The newly elected Indian government will present its first union budget in the lower house of parliament on July 23, Kiren Rijiju, minister of parliamentary affairs said in a post on social media platform X on Saturday.
LiveNow
Budget session of Parliament from 22 July to 12 August, 2024
The newly elected Indian government will present its first union budget in the lower house of parliament on July 23, Kiren Rijiju, minister of parliamentary affairs said in a post on social media platform X on Saturday.
The budget presented will be for the fiscal year 2024-2025, he said.
Read More▼Read Less▼
The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.
Budget 2024 Expectations LIVE: Pre-budget expectations from Manufacturing Industry
To sustain India's infrastructure development and urbanization, a focused approach to core sectors, such as ours i.e. the elevators and escalators, is imperative. Specific incentives facilitating a smoother capital flow for real estate projects and public transit systems will heighten demand for vertical transport solutions. Prioritizing smart city initiatives, coupled with technological upgrades, will propel the growth of sophisticated elevator products, said Ratan Sehgal, Managing Director of Hybon Elevators and Escalators
Budget 2024 Expectations LIVE: Focus on boosting farm exports
We recommend enhancing the budget allocation for the Agricultural and Processed Food Products Export Development Authority (APEDA) to boost farm exports. Establishing district export hubs are essential steps toward achieving these goals.
These initiatives are critical for the sustained growth and global competitiveness of the rice industry, and we look forward to positive steps in this direction in the upcoming budget, said Atul Garg, Managing Director, GRM Overseas Limited.
Budget 2024 Expectations LIVE: Implementation of specific measures such as a GST holiday for startups
“As a growing wellness tech company dedicated to holistic health for corporates, our budget expectations focus on fostering advanced operations and transparency. To achieve this, we advocate for the adoption of cutting-edge technologies like AI and IoT. Additionally, we propose the implementation of specific measures such as a GST holiday for startups with sales revenue below 20 Crores, subsidized debt funding by banks, and tax benefits for corporates investing in startups. Government subsidies on startup ecosystem-linked infrastructure, such as co-working spaces, IT, server costs, and employment cost burden sharing, are also crucial. Enhancing the security of SMEs remains paramount, shielding them from cybersecurity threats, economic fluctuations, and supply chain disruptions. By prioritizing innovation and R&D, we aim to drive transformative impacts on holistic health practices across India, ensuring a healthier and more secure future for all enterprises in this segment," said Amit Vasistha, Founder and CEO, MyGALF
Union Budget 2024 Live: Dates of Budget Session in the Parliament
Budget session of parliament from 22 July to 12 August, 2024
Budget 2024 Expectations LIVE: Pre-budget expectations from SME sector
To incentivize SMEs to provide health insurance to all their employees, the government should offer an Input Tax Credit (ITC) on GST for health insurance expenses, which is currently not available to everyone. This will encourage SMEs to invest in employee health, leading to a healthier workforce and reducing the overall healthcare burden, said Saurav Kasera, Co-Founder and CEO, Clirnet and DocTube
Union Budget 2024 Live: Budget to be presented on 23 July in Lok Sabha
President Droupadi Murmu on the recommendation of Government of India, has approved the proposal for summoning of both Houses of Parliament for the Budget Session, 2024 from 22nd July to 12 August. Union Budget, 2024-25 will be presented in Lok Sabha on 23 July.
Budget 2024 Expectations LIVE: Pre-budget expectations from HR and Staffing industry
The job market has been like a rollercoaster with its ups and downs in recent times influenced by technological advancements and global influences. With a stronger GDP forecast, the job market now looks set for stability, maybe even growth. The increasing demand for talent and higher consumption in India make the future look bright for both job seekers and employers. Hence, we expect measures from the upcoming Union Budget 2024, mostly about employee welfare and taxation ,said Jasvinder Bedi, Managing Partner, Biz Staffing Comrade Pvt Ltd
Budget 2024 Expectations LIVE: Six demands from top home loan borrowers' wish list
Home loan borrowers are eagerly awaiting Union Finance Minister Nirmala Sitharaman's consideration of their key demands regarding tax benefits. One of the primary requests is an enhancement in the tax deduction for home loan interest under Section 24(b) of the Income-Tax Act.
Budget 2024 Expectations LIVE: Will Sitharaman raise standard deduction to Rs 1 Lakh for salaried taxpayers?
The current standard deduction for salaried taxpayers is Rs 50,000, introduced in the interim Budget of 2019. With demands for increased relief, experts speculate Finance Minister Nirmala Sitharaman may consider raising it to Rs 1 lakh annually in the upcoming budget.
Budget 2024 Expectations LIVE: Pharma sector seeks tax incentives and research aid
Indian pharmaceutical companies are seeking tax incentives and financial assistance for innovative drug research as Prime Minister Narendra Modi's government prepares the federal budget, likely to be presented in July. This budget will be Modi's first major policy announcement in his third term. Experts emphasize the need for Indian drug manufacturers to develop complex drugs beyond generics to maintain the country's reputation as the "pharmacy of the world" for affordable medicines
Budget 2024 Expectations LIVE: Government to increase food subsidy by 9% due to rising storage costs
The government's food subsidy expenses are projected to rise by Rs 18,000 crore or 9% to Rs 2.2 trillion this fiscal year, up from the Budget Estimate of Rs 2.02 trillion. This increase is primarily due to the high costs of carrying and storing surplus rice in the central pool. Current rice stocks of 50 million tonnes, significantly above the buffer requirement, could drive storage costs up by Rs 16,000 crore if not liquidated soon. In FY23, rice storage expenses were approximately Rs 8,000 crore.
Budget 2024 Expectations LIVE: Naidu seeks financial aid for debt-ridden AP from Sitharaman
Andhra Pradesh Chief Minister N Chandrababu Naidu met Union Finance Minister Nirmala Sitharaman on Friday, urging increased financial assistance for the state, ahead of the upcoming Union Budget presentation.
Budget 2024 Expectations LIVE: Developers seek tax rationalization and low interest rates from Budget
According to a survey by CREDAI and Colliers, a majority of real estate developers are anticipating tax rationalization, incentives for affordable housing, and streamlined approval processes from Union Budget 2024, scheduled for presentation later this month.
Budget 2024 Expectations LIVE: DPIIT supports elimination of angel tax
The Department for Promotion of Industry and Internal Trade (DPIIT) has backed calls from India Inc. to eliminate the angel tax, according to a report by the Indian Express. Originally introduced to prevent the misuse of unaccounted funds, startups have criticized this tax for hindering their ability to raise essential capital.
Budget 2024 Expectations LIVE: CII urges removal of Angel Tax in Union Budget recommendation
Last month, the Confederation of Indian Industry (CII) called for the removal of angel tax in its Union Budget recommendation. CII argued that eliminating this tax would significantly enhance capital formation in the country.
Budget 2024 Expectations LIVE: Understanding angel tax in India
Angel tax, introduced in 2012, aims to curb the generation of unaccounted money by taxing investments in closely held companies that exceed fair market values. Recently expanded to include non-resident investors from April 1, 2024, this measure has sparked backlash from startups, who argue it hinders investment and growth.
Budget 2024 Expectations LIVE: New Finance Bill to address retrospective GST notices
The GST Council has proposed adding Section 11A to the Central Goods and Services Tax Act, 2017, to address cases where GST was not charged or was undercharged due to standard trade practices. This amendment aims to offer relief to sectors such as real-money gaming (RMG) companies and businesses providing corporate guarantees. Specifically, RMG companies have received GST notices for the period from July 2017 to March 2023. The proposed change, once included in the finance bill and passed by Parliament, is expected to resolve these retrospective GST issues, providing clarity and potentially lowering past tax liabilities.
