The initial announcement by Finance Minister Nirmala Sitharaman in the FY24 budget consisted of Rs 30,000 crore for equity infusion and Rs 5,000 crore for crude oil purchases.
Budget 2024: Delving into the term "budget," its etymology reveals intriguing historical roots, tracing back to a small bag presented by England's former Finance Minister, Sir Robert Walpole, in 1733.
The Halwa ceremony, which marked the final stage of the Budget preparation process for Interim Union Budget 2024, was held in North Block, on January 24, in the presence of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman and Dr. Bhagwat Kisanrao Karad.
Stakeholders anticipate supportive policies, infrastructure development, accessible financing, and tax relief. Recognising the pivotal role of technology, MSMEs seek funds for technological advancements and infrastructure.
As part of the ceremony, the Union Finance Minister also took a round of the Budget Press and reviewed the preparations besides extending her best wishes to the officials concerned.
The Apparel Export Promotion Council has asked for tax concessions for apparel manufacturers adopting international quality standards and complying with environmental, social, and corporate governance.
The government presents an interim budget in an election year to outline expenditures and revenues until a new government is formed.
Union Finance Minister Nirmala Sitharaman will be presenting her sixth budget on February 1, 2024.
There is a disparity in employers' contributions to building the corpus for employees currently, with contributions up to 10 per cent of basic salary and dearness allowances being exempt from tax for NPS contributions.
The Union Budget was presented at 5 pm on the final day of February before 1999, following the practice in British India.
The government has allocated a record-high provision of Rs 10 lakh crore for capital expenditure in FY24, a significant increase from Rs 4.39 lakh crore in FY21.
The event is a significant step in finalising the extensive budget-making process that spans several months.
The government might introduce support measures for sustainable growth in income for rural households, enhancing disposable income in the rural economy, according to Deloitte's budget expectations report.
The Finance Minister has indicated that the interim budget 2024 will not include major announcements and that it will be a vote-on-account to meet the government's expenses until a new government is in place.
Union Budget 2024: The budget is expected to include various financial indicators, including inflation, fiscal deficits, capital expenditures, revenue receipts, bad loans, and more.
The pharmaceutical industry aims to reach $120-130 billion by 2030 and further elevate to $400-450 billion by 2047 by calling for increased focus on innovation and expedited research and development efforts.
The Indian real estate market is poised for robust growth, backed by supportive government policies aimed at affordability and sustainability. Developers advocate for lower lending rates in the affordable segment and an expanded definition of affordability.
The interim budget to be presented by Union Finance Minister Nirmala Sitharaman is expected to feature fiscal measures, including potential tax reductions, aimed at tackling rising prices and addressing ongoing inflationary trends.
The proposal to trim the fiscal deficit by 50 basis points is currently being discussed, along with other potential scenarios for the upcoming budget year starting in April, as per government sources.
While the upcoming Budget Session is not expected to witness significant legislative changes, a noteworthy proposal on the horizon is the potential doubling of the PM Kisan Samman Nidhi scheme specifically for women farmers. The Union Finance Minister is set to present the interim Budget on Feb 1.
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