Economy Financial News

government on Tuesday said it will bring out a financial sector vision and strategy document for five years, with the objective to meet the financial needs of the country. «For meeting financing needs of the economy, our government will bring out a financial sector vision and strategy document to prepare the sector in terms of size, capacity and skills,» Finance Minister Nirmala Sitharaman said while unveiling Budget 2024-25 in the Lok Sabha.

The Bank of Canada is set to deliver its next interest rate decision on Wednesday as many economists and market watchers expect a second consecutive cut in borrowing costs.

Doing business across provincial lines is starting to get easier but progress is slow, says the Canadian Federation of Independent Business.

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.

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.

fiscal prudence path, said experts on Tuesday. According to the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total capital expenditure is Rs 11,11,111 crore.

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

$7 trillion economy by 2030. Will this year’s budget emphasize social spending while reviving the rural economy and facilitating job creation?As we approach Budget 2024, anticipation is high regarding what will be the government's focus and what could be potential beneficiary sectors.

«I think the STT on F&O is a step in the right direction. If the idea is to essentially curb volumes on the F&O side I think that is fair enough. I am just saying is that for a long-term investor, there is STT, there is a hike in LTCG, and there is a tax on dividends as well,» says Nilesh Shah, MD & CEO, Envision Capital. You are unhappy for sure. Nilesh Shah: I think logically, rationally, who is going to be happy with more taxes? We are all humans at the end of the day. But if the capital gains tax was hiked, STT is hiked, probably dividends, tax on dividends in the hands of the investors that should have been done away with because that is double taxation.

Narendra Modi pledged 2 trillion rupees ($23.9 billion) to boost jobs and improve education in India, increased spending to his new allies, while also targeting a smaller fiscal deficit for this year. The government will focus on employment, skilling, small businesses and the middle class in the fiscal year through March 2025, Finance Minister Nirmala Sitharaman said in her budget speech Tuesday. She announced a number of employment-linked incentives for businesses to help spur jobs.

AI) is probably one of the last things a growing, lower-middle-income economy needs, said the Economic Survey.

2024 Budget Highlights: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 in Parliament today for the seventh consecutive time, surpassing the late Morarji Desai's record of six consecutive budgets. This budget is expected to focus on changes in the income tax structure and improving the ease of doing business in India. At 11 am, the much-anticipated full budget for 2024-25, the first under the Modi 3.0 government, will be unveiled in Parliament. Attention will be on the major announcements from the finance minister and the government's forward-looking guidance on the overall economy.

Union Budget 2024, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 report, along with the statistical appendix, in the Lok Sabha. The Economic Survey is an annual document presented before the Union Budget to assess the state of the economy and provide an overview of its short-to-medium-term prospects.

An association of Japanese crypto exchanges and blockchain companies has petitioned the government to make coin-related tax reforms.

«One is the kind of impetus that the government has always placed on investment and therefore what is the kind of growth that you are expecting from the capital expenditure side vis-a-vis the revenue expenditure, so that is one number to watch out for,» says Shibani Sircar Kurian, Kotak Mahindra AMC. What is the market expecting from the budget, does not seem like there is going to be any tinkering on the capital gains taxes at least, but yes, the market is waiting and watching whether it is going to be the budget or it is going to be something from SEBI with regards to options trading for sure. Shibani Sircar Kurian: So, if you look at the budget, of course, the budget sets the policy tone for the rest of the year and also sets the agenda for the government during its term.

Nirmala Sitharaman will present the Union Budget 2024-25 in Parliament, marking her seventh consecutive budget presentation. This milestone surpasses the record set by Morarji Desai, who presented six consecutive budgets. The budget session, which started on July 22, is scheduled to end on August 12.

China on Monday surprised markets by cutting major short and long-term interest rates in its first such broad move since last August, signalling intent to boost growth in the world's second-largest economy.

China’s central bank has cut key interest rates in a surprise move aimed at injecting pep into the economy, while the ruling Communist Party released a 50-page roadmap addressing long-term challenges

The National Association of Realtors releases its June tally of U.S. home sales Tuesday

American Airlines and the union representing its flight attendants have a deal on a new contract