Budget 2024 Live Updates: Nirmala Sitharaman Presents Modi 3.0's 1st Budget

Jul 23, 2024 19:35 IST

Budget 2024 Live: Removal of Angel tax to open up opportunities for startups

"This is a very progressive step in the right direction by the finance minister. This will not only open up opportunities for startups to freely raise capital from India’s thriving middle class, but also significantly reduce disputes and tax uncertainties. We wholeheartedly welcome this step," said Ravi Kaushik, Executive Director, Head of Asia Investments, Flourish Ventures.

Jul 23, 2024 19:34 IST

Budget 2024 Live: Abolishment of Angel Tax would boost investments in the startup ecosystem

"We are delighted by abolition of angel tax. This would boost investments in the startup ecosystem and create jobs. We are also delighted to see that government is moving towards parity in taxation between financial asset classes as well as non-financial assets. Additionally, credit boost to MSME sector with guarantees, reduction of corporate tax rate on foreign companies from 40% to 35% and some minor improvements to New tax Regime promotes job & economic growth," said AltGraaf Jayaprakash, K, Chief Growth Officer, AI Growth Limited (Parent company of altGraaf).

Jul 23, 2024 17:42 IST

Budget 2024 Live: Raising the Mudra loan limit to 20 Lakhs will facilitate finance access

“The budget's emphasis on local kirana shops and MSMEs shows the government's commitment to revitalizing this sector. Introducing a credit guarantee scheme and raising the Mudra loan limit to 20 Lakhs for previous borrowers will facilitate finance access. By prompting banks to consider digital footprints for eligibility and implementing the MSME guarantee plan and internal assessment models, credit access for kirana shops is simplified. The collateral-free credit guarantee scheme and support for MSMEs in financial distress are crucial. Establishing export hubs and providing technological support will enhance global competitiveness and innovation for local kirana shops," said Amit Bansal, CEO, Solv.

Jul 23, 2024 17:33 IST

Budget 2024 Live: Angel tax abolishment to bolster the Indian tech startup ecosystem

"CoinDCX welcomes the Finance Minister’s announcement in today’s budget regarding the abolition of the Angel tax for all classes of investors. We are confident that this will significantly bolster the Indian tech start-up ecosystem, especially in the Web3 sector. India stands at the forefront of the global Web3 ecosystem with a network of over 1,000 startups spanning diverse sectors. Collectively, these Indian Web3 startups have secured funding exceeding $2.5 billion, reflecting the landscape's robust growth and investment potential. In 2023, Indian Web3 projects secured approximately $270 million in funding. These figures indicate investors’ interest in the region's early-stage Web3 innovation.As Web3 becomes more mainstream, investment in Web3 startups is expected to increase. The abolition of the Angel tax will definitely benefit Indian founders, especially those leading early-stage Web3 companies in India," said Sumit Gupta, Co-founder, CoinDCX.

"For investors, we had anticipated some relaxation to the taxation framework in this budget. We will continue to push for rationalization of the taxation framework which includes reducing the TDS to 0.01%, allowing setoff of losses on VDA transactions and modifying the 30% tax on capital gains. We have submitted data-backed quantitative analyses on the flight of capital and users, and the potential increase in government revenue should the taxation structure be revised. We are hopeful that the government will consider our requests and that we will see changes in the future," said Gupta.

Jul 23, 2024 16:40 IST

Budget 2024 Live: The abolition of angel tax for all investor classes is a game-changing move

"The Union Budget 2024 has delivered a landmark decision for India's startup ecosystem. The abolition of angel tax for all investor classes is a game-changing move that signals the government's unwavering commitment to nurturing our nation's innovative spirit. This pivotal reform will inject much-needed momentum into our startup landscape, which has faced headwinds recently. By removing this significant barrier to investment, the Budget 2024 is not just opening doors – it's constructing highways for capital to flow into groundbreaking ideas. This bold step, building upon previous initiatives like the Startup India program, positions India to regain its growth trajectory in the startup space. The Union Budget 2024 sends a clear message: India is not only open for business but is actively cultivating the next wave of entrepreneurs who will propel our economy forward," said Abhinav Jain, Co-Founder & CEO, Almonds AI.

Jul 23, 2024 16:10 IST

Budget 2024 Live: Abolishment of Angel tax has the ability to bring lot of regulatory clarity

"While we have to still read the complete change on the abolishment of angel tax but on the face of it, this action has the ability to bring lot of regulatory clarity which generally is appreciated by the investor communities across the world. This should help founders looking to raise capital both in domestic and international markets," said Ankur Mittal, Cofounder, Inflection Point Ventures.

Jul 23, 2024 15:25 IST

Budget 2024 Live: Abolishment of angel tax will provide a huge fillip to the startups

"Abolishment of angel tax for all classes of investors will provide a huge fillip to the start-up sector that in the past had witnessed funding winter. This will bring in the much-needed capital, especially from the foreign investors to the growing start-up ecosystem of the country and aid in their future growth," said Parimal Heda, Chief Investment Officer, Go Digit General Insurance.

"The Union Budget 2024 has maintained its commitment to fiscal prudence yet announced various tax-friendly measures for the Indian taxpayers. From the perspective of the Insurance Sector, amendment made by the government to clarify various activities in insurance sector as neither a supply of goods nor a supply of services is an extremely positive measure for the sector. This will immensely reduce compliance and ongoing litigation burden and provide overall stability to the sector," Heda said.

Jul 23, 2024 15:22 IST

Budget 2024 Live: The Rs 1.48 lakh crore announced in Budget 2024 is welcoming news

"The Rs 1.48 lakh crore announced in Budget 2024 for education and employment and skill enhancement is welcoming news. The financial support for loans upto Rs 10 lakh for students aiming for higher education in domestic institutions. Further, it was announced that a guarantee from a government promoted Fund will be available Loans up to ₹7.5 lakh amount," said Nikunj Agarwal - Head - Fund Raise, Finance & Lending Alliances (Propelld).

"Such initiatives in the education and skilling financing sectors are widely praised and can be seen as crucial steps towards fostering the potential of the youth, who are integral to the future growth of our nation. These measures are expected play a pivotal role in advancing our country's socio-economic development as a whole," Agarwal said.

Jul 23, 2024 12:55 IST

Budget 2024 Live: The budget is a recognition of the growing need for a deeptech economy

"This is recognition of the growing need for a deeptech economy. However, alongside the R&D Fund, the government should look at the Intellectual Property regime. The much overdue Patent Policy needs to come out soonest to enable maximisation of R&D Fund," said Bhaskar Majumdar, Managing Partner, Unicorn India Ventures.

Jul 23, 2024 12:54 IST

Budget 2024 Live: The logistics and supply chain is the lifeline of India's growth story

"The logistics and supply chain is the lifeline of India's growth story. The budget's identification of infrastructure, manufacturing, and skilling as key areas for long-term development and subsequent allocation is a step in making India the logistics and manufacturing powerhouse of the world. As a fund focused on investing in supply chain and logistics, we are bullish on backing innovative entrepreneurs building the support ecosystem of India's supply chain." said Ratna Mehta - Managing Partner, Fundalogical Ventures.

"The government's move to set up E-commerce export hubs to be set up for enabling MSMEs to export their local products is a huge step in the direction of driving growth through innovation and building on new-age trends to drive MSME growth. Interesting move from the Government to create industrial centres in historic hubs like Gaya of India as a part of 'Vikas bhi, Virasat bhi.' This will boost widespread infra development and logistics in these regions and create employment opportunities, reducing the urban-rural divide as well as encourage distribution of income," Mehta said.

Jul 23, 2024 12:48 IST

Budget 2024 Live: Space economy will be at the forefront of India's ascent in the deep tech economy

"The government's announcement of a ₹1,000 crore VC fund to boost the space economy and a ₹1 lakh crore R&D fund is a strong testament to the recognition that the space economy will be at the forefront of India's ascent in the deep tech economy. This initiative underscores the success of ventures like Agnikul and provides significant momentum to their ambitious plans to launch a rocket a week and dominate the global nanosatellite delivery market. We are supremely excited to learn more about the finer details of this massive boost to the sector," said Anirudh A Damani -Managing Partner - Artha Venture Fund.

Jul 23, 2024 12:45 IST

Budget 2024 Live: Standard deduction for Salaried employees to be increased under new tax regime

"Coming to personal income tax rates, I have two announcements to make for those opting for the new tax regime. First, the standard deduction for salaries employees is proposed to be increased from Rs 50,000 to Rs 75,000. Similarly, deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000. This will provide relief to about 4 crore salaries individuals and pensioners," finance minister Nirmala Sitharaman said.

Jul 23, 2024 12:36 IST

Budget 2024 Live: Income Tax slabs under new income tax regime

Income Tax slabs for FY 2024-25 under the new income tax regime have been revised. The new tax slabs are:

1. Up to Rs 3 lakh: NIL
2. From Rs 3 lakh to Rs 7 lakh: 5%
3. From Rs 7 lakh to Rs 10 lakh: 10%
4. From Rs 10 lakh to Rs 12 lakh: 15%
5. From Rs 12 lakh to Rs 15 lakh: 20%
6. Above Rs 15 lakh: 30%

Jul 23, 2024 12:31 IST

Budget 2024 Live: Angel Tax abolished for Indian startups

In an attempt to encourage more investments in the Indian startup ecosystem, Union Finance Minister Nirmala Sitharaman announced that the angel tax will be abolished for all classes of investors.

The angel tax, introduced in 2012 to prevent money laundering, allowed taxing a startup's funds if the investment exceeded the fair value of shares as determined by a merchant banker.

Over the years, startups and investors have complained about genuine investments being unfairly targeted by tax authorities.

Jul 23, 2024 12:29 IST

Budget 2024 Live: R&D in nuclear energy sector to form a crucial part of 'Viksit Bharat'

"Research and development of small and modular nuclear reactors are crucial as nuclear energy is expected to play a significant role in the energy mix for 'Viksit Bharat'," She said. To achieve this, Sitharaman said the government will partner with the private sector in the following areas:

Setting up Bharat Small Reactors.
Research and development of Bharat Small Modular Reactors.
Research and development of newer technologies for nuclear energy.

The R&D funding announced in the interim budget will also be available for this sector.

Jul 23, 2024 12:22 IST

Budget 2024 Live: FM announces review of income tax

"I announce a comprehensive review of the Income Tax Act of 1961," said Nirmala Sitharaman. "This review aims to reduce disputes and litigation and is expected to be completed within six months."

Jul 23, 2024 12:20 IST

Budget 2024 Live: Expansion of India Post Payments Bank branches in Northeast India

Nirmala Sitharaman announced the establishment of more than 100 branches of India Post Payments Bank in Northeast India.

“More than 100 branches of India Post Payments Bank will be set up in the North Eastern region to expand the banking services,” She said.

Jul 23, 2024 12:17 IST

Budget 2024 Live: India seafood exports touched an all-time high of more than Rs 60,000 crore

FM Sitharaman said that India's seafood exports in the last financial year touched an all-time high of more than Rs 60,000 crore.

"To enhance their competitiveness, I propose to reduce BCD on certain broodstock polychaete worms, shrimp and fish feed to 5%. I also propose to exempt customs duty on various inputs for manufacture of shrimp and fish feed," She said.

Jul 23, 2024 12:11 IST

Budget 2024 Live: GST has reduced compliance burden

FM Sitharaman said GST has decreased tax incidence on the common man, reduced compliance burden and logistics cost for trade and industry, and enhanced revenues of the central and the state governments.

"It is a success of vast proportions to multiply the benefits of Gsthenne.We will strive to further simplify and rationalize the tax structure and endeavor to expand it to the remaining sectors," She said.

Jul 23, 2024 12:03 IST

Budget 2024 Live: Rs 1,000 crore VC fund to be established

Finance Minister Nirmala Sitharaman announced the establishment of a Rs 1,000 crore venture capital fund to encourage the development of space technology.

Jul 23, 2024 12:01 IST

Budget 2024 Live: Govt to promote startups tied to vegetable supply chain

Nirmala Sitharaman said the government will promote startups across the vegetable supply chain to spur growth in the agritech sector.

“We will promote farmer producer organisations, cooperatives and startups for vegetable supply chains, including for connection and storage and marketing, digital public infrastructure for agriculture,” FM Sitharaman said.

Jul 23, 2024 11:55 IST

Budget 2024 Live: Developing 100 street food hubs

Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to develop 100 street food hubs in select cities over the next five years.

Jul 23, 2024 11:51 IST

Budget 2024 Live: SIDBI to open new branches to serve MSMEs clusters

The union government will expand branches of the Small Industrial Development Bank of India (SIDBI) to serve the micro, small and medium enterprises (MSME) clusters within three years, Union Finance Minister Nirmala Sitharaman said.

Jul 23, 2024 11:45 IST

Budget 2024 Live: Govt to introduce Credit guarantee scheme for MSMEs

Finance Minister Nirmala Sitharaman announced that the government will introduce a credit guarantee scheme for MSMEs in the manufacturing sector.

"As mentioned in the interim budget, I am happy to announce the following specific measures credit guarantee scheme for msmes in the manufacturing sector for facilitating term loans to msmes for purchase of machinery and equipment without collateral or third party guarantee, a credit guarantee scheme will be introduced."

Sitharamn said the scheme will operate on a pooling of credit risks of such MSMEs.

"A separately constituted self financing guarantee fund will provide to each applicant guarantee cover up to 100 crore rupees. While the loan amount may be larger, the borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reducing loan balance. New assessment model for MSME credit public sector banks will build their own in house capability to assess msmes for credit instead of relying on external assessment. They will also take a lead in developing or getting developed a new credit assessment model based on the scoring of digital footprints of the msmes in the economy."

"This is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria that will also cover msmes without a formal accounting system," She said.

Jul 23, 2024 11:42 IST

Budget 2024 Live: Mudra Loans limit enhancement

Finance Minister Nirmala Sitharaman announced that the limit for Mudra loans will be increased from Rs 10 lakh to Rs 20 lakh.

Jul 23, 2024 11:41 IST

Budget 2024 Live: Internship in 500 top companies to be encouraged

Finance Minister Nirmala Sitharaman announced that internships in the top 500 companies will be encouraged. As part of the internship scheme, an allowance of Rs 5,000 and a one-time assistance of Rs 6,000 will be provided to interns.

Jul 23, 2024 11:30 IST

Budget 2024 Live: FM announces 5 schemes for thrust on employment

A 2 lakh crore package was announced for 5 schemes on jobs and the skilling of 4.1 crore youths. Thrust on employment, skilling, SMEs and the middle class, said Union Finance Minister Sitharaman.

Jul 23, 2024 11:20 IST

Budget 2024 Live: Focusing on 9 priorities

The government will focus on 9 priorities: Productivity and resilience in agriculture, Employment and skilling, Improved human resources social justice, Manufacturing and services, Urban Development, Energy security, Infrastructure, Innovation research and development, and Next-generation reforms.

Jul 23, 2024 11:17 IST

Nirmala Sitharaman's Budget Speech

Union Budget will focus on employment, skilling, MSMEs, middle class, says Minister Nirmala Sitharaman.

"The people of India have reposed their faith in the government led by PM Narendra Modi. We are grateful for their support, faith, and trust in our policies," Sitharaman said.

Jul 23, 2024 11:07 IST

Nirmala Sitharaman presents Union Budget

Union Finance Minister Nirmala Sitharaman presents the Union Budget in Parliament for a record seventh time in a row.

"This budget details some of the specific actions to be initiated in the current year towards the fulfilment of the government's priorities. The budget also covers some of the previously made announcements with the intent to strengthen them and step up their implementation for expediting our journey towards the goal of Viksit Bharat.

Jul 23, 2024 11:04 IST

The Union Cabinet approves Union Budget

The Union Cabinet has approved the Union Budget, which Finance Minister Nirmala Sitharaman will present for a record seventh consecutive time.