Chief Minister Nitish Kumar has hailed the "special help" that Bihar received as Finance Minister Nirmala Sitharaman announced significant allocations for the state in her presentation of the Union Budget 2024 on Tuesday.
Navneet Munot, HDFC AMC’s MD & CEO, labels the budget as sustainable, inclusive, and prudent (S.I.P). Key aspects include fiscal consolidation, infrastructure spending, long-term tax changes, digital infrastructure, next-gen reforms, housing, rural economy, employment, market reaction, SEBI's macro risk measures, and impacts on discretionary income, government allocations, and real estate.
Taiwan cancelled some drills in its annual war games as Typhoon Gaemi barrelled towards the island on Tuesday, expected to bring heavy rains and strong winds when it makes landfall later this week. But as Gaemi -- currently categorised as a medium-strength typhoon -- edged closer to Taiwan Tuesday, the island's northern regions started seeing heavy rains, with the Central Weather Administration predicting landfall by late Wednesday.
Industry experts advocate for higher customs duty on imported edible oils to enhance domestic oil seed production. The Union Budget's allocation towards agriculture and rural development receives positive feedback for promoting sustainability and innovation in the sector.
The Indian government has allocated Rs 1,309.46 crore for the 2024-25 Budget, a significant reduction from the previous year's Rs 3,768 crore. The census, which was scheduled to be carried out from April 1 to September 30, 2020, was postponed due to the COVID-19 outbreak. The entire census and NPR exercise is expected to cost the government over Rs 12,000 crore. The first digital census will allow citizens to self-enumerate, with the NPR made compulsory for those who wish to fill the form.
The civil aviation ministry's budget has been reduced to Rs 2,357.14 crore for the current fiscal, with Rs 502 crore allocated to the regional air connectivity scheme, down from Rs 850 crore in the previous year. The budget also includes funds for the revival of 22 airports, 124 RCS routes, and Viability Gap Funding for North East Connectivity. Additionally, the PLI scheme for drones will receive a higher allocation of Rs 57 crore.
The Nifty Bank index closed 0.96 per cent down at 51778.3.
The 2024-25 Union Budget, announced by Finance Minister Nirmala Sitharaman, allocates Rs 1,248.91 crore. This budget includes Rs 828.36 crore for the Council of Ministers and VVIP flights, Rs 202.10 crore for the National Security Council Secretariat, and Rs 72.11 crore for the Principal Scientific Advisor's Office. Also included are Rs 75.24 crore for the Cabinet Secretariat, Rs 65.
The Union Budget 2024-25 introduces significant reforms for affordable housing, infrastructure, and urban planning. Measures include investment in industrial parks, digitization of land records, and development of transfer-oriented cities. These initiatives aim to boost economic growth and streamline real estate processes.
BJP allies in Bihar and Andhra Pradesh welcome Finance Minister's budget announcements, stating they will boost development. Measures include funding for expressways, power plants, airports, and sports infrastructure. The budget proposes a significant outlay of over Rs 60,000 crore for various projects in the states.
The 30-share BSE Sensex closed down 73.04 points at 80429.04
Led by ITC and Titan, the Sensex recovered from the shock of increased capital gains taxes in the Union Budget, closing 73 points lower on Tuesday. The Nifty 50 ended down 0.12% or 30 points at 24,479, while the Sensex closed flat, dipping 0.09% to 80,429.
Kangana Ranaut and Chirag Paswan express satisfaction with Budget 2024, highlighting benefits for their states. TMC MP Shatrughan Sinha offers mixed reviews. Budget allocates significant funds for Bihar's infrastructure and Himachal Pradesh's flood reconstruction. Concerns raised over lack of focus on Telangana, Punjab, and West Bengal.
Budget 2024: It is proposed to amend the provisos to sections 42 and 43 of the Black Money Act to provide that the provisions of the said sections shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees.
Modi 3.0's first Budget aimed to boost India's economy by cutting tax rates for foreign companies, attracting more overseas investors amidst the global supply chain shift from China. The move aligns with India's goal to reach a $5 trillion economy, emphasising FDI and positioning India as a global manufacturing hub. India's ambitious vision to become a global manufacturing hub relies on a comprehensive approach, including policies like PLI, lower corporate tax rates, and infrastructure development.
India is set to launch a Critical Minerals Mission to improve facilities for critical commodities, including lithium and copper. Finance Minister Nirmala Sitharaman announced the mission in her budget speech, which will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism.
Union Budget 2024 benefits pharma, healthcare by exempting AstraZeneca's cancer drugs Trastuzumab Deruxtecan, Osimertinib, Durvalumab, boosting stock 13%. Reduces duties on x-ray tubes, flat panel detectors for medical x-ray machines, enhancing domestic capacity. Increases PLI scheme allocation to Rs 2,143 crore, aiding cancer patients.
Delhi High Court instructs X Corp and Google to remove defamatory social media posts against IRPS officer Anjali Birla, daughter of Lok Sabha Speaker. Court also restrains unknown parties from sharing such content. Further responses awaited from involved parties.
Andhra Pradesh Chief Minister N Chandrababu Naidu expressed gratitude for the Union Budget 2024-25, which focuses on the state's needs including the capital city, Polavaram project, industrial nodes, and development of backward areas. Finance Minister Nirmala Sitharaman assured Rs 15,000 crore support for the capital city and full commitment to Polavaram project. The allocations have received appreciation from both Naidu and Andhra Pradesh IT Minister Nara Lokesh for recognizing and supporting the state's development.
Finance Minister Nirmala Sitharaman presented the Budget for 2024-25 on Tuesday, marking her seventh consecutive presentation. This achievement surpasses the record of former Prime Minister Morarji Desai. The 2024 Budget is the first during Prime Minister Narendra Modi-led government's third term in office.
On Tuesday, Bitcoin, Solana, and Dogecoin fell up to 5%, while Ethereum, XRP, and Polygon rose 1.5%. The crypto market cap dropped 0.13% to $2.44 trillion. Bitcoin neared $67,000, with $68,420 resistance. Stablecoins volume reached $67.9 billion. Bitcoin's market cap fell to $1.321 trillion due to profit booking and US dollar strength.
The 30-share BSE Sensex closed down 73.04 points at 80429.04
Shares of railway stocks fell up to 8% on BSE today after the Union Budget disappointed the Street, with no sector-specific announcements or allocation by the Finance Minister Nirmala Sitharaman.
Government allocates Rs 84,700 crore to PM Awas Yojana, Rs 19,000 crore to Pradhan Mantri Gram Sadak Yojana. Cement makers like Ultratech, Ambuja, Shree, JK to benefit. Rs 26,000 crore for Bihar highways, Rs 15,000 crore Andhra Pradesh package, Rs 24,900 crore for metro projects. 100 cities to receive water supply, sewage, and waste management projects.