Union Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024, highlighting BJP's achievements and goals ahead of the Lok Sabha elections. She introduced new interpretations of FDI, GDP, and GYAN, emphasizing on 'First Develop India', 'Governance Development Performance', and 'Gareeb, Youth, Annadata, and Mahilayen.'

India's Interim Budget 2024 announced a VGF of one GW for offshore wind energy as part of the country's commitment to achieve 'net-zero' emissions by 2070. This move is significant as India has no current offshore wind projects and will require interventions to reach its net-zero target. The new Offshore Wind Energy Lease Rules, 2023 were also notified to promote this renewable energy source.

The interim budget has increased funds for MNREGA and road & highway construction, which will boost rural income and consumption. The allocation is the same as actual spending in FY24, showing a commitment to fiscal deficit reduction. This, along with increased minimum support prices and lower inflation, should lead to higher income in rural areas.

Josts Engineers Company reported positive quarterly numbers in December 2023, with net sales increasing by 12%, net profit increasing by 54.88%, and EBITDA increasing by 68.19%. However, EPS decreased from Rs. 12.00 to Rs. 7.00. The company's shares closed at 682.55 on January 31, 2024, showing a 57.36% return over the last 6 months and 237.

PM Modi hailed Finance Minister Nirmala Sitharaman's interim budget as inclusive and innovative, with a focus on empowering the poor and middle class and generating new employment opportunities. The budget aims to fortify the foundation for a developed India by 2047, with a strong focus on the four pillars of youth, poor, women, and farmers. It also includes measures such as income tax relief.

India Cements reported its quarterly numbers for December 2023, showing a 10.66% decrease in net sales and a significant decline in profits by 99.5%. However, EBITDA saw an increase of 261.6%. The stock closed at 261.40 on January 31, 2024 with returns of 19.12% and 38.93% over the last 6 and 12 months respectively. Expenses also saw a decrease.

Indian government's budget announcement has had a positive impact on the bond market, with yields falling to a 6-month low. The government's adherence to fiscal consolidation and lower borrowing will not crowd out private credit and could lead to further rate cuts. Banks are expected to benefit from these moves, with non-interest income boosting their profitability and improving return on assets.

The Indian government has reduced the budget for promoting RuPay debit cards and low-value BHIM-UPI transactions by 42 percent compared to last year. The incentive scheme, which was initially for one year, has now been extended and aims to increase digital payments, especially through UPI. The move to eliminate MDR on UPI and RuPay transactions has sparked a debate among stakeholders.

Delhi HC reprimands MCD officials for not taking action against illegal construction in Chandani Mahal. Bench questions how construction was allowed despite an earlier order and 'work stop' notice. NGO claims construction is still ongoing. MCD assures demolition will be carried out, but court asks authorities to explain why they didn't notice the construction.

The Indian government has increased the budget for their production-linked incentive scheme for electronics manufacturing to Rs 6,200 crore for 2024-2025, a 1.5x increase from previous estimates. Previously, 27 companies were approved, including Dell and HP, with a commitment to produce Rs 4.65 lakh crore worth of personal computers, laptops, tablets, servers, and other equipment.

Lakshadweep is set to receive a boost in infrastructure, according to Finance Minister Nirmala Sitharaman's budget speech. The increase in tourism interest has led to plans for port connectivity and new amenities on the archipelago of 36 islands. This comes after Prime Minister Narendra Modi encouraged Indians to explore domestic destinations, leading to a surge in searches for Lakshadweep.

Interim budget reduces budget for regional air connectivity scheme in 2024-25. Rs 502 crore earmarked for next year, down from Rs 1,244.07 crore in BE of FY24. UDAN aims to make air travel affordable by refurbishing under-served airports and connecting Tier-2 and Tier-3 cities. Outlay for civil aviation not mentioned in budget speech but overall capex up by 11.1% from previous year.

The Indian government's Interim Budget for 2024-25 estimates Rs 3.81 lakh crore to be spent on major subsidies, with food subsidy accounting for 54%. The entire food subsidy bill will go towards the Pradhan Mantri Garib Kalyan Anna Yojana. Fertiliser subsidy is projected to decrease to Rs 1.64 lakh crore, while the revised estimate for petroleum subsidy is Rs 11,925 crore.

Budget day disappoints stock market investors with no major changes or surprises announced. Government prioritizes fiscal prudence over populism, and setting fiscal deficit at 5.1%, better than expected. 5 takeaways for stock market investors: boost in capital expenditure, push for EVs, focus on railway projects, expansion of Lakhpati Didi scheme, and promotion of rooftop solarization.

IDBI Bank and Container Corporation shares saw an increase on February 1st after the government set a divestment target of Rs 50,000 crore for FY25. Other divestment targets such as Shipping Corp and BEML were also trading higher. The government has faced roadblocks in divesting its stakes in these companies, but with the higher target for FY25, investors are hopeful it will be completed.