Budget 2024 LIVE: What Key Updates Should Individuals Be Aware of as it’s Presented on February 1?
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Budget 2024 LIVE: Key Updates on February 1
The Union Budget 2024-25 will be presented by Finance Minister Nirmala Sitharaman on February 1, 2023. This budget is one of the most crucial budgets in recent years and could have significant impact, as India aims for higher economic growth amidst global headwinds. Here are the key updates and highlights to follow on Budget day:
Economic Growth Projections
The Economic Survey presented on January 31 has projected India's GDP to grow in the range of 6-6.8% in 2023-24. All eyes will be on the budget's projections for next fiscal year. Will the government set an ambitious double-digit growth target or adopt a more cautious approach? The growth estimates will set the tone for the budget.
Income Tax Slabs and Rates
There are expectations that the government may tweak income tax slabs to provide relief to the middle class. A revision in the tax exempt slabs and rates could lead to more disposable income and spending power. However, fiscal constraints may deter major changes.
Infrastructure and Investment
Infrastructure creation and investments will likely receive a boost in this budget. Higher capital expenditure is required for economic growth. Initiatives like PM GatiShakti National Master Plan are expected to get an impetus through financial allocation and policies.
Employment and Consumption
With slowing exports and rural distress, the focus could shift more towards boosting domestic consumption and employment generation. Schemes and incentives promoting manufacturing, self-employment and jobs will be closely watched.
Strategic Sectors
Green energy, electric vehicles, semiconductor manufacturing, 5G rollout and other strategic sectors vital for India's future growth are likely to figure prominently in the budget through subsidies, PLI schemes, and other measures.
Fiscal Deficit Target
The budgeted fiscal deficit for 2023-24 may be revised upwards from the earlier target of 5.9%, given higher government expenditure. The deficit could likely be in 6%-6.5% range, allowing for increased public spending.
The budget speech by the Finance Minister will be keenly followed for the government's economic vision and priorities. Stay tuned for the latest updates on February 1! What are your expectations from Budget 2024? Share your views in the comments.
Budget 2024: Markets Flat Ahead of Announcement, Bajaj Finance Shares Drop
On the morning of budget presentation day, stock markets opened cautiously and traded flat, even as investors awaited further policy direction and budget announcements. According to financial analysts, focus areas for markets in the budget are any changes to long term capital gains tax, securities transaction tax, customs duty on electronic components, and any announcements for boosting rural and infrastructure spending.
Key benchmark indices Sensex and Nifty 50 opened nearly unchanged, with a negative bias compared to previous day’s close. While metals, oil & gas, infra and power stocks witnessed some buying, losses in financials and auto dragged indices lower in initial trades.
Among prominent stocks, Bajaj Finance shares fell nearly 3% after the NBFC major reported Q3 earnings yesterday that missed street estimates on most parameters. The company’s consolidated net profit declined 2% YoY to ₹2,973 crore for the December quarter, impacted by modification loss and lower fees income from consumer loans.
Going ahead in the day, Indian indices may continue trading volatile as market participants closely track budget speech for taxation and policy changes. Any positive announcements for economic growth and investments may trigger a relief rally on D-street.
Budget 2024 LIVE: Joshi to Meet Party Leaders Ahead of Announcement
Ahead of the budget presentation in Parliament today, Parliamentary Affairs Minister Pralhad Joshi is set to meet floor leaders of various political parties in both houses. This customary meeting is held every year on the morning before budget presentation by the Finance Minister to ensure smooth functioning of the house.
Pralhad Joshi will discuss allocation of time for discussion and debate on the Union Budget 2024-25 with the opposition party leaders. He is also likely to seek their cooperation for the smooth functioning of Parliament during the budget session to enable the passage of the budget, presentation of various bills as well as discussion on key issues.
This meeting between the minister and leaders of different parties will help align various parties to allow optimal time for a constructive debate over the government's annual budget and financial proposals. It remains to be seen if the opposition will demand a vote of thanks on the President’s address to enable discussion or select other issues to debate in the coming month of the budget session.
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