Deepak Shenoy

My last budget thread for 2025, just to give you an idea of how it is likely to go: https://t.co/H1AsE2hcWP

And Budget 2024: https://t.co/34vkYg4tSV

I make very deep insightful observations like this: https://t.co/4tSvGto34P

FM stands with the red folder, the bahi khata, which has a back-story to it that is usually interesting only after enough alcohol, because at that time approximately everything is interesting.

Apparently it contains a tablet now so yeah, it's complicated.

@lazy_proc Very very dhanyavaads :)

I want to say this. Everyone and his uncle has a demand for the budget. Note that technically, we are largely supply to the budget.

And...it begins. Item number 1. Not programmers, clearly.

Oh wait. That was technical something. The real thing is Item number 2?

It is the sacred occasion of Magh Purnima and Birthday of Sant Ravidas, it seems. Happy Birthday sir. We will celebrate later.

We have chosen reform over rhetoric. (Followed by some rhetoric but I am not splitting hairs on this one)

Some statement translated: The world is screwing with us. We're going to do things ourselves.

We will have some strange sounding names in the names of new proposals. I apologize for not getting anything right.

We will deliver on Sankalp. I'm assuming that's a hospital.

Currently, we are winning on scrabble, because we have also got kartavyas and sankalps also. There will be vikas, vikasits also with robust, resilient, mobilizing, force multipliers, reform express, comprehensive, productivity, accelerating, growth etc.

First note of mention of AI. Thank you for your service.

Reform express is happening. GST, bunch of things. Now for specific proposals.

Interventions in 6 areas.

1. Scaling up manufactruing

2. Rejuvenating legacy industry

3. MSME

4. Infra push

5. Security/Stability

6. City Eco Regions

Non communicable diseases: Diab/Cancer/Autoimmune

Global bio pharma manuf hub: Bio pharma shakti, 10,000 cr. over 5 years.

3 new pharma institutes, upgrading 7 existing. Clinical trial sites, meet global standards, dedicated scientific review.

Nice. Too little but nice.

ISM 2.0 for Indian stack IP based semiconductors

Elec components manuf scheme had 24900 cr. - will increase outlay 40,000 cr.

Ok this is really good, we need.

Rare earths! Support orisssa, kerala, ap and TN for dedicated rare earth corridors for full supply chain.

Super needed. Needs detail.

Dedicated chemical parks. (That's like what the Yamuna is today but still)

High precision component manufacturing support, we will support our home grown manuf for lifts, tunnel boring equip, fire fighting equip!

And containers manufactured here (10Kc r. for this)

FINALLY! We need this.

National handloom program. Tex eco initiative.

Samarth 2.0. THere are some serious buzzwords here.

Mega textile parts, plus technical textiles.

Gandhi something project for training skilling for village weavers and all that.

Dedicated initiative for sports goods. I want an Indian pickleball racquet and ball!

MSME: self reliance India fund with 2000 cr. for micro enterprises.

TREDs - 7 lakh cr for MSMEs already.

TREDs to be mandated for PSUs for all MSME supply

CGTMSE will do invoice discounting on it

TREDs will share info with govt for quick financing

TREDs receivables for ABS pools!

Infra: We have already done 11 lakh cr in FY26

In FY27 we will allocate 12.2 lakh crores!

Bangalore has gotten zero, just saying.

I mean infrastructure. They may have got money. It hasnt been spent on the road.

REITs - assets of PSUs will be built into REITs - this is huge if it happens

East to West dedicated freight corridor

And then waterways too.

Interesting

Coastal shipping something

Incentives for indigenous sea planes!!! I really hope this happens.

Obligatory advertisement in case you're still here, but do this after the thread: https://t.co/OHJeApsPvW

City eco regions: Tier 2 and 3 cities and temple towns. (Whoa, good for tourism that last one)

Allcoation of 5000 cr. over 5 years. Yaar. This is like entry level at best

7 high speed rail corridors.

MUM-PUNE

Pune hyd

hyd blr

hyd chen

chen blr

del varanasi

varanasi siliguri

Also needed bellandur to mg road but theek hai

High level committee on banking for vikasit bharat (said twice!)

Restructure PFC and REC for something. P/E might not change, btw.

Corporate bond market: Market making frameworks with funding and derivatives

Total return swaps on corp bonds. Oye.

100 cr. for single bond issuance of more than 1000 cr. by small towns.

I vote for Sakleshpur. It wont happen

Increase inv limit by indiv pro from 5% to 10% in somehting - I didnt' realize what was said

AI and lots of AI: It's very useful, in short.

High powered edu to employment committee. Reco measures.

We should do that anyhow and then put their recos in the budget. I don't see past committee thingies being referred as much.

Some lots of medical things for health professionals. I hope it makes you more healthy.

Markets have yawned this far.

Medical tourism - regional medical hubs in PPP (5 places).

Ancient Indian yoga, Ayurveda is gonna be global - let's export!

3 new All India ayurveda institutes

Upgrade Ayush thingies

Do evidence based research - nice. Finally the science too.

Loan linked capital subsidy for vet hospitals, diagnostics etc. I hope they address the street dog issue.

Orange economy? Idhar bhi trump?

We want more cartoons. Stop depending on parliament.

Planned academic zones, to help us go beyond whatsapp university

@brucewrites Everything

Promoting astronomy (not logy) we will upgrade telescopes (whoa!). Chandra, Cosmos 2, oh this is good.

National insti of hospitality. This should work at scale.

Digital knowledge grid to document cultural, heritage, spiritual places. This might actually be very good. Content creators mentioned.

Oh wait, world class hiking/trekking experience mentioned! HP, UK, J&K places. Western ghats too!!!! I like.

There are lots of names mentioned for opening curated walkways storytelling skills guides and all. Must add to bucket list.

Khelo india mission: training centers, coaches/support, sport science, competitions/leagues, sports infra for training/competition.

Strengthening fisheries. Okay boss I have heard this for three budgets.

We will support animal husbandry. That term makes me giggle every single time.

Farmers mentioned. Clapping to be expected.

Coconut, sandalwood, agar trees, almonds, pine nuts. Coconuts 10 million farmers (1 crore people) depend on it. TIL.

India to be self reliant in cashew. People drinking feni to be benefited by 2030 at least. They don't know what's coming.

Rejuvenate low yielding sandalwood orchards, and some very healthy nuts have been mentioned. Super.

AI in agri also. Apple from bots. I like.

Lakhpati didi program

why should the pati figure in this

Lots of programs for the disabled. Artificial limb manuf co of India - assisted devices to be included

Mental health: NIMHANS 2 in north india. Less road rage, hopefully.

People in the back asking for all india. I get you brother.

Buddhist sites in NE India; scheme for development in AP, Sikkim, Assam, Mizoram, Tripura.

16th finance commission said here you go

We will give report it seems

41% taxes to go to states. Also 1.4 lakh cr to states for FY27 as grants.

Fisc: Debt to GDP 50% by 2031. So, 55.6% in FY 27.

Declining debt to GDP will help banks lend elsewhere, it seems

Reduce fisc deficit: we are down to 4.4% of GDP now

4.3% in the next year.

These are big numbers disguised as decimals

Expenses: 49.6 lakh cr, capex included of 11.something lakh cr

Non debt receipts 26 lakh cr, exp 53 lakh cr for next year

11.7 lakh cr net , 17. 2 lakh cr gross borrowing. Bigger than we think.

Small savings and others make the rest

Part 2!!!

New income tax act coming!

From 1 april 2026. Simplified it seems, will be notified shortly.

TDS on motor insurance tax exempt

5% / 20% TCS on travel lRS down to 2% flat!!!!

TCS down from 5% to 2% for medical

NSDL/CDSL directly will accept form 15G/H and give to all companies!!! This is huge for senior citizens

Individuals - ITR1/2 will get 31 jul, non audit biz till 31 aug

NRI buyers can get their TDS when selling property deposited without TAN. Oh nice.

One time disclosure for overseas income or assets acquired - upto 1 cr. - need to pay 30% of undisclosed income tax + 30% penalty. oho.

Oh good, no interest on penalty when you appeal, during it

Core tax demand - deposit only10% on appeal

Update return hajaar late with 10% extra tax

basically immunity to misreporting happens

Didn't get accounts audited, delays etc - penalty converted to fee. Oh, very nice.

Till now, tax reform = pay some more, we won't put you in jail

Till now in this budget i mean

IT sector: safe harbour enhanced to 2000 cr (from 300), rule driven no-tax-officer-involved process, safe harbour continuable 5 years, etc

Data centers: Tax holiday till 2047 for cloud service providers abroad using India based data centers if they also provide to Indian cos with Indian resellers

JIT logistics - component warehousing gets 2% of invoice value of transfer pricing - resulting tax is only 0.7%

exemption to global non india source for 5 years for expats (no India tax that is)

No MAT for non residents for presumptive MAT payers

Buybacks! Tax buyback will now be capital gains! HUGE HUGE HUGE

Promoters will pay additional buyback tax. Wait I have to see this in detail

Raise STT on future to 0.05%

Oh man

Raise STT on options increased to 0.15% even on exercise

This sucks big time

Markets down 0.75%

MAT credit till now (for old regime corporates) will be allowed for set off etc

That is it for taxes. Everythign is in the new income tax act? What?

So strange

Ok indirect taxes happening.

Exporters of leather/textiles get some benefits. Not sure exactly what

Li ion cells for batteries, BCD in solar inputs etc exempted

Nuclear plant parts duty exempted

Processing of critical minerals - equipment exempted

Biogas blended CNG wala input customs exempted

Aircraft parts customs duty exempted

MRO also for defense use is exempted

Nice.

SEZs can sell to local economy. Nice. Some tax will apply but chalega

Goods imported for personal use to get duty of 10% (from 20%). Ok, back to alibaba for interesting thingies

Very technical thingies on export stuff.

Single window for cargo clearance. Processes for food and stuff like that.

Non intrusive scanning, with AI (another mention)

for containers in ports. Whoa.

Fish. Catch in the high seas is now free of duty it seems.

Markets down 1.47%

That's the end folks. This was, in general, not very inspiring. I hope the details, when they come, are better.

Thank you for the love, folks. Or the hate. I am glad the budget is less relevant in every year, so we get things through the year

New Income tax act is the thing.

The house has been adjourned. Is the Djoker match on?

@mbhagwatr Yes it sucks in that sense

@bpsarathy Cheers and thanks :)