New Delhi, July 23,2024.
Addressing a press conference after presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman said the 12.5% tax on long-term capital gains was introduced with an aim to “simplify approach towards taxation”. She added, “If anything, the average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes…The point that we brought it down from below the average to 12.5% encourages investment in the markets”.
Earlier, Prime Minister Narendra Modi Tuesday lauded the Budget 2024 presented by Finance Minister Nirmala Sitharaman, saying that it focuses on infrastructure as well as manufacturing, and will speed up growth. He added that the Budget will empower the new middle class and work to uplift Dalits, adivasis and backward classes. With this Budget, the youth will get unlimited opportunities, and education and skill will attain new scales, PM Modi said.
Ms. Shanti Ekambaram, Deputy MD, Kotak Mahindra Bank, Said ‘’The finance minister prioritized nine key areas, aiming to benefit the poor, women, youth, and farmers. These areas include agriculture, employment, skilling, and manufacturing. The infrastructure outlay remained at 11 lakh crores, with a focus on housing. The fiscal deficit target of 4.9% is commendable, and the emphasis on the fiscal consolidation path is positive. However, the surprise twist was the Capital Gains tax: short-term capital gains at 20% and long-term gains at 12.5%. While this may impact sentiment in the short term, the overall focus on employment, development, and infrastructure promises long-term benefits. In summary, it’s a sensible budget that addresses key segments, sectors, and states while maintaining fiscal discipline.”
In line with the idea of creating 78.5 lakh jobs annually as enunciated in the Economic Survey 2024, the Union Budget 2024 has done a commendable job, says IAS Study Circle CEO Abhishek Gupta. “The budget allocation for Education, employment and skilling has been increased by 30% to Rs 1.48 lakh crores,” Gupta pointed out. He also highlighted the introduction of the Revised Model Skill loan scheme to improve skill sets of youths. says IAS Study Circle CEO.
We welcome the Union Budget 2024-2025 which focuses on positioning India as a global tourism hub through progressive initiatives, says Nikhil Sharma, Managing Director and Area Senior Vice President- South Asia, Radisson Hotel Group. “The development of road connectivity projects, with a special emphasis on spiritual and cultural corridors, underscores the Government of India’s commitment to fueling the growth of the country’s rich cultural and spiritual network of tourism,” Sharma said.says Radisson Hotel Group MD
“The current Budget has extended the broad themes from the interim Budget focusing on infrastructure, fiscal consolidation, jobs, MSME, rural and agricultural support.
While some near term disappointment on lack of dated borrowing cuts have weighed in bond market sentiments currently, we expect the bond markets to maintain their euphoria in the months ahead as demand supply dynamics remains very comfortable.”Ms. Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank.
