India Govt Budget 2024 LIVE: New Tax Regime Slabs Revised, Angel Tax Abolished, Allies In Bihar, AP Rewarded
Budget 2024 LIVE: For the record seventh time, Finance Minister Nirmala Sitharaman is going to present the full Union Budget on Tuesday, July 23 for the fiscal year 2024-25.
As per the scheduled plan, the Finance Minister will first meet the President of India, then head to parliament by 10 am, where she will meet and brief Prime Minister Narendra Modi ahead of the session, and at around 11 am, she will table the Union Budget 2024.
Earlier in February, the Finance Minister presented the interim budget, which was for only one quarter due to Lok Sabha Elections 2024, and now, she will table the complete financial plan for the fiscal year.
Photo Credit: PTI
It is expected that the Finance Minister will take strong steps to provide an economic boost to sustain India's growth momentum. Middle-class people would be hoping for some changes in the tax slab.
Union Budget 2024-25: A Boon for Startups, Says Ashish Singhal of Lemonn and CoinSwitch
"The Union Budget for the fiscal year 2024-25 has been hailed as forward-looking, offering positive developments for startups," stated Ashish Singhal, the co-founder of Lemonn and CoinSwitch. Singhal, who is also an angel investor, expressed his delight over the abolition of the Angel Tax, a move he believes will substantially reinforce the entrepreneurial spirit across India.
Budget 2024 Live Updates: Perspectives from Paras Buildtech's Kunal Rishi
"This landmark budget highlights the government's strong dedication to steering India toward a 'Developed Nations' status. Key initiatives, including incentives for states to lower stamp duties and the proposal for decreased duties on properties bought by women, mark major progress," notes Kunal Rishi, COO of Paras Buildtech.
Budget 2024 Latest Announcements: Royal Green Realty's Perspective
"This year's budget represents a significant step forward in the government's commitment to bolstering infrastructure growth. Royal Green Realty applauds the government's initiative to establish Plug and Play Industrial Parks in 100 cities across India, alongside 12 new Industrial Parks as part of the Industrial Corridor Scheme," stated Yashank Wason, Managing Director of Royal Green Realty.
Budget 2024 Live Updates: Insights from Aditya Kushwaha, CEO and Director of Axis Ecorp
"The announcement of Budget 2024 has been positively received, highlighting the government's future-oriented and expansive approach. With an allocation of ₹11.11 lakh crore dedicated to capital expenditure, amounting to 3.4% of the GDP, this move showcases a strong determination towards bolstering the country's infrastructure," confirms Aditya Kushwaha of Axis Ecorp.
Budget 2024 Live Updates: Perspectives from Gaurav Malhotra, Managing Director, Hansgrohe India
"The recently announced budget, with its emphasis on expanding manufacturing capabilities and the roll-out of supportive policies and frameworks for a more effective and transparent rental housing market, is poised to stimulate development in housing and associated sectors, especially within burgeoning cities."
Budget 2024 Updates: Insights from Novamax Appliances' CEO, Harshit Aggarwal
"The government's latest union budget announcement has been warmly received by us, heralding a substantial uplift for the manufacturing sector alongside propelling economic advancement," states Harshit Aggarwal, CEO and Founder of Novamax Appliances.
Budget 2024 Live Updates: Insights from Sandeep Bagla, CEO of TRUST Mutual Fund
"During today's Budget announcements, it was revealed that the fiscal deficit has been lowered to 4.9%. Despite this reduction, the strategy to finance the deficit mainly via Government securities has not seen significant change. Additionally, there's been an uptick in capital gains tax for listed securities, which enhances the Government's portion in forthcoming capital gains."
Budget 2024 Live Updates: Mohit Goel, Managing Director of Omaxe
"The 2024 Budget is notable for its focus on benefiting the public and significantly promoting affordable urban housing with an unprecedented funding of Rs. 10 lakh crore through the PM Awas Yojana-Urban 2.0 initiative. Aimed at fulfilling the housing requirements of 1 crore disadvantaged and middle-income families, this budget is likely to stimulate the affordable housing market and generate millions of employment opportunities."
Budget 2024 Live Updates: Insights from Naina Parekh, Founder of EUME
"In the 2024-2025 Union Budget, the D2C sector is set to witness significant reforms with the decrease of the TDS rate for e-commerce operators from 1 percent to a mere 0.1 percent. This pivotal change is expected to alleviate the financial pressure on e-commerce firms, thereby enabling them to focus extensively on expanding their businesses and fostering innovation."
"Despite an increased allocation for welfare in the FY25 budget, the fiscal prudence showcased in the provisional budget has been maintained, with the fiscal deficit being adjusted down to 4.9% from the 5.1% projected earlier and significantly lower than the 5.6% in FY24. The government's goal to further cut the deficit to below 4.5% for FY25 is a positive development for the bond market going forward."
Budget 2024 Highlights: A Comprehensive Analysis by Vikram Chhabra, Senior Economist at 360 ONE Asset
"This budget has laid emphasis on generating employment, aiding MSMEs, enhancing rural development, advancing the green economy, providing housing for the disadvantaged, and fostering innovation. It has adeptly tackled the employment challenge by unveiling various incentives and schemes aimed at creating jobs."
Union Budget 2024 Updates: Insights from Financial Expert Kirang Gandhi
"In anticipation of India's development by the centennial year of its independence, the Union Budget 2024 has been heralded as a blueprint for 'Vikshit Bharat 2047.' It focuses on laying a solid foundation for a wealthy, inclusive, and forward-thinking country through significant funding in crucial sectors such as infrastructure, renewable energy, and digital innovation, which are instrumental in propelling economic sustainability and bolstering India's stance on the global stage."
Union Budget 2024: Insights from Ashish Kumar, Entrepreneur and Investment Expert
"The Union Budget 2024 prioritizes economic expansion and stability, highlighting major investments in employment generation, urban residential projects, and the agricultural sector. Noteworthy revisions entail an increase in the Standard Deduction to ₹75,000, the simplification of capital gains taxes, and the elimination of the angel tax."
Budget 2024 Live Highlights: AIGJDC Lauds Nirmala Sitharaman’s Fiscal Strategy
"Rajesh Rokde, Vice Chairman of the All India Gem & Jewellery Domestic Council, expressed appreciation for Finance Minister Nirmala Sitharaman's Union Budget, highlighting its distinct features. Following diligent advocacy by the GJC, there has been a notable decrease in the customs duties on gold and silver to 6%, and on platinum to 6.4%."
Budget 2024 Reveals: Highlights from the Gem & Jewellery Sector
"Welcoming the government's step, Saiyam Mehra, Chairman of the All India Gem & Jewellery Domestic Council, praised the decision to lower the basic customs duty on gold and silver to 6% and on platinum to 6.4%. He noted that this duty reduction would favor domestic jewellery manufacturers, particularly benefiting small and medium enterprises by enabling a smoother shift to formal business operations."
Budget 2024 Live Feed: Insights from Rohit Pateria, Co-Founder of Lark Finserv
"The elimination of Angel Tax in the 2024-25 Budget stands out as a critical development. This significant change is anticipated to greatly benefit startup investors by creating a more favorable investment landscape."
Budget 2024 Updates: Insights from Sonam Srivastava, Founder of Wright Research
"The latest initiative to construct 3 crore new homes will significantly advantage both cement manufacturers and housing finance businesses. The housing finance sector, in particular, is expected to see an uptick in loan applications as the demand for home ownership intensifies."
Live Analysis of Budget 2024: Insights by Divam Sharma, CEO and Co-Founder of Green Portfolio
“This budget aligns well with the anticipations of it being people-friendly. It has introduced measures aimed at enhancing prosperity across a broader segment of the society. Investments in sectors like agriculture, infrastructure, skill development, and startups are expected to generate significant economic benefits and could stimulate an increase in consumer engagement from various demographics.”
Budget 2024: A Boost for Startups Courtesy of New Financial Reforms
"The latest fiscal policy presents a positive turnaround aimed at bolstering the startup landscape, anticipated to fuel the engagement of angel investors actively. Such a move not only promises heightened investment avenues but also nurtures a conducive entrepreneurial spirit, as highlighted by Bhuvan Rustagi, the Co-Founder and COO of Per Annum."
Budget 2024 Live Updates: Aamar Deo Singh, Sr. Vice President of Research, Angel One Ltd
"In a significant move to boost employment in the manufacturing sector, the government has introduced an initiative to refund employers up to Rs 3,000 monthly for two years for EPFO contributions for every new hire. This strategy is designed to encourage the hiring of an additional 50 lakh individuals."
Budget 2024 Coverage: Insights from Swastika Investmart's Research Leader
"In the 2024 fiscal plan, a blend of anticipated and unexpected strategies has been unveiled. Despite the constancy in capital outlays and the fiscal shortfall objectives, substantial amendments to tax regulations, especially the elevation in Long-Term Capital Gains (LTCG), Short-Term Capital Gains (STCG), and Securities Transaction Tax (STT), could sway investor mood."
Budget 2024 Updates: Government's Continued Commitment to Infrastructure
Divyam Shah, Director of Euro Panel Products Limited, shared his appreciation for the government's continued emphasis on infrastructure in the 2024 Union Budget. The announcement of major road projects, encompassing highways, and the decision to build a new airport in Bihar and other parts of the country, is aligned with the long-term goals of Eurobond.
Budget 2024 Key Announcements: Precious Metals Duty Revision by Prithviraj Kothari of RiddiSiddhi Bullions
"In a significant update from the financial budget for 2024, the finance minister has declared a reduction in the Basic Customs Duty (BCH) on Gold and Silver, bringing it down from 10% to 6%. However, the 5% Agriculture Infrastructure and Development Cess (AIDC) will continue to be applied without any changes. Consequently, the cumulative import tariff on these precious metals has seen a decline from 15% to 11%."
Live Budget Announcements: Enhancing Job Opportunities to Propel Affordable Housing Sector
Anuj Puri, Chairman of ANAROCK Group, believes that the emphasis on generating employment opportunities in both rural and urban areas could invigorate the affordable housing sector. This sector has seen lackluster performance post-pandemic. Such initiatives may not only revitalize housing demand in the leading seven cities but also in the second and third-tier cities.
Budget 2024 Updates: Enhancing Farmer Lending Processes and Benefiting Startups
Vishal Sharma, the Cofounder & CEO of AdvaRisk, a fintech startup supported by ICICI and NABARD, expressed his optimism towards the upcoming budget, highlighting its potential to streamline the process for farmers to become borrowers, thereby reducing default rates. Additionally, Sharma pointed out the significant impact of eliminating the angel tax on startups, suggesting it will provide entrepreneurs with increased capital for business development and promote growth within the startup ecosystem.
Union Budget Highlights: Insights from DishiS Designer Jewellery's Dishi Somani
"The interventions proposed in the budget will significantly accelerate growth in the jewellery sector. It will enhance our capability to innovate, broaden our business scope, and improve customer service. The budget's supportive policies lay down a strong groundwork for enduring prosperity and progress within the industry."
Budget Announcements: Empowerment and Simplification Measures
Dishi Somani, the entrepreneur behind DishiS Designer Jewellery, lauds the government's initiative for promoting female workforce engagement via tailored skilling initiatives. She also commends the decision to augment the Small Industries Development Bank of India (SIDBI) outlets for better service to MSME sectors alongside the simplification of the GST framework, which eases the process of tax adherence.
Live Union Budget Announcements: Insights from Dishi Somani, DishiS Designer Jewellery's Founder
"The newly unveiled credit guarantee scheme targeting MSMEs, which assures guarantees up to ₹100 crore, is set to aid jewellery manufacturers in procuring essential machinery and equipment without the need for collateral."
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