Sign Up on MEXC
India Budget 2024 Highlights: India’s Finance Minister Nirmala Sitharaman unveiled India’s Union Budget for the fiscal year 2024-2025 today, February 1. It was one of the shortest budget speeches, nearly 58 minutes. The next five years will be years of remarkable development and golden moments for the dream of a developed India by 2047, she said.
Despite expectations of many changes to taxes for development and income tax, Finance Minister Nirmala Sitharaman proposed to retain the direct and indirect tax rates, including import duties.
She announced Rs 11.1 trillion in capital spending, an increase of 11% as compared to last year. The most part of it will be utilized for infrastructure in the coming fiscal year, boosting housing and other services while still curbing its budget deficit. Ministry of Defense, Ministry of Road Transport and Highways, and Ministry of Railways get the largest allocation.
India Budget 2024: CoinDCX CEO Stressed On Need For Crypto Regulations
CoinDCX CEO Sumit Gupta commits to educating and advocating for digital asset tax reforms. He said “The VDA industry, at the heart of digitization, innovation, and research, is instrumental in advancing decentralized storage, fractional ownership, metaverse development, interoperability, scalability, and sustainability.”
Finance Minister @nsitharaman's interim Budget lays out a strategic vision for India's economic progress, aiming for developed nation status by 2047. It emphasizes innovation and digital transformation as key drivers of inclusive growth.🇮🇳💼
While the VDA industry had high…
— Sumit Gupta (CoinDCX) (@smtgpt) February 1, 2024
India Budget 2024: CoinDCX CEO Still Hopes For Tax & TDS Relief
CoinDCX crypto exchange CEO Sumit Gupta said the industry had high hopes for tax and TDS relief in this budget. However, there was nothing for crypto as tax remain unchanged. The full budget still holds potential for positive changes, including reduced taxation and a supportive policy framework.
India Budget 2024 LIVE: India's Crypto Community Now Anticipates A Change With Next Budget
With the end of the Interim Budget 2024, the Indian crypto community faced a setback as no reliefs were granted on digital assets. However, the Finance Minister previously stated that no spectacular announcements are to be made in the interim budget as it is vote-of-account.
Simultaneously, this year, significant announcements are to be made after the conclusion of the general elections. Concerning this, the Indian crypto community is eyeing the next upcoming budget.
India Budget 2024 LIVE: PM Modi Highlights The Interim Budget Amid India's Crypto Letdown
Hon’ble Prime Minister Mr. Narendra Modi recently stated that this year’s interim budget further carries the confidence of continuity across the nation. Moreover, it mirrors the aspirations of ‘young India.’
Meanwhile, the government completely ignored the emerging crypto sector nationwide in the interim budget. Although the government envisions young India, the setback faced by the crypto industry appears to be a backlash against the government.
India Budget 2024 LIVE: India Skips Crypto Tax Refinement Despite G20 Allegiance
Even though India pioneered the G20 summit the previous year, its stance on crypto regulation contrasts with the global crypto regulatory framework. Although the nation ruled out plans falling in line with the worldwide race for AI, crypto still remains a questionable industry.
India Budget 2024 LIVE: Indian Crypto Community Forges Ahead With Plans For Petition
Change.org, a leading platform that aids in filing petitions for various causes, appears to be attracting crypto users nationwide to file for a petition that aims to reduce crypto taxes in India. The voting for the petition is currently ongoing, with 1 lakh votes already in favor of the filing.
India Budget 2024 LIVE: WazirX CEO Spotlights Indian Union Budget's Setback For Crypto
WazirX CEO and founder Nischal Shetty recently highlighted the government’s unchanged stance on crypto. However, he illuminated the need to spread awareness regarding digital asset tax reforms even more now than ever. This potentially paves the path for future innovation nationwide, especially for crypto.
Day 730
There’s been no change in the tax rates for crypto in India in the current interim budget.
But our work towards educating and bringing about digital asset tax reforms should continue.
The path to innovation is never smooth but it needs to be navigated if we’re to make…
— Nischal (Shardeum) 🔼 (@NischalShetty) February 1, 2024
India Budget 2024 LIVE: Indian Crypto Exchange SunCrypto Radiates Letdown
One of India’s most prominent crypto exchanges, SunCrypto, recently shared a post on X, articulating dismay with the government’s recent stance to retain direct and indirect taxes in the Interim Budget. Notably, the crypto sector remains as it is, with a 1% TDS and 30% tax on profits incurred.
We Can Feel You Guys 😞 #Nocryptotaxreduction#Budget2024 #reducecryptotax #Incometax pic.twitter.com/NfJ3qA1hxs
— SunCrypto: India’s leading crypto exchange (@suncryptoin) February 1, 2024
India Budget 2024 LIVE: India To Bolster AI?
The Finance Minister’s recent Budget Speech ruled out a hint toward the potential fostering and development of AI nationwide. Smt Nirmala Sitharaman stated that with the conclusion of the G20 summit with India’s allegiance, the nation recognized the talk of the town, AI, and its immense global potential. Mirroring this, the government plans to focus more on AI and the opportunities it creates nationwide.
India Budget 2024 LIVE: Government Neglects #ReduceCryptoTax Trend
As the day for Nirmala Sitharaman’s Budget Speech neared, prominent members of the Indian crypto community highly anticipated bolstering from the government. The country even witnessed a #ReduceCryptoTax uproar prior to the Budget.
The crypto revolution is a chance for India to shine. High taxes instead of fair policies is putting entire nation at innovation risk. It is important to secure nation's place at the forefront of digital age! #reducecryptotax #faircryptotax Day-729 #IndiaWantsCrypto @FinMinIndia
— Dr. Sathvik Vishwanath (Unocoin) (@sathvikv) January 31, 2024
However, with no mention of crypto at all, India appears to be at risk of lagging in the crypto revolution.
India Budget 2024 LIVE: No Mention Of Crypto
While the Indian crypto community eagerly awaited announcements orbiting the nation’s digital assets sector, the Finance Minister did not mention anything for the industry in today’s Interim Budget. The community still hopes to see significant announcements following the conclusion of the general elections this year.
India Budget 2024 LIVE: Private Sector To Get Better Access To Credit
The much-anticipated decision of the Indian government is finally here. The Indian FM, in her Budget Speech this year, stated that private investments across the nation are at scale. Aligning with this, the FM announced better access to credit for the private sector.
India Budget 2024 LIVE: Income Tax Impacted!
In her 2024 Budget Speech, Nirmala Sitharaman stated that there should be no income tax slabs for individuals with up to seven lakhs of annual income. Moreover, she also suggested that direct and indirect taxes remain the same, including import duties. However, the government plans to offer some relief to the emerging startup sector, among many others.
India Budget 2024 LIVE: Railway to Get Aid In 3 Corridors
The Indian FM stated that three corridors will significantly boost the nation’s railways sector with the interim budget. This includes energy, port connectivity, and high-traffic corridors within the railways sector. Better connectivity, efficient resource utilization, and reduced traffic density remain of utmost importance, as per Sitharaman in today’s Budget Speech.
India Budget 2024 LIVE: Finance Minister Highlights 4 Priorities
In the Budget Speech 2024, the Indian Finance Minister Nirmala Sitharaman stated that four aspects remain top priorities. These are “Gareeb, Mahila, Yuva, and Annadata.” Notably, this means the nation’s poor class, women, youth, and farmers.
India Budget 2024 LIVE: CII Eyes Subsidy Welfare Measures
The President Designate at CII, Sanjiv Puri, recently stated that subsidy welfare measures are much needed within the nation, and the CII backs them. The government has used the digital infrastructure pretty wisely regarding direct benefit transfer, but the focus remains on sharpening it.
India Budget 2024 LIVE: IMC DG Says Budget To Zero In On Infrastructure
Ajit Mangrulkar, Director General at IMC, recently stated that infrastructure remains to be a key focus in the upcoming Union Budget. A lot of projects flourished this year, and many more are in the pipeline, which are imminent.
India Budget 2024 LIVE: IMF ED Spotlights India's Economic Landscape
The Executive Director of IMF (International Monetary Fund) and the former Chief Economic Advisor to the Indian Government, KV Subramanian, recently stated that the nation is in a good position economically. Still, the effort poured in needs to be continued in order to nourish further reforms that prevail in the manufacturing sector and the investments and subsidies in the power sector.
