Budget 2024 Highlights: Parliament's Budget Session to begin on Wednesday

Union Finance Minister Nirmala Sitharaman is set to table the interim budget for 2024-25 on Thursday, February 1. Catch all the latest Budget 2024 updates here

Budget 2024: The Budget Session of Parliament, the last of the present Lok Sabha, begins on Wednesday with President Droupadi Murmu addressing a joint sitting of the lower and upper Houses, and the government urging opposition parties to cooperate in the smooth conduct of the proceedings. Union Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1 ahead of the Lok Sabha elections likely to be held in April-May. The new government will present the full budget after it assumes office.

Parliamentary Affairs Minister Pralhad Joshi told a meeting of floor leaders of political parties in Parliament that Sitharaman will also present the Budget for Jammu and Kashmir, which is under the President's Rule.

The Minister of Parliamentary Affairs Pralhad Joshi will hold meeting with the floor Leaders of Political Parties in both the houses of the Parliament on January 30, ahead of the 2024 Interim Budget session. The All Party meeting is scheduled at 11:30 am at Parliament Library Building in New Delhi.

This is a customary practice ahead of every session as leaders of different parties highlight the issues they want to raise in Parliament, and the government offers them a glimpse into its agenda and seeks their cooperation. 

Budget Session of Parliament to begin from 31st January. Union Finance Minister Nirmala Sitharaman will present the interim budget on 1st February. The session is scheduled to conclude on February 9, 2024. 

The finance minister has warned not to expect any "major announcements" during the Budget session, leading people to believe that the Interim Budget in February will focus on extending existing policies and welfare programmes. Experts also believe that the Budget session will focus on women, poor, youth, and farmers, as Sitharaman has stated that those are Prime Minister Narendra Modi's priorities.

This week is packed with important global events as FM Sitharaman prepares to present the interim budget on Thursday. The US Federal policy decision and quarterly earnings will be announced this week, along with two big events that will have all the attention of investors in the stock markets. On the macroeconomic front, the PMI (Purchasing Managers' Index) data for the manufacturing sector is scheduled to be announced on Thursday.

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What industry wants from India's budget on Feb. 1

Industry lobby bodies are suggesting the government continue spending on infrastructure, expand incentives for manufacturing and tweak import taxes on inputs for certain goods.
 

The government is considering raising capital spending to as much as 12 trillion rupees from the current year's plan of 10 trillion rupees. India's electronics minister has made a case for lowering duty on mobile phone components.

 

The government should continue to focus spending on infrastructure and increase it by at least 20% to 12 trillion Indian rupees ($144.39 billion), the Confederation of Indian Industry (CII) lobby group said.
 

The federal government's spending on infrastructure has been key to the Indian economy growing at 7.3% for the financial year ending March 31, 2024. The CII said the federal government should continue to extend support to states in the form of interest free 50-year loans, and increase the allocation by 23% to 1.6 trillion rupees in 2024/25.

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Haryana Assembly's Budget session to begin on February 20

The Budget session of the Haryana Assembly will begin on February 20.

 

Haryana Education Minister Kanwar Pal, who also holds the parliamentary affairs portfolio, said, "The session will commence on February 20."

 

Speaking to reporters after a meeting of the state Cabinet on Tuesday, Pal said a two-minute silence was observed at the beginning to honour the martyrs of India's freedom struggle.

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Parliament's Budget Session begins Wednesday; last of present Lok Sabha

The Budget Session of Parliament, the last of the present Lok Sabha, begins on Wednesday with President Droupadi Murmu addressing a joint sitting of the lower and upper Houses, and the government urging opposition parties to cooperate in the smooth conduct of the proceedings.

 

Union Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1 ahead of the Lok Sabha elections likely to be held in April-May.

 

The new government will present the full budget after it assumes office.

 

Parliamentary Affairs Minister Pralhad Joshi told a meeting of floor leaders of political parties in Parliament that Sitharaman will also present the Budget for Jammu and Kashmir, which is under the President's Rule.

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Budget 2024 can play a key role in facilitating growth, sustainable development says Fujitsu

Ahead of the Interim Budget session on Thursday, industry experts share their wishlists and expectations.

 

Manoj Nair, head of Global Delivery Centres, Fujitsu says, "With Global Capability Centres being a major engine for economic growth, Budget 2024 can play a key role in facilitating growth and sustainable development. GCCs require support and investment for infrastructure and a growth environment. The Budget 2024 can help GCCs further scale and accelerate innovation at a faster rate as India emerges as the world's technology and services hub."

Read full story here.

 

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Budget 2024 Live: Data centres want to see more push towards domestic manufacturing and infra development

Bimal Khandelwal, chief financial officer, STT Global Data Centres India states, "We are hopeful of incentives to spur domestic manufacturing and infrastructure builds specially tailored for data centres' massive scale and seamless connectivity needs. Attractive capital subsidies for setting up future-ready facilities and easy financing options to offset development costs will unleash growth. We also envision provisions that encourage the adoption of renewable energy to meet data centres' clean power appetites."

Read full story here.

 

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Budget 2024: HMD Global (Nokia Mobile) wants to PLI schemes extended and local production fortified in Budget

Ravi Kunwar, vice president (India & APAC), HMD Global (Nokia Mobile), says "Foreseeing an extension or enhancement to the Production Linked Incentive (PLI) policy, we aim to fortify local production and encourage an indigenous components supply chain. The budget's positive impact on operations, particularly in local manufacturing, is anticipated, though precise planning hinges on final announcements. Our wish list emphasises more incentives for local production, encouragement for component manufacturing within India, and support for exports."

 

Read full story here.

 

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Budget 2024 Live: Telecom industry seeks affordability, growth of public wifi services in Interim Budget

TV Ramachandran, president, Broadband India Forum wants to three aspects covered in the upcoming Interim Budget session:

 

1. Facilitation of affordable Broadband through Satcom through reasonably modest spectrum fee

2. Budgetary support for the growth of Public Wi-Fi through waiver of duties & levies on equipment and revenues

3. Budgetary support to incentivise Fiber to the Building +Wi-Fi to enable rapid growth in Fixed Broadband, by way of reduction in statutory fees and levies and exemption of GST on service revenues.

Read full story here.

 

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Budget 2024 Live: Karnataka CM writes to FM requesting inclusion of an AIIMS in Raichur

The Chief Minister has also enclosed a copy of his letter dated June 17, 2023 addressed to Union Minister of Health and Family Welfare, Mansukh L Mandaviya with his request to the Finance Minister. 

 

He said, "The State Government, on consideration of possible locations, is of the view that Raichur is the most suitable place to establish an AIIMS. I would, therefore, request you to include the establishment of AIIMS at Raichur in the forthcoming Budget of 2024-25." (PTI)

 

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Budget 2024 Live: Karnataka CM requests inclusion of an AIIMS in Raichur in Interim Budget

Karnataka Chief Minister Siddaramaiah has written a letter to Union Finance Minister Nirmala Sitharaman with a request to include state's proposal for the establishment of an All India Institute of Medical Sciences (AIIMS) in Raichur district, in the upcoming interim Budget. (PTI)
 

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Budget 2024 Live: What do Indian investors expect from the Interim Budget

Indian investors are favouring long-term bonds with the anticipation of a conservative budget, Funds, insurers and bank have upped their positions in long-duration bonds expecting no pre-election surprises.

 

Read full story here.

 

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Budget 2024 LIVE: Congress MP Tiwari raises issues on economic situation, federal structure in all-party meet

After pre-Budget all-party meeting, Congress MP Pramod Tiwari tell ANI," I have raised issues regarding economic situation, federal structure, violent attacks on Rahul Gandhi's Yatra in Assam, doubling the income of farmers, ED-CBI raids, caste census among others."

 

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Budget 2024 LIVE: 'It was a very cordial meeting', says Parliamentary Affairs Minister after all-party meet

After all-party meeting, Parliamentary Affairs Minister says to PTI, "It was a very cordial meeting... The meeting was held in a conducive atmosphere. This is a short session and the last one of the 17th Lok Sabha...We have requested the MPs to not come with placards.

He added, "Government is ready to discuss every issue."

 

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Budget 2024 LIVE: We are keen to place our demands, says TMC MP Bandyopadhyay after all-party meet

Following the pre-Budget all-party meet, TMC MP Sudip Bandyopadhyay tells ANI, "We are keen to place our demands. We also raised the issue of suspension of 150 MPs but the attitude of the government is not to reply to any question."

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Budget 2024 Live: ICRA estimates FY24 tax collection to overshoot BE by Rs 60,000 cr

Credit rating agency ICRA estimates that the central tax collections for financial year 2023-24 (FY24) will overshoot budget estimates (BE) by Rs 60,000 crore. If that happens, tax receipts would stand at Rs 34.21 trillion under revised estimates (RE) against 33.61 trillion pegged in BE.

 

Read full story here.

 

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Budget 2024 Live: What do women entrepreneurs expect in Interim Budget 2024

Zaiba Sarang, Co-founder of iThink Logistics, told India.com that a greater focus on sustained investment was needed when it came to multi-modal infrastructure development. Sarang emphasised the need for investment in freight corridors, inland waterways, and intelligent logistics parks that could reduce costs and enhance efficiency. Sarang also added that green initiatives, including electric vehicles, green warehousing, and renewable energy adoption, were necessary to reduce carbon footprint.