Pre-Budget 2024 LIVE Updates: With only two days left until this year’s much-awaited Union Budget Speech, India’s Ministry Of Finance appears to be birthing a tidal wave of speculations across the country’s economic landscape. The Finance Minister of India, Nirmala Sitharaman, is all set to deliver the Budget Speech on February 1, 2024. Meanwhile, with the preparations already commencing with the ‘Halwa’ ceremony, the country eagerly awaits the Budget.
Meanwhile, the Finance Minister already stated that as a result of vote-of-account, no major announcements are to be given out on February 1. However, key industries within the nation, such as Real Estate, Finance, Agriculture, Crypto, and many others, expect to see significant changes. Moreover, with Sitharaman’s noteworthy track history of Budget Speech deliveries, India extensively eyes this year’s Union Budget.
Pre-Budget 2024 LIVE Updates: With only two days left until this year’s much-awaited Union Budget Speech, India’s Ministry Of Finance appears to be birthing a tidal wave of speculations across the country’s economic landscape. The Finance Minister of India, Nirmala Sitharaman, is all set to deliver the Budget Speech on February 1, 2024. Meanwhile, with the preparations already commencing with the ‘Halwa’ ceremony, the country eagerly awaits the Budget.
Meanwhile, the Finance Minister already stated that as a result of vote-of-account, no major announcements are to be given out on February 1. However, key industries within the nation, such as Real Estate, Finance, Agriculture, Crypto, and many others, expect to see significant changes. Moreover, with Sitharaman’s noteworthy track history of Budget Speech deliveries, India extensively eyes this year’s Union Budget.
As Union Finance Minister Nirmala Sitharaman gears up to unveil the interim budget for 2024-25 on February 1, 2024, cybersecurity takes center stage. Parag Khurana, Country Manager of Barracuda Networks, warns of a looming shift where attackers leverage AI for more sophisticated cyber threats.
Notably, with organizations heavily investing in digital transformation, the potential attack surface grows. Considering that, Khurana emphasizes the need for cyber-resilience, urging budget allocation toward cybersecurity and AI-based security innovation. India Budget 2024 holds the promise of safeguarding digital assets, with a focus on skills development to counter evolving cyber threats in the nation’s dynamic landscape.
As India steps into a crucial election year, all eyes are on the upcoming Union Budget 2024, set to be unveiled on February 1. Forbes India, sharing insights on the X platform, notes the buzz surrounding the interim budget. While experts temper expectations for major policy shifts, there is anticipation for populist measures that may shape the economic landscape.
Meanwhile, the budget’s unveiling comes at a pivotal moment, with political and economic factors intertwining in this election season. India Budget 2024 is poised to be a key player in shaping the nation’s fiscal trajectory and influencing voter sentiment.
2024 is an election year for India. Centre will table the interim budget on Feb 1. While experts don't expect big bang announcements, they are predicting some populist moves. After the budget speech, join us for a Twitter Spaces discussion on the impact of announcements. 🔔Set… pic.twitter.com/XwNtw3dJ8N
— Forbes India (@ForbesIndia) January 30, 2024
According to the latest report, Union Finance Minister Nirmala Sitharaman is expected to unveil a support package of ₹12,500 crore for electric mobility players in India’s upcoming Union Budget 2024. This expected initiative, under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) III scheme, aims to incentivize electric two-wheelers, three-wheelers, buses, cars, charging infrastructure, and potentially trucks and tractors.
While the subsidies per vehicle may see adjustments, the anticipated focus on promoting green mobility underscores the government’s commitment to fostering a cleaner, more sustainable future for the country.
TaxNodes CTO Karthikeyan NG has shared insights on the X platform ahead of India Budget 2024, anticipating positive provisions for the crypto ecosystem. Key expectations include relaxed taxation, potentially lowering the flat 30% rate with loss offset allowance, reduced TDS from 1%, and the formalization of regulatory requirements. These changes aim to foster a thriving environment for cryptocurrency in India. As the crypto community eagerly awaits the Union Budget 2024, there’s anticipation that the outlined provisions could pave the way for a more supportive regulatory landscape.
As we are expecting the interim budget, list of provisions that is imminent for the crypto eco system to thrive in India.
1. Relaxed taxation from the flat 30% with loss offset allowance
2. Reduced TDS from 1%
3. Formalised regulatory requirements and compliance for…— Karthikeyan NG (@intrepidkarthi) January 30, 2024
The Senior Vice Chairman of the Indian Chamber of Commerce, Rajib Sahoo, claims that the upcoming budget will be an interim budget until the new government takes charge. Meanwhile, the focus of this interim budget remains on the continuation of previous reforms, digitization, Make in India, agriculture, and integrated development, as per Sahoo’s statement.
The FSII (Federation of Seed Industry of India) Chairman, Mr. Ajai Rana, recently stated that curating a policy ecosystem that gravitates FDI (Foreign Direct Investment) in the nation’s seed sector is also anticipated ahead of the upcoming budget.
Mr. Ajai Rana, Chairman, @FSII_India, speaks with @EconomicTimes on creating a policy environment to attract FDI in seed sector ahead of #Unionbudgethttps://t.co/5Lc8H9TPfU@jairana_70 @SeedsSavannah @FinMinIndia @cbic_india @PrinSciAdvOff#fsiiinnews #gst #budget #fsii
— Federation of Seed Industry of India (FSII) (@FSII_India) January 30, 2024
Many are speculating on a previous statement in which the Finance Minister stated that no spectacular announcements are to be made on the Budget Speech of February 1. Aligning with this, the unchanged state of 80C, 80D, home loans, tax slabs, and basic exemptions for the past couple of years leaves the salaried class at the front of a significant setback, as they are not too optimistic about the upcoming budget.
Dr. Sathvik Vishwanath, co-founder of Indian crypto exchange Unocoin, recently stated, “For every day passing with unfair crypto taxation in India, an individual is considering migrating out of the country to build in this industry.” He further spotlighted how this is resulting in the loss of employment opportunities within the country, drawing parallels with the loss of taxes and investment opportunities nationwide.
For every passing day with unfair #crypto taxation in India, there is someone who is considering moving out of the country to build in this industry in turn causing loss of taxes, employment & investment! #reducecryptotax #faircryptotax Day-727 #IndiaWantsCrypto @FinMinIndia
— Dr. Sathvik Vishwanath (Unocoin) (@sathvikv) January 30, 2024
Eyeing the upcoming Union Budget 2024, the Indian logistics sector foresees more simplifications for land acquisitory processes of warehouses and logistics parks, rebates in stamp duty, registration costs, etc.
Indian funds, insurers, and banks have extended their holdings in longer-duration bonds, foreseeing a fiscally conservative interim budget from the federal government coming ahead of the general elections 2024.
In a recent statement shared by the Confederation of Indian Industry (CII), the organization urged the states to start using the National Single Window System. Furthermore, it proposed decriminalizing business-facing laws and integrating environment, forest, biodiversity, and air & water compliances into 1.
In run up to the #InterimBudget2024 begins, CII shares recommendations for ease of doing business in the country.#CIIRecommends encouraging states to use National Single Window System.#CII4InterimBudget2024 #Budget2024 @nsitharamanoffc @nsitharaman @FinMinIndia pic.twitter.com/5Aot0DGpxl
— Confederation of Indian Industry (@FollowCII) January 30, 2024
The Indian crypto community hopes to see a significant reduction in the tax slab orbiting virtual digital assets nationwide. The #reducecryptotax movement appears to have prevailed for ages within the country now. As the global race for crypto paces each day, India’s current stance may force the nation to lag globally. Aligning with this, the Indian crypto community awaits noteworthy announcements in the upcoming Budget.
With Budget 2024 nearing, the Indian crypto community eagerly anticipates key changes – right from regulatory advancements to the success of the #reducecryptotax movement.
Here's a list of expectations from #Budget2024 👇https://t.co/55irb9DpAx
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 30, 2024
With India’s CPI (Consumer Price Index) fluctuating 4-8% annually in recent years, the majority of the nation’s income post-taxation remains relatively less. Increasing the limit under the new tax regime would offer significant aid to citizens nationwide and is much expected in the upcoming budget.
The Director General of CII (Confederation Of Indian Industry), Mr. Chandrajit Banerjee, eyes rural economy development with the upcoming Budget, particularly education and housing infrastructure aid, among many others.
The upcoming Interim Budget is expected to increase the government’s dividend earnings from RBI and other financial institutions, as per reports. Notably, these institutions significantly surpassed the previous year’s expected dividends, resulting in such a scenario.
The Budget Speech to be delivered by Nirmala Sitharaman on February 1 is primarily expected to zero in on MSMEs (Ministry of Micro, Small & Medium Enterprises) facilitation of better credit. The nation seeks a better ecosystem for the MSE sector, as it creates additional job opportunities.
The All Party meeting is now in full swing at the Indian Parliament House ahead of the Interim Budget 2024.
All party meeting is underway in Parliament House ahead of interim Budget Session. pic.twitter.com/ItUIRT0apm
— All India Radio News (@airnewsalerts) January 30, 2024
The burgeoning rise of UPI payments within the country leads to speculation about whether the government will offer aid in reducing the digital transaction fees this year or not. At present, the transaction fees appear to be quite the hindrance that demands prompt attention.
The IMA (Indian Medical Association) recently proposed a jack-up in investments for public sector hospitals. Dr. RV Asokan, President of the IMA, spotlighted the necessity for the same.
Much of the nation’s anticipation is on developing the country’s public transport system, mainly the railways. Various reports surfacing across India suggest that the railway sector is poised for record-level gains, with a scope-in on better infrastructure and faster trains.
Numerous industries across India, be it agriculture or pharmaceuticals, all appear to be eyeing a significant boost in the R&D (Research & Development) sector within their respective industries. Reports showcase a surge in demand for R&D allocations in recent times, promptly birthing expectations for the bolstering of this department.
According to India’s leading tax-tech portal, EZTax, Self-Reliance schemes in Defence, Clean Energy, and Technology adoption are much expected in the nation. This also provides numerous job opportunities and boosts employment.
Budget 2024 Expectations ::
Expected to assert on Self-Reliance schemes in Defence, Clean Energy, and Technology adoption to boost employment.
more at https://t.co/NDPfDeNIoe#eztax #Budget2024 #defence #CleanEnergy #MSME #SmallBusiness #technology pic.twitter.com/EwoFLWnqC9
— EZTax.in – Online IT GST Portal 🇮🇳 (@EZTaxIndia) January 30, 2024
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