Indian Budget Presentation 2024: Here’s What To Expect For Crypto, Startups

Indian finance minister Nirmala Sitharaman is all set to present the interim budget 2024 in Parliament. The full-fledged budget will be presented by the new government that comes to power after the elections, which are due later in the second quarter of 2024. The interim budget is a short term financial plan that seeks the Parliament’s approval for a grant in advance to meet the Union government’s essential expenditure for the initial months of the new financial year. A full-fledged budget would be presented by the incoming government that is elected to Lok Sabha.

The BSE SENSEX, a market weighted stock market index of 30 financially strong and well known companies listed on the Bombay Stock Exchange, is up by 0.40% ahead of the interim budget presentation. The NIFTY 50 is up by 0.20%.

Budget Expectations – Startups & Crypto

Among the expectations are tweaks to policy around tax benefits, employee stock options and stock awards for startups. The Budget is also expected to provide for the simplification in the capital gains tax regime. For the crypto industry, stakeholders have been highlighting the impact that the one percent withholding tax on crypto gains has had on the domestic digital assets market. The rule led to diversion of user traffic to foreign platforms.

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