New Delhi, Finance Minister Sitharaman's Budget 2024-25 emphasizes job creation, inflation control, and fiscal prudence. Economists appreciated its focus on employment, skill development, manufacturing, and sustainability. However, Arun Kumar stressed the importance of labour-intensive sectors and highlighted the unchanged MGNRGES allocation.
A soldier was killed during an infiltration attempt along the Line of Control in Poonch district, Jammu and Kashmir. The Army successfully thwarted the bid, with one soldier injured and later succumbing to injuries. The terrorists also suffered losses. Increased terror activities in Jammu have raised concerns about potential resurgence of militancy.
Finance Minister Nirmala Sitharaman from New Delhi's Union Budget 2024-25: Rs 1.5 lakh crore state infrastructure loans, private sector funding through viability gap, Rs 26,000 crore road projects, Gaya industrial node, Rs 11,11,111 crore capital expenditure (3.4% GDP), Assam flood management, PM Gram Sadak Yojana for 25 rural habitations, select city street food hubs. Strong fiscal support for five years.
SBI chairman Dinesh Kumar Khara has praised the Indian budget for its inclusive approach and confidence in its potential to boost consumption growth. He said the budget will benefit banks through the Prime Minister Awas Yojana, which will boost credit growth and specific measures on loan recovery. Khara also highlighted the budget's focus on rural, employment, skilling, and tourism, and its commitment to narrow the fiscal deficit to 4.9%.
Shares of REIT stocks were up by 2% on NSE today after the Union Budget presented today reduced the holding period for determining long-term capital gains for business trusts from 36 months to 12 months.
The Indian Ministry of Road Transport and Highways awarded 95 km of highways in June and constructed 1,934 km until June 2024-25, with a capital expenditure of Rs. 60,461 crore. The ministry also announced the inclusion of L2-5 as a new vehicle category, aiming to create an innovative E-mobility solution for three-wheeled auto rickshaws.
The 24-year-old Mukbang influencer Pan Xiaoting passed away during a livestream due to excessive consumption of food. Following her passing, social media users expressed worry about the popularity of the extreme eating trend and its potential health hazards.
The amendments to India's capital gains tax are a positive development, simplifying complex rules and creating a level playing field for listed and unlisted shares, regardless of the seller's residency status. A key change is the uniform 12.5% tax rate on all long-term capital gains, both financial and non-financial. This represents a 2.5% increase for listed shares but a significant reduction from 20% to 12.5% for assets like real estate.
Union Home Minister Amit Shah praises Budget 2024-25 for its emphasis on economic growth, tax relief, and job creation. The budget aims to empower youth, women, and farmers, while focusing on infrastructure development and MSME support. Shah expresses gratitude to PM Modi for the pro-people and pro-development budget.
The Department of Drinking Water and Sanitation has been allocated Rs 77,390.68 crores for fiscal year 2024-2025. Funds are primarily directed towards Jal Jeevan Mission and sanitation efforts. Significant increases in allocations for key programs like SPM-NIWAS and water supply projects are noted.
US President Joe Biden’s decision to not contest the upcoming presidential election has raised more questions regarding his abilities to hold on to the office of the US President. A law maker from the Republican party has called on the cabinet members to invoke the provisions related to the 25th Amendment of the US Constitution.
The most consequential Democrat leaders who convinced Joe Biden behind the curtain to step aside, have not yet endorsed Kamala Harris. Former US President Barack Obama, former House Speaker Nancy Pelosi, Senate Majority Leader Chuck Schumer, and House Democratic Leader Hakeem Jeffries have not yet endorsed the first woman vice president.
Aarin Capital chairman TV Mohandas Pai criticized the Union Budget for neglecting Bengaluru, despite its strong support for the BJP and Finance Minister Nirmala Sitharaman’s representation of Karnataka. Pai noted that Bengaluru, a major federal tax contributor, received no benefits.
D-Street recouped losses to close flat with a negative bias on the Budget Day. The S&P BSE Sensex fell 0.09% while the Nifty50 closed below 24,500 levels. Sectorally, buying was seen in pharma, IT, consumption and FMCG stocks while oil & gas, financial services, PSU Bank and realty stocks saw selling pressure.
The Union Budget 2024-25, presented by PM Modi and FM Sitharaman, focuses on maritime innovation, job creation, economic growth, and shipping reforms. It includes MSMEs, cruise tourism, shipbuilding, GST simplification, MAKV 2047, inclusive banking, Northeast development, Assam flood management, Pradhan Mantri Janjatiya Unnat Gram Abhiyan, heavy engineering, and boosts agriculture benefiting 'Annadata'.
MakeMyTrip's CEO, Rajesh Magow, reported a 22% year-on-year growth in its gross booking value for Q1 2022, reaching over $2.4 billion. The adjusted operating profit was $39.1 million, a 30% year-on-year increase. The company's strategy of catering to various travel use cases and targeting demand segments on multiple customer touchpoints has helped sustain growth.
The first season of The Acolyte concluded with a cameo from Yoda, sparking speculation about his potential future role in the series. Since then fans have been anticipating a longer presence in the upcoming season.
IOA named BPCL as sponsor from Paris 2024 to LA 2028, including Commonwealth, Asian, Summer Youth, Winter, and Winter Youth Olympics. PT Usha and G Krishnakumar praised the partnership. BPCL, a Maharatna company employing top athletes, supports initiatives for Indian athletes, including five Tokyo Olympics hockey players, with a focus on nurturing talent and aspirations.
New Delhi aims to collect Rs 50,000 crore through disinvestment and monetisation this fiscal year, according to DIPAM Secretary Tuhin Kanta Pandey. Rs 56,260 crore is expected from CPSEs dividends. Capital receipts are Rs 50,000 crore, revised estimates Rs 30,000 crore. Dividends from RBI, banks, and financial institutions for FY25 total Rs 2,32,874 crore.
Mumbai bankruptcy court ordered IIHL to deposit equity for Reliance Capital into escrow by July 31. NCLT extended it to August 10 due to regulatory approval delays.
"Strictly Come Dancing" is under strict scrutiny after participants have spoken against the programme. BBC boss today addressed all the concerns related to the show.
Nirmala Sitharaman’s Budget, focusing on job creation, infrastructure, education, and rural development, is set to stimulate rural consumption. Increased allocations and fiscal consolidation boosted the Nifty FMCG index. Parle Products predicts higher spending; Dabur India and Angshu Mallick see demand growth. Standard deductions raised to Rs 75,000. Grant Thornton Bharat mentions Rs 1.52 lakh crore for the agricultural sector.
Wall Street opened cautiously on Tuesday amid varied corporate results, with investors awaiting Alphabet and Tesla's earnings. They seek clues on whether the market's recent record gains can sustain.
