Budget LIVE news: Commerce ministry endorses import tax cuts on gold bars

Union Budget 2024 Live Updates: Catch all the developments on the Interim Budget 2024

 Finance Minister Nirmala Sitharaman  on January 25 stated that the Centre would orient its policies towards improving the lot of four groups — the youth, women, farmers, and the poor — identified by Prime Minister Narendra Modi.
 

“The youth, women, farmers, and the unfortunate poor still need some more support ... Everything will be focused on their betterment. Then you don’t really get into this whole thing about caste, community, or religion,” Sitharaman said at the 125th anniversary of Hindu College, Delhi. She was speaking on the topic “Empowering the Youth: Building the Foundations of a Viksit Bharat”.

The finance minister will present the Interim Budget on February 1, while the Lok Sabha elections are expected in April-May.

The minister said the government’s efforts extended beyond financial support and had a focus on creating opportunities, such as those for the youth, through skill training.

Finance Minister Nirmala Sitharaman on Wednesday took part in the traditional 'halwa' ceremony, symbolisng the final stage for preparation of the Interim Budget 2024 set to be delivered on February 1 in the Lok Sabha. The 'halwa' ceremony is an annual custom in the finance ministry.

7:27 PM

Interim Budget 2024: T V Somanathan to Ajay Seth, meet the FM's crack squad

On February 1, Finance Minister Nirmala Sitharaman will present the interim budget in Parliament for the fiscal year 2024-25. This will be Sitharaman’s sixth consecutive budget, having presented her first full budget in July 2019 after the Bharatiya Janata Party returned to power for a second term. The February 1 budget will also be the last major economic document before the next general elections. A vote-on-account or interim budget, once approved by Parliament, will authorise the government to withdraw money from the Consolidated Fund of India on a pro-rata basis to meet expenditure until a new elected government presents the full Budget, usually in July. FM is backed by a strong team of bureaucrats and economists in charting out the future strategy in the upcoming budget.

 

4:17 PM

Interim Budget 2024: Govt halves Budget support to oil firms, defers filling strategic oil 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.

3:42 PM

Budget 2024: Govt close to saturation in executing social sector schemes, says FM Sitharaman

Nirmala Sitharaman on Thursday stated that the government is close to reaching saturation in implementing social sector schemes designed to provide basic necessities to the poor.  

3:38 PM

Budget 2024 updates: Commerce ministry endorses import tax cuts on gold bars

The commerce ministry has supported a plea from the jewelry industry to cut import tariffs on gold bars, The Economic Times reported today. This comes amid concerns that these duties are exacerbating the problems faced by India's struggling jewelry exports.

2:09 PM

Budget LIVE 2024: Delhi Assembly Budget to be tabled on February 16

An official said today the Budget session of the Delhi Assembly will be held from February 15 to 20. It will be the first budget presentation by Delhi Finance Minister Atishi, who was given the finance portfolio last year. He said Atishi will table the 2024-25 budget of the city government on February 16.

 

12:41 PM

Budget 2024: What does the education sector expect from government?

The stakeholders in the education sector want the Centre to mull the GDP allocation to the public education system. They also want the government to strengthen industry-academia collaboration for better alignment of curriculum with the evolving job market. Read here for more details.

12:33 PM

Budget 2024: What does the healthcare sector expect from Centre?

Companies in the health industry want the central government to focus on female healthcare and integration of Ayurveda into mainstream healthcare. Read here for more details.

9:40 AM

Interim Budget 2024: Industry urges govt to provide tax benefits

Indian industry, including exporters on Thursday, asked the government to provide tax incentives for research and more funds for marketing activities in the Budget to boost manufacturing and the country's outbound shipments. They also urged the government to consider developing a global shipping line in partnership with the private sector.