Provident Financial News

budget delivered on most counts for the economy, but may have disappointed the market through higher capital gains tax on equities and securities transaction tax on futures and options. On the positive side, we highlight (1) the moderately higher spending on farm and rural economy and lower income tax for middle-income households, which is a positive for consumption, (2) the thrust on employment generation through several new measures and (3) fiscal consolidation, which is a positive for bond markets and yields. On the negative side versus market expectations, we note (1) the unchanged capex compared with the interim budget figure and (2) a higher capital gains tax on equities. The government may pursue further rationalisation in the capital gains structure for various asset classes over a period of time. The government increased allocation to revenue expenditure (6.2% increase versus 3.2% in the interim budget) and cut income tax rates for middle-income households, which is a positive for consumption sectors. The higher proposed spending on social welfare schemes and rural development will drive a faster recovery in the farm and rural economies. The reduction in income tax rates for the lowest income tax slabs corresponding to middle-income households should provide an impetus to two-wheeler, consumer durables, QSR and other discretionary items.

Growth@work: The big message from Union budget 2024-25 Micro, medium and small enterprises are the life force of our economy and the flow of credit to them will have a multiplier effect on the economy. The FM announced several measures to simplify credit flow to MSMEs through a credit guarantee scheme and new assessment model for these businesses. The limit for Mudra Loans has also been increased from ₹10 lakh to ₹20 lakh under the Tarun category, which will have a cascading effect on the sector and its ability to create jobs.

budget day, the market is prone to kneejerk reactions. So, as soon as the finance minister announced higher short-term and long-term capital gains taxes on financial instruments, the stock market tanked. Of course, it recovered towards the close as sanity set in. And what’s that sanity? In my view, it is that capital gains are intact, only the capital gains tax is higher.

After bagging $4 million last week, Pepe Unchained ($PEPU) is back on the grind, pushing its total funds raised to over $5 million.

HNW and UHNW clients are increasingly seeking more estate planning services. However, it’s also an area that’s currently underserved in the market, as Aaron White, chief growth officer and wealth advisor at Adero Partners, an independent RIA in California, attests.

Tax-free municipal bonds have traditionally been the cornerstones of high-net-worth investor portfolios.

budget builds on the interim budget and sets the tone for next year's exercise. It aligns with the vision of enabling India to achieve a developed economy status by 2047. This statement of intent is supported by a future-oriented plan and backed by specific allocations in employment generation and skilling, startups, research and innovation, MSMEs and climate action to support India's ambitions.

Prime Minister Narendra Modi on Tuesday said the budget promotes "inclusive growth", benefitting all segments of society, and will be a «catalyst» in making India the third-largest economy and a developed nation.

finance minister in India's history to present seven consecutive Union budgets, finance minister Nirmala Sitharaman had the momentous task of addressing multiple areas such as rural demand, infrastructure development, manufacturing, technology upgradation, among others, to build levers for sustainable growth for the Indian economy-underpinned by an overall focus on boosting consumption and spending.

Jasper National Park in western Alberta on Monday are talking about what it was like to flee after a wildfire evacuation order was issued at this busy time of year for the area.“It’s wall-to-wall traffic,” said Carolyn Campbell, of Edmonton, in a phone interview with The Canadian Press from her vehicle.“(The smoke) is pretty thick. We’ve got masks in the car.”The mountainous park normally sees full hotels and campgrounds in mid-July.

budget has allocated ₹1.72 lakh crore for capital acquisition by the defence ministry, the biggest chunk of which will go to the domestic industry.

budget unveiled dedicated schemes aimed at encouraging industry to increase hiring through incentives for employers and employees to jump start job creation and reap the benefits of the demographic dividend. The latest measures also seek to give impetus to skill training and encourage companies to offer internships to youth to enhance employability.

Amaravati as the state capital, financing and early completion of Polavaram dam as well as grants for backward districts of the state.

₹11.11 trillion. The multiplier effect of this will support demand for commodities such as steel and cement and is also in sync with India’s plan to improve its logistics efficiency. Second, emphasizing the vision for energy transition provides support to India’s journey towards non-fossil fuels, which will allow the country to decarbonise while it pursues faster growth.

Interceptor Bear 650 reveals that it will utilize the same chassis as the Interceptor 650. However, the scrambler will likely feature distinct rear springs with increased travel and upside-down front forks.

ICAI on Tuesday said simplifying taxes, improving taxpayer services, providing tax certainty and reducing litigation are the four cornerstones of the tax proposals in the Union Budget. Welcoming the proposals in the 2024-25 Budget, the Institute of Chartered Accountants of India (ICAI) also said the Budget focuses on employment, skilling, MSMEs (Micro, Small & Medium Enterprises) sector and the middle class.

DAFgiving360™, formerly known as Schwab Charitable®, announced that its donors contributed more than $6.6 billion to charitable causes in fiscal year 2024, marking a 31% increase from the previous year. This milestone, achieved in the organization’s 25th year of operation, saw over 1.1 million individual grants benefiting 141,000 charities.

₹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.

Drinking Water and Sanitation has received a budgetary allocation of Rs 77,390.68 crores for the fiscal year 2024-2025. This figure reflects a minimal increase of only 0.5 per cent from the revised estimate of Rs 77,032.65 crore announced in budget 2023-2024.