Budget 2024: Interim Budget News, Latest Budget Updates, Announcement, FM Nirmala Sitharaman

UNION BUDGET 2024

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Updated : Jan 15, 2025

Are Indian Markets Ready For A 360° Recovery Post The Budget And Trump’s Presidency?

In this insightful discussion, Business Today TV's Shailendra Bhatnagar asks Sharad Avasthi, Head of Research (PCG) at SMIFS, about two major upcoming events that could shape India’s market outlook: the inauguration of President-elect Donald Trump on January 20th and the Indian Union Budget just 12 sessions away. The backdrop of the conversation includes mixed quarterly earnings reports and concerns about the potential impact of tariffs on India’s economy. Sharad Avasthi offers a detailed analysis, predicting that this year’s budget will be far from a non-event. Unlike previous years, where the budget barely moved the markets, he expects a lot of focus on consumption, capital expenditure (Capex), and GST rationalization. Sharad Avasthi highlights that this budget could offer exciting prospects, with potential tax reforms and incentives aimed at driving consumption, alongside a possible boost to infrastructure and capex-driven growth. He anticipates that the Indian markets could respond positively to these developments, leading to a more vibrant and dynamic period ahead. As for the impending tariffs under President Trump, Sharad Avasthi believes India will likely be minimally impacted by the trade policies and tariffs that are expected to be enacted. He predicts that the change in leadership and the upcoming budget could help reverse the recent foreign investor exodus and encourage both short-term and long-term investments in Indian markets. With several headwinds turning into tailwinds, he is optimistic about a 360° recovery for the Indian economy and markets in the next few months.

Updated : Aug 08, 2024

FM Nirmala Sitharaman Blunts Opposition Attack On GST, Highlights Their Hypocrisy

Finance Minister Niramala Sitharaman was at her sarcastic best as she questioned opposition's demand for withdrawal of the 18% GST on health insurance premiums. Calling the demand "thoroughly amazing", she asked the opposition to bring the proposal to the GST Council through their states' finance ministers. The finance minister slammed the opposition for politicising the issue in Parliament and asked if the members had written to the finance ministers of opposition-ruled states to withdraw the tax. She also said that amendments pertaining to GST have to be made in the GST Council, which is a constitutional body, and added that these amendments don't come through Parliament. The opposition has vehemently raised the issue of 18% GST on medical insurance premiums, blaming the union budget for the tax. In an important revelation, the finance minister said that the matter was discussed thrice in the GST Council meeting. The council discussed the matter at its 31st meeting, 37th meeting, and the 47th meeting.

Updated : Aug 08, 2024

Nirmala Sitharaman Defends 18% GST On Health Insurance, PTR Explains Voting Power

Union Finance Minister Nirmala Sitharaman addressed the contentious issue of the 18% Goods and Services Tax (GST) on health insurance during a Lok Sabha debate. Responding to the opposition's demands for the removal of GST on health and life insurance, bolstered by a letter from Union Minister Nitin Gadkari, Sitharaman clarified that the tax on health insurance existed even before the introduction of GST. She emphasized that this was not a new issue and had been prevalent across all states prior to GST implementation. Highlighting the distribution of GST revenue, Sitharaman noted that out of every ₹100 collected as GST on health insurance premiums, ₹74 is allocated to the states. She challenged those protesting to address the issue within their states, questioning if they had discussed the removal of this tax locally. Additionally, PTR Palanivel Thiaga Rajan, Tamil Nadu's Minister for IT & Digital Services, explained in a video how the GST system works. He noted that the union government holds 33% of the voting power in GST Council decisions, effectively giving it a significant influence. Any resolution requires a majority to pass, and if the union government votes against it, the resolution fails. The remaining 66% of votes are distributed among the states, but this vote is split unevenly, with smaller states having a disproportionately small share. This design of "one state, one vote" means that the union government's opposition can block any resolution, making it challenging for states to independently push through changes such as reducing the GST on health insurance.

Updated : Aug 07, 2024

FM Nirmala Sitharaman Explains Why The New Tax Regime Does Not Discourage Investments

Finance Minister Nirmala Sitharaman defends the new tax regime, emphasizing its simplicity and flexibility for taxpayers. She reassures that the old regime remains available, noting that 72.8% of taxpayers, or 5.2 crore, have adopted the new system by July 31 in the 2024-25 assessment year. The total number of taxpayers stands at 7.22 crore. Sitharaman argues that the new regime does not discourage investments but rather streamlines tax processes.

Updated : Aug 07, 2024

FM Nirmala Sitharaman Attacks Congress Hypocrisy On 98% Taxes Under Its Rule

Finance Minister Nirmala Sitharaman criticizes Congress for its "exploitative tax" policies, highlighting the 98% tax rate during its rule. She accuses Congress of hypocrisy and defends the current government's tax reforms. Sitharaman's remarks come amid ongoing political debates on economic policies and taxation. The criticism aims to underscore the government's efforts in economic management and tax reduction.

Updated : Aug 07, 2024

FM Nirmala Sitharaman Says Govt Had Courage To Bring Indexation Back Into LTCG Tax Calculation

Finance Minister Nirmala Sitharaman emphasized that the exemption increase in LTCG to Rs 1.25 lakh was aimed at providing relief to the middle class with small investing capacity. On the customs side, she noted several steps to boost domestic production and enhance export competitiveness. Custom duty reductions aim to lower raw material costs, with rate cuts on inputs for leather and textiles to boost employment and reduce costs. She also addressed custom duty cuts in marine products, clarifying that until domestic manufacturing in this sector reaches a certain level, the government will maintain these cuts to prevent suffering.

Updated : Aug 07, 2024

FM Nirmala Sitharaman Lists Out How Tax Burden On Middle-Class Has Been Reduced

Finance Minister Nirmala Sitharaman on August 7 said that there has been "substantial tax relief" for middle class in last two years. Replying in Lok Sabha, Sitharaman begins her address by listing out all the measures that have been taken by the government for the middle class. "In the last two years, substantial relief has been given to the middle class." Sitharaman also said that there will be a comprehensive review of the rate structure of indirect taxes in the next 6 months. She added that the proposals in the tax segment in her Budget 2024 speech are based on the approach to bring in greater simplification of tax laws and are technology-driven.

Updated : Aug 05, 2024

Business Today & Rockwell Automation Present ‘Future Of Smart Manufacturing In Life Sciences'

The Rockwell Automation Summit on the Future of Smart Manufacturing in Life Sciences brought together leaders from top pharmaceutical companies. Siddharth Zarabi, Managing Editor, Business Today TV in conversation with leaders from the top pharmaceutical companies like Glenmark Pharmaceuticals, Indoco Remedies, Supriya Lifescience Ltd, Pfizer, JB Pharma, Laurus Labs, Cytiva, Praj HiPurity Systems, Machinfabrik Industries, Klimapharm Technologies, CN Water, MJ Biopharm and Sierra Instrumentation & Control. They discussed the critical role of digital transformation in the industry. Key topics included the integration of AI, IoT, 5G, and Industry 5.0 to enhance productivity, minimise human errors, and ensure regulatory compliance. Experts highlighted the need for high-quality standards, the importance of user-friendly automation technologies, and the potential for low-cost solutions to drive market adoption. The summit provided a comprehensive roadmap for leveraging advanced technologies, emphasising collaboration, continuous learning, and sustainability to drive innovation and success in life sciences manufacturing.

Updated : Jul 27, 2024

LIVE: Budget Round Table 2024: Industry Leaders Discuss Budget Impact On Their Sectors

At the Budget Round Table 2024, Business Today Editor Sourav Majumdar will lead an insightful discussion with industry leaders about the impact of Budget 2024 and its role in realizing the vision of Viksit Bharat. This special session features prominent figures such as Vinod Aggarwal, MD & CEO of VE Commercial Vehicles and President of SIAM; Dhruv Agarwala, Group CEO of Housing.com and PropTiger.com; Vineet Agarwal, MD of Transport Corporation of India; and Dr. Aashish Chaudhry, Managing Director of Aakash Healthcare. The discussion will cover the budget's implications for various industries, its potential to spur economic growth, and how it aligns with the broader goal of transforming India into a developed nation. Tune in to understand the diverse perspectives on the budget's impact on the economy, investments, and future industry trends.

Updated : Jul 26, 2024

Exclusive | Finance Minister Nirmala Sitharaman Rebuts Opposition's 'Kursi Bachao' Budget Claims

In an exclusive interview with Anjana Om Kashyap and Sweta Singh from India Today, Finance Minister Nirmala Sitharaman addressed the opposition's accusations against her budget, calling it a 'Kursi Bachao' (save the chair) budget aimed at pleasing leaders like Nitish Kumar and N. Chandrababu Naidu, and alleging it was a cut-paste job from the Congress manifesto. She explained that significant groundwork was laid during the vote-on-account, which covered the first four months of the fiscal year, and the current budget continues these themes for the remaining eight months. This budget sets the direction for the next five years of Amrit Kaal, focusing on development and addressing issues related to women, the poor, farmers, and youth. Sitharaman dismissed the cut-paste allegations, emphasizing that the budget outlines a clear path towards a developed India by 2047. She criticized the opposition for their theatrics, asserting that their claims lack merit. Highlighting allocations like ₹58,000 crore for Bihar and ₹15,000 crore for Andhra Pradesh, she defended the government's support for state development. Sitharaman urged the opposition to engage in constructive criticism rather than misleading the public, emphasizing the need for responsible parliamentary conduct.

Updated : Jul 26, 2024

Exclusive | FM Nirmala Sitharaman's Thoughts Behind Budget 2024-25 & Her 'Viksit Bharat' Plans

In an exclusive and crucial interview, Finance Minister Nirmala Sitharaman discusses the Budget 2024-25. She delves into the key decisions, economic strategies, and policy changes driving this year’s budget. Get insights into the government’s financial plans and their potential impact on India's economic future. This interview provides a comprehensive understanding of the budget's intricacies and the rationale behind the significant financial choices made by the Finance Minister. Don’t miss this insightful conversation to stay informed about the nation's economic direction.

Updated : Jul 26, 2024

Indians Pay Taxes Like England & Get Services Like Somalia Says Raghav Chadha On Tax

Speaking on the Budget in the Rajya Sabha, he urged the government to conduct a comprehensive review of the tax framework by making eight suggestions. "In the last 10 years, the government has sucked the blood of the common people of this country by imposing taxes," he said. "And what does the government give us in return for the taxes it takes from us? What international services, world-class health care, education, and transport facilities does the government provide in return? That is why today I have no hesitation in saying that we in India pay taxes like England to get services like Somalia,” Chadha said. Listen in

Updated : Jul 26, 2024

AAP MP Raghav Chadha Wants Indexation Back, Warns of Black Money & Real Estate Sector Loss

The government's decision to remove the indexation benefit on the sale of old property will result in a huge inflow of black money in real estate, and investments in the sector will decrease, AAP Rajya Sabha member Raghav Chadha said on Thursday. Asking the government to roll back the proposal, Chadha, while participating in the discussion on the Union Budget 2024-25, said people will never be able to buy their "dream homes." "Restore indexation on long-term capital gains. Throughout the world, to woo investors, they are incentivized. In this country, by removing indexation, we are disincentivizing the investor class," he said, adding that removing indexation is not imposing a tax but is equivalent to "penalizing investors." "If you do not bring back indexation, three things will happen in this country. First, investment in real estate will go down, and people will never be able to buy their 'dream homes'," Chadha asserted.

Updated : Jul 26, 2024

ICICI Securities CIO Piyush Garg On Why Earnings Growth Is The Next Trigger After Budget 2024-25

After the Budget, Piyush Garg, CIO of ICICI Securities, points out that the market is currently in an expensive zone, depending on sustained earnings growth. He notes that if earnings in FY25 show a deceleration in growth rate, which seems to be emerging from Q1 FY25, the market may be headed for some correction. Post-Budget 2024-25, earnings growth will be the primary focus for investors, serving as the biggest driver for the stock market. A buoyant earnings season in FY25 would be positive for the market.

Updated : Jul 25, 2024

Jagan Mohan Reddy Challenges Naidu's Budget Claims and Governance Tactics

India Today's Amit Bharadwaj engages in an exclusive conversation with YS Jagan Mohan Reddy, YSRCP Chief, discussing the economic claims of Chandrababu Naidu and TDP. Reddy addresses the central government's financial support to Andhra Pradesh, emphasizing that even significant funds wouldn't satisfy Naidu's exaggerated promises, which would require over 1.5 lakh crores annually. Reddy criticizes Naidu's unrealistic manifesto and avoidance of presenting a full-fledged budget, opting instead for an extended vote-on-account budget to evade scrutiny and unrest. This conversation highlights Reddy's stance on economic governance and political accountability.

Updated : Jul 25, 2024

Union Minister Piyush Goyal Blasts Opposition For Misreading Budget, Boycotting NITI Aayog

Union Minister Piyush Goyal says, "The opposition has once again shown their mean thinking about the Indian democratic system. NITI Aayog is an important institute in this federal structure which gives new policies and reviews today's policies... Unfortunately, a few political parties are thinking of boycotting its meeting - it shows how their individual politics is over the country. Sometimes, I feel they give more importance to publicity than public service. They are alleging that a few of the states have not got the money in the budget. I think either they don't know to read the budget or they don't want to read it..." Listen in to know more.

Updated : Jul 25, 2024

Capital Gains Burden On Those Who Can Afford It, Says Revenue Secretary Sanjay Malhotra

The Budget 2024-25 has raised short-term capital gains tax to 20% from 15% and also raised long-term capital gains tax to 12.5% from 10%. The move took the capital markets by surprise with a lot of negative reaction by market experts. Business Today TV Managing Editor Siddharth Zarabi spoke to Revenue Secretary Sanjay Malhotra and Chief Economic Advisor V Anantha Nageswaran who clarified that the tax was imposed on people who could afford it. As per official figures 88% of the LTCG tax comes from tax payers with an income of more than ₹15 lakh, while 61% comes from those with income more than ₹1 crore.

Updated : Jul 25, 2024

All Opposition CMs Except Mamata Banerjee Boycott NITI Aayog Meeting Over ‘Discriminatory’ Budget

MPs from the Opposition INDIA bloc staged a protest in the premises of Parliament today over the 2024 Union Budget, with many parties calling it "discriminatory" against non-BJP-ruled states. Amongst the prominent leaders attending the protest are Congress's Rahul Gandhi and Sonia Gandhi and Samajwadi Party chief Akhilesh Yadav. Wednesday's action comes a day after leaders of INDIA bloc parties assembled at 10 Rajaji Marg residence of Congress President Mallikarjun Kharge to discuss the Opposition's strategy after Finance Minister Nirmala Sitharaman presented her seventh consecutive budget. All the opposition Chief Minister except West Bengal Chief Minister Mamata Banerjee has announced a boycott of NITI Aayog.

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Are Indian Markets Ready For A 360° Recovery Post The Budget And Trump’s Presidency?

FM Nirmala Sitharaman Blunts Opposition Attack On GST, Highlights Their Hypocrisy

Nirmala Sitharaman Defends 18% GST On Health Insurance, PTR Explains Voting Power

FM Nirmala Sitharaman Explains Why The New Tax Regime Does Not Discourage Investments

FM Nirmala Sitharaman Attacks Congress Hypocrisy On 98% Taxes Under Its Rule

FM Nirmala Sitharaman Says Govt Had Courage To Bring Indexation Back Into LTCG Tax Calculation

FM Nirmala Sitharaman Lists Out How Tax Burden On Middle-Class Has Been Reduced

Business Today & Rockwell Automation Present ‘Future Of Smart Manufacturing In Life Sciences'

Centre Needs To Lower Interest Rates And Cut Tax To Boost The Indian Economy

Govt Should Rollback Share Buyback Taxation

LIVE: Budget Round Table 2024: Industry Leaders Discuss Budget Impact On Their Sectors

Exclusive | Finance Minister Nirmala Sitharaman Rebuts Opposition's 'Kursi Bachao' Budget Claims

Mayuresh Joshi Of William O Neil India Bullish On Bank Of Maharashtra And Housing Finance Companies

Exclusive | FM Nirmala Sitharaman's Thoughts Behind Budget 2024-25 & Her 'Viksit Bharat' Plans

Indians Pay Taxes Like England & Get Services Like Somalia Says Raghav Chadha On Tax

AAP MP Raghav Chadha Wants Indexation Back, Warns of Black Money & Real Estate Sector Loss

ICICI Securities CIO Piyush Garg On Why Earnings Growth Is The Next Trigger After Budget 2024-25

Jagan Mohan Reddy Challenges Naidu's Budget Claims and Governance Tactics

Union Minister Piyush Goyal Blasts Opposition For Misreading Budget, Boycotting NITI Aayog

Capital Gains Burden On Those Who Can Afford It, Says Revenue Secretary Sanjay Malhotra

All Opposition CMs Except Mamata Banerjee Boycott NITI Aayog Meeting Over ‘Discriminatory’ Budget

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