Page 13 - Union Budget

Budget 2024: Demand for creation of new NBFC-PSL category to boost MSME

The creation of a new category of Non-Banking Financial Companies (NBFCs) dedicated to priority sector lending (PSL) to support the growth of MSMEs features among the key demands by business leaders in the forthcoming Union Budget. Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on Tuesday. Shachindra Nath, Founder & MD of UGRO Capital Ltd, urged the government to address specific challenges faced by NBFCs that cater to the Micro, Small, and Medium Enterprises (MSMEs). He called for the establishment of NBFC-PSL, which would focus at least 85 per cent of their assets under management (AUM) on the priority sector. "Creating an NBFC-PSL category will foster a more inclusive and resilient financial ecosystem for MSMEs," Nath told PTI. He said loans from banks to NBFCs for onward lending to MSMEs should be classified as PSL loans', with current caps removed. Nath also proposed reintroducing the Partial Credit Guarantee Scheme and expanding it to includ

Union Budget 2024: The significance of the Economic Survey explained

The Economic Survey 2024, to be presented today, will evaluate India's economic recovery, growth potential, and address key challenges, setting the stage for budgetary decisions and fiscal policies

Budget 2024: From mfg to trading, here's list of likely winners and losers

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes

Budget 2024: Jindal Stainless seeks zero customs duty on ferro nickel

Jindal Stainless has urged the government to remove the customs duty on ferro nickel and molybdenum in the upcoming Budget to ensure the industry's access to these critical raw materials at competitive prices. The present customs duty on ferro nickel is 2.5 per cent, while in the case of ferro molybdenum, it is 5 per cent. "We propose a long-term waiver of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to these essential raw materials at competitive prices," Jindal Stainless Ltd (JSL) Managing Director Abhyuday Jindal said. Jindal, on behalf of the stainless steel industry, urged the government to continue its support towards making the "Make in India" initiative competitive with incentives for innovation and sustainable practices. Reducing import duties on raw materials and offering tax benefits for research and development would greatly benefit the sector, he said. Finance Minister Nirmala Sitharaman will table the full budget for FY25 in

Budget 2024: Noida real estate developers expecting tax cuts on cement

Real estate developers in Noida and Greater Noida in western Uttar Pradesh expect the first Budget of the Modi 3.0 government to accord 'industry status' to their sector for easier access to funds, and address woes related to GST, including the 28 per cent taxation on cement. Hoping for "nuanced approach" to real estate woes, the developers seek the government's support beyond fiscal incentives, with the upcoming Budget focussing on enhancing transparency and efficiency through a robust regulatory framework, streamlined approvals process. Industry body CREDAI's western UP Secretary Dinesh Gupta said boosting the real estate sector with tax incentives, improved tax structures, and a single-window clearance policy will encourage further investment from both domestic and foreign sources. "Furthermore, tax reforms that lower income taxes for both corporations and individuals, simplify tax legislation, offer targeted incentives, expand the SWAMIH stress fund, and lower the GST rates on .

Affordable housing, infra growth likely to be in focus of Budget: Assocham

Greater focus on green mobility, affordable housing, holistic infrastructure development and a big push to manufacturing, along with boosting consumption demand, are expected to find prominence in the forthcoming Union Budget, said an Assocham-Primus paper. Finance Minister Nirmala Sitharaman will present the Union Budget on Tuesday in Parliament. Highlighting that the first Budget of the Narendra Modi 3.0 government will also include a long-term blueprint for making India a developed nation by 2047, the paper listed areas that would require the government's greater attention and priorities for realising the national goals. "While the Budget would attend to the immediate requirements of boosting consumption, investment and augmenting the supply side of the economy, it is also expected to lay a roadmap for the bigger goal of scaling up national income to a level of developed nations," said Assocham President Sanjay Nayar. He further said the government has the fiscal space to spend

Clear Tamil Nadu-specific projects in Union Budget: Stalin urges Centre

Chief Minister M K Stalin on Sunday expressed hope that the Centre would fulfill the expectations of the people of the state by clearing Tamil Nadu-specific projects in the Union budget 2024-25. For the past three years, the Centre has "not released funds" for the Chennai Metro Rail (Phase 2) project, Stalin said and listed other proposals including the pending sanction for the Tambaram-Chengalpattu elevated expressway corridor. In a post on social media platform X, the chief minister highlighted the people's expectations from the Union Budget, saying that for about 10 years, middle-class families have been hoping that their income tax burden would be reduced and tax relief provided to them. Among the state's expectations, he listed the approval for Metro Rail projects in Coimbatore and Madurai, allocation of adequate funds for already announced railway projects in Tamil Nadu and increasing the expenditure limit under the Centre's rural and urban housing schemes (PM Awas Urban/Grami

USIBC recommends PLI for media, entertainment industry in upcoming Budget

A top India-centric American trade body on Sunday recommended that the Indian government should introduce production-linked incentives for the media and entertainment industry in the upcoming Budget. The trade body also called for steps to level the playing field between Indian and foreign companies. Ahead of the annual Budget presentation by Union Finance Minister Nirmala Sitharaman on July 23, the US India Business Council (USIBC) pitched for liberalising the satellite communications industry and taking measures to create a level playing field for Indian and foreign financial services firms and reduce friction in the flow of capital between the two countries. Proposing eliminating value restrictions on courier exports exceeding Rs 5 lakh to streamline processes and foster greater efficiency, USIBC, in its memorandum to the Union Finance Ministry, suggested removing restrictions on perishable goods shipped via courier to ensure swift clearance, supporting perishable trade dynamics

Budget expectations: Child rights activists seek increase in funding

Ahead of the Union Budget, child rights activists and organisations have urged the government to put children at the centre of the development discourse and increase funding for their education, healthcare, and protection services. Child rights activists expressed hope that the government will heed their calls for a child-centric approach, ensuring the nation's youngest citizens receive the resources and protection they need to thrive. The Union Budget will be tabled on Tuesday. Puja Marwaha, CEO of CRY - Child Rights and You, stressed the significance of putting children at the centre of the development discourse. "Children constitute more than one-third of the overall Indian population, and investing in them can foster social equity and break the cycle of poverty," she said. Marwaha called for increased allocations for health and nutrition programs, such as the Saksham Anganwadi and Poshan 2.0, especially for children belonging to the Particularly Vulnerable Tribal Groups ...

Budget, earnings, global trends to drive stock markets this week: Analysts

The outcome of the Union Budget, quarterly earnings from corporates and global trends are the major factors to drive stock market sentiments this week, analysts said. Besides, the trading activity of foreign investors, the rupee-dollar trend and the movement of global oil benchmark Brent crude are also crucial aspects to watch out for. "The upcoming Union Budget on July 23, 2024, has become the next focal point for the market, with high expectations for growth-oriented policies. Several factors will influence the market direction, including Q1 FY25 earnings, domestic and global economic data, and broader global market trends. "Market sentiment will be closely monitored by observing foreign and domestic institutional investor activity (FII and DII) and crude oil prices," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. Among blue-chip firms Bajaj Finance, Hindustan Unilever, Axis Bank, Bajaj Finserv, Larsen & Toubro, DLF, Tech Mahindra and Nestle will announce .

Budget 2024: Disability rights activists demand increased allocations

Disability rights activists expect a substantial financial support in the upcoming budget to address the needs of persons with disabilities to ensure their development. Arman Ali, executive director of the National Centre for Promotion of Employment for Disabled People, stressed the need for earmarking budgets under central and state schemes across different ministries to ensure targeted funding for disability inclusion. This, he believes, would address the diverse needs of persons with disabilities and ensure adequate support across multiple sectors. Ali also highlighted the urgent need for allocations to improve accessible infrastructure, including community hospitals, primary health centres, district hospitals, and sub-district hospitals. He pointed out that without such allocations, persons with disabilities would continue to face significant barriers in accessing healthcare facilities, ultimately affecting their overall health outcomes. The activist also underscored the ...

Delhi should get Rs 10,000 cr from Rs 2 trillion paid as income tax: Atishi

Ahead of Budget 2024, Delhi Minister Atishi demanded the release of additional funds for Delhi for improving infrastructure across roadways, transportation, and power sectors

Budget 2024: What do women entrepreneurs expect from FM Nirmala Sitharaman?

Union Budget 2024: Experts seek women-centric initiatives that harness their entrepreneurship potential by providing credit opportunities, improve financial literacy and foster skill development

Tax overhaul, populism: ICRA on proposals that Modi 3.0 Budget must avoid

The Union Budget for fiscal 2024-25 (FY25) will be presented on July 23, 2024

RVNL, Angel One, Dixon, ITC, SBI: Strategies for Budget 2024 stocks

Stocks in focus ahead of Union Budget 2024: These 11 stocks across sectors are likely to be in focus in anticipation of measures to be announced by the finance minister Nirmala Sitharaman on Tuesday,

Budget 2024: TDP seeks grants for backward areas, timely Polavaram funding

The Telugu Desam Party raised three demands, including allocation of grants for backward districts, financial assistance for the development of Amaravati, and prompt fund release for Polavaram project

Union Budget 2024 to signal next steps for IDBI Bank privatisation

IDBI Bank's market capitalisation is around Rs 95,000 crore. The government could secure close to Rs 29,000 crore for the sale of 30.5% of its 45.5% stake

Fiscal policy reset needed, especially after a difficult Covid phase

Government intervention during the pandemic seemed conscious of the fact that India's fiscal position was not very strong at the beginning of the crisis

Union Budget expectations highlights: Real estate sector seeks tax relief

Budget 2024 highlights: FM Nirmala Sitharaman is all set to present the Union Budget 2024-25 in the Lok Sabha on July 23

Budget 2024: ICC calls for changes in custom duty to boost manufacturing

Ahead of Budget 2024, to be tabled in the Parliament on July 23, the Indian Chamber of Commerce has called for streamlined customs duties and tax reforms to boost domestic manufacturing