Union Budget 2024 Highlights: No Changes in Income Tax Slabs; PM Modi Calls It 'Dream Budget'
Union Budget 2024 Highlights: FM Sitharaman announced a record capex of Rs11.1lakh Cr in Modi 2.0 Govt's last Budget
Union Budget 2024 Highlights: The Union Budget for 2024-25 was presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Thursday, 1 February. It was the last Budget of Modi 2.0 government before the general election.
(Photo: PTI)
Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in the Lok Sabha on Thursday, 1 February, the second day of the ongoing Budget Session of Parliament.
This was FM Sitharaman's sixth budget in a row – five annual budgets and one interim budget.
By presenting the Interim Budget for FY 2024-25, Sitharaman will surpass the record of her predecessors such as Arun Jaitley, Manmohan Singh, P Chidambaram, and Yashwant Sinha, all of whom presented five Budgets in Parliament.
Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 in the Lok Sabha today. This was the last Budget of the Modi 2.0 government before general elections take place in April-May.
FM Sitharaman said that the Interim Budget will focus on the needs, aspirations and welfare of Garib (Poor), Mahilayen (Women), Yuva (Youth) and Annadata (Farmer).
She announced no changes in existing rates of direct and indirect taxes, including no changes in Income Tax slabs.
Asserting that it is the 'Golden era' for tech savvy youth, FM Sitharaman announced a corpus of Rs 1 lakh crore to be established with interest-free loan for 50 years to encourage the private sector to scale up research and innovation significantly in sunrise domains.
Capital Expenditure (CapEx) outlay was increased to a record Rs 11.11 lakh crore.
Defence got a record outlay of Rs 6.25 lakh crore.
40,000 normal rail bogies will be converted to the Vande Bharat standards to enhance safety, convenience and comfort of passengers, the FM announced.
Focus on 'Garib, Mahilayen, Yuva, Annadata': Top Highlights From Budget 2024
No change in income tax slabs.
Sitharaman said that 25 crore people lifted from multi-dimensional poverty in the last 10 years.
Two crore more houses announced under the Pradhan Mantri Awas Yojana – Gramin ( PMAY-G).
'Golden era' for tech savvy youth: A corpus of Rs 1 lakh crore will be established with interest-free loan for 50 years to encourage the private sector to scale up research and innovation significantly in sunrise domains.
'Dream Budget,' Says PM Modi, Opposition Calls It 'Disappointing'
Shortly after Finance Minister Nirmala Sitharaman announced the Union Budget 2024 on Thursday, 1 February, Prime Minister Narendra Modi, while congratulating her, called it the "dream Budget." Meanwhile, Opposition leaders stated that there was not much in the 'much-awaited' interim Budget.
"It's an inclusive and innovative Budget. Youth, poor, women and farmers - the Budget will empower all of them. This Budget gives the guarantee of making India a developed nation by 2047," noted PM Modi.
Meanwhile, Congress MP Shashi Tharoor said, "It's not just an interim budget but their (BJP government) final budget, and there's no question about it. This is a government that has completely run out of ideas."
Interim Budget Has Nothing For Poor, Middle Class: Congress Chief
Congress National President Mallikarjun Kharge told reporters, "I listened to the budget carefully, nothing was mentioned in this budget for the poor, lower middle class and the middle class...This is their budget only for day-to-day affairs. They did not give the details of promises made for 10 years, they should have compared how many promises were made and how many were fulfilled...They should give a comparative statement."
Defence Gets Record Allocation of Rs 6.21 Lakh Crore
A record allocation of Rs 6.21 Lakh Crore was made for the Defence Ministry in the Interim Budget 2024-25, which is 4.72% more than the previous fiscal. Of this:
30.68% is for pay and allowances
27.67% goes to capital acquisition
22.72% for defence pensions
14.82% for revenue expenditure
4.11% for civil organisations under Ministry of Defence
Lakshadweep to be Major Tourist Spot: Sitharaman's Tourism Pitch in Budget 2024
During her sixth Budget speech, FM Nirmala Sitharaman said, "To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up on our islands, including Lakshadweep."
She said that the move will also help in in generating jobs. Here are the highlights for the tourism sector:
States to take up comprehensive development of iconic tourist centres.
Branding and marketing tourist hubs at global scale.
A framework for rating of the centres based on quality of facilities and services to be established.
Long-term interest free loans will be provided to states for financing development.
Disappointing, Nothing For Jobs, Inflation in Interim Budget: Rajya Sabha MP Swati Maliwal
On Interim Budget 2024-25, Rajya Sabha MP Swati Maliwal told reporters in Delhi, "This is a disappointing budget. Inflation and unemployment are at their peak in the country but there is nothing about it in the Budget...It is a disappointing budget for the common people."
Interim Budget to Woo People For Lok Sabha Elections: Adhir Ranjan Chowdhury
On Union Interim Budget 2024-25, Congress MP Adhir Ranjan Chowdhury told reporters, "Is this a budget to provide employment to the unemployed... This budget is nothing but to woo people in this year's Lok Sabha elections."
From 'Fragile 5' to 'Top 5' Economies in 10 Years: BJP MP Ravi Shankar Prasad on Interim Budget
On Interim Budget 2024-25, BJP MP Ravi Shankar Prasad told reporters, "This is a very effective and historical interim budget. It mentions the achievements of the past and a strong path towards the future. We will present the full budget in July."
He added that the number of taxpayers has increased.
"They have faith in the government that their money will not be misused. India has traversed a path from 'Fragile 5' to the world's 'Top 5' economies in just 10 years," Prasad added.
Interim Budget 'Hollow', Shows Arrogance of Modi Govt:
Shiromani Akali Dal (SAD) MP Harsimrat Kaur Badal told news agency ANI, "This budget was hollow. There was nothing for the youth, women, farmers...I saw arrogance when they said that they would present the Budget in July. You cannot take any election for granted."
'Interim Budget Sounded Like Election Speech': Sachin Pilot
Congress leader Sachin Pilot told reporters in Jaipur, "The Finance Minister's speech sounded like an election speech. The President's address was also used as political speech."
'Far-sighted' Interim Budget to Lay Foundation of Developed India: BJP Chief JP Nadda
On interim Budget, BJP National President JP Nadda told news agency ANI, "This far-sighted budget lays the foundation of a developed India. The housing scheme for the middle class announced in this budget is a revolutionary step...We don't just give the slogan of 'Garibi Hatao' but alleviate poverty."
He pointed out that the target for 'Lakhpati didi' has been raised to 3 crore.
'Judicious, Non Populace:' Experts on Interim Budget 2024-25
KV Subramanian -- Executive Director of the IMF and former Chief Economic Advisor to the Union Govt told news agency ANI, "Overall, this is how I would assess the Interim Budget -- judicious on the fiscal front, non-populace because it is more of the same and visionary because many other steps on innovation and CapEx etc."
'Poured Cold Water Over People's Expectations:' Priyanaka Chaturvedi on Interim Budget
Shiv Sena (UBT) leader Priyanka Chaturvedi, after the presentation of the interim Budget in Lok Sabha, told reporters, "All I can say is that in this cold weather, what the Finance Minister has done, she has poured cold water over the expectations of the people of this country."
Interim Budget Reflection of Youth's Aspirations: PM Modi
"The interim Budget will create innumerable opportunities for the youth," PM Modi said even as Union Finance Minister Nirmala Sitharaman presented his govt's last Budget in Lok Sabha on 1 February. He added that the "historic Budget" will empower the youth, women, as well as farmers across India.
He added that the "Viksit Bharat Budget" benefits every section of society and lays the foundation for a developed India.
'Focus on Annadata': What Sitharaman Said on Farmers in Interim Budget 2024-25
Presenting the interim Union Budget for FY24-25 on Thursday, 1 February, Union Finance Minister Nirmala Sitharaman said that 'gareeb, mahila, yuva, and annadata' (poor, women, youth, and farmers) are the core focus groups of the Narendra Modi government's economic policies. She said:
For welfare of our annadata, every year, under PM Kisan Samman Yojana, direct financial assistance is provided to 11.8 crore farmers.
Electronic National Agriculture Market has integrated 1361 mandis, and is providing services to 1.8 crore farmers with a trading volume of Rs 3 lakh crore.
"Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.
Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60,000 individuals with credit linkages.
Actual Budget in July, Hope Nation Will Progress: Farooq Abdullah
On the Interim Budget presented in Lok Sabha today, National Conference MP Farooq Abdullah told reporters, "The actual budget will come in July. We hope that people will benefit, tourism will increase, industries will also grow and the nation will progress..."
Interim Budget Focuses on Momentum For 'Nari Shakti': FM Sitharaman
Finance Minister Nirmala Sitharaman, while presenting the Interim Budget, said, "The empowerment of women through entrepreneurship, ease of living, and dignity for them has gained momentum in these ten years."
30 crore Mudra Yojana loans have been given to women entrepreneurs.
Female enrolment in higher education has gone up by 28% in ten years.
In STEM courses, girls and women constitute 43% of enrolment. "All these measures are getting reflected in the increasing participation of women in workforce," FM Sitharaman said.
Making ‘Triple Talaq’ illegal, reservation of one-third seats for women in the Lok Sabha and State legislative assemblies, and giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity, the FM said in Lok Sabha on 1 February.
Nothing Except 'Obligatory Self-Praise Phrases': Congress MP Karti Chidambaram
On Interim Budget 2024-25, Congress MP Karti Chidambaram told news agency ANI, "Mere administrative exercise to ensure that the government of India has the requisite funds to carry on its normal business until the new parliament is constituted and a new government is formed."
"Except for making their obligatory self-congratulatory, self-praise phrases, nothing else is there and nothing should have been there, and rightly so. Nothing is there," he added.
India Scaling New Heights In Sports, Has 80 Chess Grandmasters: FM Sitharaman
On India's performance in sports, Finance Minister Nirmala Sitharaman:
The highest-ever medal tally in Asian Games and Asian Para Games in 2023
Chess prodigy and our Number-One ranked player Praggnanandhaa put up a stiff fight against the reigning World Champion Magnus Carlsson in 2023.
Today, India has over 80 chess grandmasters compared to little over 20 in 2010.
FM Sitharaman's Announcements For Youth:
Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000 new ITIs.
7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up
PM Mudra Yojana has sanctioned 43 crore loans aggregating to Rs 22.5 lakh crore for entrepreneurial aspirations of our youth.
Fund of Funds, Start Up India, and Start Up Credit Guarantee schemes are assisting our youth. "They are also becoming ‘rozgardata’," FM Sitharaman said during the Interim Budget presentation in Lok Sabha on 1 February.
Health Budget Highlights: New Vaccination App, Ayushman Bharat cover for ASHAs
Healthcare cover under Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers.
Govt to encourage vaccination for girls in age group of 9 to 14 years for prevention of cervical cancer.
Upgradation of anganwadi centres under “Saksham Anganwadi and Poshan 2.0” will be expedited for improved nutrition delivery, early childhood care and development.
Newly designed U-WIN app to be rolled out for managing immunization and intensifying efforts of Mission Indradhanush.
Development of Aviation Sector to Continue: FM
Number of airports across India have doubled to 149
517 new routes are carrying 1.3 crore passengers.
Indian carriers have pro-actively placed orders for over 1000 new aircrafts.
'40,000 Rail Bogies To Be Converted to Vande Bharat Standards': FM
"40,000 normal rail bogies will be converted to the Vande Bharat standards to enhance safety, convenience and comfort of passengers," FM Sitharaman announced in the Interim Budget 2024-25.
Capex Outlay Increased by 11.1% to Rs 11.1 Lakh Crore
"Building on the massive tripling of the capital expenditure outlay in the past 4 years, which resulted in huge multiplier impact on economic growth and employment creation, the outlay for the next year is being increased by 11.1 per cent to Rs. 11.1 lakh crore. This would be 3.4 percent of the GDP," FM Sitharaman said.
'Our Govt Will Present Full Budget in July:' Nirmala Sitharaman
"In the full budget in July, our Government will present a detailed roadmap for our pursuit of Viksit Bharat," Finance Minister Nirmala Sitharaman said, concluding her sixth Budget speech in Lok Sabha.
She exuded confident that PM Modi-led NDA government will come back for a third term after the Lok Sabha elections expected to take place in April-May this year.
No Changes in Taxation and Rates: FM Sitharaman
"I do not wish to make any changes to the existing direct and non-direct taxes and their rates:" FM Sitharaman
However, she announced certain tax benefits for start-up pension funds.
Revised Estimate For Fiscal Deficit 5.8% of GDP: FM Sitharaman
FM Nirmala Sitharaman announced that the revised estimate of Fiscal Deficit for next fiscal year is 5.8% of the GDP (Gross Domestic Product).
FM Announces Measures To Boost Tourism Sector
"States to get long-term tourist loans. Lakshadweep Islands to become a major tourist spot": FM Sitharaman
Rs 11.1 Lakh Crore Capex Announced
FM Sitharaman announced a total capital expenditure for the fiscal year 2024-25 at a record Rs 11.1 Lakh Crore.
Interest-Free loans for 50 Years worth Rs 1 Lakh Crore for Youth
FM Sitharaman announces interest-free loans for 50 years worth Rs 1 Lakh Crore for youth.
'Lakhpati Didis' to Increase to 3 Crore in 2024: FM
"83 lakh SHGs with 9 crore women are leading to women becoming self reliant across rural areas in India. Due to this, 1 crore women have become Lakhpati Didis. The Interim Budget will focus on increasing their number to 3 crore this year:" FM Sitharaman
Dairy Farming to Get Boost In Interim Budget: FM
India is the world's largest milk producer with low productivity of milch animals. Animal Husbandry and dairy farming to be enhanced in the coming year: FM Sitharaman
Ayushman Bharat To Be Extended to All ASHA, Anganwadi Workers
Ayushman Bharat to be extended to all ASHA, Anganwadi workers, FM Sitharaman said while presenting the Interim Budget in Lok Sabha.
Rooftop Solar Energy For Households To Save Rs 20,000 Annually Per House: FM Sitharaman
"300 units free electricity every month through rooftop solar panels on households, will save Rs 18,000 to Rs 20,000 annually:" FM Sitharaman
The scheme was announced by PM Modi after the consecration of the Ram Mandir in Ayodhya.
Next Five Years Golden For India: FM
"The next five years will be golden for India's economy. The trinity of demography, democracy and diversity will be carried forward by sabka saath. The country is very capable of creating new opportunities for all, helping enhance opportunities:" FM Sitharaman
New Global Order Emerging, India Successfully Navigating Its Way: FM
Global affairs are becoming more critical with conflicts, leading to disruption of supply chains. A new global order is emerging after the pandemic. India was awarded the G20 Presidency in 2023. India successfully navigated its way.
Economy is Doing Well: FM Sitharaman
Average income of people has increased by 50 percent. Robust investments in infrastructure.
Modi's Schemes Led To Women Empowerment: FM
"Increasing participation of women in the work force. Making triple talaaq illegal, women's reservation bill and giving over 70 percent houses in rural areas under PM Awaas Yojana has increased their dignity": FM Sitharaman.
Interim Budget To Focus on 4 Aspects
FM Sitharaman said the interim budget will focus on four major areas in line with PM Modi's vision: gareeb (poor), mahila (women), yuva (youth) and annadaata (farmers).
Govt Strengthened 'Sabka Saath Sabka Vikas': FM Sitharaman
"The country overcame the COvid-19 pandemic and laid solid foundations for the Atmanirbhar Bharat," Finance Minister Nirmala Sitharaman said while presenting the last Budget of the Modi 2.0 govt.
Union Cabinet Approves Interim Budget
Union Cabinet approves the Interim Budget.
Finance Minister Nirmala Sitharaman will present the Interim Budget - 2024 in the Lok Sabha.
OPINION: Budget 2024-25 Must Tackle Rising Youth Unemployment
Interim budgets in an election year are usually seen as populist announcements that project larger than anticipated fiscal outlays on electorate-centered welfare schemes, mostly for the poor who are more in number (as voters). Such schemes are a part of an incumbent government’s manifested vision to stay in power.
However, in the Modi government’s own decadal tenure, there has been a conscious attempt to avoid populist announcements during the Union budget speeches, while attempting to present budgets that appear growth-oriented but remain indifferent to acknowledging or addressing key economic challenges.
One such group of issues is that of ‘jobless growth’, rising youth unemployment, and informality in India’s employment landscape. We discuss the reality of these through a detailed analysis below.
Sitharaman, MoS Finance Meet Prez Murmu Ahead of Budget
Interim Budget Copies Arrive At Parliament
Bundles containing Interim Budget 24 copies being unloaded from a truck ahead of its presentation in Parliament, in New Delhi, Thursday, Feb. 1, 2024.
Sensex Up by 0.1%, Nifty Unchanged on Budget Day 2024
Ahead of the Interim Budget being presented in Parliament on Thursday, 1 February, the S&P BSE Sensex opened at 71,760 and rose to 71,817 as of 9:16am IST.
Meanwhile, the NSE Nifty 50 index was close to 21,730 as of 9:16am IST.
No Change in Gold, Silver Prices
Ahead of the Interim Budget 2024-25, the prices of gold and silver in major cities remained unchanged on Thursday, 1 February, according to a report by Hindustan Times.
Interim Budget To Be Paperless
Like the previous three full Union Budgets, the Interim Budget 2024-25 will also be delivered in paperless form, according to the Press Information Bureau of India.
Nirmala Sitharaman Arrives at MoF
Union Finance Minister Nirmala Sitharaman arrived at the Ministry of Finance building in North Block on the morning of Thursday, 1 February, ahead of presenting the Interim Budget 2024-25.
Will Sitharaman Pack Up Budget 2024-25 With Freebies?
In 2019, the government targeted three large groups of voters — the middle class, the farmers, and unorganised sector workers — in all, about 75 crore voters. These voters would need to be kept in humour this time as well.
In the course of campaigning for assembly elections in Madhya Pradesh, Rajasthan, and Chhattisgarh, Prime Minister Modi announced many ‘guarantees’. These are freebies, cloaked as 'Modi Guarantees' — LPG gas cylinders at Rs 450, cash transfers of Rs 1,250 to poor women, Rs 2 lakh to poor girls up to the age of 21, and many more.
While many of these guarantees are supposed to be implemented by state governments, the Finance Minister would most likely seize the opportunity to spread the 'Modi Guarantees' across the entire country.
Read the full story by former Finance Secretary of India Subhash Chandra Garg here.
FM Sitharaman Meets CBIC Officers Ahead of Interim Budget
Budget team of Central Board of Indirect Taxes and Customs with Finance Minister Nirmala Sitharaman on the eve of Interim Budget.
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