget

"Every Budget of PM prepared as per Adani, Ambani's advice": Congress MP Gaurav Gogoi

Budget 2024: 'India to ease borrowing, investment rules for state firms'

Ahead of Budget, govt issues guidelines for Rs 4,950 cr incentive to discoms under PM-Surya Ghar scheme

20 hours earmarked for discussion on budget in Lok Sabha

India's trade deficit expected to decline further: Economic Survey

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Economic Survey

Households not in distress, investing more in financial assets: CEA Nageswaran

Economic Survey projects doable 7% growth for FY25: CEA Anantha Nageswaran

Convergence of efforts by Centre, states needed to improve education quality: Economic Survey

People of every religion and caste will benefit from Union Budget: Ramdas Athawale

GTRI urges govt not to cut import duty on smartphone components in Budget

'With several nations aiming for net zero emission, it's going to be a major issue in resource availability'

GST played remarkable role in reducing logistics cost: Economic Survey

Economic Survey suggests use of digital system 'Agri Stack' for better targeting of fertiliser subsidy

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