Budget 2024: The Key Highlights and Takeaways for Investors and Traders

 The interim Budget 2024, presented by Finance Minister Nirmala Sitharaman on February 1, was the last budget before the general elections. Here are some of the key highlights and takeaways for investors and traders:

• The budget projected a fiscal deficit of 4.8% of GDP for FY 2023-24, lower than the revised estimate of 5.5% for FY 2022-231.

• The budget announced a 10% increase in capital expenditure to 6.08 lakh crore for FY 2023-24, with a focus on infrastructure development12.

• The budget proposed to increase the limit for foreign direct investment (FDI) in the insurance sector from 49% to 74%13.

• The budget extended the tax holiday for startups by one more year till March 31, 2025, and increased the deduction limit for interest paid on affordable housing loans by one more year till March 31, 202514.

• The budget did not introduce any new taxes or cesses, and kept the income tax slabs and rates unchanged14.

• The budget allocated 1.97 lakh crore for the production-linked incentive (PLI) scheme for 13 sectors, including automobiles, textiles, electronics, and pharmaceuticals15.

The interim budget was seen as a growth-oriented and investor-friendly budget, as it aimed to boost the economic recovery from the pandemic, support the rural and urban consumption, and attract more foreign capital. The stock markets reacted positively to the budget, with the benchmark indices hitting record highs on the budget day24. The sectors that are likely to benefit from the budget proposals include infrastructure, capital goods, insurance, real estate, startups, and manufacturing24

Market Volatility on Budget Day.

Union Finance Minister Nirmala Sitharaman is all set to present the #Budget2024 on 1 February 2024.

Here is how Nifty50 performed on budget day in the past 10 years.

(Year - The minister who presented the budget - Nifty Movement)

• 2023 - Nirmala Sitharaman - Nifty 0.26% down.

• 2022 - Nirmala Sitharaman - Nifty 1.37% up.

• 2021 - Nirmala Sitharaman - Nifty 4.74% up.

• 2020 - Nirmala Sitharaman - Nifty 2.51% down.

• 2019 - Nirmala Sitharaman - Nifty 1.14% down.

• 2019 - Piyush Goyal - Nifty 0.58% up.

• 2018 - Arun Jaitley - Nifty 0.10% down.

• 2017 - Arun Jaitley - Nifty 1.81% up.

• 2016 - Arun Jaitley - Nifty 0.61% down.

• 2015 - Arun Jaitley - Nifty 0.65% up.

• 2014 - Arun Jaitley - Nifty 0.23% down.

• 2014 - P. Chidambaram - Nifty 0.41% up.

• 2013 - P Chidambaram - Nifty 1.79% down.

Iran attacks in pakistan

 he operation hit two sites in Balochistan linked to the militant group Jaish al-Adl, Iran's state TV said. Iran attacked targets in Iraq and Syria earlier this week.

Pakistani officials said two children were killed and three others injured.

Islamabad said the  attack was "illegal" and warned of "serious consequences". 

However Iran's Foreign  Minister Hossein Amir-Abdollahian, speaking in Davos, insisted that no Pakistani nationals had been targeted, only members of  Jaish al-Adl.

The latest air strike comes at a time of growing tension across the Middle East, with war raging  between Israel and the Palestinian group Hamas in Gaza.

Tehran says it does not want to get involved in a wider conflict. But groups in its so-called "Axis  of Resistance", which include the Houthi militants in Yemen,  Hezbollah in Lebanon and various groups in Syria and Iraq, have been  carrying out attacks on Israel and its allies to show solidarity with the  Palestinians. The US and UK have launched air strikes on the Houthis  after they attacked commercial shipping.

China on Wednesday  urged Pakistan and Iran to show "restraint" and "avoid actions that  would lead to an escalation of tension". Foreign ministry spokesperson Mao Ning added that Beijing saw the countries as "close neighbours".

Perhaps stung by recent  deadly attacks on home soil, Iran seems intent on exacting revenge on those it sees as responsible.

At a time of heightened  regional tensions, Iran is keen to portray strength and demonstrate to its own population that acts of violence will not go unpunished.

Tuesday's strike in Pakistan hit a village in the vast south-western border province of Balochistan. Tehran  said it was targeting Jaish al-Adl, or "army of justice", an ethnic Baloch Sunni Muslim group that has carried out attacks inside  Iran as well as on Pakistani government forces.

Last December Jaish al-Adl attacked a police station in Rask, a town close to the  border with Pakistan.

Two weeks ago Iran suffered its worst domestic attack since the Islamic Revolution, when two bombs killed 84 people at a ceremony in Kerman to commemorate the US assassination of Iran's  notorious Revolutionary Guard general, Qasem Soleimani.

 Iran said it was targeting Islamic State and Israel's Mossad spy agency, both of whom it said had been  involved in the Kerman bombings.

The strike on Iraq hit a building in the northern city of Irbil. Four civilians were killed  and six hurt in the attack, local authorities said. The US condemned the attack.

Iran then struck Syria's north-western Idlib province, which is the last remaining  opposition stronghold in the country and home to 2.9 million displaced people.

But hitting its nuclear-armed eastern neighbour Pakistan is a dramatic escalation. Pakistan  expressed outrage, saying the attack took place "despite the existence of several channels of communication" between the countries.

On Wednesday Islamabad   said it had recalled its ambassador to Iran and the Iranian ambassador would not be allowed back into the country for the time

Pakistan and Iran have a delicate but cordial relationship. This attack took place on the same day as Pakistan's prime minister and Iran's foreign   minister met in Davos and while the Iranian and Pakistan navies held military drills together in the Gulf.

Yet both have  accused one another of harbouring militant groups that carry out attacks on the other in their border areas for years.

Security on either side of their  shared border, which runs for about 900km (559 miles), has been a long-running concern for both governments.

The Iranian strike is believed to have hit Sabz Koh village about 45km from the Iranian border and  90km from the nearest town Panjgur. Local officials   described it as a sparsely populated area home to livestock-owning  Baloch tribes where smuggling of goods, drugs and weapons is rife.

"People on both sides of the border consider themselves to be deprived of basic  necessities, face  discrimination and demand a larger share from their own resources," security commentator Zaigham Khan told the BBC.

In Iran, the Sunni Muslim Baloch minority  complains of discrimination in the Shia Muslim majority state, while Baloch separatist groups are continuing an insurgent movement against the  Pakistani  government.

International Kite festival 2024

 

            International kite festivals are vibrant events that celebrate the art and culture of kite flying. These festivals bring together kite enthusiasts, kite makers, and spectators from around the world to showcase a dazzling display of colorful kites in various shapes and sizes. The festivals often feature kite flying competitions, cultural performances, music, and food, creating a festive atmosphere.
Here are some well-known international kite festivals:

• International Kite Festival, Gujarat, India:

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• Held in Ahmedabad, this festival usually takes place in January during the auspicious festival of Makar Sankranti. The sky is filled with kites of all shapes and sizes, and participants engage in friendly kite-fighting competitions.

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• Berkeley Kite Festival, USA:

• Taking place in Berkeley, California, this festival is one of the largest kite festivals in North America. It features a variety of kite-related activities, including kite-making workshops, team kite flying demonstrations, and a giant creature kite show.

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• Dieppe Kite Festival, France:

• Held every two years in Dieppe, this festival attracts kite enthusiasts from all over the world. The event showcases artistic and innovative kites, and participants compete in various categories.

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• Fuerteventura Kite Festival, Spain:

• Taking place on the beautiful island of Fuerteventura, this festival combines the excitement of kite flying with the stunning backdrop of the Atlantic Ocean. It typically features professional kite demonstrations, workshops, and competitions.

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• Bali Kite Festival, Indonesia:

• This traditional festival takes place annually on the island of Bali. Teams from different villages compete to create and fly the most impressive kites, often featuring intricate designs and symbols.

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• Weifang International Kite Festival, China:

• Weifang is known as the "Kite Capital of the World," and its international kite festival is one of the oldest and largest in China. The festival includes kite-making competitions, exhibitions, and a grand kite-flying parade.

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• Cervia International Kite Festival, Italy:

• Taking place on the Adriatic coast, the Cervia Kite Festival is one of the most renowned kite events in Europe. The festival features a diverse array of kites, from traditional designs to innovative and artistic creations. Participants from different countries come together to share their passion for kite flying.

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• Dieppe International Kite Festival, Canada:

• Inspired by the Dieppe Kite Festival in France, the Canadian version in Dieppe, New Brunswick, celebrates the art of kite flying with a North American flair. The festival attracts kite enthusiasts from across the continent and includes breathtaking kite displays against the backdrop of the Atlantic coastline.

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• Fuji Susono City Comprehensive Park Kite Festival, Japan:

• This festival, held near the iconic Mount Fuji, offers a unique experience for kite enthusiasts. Visitors can enjoy the beauty of traditional Japanese kites and take part in various activities, including kite-making workshops and cultural performances.

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• Washington State International Kite Festival, USA:

• Located in Long Beach, Washington, this festival is one of the largest kite festivals in North America. Kite enthusiasts and professionals from around the world gather to showcase their skills and participate in friendly competitions. The event includes night flying displays, choreographed routines, and kite ballet performances.

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• Zilker Kite Festival, USA:

• Hosted in Austin, Texas, the Zilker Kite Festival is one of the longest-running kite festivals in the United States. Families and kite enthusiasts gather at Zilker Park to enjoy a day of kite flying, contests, and live music. The festival aims to promote creativity and outdoor activities for people of all ages.

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• Cervia International Kite Festival, Italy:

• Taking place on the Adriatic coast, the Cervia Kite Festival is one of the most renowned kite events in Europe. The festival features a diverse array of kites, from traditional designs to innovative and artistic creations. Participants from different countries come together to share their passion for kite flying.

• 
  

• Dieppe International Kite Festival, Canada:

• Inspired by the Dieppe Kite Festival in France, the Canadian version in Dieppe, New Brunswick, celebrates the art of kite flying with a North American flair. The festival attracts kite enthusiasts from across the continent and includes breathtaking kite displays against the backdrop of the Atlantic coastline.

• 
  

• Fuji Susono City Comprehensive Park Kite Festival, Japan:

• This festival, held near the iconic Mount Fuji, offers a unique experience for kite enthusiasts. Visitors can enjoy the beauty of traditional Japanese kites and take part in various activities, including kite-making workshops and cultural performances.

• 
  

• Washington State International Kite Festival, USA:

• Located in Long Beach, Washington, this festival is one of the largest kite festivals in North America. Kite enthusiasts and professionals from around the world gather to showcase their skills and participate in friendly competitions. The event includes night flying displays, choreographed routines, and kite ballet performances.

• 
  

• Zilker Kite Festival, USA:

• Hosted in Austin, Texas, the Zilker Kite Festival is one of the longest-running kite festivals in the United States. Families and kite enthusiasts gather at Zilker Park to enjoy a day of kite flying, contests, and live music. The festival aims to promote creativity and outdoor activities for people of all ages.