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Budget 2024

Prime Minister Modi hails budget as inclusive and innovative

While keeping the fiscal deficit under control, Modi informed that the total expenditure has witnessed a historic increase to Rs 11,11,111 crores in this budget. In economic terminology, he described it as a “sweet spot”

News Arena Network - Delhi - UPDATED: February 1, 2024, 03:06 AM - 2 mins read

The Prime Minister Narendra Modi lauded the budget presented today in the Parliament

Prime Minister Modi hails budget as inclusive and innovative

Prime Minister Narendra Modi lauded the budget presented today as “not merely an interim budget but an inclusive and innovative budget”.

He said, “This budget carries the confidence of continuity, empowering all pillars of developed India namely- the youth, the poor, women and farmers”

Applauding Finance Minister Sitharaman for her vision, Modi asserted “Nirmala Ji’s budget is a budget for building the future of the country, it carries forward the guarantee of strengthening the foundation of Viksit Bharat by 2047”

In acknowledgment of this, he stated that it will create millions of new job opportunities for the youth along with the creation of modern infrastructure of the 21^st century in India.

Thereafter, he informed about the announcement to manufacture 40,000 modern bogies of Vande Bharat Standard and install them in general passenger trains will heighten comfort and travel experience of crores of passengers on different rail routes of the nation.

Formulating ambitious targets, Modi asserted “We set a big goal, achieve it, and then set an even bigger goal for ourselves” Our aim was to make 2 crore “Lakhpatis” among women, now this has been increased to make 3 crore “Lakhpatis”, he emphasized.

The Prime Minister also made reference to the income tax remission scheme announced today that will provide relief to about 1 crore citizens belonging to the middle class.

Adressing the significant steps taken for farmers welfare in the budget, Modi deliberated upon the same by stating, "The use of Nano DAP, new schemes for animals, expansion of PM Matsya Sampada Yojana and Atma Nirbhar oil seed campaign will increase income of farmers and reduce expenses"

The Prime Minister concluded his address by conveying his best wishes to all citizens on this historic budget.

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Gross Goods and Services Tax (GST) collections in June rose 7.7 percent year-on-year to Rs 1.74 lakh crore, marking the slowest rate of growth in three years, according to sources.

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Indian stock markets experienced a notable dip today after opening at record highs. The S&P BSE Sensex, which hit an all-time high of 79,855.87 at the opening bell, fell 38.34 points to 79,437.85 around 10:17 am.

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Economy

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Equity benchmark indices Sensex and Nifty hit fresh lifetime high levels on Tuesday before closing flat due to profit-taking in select banking and telecom shares amid concerns over rich valuations.

Sensex, Nifty hit highs, end flat amid profit-taking

July 2, 2024, 06:18 AM - 2 mins read

In the Sensex pack, Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Tata Motors, ICICI Bank, Bajaj Finance, State Bank of India, and Titan were the biggest laggards. Conversely, Larsen & Toubro, Infosys, HDFC Bank, Tata Consultancy Services, HCL Technologies, and Tata Steel emerged as the top gainers.

SEBI issues notice to Hindenburg over Adani report

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Hindenburg Research, which has publicly shared the notice on its website, described SEBI's actions as "nonsense" and an attempt to "silence and intimidate" those exposing corruption. The firm stated that it made approximately USD 4.1 million from its declared positions on Adani stocks, and criticized SEBI for not focusing its investigation on the evidence presented in the January 2023 report.

GST collection rises 7.7% to Rs 1.74 lakh crore in June

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In a series of posts on social media platform X, the Finance Ministry highlighted the benefits of the GST regime on its seventh anniversary. "With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones," the Ministry stated.

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The slide in banking and financial services overshadowed a more than 1% gain in information technology stocks. Among the top gainers on the Nifty50 were Infosys, Coal India, LTIM, Wipro, and ONGC. On the flip side, the top losers included HDFC Life, Kotak Mahindra Bank, Shriram Finance, Bajaj Finance, and SBI Life.

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The GST and Central Excise Commissionerate in Coimbatore celebrated 'GST Day' with a grand event attended by numerous dignitaries and officials. N Rengaraj, IRS, the Principal Commissioner of Income Tax in Coimbatore, served as the Chief Guest, while SK Sundararaman, Managing Director of M/s Shiva Texyarn Limited and Chairman of The South India Mills Association, was the Guest of Honour.

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July 1, 2024, 03:27 AM - 3 mins read

The report quotes NITI Aayog, stating that in the past decade, India has seen a significant reduction in poverty. The proportion of people living in poverty in "all its dimensions" decreased to 14.96% in 2019-21 from 24.85% in 2015-16. This reduction is attributed to sustained economic growth during the period (6.7% average growth between FY16-FY20) and the implementation of various welfare schemes focused on nutrition, health, education, housing, drinking water, sanitation, skill development, and social protection.

LPG cylinder price cut by Rs 30, effective immediately

July 1, 2024, 02:21 AM - 2 mins read

The Oil Marketing Companies on Monday announced a reduction of Rs 30 in the prices of 19-kilogram commercial LPG cylinders across the country, including metro cities such as New Delhi, Mumbai, Kolkata, and Chennai. The revised rates have come into effect immediately.

Rapid commerce spending jumps 40% in T20 WC Final

July 1, 2024, 02:04 AM - 2 mins read

Fintech startup Simpl reported a 40% surge in consumer spending during India's victory in the ICC T20 World Cup final, reflecting increased quick commerce transactions. Indians showed significant online spending support post-India's victory, with peak activity from 8 pm to 11 pm.

Nifty, Sensex rise with IT stocks

July 1, 2024, 12:37 AM - 2 mins read

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India's June manufacturing PMI rises to 58.3

July 1, 2024, 12:19 AM - 2 mins read

“As a consequence of ongoing increases in new order intakes, firms stepped up recruitment. The rate of job creation was sharp and the strongest seen since data collection started in March 2005. Staff expenses reportedly intensified in June, which coupled with rising material and transportation costs caused another overall increase in operating expenses,” the report noted.

India set to be Sony's 3rd largest market: Nayyar

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