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The upcoming budget is expected to boost consumer spending and infrastructure, potentially increasing the NSE Nifty 50 Index to 26,000 points. Corporate earnings remain robust, with significant growth anticipated in 2024

Budget to boost consumer spending; market to gain as much as 20%: Survey

<h2>The upcoming budget is expected to boost consumer spending and infrastructure, potentially increasing the NSE Nifty 50 Index to 26,000 points. Corporate earnings remain robust, with significant growth anticipated in 2024</h2>

The upcoming full budget is expected to boost consumer spending and infrastructure building, which in turn is likely to propel the soaring share market to gain as much as 20%, reported Bloomberg. The report quoted market watchers and said that the market will gain, buoyed by government spending and continued momentum in corporate earnings
<h3>Share market to gain</h3>
Bloomberg surveyed about 24 respondents and more than half of them estimated that the NSE Nifty 50 Index may advance up to 26,000 points by the end of 2024, while one predicted the gauge can climb even more. So far this year, the benchmark index has risen 12% to hit a record high.&nbsp;
Investors have raised their bets in the consumer sector on expectations the government will shift toward more populist measures as Prime Minister Narendra Modi led BJP failed to secured majority in the Lok Sabha polls.&nbsp;
Meanwhile an early monsoon has also boosted the prospects for companies involved with crops such as rice, corn and soybeans.
&ldquo;Corporate earnings for the year gone by had been robust on the back of margin tailwinds and may grow above trend in financial year 2025, keeping India&rsquo;s medium-term growth story intact,&rdquo; Bino Pathiparampil, head of research at Mumbai-based Elara Capital told Bloomberg.
As per datat compiled by Bloomberg Intelligence, analysts estimated earnings per share of MSCI India Index&rsquo;s companies for all of calendar year 2024 to increase 15.6% on-year. In comparison, Chinese firms are expected to post a 10% rise in their EPS for the same period.
A quarter of the respondents who were surveyed had said that the capex push would be the government&rsquo;s main priority. Another quarter thought boosting consumer demand would be on top of their to-do list.
&ldquo;The government can please everyone with higher capex, social spending and yet a tighter fiscal,&rdquo; thanks to larger tax revenue and bumper dividend payout from the central bank, Jefferies Financial Group Inc. strategists including Mahesh Nandurkar wrote in a note on June 24.
Also watch: <a href="https://www.editorji.com/business-news/markets/sensex-surges-past-80-000-mark-in-record-time-nifty-nears-24-400-1720070809265">Sensex surges past 80,000 mark in record time, Nifty nears 24,400</a>

The FY25 full budget, with minimal changes from the interim budget, will emphasize a five-year economic growth strategy. Key areas include adjustments in estimates, revised spending for subsidies

Full budget for FY25 may be presented by July 15: Report

<h2>The FY25 full budget, with minimal changes from the interim budget, will emphasize a five-year economic growth strategy. Key areas include adjustments in estimates, revised spending for subsidies</h2>

The Finance Ministry is gearing up to present the full budget for FY25 between July 5 and July 15, reported Mint quoting people privy to discussions in the government. As per the report, the full budget will have very few changes to the estimates made in the interim budget but will have a strong emphasis on the strategy for steering economic growth over the next five years.
<h3>Full budget presentation</h3>
The full budget for the current financial year may not see too many changes as fluctuations in spending requirements and receipts could also be accommodated in the revised estimates to be presented next year. However, some tweaks are expected in the estimates made in the interim budget in view of the revenue buoyancy trend.&nbsp;
Along with this certain spending requirements like fertilizer subsidies may see revised budget allocation according to the requirement on ground. As per Mint, any shortfall that can&rsquo;t be met by receipts, will be addessed through supplementary demands for grants. The same applies to any extra demand for legally guaranteed rural jobs.
<h3>Important changes</h3>
RBI's dividend to the Centre was at Rs 2.11 lakh crore for FY24. The newly formed government will have to account for this more-than-expected dividend payout. In the interim budget only a little more than Rs 1 trillion as dividend was accounted. As per Mint, some of the extra receipts could be used for pre-payment of the Centre&rsquo;s debt and for further improving the fiscal deficit position.
As far as Capital Expenditure is concerned, the government is likely to go as planned in the interim budget. The government had proposed ₹11.11 trillion of capital expenditure in FY25, an increase of 11.1% from the revised estimates for FY24.&nbsp;
<h3>All eyes on Govt strategy&nbsp;</h3>
Industries are also expectant of some kind of announcement on corportae tax rate, production linked incentive scheme and investment into manufacturing, financial services and trade. The ministry has to take a call on whether to extend the 15% concessional corporate tax rate for new manufacturing companies, which was available till 31 March 2024.&nbsp;
Meanwhile, EY Chief Policy Advisor DK Srivastava told Mint that the government has enough legroom to make improvements in both the fiscal consolidation glide path and in capital spending.&nbsp;
&ldquo;Capital expenditure can be further enhanced and the signals given in the interim budget for fiscal consolidation can be further improved upon in view of the buoyant tax revenue and non-tax revenue collections. The full year budget could lay the framework for medium term growth. As global conditions are the way they are, domestic conditions will have to drive growth,&rdquo; EY Chief Policy Advisor DK Srivastava told Mint.
S&amp;P Global Ratings on Wednesday said that it expects broad continuity in economic reforms and fiscal policies to continue regardless of the election outcome, while acknowledging that an increasing share of government spending is now going into infrastructure.&nbsp;
Also watch: <a href="https://www.editorji.com/business-news/economy/s-p-global-ratings-upgrades-indian-economy-outlook-to-positive-from-stable-1716978486031">S&amp;P Global Ratings upgrades Indian economy outlook to positive from stable</a>

Finance Minister's proposal to borrow Rs 14.13 lakh crore to meet the revenue shortfall is lower than last years and so the banks will see profit as the value of government bonds will increase

Budget 2024: Government's borrowing from markets to reduce to Rs 14.13 lakh crore in FY25

<h2>Finance Minister's proposal to borrow Rs 14.13 lakh crore to meet the revenue shortfall is lower than last years and so the banks will see profit as the value of government bonds will increase</h2>

Budget 2024: Finance Minister Nirmala Sitharaman during the Budget presentation, proposed to borrow Rs 14.13 lakh crore by issuing dated securities to meet revenue shortfall in the next financial year starting on April 1. This is lower than last year&rsquo;s gross borrowing estimate of Rs 15.43 lakh crore, which was the highest ever.
<h3>Government Borrowing</h3>
The lower borrowing estimate for 2024-25 is on account of growing tax revenue and the government&rsquo;s resolve to meet its fiscal consolidation roadmap.
Also Read: <a href="https://www.editorji.com/business-news/budget/government-sets-fy25-disinvestment-target-at-50-000-crore-expected-to-secure-30-000-crore-in-fy24-1706776122341">Government sets FY25 disinvestment target at ₹50,000 crore; expected to secure ₹30,000 crore in FY24</a>
About net borrowing estimate, Sitharaman said it would be Rs 11.75 lakh crore during the next financial year. As a result, the government would make repayment of Rs 2,37,818 crore during the year.
"The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13 and Rs 11.75 lakh crore respectively. Both will be less than that in 2023-24. Now that the private investments are happening at scale, the lower borrowings by the Central Government will facilitate larger availability of credit for the private sector," she said.
There are signs of private investment picking up in the steel and cement sector due to massive capital expenditure by the government.
Against the estimate of Rs 10 lakh crore for 2023-24, the government has earmarked Rs 11.11 lakh crore during the next year. As per the revised estimate for FY24, the capital expenditure would be Rs 9.5 lakh crore, short by Rs 50,000 crore over the BE for the current fiscal.
During the covid years, due to higher expenditure the government borrowings hit a record high.&nbsp;
A government borrows money from the market to make up for expenses that exceed its total revenue. This is called a fiscal deficit.
<h3>PSU Banks to do well</h3>
The reduced borrowing estimate is expected to help banks to be able to lend more next year. This will also lead to an increase in the value of government bonds, which would lead to added profits for state-owned banks.
State-owned banks will see profits because it is mandatory for them to invest in government securities and government's decision to reduce the borrowing will add value to the bonds that the banks already hold.
Finance Minister Nirmala Sitharaman also highlighted in her Budget speech that this will leave the banks with more money to lend to private sector companies and keep a check on lending rates.
&nbsp;
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Finance Minister Nirmala Sitharaman in the budget presentation said that the states will be encouraged to develop iconic tourist destinations and will be given long-term interest-free loans for financing the development of iconic tourist centres 

Budget 2024: Finance Minister Nirmala Sitharaman lists measures to boost tourism

Finance Minister Nirmala Sitharaman in the budget presentation said that the states will be encouraged to develop iconic tourist destinations and will be given long-term interest-free loans for financing the development of iconic tourist centres&nbsp;

Budget 2024: Tourism was one of the areas which Finance Minister Nirmala Sitharaman specifically mentioned during her short budget speech. States will be encouraged to to undertake development of iconic tourist destinations.
"The success of organising the G20 meeting in 60 places presented the diversity of India to a global audience. Our economic strength has made the country an attractive destination for business and conference tourism. Our middle class also now aspires to travel and explore. Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship,&rdquo; Sitharaman said in her speech.
<h3>Measures to boost Tourism</h3>
In the presentation, Nirmala Sitharaman announced that long-term interest-free loans will be provided to states for financing the development of iconic tourist centres on a matching basis. The fund can be used for branding and marketing them at a global scale.
She further mentioned that projects for port connectivity, tourism infrastructure, and amenities will be taken up on the country's islands, including Lakshadweep. She also added that boosting tourism will in turn boost employment.&nbsp;
There will also be a framework for rating of the tourist centres based on quality of facilities and services provided at the centres.&nbsp;
"Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship," she added.
Deloitte India's Rajat Mahajan expressed optimism that the tourism sector will get more focus in the coming years from both the states and centre
"This interim budget missed addressing few key points like increasing spends on marketing to get more global tourists, specific PLI like reforms for the players in the sectors etc. Given this being the election year, however, we expect the sector to get more focus in the coming years by both centre and states", said Rajat Mahajan, Partner, Consulting, Deloitte India

'This Budget stresses on empowerment of the poor and the middle class and creating of new employment opportunities for them,' PM Modi said. 

Budget stresses on empowerment of poor, middle class: PM Modi

'This Budget stresses on empowerment of the poor and the middle class and creating of new employment opportunities for them,' PM Modi said.&nbsp;

Prime Minister Narendra Modi asserted on Thursday that the Union Budget presented by Finance Minister Nirmala Sitharaman offers the "guarantee" of strengthening the foundation of a developed India.
In a televised address following the budget, he said it will empower the four pillars of developed India, namely the young, poor, women and farmers.
"This is a budget of creating India's future," he said, adding that it is a reflection of the young aspirations of a young India.
Citing the announcement of Rs 1 lakh crore fund for research and innovation, he noted that the "historic" budget has also offered rebates for start-ups. It has provisions for a huge capital expenditure of Rs 11.11 lakh crore while keeping the fiscal deficit under control, he said.
Also watch: <a href="https://www.editorji.com/business-news/budget/budget-2024-fiscal-deficit-for-2024-25-estimated-at-5-1-of-gdp-1706770177408#google_vignette">Budget 2024: Fiscal deficit for 2024-25 estimated at 5.1% of GDP</a> &nbsp; The budget empowers the poor and middle class and will create countless employment opportunities for the youth, he said.&nbsp;

The union territory of Lakshadweep found a special mention in Finance Minister Nirmala Sitharaman's budget speech

Budget 2024 | Lakshadweep finds mention in Nirmala Sitharaman's interim budget

The union territory of Lakshadweep found a special mention in Finance Minister Nirmala Sitharaman's budget speech

As Finance Minister Nirmala Sitharaman highlighted the government's focus on boosting domestic tourism, Lakshadweep found a special mention.&nbsp;
'Our middle class also now aspires to travel and explore. Tourism, including spiritual tourism, has tremendous opportunity for local entrepreneurship.&nbsp; To address the emerging fervor for domestic tourism, projects for port connectivity, tourism, infrastructureand amenities will be taken up on our islands, including Lakshadweep,' she said.&nbsp;
This comes after Prime Minister Narendra Modi encouraged Indians to explore Lakshadweep during his visit to the union territory.&nbsp;
He had tried snorkelling and said Lakshadweep has to be on the list of visit for those who wish to embrace the adventurer in them.
A row erupted on social media when a minister and some other leaders in the Maldives used derogatory remarks against Prime Minister Modi after he posted a video of him on a pristine beach in Lakshadweep.
Following this, several Indians and tour operators cancelled their plans to visit the Maldives, which has tilted towards China and away from India under its new President Mohamed Muizzu.
Sitharaman, in her budget speech, said the Indian middle class also now "aspires to travel and explore". Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship, she added.
"States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale. A framework for rating of the centres based on quality of facilities and services will be established," the finance minister said.
Long-term interest-free loans will be provided to states for financing such development on matching basis, she added.
"The success of organising G-20 Summit meets at 60 places presented the diversity of India to global audience," Sitharaman said.
With PTI inputs

Finance Minister Nirmala Sitharaman in the Budget announced that the government will help in building or buying houses for middle class people living in rented or slums or unauthorized colonies

Budget 2024: Govt to help in providing houses to middle class

<h2>Finance Minister Nirmala Sitharaman in the Budget announced that the government will help in building or buying houses for middle class people living in rented or slums or unauthorized colonies</h2>

Budget 2024:&nbsp;Finance Minister Nirmala Sitharaman in the Budget presentation announced that the government will help in providing houses to middle class.&nbsp;
She mentioned that eligible citizens will be identified to whom the benefit will be provided. As per Sitharaman, the eligible citizens include middle class living in rented or slums or unauthorized colonies.&nbsp;
The government will extend help in buying and building the houses for this section of people.&nbsp;
The government in 2015, also launched affordable housing scheme with the tagline 'Housing for All'. Through this scheme, the government has built concrete houses for approximately 40 million impoverished households.
&nbsp;

Ayushman Bharat scheme will be extended to all Anganwadi and Asha workers and all schemes for maternity and child care will be brought under&nbsp;comprehensive framework for ease of implementation

Budget 2024: FM announces extension of Ayushman Bharat scheme to all Anganwadi and Asha workers

Ayushman Bharat scheme will be extended to all Anganwadi and Asha workers and all schemes for maternity and child care will be brought under comprehensive framework for ease of implementation

<h2>Ayushman Bharat scheme will be extended to all Anganwadi and Asha workers and all schemes for maternity and child care will be brought under&nbsp;comprehensive framework for ease of implementation</h2>

Budget 2024:&nbsp;On health sector Finance Minister Nirmala Sitharaman announced that the Ayushman Bharat scheme will be extended to all Anganwadi and Ayushman workers.&nbsp;
The Ayushman Bharat scheme which was launched in September 2018, is part of the National Health Policy 2017 aims to guarantee Universal Health Coverage. The Pradhan Mantri Jan Arogya Yojana or PM-JAY scheme under Ayushman Bharat is recognised as the largest health assurance scheme in the world.
Sitharaman also mentioned that various schemes on maternal, childcare will be brought under one comprehensive framework for ease of implementation

IMA's president Dr RV Asokan while calling for restructuring in the Ayushman Bharat scheme and strengthening of human resources in government hospitals mentioned that the investment into health sector has stagnated despite rise in disease burden

Budget 2024: IMA wants investment in public sector hospitals and increase in human resources

<h2>IMA's president Dr RV Asokan while calling for restructuring in the Ayushman Bharat scheme and strengthening of human resources in government hospitals mentioned that the investment into health sector has stagnated despite rise in disease burden</h2>

Budget 2024:&nbsp;Indian Medical Association President Dr RV Asokan in an interview to ANI said that the investment to health sector has stagnated. He further went on to say that the hospitals in the government sector and their human resources must be strengthened.
<h3>Investment in health sector</h3>
Dr RV Asokan pointed out that the investment in the health space has stagnated even as disease burden has risen.&nbsp;
"Our health investment has stagnated at 1.1% of the GDP for many years. This underfunding is a reason for poor infrastructure and lack of human resources. So we feel without including the budget of drinking water sanitation, which we call health determinants, the core health budget should be at least 2.5%...," he told ANI. "We would want that the public sector (hospitals) be strengthened and human resources increase," he added.
<h3>Ayushman Bharat scheme</h3>
On the Ayushman Bharat scheme, Dr RV Asokan has called for restructuring for private hospitals to benefit.&nbsp;
He mentioned that the funding received via Ayushman Bharat scheme to government hospitals take a 10-15% cut from the insurance companies. This do not allow the government hospitals to enjoy the entire funding allocated under the scheme.
"Two-third of the funding for Ayushman Bharat goes to government hospitals. I think that's not a great idea because the people are not feeling the relief. Because already it is free. So, it is another way of funding the government hospitals, rather through insurance companies, where they take a share of service provision for 10 to 15%, which is a poor way of funding our government hospitals," Asokan said.
Also Read: <a href="https://www.editorji.com/business-news/budget/budget-2024-ayushman-bharat-health-insurance-cover-may-be-doubled-to-rs-10-lakh-1705497221918">Budget 2024: Ayushman Bharat health insurance cover may be doubled to Rs 10 lakh</a>
"We feel the Ayushman Bharat should be restructured for strategic purchases from the private sector and the government has its own channels to fund public sector hospitals through direct sources," he added.
<h3>Human resource strengthening</h3>
Regarding the ad hoc appointment, the IMA president mentioned that such appointments lack sense of belongingness.
"The very concern in government sector is there has been ad-hoc appointment of doctors across the country for eight to nine months, so they don't have a sense of belonging. It has to be through regular Public Service Commission's on a permanent basis with all those accompanying benefits then only the government sector could be run properly," he said.
Ad hoc appointments are made on temporary basis usually for a duration not exceeding one year on consolidated remuneration with specific conditions.
<a href="https://www.editorji.com/liveblog/business-news/union-budget-2024-live-updates-fm-nirmala-sitharaman-to-present-interim-budget-nbsp-1706756556783">Union Budget 2024 LIVE Updates: FM Nirmala Sitharaman to present interim budget&nbsp;</a>
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The five things to not expect from the interim budget includes major policy changes, income tax relief, new welfare schemes, aggressive fiscal consolidation and new financial regulation

Budget 2024: 5 Things To Not Expect From Interim Budget 

Budget 2024: Things to not expect from the interim budget on February 1

<h2>The five things to not expect from the interim budget includes major policy changes, income tax relief, new welfare schemes, aggressive fiscal consolidation and new financial regulation</h2>

Budget 2024:&nbsp;Finance Minister Nirmala Sitharaman is all set to present the budget on February 1. On the run up to the general elections that is expected to be held in April/May, this budget will be an interim budget.&nbsp;
<h3>Interim Budget 2024-25</h3>
Interim Budget is expected to laydown the financial roadmap for the initial months of the fiscal year. The budget aims only to ensure continuity of government operations until the post-election formation of a new government and will not contain any populist announcement.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/budget/budget-2024-25-date-time-key-expectations-when-and-where-to-watch-fm-nirmala-sitharaman-s-speech-live-1706512442934">Budget 2024-25: Date, Time, Key Expectations, How and Where to Watch FM Nirmala Sitharaman's Speech LIVE</a>
Finance Minister Nirmala Sitharaman too had confirmed that the upcoming February 1 Interim Budget for the fiscal year 2024-25 won't feature any major announcements while emphasizing its nature as a vote-on-account.
<h3>Things to not expect from Budget 2024-25</h3>
As per IndiaToday.in's compilation, these 5 things won't feature in the interim budget
<ol>
<li>Major Policy Changes - The Finance Minister is unlikely to present any groundbreaking policy changes or financial overhauls since this is an interim budget.</li>
<li>Income Tax Relief - Major reforms in tax structure is usually seen in full budgets</li>
<li>New Welfare schemes - Launching new, large-scale welfare programs is unlikely during an interim budget, however, social schemes will continue to be a focus</li>
<li>Aggressive Fiscal Consolidation - Extensive fiscal consolidation measures is unlikely to be introduced&nbsp;</li>
<li>New Financial Regulation - Interim budget will not have any major financial regulation or introduce any complex financial regulatory frameworks</li>
</ol>

As more than half of the allocated Rs 22,810 crore remains unspent under the Aastmanirbhar Bharat Rozgar Yojana which was launched in 2020, the government may extend the scheme beyond March 2024

Budget 2024: Government's job creation scheme likely to be extended

<h2>As more than half of the allocated Rs 22,810 crore remains unspent under the Aastmanirbhar Bharat Rozgar Yojana which was launched in 2020, the government may extend the scheme beyond March 2024</h2>

Budget 2024: The government is likely to extend the Aatmanirbhar Bharat Rozgar Yojana (ABRY) scheme in the interim Budget that will be presented on Feb 1, reported the Economic Times. The extension to the scheme will encourage the companies to create jobs by subsidising provident fund contributions.
<h3>Aatmanirbhar Bharat Rozgar Yojana</h3>
The Economic Times quoted a government official and said that the government is actively considering to extend the scheme beyond March 31, 2024. The report further mentions that more than half of the allocated Rs 22,810 crore remain unspent under the scheme.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/budget/nirmala-sitharaman-to-present-the-budget-for-6th-time-in-a-row-after-morarji-desai-1706335069886">Nirmala Sitharaman to present the Budget for 6th time in a row after Morarji Desai</a>
The scheme was launched in 2020 amid the Covid-19 pandemic and was to conclude this March. As per The Economic Times, industry has also urged the government to extend the scheme.
"The scheme has helped create new jobs as well as reemploy those who had lost their jobs during the pandemic," an industry representative told the publication. "However, since the balance sheet continues to be under stress, especially for some labour-intensive sectors, it is desirable that the government extend the scheme some more years to part-share the burden of enterprises," the person added.
Under the scheme, the government committed to reimburse contributions of 12% each by employers and employees towards provident fund and pension contribution for workers with wages up to ₹ 15,000, for a period of two years, and just the employees' contribution of 12% in case of establishments with more than 1,000 workers.
As per the labour ministry data updated on its website, till December 5, 2023, the government had reimbursed ₹10,043.02 crore as its share of provident fund and pension contribution for 6.04 million formal sector employees enrolled with the EPFO in 2020 for the period till March 31, 2022, benefiting 0.15 million establishments.
The Economic Times quoted CII national committee on industrial relations' member P Padmakumar and said that the Confederation of Indian Industry in its interim budget suggestion has included extension of the scheme to more establishments and contractors, and sought clarity on establishments that have multiple Employees' Provident Fund code numbers for different regions but remitting the contribution as a single entity.

SBI's detailed research report, led by Group Chief Economic Advisor Soumya Kanti Ghosh has predicted a moderate growth of 7.3% in government expenditure in the upcoming interim budget reaching just under Rs 49 lakh crore

Budget 2024: Government expenditure may see modest growth, says SBI

Budget 2024: Government expenditure may see modest growth in the interim Budget, says SBI

<h2>SBI's detailed research report, led by Group Chief Economic Advisor Soumya Kanti Ghosh has predicted a moderate growth of 7.3% in government expenditure in the upcoming interim budget reaching just under Rs 49 lakh crore</h2>

Budget 2024: The State Bank of India's research team predicts a moderate growth of 7.3% in government expenditure in the upcoming interim budget. The projected budget is anticipated to reach just under Rs 49 lakh crore (Rs 48.9 lakh cr) in the next fiscal year. For the current fiscal year Rs 45 lakh cr -&nbsp; Rs 46 lakh cr was allocated.
<h3>Interim Budget allocation</h3>
The expenditure on subsidy is expected to be reduced to Rs 3.8 lakh crores, slightly below the existing subsidy expenditure of Rs 3.92 lakh crore in the current financial year. Likewise, the report also forecasts a slowdown in capital expenditure predicting a 15% increase from the 33.7% surge seen in the current year's budget, amounting to Rs 11.5 lakh crores.
Also Read: <a href="https://www.editorji.com/business-news/budget/budget-2024-direct-tax-to-gdp-ratio-peaks-to-a-15-year-high-in-fy23-1706074085451">Budget 2024: Direct tax to GDP ratio peaks to a 15 year high in FY23</a>
On the tax front, the bank expects the net tax collection to surpass government's estimates by Rs 80,000 crore. The net tax collection is estimated to grow by 10.5% over this year's revised estimates. This would result in a net tax collection of Rs 26.52 lakh crores for the government in the next fiscal.&nbsp;
<h3>Challenges Ahead</h3>
SBI's detailed research report, led by Group Chief Economic Advisor Soumya Kanti Ghosh has also raised concerns over the economic growth. The report anticipates a slowdown in the real GDP to 6.8% in the next financial year, compared to the forecasted 7.3% for the current year. However, the bank expects the government to project a nominal GDP growth of 11%, reaching Rs 329 lakh crore.
Meanwhile, the fiscal deficit is likely to increase to Rs 18 lakh crore in FY25 compared to this year's ₹17.86 lakh crores. The gross market borrowings is estimated to grow to Rs 5.3 lakh crores in FY25. The bank estimates that a likely 5.5% deficit target could disrupt the government's plans.

While India's direct tax to GDP ratio hits a 15 year high of 6.11% in FY23, the number of income tax payers has more than doubled to 7.78 crore in the past 10 years, seeing 104.91% increase

Budget 2024: Direct tax to GDP ratio peaks to a 15 year high in FY23

<h2>While India's direct tax to GDP ratio hits a 15 year high of 6.11% in FY23, the number of income tax payers has more than doubled to 7.78 crore in the past 10 years, seeing 104.91% increase</h2>

Budget 2024:&nbsp;India's direct tax to GDP ratio hits a 15 year high of 6.11% in FY23, showed data released by Central Board of Direct Taxes. As per government data, the number of tax payers, filing income tax returns has also more than doubled to 7.78 crore in the past 10 years. The numbers increased by 104.91%.
The tax buoyancy declined to 1.18 in FY23 from 2.52 in FY22 and 1.29 in the pre-Covid year of FY19. Tax buoyancy is an indicator to measure efficiency and responsiveness of revenue mobilization in response to growth in the Gross domestic product or National income.&nbsp;
<h3>Direct tax collection</h3>
As per the data, the direct tax contribution to the total tax collection reached pre-pandemic levels. Direct tax majorly comprises of corporate tax and personal income tax. In FY23 direct taxes made up 54.62% of the government&rsquo;s total tax revenue, up from 52.27% in FY22 and 46.84% in FY21 &ndash; the lowest in 15 years.
Net direct tax collections, which reflect collections after refunds, &ldquo;increased by 160.52% to Rs 16.63 lakh crore in FY23 from Rs 6.39 lakh crore in FY14&rdquo;, CBDT said in a statement.
Maharashtra accounted for 36.4% (Rs 6.05 lakh crore) of the overall direct tax collections in the country in FY23, followed by Delhi at 13.3%(Rs 2.22 lakh crore), Karnataka at 12.5% (Rs 2.08 lakh crore) and Tamil Nadu at 6.4% (Rs 1.07 lakh crore).

The association noted that the paper industry has been reeling under stress with the underutilisation of capacity in view of the indiscriminate increase in the import of paper and paperboard

Budget 2024: Paper industry pushes for 25% increase in import duty

<h2>The association noted that the paper industry has been reeling under stress with the underutilisation of capacity in view of the indiscriminate increase in the import of paper and paperboard</h2>

In the run-up to the upcoming Budget, domestic paper and paperboard manufacturers are urging for a substantial increase in import duty to 25 percent on paper products. The Indian Paper Manufacturers Association (IPMA), in a statement on Monday, revealed that it has formally requested the government to raise the basic customs duty on the import of paper and paperboard from the existing 10 percent to 25 percent. The IPMA emphasized that India's WTO Bound rate for these products stands at 40 percent.
The association has further advocated for the implementation of quality control orders (QCOs) for various paper grades to ensure the availability of high-quality products in the Indian market and to curb the influx of substandard imports.
IPMA President Pawan Agarwal urged the government to categorize paper and paperboard under the negative list during the review of existing FTAs (ASEAN, South Korea, and Japan) and the formulation of new agreements. He highlighted that any increase in customs duty should not impact duty-free imports under existing FTAs.
Agarwal stressed the need for timely imposition of safeguard, anti-dumping, and countervailing duties on various paper grades, particularly following the recommendations of the Directorate General of Trade Remedies (DGTR).
With a substantial 43 percent increase in paper and paperboard imports in H1 of FY24, following a 25 percent increase in FY23 in volume terms, the Indian Paper Industry is calling for an adjustment in import duty in the upcoming Budget. This move is seen as crucial to creating a level playing field for domestic manufacturers, given the challenges posed by rising imports amid sufficient domestic production capacity.
The IPMA highlighted the strain on the paper industry, pointing to underutilization of capacity due to the surge in indiscriminate paper and paperboard imports. Despite having ample domestic production capacity, the industry is grappling with higher import growth rates, resulting in underutilization of the installed capacity within the country, according to IPMA President Pawan Agarwal.

The interim budget is likely to given an extension to Pradhan Mantri Awas Yojana - Gramin along with an increase in budget allocation by more than 15% to $12 billion for FY25

Budget 2024: Affordable housing may get $12 billion boost as govt plans incentives for low-cost housing

<h2>The interim budget is likely to given an extension to Pradhan Mantri Awas Yojana - Gramin along with an increase in budget allocation by more than 15% to $12 billion for FY25</h2>

Budget 2024:&nbsp;The government is likely to announce an extension to Prime Minister Narendra Modi's flagship housing scheme - Pradhan Mantri Awas Yojana - Gramin (PMAY-G) in the interim buidget this year, reported Reuters. As per the report, the government is also planning to increase the available subsidies for low-cost housing loans.
<h3>Budget allocation for low-cost housings</h3>
Finance Minister Nirmala Sitharaman is likely to raise allocations for low-cost housing by more than 15% to $12 billion for FY25. During the winter session, the government told the Parliament that in the last five years, $29 billion was spent under the programme to provide support for rural and urban low-cost housing.
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As part of the housing scheme the central government offers an interest-cost subsidy ranging from Rs 1 lakh to Rs 2.67 lakh to households securing bank loans for housing construction. This follows in addition to subsidies from state governments.
As per Reuters, an increase in financial assistance to about Rs 2 lakh for each house in rural areas, and an interest subsidy on home loans of up to Rs 5 million in urban areas is likely to be presented
<h3>Low-cost housing scheme</h3>
The scheme is to end by December 2024, however, Reuters has reported that the government could extend it for another three-to-five years as it has still to meet its target. The government estimates reveal a significant housing shortage of over 20 million homes in rural areas. As per industry forecasts, urban housing shortage is estimated at more than 1.5 million.&nbsp;
<h3>Lok Sabha Elections&nbsp;</h3>
Prime Minister Narendra Modi, launched this scheme in 2015 with the goal of 'Housing for all'.
On Monday he said that the government has built concrete houses for approximately 40 million impoverished households.
"A country's development is only possible when the benefits of government schemes reach everyone. The 10 years of my government have been dedicated to the poor," he said during the 'Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan' event.&nbsp;
The proposal comes ahead of the Lok Sabha election, as the incumbent government is looking to woo voters

Parliament Budget 2024 session is scheduled to commence on January 31 and will continue till February 9. President Droupadi Murmu's address will to both houses on 1st day of session, Jan 31. Nirmala Sitharaman is likely to table the budget on Feb 1.

Parliament Budget Session 2024 to Start from Jan 31 to Feb 9: Report

Parliament budget session to start from Jan 31 to Feb 9: Report

<h2>President Droupadi Murmu will address both houses, marking the official commencement of the parliament's budget session: media report</h2>

The Parliament's Budget session 2024 is slated to occur from January 31 to February 9, as reported by various media outlets. Finance Minister Nirmala Sitharaman is scheduled to present the Interim Budget for FY25 on February 1.
<h3>Budget Session of Parliament 2024</h3>
On the inaugural day of the session, President Droupadi Murmu will address both houses, marking the official commencement of the parliament's budget 2024 session.
The Interim Budget 2024 may include a proposal to double the PM Kisan Samman Nidhi for female farmers, potentially incurring an additional ₹12,000 crore for the government. This proposal is expected to be unveiled on February 1.
In a departure from previous years, this budget is set to be interim due to the Lok Sabha elections, slated to take place in two or three months. In election years or when time is limited, the ruling government presents an interim budget, with the full yearly budget crafted by the new government post-elections.
Rather than a comprehensive Economic Survey, this year is anticipated to feature a concise report on India's economic status for 2024&ndash;25 preceding the interim budget on February 1.
The finance ministry has requested expenditure proposals for the final batch of Supplementary Demands for Grants from various ministries and departments ahead of the Budget session, expected to commence in the last week of January.
This marks the last session of the 17th Lok Sabha before general elections, and the government aims to secure expenditure approvals for Parliament's four-month period till July 2024 through a vote on account.
The finance ministry, in an office memorandum, indicated that the second batch of Supplementary Demands for Grants for 2023-24 is proposed to be presented during the upcoming Budget session. Eligible cases for inclusion encompass those where advances from the Contingency Fund have been granted.

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Budget 2024-25: Nirmala Sitharaman confirms no major announcements

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Union Finance Minister Nirmala Sitharaman addressed the public's expectations, clarifying that the upcoming February 1 Interim Budget for the fiscal year 2024-25 won't feature any major announcements. Emphasizing its nature as a vote-on-account, she highlighted its purpose to sustain expenditure until the next government assumes power after the 2024 general elections, the dates for which are yet to be disclosed.
Speaking at the CII's Global Economic Policy Forum 2023 in New Delhi, Sitharaman emphasized, "The February 1 Budget is just a vote on account; a budget to meet expenditure till the next government comes to power. No spectacular announcements." She indicated that the comprehensive budget would follow in July.
The Interim Budget primarily comprises estimations related to government expenditure, revenue, fiscal deficit, and financial projections for the forthcoming months. It refrains from major policy declarations to avoid encumbering the government with additional commitments. Complying with the Election Commission of India's code of conduct, the interim Budget refrains from unveiling major schemes that could sway voter sentiment in favor of the incumbent government.
Additionally, the interim Budget does not include the presentation of the Economic Survey. Instead, it primarily secures Parliamentary approval for crucial expenditures like salaries and ongoing operational costs through a vote-on-account.
Notably, significant policy changes and long-term projects typically await the full Budget presentation post-general elections, which generally remains valid for up to two months but can be extended if required.
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This will be the sixth Budget of Finance Minister Nirmala Sitharaman, who presented her first full Budget in July 2019

Union Budget 2024: Ministry begins planning, seeks input from other ministries

This will be the sixth Budget of Finance Minister Nirmala Sitharaman, who presented her first full Budget in July 2019

The Finance Ministry has initiated preparations for the interim Budget for 2024-25, seeking input on expenditure from various ministries and departments. This interim Budget is necessitated by the upcoming Lok Sabha elections early next year. The complete FY25 Budget will be presented after the formation of the new government following the elections.
According to the Budget Circular (2024-25) from the Budget Division under the Department of Economic Affairs of the Finance Ministry, pre-budget meetings led by the Secretary (Expenditure) will begin in mid-October 2023 and continue until mid-November 2023. Financial advisers are instructed to ensure the submission of required details by October 5, 2023.
The Budget Estimates for 2024-25 will be provisionally determined after these pre-Budget meetings, where funding needs for all categories of expenditures and receipts of ministries or departments will be discussed. Non-tax revenues, including arrears, will also be discussed on a net basis.
The circular instructs ministries or departments to provide details of autonomous bodies or implementing agencies with dedicated corpus funds, along with explanations for their continuation and grant-in-aid requirements.
This will be Finance Minister Nirmala Sitharaman's sixth Budget presentation, with her first full Budget presented in July 2019. The Budget for the current fiscal year projected a nominal growth rate of 10.5% and a fiscal deficit of 5.9% of GDP.
The interim Budget for 2024-25 is expected to be presented on February 1. The tradition of presenting the Budget at the end of February was changed by the Modi-led government, with former Finance Minister Arun Jaitley initiating the practice of presenting the annual Budget on February 1 starting in 2017. This allows government departments to receive budgeted funds from the beginning of the financial year in April, enabling earlier spending and better planning for businesses and taxation. Previously, the Budget approval process was completed in mid-May, delaying project spending until August or September.

LS passes demands for grants, Appropriation Bill without discussion

The Lower House of Parliament took up the Demands for Grants and Appropriation Bills after two adjournments.&nbsp;

Lok Sabha on Thursday approved the Union Budget envisaging an expenditure of around Rs 45 lakh crore for the fiscal year starting April 1 without any discussion, as the Opposition continued to create ruckus over demand for a JPC probe into allegations against the Adani Group.
The Lower House of Parliament took up the Demands for Grants and Appropriation Bills after two adjournments as the ruling and Opposition MPs engaged in a matching duet over demands for an apology by Rahul Gandhi and the Adani issue. Most of the second leg of the Budget Session has been washed out due to the protest by both sides and it was one of the rare occasions when the Budget was passed without any discussion.

Elimination of 3 garbage mounds, the connection of all colonies to the sewer network, and cleaning of Yamuna were part of the promises.

Delhi Budget finally presented, day after AAP vs BJP war over 'stalling'

Elimination of 3 garbage mounds, the connection of all colonies to the sewer network and the cleaning of Yamuna were part of the promises.

Delhi Finance Minister Kailash Gahlot presented the national capital's budget on 22 March 2023, a day after the ruling Aam Aadmi Party accused the Narendra Modi government of stalling the budget.
Gahlot presented a ₹78,800 crore Budget, compared to a ₹75,800 crore Budget a year earlier.
He said that the 2023-24 Budget was dedicated to a clean, beautiful, and modern Delhi. The elimination of 3 garbage mounds, the connection of all colonies to the sewer network, and the cleaning of Yamuna were part of the promises.
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