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.

The interim budget was presented before the upcoming general elections and focuses on maintaining government functioning rather than proposing new taxes. It highlights the achievements of the outgoing government and sets goals for the next term. The GDP is expected to be lower than anticipated, but revenue growth has exceeded targets.

In the upcoming financial year of 2024-25, Indian Railways will receive a budget of Rs 2.52 lakh crore for capital expenditure, which is 5% more than last year's allocation. The funds will be used to build tracks and improve facilities for safety. The Dedicated Freight Corridor Corporation of India will receive a budget of Rs 4,155 crore, significantly lower than the previous year.

Within just two years, the Indian government has significantly increased the budget for cybersecurity projects from Rs 30 crore to Rs 750 crore. This decision comes in response to the rampant cyber attacks on government institutions, with a notable incident of ransomware affecting AIIMS in 2023. In 2022, CERT-In handled over 1.3 million cybersecurity incidents, highlighting the need for increase.

Modi government's interim budget for 2024-25 focused on key schemes such as MGNREGA, Pradhan Mantri Awas Yojana, Ayushman Bharat, Mission Shakti, and PM Gram Sadak. These initiatives aim to address challenges of employment creation, rural demand, and women's empowerment. The budget allocated significant funds for MGNREGA, PMAY, Ayushman Bharat, Mission Shakti, Jal Jeevan Mission.

The Interim Budget for 2024-25 proposes to keep consumer goods prices unchanged by retaining current tax rates. This follows a similar decision in the previous budget. The move aims to provide stability and avoid any major changes. However, the consumer sector is facing challenges such as lower demand, inflation, and impact of natural disasters, which may affect sales and profits.

The Finance Minister did not make any changes to the capital gains structure and debt taxation in the recent interim budget for 2024. Tax experts were expecting a rationalization of this structure, as different assets are currently taxed differently. Asset management companies were also hoping for a roll back of last year's debt taxation changes, but nothing was announced.

Prime Minister Modi announced the Pradhan Mantri Suryodaya Yojana, a rooftop solar programme for 1 crore households, on the same day as the consecration of the Suryavanshi Ikshvaku deity in Ayodhya. This budget also demonstrates the government's commitment to sustainable and inclusive growth, with a focus on strengthening rural infrastructure and generating jobs in rural areas.

The budget announcement of lower borrowing programme and decrease in bond yields led to an increase in trading and surge in Nifty PSU Bank index. PSU banks saw notable gains, with analysts attributing it to their higher proportion of government bonds and potential inclusion in global bond index. The government also lowered its fiscal deficit targets for FY24 and FY25.