Budget 2024 Updates: The GST reduction and skill enhancement are on the EdTech sector’s wish list.

“In light of the impending interim Union Budget, we kindly request that the government enhance funding for the education sector and lower the GST rate on educational goods and services from 18% to 5%. Our goal is to give the nation’s youth, especially those from economically disadvantaged families, a solid foundation. More cooperation between the public and private sectors is also required to drive change and guarantee accessible, high-quality education at scale, given the changing nature of the world and our changing educational paradigm. In light of this, lowering the GST on educational services would also relieve parents’ financial burden and increase affordability. In addition, the growth of the Indian economy depends on concentrating on collectively improving youth skills to boost employability and close skill gaps, according to Prateek Maheshwari, co-chair of the India Edtech Consortium (IEC) and co-founder of Physics Wallah (PW).

4:18 PM, January 31, 2024

Top quotes from President Murmu’s speech to the joint session of Parliament

Murmu praised the efforts of the Narendra Modi administration and congratulated the Prime Minister on the passage of the bill granting women’s reservation. President Murmu declares, “My government is working at every level to empower women.”

3:28 PM, 31 January 2024

The travel and tourism industry is looking for more ways to draw tourists from abroad.

In India, domestic travel has increased dramatically, but inbound tourism has not yet returned to pre-COVID levels. The hospitality and tourism sectors are anticipating this, even though Nirmala Sitharaman, the minister of finance, is scheduled to deliver an interim budget.

In the run-up to February 1, 2024, Finance Minister Nirmala Sitharaman’s vote on the account budget, measures aimed at reviving inbound travel are anticipated by the hotel and tourism sector.

2:54 PM, January 31, 2024

After Chandrayaan’s success, the space sector anticipates a significant boost.

Expectations for Budget 2024 have increased due to India’s plans for the Gaganyaan mission and the success of Chandrayaan-III. To bring India’s space budget up to par with other nations, the Satcom Industry Association-India has suggested a significant increase, with a target of $62 billion. The Department of Space received ₹12,543.91 crore from the Finance Minister last year.

2:47 PM, January 31, 2024

India wants to prioritize Nari Shakti and capitalize on the gender dividend

India is focusing on leveraging the gender dividend in advance of the next Interim Budget 2024, acknowledging the critical role women play in the progress of their country. This is evident from Prime Minister Narendra Modi’s declaration that this budget session will be a celebration of “Nari Shakti.”

2:37 PM, January 31, 2024

Following her speech, President Murmu leaves the Parliament. Live updates for Budget 2024: “The day when India’s Gaganyaan enters space is not far off,” “My Government is working towards making India, a major space power of the world,” states President Murmu. This is a way of improving human life. Additionally, this is an attempt to raise India’s space economy share. Significant choices have been made to advance India’s space programme. Numerous fresh space startups have emerged. President Murmu stated that “the day when India’s Gaganyaan will go into space is not far off.”

1:47 PM, January 31, 2024

President Murmu discusses the potential of India’s expanding tourism industry “This is a sector that gives young people jobs.” A record number of travellers are making their way to the northeast. People are talking about Lakshadweep and the Andaman Islands with excitement.Following “Pran Pratishtha,” about 13 lakh devotees received darshan at Ayodhya Dham, according to President Murmu.

1:41 January 31, 2024

President Murmu states, “There is a huge drop in naxal violence, and an atmosphere of safety and security in J&K.”

On our borders, the government is constructing cutting-edge infrastructure. Our Forces responding appropriately to expansionism and terrorism. We are facing the significant outcomes of my government’s internal peace initiatives. In Jammu & Kashmir, there is a sense of safety and security. President Murmu stated, “There has been a significant decrease in naxal violence incidents.”

1:25 PM, 31 January 2024

“Health, connectivity, and electricity projects in tribal villages” President Murmu emphasises the past ten years of progress “…Thus far, my government has also provided for those who were remote from development. In the past ten years, thousands of tribal villages have experienced firsthand access to electricity and roads. It is only recently that thousands of tribal families have begun to receive clean water through pipelines. My government is implementing a special initiative to provide 4G internet access to thousands of villages dominated by tribes. Sickle cell anaemia has affected tribal families for many generations. For this reason, a national mission has been launched for the first time. President Murmu stated that as of now, 1.40 crore people have received examinations under this programme.

1:16 PM, 31 January 2024

The President underscores the ability of the government to manage inflation in the face of wars and pandemics.

“The world has recently faced a pandemic similar to the Coronavirus as well as two significant wars. “My government controlled inflation in the nation and prevented the burden on common Indians from rising in spite of such global crises,” President Murmu stated.

1:00 PM, Jan 31, 2024

President Murmu outlines the four pillars of a developed India

According to President Murmu, “My Government believes that the grand edifice of a developed India will stand on four strong pillars – youth power, women power, farmers, and the poor.”

12:48 p.m., January 31, 2024

“President Murmu highlights ten years of development, from the construction of the Ram Temple to the abrogation of Article 370.”India has completed a number of national interest projects in the last ten years that the people of the nation had been waiting for decades. For centuries, people eagerly anticipated the building of Ram Temple. It’s a reality now, though.The President declared, “Article 370’s abrogation from J&K is now history.”

12:43 PM, Jan 31, 2024

President Murmu emphasizes the strengths of “Make in India” and “Aatmanirbhar Bharat” in her speech to the joint session.

“The accomplishments of the past ten years are reflected in the practices that we observe today. “Gareebi Hatao” is a slogan we have heard since we were young. For the first time in our lives, we are witnessing a significant poverty reduction today, stated President Murmu.

‘Made in India’ and ‘Aatmanirbhar Bharat’ have turned into our strengths, according to Murmu. The President expresses his gratitude for defense production surpassing ₹1 lakh crore.

12:37 PM, Jan 31, 2024

“India made a lot of progress last year,” “India made a lot of progress last year,” states President Murmu. Numerous achievements were made, with India’s economy emerging as the fastest-growing. India made history by being the first country to reach the Moon’s south pole. India’s hosting of the G20 Summit was a great success and enhanced India’s standing internationally. In the Asian Games, India took home more than 100 medals. “The Atal Tunnel was also given to India,” President Murmu stated.

12:26 PM, Jan 31, 2024

“This is my first address in the new Parliament building,” President Murmu says during a joint session of parliament. This opulent structure was constructed at the start of the Amrit Kaal. This smells like “Ek Bharat, Shreshth Bharat.”This is also determined to uphold parliamentary and democratic traditions. In addition, it is determined to create new customs for the India of the twenty-first century. President Murmu remarked, “I’m sure there will be important policy discussions in this new building.

12:18 PM, Jan 31, 2024

Expectations for the Budget in 2024 Real-time updates: According to PM Modi, FM Sitharaman will present the budget with “disha-nirdeshak baatein.”

This time, the nation’s finance minister, Nirmala Sitharaman, will deliver the budget alongside “disha-nirdeshak baatein.” I firmly believe that the nation is moving forward, reaching new milestones in its progress every day. Development that is inclusive and all-encompassing is happening. With people’s blessings, this journey will go on. stated PM Narendra Modi.

11:03 AM, Jan 31, 2024

According to PM Modi, this budget session is a celebration of Nari Shakti.

PM Narendra Modi spoke to the media outside the Parliament before the Budget session.

After the first meeting held in the new Parliament building, the Parliament made the classy decision to adopt Nari Shakti Vandan Adhiniyam. Following that, on January 26, we witnessed how the nation demonstrated the power of Nari Shakti, its bravery, and the tenacity of its resolve. In a sense, this is a celebration of the Nari Shakti, he said, with the budget session starting today under President Drouapdi Murmu’s direction and the interim budget being presented by Nirmala Sitharaman tomorrow.

10:38 AM, Jan 31, 2024

Income Tax and GST are the two main tax-related expectations.

Fiscal restraint is anticipated to be prioritized in this budget, and populist policies will be avoided. Avinash Polepally of ClearTax, however, is hopeful about possible relief in the area of personal income tax, especially in the New Tax Regime.

10:36 AM, Jan 31, 2024

Long-term bonds are preferred by investors who expect a cautious budget.

Indian funds, insurers, and banks have augmented their holdings in longer-term bonds, anticipating a fiscally conservative federal government interim budget devoid of any unexpected pre-election spending.

On February 1, the finance minister is scheduled to deliver the nation’s federal budget for 2024–2025. It is anticipated that the government will maintain a flat gross market borrowing rate of 15–15.5 trillion rupees ($186.47 billion) and cut its fiscal deficit by at least 50 basis points (bps).

Alok Singh, group treasury head at CSB Bank, stated that bids at recent bond auctions exceeded expectations, indicating that the market is setting itself up for a favorable budget, particularly for long-term bonds.

9:34 AM, Jan 31, 2024

The government says it is willing to talk about all issues

The government informed the leaders of different parties’ floor meetings on Tuesday that it was prepared to address every topic during the next Parliamentary Budget session. Parliamentary Affairs Minister Pralhad Joshi characterized the exchange as “very cordial” and stated that the government was prepared to address every topic during the short meeting, which followed the customary all-party meeting called by the government on the eve of the Budget session.

Before the announcement of parliamentary elections, this session of the current Lok Sabha will be its final one. The government was represented at the meeting by Defence Minister and Deputy Leader of the Lok Sabha Rajnath Singh, Parliamentary Affairs Minister Joshi, and his deputy Arjun Ram Meghwal. Among the leaders present at the meeting at the Parliament House complex were K Suresh of the Congress, Sudip Bandopadhyay of the TMC, T R Baalu of the DMK, Rahul Shewale of the Shiv Sena, S T Hasan of the Samajwadi Party, Ram Nath Thakur of the JD(U), and Jayadev Galla of the TDP.

8:49 AM, Jan 31, 2024

Steel producers anticipate that import-checking policies and infrastructure spending will remain top priorities.

Steel producers anticipate that the upcoming Union Budget for 2024–2025 will continue to prioritise infrastructure spending, support domestic manufacturing, and take steps to curb rising imports.

Nirmala Sitharaman, the Union Finance Minister, announced a capex of Rs 10 lakh crore for infrastructure development in the 2023–24 Budget.

“The government should keep putting more money towards infrastructure spending in its priorities. T V Narendran, CEO and MD of Tata Steel, told PTI that it should also endeavour to further reduce operating costs and facilitate doing business.

According to him, the industry also anticipates that the government will take action to restrain the increase in imports because steel dumping in India can negatively impact players’ profits and the steel industry’s investment plans.

8:15 A.M., 31 January 2024

The current Lok Sabha’s budget session of Parliament starts today.

President Droupadi Murmu will address a joint sitting of Parliament on Wednesday to kick off the Budget Session, the final session of the current Lok Sabha. The government has requested the cooperation of opposition parties to ensure a smooth session.

On February 1, all eyes will be on the President’s speech and the interim budget presented by Finance Minister Nirmala Sitharaman. These events are anticipated to reveal the ruling BJP’s platform for the Lok Sabha elections, which are scheduled for April or May.

Even as the main opposition Congress brought up issues like the alleged attack on Rahul Gandhi-led Bharat Jodo Yatra in Assam, the alleged “misuse” of probe agencies, and the Manipur situation, Parliamentary Affairs Minister Pralhad Joshi said the government sought the cooperation of all the parties for the short session.

SOURCE: https://www.cnbctv18.com/economy/budget-2024-expectations-live-updates-nirmala-sitharaman-itr-income-tax-slabs-defence-healthcare-auto-hra-liveblog-18921341.htm