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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

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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.

Snapshot
  • 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.

5:30 PM , 01 Feb

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.

Click here to read all the highlights.

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5:02 PM , 01 Feb

'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."

Read reactions of other political leaders here.

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4:53 PM , 01 Feb

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."

4:46 PM , 01 Feb

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

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Published: 01 Feb 2024, 8:01 AM IST
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