The government introduces 3 schemes worth Rs 1.07 lakh crore through EPFO to enhance employment opportunities. New initiatives target first-time employees and employers, aiming to benefit 290 lakh youth. EPFO reports highest member addition in history, with a significant increase in the 18-25 age group.
The government has dropped the Rs 15,000 crore infusion plan for profitable Indian Oil, Bharat Petroleum, and Hindustan Petroleum, reporting Rs 80,986 crore in 2023-24 from Rs 1,138 crore prior. Allocating Rs 332 crore for petroleum research and Rs 388 crore for the continental shelf. Self-sufficient companies borrow at competitive rates. BPCL, HPCL shares fell, Sensex marginally up.
M&M Financial Q1 Results: The company saw a 20% increase in total income, reaching Rs 3,760 crore. Standalone pre-provisioning operating profit (PPOP) also rose by 13%, reaching Rs 1,135 crore. The company has successfully reduced credit costs by 15% in the April-June quarter, lowering them to Rs 448 crore. Credit costs as a percentage of average total assets also improved, falling from 2.1% to 1.5%.
The budget’s steps to encourage transitioning to cleaner forms of energy is a positive move, say stakeholders.
Bajaj Finance Q1 Results: Net interest income (NII) for the reporting quarter advanced 25% YoY to Rs 8,365 crore from Rs 6,717 crore in the same quarter of last year.
Madhya Pradesh Chief Minister Mohan Yadav praised the Union Budget for its focus on developing India and controlling inflation. The Budget targets agricultural productivity, employment, skill development, and social justice. Finance Minister Nirmala Sitharaman allocated funds for job creation, rural development, infrastructure projects, agriculture, affordable housing, small businesses, industrial parks, and the space sector, as she tabled the Union Budget 2024 for the financial year 2024-25.
In her Budget speech, Finance Minister Nirmala Sitharaman emphasised the need for a thorough review of the agriculture research setup to enhance productivity and develop climate-resilient crop varieties. However, Kisan Mazdoor Morcha (KMM) leader Sarwan Singh Pandher, while reacting to the Budget, claimed that the farming sector has been "ignored" in it. Apart from this, there is no scheme in the Budget for the development of the agriculture sector, he said.
India can be the food basket for the world and I think that focus to improve agriculture productivity will play into rural consumption story which has been a bit of a worry for many companies and this effort by government to focus on agriculture and the eastern part of India especially in many ways, I think the agriculture productivity can be pushed up even more and the focus on east also from that perspective is extremely positive.
EVMs have a shelf life of 15 years, following which they are destroyed as per a protocol issued by EC's technical experts. The Electronic Corporation of India Ltd and Bharat Electronics Ltd are the two PSUs that manufacture EVMs. At least one ballot unit (BU), one control unit (CU) and one paper trail machine make up an EVM.
Union Budget 2024: Now the aggregate sale consideration of a house property is to be considered for determining whether TDS is to be deducted from such a sale or not. Hence if the buyer is paying less than Rs. 50 lakh, no tax is being deducted, even if the value of the immovable property and stamp duty value exceeds Rs. 50 lakh. This is against the intention of legislature.
A slew of measures announced in the Budget will encourage banks to give term loans to small businesses without collateral and top up loans to businesses during stress.
Union Budget 2024 by Finance Minister Sitharaman raised STCG to 20%, LTCG to 12.5%, increased exemption limits, and hiked STT on F&O. It proposed taxing buyback income and aligned it with dividends, allowing capital loss offset. Analysts such as Ashish Nanda and Sanjay Sinha foresee market consolidation and balanced sectoral growth, focusing on fiscal responsibility and employment generation.
Khelo India secures Rs 900 crore in the sports ministry's budget, showing a continued focus on grassroots sports development. Additional funding for National Sports Federations and Sports Authority of India also noted. Budget allocations detailed for various sporting programs and agencies.
Union Budget: The government proposed a transit-oriented development plan for 14 large cities and aims to create a framework for the creative redevelopment of cities. This plan is part of the budget for 2024-25, presented by Finance Minister Nirmala Sitharaman on Tuesday. The initiative targets cities with populations above 30 lakh. The Union government intends to collaborate with states to make cities "growth hubs."
The government raised the deduction limit to 14 per cent from 10 per cent for employers' contribution for the National Pension System (NPS).
Union Minister Nitin Gadkari announced the 2024-25 Budget enhances agriculture productivity, employment, and resources. Emphasizing infrastructure, innovation, and research, it promotes sustainable growth and social justice, ensuring significant advancement, enduring progress, and a resilient future for India under visionary PM Modi’s leadership, including next-generation reforms, tagged #BudgetForViksitBharat.
The government allocated Rs 309.74 crore to the Union Personnel Ministry for training government employees. This is a part of the Rs 2,328.56 crore earmarked for the Ministry of Personnel, Public Grievances, and Pensions in the current fiscal year. The allocation includes funds for the Training Division, ISTM, LBSNAA, Mission Karmayogi, administrative reforms, and other initiatives aimed at enhancing the efficiency and capacity building of government officials.
Finance Minister announces changes in tax rates for short term and long term gains on financial assets. Market experts express mixed reactions to the budget, highlighting concerns for specific asset classes. Overall, the budget is seen as pragmatic from a financial market perspective.
Nirmala Sitharaman's budget offers tax relief, Rs 2 lakh crore jobs scheme, Rs 2.66 lakh crore rural development, higher STT, simplified capital gains, Rs 11.11 lakh crore infrastructure, Rs 1.
Prashant Jain of 3P Investment Managers praised the Budget for equitable taxation, capex growth, and fiscal progress. Noting job creation, Rs 1 lakh crore for urban housing, and taxation reviews, he emphasized the ease of doing business and the small midcaps market correction. Despite high risk-reward in manufacturing and defense, Jain sees continued potential in PSUs and power sectors.
