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<ul class="summary-list"><li>Famed value investor David Einhorn says he's betting on CNH Industrial.</li><li>The stock is trading cheap, but has upside as an agricultural boom mounts, he said.</li></ul>Famed hedge fund investor David Einhorn isn't one to shy away from market rejects — even if the stock in question was down more than 17% year-to-date as of Wednesday.The Greenlight Capital founder disclosed that he has built a position in <a target="_blank" href="https://markets.businessinsider.com/stocks/cnh-stock">CNH Industrial</a>, a global firm that sells agricultural equipment."It's exactly the kind of situation that absolutely nobody cares about right now because it's cheap, and the news over the next period of time probably isn't going to be very good," the billionaire manager said during <a target="_blank" href="https://www.youtube.com/watch?v=3ZqdfXrDPDo">CNBC's Delivering Alpha</a> conference on Wednesday.The value stock is part of Einhorn's strategy to snap up overlooked companies in today's expensive market."There are things that are truly despised and hated and cheap on an absolute basis that I think makes sense to own," he said.CNH's stock does appear to be cheap, as company shares have been weighed down by an agricultural down-cycle.But this period won't last, Einhorn said, anticipating the stock to rally over the medium term."This year, the ag equipment universe is probably 20% below its average at the end of the whole recycle. And sometime three or four years from now, it'll probably be 20% above," he said. "Just the nature of how these businesses work."Though this timeline may disappoint investors looking for a quick profit, Einhorn noted a few reasons to buy the stock now. CNH has little leverage and is actively buying back shares. Given that its an attractive dividend-payer, investors can score a yield of as much as 4%, he said.CNH jumped after Einhorn's comments, climbing 6.27% to $10.68 per share as of 9:52 a.m. ET on Thursday.During the conference, the Greenlight manager also cited that his firm has increased bets tied to inflation after Donald Trump's election win last week.Though Einhorn doesn't expect price growth to rebound toward pandemic-era highs, he cited that the incoming administration appears set on expansionary policies that <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">could push inflation</a> to a 3.5%-4.5% range next year.Otherwise, Einhorn's leading concern has been the stock market's rising expensiveness. In the hedge fund's quarterly letter published last month, he warned that equities were the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/david-einhorn-warren-stock-stock-market-valuation-tech-cash-sales-2024-10">most overvalued</a> since the firm's founding in 1996.That isn't to say that Einhorn is bearish, given that he sees no reason for the stock market rally to end."If you buy and hold for a very long period of time, I doubt that you will look back and say, 'this was a great entry point of all of the entry points that you could have,'" he told CNBC. "But that being said, there's no reason why the market can't continue to do fine for a good period of time."

Why billionaire investor David Einhorn is loading up on a struggling agriculture stock 'no one cares about'

The pre-budget <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> on Monday called for urgent reforms in India's <keyword id="19915424" type="General" weightage="20" keywordseo="agricultural-sector" source="keywords">agricultural sector</keyword>, warning that the structural issues could impede the country's overall <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> trajectory. The survey, tabled in Parliament by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, highlighted the untapped potential of the <keyword id="20682012" type="General" weightage="20" keywordseo="Indian-agriculture" source="keywords">Indian agriculture</keyword> sector compared to other economies. Chief Economic Advisor V Anantha Nageswaran called for a pan-India dialogue on the agriculture sector. The survey, presented ahead of the annual budget, emphasised that India has yet to fully leverage its agricultural sector for economic growth and job creation, unlike East Asian economies and Western developed nations. "Indian agriculture is not in a crisis now but requires a serious <keyword id="20544318" type="General" weightage="20" keywordseo="structural-transformation" source="keywords">structural transformation</keyword> because climate change and water criticality loom large in the times to come," the survey stated. The CEA advocated for a reassessment of existing policies, despite current government subsidies and support measures for farmers. "The payoff will be immense if we untie the knots that bedevil farm sector policies," Nageswaran said in the survey's preface. While the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation, he added. The survey identified several key challenges, including balancing growth with food inflation management, improving price discovery, and addressing land fragmentation. To address these challenges, the survey recommends multi-pronged reforms, which include: upgrading agricultural technology, enhancing marketing avenues, adopting farming innovations, reducing input wastage, and improving the agriculture-industry linkages. The document stressed the need to shift focus from basic <keyword id="19992806" type="General" weightage="20" keywordseo="food-security" source="keywords">food security</keyword> to nutritional security, aligning with a 'demand-driven food system' that is both nutritious and environmentally sustainable. The survey suggested that policymakers must strike a delicate balance between incentivizing farmers to increase production and keeping food prices within acceptable limits. "This dual objective requires careful policy interventions." The survey also emphasized the need for a farmer-friendly policy framework to ensure markets function in farmers' interests. It recommended avoiding bans on futures or options markets at the first sign of price spikes; invoking bans only under exceptional circumstances; re-examining the inflation-targeting framework; increasing the total net irrigated area, and aligning farming practices with <keyword id="22505922" type="General" weightage="20" keywordseo="climate-considerations" source="keywords">climate considerations</keyword>. Looking ahead to 2047, the survey highlighted the potential of agriculture and allied sectors (horticulture, livestock, fisheries, dairy, and food processing) for sustained <keyword id="20268655" type="General" weightage="20" keywordseo="employment-generation" source="keywords">employment generation</keyword>. "To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people's lives better and fulfills their aspirations, bottom-up reforms are necessary," it noted. It suggested that India may need to reconsider the traditional development model of transitioning from agriculture to industry and services.

Economic Survey calls for urgent agricultural reforms; cites growth hurdles

<ul class="summary-list"><li>A pioneering project in <keyword id="20060502" type="General" weightage="20" keywordseo="Peru" source="keywords">Peru</keyword> is giving $2.30 a day to people in <keyword id="20360813" type="General" weightage="20" keywordseo="indigenous-communities" source="keywords">Indigenous communities</keyword>.</li><li>Reducing poverty removes a lot of the incentives for <keyword id="20657663" type="General" weightage="20" keywordseo="deforestation" source="keywords">deforestation</keyword>, the organizers told BI.</li></ul>Groups backing a basic-income trial in Peru are hoping that unconditional payments to Indigenous communities will help preserve the <keyword id="21095716" type="General" weightage="100" keywordseo="Amazon-rainforest" source="keywords">Amazon rainforest</keyword>. Since November, 188 people living in three Amazonian reserves in central Peru have received <keyword id="21274590" type="General" weightage="20" keywordseo="cash-transfers" source="keywords">cash transfers</keyword> equivalent to 8.6 Peruvian Soles, or about $2.30, a day. The project — developed by climate action NGO <keyword id="23150686" type="General" weightage="20" keywordseo="Cool-Earth" source="keywords" meta.keywordsubtype="org" meta.entityname="Cool Earth" meta.hostid="261" meta.entityid="Cool Earth">Cool Earth</keyword> in conjunction with female-led Indigenous groups — is due to run for two years, with payments totaling about $310,000. <div type="image" title="Three people of a Peruvian Amazonian community viewed from the knees down, wearing red robes and sandals, as they walk along a dirt track." height="667" width="1000" msid="112744186" hostid="261"></div>The idea is that providing a guaranteed income will remove some of the incentives to become involved in activities that destroy the rainforest. Poverty in these communities is one of the main drivers of deforestation in the region, Isabel Felandro, Cool Earth's head of programs, told Business Insider. "Those communities face a lot of challenges in terms of threats like illegal deforestation that goes on around the territories, drug cartels, illegal mining," Felandro said. They can end up "selling the forest, or engaging in other activities that are not very sustainable because they have this financial worry," she said. Communities are often faced with agonizing decisions, Felandro added. "If you don't have the money to send your kid to a hospital, what do you do? <h2></h2><h2><keyword id="22441332" type="General" weightage="20" keywordseo="basic-income" source="keywords">Basic income</keyword> — for the rainforest</h2> <div type="image" title="An aerial view of Asháninka territory in the Peruvian Amazon, showing mist-shrouded forest and a cluster of small huts." height="667" width="1000" msid="112744187" hostid="261"></div>$2.30 a day wouldn't go far in the US or Europe. But in these communities, it can have a huge impact, Felandro said. With the income, "a whole family can eat for a day," she said. She added that people have been using the money to complement their diets, or have clubbed together to hire a van to take their kids the long distances to school. Numerous basic-income trials have proliferated worldwide, but most are focused on social and economic outcomes. <a target="_blank" class="" href="https://www.businessinsider.com/universal-basic-income-ubi"></a> In the US, cities like <a target="_blank" class="" href="https://www.businessinsider.com/los-angeles-guaranteed-basic-income-pilot-ubi-partner-violence-employment-2024-7">Los Angeles</a>, <a target="_blank" href="https://www.businessinsider.com/chicago-basic-income-helped-mother-rent-an-apartment-ubi-gbi2024-5">Chicago</a>, Denver, and Atlanta have offered participants direct cash payments, no strings attached. But Cool Earth believes theirs is among the first to aim at a positive <keyword id="20224419" type="General" weightage="20" keywordseo="environmental-impact" source="keywords">environmental impact</keyword>. The NGO has run numerous cash transfer projects over the last 17 years, sending money to communities in the Amazon, New Guinea, and Congo rainforests, who band together to decide how to spend it. But this latest pilot — where every person over the age of 18 receives money independently — is seen as an even more direct way to get money working for the rainforest. <div type="image" title="A thatched hut in the Peruvian Amazon, surrounded by lush greenery." height="667" width="1000" msid="112744188" hostid="261"></div>The impact and efficacy of basic-income programs are still being investigated, and Johan Oldekop, an academic specializing in the environment and development at the UK's University of Manchester, sounded a note of caution when commenting on this project to The Guardian. Oldekop praised the goal of supporting Indigenous communities, who are leaders in preserving rainforests. But, he added, there is "little and mixed evidence on the environmental effects of cash transfers around the world." Some data shows that these programs can actually lead to deforestation because families can use the cash to expand their agricultural businesses, and chop down trees to do so, he said. Felandro told BI that this is a fair concern, but added that here "the scale is very minor." Families often only have small plots of land that they use primarily to feed themselves. "We're not talking about large-scale production of cacao or coffee," she said. Communities that participated in Cool Earth's prior cash transfer projects saw up to 46% less deforestation compared to similar neighboring communities, Felandro added. Correction: August 28, 2024 — An earlier version of this story incorrectly described the project. It provides basic income to a select group of participants; it is not a universal-basic-income program.

A $2.30-a-day basic income trial is trying to save the Amazon rainforest

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

The <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword>, which was tabled earlier today by Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> estimated that in 2022-23, India's total workforce stood at nearly 56.5 crore. However, as data from the recent Periodic Labor Force Survey (PLFS) notes, their distribution is highly skewed, with over 45% of them engaged in agriculture, followed by 28.9% in services, 13% in construction, and 11.4% in manufacturing. At the same time, while the agriculture sector has grown at about 4.18% at constant prices over the last 5 years, India's service sector is estimated to have grown by around 7.6% in just the last financial year, as provisional estimates suggest. As such, the continued dominance of the agriculture sector as an employer, particularly when it comes to women, is concerning, especially as India's service sector, which contributes about 55% to the total size of economy, demands increasingly more workers, who possess specific, focused skill sets (think blockchain, AI, machine learning, 3D printing, web development and more). <h2>Encouraging trends</h2>The unemployment rate amongst youth, or those aged between 15-29 has come down sharply to 10% in 2022-23, from 17.8% in 2017-18. Nearly 75% of all new subscribers on EPFO payroll, a gauge for formal employment generation, are aged between 18 and 28. But while our economy keeps pace with employing young population, a staggering 57.3% of this workforce is self-employed, while another 18.3% work as unpaid laborers in households. The most prominent participant in both these categories happen to be women. As for regular wage or salaried workers, they constitute merely 20.9% of the workforce. Casual labor, characterized by sporadic, intermittent terms of employment, makes up for 21.8% of the workforce. Its not as if female labor workforce participation (FLFPR) is dwindling. In fact, as the survey notes, it has been rising for the last 6 years, with rural FLFPR inching up by 16.9 percentage points between 2017-18 and 2022-23. But the same rise is not to be seen in urban FLFPR, which inched up a meagre 5% to 25.4% in 2022-23. Pan-India, women participation in workforce jumped to 37%, largely driven by the thrust in rural FLFPR. The growth in terms of wages per worker in rural areas between FY15-22 was also higher in rural areas at 6.9%, as compared to 6.1% in urban areas. So, what can be done to rationalize this lopsidedness in employment? <h2>Developing the care economy </h2>In order to cater to the requirements of the growing workforce, the survey estimated that India will have to annually generate around 78.5 lakh non-farm jobs annually till 2030. And with India's care needs set to grow significantly in the next 25 years, it is time to develop India's care economy. Consider this-by 2050, the population of those aged between 0-14 years will decline to 18%, or 30 crore people, while those aged above 60 will swell to 20.8%, or a massive 34.7 crore person. Both these segments will need considerable care, which is currently an unpaid job both employed and unemployed women already undertake. Per NSO’s time use statistics for 2019, working-age women in India spend 5.6 hours per day on unpaid work, as opposed to just 30 mins for men. Even employed women end up spending 6x more time on unpaid care, compared to their male counterparts. As it is, studies notes that an additional hour of caregiving per day reduces women’s labor market participation by 20 percentage points, while having no effect on men. A recent report by CII pegged the economic value of women's unpaid domestic and care work to be a staggering 15-17% of GDP. As it is, care economy is one of the fastest growing sectors, expected to generate around 475 million jobs globally. In India, an investment of just 2% of GDP could lead to 11 million new jobs, 70% of which will go to women, accelerating their participation in labor force, the survey revealed. As such, developing India's care economy, both for catering to its young and silver dividend, will become a cornerstone for employment related policies in the times to come.

Economic Survey 2023-24: Where does India stand on the employment, and what's next?

<ul><li>Union <keyword id="19955368" type="General" weightage="100" keywordseo="budget-2024" source="keywords">Budget 2024</keyword> to be presented on July 23, 2024, at 11 am</li><li>Changes in the new <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> regime possible in the budget </li><li>Budget is a detailed estimate of the government's revenue and expenses</li></ul>Next week, Nirmala Tai will present the 2024 <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">union budget</keyword>. While the internet is already abuzz with the endless expectations of different industries and sectors, what the common man wishes for, and more, are we aware of how the budget comes to life in the first place? What do some of its terms like expenditure and revenue budgets even mean? And what exactly is the finance bill? If you have all these questions running through your mind, here's a ready reckoner for you, answering all your questions 1. Why should I care about the budget? Most of all, because it holds the answer to how your money will be taxed in the coming financial year, or years. Yes, you can (and perhaps will) choose to gloss over most of it, like when Tai talks about its capital expenditure or allocations made to various ministries. But you should know if there are any major changes introduced in the existing income tax slabs, because that would mean an automatic increase or decrease in your taxes. If there are some deductions or exemption that have just been introduced and can help you reduce your taxable income, you'd certainly want to use it to your benefit, wont you? (Unless you're a stickler for paying high taxes)! But for that, you should first know how your hard-earned money is being taxed, and that is why, you should tune into the <a href="https://www.businessinsider.in/budget/article/budget-2024-a-handy-guide-for-major-terms-around-the-upcoming-union-budget/articleshow/111688482.cms" data-type="tilCustomLink" target="_blank">upcoming union budget</a>. 2. What will happen to Income taxes in this budget? Will they be cut? We wouldn't know anything for sure until July 23rd, but there is news that the new tax regime might be made more attractive for the salaried class by way of increasing the <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> threshold (which is currently Rs 50,000 for both old and new regime), or by raising the total deduction limit under the old regime from the present Rs 2,00,000. Akhil Chandna, Partner at Grant Thornton Bharat also believes enhancing the standard deduction limit will do a world of good to salaried Indians. "With the introduction of the standard deduction in 2018 and the last increase in 2019 from ₹ 40,000 to ₹ 50,000, it is essential to raise the threshold to ₹75,000 now to align with current living costs and inflation. Raising the standard deduction can help improve people's purchasing power, especially those with fixed incomes like pensions", he said. Krishan Mishra, CEO, FPSB India also wishes for the tax exemption limit under new regime be raised from Rs 7 lakh to Rs 10 lakh, since "it will be a crucial step to encourage savings and investments among the mid-income group and will provide much-needed relief to taxpayers". The government may make the new tax regime more lucrative by enhancing its basic exemption limit (up to which no income tax is payable) from Rs 3,00,000. But that's a lot of MIGHTS, that will have to wait the final bell till 23rd! 3. How is the Budget is prepared? It is a lengthy, long-drawn process, which starts with the finance ministry asking all departments, states, ministries and union territories to give them an estimate of how much money they'd potentially need during the year. In addition to this, they also have to present details of all their revenues and expenditures in the past year. Then begins a super duper long process of consultations and discussions and deliberations and consultations and dialog (you get the gist!), after which the allocations are made. Weeks before the budget presentation, the <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">finance minister</keyword> also meets representatives from various industries like agriculture, trade, manufacturing and more to know what they want. Based on that, the budget is fine tuned. 9-10 days before the budget is to be presented in the parliament, a halwa ceremony takes place, which commenced today, marks the start of budget printing. From this time on, the finance ministry staff goes super hush-hush and in lockdown, with no one allowed to leave the ministry premises till the budget is tabled in the parliament. 4. Why did India have 2 budgets this year? Because 2024 was an election year. That is why you saw an <keyword id="547606" type="General" weightage="20" keywordseo="Interim-budget" source="Orion">interim budget</keyword> in February, where the government presented a budget, the aim of which was just to fund its regular expenses and spending over the next 2-3 months, till elections. After the elections, it is the responsibility of the newly elected government to prepare a full-fledged budget. Think of this as borrowing from your friends just to fund your mid-month, small term, interim cash crunch. You pay them back as soon as you get your salary, and your budget is set again (at least for the time being!) 5. What are the various types of budget documents The union budget is a hefty set of documents! There's Annual Financial Statement, which lays out how much money it needs in revenue, and how much does it plan to spend that during the year. There's demands of grants, which tells us how these receipts and expenditures will be utilised by different ministries and departments, down to each scheme. There's the finance bill, which outlines any changes the government intends to make, in order to raise these proposed funds. This primarily includes change in tax structures. Then there is appropriation bill, which highlights how the government plans to withdraw money from the consolidated fund of India (where all of government's revenue from income tax, customs and excise and other sources flow in). Once approved, both finance and appropriation bill become acts. The extremely complex sounding "medium term fiscal policy cum fiscal policy strategy statement" has all your important macro- economic indicators like GDP, fiscal deficit, revenue deficit, primary deficit and more. But of course, you can skip through all this to just check out budget at a glance and highlights, which presents the key features and decisions made in the budget in a concise manner. <h4 style="color: rgb(0, 0, 0); font-family: Mulish, sans-serif; font-size: 16px; white-space-collapse: preserve; background-color: rgb(255, 255, 255); text-align: justify;"> </h4>6. What is a revenue and <keyword id="2745241" type="General" weightage="20" keywordseo="expenditure-budget" source="Orion">expenditure budget</keyword>? Think of this as a detailed breakdown of how the government plans to raise money for everything during the year by of tax or non-tax revenues, borrowings and more. The <keyword id="425836" type="General" weightage="20" keywordseo="revenue-budget" source="Orion">revenue budget</keyword> also outlines how much revenue the government had to forego to fund various tax incentives or subsidies. There's no chance you wont spend what you've earned! And so, how the government plans to spend its receipts are mentioned in the expenditure budget. It highlights what each ministry gets, how much money will be spent on a certain scheme and more. 7. What is a populist budget? No, its not another budget document, but just a fancy name for a budget that is prepared with the sole intention to appeal to the people by slashing down income taxes, increasing subsidies and spending more on social schemes. Such a budget might seem lucrative in the short run, but it do not contribute to the country's long-term economic development in any way. On the contrary, it only adds to the overall fiscal burden of the country. Its as if a character came in for a short cameo in your favorite series, won people's hearts, and then vanished into thin air, with no meaningful contribution to the story line. You'd feel short-changed, wont you? So, time to listen to Nirmala Tai and the budget's humdrums with some understanding and interest! Also read: <a href="https://www.businessinsider.in/budget/news/budget-2024-how-will-budget-affect-indias-position-in-the-global-space-race/articleshow/111855546.cms" data-type="tilCustomLink" target="_blank">Budget 2024: How will budget affect India’s position in the global space race?</a> <a href="https://www.businessinsider.in/budget/article/despite-pandemic-and-growing-health-scares-indias-budget-share-for-healthcare-continues-to-decline/articleshow/111807009.cms" data-type="tilCustomLink">Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline</a>

Union Budget 2024: A handy FAQ guide to decode the upcoming budget

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> may relax the requirement of making payments to <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword> within 45 days of buying goods and services, to prevent large corporates from looking at other sourcing avenues, sources have noted. An announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword> made by MSMEs during pre-budget consultations, sources said. The government, in last year's budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an <keyword id="19990810" type="General" weightage="20" keywordseo="MSME" source="keywords" meta.keywordsubtype="org" meta.entityname="MSME" meta.hostid="261" meta.entityid="MSME">MSME</keyword> on time -- within 45 days in case of written agreement -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. MSMEs fear that due to this provision, large buyers could cold-shoulder MSME suppliers and start buying either from those MSMEs that are not registered with Udyam or from non-MSMEs. The amendment was brought in for MSMEs to get timely payment, but a lot of concerns were raised by them, sources said, adding that they feared that large corporate, in bid to safeguard their interest, can shift their sourcing requirement to bigger firms or ask their vendors to give up their MSME registration to do business with them. Earlier in May, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> had said the changes, if any, to the rule will have to be done in the full Budget in July under the new government as per the representations submitted by MSMEs. The MSME sector accounts for 30% of the country's gross domestic product (GDP) and the second largest employer after agriculture. The share of <keyword id="35090" type="General" weightage="20" keywordseo="Exports" source="Orion">exports</keyword> from products specified for MSMEs constituted 45.56 % of the country's total exports.

Govt may relax 45-day payment rule for MSMEs in Budget 2024

<ul><li>Rise in investments in residential real estate coincides with a rise in the aggregate <keyword id="16695918" type="General" weightage="20" keywordseo="disposable-income-of-households" source="Orion">disposable income of households</keyword>, says a report by ICICI Securities.</li><li>For every square foot that’s built, the realty sector helps generate income anywhere between ₹2,000-6,000, depending on the type of building.</li><li>The average income of a construction worker in rural India as per the Labour Bureau statistics is around ₹500-600 per day while for those in the urban areas it is usually higher.</li></ul>There is a direct correlation between growing household incomes and a vibrant <keyword id="6543013" type="General" weightage="20" keywordseo="real-estate-sector" source="Orion">real estate sector</keyword>. The signs of recovery in the real estate industry are expected to support aggregate <keyword id="386349" type="General" weightage="20" keywordseo="household-income" source="Orion">household income</keyword> considering it is the second-largest employer in India after <keyword id="6355165" type="General" weightage="20" keywordseo="agriculture" source="Orion">agriculture</keyword>, says a report by ICICI Securities. The sector generates a variety of jobs including for construction workers and other informal jobs for masons, plumbers, concrete workers, electricians, carpenters, painters, drivers, helpers, loaders, etc. For every square foot that’s built, it helps generate income anywhere between ₹2,000-6,000, depending on the type of building — ranging from basic to high-rise luxury skyscrapers. “Incremental value additions done to the builder-finished construction by end-users can go up to several thousand rupees per square foot depending upon the taste and capability of the end-user,” ICICI Securities says. <div type="image" title="Real estate report 2" msid="98390920" hostid="261" sizebytes="52976"></div> How much does construction pay? The <keyword id="6462448" type="General" weightage="20" keywordseo="construction-sector" source="Orion">construction sector</keyword> is also a better paymaster than agriculture, the report adds. The average income of a construction worker in rural India as per the Labour Bureau statistics is around ₹500-600 per day. In urban areas, it gets higher. “Anecdotal evidence for larger cities indicates the wages are at least 30-40% higher for construction workers with higher skills and experience,” the report says. Another group of professions to benefit from real estate development are mortgage lenders, material suppliers, contractors, architects, designers, engineers, lawyers, real estate brokers, etc. In addition, allied sectors involved in labour-intensive manufacturing activity in the unorganised segment — such as furniture, ceramics, glassware, lightings and other decorative products – also benefit from an upcycle in real estate. Large-scale organised manufacturing like cement, steel, ceramics, plywood, paints, adhesives, etc are also beneficiaries. “Household real estate investment cycle is rising after a decade of stagnation during which its share in gross fixed capital formation (GFCF) dipped from 37% in FY12 to 25% in 2021. The cyclical recovery in residential real estate will boost income growth of related stakeholders mentioned above. Workers involved in the leisure segment, which again is dominated by the unorganised segment, are also likely to see buoyant income growth,” said the report. However, the report mentions that agriculture wages remain a key risk to aggregate income growth, given its large weight within the aggregate workforce. And the prospects of it will depend on how monsoon and agriculture output pans out in FY24. <div type="image" title="real 3" msid="98390948" hostid="261" sizebytes="48628"></div> Wage bills to rise all across ICICI Securities also says that the aggregate wage bill of the private corporate sector has been expanding more than the nominal GDP growth over the past decade. “The trend is likely to continue in FY24 going by recent salary surveys and hiring trends in the formal segment although IT services, with its large weight, is expected to lag,” the report said. According to a survey by Aon, salaries in India are expected to go up by 10.3% in 2023, in spite of concerns around economic volatility. This could be in response to a high attrition rate of 21.4% in 2022. In 2022, the actual salary increase was slightly higher at 10.6%. The projected salary increase for India is the highest among major world economies like China, US and UK, Aon said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-rally-after-it-sells-stake-to-gqg-partners/articleshow/98384846.cms">Adani group stocks rally post GQG deal: group marketcap surges by ₹73,000 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tractors-commercial-vehicles-drive-auto-sales-in-february-but-el-nio-threat-looms-large/articleshow/98386451.cms">Tractors &amp; commercial vehicles drive auto sales in February but El Niño threat looms large</a>

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