Budget 2024 Key Highlights: No Changes in Tax Rates, 'Viksit Bharat' by 2047, FM Nirmala Sitharaman Presents Interim Budget

Budget 2024 LIVE: Finance Minister Nirmala Sitharaman will be presenting the pre-election Budget which will list out achievements of the Modi government in the past 10 years while giving a glimpse of the future plans to make India a developed nation by 2047.

Sitharaman, who would be presenting her sixth straight budget, had in her first Budget in 2019 replaced the leather briefcase — which had been in use for decades for carrying budget documents — with a traditional ‘bahi-khata’ wrapped in red cloth. This year’s Budget would be in paperless form, as done in the last three years.

By reading out the 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.

Indian economy witnessed a profound positive transformation in last 10 years, says FM Nirmala Sitharaman in her Budget Speech.

There are only 4 majors castes — garib (poor), mahilayein (women), yuva (youth) and annadata (farmers).

Crop insurance has been given to 4 crore farmers under the PM Fasal Bima Yojana, says Finance Minister Nirmala Sitharaman

The National Education Policy 2020 is ushering in transformational reforms, says FM Nirmala Sitharaman

Female enrolment in higher education up by 28% in 10 years, in STEM courses, girls & women make 43% of enrolment, one of the highest in the world. All these steps are reflected in the increasing participation of women in the workforce. Making triple talaq illegal, reservation of 1/3 seats for women in Parliament and state assemblies, over 70 % houses under PM Awas Yojana to women have increased their dignity, says FM Sitharaman on ‘Nari Shakti.

Making Triple Talaq illegal, reserving one-third legislative seats for women highlight government’s women empowerment programme: FM

2 crore more houses will be built under the Pradhan Mantri Awas Yojana – Gramin, says FM Nirmala Sitharaman.

“We had demanded vaccination for prevention of cervical cancer. U-WIN portal also strengthened through this budget. Extending health cover under Ayushman Bharat to ASHA and Anganwadi workers and helpers is a good step. For increasing the number of medical colleges, a committee will be set up for this purpose,” said MoS Health Dr Bharati Pravin Pawar on interim Budget.

"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

FM Sitharaman announces interest-free loans for 50 years worth Rs 1 Lakh Crore for youth.

Aviation Sector has been galvanised in the last five years. The number of airports have doubled to 149. Indian carriers have bought 1,000 new planes.

FM Sitharaman announced a total capital expenditure for the fiscal year 2024-25 at a record Rs 11.1 Lakh Crore.

FM Nirmala Sitharaman says the policy priority is to provide training for MSMEs to compete globally. She also said facilitating their growth will be important. For meeting the investment needs, the government will prepare the financial sector.

"States to get long-term tourist loans. Lakshadweep Islands to become a major tourist spot": 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).

40,000 normal railway bogies will be converted to Vande Bharat standard, says FM Nirmala Sitharaman.

Three major railway corridors, including for cement, to be constructed, says FM Nirmala Sitharaman.

The tax receipts for the financial year 2024-25 are estimated at Rs 26.02 lakh crore, says FM Nirmala Sitharaman.

The fiscal deficit for FY24 has been revised downwards to 5.8 per cent of GDP, says FM Sitharaman.

There are no changes in tax rates, says Finance Minister Nirmala Sitharaman.

“…I do not propose any changes in tax rates in direct and indirect taxes including import duties,” says Sitharaman during Budget Speech.

FM Sitharaman says the average GST monthly collection has almost doubled to Rs 1.66 lakh crore this year.

FM Nirmala Sitharaman says 50-year interest-free loans of Rs 75,000 crore will be extended to states to realise the dream of a developed India.

FM Nirmala Sitharaman proposes some tax benefits to startups and pension funds.

The government has proposed to withdraw tax demand of up to Rs 25,000 up to 2009-10 to benefit 1 crore taxpayers, says FM Nirmala Sitharaman.

Focus has been to improve services for tax payers, says FM Nirmala Sitharaman.

FM Nirmala Sitharaman has concluded her Interim Budget Speech 2024, whose duration was around an hour.

The government will take up next-generation reforms to facilitate growth and the next five years will be of unprecedented development and golden moments to realise the dream of developed India by 2047, Finance Minister Nirmala Sitharaman said on Thursday. She outlined the strategy for ‘Amrit Kaal’ while presenting the interim Budget 2024-25.

The Finance Minister also said the recently announced India Middle East Europe Economic Corridor will be a game changer for India. She noted that the International Financial Services Centres Authority (IFSCA) has created a robust gateway for the flow of overseas capital.

When our government assumed the rings in 2024, the responsibility to mend the economy step and step and to put governance systems in order was enormous. The need of the hour was to give hope to people, to attract investments and to build support for the much-needed reforms. The government did that successfully following a strong belief of nation first.

“This budget has a reflection of the young aspirations of a young India. Two important decisions were made within the Budget. For research and innovation, a fund of Rs 1 Lakh Crore has been announced,” said PM Modi after Finance Minister Nirmala Sitharaman presented Union Budget 2024.

After the interim Budget was tabled in Parliament, PM Modi called Budget 2024 “inclusive and innovative”.

“It has confidence of continuity. It will empower all 4 pillars of Viksit Bharat- Yuva, Garib, Mahila and Kisan. This Budget gives the guarantee of making India a developed nation by 2047,” he added.

On Union Interim Budget 2024-25, PM Narendra Modi said, “In this Budget, keeping fiscal deficit under control, capital expenditure has been given a historic high of Rs 11,11,111 Crore. If we speak the languages of the economists, in a manner this is ‘sweet spot’. With this, besides building India’s modern infrastructure of the 21st century, innumerable new job opportunities for the youth will be prepared.”

“This Budget stresses on empowerment of the poor and the middle class and creation of new employment opportunities for them. It has announced to construct 2 crore more houses for the poor,” PM Modi said.

“We aim to have 3 crore ‘Lakhpati Didis’ now. ASHA and Aganwadi workers will also get the benefit of the Ayushman Bharat scheme.”

On Interim Budget 2024, AAP MP Swati Maliwal said, “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.”

Taking to X, External Affairs Minister Dr S Jaishankar said, “Finance Minister Nirmala Sitharaman ji presented the Interim Budget that captures a decade of transformation while laying out a vision of further development.”

“Her focus of inclusive development and growth reaffirmed Modi Sarkaar’s commitment to the welfare of the Garib, Youth, Nari and Annadata. The track record of GDP (governance, development and performance) has been impressive. Our prudent economic management has weathered global headwinds,” he added.

Captain Ishver Dholakiya, Founder & Managing Director of Goldi Solar, said that he commends the Government of India for its forward-looking approach in the 2024-25 budget, particularly promoting residential rooftop solarisation.

“This initiative is a pivotal stride in our nation’s renewable energy journey, offering up to 300 units of free electricity per month. The envisioned economic relief, with estimated savings ranging from Rs 15,000-18,000 per household, is a testament to sustainability and a catalyst for new opportunities in the growing solar sector. As we eagerly anticipate major announcements in July, especially in areas like manufacturing, imports, and technological advancements, we laud the government’s commitment to fostering a conducive environment for the renewable energy industry’s growth,” he added.

Reacting on the interim Budget, Shiv Sena (UBT) MP Priyanka Chaturvedi said that there is a huge difference between saying and doing. “This is what we have been seeing for the last 10 years. There is nothing in it for the poor, women and youth. This budget has poured cold water on the expectations of the general public,” she added.

On Interim Budget 2024-25, Madhya Pradesh Chief Minister Mohan Yadav said, “Focused on the poor, youth, women, and farmers, this budget has highlighted PM Modi’s pledge for the welfare of these categories.”

“Nearly 25 lakh people have come out of poverty. India is fast moving forward to become the fourth largest economy in the world, and a base has been formed for the government’s target of making India the third largest economy in the world,” he said.

Union Finance Minister Nirmala Sitharaman will hold the post-budget press conference at the National Media Centre in New Delhi at 4 pm.

FM Nirmala Sitharaman is addressing the media as part of the post-budget press conference.

FM Nirmala Sitharaman highlighted how the government managed the economy. She said the government is committed to lower fiscal deficit to 4.5 per cent of GDP by 2025-26.

India has seen three consecutive years of 7 percent growth, Sitharaman said, while highlighting the government’s performance over the last 10 years.

“We have managed the economy with the right intent and policies,” she added.

FM said “We brought down fiscal deficit despite very challenging times, as per the announced fiscal consolidation path, with transparency and prudence. “

Finance Minister Nirmala Sitharaman emphasised that Bihar, Jharkhand, Odisha, West Bengal, Chhattisgarh, and West Bengal are slated to drive economic growth as per her statement.

What are the Disha Nirdeshak Batein in the budget?

1) Social justice as effective and necessary governance model, we have shown that it is a successful model

2) Four major caste groups, namely the poor, women, youth and the farmers

3) Focus on infrastructure: this year, there has been a massive increase of 11% in capital expenditure, resulting in Rs. 11,11,111 crores of capex. This continues the trend of the last four years.

4) Using of technology as a huge opportunity; Digital Public Infrastructure as almost a factor of production, it is actually bringing in value addition to every sector and improves our productivity

5) High powered committee for extensive consideration of challenges arising from population growth and demographic challenges

We don’t have a specific target for disinvestment in FY25; hence, we have allocated a category for ‘other receipts.’ If an opportunity arises, we may surpass this designated amount, DIPAM Secretary said during the post-budget press conference by FM Nirmala Sitharaman.

DIPAM Secretary, Tuhin Kanta Pandey, said, “Among our 61 listed CPSEs and 16 PSBs, on January 01, 2021, their combined market capitalisation was Rs. 15 lakh crore and today, it is Rs. 58 lakh crores. So, we created around Rs. 42 lakh crore of wealth in the public sector, which is shared with all minority shareholders as well.”