Budget 2024 LIVE updates: Govt raises import duty on gold, silver jewellery

Union budget 2024: Govt will table the interim budget where focus will likely be on controlling fiscal deficit and supporting agri ahead of the elections. Catch all the budget-related live updates

12:34 PM

Budget 2024 LIVE updates: Centre expected to announce Rs 7,500 cr Delhi metro project to connect Haryana-UP

Centre is likely to announce Delhi Metro’s new corridor project to connect Haryana and Uttar Pradesh during the Interim Budget on February 1. The project is estimated to cost Rs 7,500 crore and will extend from Rithala in Delhi to Kundli in Haryana. This will be the sixth and final corridor of Delhi Metro’s phase IV project.

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12:13 PM

Budget 2024 LIVE updates: Budget should pave way for dedicated courses in gaming

Namratha Swamy, chief operating officer at Mobile Premier League (MPL) says that that Budget 2024 should pave the pave for dedicated courses in gaming. 

He says, "These courses will play a pivotal role in nurturing the next generation of game developers and professionals, ensuring a steady supply of skilled talent to fuel the industry's growth."

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11:52 AM

Budget 2024 LIVE updates: Taxation on esports should be slashed to 18% from 24%

Rohit Agarwal, founder and director of gaming marketing agency Alpha Zegus, says that the taxation on esports should be slashed to 18 per cent from 28 per cent.

"From budget 2024, one of the major steps I look forward to is more 'esports' based activities moving to 18 per cent slab," he said. Adding that the esports industry is also looking forward to the Centre encouraging more state governments to assign budgets for the growth and promotion of esports.
 

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11:42 AM

Budget 2024 LIVE update: E-sport companies expect dedicated fund allocation in the Union Budget

Esports companies and federations expect a dedicated allocation of funds for the sector as it has the potential to grow after its inclusion as an official medal sport in the Asian Games 2022.

"For establishing the infrastructure necessary for the industry's development and to nurture an esports ecosystem that positions India as a global esports hub, we hope to see a dedicated allocation of funds for the esports sector," says Lokesh Suji, director of the Esports Federation of India and vice president at the Asian Esports Federation.

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11:19 AM

Budget 2024 LIVE update: Paper manufacturers urge Centre to increase import duty on paper by 25%

Domestic paper and paperboard manufacturers have demanded a hike in import duty to 25 per cent on paper products and the imposition of a quality control order in the upcoming Budget to discourage cheap inward shipments.
 

The Indian Paper Manufacturers Association (IPMA), in a statement on Monday, said that in its pre-budget submissions to the government, it has urged for increasing the basic customs duty on the import of paper and paperboard from 10 per cent to 25 per cent as India's WTO Bound rate is 40 per cent on these products. (PTI)



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11:05 AM

Budget 2024 date: Why the Union Budget of India is presented on February 1

From 1999 till 2017, for almost 20 years, the Union Budget continued to be presented on the last working day in February. It was changed in 2017.

Arun Jaitley, who was then the finance minister, announced that from 2017, the Budget would be presented on February 1 and not on the last working day as it was a colonial-era practice.
 

Jaitley also announced that the Centre did not get ample time to make new policies for the year that would start from April 1, if the Budget is presented on the last day of February.

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10:57 AM

Budget 2024 time: Why the Union Budget is presented at 11 am

The Budget was presented at 5 pm on the last working day of February since the colonial era. The time was chosen due to India’s time difference from the United Kingdom. India’s time is 4.5 hours ahead of the British Summertime, and the Budget at 5 pm (IST) ensured that it was announced during the day in the UK.

However, the practice was changed by Yashwant Sinha in 1999 under the Atal Bihari Vajpayee-led government. Sinha, who was India’s finance minister between 1998 and 2002, suggested that the Budget be presented at 11 am as it would allow time to analyse numbers. Sinha also said that this would allow more informed debate in the Parliament.

On February 27, 1999, Sinha presented the Budget at 11 am for the first time in India. Since then, it has been presented at 11 am.

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10:40 AM

Budget 2024 LIVE update: PM Modi promises to install rooftop solar panels in 10 million houses

Following the Ram mandir consecration ceremony in Ayodhya on Monday, Prime Minister Narendra Modi said in a post on X, "The first decision I have taken after returning from Ayodhya is that our government will launch “Pradhanmantri Suryodaya Yojana” with the target of installing rooftop solar on 1 crore houses."

"This will not only reduce the electricity bill of the poor and middle class, but will also make India self-reliant in the energy sector," he added.

 

9:43 AM

Govt expected to announce a substantial increase in agricultural credit to Rs 22-25 trillion

With intensions to support agriculture and farmers in the country, the government is likely to announce a substantial increase in the agricultural credit target to Rs 22-25 trillion in the upcoming interim Budget for the next fiscal and ensure every eligible farmer has access to institutional credit, according to sources. The government's agri-credit target is Rs 20 trillion for the current fiscal.

 

9:39 AM

Govt likely to focus on reducing fiscal deficit, expanding capital expenditure in union budget

In its interim budget scheduled to be table on February 1, the goverenment is likely to focus on controlling the fiscal deficit while expanding the capital expenditure to an all-time high, according to a report published in Reuters. This budget is significant given that it will be tabled weeks before the Lok Sabha elections where BJP is predicted to win a third-term. The interim budget is likely to stike a balance between populist measures and fiscal prudence.