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The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

Global brokerage firm <keyword id="19977638" type="General" weightage="20" keywordseo="Morgan-Stanley" source="keywords" meta.keywordsubtype="org" meta.entityname="Morgan Stanley" meta.hostid="261" meta.entityid="Morgan Stanley">Morgan Stanley</keyword> expects <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>'s upcoming <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> to focus on the government's <keyword id="20634687" type="General" weightage="20" keywordseo="road-map" source="keywords">road map</keyword> for '<keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords">Viksit Bharat</keyword>' by 2047 and spell out the <keyword id="22362494" type="General" weightage="20" keywordseo="medium-term-plan" source="keywords">medium-term plan</keyword> for <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword>. "With fiscal prudence guiding the overall fiscal policy stance, we expect the focus to remain on <keyword id="22362493" type="General" weightage="20" keywordseo="capex-expenditure" source="keywords">capex expenditure</keyword> over revenue expenditure and targeted social sector spending with a focus on improving access to physical, social and digital infrastructure," said Morgan Stanley's research report on Wednesday. Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23, which will be the first major policy document of the new government. The brokerage firm expects the central government's fiscal deficit target to be retained at 5.1 per cent of GDP in 2024-25 in line with the interim budget (against 5.6 per cent of GDP in 2023-24) and to be on track to attain the target of 4.5 per cent of GDP by the next financial year. "The fiscal headroom has improved with a larger-than-expected transfer of surplus from the RBI, which, in our view, will help to maintain the momentum on capex expenditure and increase targeted welfare spending. In this context, we see the possibility of a slightly lower fiscal deficit target (tad below 5.1 per cent of GDP), given the support from tax and non-tax revenues," it said. It also expects the Budget to provide focus on the government's road map for 'Viksit Bharat' (developed nation) by 2047. In addition, the budget could also give a road map for a medium-term plan for fiscal consolidation beyond 2025-26, it added. The report said the impact of the Budget on the stock market has been on a secular decline, albeit actual performance is a function of pre-budget expectations (as measured by market performance ahead of the budget). As of now, the market seems to be approaching the Budget with exuberance and could be dealing with both volatility and a correction post-budget, if history is a guide, it said.

Morgan Stanley expects Budget to focus on road map for 'Viksit Bharat'

<div class="image-container" style="width:620px"><div class="image"></div>AP Images</div>
Nobel Prize-winning economist Paul Krugman <a href="http://www.nytimes.com/2013/01/11/opinion/krugman-coins-against-crazies.html">addresses the debt-ceiling standoff and "trillion-dollar coin" squarely in his New York Times column today.</a>
Krugman makes a number of key points that are often ignored as both sides try to shout each other down:
<ul>
<li>The bills that need to be paid through the government's borrowing more money (after raising the <keyword id="648838" type="UNKNOWN" weightage="60" keywordseo="debt-ceiling">debt ceiling</keyword>) have already been approved by Congress. If House Republicans refuse to raise the debt ceiling, therefore, they will be reneging on paying bills that Congress has already approved. (Imagine if a business did that: Promised to pay, had the capacity to pay, and then just refused to pay because a minority owner didn't want to.)</li>
<li>Even if Congress raises the debt ceiling, President Obama will not have any new spending power. Specifically, he will not be able to spend any money that Congress has not already told him to spend.</li>
<li>If Congress does not raise the debt ceiling, President Obama might be forced to break a law no matter what. He might either break the law by not paying bills that Congress has asked him to pay, or he might break it by borrowing more money even though Congress hasn't raised the debt ceiling.</li>
<li>The "default" threat is reckless and destructive. If the country actually defaulted, which it has never done, the financial markets might collapse. And the economy would likely take a big hit. Importantly, this would hurt Republicans and Democrats alike.</li>
<li>The Republicans are approaching this negotiation like suicide bombers. As Krugman puts it: "Republicans go wild at this analogy, but it’s unavoidable. This is exactly like someone walking into a crowded room, announcing that he has a bomb strapped to his chest, and threatening to set that bomb off unless his demands are met."</li>
<li>The "trillion-dollar coin" sounds like a joke--and, at one level, it is. But it has become an important negotiating chit now that one political party is threatening to hold the country hostage by behaving like suicide bombers.</li>
</ul>
It's worth adding one point...
Some more reasonable-sounding Republicans, like Senator Rand Paul, are <a href="http://www.businessinsider.com/debt-ceiling-rand-paul-obama-spending-2013-1">now advocating an approach that won't cause the country to default...</a>on its bonds. Paul wants to introduce legislation that would force the government to pay bondholders, the military, and Social Security checks--but immediately cut spending on everything else. This, Paul says, would balance the budget overnight.
This approach sounds more reasonable.
But <a href="http://www.businessinsider.com/republican-default-would-destroy-the-economy-2013-1">as I explained here</a>, by suddenly cutting $1.1 trillion of spending, it would immediately shrink the economy by 7%.
Hundreds of thousands of government workers and contractors would be thrown out of work.
Businesses that benefit from government spending and the spending of these government employees would get whacked.
These businesses would have to lay off people.
And so on.
And, importantly, because so many people would lose their jobs, the government's tax revenue would quickly drop, thus forcing additional cuts. This is the "austerity" trap that has buried Greece and other countries in Europe.
So, although it sounds more reasonable, this approach would be devastating to the economy and country.
The bottom line is this.
The Republican Party of my parents--the party of fiscal prudence and conservatism--appears to be an ancient memory.
The current Republican Party is neither fiscally prudent nor economically literate.
Rather, it is a party controlled by extremists who either don't understand how the economy works or, worse, don't care.
It's no wonder, therefore, that so many reasonable Americans are coming to realize that Obama may have no choice but to "<a href="http://www.businessinsider.com/process-of-minting-trillion-dollar-coin-2013-1">mint the coin.</a>"
SEE ALSO: <a href="http://www.businessinsider.com/the-trillion-dollar-coin-and-the-republican-debt-ceiling-fight-2013-1">The Trillion-Dollar Coin Is No More Absurd And Outrageous Than Forcing The Country To Default</a>

If The Republicans Seriously Threaten To Default, They Will Surrender Any Claim To 'Economic Prudence And Conservatism'

<ul class="summary-list"><li>Harvard donations are down following a year of campus turmoil.</li><li>The university released its FY 2024 financial report this week.</li></ul>Harvard saw a dip in donations in the most recent fiscal year amid a wave of big-name backers <a target="_blank" class="" href="https://www.businessinsider.com/1600-harvard-alumni-may-pause-donations-anti-semitism-row-2023-11">pulling their financial support</a> after fallout from the <a target="_blank" class="" href="https://www.businessinsider.com/harvard-university-israel-hamas-what-happened-students-palestine-2023-10">university's response to the Israel-Hamas war.</a>In fiscal year 2024, which ended June 30, the Ivy League institution brought in just under $1.2 billion in cash gifts, according to a Harvard financial <a target="_blank" class="" href="https://finance.harvard.edu/files/fad/files/fy24_harvard_financial_report.pdf">report</a> released Thursday. That figure represents a nearly 15% drop since fiscal year 2023, which saw the school reap just under $1.4 billion, according to the report.The decrease in year-over-year donations at the university follows a <a target="_blank" class="" href="https://www.businessinsider.com/harvard-bill-ackman-wall-street-law-firms-growing-rift-2023-10">tumultuous year</a> of tense campus protests and high-level administrative turnover in the aftermath of the crisis in the Middle East.Some wealthy alumni publicly vowed to suspend donations to Harvard following the university's bungled response to the campus unrest that <a target="_blank" class="" href="https://www.businessinsider.com/tensions-escalate-colleges-harvard-penn-yale-over-war-israel-hamas-2023-10">spread across higher education institutions</a> nationwide last year."As the University addressed long-standing challenges that were highlighted by the events of the past year, alumni and others demonstrated both their concern and their care for the future of the institution through growing levels of support over the course of the year," Harvard President Alan Garber said in a statement shared with Business Insider on Thursday.Garber celebrated other aspects of the financial report, including a 9.6% investment return for the school's endowment which is valued at $53.2 billion — <a target="_blank" class="" href="https://www.businessinsider.com/what-is-harvard-endowment-legacy-admissions-alumni-funding-2023-7">the largest in the country.</a>Earlier this month, Garber hinted at the coming downturn in donations, telling the university's student newspaper, <a target="_blank" class="" href="https://www.thecrimson.com/article/2024/10/11/garber-disappointed-2023-fundraising-numbers/">The Harvard Crimson</a>, that the year's commitments were "disappointing" compared to prior years. He had privately warned about a decline in philanthropic gifts as far back as March, the student outlet reported.The drop in donations since FY 2023 represents the biggest dip in the last nine years, Bloomberg <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-17/harvard-warns-of-rising-costs-as-donations-slide-after-backlash?srnd=homepage-americas&amp;sref=yaJhKSOh">reported</a>.Chief Financial Officer Ritu Kalra lauded the university's endowment return in a conversation with Harvard's online public relations arm but cautioned that the fund is not a checking account; it's 14,600 different endowments, many of which are delegated to a specific school or program, Kalru said."That requires us to spend responsibly from the endowment, as we have to be able to support future generations of students and scholars even if we face periods of lower growth," she said.The university aims for an 8% endowment return, Kalru said, a figure that is essential in helping to make up the <a target="_blank" class="" href="https://www.businessinsider.com/harvard-elite-colleges-legacy-admissions-financial-endowments-alumni-donations-2023-10#:~:text=Harvard%20has%20the%20biggest%20college,a%20majority%20of%20its%20revenue.">gap left over after tuition revenues</a> and funding research. Tuition for an undergraduate degree at the Ivy League institution these days clocks in at $56,550, according to the university website. That number jumps to more than $80,000 when housing, food, and student services are added.For the second year in a row, Harvard's operating expenses grew faster than its operating revenues, Karlu said, adding that some of the discrepancy between the two can be explained by long-term, strategic investments, such as improved technology infrastructure and AI capabilities."Of course, the pace of our recent spending underscores the need for prudence going forward," she said. "While it has been purposeful in the short term, it won't be sustainable without a commensurate growth in revenue over the long term."Harvard remains under scrutiny more than a year after Hamas attacked Israel, setting off a flurry of campus protests and turmoil over antisemitism at several Ivy League institutions. Then-Harvard <a target="_blank" class="" href="https://www.businessinsider.com/harvard-president-claudine-gay-to-resign-reports-2024-1">President Claudine Gay resigned</a> in January following a plagiarism scandal sparked by the conflict.

Harvard donations dropped nearly 15% amid wealthy alums' vows to cut off support 

<ul class="summary-list"><li>A decade of low growth and high debt is coming, IMF chief Kristalina Georgieva said in a Thursday speech.</li><li>"Inflation is not fully defeated. Fiscal buffers have been depleted. And debt is up," she said.</li></ul>The world could soon sink into an era of depressed growth and spiraling debt, IMF managing director Kristalina Georgieva said in a <a href="https://www.imf.org/en/News/Articles/2024/04/sp041124-outlook-global-economy-policy-priorities-kristalina-georgieva" target="_blank" rel="noopener">speech</a> delivered at an Atlantic Council event."Without a course correction, we are indeed heading for 'the Tepid Twenties' — a sluggish and disappointing decade," she said Thursday. "Inflation is not fully defeated. Fiscal buffers have been depleted. And debt is up, posing a major challenge to public finances in many countries," she outlined. The IMF now expects medium-term global growth to reach just above 3% — well below historical averages, Georgieva said. That's on account of stalling productivity across economies that's chipped into growth potential:Although the US' post-pandemic economy has largely been a story of success, its rebound stands in stark contrast to a wide-spread slowdown, with low-income countries taking on most of this burden."The sobering reality is global economic activity is weak by historical standards. Prospects for growth have been slowing since the global financial crisis," she said.To counteract this, Georgieva called for policies that will decisively slash inflation and debt, allowing governments to pursue productivity-boosting policies, such as those that ramp up the geen and digital transition.While central banks are generally making headway with price stability, global debt has churned so high that some countries are at risk of falling into distress, Georgieva cautioned. Though higher debt is not a new trend, the return of high interest rates has made debt servicing a challenge across the world."In advanced economies, excluding the US, interest payments on public debt will average about 5 percent of government revenues this year," she said. "But the cost of servicing debt is most painful in low-income countries. Their interest payments are set to average about 14 percent of government revenue—roughly double the level from 15 years ago."As some countries are already facing debt distress, Georgieva called for improved restructuring programs. For all countries, she advocated for fiscal prudence, recommending a closure of tax loopholes, and improved public spending. This may be crucial, as the IMF forecasts deficits to remain too high to stabilize debt one-third of advanced and emerging economies.

Welcome to the 'tepid twenties,' a decade of sluggish growth and rising debt, IMF chief says

The <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Friday passed the Finance Bill 2023 without any discussion through voice vote, amid protests by the Congress-led opposition. Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that a panel under the finance secretary would be set up to look into the issue of pensions. As many as 75 amendments are there in the Finance Bill, all of which were approved through voice vote, even as the Congress members protested in the well of the <keyword id="7173" type="General" weightage="80" keywordseo="house" source="Orion">House</keyword>, shouting slogans and seeking a JPC probe in the Adani matter. The opposition MPs raised slogans and showed placards saying "Allow <keyword id="5268" type="General" weightage="50" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword> to speak in the House" and "We fought the British, we will fight Modi and RSS". Meanwhile, <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> announced while speaking on the bill, that a committee under the finance secretary would be set up to look into the issue of pensions and for evolving an approach which addresses the needs of employees, while maintaining fiscal prudence to protect common citizens. She also informed the House that the approach will be designed for adoption by both the central government and state governments. Sitharaman further said, "It has been represented that payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) and they escape tax collection at source. The RBI is being requested to look into this with a view to bring credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon." Soon after the finance bill was passed, the Lower House was adjourned till March 27. Opposition members could be seen tearing their placards and throwing them at the Speaker's chair after the House was adjourned. The Finance Bill 2023, gives effect to the financial proposals of the central government for 2023-24. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/digitalisation-credit-growth-government-policies-to-drive-msme-growth-say-experts/articleshow/98962354.cms">Digitalisation, credit growth, government policies to drive MSME growth, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/ipl-2023-jio-introduced-new-cricket-plans-providing-3gb-data-per-day/articleshow/98962965.cms">IPL 2023: Jio introduced new cricket plans providing 3GB data per day</a>

Finance Bill passed in Lok Sabha amid opposition protest

Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation. On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately. “No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive. “The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added. He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. <keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers. "I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added. Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy. American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City. KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation. Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance. The budget rightly “rewards” the taxpayers for their commitment, Dimri said. LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors. Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Bankers say private capex will take one more year to revive

<ul><li>Stock market investors are expecting a balanced <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> with a focus on job creation, and increased spending on infrastructure.</li><li><keyword id="464286" type="General" weightage="50" keywordseo="narendra-solanki" source="Orion">Narendra Solanki</keyword>, Head- Equity Research Anand Rathi Shares &amp; Stock Brokers, said that investors are expected to remain focused on three key factors from the pre-election year <keyword id="12743893" type="General" weightage="20" keywordseo="budget-2023" source="Orion">Budget 2023</keyword>.</li><li>History suggests India's shares are likely to see muted trading ahead of the union budget reading, usually held on February 1.</li></ul>Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday. Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this month. Even the corporate earning season failed to excite the markets, while some indices like IT and bankex have seen some positive movements. The muted performance of the markets could be due to Foreign Portfolio Investors (FPIs) moving funds out of India as they are looking for emerging markets with cheaper valuations. They have taken out over Rs 16,500 crore from domestic equities so far this month. Moreover, inflation and possible global recession continue to play on investors' minds. Narendra Solanki, Head- Equity Research Anand Rathi Shares &amp; Stock Brokers, said that investors are expected to remain focused on three key factors from the pre-election year Budget 2023, firstly equity investors are expecting a uniform tax structure for capital gains which might help taxpayers to have more disposable income. Secondly, investors will be looking for fiscal consolidation which is necessary for financial stability in the economy and thirdly, investors are contemplating policy reforms to rationalise bottlenecks for growth such as subsidies, a clear roadmap for disinvestment targets and expediting the much-awaited PSU privatisation or consolidation, he added. History suggests India's shares are likely to see muted trading ahead of the union budget reading, usually held on February 1. Overall, the pre-budget rallies were seen in six out of the last 10 years, and post-budget, the market declined six times out of the past 10 years. Moreover, the National Stock Exchange's (NSE) benchmark index Nifty 50 has fallen seven times on Budget days. The Budget is a presentation of the state of affairs of the government's books along with anticipated expenses and income for the coming year. It is generally believed that if a Budget includes measures that are seen as positive for businesses and the overall economy, it may have a positive impact on stock markets. On the other hand, if a Budget includes steps that are seen as negative for businesses and the economy, it may have a negative impact on stock markets. Additionally, announcements or changes in interest rates, taxes and government spending can also impact stock markets. "The impact of the <keyword id="2407175" type="General" weightage="20" keywordseo="upcoming-budget" source="Orion">upcoming Budget</keyword> would depend on the actual budget proposal and markets will be keenly watching the fiscal deficit for FY24. A figure above 6 per cent will disappoint the market. But, this is unlikely," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. He further said that a proposal that can have a negative impact on the market can be a possible hike in the capital gains tax. Any positive news which will have a meaningful impact on the economy or leave more disposable income in the hands of the salaried class and/or the corporates will push the markets higher, Sumit Chanda, Founder and CEO, JARVIS Invest, said. "Any changes to the tax slab of the salaried class or any incentive to the corporates for capex or reduced taxes will be viewed positively and one can expect the markets to rally post the Budget," he added. In addition, push to private and government spending, disinvestment, expanding the PLI (Product-linked incentive) scheme and relief in tax slabs are some of the measures that may have a positive impact on the market, Kamlesh Shah, President, ANMI, said. Geojit's Vijayakumar believes that the impact of the Budget will be short-lived. Market trends would be dictated more by developments in the global economy, particularly in the US. If the Fed commentary after the February 1 meeting is dovish and data shows inflation declining in the US, markets will rally. Amar Ambani, Head - Institutional Equities, Yes Securities, said the government is likely to be modest in its asset monetization targets, unlike the lofty projections of the prior Budgets. In all probability, India's GDP growth target would be a low double-digit affair amid a challenging global backdrop, and the government would not stray from its fiscal prudence roadmap. According to market experts, healthcare, fertilizer, infrastructure, defence insurance, manufacturing, digitalisation (IT), communication, education, Small and Medium Enterprises (SMEs) etc are sectors that are expected to benefit from the Budget. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-collaborates-with-spinlaunch-to-test-an-innovative-mass-accelerator-launch-system/articleshow/90772382.cms">NASA collaborates with SpinLaunch to test an innovative mass accelerator launch system — a slingshot to send payloads to space</a> <a href="https://www.businessinsider.in/science/space/news/astronomers-may-have-just-found-the-most-distant-astronomical-object-ever-observed/articleshow/90703688.cms">Astronomers may have just found the most distant astronomical object ever observed</a>

Stock market investors expect balanced budget, focus on job creation, infra spending

<ul><li>Bengaluru-based startup <keyword id="467634" type="General" weightage="20" keywordseo="verse" source="Orion">Verse</keyword> Innovation has decided to lay off 5% of its workforce or 150 employees to cut costs and streamline operations. </li><li>It also announced pay cuts for 11% of its employees, who are earning ₹10 lakh per annum or more. </li><li>This has happened months after the startup raised $800 million as fresh funding in April this year.</li></ul>VerSe Innovation, the parent company of short video platform Josh and news aggregator Dailyhunt, has become the latest unicorn that has resorted to retrenchments this year, after Byju’s, Udaan and Zomato. The co-founders of the Bengaluru-based startup, Virendra Gupta and Umang Bedi, announced in a town hall meeting that it has decided to lay off 150 employees or 5% of its workforce, <a href="https://techcrunch.com/2022/11/28/verse-innovation-layoff-salary-cut/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAKe8ojKWqU0ImCcT4s4MwaVYq5ygyPzZhY3aM6nNl-DwFl9s2r0Wagyd6fNEoNL6uXnBiWRFKTSceuX2G_AUKLr7Ny6r8JprFJX9lg5l5mjMGX4l1bWEmEF2pOC0-ZtsbTCCFGWMds38OjymS1_XaoY2qGgAhJ73igSRtCLaYA4B">according to Techcrunch</a>. They also announced an 11% pay cut for the remaining employees who are earning ₹10 lakh per annum or more. “Given the current economic climate, like other businesses, we’ve evaluated our strategic priorities. Considering the long-term viability of the business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance and business considerations to streamline our costs and our teams, <a href="https://techcrunch.com/2022/11/28/verse-innovation-layoff-salary-cut/">said</a> Umang Bedi, co-founder of VerSe Innovation, in a prepared statement. This move comes months after the startup raised $800 million as fresh funding in April this year, led by CPP Investments. Ontario Teachers’ Pension Plan Board, Sumeru Ventures and Luxor Capital, Sofina Group and Baillie Gifford also participated in the funding round. Bedi further said that the next year will be tough and the measures taken will help the company to sustain in the market. “We have exercised fiscal and employee prudence, and implemented an 11% salary cut for individuals with annual salaries of ₹10 lakh or more,” Bedi added. According to media <a href="https://www.moneycontrol.com/news/business/startup/dailyhunt-and-josh-parent-verse-lays-off-150-staff-announces-company-wide-pay-cuts-9615571.html">reports</a>, the startup’s losses widened to ₹2,563 crore in FY22, even as its operating revenue grew by 46% to ₹965 crore. Backed by <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword> and <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword>, the company became a unicorn after it raised $227 million from Microsoft, Sequoia, Matrix Partners India, Qatar Investment Authority and others in November 2020. Tech majors like Amazon, Meta, Twitter and Salesforce have been cutting jobs leaving thousands of techies jobless, globally. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/icici-bank-launches-digital-lending-solution-ilens-powered-by-tcs/articleshow/95849140.cms" style="">ICICI Bank launches digital lending solution iLens, powered by TCS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-users-are-reportedly-unable-to-call-and-send-messages/articleshow/95846445.cms" style="">Reliance Jio users tweet about network issues, unable to call and send messages</a>

You Searched For "fiscal prudence" and got 9 results

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

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Morgan Stanley expects Budget to focus on road map for 'Viksit Bharat'

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If The Republicans Seriously Threaten To Default, They Will Surrender Any Claim To 'Economic Prudence And Conservatism'

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Harvard donations dropped nearly 15% amid wealthy alums' vows to cut off support

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Welcome to the 'tepid twenties,' a decade of sluggish growth and rising debt, IMF chief says

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Finance Bill passed in Lok Sabha amid opposition protest

IANS

Bankers say private capex will take one more year to revive

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Stock market investors expect balanced budget, focus on job creation, infra spending

PTI

Google, Microsoft backed VerSe Innovation sacks 150 employees, cuts pay for employees earning ₹10 lakh or more

Vaamanaa Sethi

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