Budget 2024 Costlier and Cheaper Items Highlights - Economy doing well, inflation is moderate: Nirmala Sitharaman

What got cheaper and what costlier in 2023-24

Cheaper: TVs, smartphones, compressed gas, shrimp feed, lab-grown diamonds, machinery for manufacturing lithium-ion cells for EVs

Costlier: Cigarettes, bicycyles, imitation jewellery, air travel, electric chimney, copper scrap, textiles READ MORE

Union Budget 2024: To boost domestic production of oilseeds

To reduce dependence on imports of edible oils to meet domestic demand, the interim Budget also proposes that a strategy will be made to make the country self-reliant by boosting domestic production of oilseeds.

Budget 2024 Costlier and Cheaper Items Live Updates: Significant move towards digitisation

"The Interim budget marks a significant move towards India's digitisation. In the budget 2023-24, the government announced an outlay of 4795.24 crore for its Digital India program which ensured universal access to high-speed internet and digital literacy initiatives. This year, in a bid to bolster R&D in sunrise domains, Honourable FM, Nirmala Sitharaman, announced a corpus of 1 Lakh Cr with 50 year interest free loan. Dubbing this period as the golden era for innovation and entrepreneurship, she went on to say that the corpus will provide long term financing or refinancing with long tenures and low or nil rates. The budget, undeniably, is leaving no stone unturned to bridge the gap between youth and technology to realise the aim of a fully developed India (“Viksit Bharat”) by 2047," Abbhinav R Jain, CFO, AdCounty Media.

Budget 2024 Costlier and Cheaper Items Live Updates: Pragmatic approach

 

"In this budget announcement, the government has taken a reflective and pragmatic approach, summarizing the achievements of the past decade rather than making bold announcements. This interim budget seems to be a strategic move, avoiding major actions before the upcoming election. The emphasis on continuity and stability is evident, setting the stage for potential impactful measures in the post-election period. The extension of Ayushman Bharat cover to all Anganwadi and Asha workers, along with the consolidation of maternal and child healthcare schemes into a comprehensive initiative, demonstrates a commitment to inclusive healthcare. While it may be viewed as a status quo budget on the surface, it signifies a responsible and measured fiscal strategy, showcasing the government's dedication to maintaining a positive economic trajectory. The anticipation of more detailed fiscal numbers and micro financial parameters  will provide a clearer picture of the country's economic direction. Overall, the budget lays the foundation for future developments and affirms the government's confidence in the positive trajectory of the nation," said Avinash Deshmukh, COO, iThrive

Budget 2024 Costlier and Cheaper Items Live Updates: IITs, 15 AIIMS, large number of other institutions set up since 2014

 A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up since 2014, Union Finance Minister Nirmala Sitharaman said on Thursday.
Presenting the interim budget 2024-25, Sitharaman also said 3000 new ITIs have been established.

Budget 2024 Costlier and Cheaper Items Live Updates: Nothing but to woo people in Lok Sabha election, says Adhir Ranjan Chowdhury 

After the announcement of the Interim Budget 2024-25 today, Congress MP Adhir Ranjan Chowdhury said that it is nothing but to woo people in this year's Lok Sabha elections.

Budget 2024 Costlier and Cheaper Items Live Updates: Govt pegs non-tax revenue from communications at Rs 1.20 lakh crore for FY25

The government has pegged non-tax revenue collection estimates from the communications sector at about Rs 1.20 lakh crore for 2024-25 and expects to exceed the budget estimates for the current fiscal.

Budget 2024 Costlier and Cheaper Items Live Updates: Sitharaman's shortest budget speech ever

Finance Minister Nirmala Sitharaman on Thursday presented her sixth consecutive budget with a speech lasting 56 minutes, her shortest-ever.

Sitharaman, who holds the distinction of delivering the longest budget speech at 2.40 hours in 2020, was cheered at regular intervals by the treasury benches -- her remarks on the presentation of the full budget by "our government" in July receiving the loudest applause.

Budget 2024 Costlier and Cheaper Items Live Updates: Rs 1249 crore for salaries of union ministers, entertainment of guests, ex-governors 

The interim budget 2024-25 on Thursday allocated Rs 1,248.91 for the expenses incurred by the council of ministers, cabinet secretariat, prime minister's office, and on hospitality and entertainment of State guests.

The allocated amount is substantially lower than Rs 1803.01 crore earmarked in 2023-24.

Budget 2024 Costlier and Cheaper Items Live Updates: Significant boost to the agricultural sector 

"The government's commitment to a "Viksit Bharat" and the vision for a prosperous India by 2047, reflects a broader vision for fostering prosperity and inclusivity in India. The budget has provided a significant boost to the agricultural sector and focussed on cultivating a thriving environment for the startup ecosystem. The crop insurance will offer farmers direct financial assistance, fostering awareness and growth in rural India. The emphasis on offering adequate financial help to MSMEs will pave the way for small enterprises to grow, generate employment, and compete globally. The interim budget further supercharges entrepreneurship, granting 43 crore loans worth INR 22.5 lakh crore through initiatives like Fund of Funds, Startup India, and Startup Credit Guarantee Schemes," said, Ankit Agrawal, CEO and Co-Founder InsuranceDekho.

Budget 2024 Costlier and Cheaper Items Live Updates: Reducing import duties on smartphone components and spare parts is a remarkable move

“The decision of Ministry of Finance to reduce import duties on smartphone components and spare parts is a remarkable move. This strategic move aligns with the industry's collective request to rationalize duty structures, transitioning from 15% to 10%, thereby fostering enhanced competitiveness for the Indian smartphone sector on both domestic and international fronts. This favourable development will serve as a significant catalyst for smartphone manufacturing entities, TECNO included, deeply committed to the principles of 'Make-in-India.' TECNO is steadfast in its commitment to fostering industry growth through the augmentation of manufacturing and supply chain operations within India,” Arijeet Talapatra, CEO of TECNO Mobile India. 

Budget 2024 Costlier and Cheaper Items Live Updates: Robust emphasis on fostering innovation

“The 2024 Interim Budget has placed a robust emphasis on fostering innovation and embracing cutting-edge technologies to realize the ambitious goal of 'Viksit Bharat by 2047.' It rightly underscores the pivotal role that technology plays in shaping our economic landscape. A notable strategic move is the allocation of a 1-lakh crore corpus through a 50-year interest-free loan, aimed at incentivizing the private sector to elevate their investments in Research and Development (R&D) and propel digital innovation. Financial backing provided to start-ups is also poised to make the ecosystem flourish and contribute significantly to the overall economic landscape. This forward-looking budget not only fuels the growth of the IT sector but also actively supports a comprehensive skills development ecosystem, ensuring the creation of a workforce that is geared for the future. As technology continues its rapid advancement, the 2024 interim budget emerges as a catalyst, steering the IT sector, including the robust geospatial sector toward sustainable excellence and global competitiveness. The visionary initiatives outlined in this budget position India on the trajectory of becoming a technological powerhouse, laying the foundation for a prosperous and globally influential nation,” Esri India, Managing Director,  Agendra Kumar, said.

Budget 2024 Costlier and Cheaper Items Live Updates: Budget is balanced 

"FM’s interim budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth and prioritizing  focus on four key sections of the economy - the poor, women, youth and farmers. We believe the FM’s focus on higher outlay for infrastructure will help in boosting the broader economy and in the long term will boost investment activity. The government’s support to MSMEs, women entrepreneurs and the agricultural sector aptly aligns with our aim to provide credit support to MSMEs, small business owners, farmers and women entrepreneurs thereby addressing their economic needs. FM’s focus on addressing housing challenges by building two crore additional homes under the PM Awas Yojana-Grameen is certainly positive for boosting the housing sector. While inflation has been a concern globally, FM’s focus on staying on the path of fiscal prudence in the interim budget, will surely be an enabler for stable interest rate scenario in the economy and bodes well for the overall financial sector," said George Alexander Muthoot, MD, Muthoot Finance.

Budget 2024 Costlier and Cheaper Items Live Updates: Higher allocation to PM Aavaz Gramin will be beneficial

“Though the FM has not raised the cap on the affordable housing segment, the government’s focus on middle-class housing by announcing a scheme to help them buy or build their own houses will boost the country’s housing sector and home loan market. The higher allocation to PM Aavaz Gramin will also be beneficial for the rural housing segment. The measures will also stimulate the core sector output demand and rural jobs. Overall, it is a growth-oriented Budget, which is planning to spend 3.4% of the GDP for capital expenditure. It is an 11.5% hike compared to the previous year. I hope that the government’s greater emphasis on rooftop solar, green energy, MSMEs, food processing industries, Rs 1-lakh crore innovation fund, railway economic corridors, aviation, tourism and medical education will further stimulate growth and it will hasten the economic activities across sectors,” Ravi Subramanian, MD & CEO, Shriram Housing Finance ltd., said.

Budget 2024 Costlier and Cheaper Items Live Updates: Higher allocation to PM Aavaz Gramin will be beneficial

“Though the FM has not raised the cap on the affordable housing segment, the government’s focus on middle-class housing by announcing a scheme to help them buy or build their own houses will boost the country’s housing sector and home loan market. The higher allocation to PM Aavaz Gramin will also be beneficial for the rural housing segment. The measures will also stimulate the core sector output demand and rural jobs. Overall, it is a growth-oriented Budget, which is planning to spend 3.4% of the GDP for capital expenditure. It is an 11.5% hike compared to the previous year. I hope that the government’s greater emphasis on rooftop solar, green energy, MSMEs, food processing industries, Rs 1-lakh crore innovation fund, railway economic corridors, aviation, tourism and medical education will further stimulate growth and it will hasten the economic activities across sectors,” Ravi Subramanian, MD & CEO, Shriram Housing Finance ltd., said.