PSU stocks traded mixed after FM's budget speech. Capital expenditure budget raised by 11.1% for FY25, but lower than expected. Railway stocks like IRCTC and Rail Vikas Nigam slipped due to plans to convert bogies into Vande Bharat standards. Defense stocks went down as no mention of allocation for indigenisation. PSU banking stocks like IOB and PNB surged after reduced borrowing plan.

The Indian government encourages spiritual tourism and plans to develop tourist centers with interest-free loans. Taxpayers can utilize their leave travel allowance for domestic trips with family, but must keep proof of expenses and limit claims to airfare or first-class train fare. Failure to provide documents may result in penalties for tax evasion.

According to the budget documents, the Indian government plans to receive a dividend of Rs 1.02 lakh crore in 2024-25 from the Reserve Bank of India and state-run banks. This is lower than the revised estimate of Rs 1.04 lakh crore for 2023-24. The increase in the current year's estimate is due to the RBI transferring a larger dividend of Rs 87,416 crore in May 2023.

The Indian government's budget speech on February 1 focused on effective execution and capacity building, allocating Rs 11.1 lakh crore for infrastructure growth. The Finance Minister highlighted the past ten years of people-centric development and the implementation of a system for timely delivery of programs and projects. This news is still developing, please check back for updates.

The interim budget for 2024-25 focused on past achievements rather than proposing plans for the upcoming year. The government resisted introducing any major measures before the elections. Some claims were backed by data, but others were questionable. The budget allotted funds for improving railways and infrastructure, and also announced a new corpus for tech growth through interest-free loans.

Kiran Mazundar-Shaw praised the interim budget as "all encompassing" and "growth focused", highlighting its inclusion of measures for economic development and innovation. She also noted that there were no changes in taxes and that the budget emphasized on research, biomanufacturing, and green technologies. Finance Minister Nirmala Sitharaman delivered one of the shortest budget speeches.

The Finance Minister announced the government's plan to promote cervical cancer vaccination among girls aged 9 to 14. India has a high risk of cervical cancer and the vaccination program will involve administering the HPV vaccine to protect against specific strains of the disease. Various vaccines are available in the market, with one indigenously developed by India.

Banking stocks rose after the Finance Minister announced the Budget, which did not include proposals for capital infusion in public sector banks. The government's fiscal deficit target and net borrowing plans were positive for the bond market, improving sentiment around banks. Private and PSU banking indices saw mixed trading, with Nifty Bank hovering near 45,970.

India's FM did not make any changes in income-tax rates or slabs for the new or old regime. Taxpayers with an annual income up to Rs 7 lakh in the new regime will not have to pay any tax due to a higher rebate. Relief was announced for pending tax disputes and a new housing scheme will be introduced. Tourist hubs across India will also benefit taxpayers claiming LTA as part of their salary.

Finance Minister Nirmala Sitharaman announced plans for development projects on islands, including Lakshadweep, to boost domestic tourism. This comes after Prime Minister Modi's visit to the island and a social media controversy involving derogatory remarks against him. The budget also focuses on promoting tourism by developing iconic places and providing interest-free loans to states.

The Indian government has launched initiatives like the Startup Credit Guarantees and Fund of Funds Scheme to create job opportunities for the country's youth. The Fund of Funds for Startups, established in 2016 with a corpus of Rs 10,000 crore, provides capital to SEBI-registered AIFs, who then invest in Indian startups. Under the Startup India initiative, various schemes and exercises.

Finance Minister Nirmala Sitharaman emphasized the importance of empowering India's youth in the pursuit of prosperity during her budget speech. The National Education Policy (NEP) 2020, which aims to bring transformational reforms, was one of the key takeaways for educators and students. The government also announced plans to set up more medical colleges.

The government extended healthcare coverage to ASHA and anganwadi workers through Ayushman Bharat, the world's largest publicly funded health insurance scheme. The scheme covers Rs 5 lakh per family per year for hospitalization. As of December 27, 55 crore people from 12 crore families were covered. In the interim budget announcement.

As the finance minister Nirmala Sitharaman announced that application of nano DAP on various crops will be expanded in all agro-climatic zones, fertiliser stocks jumped in trade. Coromandel International shares stock gained 1.5 percent, and GNFC or Gujarat Narmada Valley Fertilisers & Chemicals pare part losses following the announcement. Chambal Fertilisers and Chemical gained around 2 %.

Budget 2024-25 does not mention allocation for metro projects, but expansion in larger cities will continue. NAMO and Metro trains to be introduced in more cities. India currently has 895 km of metro lines in 20 cities. Last fiscal, Rs 19,518 crore was allocated for metro projects, in line with government's aim to improve urban transport and regional connectivity.