Budget 2024 Key Highlights Live Updates: Finance Minister Nirmala Sitharaman announced the Union
Budget 2024-25 in the parliament on July 23. The Budget focused on provisioning for the agricultural sector, the introduction of schemes related to employment, loan schemes, announcements for financial support to the MSME sector, infrastructural development, and fiscal deficit projection at 4.9% with a commitment to reducing it down to 4.5%.
The government cut customs duties at the same time making changes in the capital gain taxes for the financial year. The “Taxation budget" comes in the form of a revision in tax slabs under the new tax policy. Stay tuned to our Budget 2024 key Highlights live blog for the latest updates. Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, and Corporate Reactions.
The government cut customs duties at the same time making changes in the capital gain taxes for the financial year. The “Taxation budget" comes in the form of a revision in tax slabs under the new tax policy. Stay tuned to our Budget 2024 key Highlights live blog for the latest updates. Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, and Corporate Reactions.
Budget 2024 Key Highlights Live Updates: Ajay Pareek Chief Business Officer, SMFG India Credit, comments on NBFC sector
Budget 2024 Key Highlights Live Updates: “The government has presented robust initiatives as part of the FY25 Union Budget to enhance credit access and foster growth in the vital MSME sector. The introduction of a credit guarantee scheme for MSMEs in manufacturing, aimed at facilitating term loans for machinery and equipment purchases, is transformative since it will provide access to credit to a wider target group thereby accelerating economic growth. This, coupled with a new digital footprint-based assessment model for MSMEs, will revolutionize credit accessibility which are lacking formal accounting systems.
The increase in the MUDRA loan limit from ₹10 lakh to ₹20 lakh is a significant boost for small businesses. The reduced turnover threshold for mandatory onboarding on the TReDS platform will further unlock working capital and drive MSME growth.
As we move towards a $5 trillion economy, these measures will empower MSMEs to compete globally and contribute substantially to economic development. We at SMFG India Credit remain committed to supporting these enterprises."
Budget 2024 Key Highlights Live Updates: Rahul Jain, System Leader, BCG India, said.
Budget 2024 Key Highlights Live Updates: "The Budget announcements strategically advance the vision of a Viksit Bharat. There have been several measures announced to invigorate the economy, with a targeted emphasis on MSMEs and labor-intensive manufacturing sectors that are crucial for job creation. The focus on skilling will also significantly enhance employability. The removal of the angel tax significantly enhances the startup ecosystem, fostering entrepreneurial growth. The reduction of corporate tax on foreign companies from 40 to 35% will boost investment. All of these will enhance ‘Make in India’ - enabling manufacturing-led growth for the country. Overall, the budget lays out a comprehensive and robust blueprint for achieving sustained growth and development."
