[live_blog_schema]
As the date for the release of the next Indian Union Budget nears, the financial ream of the nation embraces itself for any potential paradigm shifts that may appear with the Finance Minister’s speech. The Indian Finance Minister, Nirmala Sitharaman, is previously known for delivering the longest budget speech to date, lasting 2 hours 40 minutes, encompassing key details on spending, allocations, and expenditures for the nation. Following this, even this year’s budget remains eagerly awaited by the citizens of India.
Although the Finance Minister recently stated that no spectacular announcements will be made on the February 1st speech, major shifts are expected by July 2024, with the conclusion of the general elections in 2024. Meanwhile, with the inaugural ‘Halwa’ ceremony, the preparations for the upcoming budget have already started, garnering significant attention within the country.
Here are some of the key expectations:
The Indian crypto community is anticipating a reduction in the 30% tax slab for income from crypto. Additionally, they demand a reduction in the 1% TDS levied on crypto transactions.
CoinDCX, a leading crypto exchange in India, has invited unique opinions on ‘Crypto TDS Laws’ in India that could boost crypto adoption in the country. Most crypto enthusiasts opposed the idea of TDS on crypto along with trading fee. Moreover, one comment sought to “destroy the idea of tax” in the crypto domain.
Tell us a unique perspective on Crypto TDS that could boost its adoption👇
— CoinDCX: India's Safest Crypto Platform (@CoinDCX) January 27, 2024
As seen in a series of posts by the Ministry of Finance India, the regulatory body appears to be gearing up for a significant shift in the nation’s agriculture sector. The Ministry recently shared numerous posts on X, spotlighting the Ministry’s advancements in the agriculture sector. Aligning with this, the Union Budget may encompass noteworthy announcements for the agriculture sector.
Benefiting about 22 lakh farmers, Pradhan Mantri Krishi Sinchayee Yojana #PMKSY has enhanced irrigation potential, encouraging farmers to invest more in farming technology and leading increased productivity and farm income.#PromisesDelivered pic.twitter.com/yFgte6X2zV
— Ministry of Finance (@FinMinIndia) January 27, 2024
Creating wealth from waste, 224 community biogas plants are already completely constructed under the GOBARdhan Scheme (Galvanising Organic Bio Agro Resources Dhan Scheme).
#PromisesDelivered pic.twitter.com/w235tAtpUI
— Ministry of Finance (@FinMinIndia) January 27, 2024
The National Agriculture Market (e-NAM) is expanding to ease farmers. The pan-India trading portal is helping realise the vision of ‘One Nation, One Market’ for agri-produce.#PromisesDelivered pic.twitter.com/Tm6WSgpdfj
— Ministry of Finance (@FinMinIndia) January 27, 2024
Biocon, a key stakeholder in the pharma and biopharmaceuticals realm, recently stated that the firm would like to see the budget to scope-in on research & innovation-led economic growth in order to reach its so-called target of USD 120-130 billion by 2030.
"As a key stakeholder in the #pharma and #biopharmaceuticals industry, I would like this #budget to focus on research & innovation-led economic growth. To reach its aspirational target of USD 120-130 billion by 2030, India’s pharma industry needs to achieve a 13-15% CAGR.…
— Biocon (@Bioconlimited) January 27, 2024
The CII (Confederation of Indian Industry) recommends that the Finance Ministry increases revenue and meets disinvestment targets. Furthermore, it stresses setting out a three-year schedule for disinvestment.
In run up to the #InterimBudget2024, CII shares recommendations for increasing revenue.#CIIRecommends meeting disinvestment targets and setting out a 3-year schedule for disinvestment. #CII4InterimBudget2024 #Budget2024 @nsitharamanoffc @nsitharaman @FinMinIndia pic.twitter.com/4eAqUDKmIh
— Confederation of Indian Industry (@FollowCII) January 27, 2024
As the interim Budget 2024 nears, the CII (Confederation of Indian Industry) recommended the Finance Minister, Nirmala Sitharaman, to encompass petroleum, electricity, & real estate in GST and aim at a 3-rate structure.
As we approach #InterimBudget2024,#CIIRecommends subsuming petroleum, electricity & real estate in GST and aiming at a 3-rate structure.#CII4InterimBudget2024 #Budget2024 @nsitharamanoffc @nsitharaman @FinMinIndia pic.twitter.com/AK9gjnFMYM
— Confederation of Indian Industry (@FollowCII) January 27, 2024
In alignment with India’s journey to become self-independent and self-reliant, the government is expected to offer significant jacking up to the energy sector with substantial budgetary aids in the upcoming Union Budget.
According to Anurag Thakur, Union Minister, the sports budget has increased three times in the past ten years due to PM Modi’s led central government. Aligning with this, even this year’s budget is expected to encompass key allocations to the sports sector.
Anil Talreja, Partner, Deloitte India, recently shared his views on the upcoming budget, asking the M&A dealmakers to simplify laws on the purchase and sale of shares. Furthermore, he also urged the regulators to ease tax curbs for startups across the nation.
The CII ( Confederation of Indian Industry) appears to be advocating for government support in fostering inexpensive housing, according to its pre-budget 2024 brief. The CII further proposes broadening the interest subvention scheme from Rs. 25 lahks to 35 lahks to encompass the entire housing expense.
The Indian Finance Minister stated that no major announcements are to be made during the February 1 Budget speech as it is only a vote-on-account. Major announcements will take place following the conclusion of the general elections in July 2024. Meanwhile, the upcoming budget aims to allocate funds only to cover the currently ruling government’s expenditure.
Ever since the Bharatiya Janta Party (BJP) entered the arena, the Union Budget’s allocation to the education sector has been in constant decline. However, the educational space within the country hopes to see some benefits in this year’s budget.
The Indian Space Association (ISPA) hopes to see exemptions in GST, while also anticipating a tax holiday.
WazirX CEO Nischal Shetty recently cracked down on the objective of introducing TDS in India’s digital asset trading landscape. According to Nischal, the need to introduce TDS was to keep track of trading records, which can still be done with reduced rates. Aligning with this, the WazirX CEO expects to see a reduction in the current 1% TDS.
Day 725
The objective of introducing TDS in digital asset trading in India was to be able to track all the trades and their quantum.
This can easily be achieved by having a lower tds rate of 0.01% instead of the current 1%
High tds rate leads to lock up of massive trader…
— Nischal (Shardeum) 🔼 (@NischalShetty) January 27, 2024
As seen evidently in the past years, India has evolved phenomenally when it comes to the defense sector. Aligning with this, even this year’s budget is expected to encompass key allocations to the defense sector.
Moreover, with the recent display of twin-seater Tejas’ in the country’s Republic Day parade, experts are optimistic about significant allocations this year that will provide similar results to the advancements showcased on January 26.
With the recent burgeoning rise in EVs across the nation, the EV industry awaits FAME-II scheme extension, along with reduced GST on Li-ion Batteries, among many others.
The upcoming Budget sparks optimism as Nirmala Sitharaman, the Indian Finance Minister, recently devised strategies to streamline the IPO procedures within the country.
Intriguingly, mirroring last year’s all-party meeting, even this year’s meeting is expected to spotlight issues in the soon-to-be-released Union Budget.
The Investment Information and Credit Rating Agency (ICRA) anticipates that India will continue on its path of fiscal consolidation in the Union Budget FY2025.
Bitcoin Halving News Updates: Bitcoin completed its much-awaited fourth halving. Post the halving, market sentiments…
Cryptocurrency News Highlights: Bitcoin, the world's first-ever digital currency, once again curated a tidal wave…
India Budget 2024 Highlights: India's Finance Minister Nirmala Sitharaman unveiled India's Union Budget for the…
Pre-Budget 2024 LIVE Updates: The eagerly awaited India Budget 2024 announcement by Finance Minister Nirmala…
US FOMC Meeting Highlights: The crypto market was up today, ahead of the much-awaited FOMC…
Pre-Budget 2024 LIVE Updates: With only two days left until this year's much-awaited Union Budget Speech,…