Finance Minister Nirmala Sitharaman today presented Union Budget 2024 in Parliament. This was an interim budget as it came just ahead of the Lok Sabha Elections. No changes were announced in the tax slabs in both old and new regime. Prime Minister Narendra Modi praised Nirmala Sitharaman for presenting a balanced budget.
This was Nirmala Sitharaman's sixth Union Budget. The full-fledged budget will be presented by the new government that comes to power after the elections.
The interim budget - a short-term financial plan - seeks Parliament nod for a grant in advance to meet the government's essential expenditure for the first four months of the new financial year.
The Budget Session of Parliament began yesterday with President Droupadi Murmu addressing the joint meeting of both Rajyya Sabha and Lok Sabha. The session will conclude on February 9.
Stock markets opened in green today, ahead of the interim budget.
Here Are The Highlights Of Union Budget 2024:
Terming it a golden era for the country's tech- savvy youth, Ms Sitharaman said the corpus of ₹ 1 lakh crore will be established with 50-year interest-free loans to encourage the private sector to scale up research and innovation.
In an exclusive interview with NDTV, in which he shared his thoughts on the Interim Budget presented earlier in the day, the Civil Aviation Minister claimed India is now producing 15% of the world's GDP growth and that is the transformation that has come about under Prime Minister Narendra Modi.
Asked whether there was enough in the Interim Budget to indicate that infrastructure development will remain a core focus for the government, Mr Scindia said, "What will remain the core focus is the rise of India. The move of India under PM Modi to become an Atmanirbhar (self-reliant) country... To become a Vishwaguru (world leader)... to become a Viksit desh (developed country) from a Vikassheel (developing) desh. Everything as part of the Budget or policymaking... that is the core element around which everything revolves."
"This is just a budget to strengthen the base of a developed India (Viksit Bharat) and one to fulfil the expectations of young people," he said, expressing confidence that the track record of the government will be enough to win it a third straight term.
He said the BJP government has delivered om each of its promises, includng the scrapping of Article 370, the CAA law, removing of triple talaq and the building of the Ram temple in Ayodhya.
#BudgetWithNDTV | "Surveys show 'Skill India' has helped people": Union Minister Rajeev Chandrasekhar (@Rajeev_GoI) to NDTV's Vishnu Som (@VishnuNDTV) pic.twitter.com/BueYDbtePq
- NDTV (@ndtv) February 1, 2024
#BudgetWithNDTV | "AI represents a multi-billion-dollar opportunity for India": Union Minister (@Rajeev_GoI) to NDTV pic.twitter.com/ApSzuItCeF
- NDTV (@ndtv) February 1, 2024
The interim Budget may be thinner than the full Budget, keeping in line with convention in a year of the general election, but it still packs a punch in charting the course of India's plans for faster growth, Mr Goyal told NDTV today.
He credited Prime Minister Narendra Modi for starting schemes and programmes for women since the day he became Prime Minister in 2014. These schemes have had a cumulative effect on the welfare of women, Mr Goyal said.
Speaking exclusively to NDTV on Thursday, after the BJP-led government presented the Interim Budget for 2024, the Railway Minister said India had added 5,200 km of tracks last year and is on track to add another 5,500 km this year. He also asserted that, unlike previous dispensations, his government's primary focus has been on safety.
Asked about his thoughts on the Budget and the increase in capital expenditure, which is indicative of a focus on infrastructure, Mr Vaishnaw said, "If you look at the journey of the last 10 years, it has been a journey of inclusive growth. It has been a journey in which the people who were left out of development and economic growth, have been brought into the ambit of growth and better life. For example, 11 crore houses have got tap water, 4 crore pucca houses have been built for people living in villages and in urban poor areas."
This means India's development assistance for the Maldives this year is lower by 22 per cent than what was spent last year.
The next two decades will take India on a transformational journey, its time has come. The budget envisions 3 crore 'lakhpati didis'. We will see large investments and job opportunities in India.
The Modi government in its 10-year journey has focused on, whether it is health, infra, connectivity, railways, airports, and tap water connections, etc. This government has focused on making the life of the common man better. We have increased the productivity and income of farmers and the poor have come out of deprivation.
Record over Rs 6.21 lakh crore allocation to Ministry of Defence in Interim Union Budget 2024-25; 4.72% more than FY 2023-24
- रक्षा मंत्री कार्यालय/ RMO India (@DefenceMinIndia) February 1, 2024
⁰👉Rs 1.72 lakh crore - 27.67% of total defence budget - allocated for capital acquisition; Budget to Armed Forces for revenue expenditure (Other than...
The Social Justice and Empowerment Ministry has been allocated Rs 14,225.47 crore in the interim Budget for 2024-25, an increase of 28.4 per cent over Rs 11,078.33 crore in the Budget (revised estimates) for 2023-24.
The Department of Social Justice and Empowerment has been allocated Rs 13,000 crore in 2024-25 while the Department of Empowerment of Persons with Disabilities got Rs 1,225.27 crore in the interim Budget presented by Finance Minister Nirmala Sitharaman in Parliament on Thursday.
In 2023-24, the revised estimate of the Department of Social Justice and Empowerment was Rs 9,853.32 crore and the Department of Empowerment of Persons with Disabilities was Rs 1,225.01 crore.
Under the Department of Empowerment of Persons with Disabilities, the National Program for the Welfare of Persons with Disabilities received an allocation of Rs 615 crore.
There is a 7.57 per cent increase in funds for the mass rapid transit system and metro projects in comparison to the last year's allocation of Rs 23,175 crore.
In the interim Budget presented by Union Finance Minister Nirmala Sitharaman, Rs 26,170 crore has been set aside for the Pradhan Mantri Awas Yojana (Urban) -- an increase of 4.3 per cent.
The Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), a micro-credit scheme that provides collateral-free working capital loans of up to Rs 50,000 to street vendors, has been allocated Rs 326 crore against Rs 468 crore in the last Union Budget.
In the highest-ever allocation for the Department of School Education and Literacy, the government has allotted more than Rs 73,000 crore for school education in the interim Budget for 2024-25 announced on Thursday.
The allocation has increased to Rs 73,008.10 crore from Revised Estimates (RE) of Rs 72,473.80 crore in the previous fiscal. The government had allocated Rs 68,804.85 crore to the department last year.
The budget for PM SHRI, a Ministry of Education (MoE) scheme which seeks to upgrade existing government schools to model schools, has risen from Rs 2,800 crore in 2023-24 (RE) to Rs 6,050 crore in 2024-25 -- an increase of Rs 3,250 crore.
"The government is committed to empower Amrit Peedhi, the Yuva. Our prosperity depends on adequately equipping and empowering the youth. The National Education Policy 2020 is ushering in transformational reforms. PM Schools for Rising India (PM SHRI) are delivering quality teaching, and nurturing holistic and well-rounded individuals," Union Finance Minister Nirmala Sitharaman said while presenting the interim Budget in the Lok Sabha.
"In the interim budget, the government showed the plans for July - when the full budget will be presented after the Lok Sabha elections. We showed the sections we'll focus on in July," Finance Minister Nirmala Sitharaman said.
Finance Minister Nirmala Sitharaman aid the government is well on track to meet the 4.5 per cent fiscal deficit mark for FY26.
"High-powered committee to be set up to review challenges arising from fast population growth," says Finance Minister Nirmala Sitharaman.
Opposition leaders expressed disappointment at the interim budget presented by Finance Minister Nirmala Sitharaman on Thursday. Congress MP Shashi Tharoor said the budget was high on "rhetorical language".
"In every scheme, government is laying emphasis on women first. Women-led development is a remarkable feature of this interim budget," G-20 Sherpa Amitabh Kant told NDTV.
Home Minister Amit Shah praised the interim budget presented by Finance Minister Nirmala Sitharaman. "The budget speech sheds light on the milestones achieved by the Narendra Modi government in the last 10 years," Mr Shah said.
The opposition termed Finance Minister Nirmala Sitharaman's interim budget as the "(vidai) farewell budget". This is the last budget of Narendra Modi government 2.0. The full budget will be presented by the new government after Lok Sabha elections.
#Watch | NDTV's Sanjay Pugalia (@sanjaypugalia) decodes the #InterimBudget2024. #BudgetWithNDTV pic.twitter.com/krUFAcXnTh
- NDTV (@ndtv) February 1, 2024
"Budget strengthens foundation of Viksit Bharat for 2047. It's a reflection of India's youth," says PM Modi.
"Sweet spot, many opportunities for employment": PM Modi on interim budget presented by Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman said that the rooftop solarisation programme is being implemented following the Prime Minister Narendra Modi's "resolve" to do so after the opening ceremony of Ayodhya's Ram Mandir on January 22
"Not surprised that tax will be spoken about only in July when the full-fledged budget will be presented," said economist Pranav Sayta
"Reducing government's footprint in bond market has made room for private borrowing. Funds will likely now be available for private capex, " Shankar Iyer on interim budget
In 2014, when our government assumed the rings, 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.
Finance Minister Nirmala Sitharaman said that the government focused on more comprehensive 'governance, development, performance' - 'GDP'.
Many are still apprehensive about opting for the new regime, to increase its acceptance, the government may allow deductions under 80C in this regime.
The Union Cabinet has approved the interim budget prepared by Finance Minister Nirmala Sitharaman's team
Senior citizens are looking forward to the union budget hoping for relief in income tax and health insurance. NDTV's Sam Daniel spoke to Mrs Radha Venuprasad in Chennai.
The Finance Minister could consider hiking the Pradhan Mantri Jan Arogya Yojana (PM-JAY) insurance cover by up to 50%, sources say.
Experts are expecting crucial announcements in the Union Budget 2024, especially for taxpayers, real estate, Electric Vehicles and renewable energy sectors.
The copies of budget - to be presented by Finance Minister Nirmala Sitharaman shortly - have arrived in Parliament
From changes in tax slabs to deductions, taxpayers are expecting announcements that would impact their financial and investment strategies.
Finance Minister Nirmala Sitharaman is likely to make key announcements in critical sectors - like agriculture and manufacturing -today, with emphasis on job creation.