Budget 2024 LIVE: India Inc awaits FM's Budget for growth boosting measures
Union Budget 2024 Live Updates: The Interim Budget 2024 is set to be presented on February 1. Catch all the budget-related live updates here
 "Finance Minister Nirmala Sitharaman")
Union Budget 2024: Finance Minister Nirmala Sitharaman took part in the traditional 'halwa' ceremony on Wednesday (File image)
Union Budget 2024 news: India Inc wants Finance Minister Nirmala Sitharaman to announce more measures in her interim Budget to boost manufacturing, earmark larger funds for infrastructure development, and accord more focus on social sector schemes, while giving relief on taxation front. Sitharaman, who has already presented five annual Budgets, will be unveiling an interim Budget for fiscal 2024-25 on February 1 in the Lok Sabha. It will be the last major economic document before the next general elections. Industry says that it is imperative for the government to take measures to boost economic growth in the country as India marches towards becoming the third largest economy in the coming years. Industry body CII has suggested launch of 'National Mission for Advanced Manufacturing' to enhance quality and productivity in manufacturing. Finance Minister Nirmala Sitharaman today said the centre will focus its policies towards the betterment of four groups—youth, women, farmers, and the poor—identified by Prime Minister Narendra Modi. The minister said that the centralgovernment today is close to achieving saturation in various social sector schemes to ensure these fundamental things are available irrespective of who they are.
On Wednesday, Finance Minister Nirmala Sitharaman 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 in which 'halwa' is made and served to officials and staff members who are involved in the preparation of the Budget. The ceremony is performed before the 'lock-in' process of Budget preparation begins, an official statement stated. The Minister also took a round of the Budget press and examined the preparations besides extending her wishes to officials, Interim Union Budget 2024 will also be delivered in paperless form like the previous three full Union Budgets. The Interim Union Budget 2024 is scheduled to be presented on February 1, 2024.
In their proposals to the Finance Ministry for the upcoming interim budget, industry bodies have asked for continued thrust on capital expenditure (capex) in their proposals. The Confederation of Indian Industry (CII) has urged for a in capex by at least 20 per cent to Rs 12 trillion from last year's allocation of Rs 10 trillion. The Federation of Indian Chambers of Commerce and Industry (FICCI) asked said the central government to maintain focus on investments, with the gross fixed capital formation to gross domestic product ratio estimated to have grown to a decadal high at 34.9 per cent in FY24. CII also asked the Centre to expand the central support to state capex, in the form of an interest-free, 50-year loan, by about Rs 30,000 crores, to Rs 1.6 trillion.
On Wednesday, Finance Minister Nirmala Sitharaman 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 in which 'halwa' is made and served to officials and staff members who are involved in the preparation of the Budget. The ceremony is performed before the 'lock-in' process of Budget preparation begins, an official statement stated. The Minister also took a round of the Budget press and examined the preparations besides extending her wishes to officials, Interim Union Budget 2024 will also be delivered in paperless form like the previous three full Union Budgets. The Interim Union Budget 2024 is scheduled to be presented on February 1, 2024.
In their proposals to the Finance Ministry for the upcoming interim budget, industry bodies have asked for continued thrust on capital expenditure (capex) in their proposals. The Confederation of Indian Industry (CII) has urged for a in capex by at least 20 per cent to Rs 12 trillion from last year's allocation of Rs 10 trillion. The Federation of Indian Chambers of Commerce and Industry (FICCI) asked said the central government to maintain focus on investments, with the gross fixed capital formation to gross domestic product ratio estimated to have grown to a decadal high at 34.9 per cent in FY24. CII also asked the Centre to expand the central support to state capex, in the form of an interest-free, 50-year loan, by about Rs 30,000 crores, to Rs 1.6 trillion.
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India Inc eagerly awaits FM's Feb 1 Budget for growth boosting measures
India Inc wants Finance Minister Nirmala Sitharaman to announce more measures in her interim Budget to boost manufacturing, earmark larger funds for infrastructure development, and accord more focus on social sector schemes, while giving relief on taxation front.
Sitharaman, who has already presented five annual Budgets, will be unveiling an interim Budget for fiscal 2024-25 on February 1 in the Lok Sabha. It will be the last major economic document before the next general elections.
Industry says that it is imperative for the government to take measures to boost economic growth in the country as India marches towards becoming the third largest economy in the coming years.
Industry body CII has suggested launch of 'National Mission for Advanced Manufacturing' to enhance quality and productivity in manufacturing.
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India bond yields dip, end flattish for week with eyes on budget
Indian government bond yields ended lower on Thursday after stronger-than-expected demand at the weekly debt auction, and were largely unchanged for the second straight week as investors await the federal budget for further cues.
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Budget 2024: Modi govt empowered people without any discrimination, says FM Sitharaman
Finance Minister Nirmala Sitharaman today called for "economic independence" of the country, while stating that the Modi government has empowered all sections of society "without any discrimination."
"Despite the excellent energy with which India wanted to grow post-independence. Not very recently, we began to get telephones in our houses without the recommendation of an MP. Not till recently we could get a gas cylinder without a recommendation. Not till recently we could have better roads, airports and. Not till recently we could have enough seats in engineering colleges. Today all of these are being ramped up with a sense of urgency," she said at an event in Delhi University's Hindu College.
"Despite the excellent energy with which India wanted to grow post-independence. Not very recently, we began to get telephones in our houses without the recommendation of an MP. Not till recently we could get a gas cylinder without a recommendation. Not till recently we could have better roads, airports and. Not till recently we could have enough seats in engineering colleges. Today all of these are being ramped up with a sense of urgency," she said at an event in Delhi University's Hindu College.
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Budget LIVE 2024: Youth, women, farmer to be focus of govt policy, says FM Sitharaman
FM Sitharaman today stated that since 2014, the government has undertaken efforts to provide basic necessities of housing, water, roads, and electricity to people with a sense of urgency which was lacking over the last 50-60 years. Read here for more details.
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Budget 2024: Centre close to saturation in implementing social sector schemes, says FM Sitharaman
FM Nirmala Sitharaman today said the government is close to reaching saturation in implementing social sector schemes designed to provide basic necessities to the poor. She was addressing the students of Hindu College on the occasion of college's 125th anniversary.
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Budget 2024 LIVE Updates: CII suggests food, fertiliser subsidies in Interim Budget
Trade association Confederation of Indian Industry (CII) has stated that food and fertiliser subsidies should be rationalised by better targeting and optimum utilisation of resources without affecting deserving beneficiaries.
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Key announcements made in previous interim budget in 2019
-The interim budget proposed substantial income tax relief for the middle class by increasing the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh.
-The budget introduced the PM-KISAN scheme, aiming to provide direct income support to small and marginal farmers.
-The standard deduction for salaried employees was increased from Rs 40,000 to Rs 50,000.
-The gratuity limit was doubled from Rs 10 lakh to Rs 20 lakh.
-The Pradhan Mantri Shram Yogi Maandhan scheme was introduced, offering a pension of Rs 3,000 per month for workers in the unorganised sector after the age of 60.
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From brief case to 'Bahi Khata': How Budget presentation changed over the years
RK Shanmukham Chetty, the first finance minister of independent India, had carried the documents related to the first Union Budget in a leather portfolio bag
In 2019, Finance Minister Nirmala Sitharaman ditched practice of carrying a brief case for a 'bahi khata'. She then chose to go paperless in 2021 by using a 'Made in India' tablet.
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Budget 2024 LIVE: Centre could increase agri-credit target to Rs 22-25 trillion
The Centre is seen announcing a jump in the agricultural credit target for the next fiscal, ranging between Rs 22-25 trillion. The move is aimed at supporting the agricultural sector.
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Budget 2024: When will Interim Budget be presented?
Budget 2024, which will be an Interim Budget, will be presented in the Parliament on February 1 at 11 am.
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Budget 2024: Finance Minister Sitharaman takes part in 'halwa' ceremony; marks final stage of Budget prep
FM Nirmala Sitharaman yesterday participated in the 'halwa ceremony. It symbolises the final stage of preparation for the Interim Budget 2024, which will be on February 1 in the Lok Sabha. Read here for more details.
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Budget 2024 LIVE: Industry bodies ask Centre to continue focus on capex in Interim Budget
The Confederation of Indian Industry (CII) has asked for an increase in capex by at least 20 per cent to Rs 12 trillion from last year's allocation of Rs 10 trillion. The Federation of Indian Chambers of Commerce and Industry (FICCI) in its budget proposals to the Centre said the government should maintain focus on investments, though growth has been robust so far.
Topics : Narendra Modi Nirmala Sitharaman Union Budget Finance minister Lok Sabha elections BJP Union Cabinet Budget
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First Published: Jan 25 2024 | 9:22 AM IST
