The budget announced on February 1 is interim and set to expire by May, when general elections are scheduled. While Nirmala Sitharaman, the finance minister, has stated that the interim budget will contain “no spectacular announcements,” some adjustments cannot be completely ruled out.

After all, the tax rebate was raised for people with incomes up to Rs 5 lakh in the February 2019 budget, which was also an interim one after the current government’s first term. Because of this, individuals earning up to Rs 7 lakh could still avoid paying taxes if they claimed deductions totalling at least Rs 2 lakh, which would reduce their taxable income to less than Rs 5 lakh (including the standard deduction of Rs 50,000).

Budget 2024: Indian cryptocurrency players want tax cuts

Budget 2024 and the Taxpayer

The following are the demands on Budget 2024 from mutual funds, the pension and insurance industries, and taxpayers:

• Greater basic exemption limit: An increase in the basic exemption limit will lower the tax liability across slabs, that is, for all taxpayers, in contrast to the tax rebate, which is available on incomes up to Rs 5 lakh and Rs 7 lakh under the old and new tax regimes, respectively.
• Increased medical expense deductions: In light of the growing cost of healthcare, taxpayers are hoping for a rise in the allowable amounts for medical expenses and health insurance premium payments. At the moment, taxpayers can deduct up to Rs 25,000 annually from their taxes for parents and their families health insurance premiums paid under Section 80D. For senior citizens, the maximum deduction is Rs 50,000.
• Equity between self-employed professionals and salaried taxpayers: Following the new tax system in Budget 2020, taxpayers can switch from the previous tax system to a new one with lower tax rates and fewer deductions. While self-employed people and businesses can enter the new tax regime and switch back to the old one once in their lifetime, salaried individuals can choose between the two tax regimes every financial year.
• Income from annuities is tax-free, and life insurance is tax-deductible separately: Raising the tax-free cap on employers’ contributions to the National Pension System to 12 per cent of basic pay and dearness allowance, if any, is what the Pension Fund Regulatory and Development Authority is advocating for. Currently, it is only 10 per cent for workers in the private sector. The cap is already higher for those who work for the government, at 14 per cent. Employers may deduct this from their business expenses, and employees may take advantage of this deduction on their employers’ contributions.
• Tax breaks on home loans under the new regime: Real estate stakeholders want more deductions for interest payments than they could under the previous tax system. Since 2014, this has stayed constant at Rs 2 lakh.

The Indian cryptocurrency and web3 industry association, Bharat Web3 Association (BWA), recently submitted its wishlist for the 2024 budget to the finance ministry. This time, the industry calls for tax rationalisation and regulatory tightening regarding offshore exchanges.

The finance ministry has been blocking the URLs of offshore exchanges not registered with the Financial Intelligence Unit-India (FIU-IND) and sending show-cause notices to them. This comes when the Indian crypto sector has already begun to see some regulatory green shoots.

Infrastructure suppliers like Polygon and Biconomy, cryptocurrency exchanges like CoinDCX and CoinSwitch, virtual gaming platform Hike, and other Web3 participants like Tax Nodes and Liminal are among the present members of BWA.

Indian cryptocurrency players want tax cuts.

Re-examining the flat rate of 30% applicable to income from the transfer of VDAs, and reduction in the rate of TDS on the transfer of VDAs (virtual digital assets) to 0.01% from 1%; specifically including foreign exchanges in the scope of TDS.

The current tax system “has not achieved the intended purpose of enabling VDA transactions to be monitored,” according to the note. The statement continued, “Instead, it encourages Indians to shift such activities to other easily accessible channels that make it impossible to monitor the same.”

There is a 30% tax on revenue from virtual digital assets (VDAs), which include cryptocurrency tokens, non-fungible tokens (NFTs), and other tokens. Every transaction that exceeds Rs 10,000 is subject to an additional Tax Deducted at Source (TDS) of 1%, which means that a sizable amount of capital gets trapped in the cycle every day. Reclaiming these TDS amounts is limited to filing tax returns.

CoinDCX co-founder Sumit Gupta said that to evade these taxes, over 90 per cent of the traffic from Indian crypto exchanges has moved to offshore exchanges.

Budget 2024: RBI Monetary Policy Review

Effects on small companies

Cryptocurrency unicorn CoinDCX made similar recommendations to BWA’s in a different pre-budget recommendation letter distributed last month.

Two of its main demands are to reduce the transfer rate of VDAs from thirty per cent to one-half, in line with other assets like securities, and to include offshore exchanges in the TDS mandate.

CoinDCX stated that it would “specifically include offshore platforms in the scope of the TDS mandate under Section 194S to ensure a level playing field between Indian and offshore exchanges.”

The nation is proud to have a “thriving developer community that is contributing substantially to the development of the Web3 ecosystem, globally,”

According to the letter

According to reports, 11% of the world’s Web3 talent resides in India. The government exchequer receives less revenue when entrepreneurship, innovation, job creation, wealth creation, and foreign investment are discouraged. The entire industry is subjected to a high rate of 30%, along with the prohibition of offsetting losses. Thus, it promotes migration outside of India,” the letter stated. CoinDCX further noted that small businesses will be “burdened” and faced with challenges by this substantial capital gains tax.

The report stated that the VDA trading sector faces a disadvantageous position, deterring potential growth and investment despite the government allowing a lower tax regime in the share trading business.

Even so, industry participants might expect little changes soon because 2024 will be an election year, and this is only a vote on account, not a comprehensive budget.

Chief public policy officer of CoinDCX and director of BWA Kiran Vivekananda stated that the government has already taken some action to bring offshore entities under FIU-IND and that he expects little from the union budget because elections are coming up in April.

The requests are more justified this year. We needed more information last year to support the effect on how businesses. I believe the G20 talks have also contributed to the industry’s general understanding that this is more than just conjecture.

Kiran Vivekananda, Chief Public Policy Officer, CoinDCX and Director of BWA

The budget is anticipated to bolster domestic factors to support the nation’s economy and promote global growth amid unrest and uncertainty.

IDBI Bank Deputy Managing Director Mr Suresh Khatanhar on Budget 2024

The budget, scheduled to be presented on February 1st, will probably centre on sustaining the economic recovery despite global obstacles to reach the goal of a $5 trillion GDP in the upcoming years.

Measures will bolster domestic manufacturing, promote rural development, develop social infrastructure, lure foreign investment, and build upon previous budgets.

The budget may prioritize further streamlining Bankruptcy and Insolvency Code regulations and reevaluating the National Asset Reconstruction Company and India Debt Resolution Company’s organizational structures to promote smooth economic credit flows, given the banks’ crucial role.

Preliminary budget announcements will probably focus on keeping India one of the fastest-growing major economies and pushing it to become the third-largest GDP (at $5 trillion) by 2027–2028. The budget is anticipated to bolster domestic factors to support the nation’s economy and promote global growth during unrest and uncertainty.

Incentivising production

There may be increased efforts towards developing new and emerging sectors to protect itself from the turmoil in the world and promote medium-term growth. To propel manufacturing growth into the next stage, there will be a focus on increased funding allocation for upscaling and vocational training in selected sectors and programs like production-linked incentives.

Sustained efforts to streamline laws and procedures to facilitate business dealings will contribute to developing a favourable atmosphere and protecting the national economy from outside shocks. The budget is anticipated to prioritize increasing exports to various new and diverse markets and stimulating domestic demand to support manufacturing.

Capital spending on infrastructure, currently concentrated on building roads and railroads, will probably expand to include building ports and shipping, energy, and urban infrastructure. Announcements of tax breaks and incentives to draw in foreign investment may be made. Tax policies are anticipated to increase disposable income and savings, which may multiply the impact on domestic demand.

A sustainable future is a top priority for the government, so announcements about sustainable finance are likely to come, particularly about MSME (micro, small, and medium-sized enterprises) financing. It is anticipated that digital banking and improved access to financial services—mainly via digital channels—will take centre stage.

Announcements about the fintech industry, which has grown to be a significant stakeholder, might be made to give them the right incentives to expand their role and support more established players in the market.

The government is anticipated to convey through the budget its intention to stick with a prudent fiscal management strategy, emphasizing increased capital expenditures bolstered by solid tax receipts.

It is generally anticipated that the government will be able to meet its FY24 budget deficit target of 5.9 per cent of GDP and will be on track to announce a more stringent budget deficit target for the following year.

To set out on a style journey that speaks volumes, enter the magic of the holiday season with grace and flair. The exquisite collection of footwear promises to add a touch of elegance to every step and provides complete comforts to the feet, elevating the look and helping embrace the latest trends. During this joyous occasion, showcase the impeccable sense of style and create an elegant statement. The well-chosen footwear is the ideal choice to complete the look, whether attending a formal event or having a great time dancing at an after-party. Prepare to shine brightly to choose the perfect pair to adorn your feet. This holiday season, take centre stage and let fashion steal the show. Don’t just follow the trends during the festivities; set them on fire with the ideal footwear from a better collection. 

Although we frequently undervalue footwear daily, it significantly impacts our posture and general health. The body alignment can be affected considerably by the sandals we select. Sandals may have long-term effects on our health and posture. According to data, Most people (83.2%) wear inappropriate shoes. In comparison, only 16.8% wear the shoes that are advised, which include thick soles, arched or cushioned insoles, and heel heights between 0.5 and 4 cm. A little over 82.2% of patients with plantar fasciitis reported wearing shoes with a minimal heel height, and 55.5% said they were wearing shoes without integrated arch support or a stiff, non-cushioned insole. The severity of heel pain experienced by participants who wear inappropriate footwear is higher (P-0.013), which restricts their daily activities.

Extended standing, dancing, and manoeuvring durations through congested areas are hallmarks of joyous festivities. It should be the primary priority to prioritise comfort. Seek out secure fitting and well-cushioned insoles. While choosing the perfect footwear for this festive season, choose something that goes with trends. It’s appropriate to embrace your heritage and celebrate tradition with modernism during the holiday season. Ladies, accentuate the regal allure of your saree by selecting a delicate yet fashionable pair of cork sandals. Choose Cork sandals with floral embellishments to bring freshness to your salwar suit outfit. Select sandals with a soft colour scheme that complements the floral designs on your clothing to create a cohesive and eye-catching look. To improve the appearance, go for detailed embroidery, eye-catching hues, or shiny accents.

Redefining Open Footwear: NoStrain’s Mission for Modern India

Winter brings chilly mornings and windy days; as the temperature drops, it becomes increasingly important to keep our feet warm to ensure overall comfort. During winter, one can pick rubber slippers to keep the feet warm and moisturised. Rubber slippers’ natural ability to withstand moisture is one of their many advantages in the winter. Unlike other materials that absorb moisture and weaken protection, rubber repels water, snow, and slush. Embellishments for a touch of glam must be combined with comfort and safety from chilly weather. 

The footwear selection becomes the defining factor for comfort and elegance as you embark on this enchanting style journey throughout the holiday season. With every stride, people embrace total ease and stay stylish with the perfect selection. During this happy occasion, show off the impeccable sense of style. It’s a celebration of fashion and the chance to make every moment unforgettable, so choosing the perfect pair to get ready to step into the spotlight becomes more than just a decision. Including cork sandals in festive fashion attire guarantees optimal comfort throughout the joyous festivities and brings a modern touch.

The Agriculture Ministry reported that the government has recently increased the ministry’s budget. Still, the church has not yet utilized it because over Rs 1 lakh crore has been relinquished in the last five years.

The Department of Agriculture & Farmers’ Welfare (DA&FW) surrendered Rs 21,005.13 crore of its annual allocation of Rs 1.24 lakh crore during the last financial year (April 2022-March 2023), according to the report titled “Accounts at a Glance for the Year 2022-2023.” This is nearly four times the amount the department turned in for the 2021–2022 fiscal year, totalling Rs 5,152.6 crore out of its allotted Rs 1.23 lakh crore.

In 2020–21, Rs 23,824.53 crore; in 2019–20, Rs 34,517.7 crore; and in 2018–19, Rs 21,043.75 crore were turned over to the department.

Khalistani Threats Cast Shadow: Republic Day Braces for Blood-soaked Menace

A total of Rs 9 lakh has been turned over by the ministry’s Department of Agricultural Research and Education, which was allotted Rs 8,658.91 crore in 2022–2023; Rs 1.81 crore in 2021–2022; Rs 600 crore in 2020–21; Rs 232.62 crore in 2019–20; and Rs 7.9 crore in 2018–2019.

With the Centre launching the Kisan Samman Nidhi during the financial year 2018-19, the combined budget of the two departments under the Agriculture Ministry increased from Rs 54,000 crore (or 2.3% of the Centre’s total budget of Rs 24.42 lakh crore) in 2018-19 to Rs 1.32 lakh crore (or 3.5% of the total Rs 39.44 lakh crore during 2022-23.

Over the past five years, the annual allocation to the scheme has fluctuated between Rs 20,000 crore and Rs 75,000 crore. However, the government marginally reduced the ministry’s total allocation to 1.25 lakh crore during the current financial year 2023-24 from Rs 1.32 lakh crore in 2022-23, perhaps due to the non-utilization of funds.

Will there be trouble on Republic Day?

Khalistani terrorist Gurpatwant Singh Pannun makes a terrifying ultimatum aimed at Punjab Chief Minister Bhagwant Mann and the state’s Police Chief, Gaurav Yadav, causing unease on Republic Day. Pannun’s violent speech, which calls for gangsters to band together for a potential attack, raises security worries and highlights the region’s ongoing threats from extreme elements. Authorities are on high alert, emphasising the problematic balance between democratic processes and the need to protect public figures from rising extremist threats.

This latest incident comes barely a week after Pannun criticised the Indian government during the consecration ceremony of the Ayodhya Ram Temple on January 22. In that case, he not only issued threats but also urged the Muslim community to oppose the ceremony, claiming it was built on the site of the Babri Masjid.

Kerala: Youth Congress protest against the arrest of State President

According to intelligence sources, Pannun has accused Prime Minister Narendra Modi of being a “global enemy of Muslims” and that the Ram Mandir event is part of Modi’s “Operation Bluestar against Muslims.”

Pannun’s failure to hold a referendum for a separate Khalistan has compounded the issue, sending him into what intelligence sources regard as a “panic mode.” His recent call to destroy India’s economy by targeting the Bombay Stock Exchange on March 12, 2024, adds to the anxiety. Pannun’s provocative acts and threats highlight the persistent problems posed by extremist forces, as well as the importance of increased security measures to prevent potential violence and unrest.

Security staff and intelligence agencies are on high alert in response to Pannun’s recent threat, and activities are intensifying to stop any possible attack on the AAP, the CM. This problem draws attention to how difficult it is to maintain democratic processes while also protecting prominent figures’ safety from persistent extremist threats. As the country approaches Republic Day, it is necessary to implement strong security measures and take quick action against those who promote violence.

If you aren’t doing stock, are you even living? It has become popular with fair advantages. With the stock market becoming increasingly globalized, investors worldwide are looking for guidance and education to capitalize on trading opportunities. MikFx, a leading global provider of stock market training, is quickly emerging as the go-to source for traders internationally.

Headquartered in Gujarat, MikFx offers cutting-edge education for navigating the complexities of today’s financial markets. Through online courses, mentorship programs, and hands-on training, MikFx equips traders worldwide with the analytical skills and strategic mindset to thrive in stocks. What else do you need?

Dharmik Thakker, the founder of MikFx, says, “We take a research-based approach to analyzing market trends. Our programs focus on teaching proven technical and fundamental analysis techniques.” The rigorous training gives rising traders a keen insight into predicting price movements, assessing risk and reward ratios, and implementing effective trading plans. 

It’s often said that there’s no place for emotions while making decisions, and thus, MikFx can help one learn to make data-driven decisions rather than emotional reactions. The students here gain proficiency in chart pattern recognition, financial modeling, sector analysis, and proprietary trading strategies. Small class sizes ensure personalized attention and support.

The company’s global reach and focus on practical training have quickly made it the leader in stock education worldwide. MikFx has helped thousands of students across multiple countries achieve consistent profitability and long-term success in trading. With strong demand abroad, MikFx is expanding to serve more international traders. New courses and online resources are being added regularly to the company’s offerings.

Not only that, but they are also using their social media channels effectively to share more knowledge about the stock market. Whether just starting or looking to take their skills to the next level, international investors continue to turn to MikFx for the real-world training that leads to steady profits. By delivering actionable market insights, traders can trust the name. If you open an account with them, you can also enjoy a MikFx Million membership. So, if you too are looking to expand your proficiency, visit them now on Instagram at @mik_fx 

The Youth Congress in Kerala started the protest on 15 January. It continued with its protests against the arrest of its State President, Rahul Mamkootathil, by holding marches to government offices in some parts of the southern state. He has a case of a recent stir against the government that has triggered widespread protest by the Congress and allegations of police raj by the CPM-led Left Democratic Front government in Kerala. His Mother, Beena, told reporters that her son was held by surrounding the house as if he was a terrorist or evading person. 

The police resorted to lathi-charge, water cannon and tear gas to disperse the crowd outside Kozhikode District Collectorate. Youth Congress State Secretary VT Nihal was injured in the explosive attack by the police. The agitators also strike the National Highway in front of the Collectorate, affecting the traffic on the Kozhikode-Wayanad road. According to reports, Youth Congress National Secretary Vidhya Balakrishnan and District President R Shahin are under police custody.

Ahead of the Ram Mandir consecration ceremony, PM Modi starts an 11-day “anushthan”

Did police arrest Rahul Mangkoottathil?

A police party from Cantonment police station in Thiruvananthapuram arrived at Rahul’s house on the morning of 16 January. Rahul was brought to the police station and informed that he was arrested in connection with the incident during the Youth Congress march against the Kerala Government outreach programme Nava Kerala Sadas, Thiruvananthapuram, in December. The case concerned damage to public property and the injury caused to eight police officers, including the Cantonment sub inspector. 

“My son did not commit any murder. I asked all the police officers who came to my house as to why they were taking away my son. But none had an answer. I understand they were only implementing the orders received from higher-ups. My son is not afraid of such arrests.”

– Rahul’s Mother

Youth Congress workers organised protests in several districts against Rahul’s arrest. The YC workers blocked traffic on the state and national highways in many places. They held protest demonstrations in the district headquarters. PCC president K Sudhakaran, Benny Behnan, Shafi Parambil, Ramesh Chennithala, K C Venugopal and P K Kunhalikutty condemned the police’s highhandedness. K C Venugopal said the arrest of Rahul was an example of the police raj in Kerala.

“The entire house of Rahul was cordoned off as if the cops had come to take away a terrorist.”

Opposition leader Satheeshan

After shares were listed on stock exchanges in 2023, investors who participated in initial public offerings (IPOs) saw a significant increase in their investments. Although these companies only raised Rs 49,434 crore from the market through the IPOs, the market value of the 57 IPOs listed in the last 12 months has skyrocketed to Rs 479,656 crore, translating to an 870 per cent spurt in investor wealth.

IPO Boom

This indicates that the total value of the gains made by investors—primarily promoters and institutional investors—from these IPOs is Rs 430,000 crore. Five 57 companies listed on stock exchanges in the previous 12 months have discounted share prices. Some have made gains of up to 236%.

PRIME Database Group Managing Director Pranav Haldea reports that total public equity fundraising rose from Rs 90,886 crore in 2022 to Rs 1,44,283 crore in 2023, a 59% increase. Nine of the 57 IPOs were oversubscribed more than three times, and 41 of the IPOs received a mega response more than ten times (of which 16 were subscribed more than fifty times). He said there were one to three times as many bidders for the remaining seven IPOs.

Equity fund inflows increased by 9.40% in December, while mutual fund assets surpassed Rs 50 lakh crore.

After raising Rs 3,042 crore through the IPO, Tata Technologies has a market capitalization of Rs 47,378 crore. On January 12, the company’s share price was Rs 1,167.90, compared to the IPO price of Rs 500. Compared to the IPO size of Rs 2,150 crore, the market capitalization of the Indian Renewable Energy Development Agency is Rs 29,834 crore. On January 12, the share price was Rs 111, compared to the IPO price of Rs 32. Investor wealth in Mankind Pharma is currently Rs 88,970 crore, compared to the IPO size of Rs 4,326 crore at the Rs 1,080 IPO price. The price of its shares surged to Rs 2,221.

While promoters and institutional investors hold the lion’s share of this gain through the listing, retail investors who have stayed invested have witnessed significant value appreciation. A retail investor purchased 10 Tata Tech shares for Rs 5,000 during the initial public offering (IPO). Now that the market value of those shares has increased to Rs 11,679, he is sitting on a gain of more than Rs 6,000.

Most IPOs have seen massive oversubscriptions as a result of the strong returns. Recalling the previous experience, issuers refrained from overpricing. “The last few months’ IPO craze hasn’t waned. Business enthusiasts are taking notice of the big names that are entering the market, according to Mahavir Lunawat, Managing Director of Pantomath Capital Advisors. According to him, initial public offerings (IPOs) have recently evolved beyond simple financial transactions, drawing interest from a wide range of investors rather than just experienced equity buyers. In 2023, the IPO market was thriving due to the secondary market’s positive trend. 57 IPOs came to the market for subscription to raise funds worth Rs 49,434 crore against 40 IPOs last year (total issue size of Rs 64,000 crore).

Going ahead, the pipeline remains intense, with a sharp increase expected in new-age tech IPOs, including Ola Electric, Swiggy and Mobikwik.

Moreover, the manufacturing and investment sectors saw strong growth in the first half of FY24, accounting for 7.7% of GDP growth. The Reserve Bank of India updated its GDP prediction for FY24, raising it to 7%. The market has benefited from these overly optimistic expectations for real GDP growth. Significant growth was observed in other high-frequency data points such as power demand, automobile sales, GST collections, and PMI data. However, according to a Motilal Oswal report, the first half of FY24 corporate earnings concluded positively, with Nifty companies generating 30% YoY profit growth.

The US and Indian elections this year may cause a brief lull in fundraising activity, according to Ramesh of Kotak Investment Banking. Still, the momentum behind the IPO is unlikely to slow down. The average IPO size is predicted to return to Rs 1,500 crore this year after reaching an average deal size of Rs 750–800 crore in 2023, the year of mid-cap IPOs.

This year, a wide range of businesses are anticipated to enter the market, including more extensive financial and tech services, manufacturers, and infrastructure firms planning to go public. In the upcoming 12 to 24 months, new-age tech listings will also take place, according to Ramesh.

On Friday American space agency NASA(National Aeronautics and Space Administration) unveiled the supersonic aircraft. This is an experimental commercial aircraft named, X-59, which was created by NASA in a joint event with Lockheed Martin Skunk Works in Palmdale, California. According to the reports, its top speed is 1.4 times the speed of sound which is approximately 1,488 kilometres per hour. As per the news this supersonic aircraft is set to take off for the first time later this year.

Features of the aircraft

The supersonic aircraft has a thin narrow front nose, which makes up approximately a third of its total length. This can deflect shock waves surrounding supersonic planes and cause sonic booms. According to the sources, the X-59 is 99.7 feet long and 29.5 feet broad. To boost the aircraft’s supersonic performance, engineers removed the forward-facing windows used in other aircraft and positioned the cockpit roughly halfway down its length. The engine is installed on top, and scientists “gave it a smooth underside to help keep shockwaves from merging behind the aircraft and causing a sonic boom.”

According to the Deputy Administrator of NASA Mr. Pam Melroy, “This is a major accomplishment made possible only through the hard work and ingenuity from NASA and the entire X-59 team.” He further added, “In just a few short years we’ve gone from an ambitious concept to reality. NASA’s X-59 will help change how we travel, bringing us closer together in less time.”

NASA’s Quesst Program

The X-59 is the focal point of NASA’s Quesst program, which intends to give information to help regulators re-evaluate restrictions that prohibit commercial supersonic flying over land. Because of the disruptive effects of the loud, unexpected sonic booms on adjacent towns, the United States and other countries have prohibited these flights for the past 50 years. The X-59 is expected to move at 1.4 times the speed of sound, with the jet’s shape, design, and technology allowing it to do so with a quieter thud.

After the flight tests are completed, NASA will fly the aircraft over many locations in the United States to get feedback on the sound the X-59 creates and how people perceive it. NASA will transmit the data to the Federal Aviation Administration as well as foreign agencies.