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

12:11 PM

Budget 2024 expectations: Will FinMin change tax slabs to provide relief to middle-class?

Entrepreneurs and salaried individuals have high expectations from Budget 2024 as they expect income tax relief from Union Finance Minister Nirmala Sitharaman. There could be a potential standard deduction hike or an increase in exemptions as well. Check out tax slabs under new regime:

 

• Up to Rs 3 lakh: NIL
• Rs 3-6 lakh: 5% on income which exceeds Rs 3 lakh
• Rs 6-9 lakh: Rs 15,000 + 10% on income more than Rs 6 lakh
• Rs 9-12 lakh: Rs 45,000 + 15% on income more than Rs 9 lakh
• Rs 12-15 lakh: Rs 90,000 + 20% on income more than Rs 12 lakh
• Above Rs 15 lakh: Rs 1.5 lakh + 30% on income more than Rs 15 lakh

11:59 AM

Parliament's Budget session to have 16 sittings spread over 22 days: Kiren Rijiju

Union Minister for Parliamentary Affairs Kiren Rijiju said that the Parliament's Budget session will mainly be devoted to the financial business relating to the Union Budget for 2024-25, which is set to be presented to Lok Sabha on July 23. Meanwhile, the Economic Survey of India 2023-24, along with a statistical appendix, will be laid on the table of the Houses of Parliament on Monday. 

11:53 AM

Govt bond yields moves towards key level before Union Budget 2024

Indian government bond yields trended marginally higher in early trades at the start of the week in which the Union budget announcement remains the key, even as RBI's surprising debt sale move weighed on investor sentiment. The benchmark 10-year yield was at 6.9748 per cent as of 10:10 a.m. on Monday, close to the key technical level of 6.98 per cent, after closing at 6.9641 per cent on Friday. "We could see some selling as traders may cut positions after bond sale, and will look to lighten positions after auction of the benchmark paper on Friday," a trader with a primary dealership told Reuters. With a major focus on the fiscal deficit target and the gross borrowing figure, the Narendra Modi government will announce the Union budget on Tuesday.

11:39 AM

Ahead of Economic survey and Union Budget, both BSE and NSE open in red

A day before the Union Budget 2024 is set to be presented in the Parliament, the Nifty 50 index fell by 100 points to 24,430, while the BSE Sensex dropped by 250 points to 80,391 in early trading. Meanwhile, across the broader NSE market, the volatility index increased by over 3 per cent, with all indices -- including Nifty Next 50, Nifty 100, Nifty Midcap, and Nifty Smallcap -- feeling the heat.

11:31 AM

Ahead of Budget 2024, Congress demands legal status to MSP, loan waiver for farmers

11:24 AM

Finance Minister Nirmala Sitharaman to table Economic Survey on Day 1 of Budget session today

The Budget Session of Parliament, which commenced today (July 22), is likely to conclude on August 12. On Day 1 of Budget session, Union Finance Minister Nirmala Sitharaman will table the Economic Survey 2023-24. She will be accompanied by Jayant Chaudhary, Pankaj Chaudhary, Kirtivardhan Singh, and Sukanta Majumdar. Read more here

11:15 AM

Budget 2024: As India makes strides in space, more allocation expected for sector

A rise in space sector allocation is also on the anvil as allocations saw a modest 4 per cent increase, from Rs 12,545 crore to Rs 13,043 crore, in the Interim Union Budget for 2024-25. The space is also in focus as India’s ambitions are skyrocketing, with the number of startups in the sector surging from a mere 1 in 2014 to an impressive 189 by 2023. Read more here  

11:02 AM

Budget Expectations: Citing rise in air travelers, aviation sector demands higher budgetary allocation

Even though there was a budget cut for the Ministry of Civil Aviation in the Interim Budget, the sector expects higher allocation this time. The budget allocation for the Directorate General of Civil Aviation (DGCA) and the Bureau of Civil Aviation Security (BCAS) was also slashed during the Interim Budget. In the upcoming Budget, the sector seeks tax cuts or a temporary relief package to assist airlines in their recovery. Read more here

10:52 AM

Budget session important in our democracy's journey; a govt has come back for 3rd term after 60 yrs: PM Modi

At the onset of the Parliament's Budget session on Monday (July 22), PM Modi said, "We are working to gradually realise the guarantees I have given... Positive outlook, investment, and performance define India, it is at peak of opportunities... People have given verdict, will appeal to all political parties to fight together for country for next five years." The PM also slammed the negative politics of some parties, saying they used Parliament's time to hide their failures."

10:43 AM

Budget Expectations: Focus on job creation, stick to fiscal deficit target, economists advise govt

The Narendra Modi government has, so far, not strayed from the path of fiscal prudence. Economists have asked the government to continue on the path even as 'freebie politics' continue to gain prove effective during polls. During her Interim Budget speech, Nirmala Sitharaman had announced that the government has set the 2024-25 (FY25) fiscal deficit target at 5.1 per cent. Meanwhile, economists have also urged the government to create more employment opportunities. Read more here

10:29 AM

MSMEs call for enhanced export support, marketing in upcoming Union Budget

The Micro, Small & Medium Enterprises (MSMEs) sector is looking for export capacity development, promotion, and marketing of MSMEs in the upcoming Budget. MSME forums have also urged the Indian government to promote local products in global market on the lines of the US Commercial Service. Additionally, mandating GST registration for all to create a digital footprint is also one of the key demands of the sector. Read more here 

10:18 AM

Railway Budget: More focus on infrastructure spending, boosting railway safety likely

Despite the central government allocating a record Rs 2.5 trillion for capital expenditure in Indian Railways in the Interim Budget 2024, train accidents over the past few months have put the issue of "passenger safety" under the spotlight. Amidst a growing demand for more accountability, the government may allocate more for regular track, signal, and train maintenance. Besides, there could an announcement on the three economic railway corridor programmes -- energy, mineral, and cement corridors -- slated for implementation. Read details here

10:02 AM

Union Budget 2024: Modi government's continued focus on infrastructure spending expected

In line with the trend over the last decade, the Union Budget is expected to continue the push on capital expenditure. Earlier, in her interim budget speech, Finance Minister Nirmala Sitharaman raised the Centre’s capital expenditure target by 16.9 percent for FY25 to Rs 11.1 trillion over the revised estimates for FY24. Capital expenditure has become an important driver of growth, especially as private capex has not increased as per expectations. Read details here.