With Finance Minister Nirmala Sitharaman gearing up for her sixth consecutive budget presentation on 1 February expectations are high for a focus on uplifting the rural economy and spurring consumption while keeping inflation in check. Analysts are eyeing strategies to boost people’s spending power, such as potential tweaks to standard deductions or tax slabs. Stay tuned for live updates as the budget unfolds, promising insights into the government’s economic vision for the upcoming fiscal year.
Budget 2024 Expectations Live Updates:
Infra Boost: ₹50,000 Crore for SWAMIH Front
In a significant proposal, the National Real Estate Development Council (NAREDCO) has recommended an infusion of ₹50,000 crore into the Special Window for Affordable and Mid-Income Housing (SWAMIH). This move aims to expedite the completion of stalled housing projects nationwide. The association believes this funding boost will not only rejuvenate the real estate sector but also benefit end customers. SWAMIH, initiated by the Central Government in 2019, focuses on completing unfinished housing projects. NAREDCO has formally urged the finance ministry to consider incorporating a second tranche of ₹50,000 crore in the SWAMIH fund in the upcoming Union Budget for the fiscal year 2024–2025.
Reported at 11:00:24 AM IST, 16 January 2024
PSUs and Capex Targets: On Track for Fiscal Year 2023–2024
The Ministry of Finance reports positive progress by central public sector enterprises towards achieving their capital expenditure targets for the fiscal year 2023–2024. Expenditures totaling 3.79 lakh crore have been incurred in the initial six months (April to September), meeting 52% of the budgeted objective. With a total allocation of 7.33 lakh crore for the entire financial year, concluding in March 2024, these enterprises are on track for their capex targets.
Reported at 10:59:16 AM IST, 16 January 2024
India’s Growth Projections: Optimism Amidst Global Trends
The National Statistics Office of the Modi government projects rapid GDP growth for India, outpacing major global economies. The First Advance Estimate anticipates a 7.3% growth for the current fiscal year, credited to increased state investment and a manufacturing resurgence. In line with this optimism, the Reserve Bank of India (RBI) revised its growth forecast to 7%, surpassing its earlier estimate of 6.5%.
Reported at 10:57:08 AM IST, 16 January 2024
Import Duties in Focus: Potential Cuts for Smartphone Components
Government officials have hinted at a possible reduction in import duties on essential components for premium smartphone production. This move, if implemented, aims to boost exports and benefit companies like Apple. With an eye on enhancing competitiveness with neighboring countries and reducing manufacturing expenses, businesses have been advocating for cuts on nearly twelve key components.
Reported at 10:56:26 AM IST, 16 January 2024
Rural Economy and Consumption Focus in Budget 2024
Anticipation rises as Finance Minister Nirmala Sitharaman is expected to focus on boosting the rural economy and promoting consumption while managing inflation in her upcoming sixth consecutive Budget on February 1. Experts suggest that strategies such as reducing the tax burden through adjustments to the standard deduction or tax slabs could enhance people’s disposable income and contribute to increased consumption.
Reported at 10:56:26 AM IST, 16 January 2024
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