India's upcoming Budget&nbsp;is all set to have certain&nbsp;implications for the insurance sector, most notably from a consumer point of view.

Experts and industry leaders are looking at a few&nbsp;reforms that are likely to render insurance within reach and affordable for most people across the nation.

The top wish list is tax reforms.

The current tax structure, which recently waived off life insurance product exemptions, can be improved further.&nbsp;

Experts believe that the&nbsp;attractiveness of life insurance as an investment avenue will increase even further.&nbsp;

This would align it more with other financial instruments that receive beneficial tax treatment.

In addition, many sections, such as 80c and 80d sections of the Income Tax Act, request to raise the tax exemption limits. This change is required&nbsp;because more people will be inclined to invest in insurance-related policy matters.

This will, in turn, lead to a surge in the adoption of insurance policies between the different demographics. 
For consumers, the changes brought forth will make insurance products simple and less costly.

It could help to ease the financial burden for policyholders by lowering the GST, for instance, on health insurance premiums.

The burden, especially on middle-income and senior citizens, has been quite heavy with rising healthcare costs.

Even for individual tax benefits, this could be extended for various categories: cyber insurance and insurance against electric vehicles, for example.

Overall, the union budget 2024 presents an opportunity for the government to address longstanding demands of the insurance sector, aiming to broaden coverage and improve financial security for all citizens.&nbsp;

These potential reforms are poised to create a more favourable environment for insurers and consumers. They will also foster growth and resilience in India's insurance industry. But, will Finance Minister Nirmala Sitharaman address the wishlist from the insurance sector?

These questions shall be answered in the budget on July 23.

India's upcoming Budget is all set to have certain implications for the insurance sector, most notably from a consumer point of view. Experts and industry leaders are looking at a few reforms that are likely to render insurance within reach and affordable for most people across the nation.

India's upcoming Budget is all set to have certain implications for the insurance sector, most notably from a consumer point of view. Experts and industry leaders are looking at a few reforms that are likely to render insurance within reach and affordable for most people across the nation. The top wish list is tax reforms. The current tax structure, which recently waived off life insurance product exemptions, can be improved further. Experts believe that the attractiveness of life insurance as an investment avenue will increase even further. This would align it more with other financial instruments that receive beneficial tax treatment. In addition, many sections, such as 80c and 80d sections of the Income Tax Act, request to raise the tax exemption limits. This change is required because more people will be inclined to invest in insurance-related policy matters. This will, in turn, lead to a surge in the adoption of insurance policies between the different demographics. For consumers, the changes brought forth will make insurance products simple and less costly. It could help to ease the financial burden for policyholders by lowering the GST, for instance, on health insurance premiums. The burden, especially on middle-income and senior citizens, has been quite heavy with rising healthcare costs. Even for individual tax benefits, this could be extended for various categories: cyber insurance and insurance against electric vehicles, for example. Overall, the union budget 2024 presents an opportunity for the government to address longstanding demands of the insurance sector, aiming to broaden coverage and improve financial security for all citizens. These potential reforms are poised to create a more favourable environment for insurers and consumers. They will also foster growth and resilience in India's insurance industry. But, will Finance Minister Nirmala Sitharaman address the wishlist from the insurance sector? These questions shall be answered in the budget on July 23.

India budget 2024: wishlist of the insurance sector

Reports are swirling about a possible tax hike on futures &amp; options, or F&amp;O, trading. This comes as discussions are ripe about protecting investors and promoting long-term investment strategies.

What is F&amp;O trading?

F&amp;O contracts allow speculation on the future price of assets. This opens avenues for big&nbsp;profits, but also opens doors for significant losses. This is why the government is trying to protect investors, especially retail, since they are more exposed to these risks.

Ansh Kachhara, an F&amp;O trader from Mumbai, spoke to WION regarding risks involved in F&amp;O trading. 'You can make unlimited money, but the bigger problem is, you won't,' he said.

Why the need for regulation?

India boasts of the biggest derivative exchange in the world, despite being 1/10th of US' market capitalisation. This is potentially raising alarm bells for the government that is now looking for more regulations.

What are the proposed rules?

The government is considering two key changes. First is reclassifying F&amp;O income &nbsp;as 'speculative income' rather than 'business income.' This would attract a flat &nbsp;30 per cent tax rate similar to lottery winnings. This can potentially eliminate the benefit of offsetting F&amp;O losses with other business profits.

The second proposal aims to introduce TDS, or Tax deducted at source. This would help in boosting tax compliance and encourage retail investors to shift towards more stable investment options like Mutual funds and stocks. This can potentially lead to a lower market volatility caused by F&amp;O trading.

Securities and Exchange Board of India (SEBI) recently announced new rules effective October 2024. The rules include a uniform transaction fees to replace slab-wise fees, higher margins for bigger lots, and no day trading for individual investors.

Are traders satisfied with the proposed changes?

Will higher taxes discourage F&amp;O traders? Experts believe it won't have that big of an effect. 'SEBI says 95 per cent of the traders&nbsp;don't make money,' said Ansh. He added that India is the most expensive market in the world. All the transactions costs are anyways in the higher bracket compared to the rest of the world.

'Market volatility and unregulated foreign inflows are the biggest issue that traders are facing.' he added.

Reports are swirling about a possible tax hike on futures & options, or F&O, trading. This comes as discussions are ripe about protecting investors and promoting long-term investment strategies.

Reports are swirling about a possible tax hike on futures & options, or F&O, trading. This comes as discussions are ripe about protecting investors and promoting long-term investment strategies. What is F&O trading? F&O contracts allow speculation on the future price of assets. This opens avenues for big profits, but also opens doors for significant losses. This is why the government is trying to protect investors, especially retail, since they are more exposed to these risks. Ansh Kachhara, an F&O trader from Mumbai, spoke to WION regarding risks involved in F&O trading. 'You can make unlimited money, but the bigger problem is, you won't,' he said. Why the need for regulation? India boasts of the biggest derivative exchange in the world, despite being 1/10th of US' market capitalisation. This is potentially raising alarm bells for the government that is now looking for more regulations. What are the proposed rules? The government is considering two key changes. First is reclassifying F&O income as 'speculative income' rather than 'business income.' This would attract a flat 30 per cent tax rate similar to lottery winnings. This can potentially eliminate the benefit of offsetting F&O losses with other business profits. The second proposal aims to introduce TDS, or Tax deducted at source. This would help in boosting tax compliance and encourage retail investors to shift towards more stable investment options like Mutual funds and stocks. This can potentially lead to a lower market volatility caused by F&O trading. Securities and Exchange Board of India (SEBI) recently announced new rules effective October 2024. The rules include a uniform transaction fees to replace slab-wise fees, higher margins for bigger lots, and no day trading for individual investors. Are traders satisfied with the proposed changes? Will higher taxes discourage F&O traders? Experts believe it won't have that big of an effect. 'SEBI says 95 per cent of the traders don't make money,' said Ansh. He added that India is the most expensive market in the world. All the transactions costs are anyways in the higher bracket compared to the rest of the world. 'Market volatility and unregulated foreign inflows are the biggest issue that traders are facing.' he added.

India budget 2024: Futures & options (F&O) trading in focus

On July 9, 2024, India's market capitalisation of listed companies exceeded $5.0 trillion, reaching about 145 per cent of nominal GDP—almost near the 146 per cent recorded in December 2007. Several nations have market caps ranging from 100-337 per cent of GDP during CY 2020-23. However, questions arise about how long this can be sustained, how the booming market cap can swap fiscal debt and support the Indian economy, and how Budget 2024 can facilitate this.&nbsp;

To sustain a booming market, India must ensure consistent higher GDP growth, driven by an investment-led and export-led growth model. For higher investment rates in productive assets and supporting infrastructure, domestic financial savings are inadequate. Therefore, India needs global investments, such as FDI or FPI.&nbsp;

The ratio of cumulative investment in FPI to nominal GDP as of March 2004, March 2014, and December 2023 was 4.3 per cent, 7.66 per cent, and 5.48 per cent, respectively. According to CDSL, cumulative investment by FPIs in equity, debt, and hybrid instruments until March 2004 was barely Rs. 1.19 trillion ($260 billion). By the end of FY 2004-14 and FY 2014-2024 (up to Q3), it had reached about Rs. 8.61 trillion ($1423 billion) and Rs. 16.16 trillion ($1955 billion), respectively. Thus, in the past two decades, the growth was about 724 per cent and 188 per cent &nbsp;on a rupee basis, and 547 per cent and 137 per cent on a USD basis, respectively.&nbsp;

This data reveals that rupee stability is a prerequisite for consistent global capital inflow, providing higher returns on a USD basis to global investors. To achieve this, India must improve its economic efficiency by announcing multiple policy tools in the forthcoming Budget 2024, enabling India to become export-competitive and eliminate the past legacy of trade deficits (goods &amp; services). During the interim period, Budget 2024 should provide incentives for incremental exports in a calibrated manner.&nbsp;

Also, long-term capital gains tax may be exempted or reduced for global investors if the sale proceeds of equity/bonds are reinvested into the Indian capital market within the same year. This will reduce repatriation of forex and support the economy. Budget 2024 is the opportune time for giving such incentives.&nbsp;

Out of the total market cap, the share of the top 100 listed companies is about 75-80 per cent, while the remaining 6700 companies hold a 20-25 per cent share. Ideally, it should be broad-based for inclusive growth. Among the top 100 listed companies, about 18 PSU companies have a market cap share below 10 per cent; this must increase through new listings.&nbsp;

There might be more than 400 unlisted public sector enterprises (PSEs) owned by state and central governments in various fields such as railways, NHAI, power generation and transmission, ports, airports, mining, insurance, finance, and many others. These may be corporatized and listed with stock exchanges, as recently done with LIC. Through this, governments can raise funds by selling shares to the public in tranches while retaining ownership. This will be a better choice compared to total disinvestment and/or leasing out. Part of the fiscal debt may be swapped with equity in this way.&nbsp;

These PSUs may invest in their core competence areas and allied fields by raising debt in their balance sheets, which will not be part of the fiscal debt. Particularly, railways have significant potential to invest in increasing goods traffic and earning substantial profits. This will reduce logistics costs, benefiting the economy and kick-starting the private investment cycle.&nbsp;

The balance sales proceeds of shares may be invested in niche sectors such as the manufacturing of defence and aviation equipment, exploration of oil and critical minerals, and research and innovation in various fields, mostly in new unlisted corporates. These may be listed in due course after making profits. Private corporates hesitate to invest in such niche areas due to associated risks. However, these are crucial for India in meeting its future economic needs and cutting down imports.&nbsp;

For infrastructure spending, new PSUs may be incorporated and listed in joint ventures with states and/or reputed corporates by infusing part equity from the budget and balance from the capital market. Such listed PSUs shall raise debt from the bond market against sovereign guarantees. Obviously, this debt will not be part of the fiscal debt. However, such PSUs shall undertake only commercially viable infrastructures. By this, budgetary resources shall be leveraged 3-5 times, and the benefits of a booming capital market may be availed.&nbsp;

Currently, the share of the bond market is very small compared to other major economies. Ways and means must be designed for its promotion. For PSUs, sovereign guarantees may be provided. The recent inclusion of Indian bonds in the JP Morgan index will certainly facilitate this. However, a stable rupee is a prerequisite. By this, the bond market shall grow, facilitating higher growth of investment in the productive sector and GDP in future years. Banks shall have surplus funds for financing unlisted small companies.&nbsp;

By and large, a booming market cap must be used for partly swapping fiscal debts and floating new PSU corporates for infrastructure spending. This will support the long-term GDP growth of India. Reduction of fiscal debt will upgrade the sovereign rating and facilitate higher inflow of global funds. Thus, the benefits of a booming market cap can deliver multiple benefits for the nation and the general public by adopting appropriate strategies and wise policy tools, which may be announced in the forthcoming budget.&nbsp;

On July 9, 2024, India's market capitalisation of listed companies exceeded $5.0 trillion, reaching about 145 per cent of nominal GDP—almost near the 146 per cent recorded in December 2007.

On July 9, 2024, India's market capitalisation of listed companies exceeded $5.0 trillion, reaching about 145 per cent of nominal GDP—almost near the 146 per cent recorded in December 2007. Several nations have market caps ranging from 100-337 per cent of GDP during CY 2020-23. However, questions arise about how long this can be sustained, how the booming market cap can swap fiscal debt and support the Indian economy, and how Budget 2024 can facilitate this. To sustain a booming market, India must ensure consistent higher GDP growth, driven by an investment-led and export-led growth model. For higher investment rates in productive assets and supporting infrastructure, domestic financial savings are inadequate. Therefore, India needs global investments, such as FDI or FPI. The ratio of cumulative investment in FPI to nominal GDP as of March 2004, March 2014, and December 2023 was 4.3 per cent, 7.66 per cent, and 5.48 per cent, respectively. According to CDSL, cumulative investment by FPIs in equity, debt, and hybrid instruments until March 2004 was barely Rs. 1.19 trillion ($260 billion). By the end of FY 2004-14 and FY 2014-2024 (up to Q3), it had reached about Rs. 8.61 trillion ($1423 billion) and Rs. 16.16 trillion ($1955 billion), respectively. Thus, in the past two decades, the growth was about 724 per cent and 188 per cent on a rupee basis, and 547 per cent and 137 per cent on a USD basis, respectively. This data reveals that rupee stability is a prerequisite for consistent global capital inflow, providing higher returns on a USD basis to global investors. To achieve this, India must improve its economic efficiency by announcing multiple policy tools in the forthcoming Budget 2024, enabling India to become export-competitive and eliminate the past legacy of trade deficits (goods & services). During the interim period, Budget 2024 should provide incentives for incremental exports in a calibrated manner. Also, long-term capital gains tax may be exempted or reduced for global investors if the sale proceeds of equity/bonds are reinvested into the Indian capital market within the same year. This will reduce repatriation of forex and support the economy. Budget 2024 is the opportune time for giving such incentives. Out of the total market cap, the share of the top 100 listed companies is about 75-80 per cent, while the remaining 6700 companies hold a 20-25 per cent share. Ideally, it should be broad-based for inclusive growth. Among the top 100 listed companies, about 18 PSU companies have a market cap share below 10 per cent; this must increase through new listings. There might be more than 400 unlisted public sector enterprises (PSEs) owned by state and central governments in various fields such as railways, NHAI, power generation and transmission, ports, airports, mining, insurance, finance, and many others. These may be corporatized and listed with stock exchanges, as recently done with LIC. Through this, governments can raise funds by selling shares to the public in tranches while retaining ownership. This will be a better choice compared to total disinvestment and/or leasing out. Part of the fiscal debt may be swapped with equity in this way. These PSUs may invest in their core competence areas and allied fields by raising debt in their balance sheets, which will not be part of the fiscal debt. Particularly, railways have significant potential to invest in increasing goods traffic and earning substantial profits. This will reduce logistics costs, benefiting the economy and kick-starting the private investment cycle. The balance sales proceeds of shares may be invested in niche sectors such as the manufacturing of defence and aviation equipment, exploration of oil and critical minerals, and research and innovation in various fields, mostly in new unlisted corporates. These may be listed in due course after making profits. Private corporates hesitate to invest in such niche areas due to associated risks. However, these are crucial for India in meeting its future economic needs and cutting down imports. For infrastructure spending, new PSUs may be incorporated and listed in joint ventures with states and/or reputed corporates by infusing part equity from the budget and balance from the capital market. Such listed PSUs shall raise debt from the bond market against sovereign guarantees. Obviously, this debt will not be part of the fiscal debt. However, such PSUs shall undertake only commercially viable infrastructures. By this, budgetary resources shall be leveraged 3-5 times, and the benefits of a booming capital market may be availed. Currently, the share of the bond market is very small compared to other major economies. Ways and means must be designed for its promotion. For PSUs, sovereign guarantees may be provided. The recent inclusion of Indian bonds in the JP Morgan index will certainly facilitate this. However, a stable rupee is a prerequisite. By this, the bond market shall grow, facilitating higher growth of investment in the productive sector and GDP in future years. Banks shall have surplus funds for financing unlisted small companies. By and large, a booming market cap must be used for partly swapping fiscal debts and floating new PSU corporates for infrastructure spending. This will support the long-term GDP growth of India. Reduction of fiscal debt will upgrade the sovereign rating and facilitate higher inflow of global funds. Thus, the benefits of a booming market cap can deliver multiple benefits for the nation and the general public by adopting appropriate strategies and wise policy tools, which may be announced in the forthcoming budget.

Budget-2024: How can Capital-Market swap fiscal debt and support the Economy?

India's new budget is poised to significantly impact the country’s real estate industry, particularly in the realm of affordable housing.&nbsp; 
&nbsp; 
Over recent years, affordable housing initiatives have catalysed progress by offering tax incentives to developers and homebuyers alike.&nbsp; 
&nbsp; 
But the general consensus is that more needs to be done.&nbsp; 
&nbsp; 
Indeed, despite these strides, challenges persist.&nbsp; 
&nbsp; 
These range from high land costs for acquisition to rising construction costs, as well as the need for sustainable development practices. 
&nbsp; 
From a consumer perspective, the focus lies on measures that could potentially enhance affordability and accessibility to homes.&nbsp; 
&nbsp; 
Some of the major expectations include a reduction of the GST rate on basic construction materials like cement, which currently stands at 28 per cent. 
&nbsp; 
Such a move could reduce overall home construction costs and subsequently lower property prices.&nbsp; 
&nbsp; 
Experts stress the importance of increasing the deduction limit for home loan interest payments beyond the current Rs 2 lakh per annum.&nbsp; 
&nbsp; 
This will offer significant relief to homebuyers burdened by high property prices and rents.&nbsp; 
&nbsp; 
In recent years, home loan interest rates have risen sharply to near double-digit rates.&nbsp; 
&nbsp; 
Reason: The Reserve Bank of India has kept its key interest rate at 6.5 per cent for over a year.&nbsp; 
&nbsp; 
So, the 2-lakh rupee limit is seen by experts as too low in today's scenario.&nbsp; 
&nbsp; 
While the government has no play in the interest rate setting part, its broader policies can offset some of the burden.&nbsp; 
&nbsp; 
By raising the interest repayment limit as a tax deduction, more disposable income will be added to people's purses.&nbsp; 
&nbsp; 
The post-pandemic resurgence in real estate has underscored the sector's digitisation and adaptability.&nbsp; 
&nbsp; 
Looking ahead, the budget is anticipated to introduce reforms aimed at sustaining this growth momentum.&nbsp; 
&nbsp; 
Initiatives such as incentivising first-time homebuyers, revisiting stamp duty rates, and reviving the credit-linked subsidy scheme under p-m-a-y could empower India's burgeoning middle class with greater homeownership opportunities.&nbsp; 
&nbsp; 
Proposals to grant infrastructure status to the real estate sector could facilitate easier access to financing.&nbsp; 
&nbsp; 
This can potentially translate to lower borrowing costs and increased affordability across the housing market.&nbsp; 
&nbsp; 
In essence, the budget's impact on the real estate industry hinges on its ability to address these critical consumer-centric issues, thereby potentially making homeownership more attainable for India's expanding middle class.&nbsp; 
&nbsp; 
The real question is - will the new coalition government pass through these reforms in the budget on July 23rd?&nbsp;

India's new budget is poised to significantly impact the country’s real estate industry, particularly in the realm of affordable housing. Over recent years, affordable housing initiatives have catalysed progress by offering tax incentives to developers and homebuyers alike.

India's new budget is poised to significantly impact the country’s real estate industry, particularly in the realm of affordable housing. Over recent years, affordable housing initiatives have catalysed progress by offering tax incentives to developers and homebuyers alike. But the general consensus is that more needs to be done. Indeed, despite these strides, challenges persist. These range from high land costs for acquisition to rising construction costs, as well as the need for sustainable development practices. From a consumer perspective, the focus lies on measures that could potentially enhance affordability and accessibility to homes. Some of the major expectations include a reduction of the GST rate on basic construction materials like cement, which currently stands at 28 per cent. Such a move could reduce overall home construction costs and subsequently lower property prices. Experts stress the importance of increasing the deduction limit for home loan interest payments beyond the current Rs 2 lakh per annum. This will offer significant relief to homebuyers burdened by high property prices and rents. In recent years, home loan interest rates have risen sharply to near double-digit rates. Reason: The Reserve Bank of India has kept its key interest rate at 6.5 per cent for over a year. So, the 2-lakh rupee limit is seen by experts as too low in today's scenario. While the government has no play in the interest rate setting part, its broader policies can offset some of the burden. By raising the interest repayment limit as a tax deduction, more disposable income will be added to people's purses. The post-pandemic resurgence in real estate has underscored the sector's digitisation and adaptability. Looking ahead, the budget is anticipated to introduce reforms aimed at sustaining this growth momentum. Initiatives such as incentivising first-time homebuyers, revisiting stamp duty rates, and reviving the credit-linked subsidy scheme under p-m-a-y could empower India's burgeoning middle class with greater homeownership opportunities. Proposals to grant infrastructure status to the real estate sector could facilitate easier access to financing. This can potentially translate to lower borrowing costs and increased affordability across the housing market. In essence, the budget's impact on the real estate industry hinges on its ability to address these critical consumer-centric issues, thereby potentially making homeownership more attainable for India's expanding middle class. The real question is - will the new coalition government pass through these reforms in the budget on July 23rd?

India Budget 2024-25: What is real estate sector's wishlist?

As India gears up for its upcoming budget, a key sector – the auto industry – is buzzing with anticipation.

The question remains what does the budget hold for automakers and most importantly, for you, the consumer?

With the union budget for the financial year 2024-25 approaching,

The automotive sector in India is poised with expectations of pivotal measures that could shape its growth trajectory, particularly from a consumer perspective.

Analysts anticipate a focus on bolstering rural spending to stimulate demand, buoyed by favourable monsoon forecasts and an anticipated recovery in the rural market.

This, in turn, is expected to enhance disposable incomes, potentially driving up demand for automobiles, especially in the two-wheeler segment.

The recent performance metrics have shown robust growth in the SUV and commercial vehicle sectors, attributed to improved consumer sentiment, successful price adjustments, and new model launches.

As such, industry experts and research analysts are looking towards the upcoming budget to sustain momentum and foster further growth.

Key expectations include the continuation and enhancement of schemes like Fame, with a focus on promoting electric mobility through subsidies and infrastructure development.

There is also a call for reduced GST rates on vehicles, particularly for entry-level models, aimed at making car ownership more accessible to the growing middle class.

Moreover, measures supporting research and development in electric vehicle technology, scrappage incentives, and infrastructure development are anticipated to bolster market access and consumer affordability.

The industry is keenly watching for updates on these fronts to gauge the budget's impact on fostering a conducive environment for automotive innovation and market expansion.

As India gears up for its upcoming budget, a key sector – the auto industry – is buzzing with anticipation. The question remains what does the budget hold for automakers and most importantly, for you, the consumer?

As India gears up for its upcoming budget, a key sector – the auto industry – is buzzing with anticipation. The question remains what does the budget hold for automakers and most importantly, for you, the consumer? With the union budget for the financial year 2024-25 approaching, The automotive sector in India is poised with expectations of pivotal measures that could shape its growth trajectory, particularly from a consumer perspective. Analysts anticipate a focus on bolstering rural spending to stimulate demand, buoyed by favourable monsoon forecasts and an anticipated recovery in the rural market. This, in turn, is expected to enhance disposable incomes, potentially driving up demand for automobiles, especially in the two-wheeler segment. The recent performance metrics have shown robust growth in the SUV and commercial vehicle sectors, attributed to improved consumer sentiment, successful price adjustments, and new model launches. As such, industry experts and research analysts are looking towards the upcoming budget to sustain momentum and foster further growth. Key expectations include the continuation and enhancement of schemes like Fame, with a focus on promoting electric mobility through subsidies and infrastructure development. There is also a call for reduced GST rates on vehicles, particularly for entry-level models, aimed at making car ownership more accessible to the growing middle class. Moreover, measures supporting research and development in electric vehicle technology, scrappage incentives, and infrastructure development are anticipated to bolster market access and consumer affordability. The industry is keenly watching for updates on these fronts to gauge the budget's impact on fostering a conducive environment for automotive innovation and market expansion.

India's auto industry anticipates budget boosts for growth and affordability

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing&nbsp;Indian employees?

A recent report by ADP Research suggests that India is among the top nations with multi-income individuals. This might seem rosy on the outside, but it could also highlight strains from the high cost of living.

The report found that 40 per cent of Indian workers have two or more jobs. The desire for a better lifestyle is cited as a major catalyst. The report highlights that a significant portion of these multi-income earners are saving for larger purchases like homes, highlighting the growing ambitions of an average Indian employee.

But could this also mean that rising living costs are pushing people to take on additional work to maintain their desired standard of living?

Shaktikanta Das, Governor of the Reserve Bank of India, highlighted inflation as a major hurdle to the country's otherwise robust economic outlook. While inflation could strain finances in the short run, it could also curb India's growing ambitions in the long run. While India still leads the pack in overall job satisfaction compared to other surveyed countries, the rising cost of living may be forcing gig workers and part-time employees to take on additional work just to make ends meet.

With a coalition government led by BJP at the helm, all eyes are on policy continuity in the upcoming budget. Gig workers, especially, seek financial security regulations that recognise them as organised workers. Modi 3.0 has the task of ensuring equal growth for both corporates and their employees. This would ensure inclusive development.

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing Indian employees?

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing Indian employees? A recent report by ADP Research suggests that India is among the top nations with multi-income individuals. This might seem rosy on the outside, but it could also highlight strains from the high cost of living. The report found that 40 per cent of Indian workers have two or more jobs. The desire for a better lifestyle is cited as a major catalyst. The report highlights that a significant portion of these multi-income earners are saving for larger purchases like homes, highlighting the growing ambitions of an average Indian employee. But could this also mean that rising living costs are pushing people to take on additional work to maintain their desired standard of living? Shaktikanta Das, Governor of the Reserve Bank of India, highlighted inflation as a major hurdle to the country's otherwise robust economic outlook. While inflation could strain finances in the short run, it could also curb India's growing ambitions in the long run. While India still leads the pack in overall job satisfaction compared to other surveyed countries, the rising cost of living may be forcing gig workers and part-time employees to take on additional work just to make ends meet. With a coalition government led by BJP at the helm, all eyes are on policy continuity in the upcoming budget. Gig workers, especially, seek financial security regulations that recognise them as organised workers. Modi 3.0 has the task of ensuring equal growth for both corporates and their employees. This would ensure inclusive development.

India's workplace trends: Multiple income streams & desire for better lifestyle

In sharp&nbsp;contrast to the economic developments in Pakistan which finds itself navigating challenging financial waters, seeking a $3 billion bailout from the International Monetary Fund (IMF), India has announced the interim budget of $14 billion for Jammu and Kashmir. The proposed Interim Budget for Jammu and Kashmir, amounting to Rs 1.18 lakh crore, which is approximately $14.16 billion, significantly surpasses the financial assistance provided to Pakistan by the IMF.

India’s budget proposal, unveiled on a day marked by Pakistan’s so-called “Kashmir Solidarity Day,” represents a substantial commitment to the economic development of Jammu and Kashmir. The budget, which amounts to approximately $14.16 billion, dwarfs IMF’s recent bailout announcement to Pakistan by 4.72 times, underlining India’s financial dedication to the region’s growth and stability.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/jammu-and-kashmir-indian-government-declares-tehreek-e-hurriyat-unlawful-association-under-uapa-675332">Jammu and Kashmir: Indian government declares Tehreek-e-Hurriyat 'unlawful' under UAPA</a>

This significant budget demonstrates India’s intention to address both short-term fiscal needs and long-term development goals in Jammu and Kashmir. &nbsp;India’s budget for union territory emphasises on key sectors such as agriculture, rural development, tourism, healthcare, education, and cultural preservation, with substantial investments aimed at fostering sustainable growth and development.

India's&nbsp;Union Finance Minister Nirmala Sitharaman while proposing the budget said, “The Union Territory (UT) of Jammu and Kashmir is marching rapidly ahead on the path of socio-economic development since the transformative reforms of August 2019. The Union Territory Government is committed to pursue the path of accelerated and inclusive growth which enables its citizens to shape their destiny and discover new aspirations.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-jammu-and-kashmirs-budget-twice-the-size-of-pakistans-imf-bailout-request-578174">Jammu and Kashmir’s budget twice the size of Pakistan’s IMF bailout request, documents show</a>

The emphasis on tourism development in Jammu and Kashmir has been directed towards enhancing infrastructure and essential facilities in 20 lesser-known tourist spots, evenly distributed with 10 locations each in the Jammu and Kashmir divisions. Additionally, plans include the transformation of Keran into a thriving border tourist village and the establishment of Duggar Dani in Samba, designed as a traditional mock village setup.

In contrast, Pakistan’s $3 billion bailout from the IMF reflects the country’s ongoing economic challenges and dependence on external financial support. The bailout aims to alleviate Pakistan’s cash-strapped economy, providing much-needed liquidity and support for its fiscal reforms.

Meanwhile there have been reports of growing discontentment in Pakistan occupied Kashmir, especially over price rise.

In sharp contrast to the economic developments in Pakistan which finds itself navigating challenging financial waters, seeking a $3 billion bailout from the International Monetary Fund (IMF), India has announced the interim budget of $14 billion for Jammu and Kashmir.

In sharp contrast to the economic developments in Pakistan which finds itself navigating challenging financial waters, seeking a $3 billion bailout from the International Monetary Fund (IMF), India has announced the interim budget of $14 billion for Jammu and Kashmir. The proposed Interim Budget for Jammu and Kashmir, amounting to Rs 1.18 lakh crore, which is approximately $14.16 billion, significantly surpasses the financial assistance provided to Pakistan by the IMF. India’s budget proposal, unveiled on a day marked by Pakistan’s so-called “Kashmir Solidarity Day,” represents a substantial commitment to the economic development of Jammu and Kashmir. The budget, which amounts to approximately $14.16 billion, dwarfs IMF’s recent bailout announcement to Pakistan by 4.72 times, underlining India’s financial dedication to the region’s growth and stability. ALSO READ | Jammu and Kashmir: Indian government declares Tehreek-e-Hurriyat 'unlawful' under UAPA This significant budget demonstrates India’s intention to address both short-term fiscal needs and long-term development goals in Jammu and Kashmir. India’s budget for union territory emphasises on key sectors such as agriculture, rural development, tourism, healthcare, education, and cultural preservation, with substantial investments aimed at fostering sustainable growth and development. India's Union Finance Minister Nirmala Sitharaman while proposing the budget said, “The Union Territory (UT) of Jammu and Kashmir is marching rapidly ahead on the path of socio-economic development since the transformative reforms of August 2019. The Union Territory Government is committed to pursue the path of accelerated and inclusive growth which enables its citizens to shape their destiny and discover new aspirations.” ALSO READ | Jammu and Kashmir’s budget twice the size of Pakistan’s IMF bailout request, documents show The emphasis on tourism development in Jammu and Kashmir has been directed towards enhancing infrastructure and essential facilities in 20 lesser-known tourist spots, evenly distributed with 10 locations each in the Jammu and Kashmir divisions. Additionally, plans include the transformation of Keran into a thriving border tourist village and the establishment of Duggar Dani in Samba, designed as a traditional mock village setup. In contrast, Pakistan’s $3 billion bailout from the IMF reflects the country’s ongoing economic challenges and dependence on external financial support. The bailout aims to alleviate Pakistan’s cash-strapped economy, providing much-needed liquidity and support for its fiscal reforms. Meanwhile there have been reports of growing discontentment in Pakistan occupied Kashmir, especially over price rise.

India proposes $14 billion budget for Jammu and Kashmir, dwarfing Pakistan’s $3 billion IMF bailout

All eyes are on the upcoming Interim Budget for 2024-2025, a crucial temporary financial plan designed to sustain essential government services until the new administration takes charge post-elections. Finance Minister Nirmala Sitharaman is poised to present the Interim Budget 2024 during the Parliament's Budget session.

Budget 2024: Will India's budget hike standard deduction under the new tax regime?

Indian Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 today against the backdrop of impending Lok Sabha elections. The Budget is anticipated to emphasize a prudent fiscal approach, prioritizing infrastructure investments over populist measures.

Budget 2024: Expectations from FM Nirmala Sitharaman's sixth budget

A positive build-up was reflected in Indian markets prior to the Interim Budget. Indian Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 today against the backdrop of impending Lok Sabha elections.

Budget 2024: Indian markets marginally up ahead of interim budget

Budget 2024: Indian stocks defy global markets slump ahead of budget

Budget 2024: India to unveil interim budget ahead of polls in April-May

Budget 2024: India to focus on the path of fiscal discipline

All eyes have turned to Indian Finance Minister Nirmala Sitharaman who will present the Interim Budget 2024-25 at Parliament today. The interim budget will provide estimates of the government's expenditure, revenue, fiscal deficit, financial performance, and projections for the upcoming months.

Budget 2024: India's aim to bring down fiscal deficit on track

Budget 2024: Will this Interim Budget bring big reforms for tax payers?

Budget 2024: Farmers, women, the poor and young people are priority

Budget 2024: Indian FM Nirmala Sitharaman leaves for Rashtrapati Bhawan

Indian Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2024 in Parliament today. This is Sitharaman's sixth Union Budget. This will be a interim budget as it comes just ahead of the Lok Sabha Elections. The full-fledged budget will be presented by the new government that comes to power after the elections.

Budget 2024: Nirmala Sitharaman to present her sixth straight budget

Budget 2024: India's focus on capital expenditure likely to continue

Budget 2024: All eyes on India's fiscal plan ahead of elections

Budget 2024: What international investors expect?

Budget 2024: India to focus on the path of fiscal prudence

Budget 2024: India to unveil interim budget today

For the year 2024-25, the Indian government has proposed an allocation of around $1.63 billion (Rs 13,042 crore) for the Department of Space (DoS), as revealed in the interim budget. The DoS is an umbrella body, which covers the Indian Space Research Organisation (ISRO), the space sector regulator IN-SPACe (Indian National Space Promotion and Authorization Centre), other related centres, associated academic and research institutions, etc.&nbsp;

As per the data shared in the Demand for Grants document, this proposed budget allocation of Rs 13,042 crore&nbsp;for 2024-25 is a step up from the revised estimate of $1.33 billion (Rs 11,070 crore) for 2023-24. While this is an increase of 17.8 per cent, it would take considerable time to know how much of this proposed sum&nbsp;would be allocated eventually.

However, when comparing the proposed budget allocation for 2023-24 (Rs 12,543 crore&nbsp;or approx $1.56 billion)and the proposed allocation for 2024-25 (Rs 13,042 crore&nbsp;or approx $1.63 billion), the hike is barely Rs 500 crore&nbsp;or approximately $62 million, which translates to four per cent&nbsp;hike.

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India's <a href="https://twitter.com/hashtag/space?src=hash&amp;ref_src=twsrc%5Etfw">#space</a> ambitions: 
 
Astronaut mission by 2026<a href="https://twitter.com/hashtag/Indian?src=hash&amp;ref_src=twsrc%5Etfw">#Indian</a> Space Station by 2035 
Crewed moon landing by 2040 
 
Proposed for Funding 2024-25: 
₹13,042cr 
Revised Estimate for 2023-24: 
₹11,070cr 
 
Hike is 17.8% <a href="https://twitter.com/hashtag/science?src=hash&amp;ref_src=twsrc%5Etfw">#science</a> <a href="https://twitter.com/hashtag/tech?src=hash&amp;ref_src=twsrc%5Etfw">#tech</a> <a href="https://twitter.com/hashtag/research?src=hash&amp;ref_src=twsrc%5Etfw">#research</a> <a href="https://twitter.com/hashtag/isro?src=hash&amp;ref_src=twsrc%5Etfw">#isro</a> <a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://twitter.com/hashtag/InterimBudget?src=hash&amp;ref_src=twsrc%5Etfw">#InterimBudget</a> <a href="https://t.co/6nzMSvWiZ2">pic.twitter.com/6nzMSvWiZ2</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1753019350079197342?ref_src=twsrc%5Etfw">February 1, 2024</a></blockquote>
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It is noteworthy that the government-run Indian space agency ISRO has been assigned significantly challenging technological tasks by Prime Minister Narendra Modi. In October 2023, Prime Minister Modi set a roadmap for ISRO's future endeavours and even stated specific deadlines for these projects.&nbsp;

Setting up a ‘Bharatiya Antariksha Station’ (Indian Space Station) by 2035 and sending the first Indian to the Moon by 2040, are among the targets. Therefore, it raises questions about whether such a modest proposed hike in funding would be adequate to meet the challenges that have been put forth.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817">India Budget 2024: ‘Garib, Mahilayen, Yuva, Annadata,’ key takeaways from Sitharaman’s speech</a>

The Department of Space had also been asked to develop a roadmap for Lunar exploration, which would encompass a series of Chandrayaan missions, the development of a Next Generation Launch Vehicle (NGLV), construction of a new launch pad, setting up human-centric laboratories and associated technologies. In addition to this, Prime Minister Modi has also called upon Indian scientists to work towards interplanetary missions such as a Venus orbiter and a Mars lander.&nbsp;

Since 2018, ISRO has been working on executing its maiden human spaceflight mission, under a programme known as 'Gaganyaan'. This is an entirely indigenous effort to ferry Indian astronauts (specially trained Indian Air Force test pilots) to space and bring them back safely. ISRO aims to perform an uncrewed Gaganyaan mission in 2024, another uncrewed mission in 2025 and perform the astronaut mission by early 2026.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-interim-budget-2024-this-is-what-is-in-store-for-jobs-in-tourism-infra-and-deep-tech-685930">India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech</a>

Along with routine launch activities and satellite building for India’s own needs, ISRO would also have to carry out research and development on new technologies and components that would enable them to achieve their future goals. On a war footing, ISRO has to also work on increasing the payload carrying capacity of its existing rocket LVM3, while developing new rockets, and reusable rockets for future requirements.&nbsp;

Over the years, ISRO has been gradually outsourcing routine activities such as building rockets and satellites to private firms or public-private entities, thereby ensuring that ISRO’s resources can be better utilised for the core research and development activities that are aimed at scaling up and meeting future requirements.

For the year 2024-25, the Indian government has proposed an allocation of around $1.63 billion (Rs 13,042 crore) for the Department of Space (DoS), as revealed in the interim budget.

For the year 2024-25, the Indian government has proposed an allocation of around $1.63 billion (Rs 13,042 crore) for the Department of Space (DoS), as revealed in the interim budget. The DoS is an umbrella body, which covers the Indian Space Research Organisation (ISRO), the space sector regulator IN-SPACe (Indian National Space Promotion and Authorization Centre), other related centres, associated academic and research institutions, etc. As per the data shared in the Demand for Grants document, this proposed budget allocation of Rs 13,042 crore for 2024-25 is a step up from the revised estimate of $1.33 billion (Rs 11,070 crore) for 2023-24. While this is an increase of 17.8 per cent, it would take considerable time to know how much of this proposed sum would be allocated eventually. However, when comparing the proposed budget allocation for 2023-24 (Rs 12,543 crore or approx $1.56 billion)and the proposed allocation for 2024-25 (Rs 13,042 crore or approx $1.63 billion), the hike is barely Rs 500 crore or approximately $62 million, which translates to four per cent hike. India's #space ambitions: Astronaut mission by 2026#Indian Space Station by 2035 Crewed moon landing by 2040 Proposed for Funding 2024-25: ₹13,042cr Revised Estimate for 2023-24: ₹11,070cr Hike is 17.8% #science #tech #research #isro #BudgetSession #InterimBudget pic.twitter.com/6nzMSvWiZ2 — Sidharth.M.P (@sdhrthmp) February 1, 2024 × It is noteworthy that the government-run Indian space agency ISRO has been assigned significantly challenging technological tasks by Prime Minister Narendra Modi. In October 2023, Prime Minister Modi set a roadmap for ISRO's future endeavours and even stated specific deadlines for these projects. Setting up a ‘Bharatiya Antariksha Station’ (Indian Space Station) by 2035 and sending the first Indian to the Moon by 2040, are among the targets. Therefore, it raises questions about whether such a modest proposed hike in funding would be adequate to meet the challenges that have been put forth. ALSO READ | India Budget 2024: ‘Garib, Mahilayen, Yuva, Annadata,’ key takeaways from Sitharaman’s speech The Department of Space had also been asked to develop a roadmap for Lunar exploration, which would encompass a series of Chandrayaan missions, the development of a Next Generation Launch Vehicle (NGLV), construction of a new launch pad, setting up human-centric laboratories and associated technologies. In addition to this, Prime Minister Modi has also called upon Indian scientists to work towards interplanetary missions such as a Venus orbiter and a Mars lander. Since 2018, ISRO has been working on executing its maiden human spaceflight mission, under a programme known as 'Gaganyaan'. This is an entirely indigenous effort to ferry Indian astronauts (specially trained Indian Air Force test pilots) to space and bring them back safely. ISRO aims to perform an uncrewed Gaganyaan mission in 2024, another uncrewed mission in 2025 and perform the astronaut mission by early 2026. ALSO READ | India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech Along with routine launch activities and satellite building for India’s own needs, ISRO would also have to carry out research and development on new technologies and components that would enable them to achieve their future goals. On a war footing, ISRO has to also work on increasing the payload carrying capacity of its existing rocket LVM3, while developing new rockets, and reusable rockets for future requirements. Over the years, ISRO has been gradually outsourcing routine activities such as building rockets and satellites to private firms or public-private entities, thereby ensuring that ISRO’s resources can be better utilised for the core research and development activities that are aimed at scaling up and meeting future requirements.

Budget 2024: India’s Department of Space proposed to receive approx $1.63 billion

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget&nbsp;2024&nbsp;was tabled in the Parliament.&nbsp;

<h2>‘Viksit Bharat’&nbsp;</h2>

“Our vision for <a href="https://www.wionews.com/india-news/indian-budget-2024-fm-sitharaman-tables-interim-budget-says-working-to-viksit-bharat-by-2047-685816">Viksit (Advanced) Bharat</a> is that of a prosperous Bharat…in harmony with nature and modern infrastructure, and providing opportunities for all to reach their potential,” said Sitharaman, during her speech.&nbsp;

WATCH |&nbsp;FM Nirmala Sitharaman: Next five years will see unprecented development

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This was in line with Prime Minister Narendra Modi's&nbsp;vision for ‘Viksit Bharat’&nbsp;which involves several aspects of development, including economic growth and environmental sustainability.&nbsp;

The Indian finance minister also spoke about how the government will adopt economic policies that foster and sustain growth and facilitate inclusive and sustainable development.&nbsp;

<h2>Focus on green energy</h2>

In the interim Budget, the finance minister has allocated significant resources to bolster the green energy sector including a viability gap funding to harness offshore wind energy, setting up coal gasification and liquefaction projects, and so on.&nbsp;

The gap funding would be used for the development of one gigawatt (GW) of offshore wind energy, which would reduce India’s reliance on fossil fuels.&nbsp;

Additionally, the Indian government also plans to set up coal gasification and liquefaction projects capable of processing 100 metric tonnes (MT) by 2030, which will help reduce imports of natural gas, methanol, and ammonia.

The government has said that it would mandate the blending of Compressed BioGas (CBG) in Compressed Natural Gas (CNG) for transportation and Piped Natural Gas (PNG) for domestic use. These measures are aimed at reducing carbon emissions and improving air quality.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-interim-budget-2024-revolutionary-steps-announced-for-these-industries-685893">India Budget 2024: Revolutionary steps announced for solar, dairy and fisheries industries - check details</a>

Financial assistance would be provided for the procurement of biomass aggregation machines to support collection, which could help ramp up the production of bioenergy – a renewable energy derived from biomass, which also contributes to climate change mitigation.&nbsp;

The interim Budget also includes the introduction of a new scheme of bio-manufacturing and bio-foundry to promote green growth. This, Sitharaman said “will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.”&nbsp;

Additionally, the scheme would also help transform “today’s consumptive manufacturing paradigm to the one based on regenerative principles.”

The government has also announced plans to&nbsp;expand and strengthen the <a href="https://www.wionews.com/india-news/india-interim-budget-govt-to-expand-ev-infra-and-develop-more-entrepreneurship-opportunities-685838">e-vehicle ecosystem</a> by supporting&nbsp;manufacturing and charging infrastructure in the country.&nbsp;

According to&nbsp;Sitharaman,&nbsp;through rooftop solarisation more than 10 million (one crore)&nbsp;households will be enabled to obtain up to <a href="https://www.wionews.com/india-news/india-interim-budget-govt-to-provide-300-units-free-electricity-announces-fm-sitharaman-685911">300 units of free electricity</a> every month.&nbsp;

<h2>What is Blue Economy 2.0?</h2>

During her speech, the Indian finance minister unveiled plans for the launch of Blue Economy 2.0 which is aimed at promoting climate-resilient activities and sustainable development in coastal areas.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-interim-budget-2024-this-is-what-is-in-store-for-jobs-in-tourism-infra-and-deep-tech-685930">India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech</a>

The scheme will focus on “restoration and adaptation measures” and the expansion of coastal aquaculture and mariculture with an integrated and multi-sectoral approach.&nbsp;

Notably, the Blue Economy, which involves sustainable use of ocean resources and coastal areas for economic growth has emerged as a new area of focus in sustainable development.&nbsp;

(With inputs from agencies) 
&nbsp;

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget 2024 was tabled in the Parliament.

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget 2024 was tabled in the Parliament. ‘Viksit Bharat’ “Our vision for Viksit (Advanced) Bharat is that of a prosperous Bharat…in harmony with nature and modern infrastructure, and providing opportunities for all to reach their potential,” said Sitharaman, during her speech. WATCH | FM Nirmala Sitharaman: Next five years will see unprecented development This was in line with Prime Minister Narendra Modi's vision for ‘Viksit Bharat’ which involves several aspects of development, including economic growth and environmental sustainability. The Indian finance minister also spoke about how the government will adopt economic policies that foster and sustain growth and facilitate inclusive and sustainable development. Focus on green energy In the interim Budget, the finance minister has allocated significant resources to bolster the green energy sector including a viability gap funding to harness offshore wind energy, setting up coal gasification and liquefaction projects, and so on. The gap funding would be used for the development of one gigawatt (GW) of offshore wind energy, which would reduce India’s reliance on fossil fuels. Additionally, the Indian government also plans to set up coal gasification and liquefaction projects capable of processing 100 metric tonnes (MT) by 2030, which will help reduce imports of natural gas, methanol, and ammonia. The government has said that it would mandate the blending of Compressed BioGas (CBG) in Compressed Natural Gas (CNG) for transportation and Piped Natural Gas (PNG) for domestic use. These measures are aimed at reducing carbon emissions and improving air quality. ALSO READ | India Budget 2024: Revolutionary steps announced for solar, dairy and fisheries industries - check details Financial assistance would be provided for the procurement of biomass aggregation machines to support collection, which could help ramp up the production of bioenergy – a renewable energy derived from biomass, which also contributes to climate change mitigation. The interim Budget also includes the introduction of a new scheme of bio-manufacturing and bio-foundry to promote green growth. This, Sitharaman said “will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.” Additionally, the scheme would also help transform “today’s consumptive manufacturing paradigm to the one based on regenerative principles.” The government has also announced plans to expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure in the country. According to Sitharaman, through rooftop solarisation more than 10 million (one crore) households will be enabled to obtain up to 300 units of free electricity every month. What is Blue Economy 2.0? During her speech, the Indian finance minister unveiled plans for the launch of Blue Economy 2.0 which is aimed at promoting climate-resilient activities and sustainable development in coastal areas. ALSO READ | India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech The scheme will focus on “restoration and adaptation measures” and the expansion of coastal aquaculture and mariculture with an integrated and multi-sectoral approach. Notably, the Blue Economy, which involves sustainable use of ocean resources and coastal areas for economic growth has emerged as a new area of focus in sustainable development. (With inputs from agencies)

Budget 2024: Sitharaman unveils India's plan to achieve net zero target by 2070 with focus on green energy

Ahead of the upcoming general elections, Indian Prime Minister Narendra Modi's government unveiled a budget that steered clear of populist measures and focused on fiscal consolidation to attract investors.

Tax policies remained unchanged, and major subsidies on essential items like food, fertilisers, and fuel were slashed by 8 per cent, signalling a commitment to financial prudence.

Shilan Shah from Capital Economics noted, "This is an indication that the ruling BJP (Bharatiya Janata Party) is feeling fairly confident about securing another big victory in the upcoming general election."

Finance Minister Nirmala Sitharaman announced a sharp reduction in the budget gap for 2024-'25 to 5.1 per cent of GDP, while revising the current fiscal year's gap down to 5.8 per cent.

"In this budget, capital expenditure has been raised to a historic high of 11.11 trillion rupees ($133.90 billion), while keeping the fiscal deficit in control. To put it in the terms of economists, this is a sweet spot,” Modi said.

The fiscal consolidation is anticipated to bolster India's case for a higher sovereign credit rating, currently rated at BBB- by S&amp;P and Fitch, and Baa3 by Moody's.

Reuters cited Sachchidanand Shukla, an economist at Larsen &amp; Toubro, who said, "The interim budget effectively juggled the need to support growth while signalling continued fiscal consolidation. This will be reassuring for investors and rating agencies alike."

Despite the overall positive tone, concerns linger about weak spots in the economy. While India is expected to achieve a remarkable 7.3 per cent economic growth for the financial year ending March 31, 2024, consumption, constituting nearly 60 per cent of GDP, remains sluggish, growing just over 4 per cent.

Garima Kapoor, economist at Elara Capital, told Reuters, "The budget lacks consumption triggers. Thus, it is a departure from the previous pre-election vote on accounts."

Finance Minister Sitharaman addressed the need for affordable housing, pledging to build 20 million houses in the next five years, in addition to the 30 million already constructed. The budget also hinted at a new housing scheme for the middle class, although specific details were not provided.

The government's borrowing plan of 14.13 trillion Indian rupees ($170.33 billion) from the bond markets to fund its fiscal deficit came in lower than expectations. While the budget had a limited impact on equity and currency markets, the better-than-expected fiscal deficit target and lower borrowing estimates boosted gains in the bond market.

The benchmark 10-year bond yield dropped to over six-month lows, currently standing at 7.0467 per cent, and the Indian rupee, initially gaining ground, retreated after briefly rising to 82.9325 against the US dollar.

(With inputs from Reuters)

Ahead of the upcoming general elections, Indian Prime Minister Narendra Modi's government unveiled a budget that steered clear of populist measures and focused on fiscal consolidation to attract investors.

Ahead of the upcoming general elections, Indian Prime Minister Narendra Modi's government unveiled a budget that steered clear of populist measures and focused on fiscal consolidation to attract investors. Tax policies remained unchanged, and major subsidies on essential items like food, fertilisers, and fuel were slashed by 8 per cent, signalling a commitment to financial prudence. Shilan Shah from Capital Economics noted, "This is an indication that the ruling BJP (Bharatiya Janata Party) is feeling fairly confident about securing another big victory in the upcoming general election." Finance Minister Nirmala Sitharaman announced a sharp reduction in the budget gap for 2024-'25 to 5.1 per cent of GDP, while revising the current fiscal year's gap down to 5.8 per cent. "In this budget, capital expenditure has been raised to a historic high of 11.11 trillion rupees ($133.90 billion), while keeping the fiscal deficit in control. To put it in the terms of economists, this is a sweet spot,” Modi said. The fiscal consolidation is anticipated to bolster India's case for a higher sovereign credit rating, currently rated at BBB- by S&P and Fitch, and Baa3 by Moody's. Reuters cited Sachchidanand Shukla, an economist at Larsen & Toubro, who said, "The interim budget effectively juggled the need to support growth while signalling continued fiscal consolidation. This will be reassuring for investors and rating agencies alike." Despite the overall positive tone, concerns linger about weak spots in the economy. While India is expected to achieve a remarkable 7.3 per cent economic growth for the financial year ending March 31, 2024, consumption, constituting nearly 60 per cent of GDP, remains sluggish, growing just over 4 per cent. Garima Kapoor, economist at Elara Capital, told Reuters, "The budget lacks consumption triggers. Thus, it is a departure from the previous pre-election vote on accounts." Finance Minister Sitharaman addressed the need for affordable housing, pledging to build 20 million houses in the next five years, in addition to the 30 million already constructed. The budget also hinted at a new housing scheme for the middle class, although specific details were not provided. The government's borrowing plan of 14.13 trillion Indian rupees ($170.33 billion) from the bond markets to fund its fiscal deficit came in lower than expectations. While the budget had a limited impact on equity and currency markets, the better-than-expected fiscal deficit target and lower borrowing estimates boosted gains in the bond market. The benchmark 10-year bond yield dropped to over six-month lows, currently standing at 7.0467 per cent, and the Indian rupee, initially gaining ground, retreated after briefly rising to 82.9325 against the US dollar. (With inputs from Reuters)

India's Budget 2024: Modi government prioritises fiscal discipline over populism

<o:p></o:p>In a strategic move aimed at sustaining India's position as one of the world's fastest-growing major economies, Finance Minister Nirmala Sitharaman announced a record-breaking capital expenditure (capex) of 11.11 trillion rupees (approximately $134 billion) for infrastructure creation in the fiscal year beginning on April 1, 2024.<o:p></o:p>

The proposed capex is 11.1 per cent higher than the current fiscal year's allocation of little over 10 lakh core rupees (approximately $120 billion).<o:p></o:p>

Sitharaman highlighted that the federal government's capital expenditure as a percentage of GDP is anticipated to rise from 3.3 per cent in 2023-'24 to 3.4 per cent in the upcoming financial year.<o:p></o:p>

Reuters quoted Ranen Banerjee, Partner and Leader for Economic Advisory at PwC India, as saying, "The additional allocation of INR 1.1 trillion for capex, taking it to INR 11.1 trillion, should provide continuity in the pace of infra creation and in bringing down the logistics cost in the country progressively."<o:p></o:p>

&nbsp;The allocation is expected to contribute to the ongoing efforts to enhance infrastructure, reduce logistics costs, and fuel economic development.<o:p></o:p>

While the capex increase is notable, the year-on-year rise is lower compared to the current fiscal year. Sitharaman also announced government spending of 1.3 trillion rupees (approximately $15.85 billion) in the form of 50-year loans to states, aimed at boosting their capital investments. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a strategic move aimed at sustaining India's position as one of the world's fastest-growing major economies, Finance Minister Nirmala Sitharaman announced a record-breaking capital expenditure (capex) of 11.

In a strategic move aimed at sustaining India's position as one of the world's fastest-growing major economies, Finance Minister Nirmala Sitharaman announced a record-breaking capital expenditure (capex) of 11.11 trillion rupees (approximately $134 billion) for infrastructure creation in the fiscal year beginning on April 1, 2024. The proposed capex is 11.1 per cent higher than the current fiscal year's allocation of little over 10 lakh core rupees (approximately $120 billion). Sitharaman highlighted that the federal government's capital expenditure as a percentage of GDP is anticipated to rise from 3.3 per cent in 2023-'24 to 3.4 per cent in the upcoming financial year. Reuters quoted Ranen Banerjee, Partner and Leader for Economic Advisory at PwC India, as saying, "The additional allocation of INR 1.1 trillion for capex, taking it to INR 11.1 trillion, should provide continuity in the pace of infra creation and in bringing down the logistics cost in the country progressively." The allocation is expected to contribute to the ongoing efforts to enhance infrastructure, reduce logistics costs, and fuel economic development. While the capex increase is notable, the year-on-year rise is lower compared to the current fiscal year. Sitharaman also announced government spending of 1.3 trillion rupees (approximately $15.85 billion) in the form of 50-year loans to states, aimed at boosting their capital investments. (With inputs from Reuters)

India Budget 2024: Capex raised to over $132 bn  for 2024-'25

India Budget 2024: Finance Minister Nirmala Sitharaman described women as one of the four major 'castes', whose needs, aspirations and welfare remain Prime Minister Narendra Modi administration's 'highest priority' during her sixth consecutive budget speech in Indian parliament on Feb 1, 2024.&nbsp;

"Their empowerment and well-being will drive the country forward," Sitharaman said, while referring to the welfare of the poor, women, youth, and farmers.&nbsp;

Finance Minister Sitharaman said that the "empowerment of women through entrepreneurship, ease of living and dignity has gained momentum" in the last 10 years when Prime Minister Narendra Modi was first elected to power.&nbsp;

Also watch |&nbsp;Budget 2024: Empowerment of Women has gained momentum in last 10 years, says Nirmala Sitharaman

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"Thirty crore (300mn) Mudra Yojana loans have been given to women entrepreneurs. Female enrollment in higher education has gone up by 28 per cent in 10 years. In STEM [Science, Technology, Engineering and Maths] courses, girls and women constitute 43 per cent enrollment, one of the highest in the world," Sitharaman said.&nbsp;

All these measures are reflected in the increasing participation of women in the workforce, the finance minister added.&nbsp;

"Making Triple Talaq illegal, reservation of one-third seats for women in the Lok Sabha and State Legislative assemblies, and giving over 70 per cent houses under Prime Minister Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity," Sitharaman said while referring to the legislative end to the archaic practice of pronouncement of divorce by Muslim men divorcing the women by simply speaking&nbsp;the word thrice.

<h2>Focus on 'Lakhpati Didi' (millionaire sister) scheme</h2>

The finance minister said that 83 lakh (8.3 million) Self-Help Groups (SHGs) with nine crore (90 million) women are "transforming rural socio-economic landscape with empowerment and self-reliance".&nbsp;

"They are an inspiration to others. Their achievements will be recognised through honouring them. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore [20 million] to 3 crore [30 million]," Sitharaman said.&nbsp;

<h2>Sitharaman brings attention to cervical cancer vaccination</h2>

Finance Minister Sitharaman said that Prime Minister Narendra Modi's administration will "encourage vaccination for girls in age group of 9 to 14 years for the prevention of cervical cancer".&nbsp;

Sitharaman added that various schemes for maternal and child care will be brought under one comprehensive programme for "synergy in implementation".&nbsp;

"Upgradation of anganwadi centres under "Saksham Anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care and development."

(With inputs from agencies)

India Budget 2024: Finance Minister Nirmala Sitharaman described women as one of the four major 'castes', whose needs, aspirations and welfare remain Prime Minister Narendra Modi administration's 'highest priority' during her sixth consecutive budget speech in Indian parliament on Feb 1, 2024.

India Budget 2024: Finance Minister Nirmala Sitharaman described women as one of the four major 'castes', whose needs, aspirations and welfare remain Prime Minister Narendra Modi administration's 'highest priority' during her sixth consecutive budget speech in Indian parliament on Feb 1, 2024. "Their empowerment and well-being will drive the country forward," Sitharaman said, while referring to the welfare of the poor, women, youth, and farmers. Finance Minister Sitharaman said that the "empowerment of women through entrepreneurship, ease of living and dignity has gained momentum" in the last 10 years when Prime Minister Narendra Modi was first elected to power. Also watch | Budget 2024: Empowerment of Women has gained momentum in last 10 years, says Nirmala Sitharaman × "Thirty crore (300mn) Mudra Yojana loans have been given to women entrepreneurs. Female enrollment in higher education has gone up by 28 per cent in 10 years. In STEM [Science, Technology, Engineering and Maths] courses, girls and women constitute 43 per cent enrollment, one of the highest in the world," Sitharaman said. All these measures are reflected in the increasing participation of women in the workforce, the finance minister added. "Making Triple Talaq illegal, reservation of one-third seats for women in the Lok Sabha and State Legislative assemblies, and giving over 70 per cent houses under Prime Minister Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity," Sitharaman said while referring to the legislative end to the archaic practice of pronouncement of divorce by Muslim men divorcing the women by simply speaking the word thrice. Focus on 'Lakhpati Didi' (millionaire sister) scheme The finance minister said that 83 lakh (8.3 million) Self-Help Groups (SHGs) with nine crore (90 million) women are "transforming rural socio-economic landscape with empowerment and self-reliance". "They are an inspiration to others. Their achievements will be recognised through honouring them. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore [20 million] to 3 crore [30 million]," Sitharaman said. Sitharaman brings attention to cervical cancer vaccination Finance Minister Sitharaman said that Prime Minister Narendra Modi's administration will "encourage vaccination for girls in age group of 9 to 14 years for the prevention of cervical cancer". Sitharaman added that various schemes for maternal and child care will be brought under one comprehensive programme for "synergy in implementation". "Upgradation of anganwadi centres under "Saksham Anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care and development." (With inputs from agencies)

Budget 2024: Finance Minister Sitharaman sets target to create more women millionaires

Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced that a corpus of&nbsp;₹1 Lakh Crore (or over $12 billion) will be established with provision for a&nbsp;'50-year interest-free loan to provide long-term financing with no or less interest rates'.&nbsp;

"For our tech-savvy youth, this will be a golden era. A corpus of rupees one lakh crore will be established with fifty-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates," Sitharaman said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/budget-2024-a-look-at-indias-interim-financial-outlook-685663">Budget 2024: A look at India's interim financial outlook</a>

The finance minister reasoned that this would "encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology."

The Indian finance minister also mentioned that a new scheme will be launched "for strengthening deep-tech technologies for defence purposes and expediting&nbsp;atmanirbharta&nbsp;(or self-sufficiency)". Sitharaman did not specify the details of the scheme.

<h2>Over 25 million people out of multidimensional poverty in last decade: Sitharaman</h2>

Finance Minister Nirmala Sitharaman presented her sixth consecutive budget, at par with the record set by the former prime minister Morarji Desai who also held finance portfolio in the 1960s.&nbsp;

Presenting the interim Budget 2024-25 ahead of the general elections in the spring, Sitaraman said that Prime Minister Narendra Modi's administration is making efforts to make India a developed country by 2047.&nbsp;

Also watch |&nbsp;India Budget 2024: PM Modi hails budget as 'inclusive', says 'this is a budget for India's future'

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Poor, women, youth and farmers are four castes for the government, she added.

India remains the fastest-growing major economy in the world and in the coming years will become the world’s third-largest economy with a $5 trillion Gross Domestic Product.&nbsp;

Hailing the poverty alleviation steps, Sitharaman said that 250 million (or 25 crore) people came out of multi-dimensional poverty since 2014 when Prime Minister Narendra Modi-led Bharatiya Janata Party first came to power in New Delhi's corridors of power to govern the world's largest democracy.&nbsp;

(With inputs from agencies)

&nbsp;

Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced that a corpus of ₹1 Lakh Crore (or over $12 billion) will be established with provision for a '50-year interest-free loan to provide long-term financing with no or less interest rates'.

Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced that a corpus of ₹1 Lakh Crore (or over $12 billion) will be established with provision for a '50-year interest-free loan to provide long-term financing with no or less interest rates'. "For our tech-savvy youth, this will be a golden era. A corpus of rupees one lakh crore will be established with fifty-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates," Sitharaman said. Also read | Budget 2024: A look at India's interim financial outlook The finance minister reasoned that this would "encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology." The Indian finance minister also mentioned that a new scheme will be launched "for strengthening deep-tech technologies for defence purposes and expediting atmanirbharta (or self-sufficiency)". Sitharaman did not specify the details of the scheme. Over 25 million people out of multidimensional poverty in last decade: Sitharaman Finance Minister Nirmala Sitharaman presented her sixth consecutive budget, at par with the record set by the former prime minister Morarji Desai who also held finance portfolio in the 1960s. Presenting the interim Budget 2024-25 ahead of the general elections in the spring, Sitaraman said that Prime Minister Narendra Modi's administration is making efforts to make India a developed country by 2047. Also watch | India Budget 2024: PM Modi hails budget as 'inclusive', says 'this is a budget for India's future' × Poor, women, youth and farmers are four castes for the government, she added. India remains the fastest-growing major economy in the world and in the coming years will become the world’s third-largest economy with a $5 trillion Gross Domestic Product. Hailing the poverty alleviation steps, Sitharaman said that 250 million (or 25 crore) people came out of multi-dimensional poverty since 2014 when Prime Minister Narendra Modi-led Bharatiya Janata Party first came to power in New Delhi's corridors of power to govern the world's largest democracy. (With inputs from agencies)

India Budget 2024: With focus on deep tech, Sitharaman announces '50-year interest-free loan' scheme

"Our government is working with an approach to development that is all-round, all-pervasive and all-inclusive," said Finance Minister Nirmala Sitharaman while presenting the interim budget.

Budget 2024: Government working on all-round, all-pervasive, all-inclusive growth, says Sitharaman

Indian Finance Minister Nirmala Sitharaman said that the Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. She also added that a large number of institutional higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities have been set up.

Budget 2024: Skill India Mission has trained 1.4 crore youth, says FM Nirmala Sitharaman

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