India Financial News

₹9,941 crore (budget estimate or BE). This is only a marginal increase from the ₹9,877 crore spent during 2023-24 (revised estimates or RE). The budget for apex research institutions which include the Indian Council for Agricultural Research (ICAR), central agricultural universities and the National Academy for Agricultural Sciences (NAAS) is ₹7,103 crore for 2024-25, lower than the ₹7,248 crore spent last year.

Mint earlier reported that the budget may introduce digital cards for farmers with geo-tagging, containing their land details. These actions will facilitate credit flow and other agricultural services, as per the finance minister's budget speech. The linking of land and farmer registries to help credit flow into agriculture aligns with the suggestions made by chief economic advisor V.

MUMBAI : Union finance minister Nirmala Sitharaman on Tuesday stressed on the importance of strengthening the insolvency tribunals and increasing their numbers to speed up the insolvency resolution process. “Appropriate changes to the Insolvency and Bankruptcy Code (IBC), reforms and strengthening of tribunals and the appellate tribunal will be initiated to speed up insolvency resolution. Additional tribunals will be established.

As a result, stocks plunged by up to 10% on the intraday basis, but managed to narrow their losses at the closing time.

Bengaluru, despite the city and surrounding constituencies electing five BJP MPs and Finance Minister Nirmala Sitharaman representing Karnataka in the Rajya Sabha, Aarin Capital chairman TV Mohandas Pai said on Tuesday.

sponsor for four years, starting with the Paris Olympics till the 2028 Los Angeles Games. The collaboration between BPCL, a Maharatna company, and IOA will also encompass the Commonwealth Games, Asian Games, Summer Youth Olympics, Winter Olympics, and Winter Youth Olympics.

Budget, presented by Finance Minister Nirmala Sitharaman, introduces significant changes to the taxation of capital assets and capital gains. These amendments aim to rationalize capital gains tax provisions and bring parity across different asset classes and types of investors. While the amendments are indeed welcome as they simplify the hitherto complicated capital gains tax provisions in India and largely bring listed and unlisted shares at par amongst resident and non-resident sellers.

Amit Shah on Tuesday said Budget 2024-25 will fuel the country's pace on the path of emerging as a developed nation by ushering in a new era of employment and opportunities. He also said the budget reflects Prime Minister Narendra Modi's «unwavering commitment» to driving economic growth by bolstering India's entrepreneurial power and ease of doing business.

Rajesh Magow, group CEO of MakeMyTrip said its gross booking value for quarter one was more than $2.4 billion, with growth at 22% year on year in constant currency terms, and the adjusted operating profit was $39.1 million registering a growth of 30% year on year.

Nilesh Shah, MD, Kotak AMC, says Budget 2024 is like Suryakumar Yadav’s catch in the last cricket T-20 World Cup. It has achieved the trinity of the impossible – the path of fiscal prudence, support for investment in infrastructure, and generating employment to boost consumption. I hope and pray that eventually, this catch helps us become Viksit Bharat. The India story is centred around SIPs and mutual funds. There is cash and if the India appeal is centred around SIPs and not tips, one should not worry about it in time to move on. So, whatever changes have come on taxation, should that be ignored? Nilesh Shah: So, don’t ignore it. You have to take that into account. People who are trading in F&O now will have to bear higher costs and hopefully, they will reduce their trading activity. But from an investor point of view, the fundamentals have improved with fiscal consolidation, with investment focus continuing and hopefully with better employment generation, this growth is likely to be sustained. So, the valuation impact on the market will be far more from the Budget rather than the diluting effect of increased taxation. So, overall, the India growth story continues and instead of tips, do SIPs.

markets after Finance Minister Nirmala Sitharaman proposed to increase tax rates on long-term capital gains (LTCG) and short-term capital gains (STCG). The rupee ended at 83.687/$1, after slipping to a record intraday low of 83.71/$1 during the day, LSEG data showed. The previous all time low was ar 83.67/$1

Treasury Bills in the Budget. With the reduced supply of sovereign Treasury Bills seen bringing down their yields, cost of borrowing for firms is correspondingly set to fall as rates on debt instruments such as certificates of deposits and commercial papers are benchmarked to the government’s T-bills.

rural economy, is expected to pick up in the hinterland after Finance Minister Nirmala Sitharaman’s Budget announcements on Tuesday. Executives said rural sops, increased focus on infrastructure and job creation will lead to higher demand in the hinterland, which contributes well over a third to overall sales of fast moving consumer goods.

Heathrow Airport, JFK, and many other airports in United States and Europe were massively affected over the past few das due to the global IT outage, that rendered Microsoft applications and services inaccessible. A Microsoft CrowdStrike which was ascertained to be the reason behind this, led to thousands of passengers being stranded at airports and had to wait for their flights as some got delayed, rescheduled, or even cancelled.

Nirmala Sitharaman of a scheme for providing internship opportunities in 500 top companies to one crore youth over five years lays the foundation for a future-ready workforce, creating a pool of skilled professionals in tune with industry demands, said experts.

Northeast India hailed the Union Budget 2024-2025 as a positive step towards the holistic development of the northeastern states.

Nirmala Sitharaman has reiterated the government's intention to promote the rupee as an international currency.

Finance Minister Nirmala Sitharaman made no announcements regarding crypto taxes in the Budget, which the crypto industry views as a missed opportunity to support crypto startups and investors. «We had hoped the government would reduce taxation to align it with other asset classes. Unfortunately, this has not been addressed, representing a missed opportunity to support startups and investors in the crypto space,» said Ashish Singhal, Co-founder of Lemonn and CoinSwitch.

MakeMyTrip Ltd on Tuesday reported a profit of USD 21 million for the June quarter. The company said its June quarter profit included income tax expenses of USD 8.5 million due to a reversal of the deferred tax assets. In the first quarter of the last fiscal, the company had posted a profit of USD 18.6 million.

fiscal deficit targets are achievable but the government's financial metrics still remain a weakness for the South Asian nation's credit profile compared to peers, an analyst at Fitch Ratings said on Tuesday. «Lowering of the deficit target to 4.9% from 5.1% of GDP is a clear signal of the government's commitment to deficit reduction,» Jeremy Zook, director — Asia sovereign ratings, told Reuters. «In our view, this seems relatively achievable.» During Tuesday's annual budget, India's government announced plans to spend $24 billion to create jobs over the next five years and $32 billion on rural development this year alone.