Interim budgets are usually intended to keep administration going for a short while, but the latest one seems to show sign s of a government confident of returning to power. There are two standout features, which no one seemed to bargain for: One, the fiscal consolidation exemplified by the sharp reduction in fiscal deficit to 5.1 percent; Two, a continuum in policy with capex allocation rising.

The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms, ITR-2 and ITR-3. Many entities, including individuals, who have certain specific types of income are required to file their ITR using these forms for FY 2023-24 (AY 2024-25). The last date to file ITR-2 and ITR-3 is July 31, 2024. Whereas taxpayers who are required to conduct income tax audit.

Finance Minister Nirmala Sitharaman announced that 30 crore Mudra Yojana loans have been provided to women entrepreneurs in the last 10 years. Sitharaman asserted that the plans cover all eligible people which is a comprehensive achievement. In her speech, Sitharaman said that digital infrastructure was being developed at a rapid pace. India's Digital Public Infrastructure (DPI) is instrumental.

Finance Minister Nirmala Sitharaman presented her sixth budget amidst crucial elections and a changing global economy. She quoted Prime Minister Modi three times, emphasizing on the India-Middle East-Europe Economic Corridor and new opportunities for national development. The PM's words were also reiterated from last year's Independence Day address, with a focus on creating more opportunities.

BNP Paribas reported a surprise drop in fourth-quarter income and pushed back a key profitability target on Thursday, triggering a more than 8% fall in the French bank's shares. Revenue at its investment bank, which CEO Jean-Laurent Bonnafe has been expanding, fell from a year earlier as did sales at its consumer and commercial real estate businesses.

On February 1, Nifty ended slightly lower after finance minister Nirmala Sitharaman's budget presentation. The index remained volatile throughout the day and closed at 21,698 with resistance at 21,850 and support at 21,600. This non-directional market may see levels-based trading. Bank Nifty closed above 46,000 and is expected to move higher towards 46,570-46,800 in the short term.

Finance Minister Nirmala Sitharaman allocated Rs 2,352 crore in the Interim Budget for “Blue Revolution”, which aims to develop, manage, and promote fisheries to double farmers' income. The allocation is Rs 852 crore increase from Rs 1,500 crore in the previous year. "It was our government which set up a separate department for fisheries, realising the importance of assisting fishermen.

Indicating that traders and investors are still looking for cues to make strong moves on either side, Nifty made a pattern of alternating between up and down days for the seventh consecutive day on Thursday to end 26 points lower and form a small bearish candle on Budget Day.The index closed above the short-term 21EMA for three out of the last four days.

Indian carmakers reported record sales in January as they looked to build up inventory of new and refreshed models this calendar year, wholesale data from the companies showed on Thursday. Automakers in India release monthly wholesale numbers or sale of vehicles to dealers at the beginning of each month. The data is seen as a key indicator to estimate private consumption.

One welcome pattern in the last few election years has been the demise of the ‘election year budget’ in that there is little surge in allocations across a range of government initiatives. Any government would of course use its latest allocations as an indicator of where it wants to go in the future, that is natural and expected. And Budget 2024 is largely on those lines.

India has introduced a budget with measures across various sectors that will impact the economy, businesses, investors, and the common man. The goal is to achieve a "Viksit Bharat" by 2047, with a targeted fiscal deficit of 5.1% of GDP in 2024-25, and a focus on infrastructure, affordable housing, and poverty alleviation. Startups also receive tax benefits and support for research.

India's Prism Johnson, a building materials maker, reported a profit for the third quarter due to government spending on construction projects ahead of elections. Net profit was 17.8 million rupees, a turnaround from last year's loss. Revenue rose 3% and cement sales grew 6.8%. This trend was observed in other cement companies as well, leading to Prism Johnson's stock climbing 1.5%.

Indian EV startups applaud the government's efforts towards promoting cleaner transportation, but express disappointment over the reduction in customer incentives and lack of clarity on subsidy schemes like FAME III. The focus on developing charging infrastructure and transitioning public transportation to EVs is seen as a major boost for the sector, with hopes for further policy support.

A vote on account is an interim budget that could be an indication of things to come when the actual budget is passed late this year, post the general elections. As things stand, the interim budget presented by Finance Minister Nirmala Sitharaman has hiked the defence outlay, up from Rs 5.94 lakh crore to Rs 6.2 lakh crore.

Aiming to go net zero emission by 2070, the government has stepped up the focus on expanding the electric vehicle (EV) ecosystem and charging infrastructure in the country during the Budget 2024 announcements. The push for greater adoption of electric vehicle will benefit general insurance companies offering insurance covers for electric vehicles, whose penetration target has been set.