Budget 2024 LIVE: Govt aims aggressive fiscal consolidation, no changes in tax slabs in interim budget

11:06 (IST)

Budget 2024 LIVE

FM Nirmala Sitharaman presents Interim budget 2024

13:19 (IST)

Budget 2024 LIVE

I thank Finance Minister Nirmala Sitharaman and PM Modi for this budget, says Union Minister Kiren Rijiju

#WATCH | On Interim Union Budget 2024, Union Minister Kiren Rijiju says, "... I thank Finance Minister Nirmala Sitharaman and PM Modi for this budget. No sector has been left out...Today we have become a confident country in the world in terms of economy.” pic.twitter.com/0asMw6amf1— ANI (@ANI) February 1, 2024

13:17 (IST)

Budget 2024 LIVE

Budget 2024: No change in taxation proposed

As expected and in relief for the citizens, the central government neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister Nirmala Sitharaman.

"Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties," Sitharaman said in her Budget speech on Thursday.

13:08 (IST)

Budget 2024 LIVE

There is development at every level, says Union Minister Sarbananda Sonowal

#WATCH | On Interim Budget 2024-25, Union Minister Sarbananda Sonowal says, "... Today there is development at every level...Through this budget, it has become clear that India will become a strong developed country by 2047." pic.twitter.com/fNwlDPIsYE— ANI (@ANI) February 1, 2024

13:03 (IST)

Budget 2024 LIVE

Sitharaman proposes to raise capital expenditure by 11.1% to Rs 11.11 lakh crore

The government proposes to increase capital expenditure outlay by 11.1 per cent to Rs 11.11 lakh crore in 2024-25, Union Finance Minister Nirmala Sitharaman said on Thursday in her interim Budget, ahead of the General elections.

A capital expenditure, or capex, is used to set up long-term physical or fixed assets.

Last year, which was the last full Budget under the Prime Minister Narendra Modi-led government's second term, the government proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which was estimated to be 3.3 per cent of the GDP.

12:58 (IST)

Budget 2024 LIVE

Finance Minister Sitharaman hikes capital spend by 11%, trims deficit for next fiscal

Finance Minister Nirmala Sitharaman on Thursday increased capital expenditure by 11 per cent for the upcoming fiscal year to uphold the remarkable economic growth rate while reducing the deficit in an interim budget focused on reforms.

The interim budget also provided relief to the common man by addressing contested small tax demands of up to Rs 25,000.

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12:55 (IST)

Budget 2024 LIVE

25 crore people came out of poverty in last 10 years, says FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said that the government believes in “empowering the poor” and in the last ten years, at least 25 crore people have been assisted to get freedom from multidimensional poverty.

Sitharaman said that fulfilling the aspirations and needs of Garib (poor), Mahilaye (women), Yuva (youth) and Annadata (farmers) is the highest priority of the government.

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12:53 (IST)

Budget 2024 LIVE

Health cover under Ayushman Bharat scheme will be extended to ASHA, Anganwadi workers, says FM Sitharaman

The Government of India Thursday said it will extend health cover under the Ayushman Bharat scheme to all ASHA and Anganwadi workers and helpers. The announcement was made by Finance Minister Nirmala Sitharaman in the Lok Sabha while tabling Budget 2024.

“The health cover under the Ayushman Bharat scheme will be extended to all ASHA and Anganwadi workers and helpers,” Sitharaman said during her Union Budget 2024-25 speech.

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12:40 (IST)

Budget 2024 LIVE

FM Sitharaman announces free vaccine for cervical cancer for girls between 9-14 years

In her Budget 2024 speech, Finance Minister Nirmala Sitharaman Thursday announced free vaccine for cervical cancer for girls between 9-14 years.

“Our Government will encourage vaccination for girls in age group of 9 to 14 years for prevention of cervical cancer,” Sitharaman said in her Interim Budget 2024 speech on 1 February.

Cervical cancer is a major cause of cancer mortality in women and more than a quarter of its global burden is contributed by developing countries.

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12:39 (IST)

Budget 2024 LIVE

Global affairs becoming more complex, new world order emerging, says Sitharaman

Presenting her sixth budget in the Lok Sabha, Finance Minister Nirmala Sitharaman on Thursday said that global affairs are becoming more complex, globalisation is being redefined with reshoring, disruption and fragementation of supply chains and competition for critical minerals and technologies.

“A new world order is emerging,” she said.

Talking about India’s G20 Presidency, she said that India assumed the presidency during very difficult times.

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12:38 (IST)

Budget 2024 LIVE

At least 43 Cr loans aggregating to Rs 22.5 lakh Cr extended under PM Mudra Yojana, says FM Sitharaman

The government has extended 43 crore loans aggregating to Rs 22.5 lakh crore under the PM Mudra Yojana, Finance Minister Nirmala Sitharaman said on Thursday.

Sitharaman in her pre-election Budget, which is technically a vote on account and is popularly termed an interim Budget, said direct benefit transfer of Rs 34 lakh crore through Jan Dhan accounts have resulted in savings of Rs 2.7 lakh crore.

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12:29 (IST)

Budget 2024 LIVE

GoI to focus on expanding EV charging infrastructure, increase employment

While reading out her budget speech, Minister of Finance, Nirmala Sitharaman announced that the government of India will focus on expanding India’s electric vehicle charging infrastructure, and allow a whole lot more of Entrepreneurship opportunities in the sector.

The Finance Minister also said that in the fiscal year 2024-2025, a large number of vendors will be approved for the supply and installation of EV charging points across the country.

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12:27 (IST)

Budget 2024 LIVE

At least 43 Cr loans aggregating to Rs 22.5 lakh Cr extended under PM Mudra Yojana, says FM Sitharaman

The government has extended 43 crore loans aggregating to Rs 22.5 lakh crore under the PM Mudra Yojana, Finance Minister Nirmala Sitharaman said on Thursday.

Sitharaman in her pre-election Budget, which is technically a vote on account and is popularly termed an interim Budget, said direct benefit transfer of Rs 34 lakh crore through Jan Dhan accounts have resulted in savings of Rs 2.7 lakh crore.

The finance minister also said 30 crore Mudra Yojana loans have been given to women in the last 10 years.

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12:25 (IST)

Budget 2024 LIVE

MSP for produce of 'Annadata' periodically increased, says Sitharaman in Budget speech

Finance Minister Nirmala Sitharaman on Thursday said that MSP for produce of ‘Annadata’ are periodically increased and the government has been making provisions for basic necessities to enhance the real income in rural areas.

“Every year under PM Kisan Samman Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers,” she added.

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12:18 (IST)

Budget 2024 LIVE

Budget 2024: Nearly 1.4 Cr youth trained under Skill India Mission, says FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said that the Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth.

“The Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. A large number of institutional higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities have been set up,” said Finance Minister.

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12:16 (IST)

Budget 2024 LIVE

Why Finance Minister Nirmala Sitharaman’s interim Budget speech is a milestone

It is India’s 92nd annual Budget. For Finance Minister Nirmala Sitharaman it is the sixth.

On Thursday, with a digital tablet in hand, Sitharaman headed to Parliament to present the interim budget. She posed outside the Ministry of Finance in New Delhi with her team before presenting her sixth straight budget. With this. she equals the record of former Prime Minister Morarji Desai.

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12:06 (IST)

Budget 2024 LIVE

Lok Sabha adjourns  

Lok Sabha adjourned till February 2, 11.00 a.m.

12:05 (IST)

Budget 2024 LIVE

Union Finance Minister introduces the Finance Bill 2024 in the Lok Sabha

Union Finance Minister Nirmala Sitharaman introduces the Finance Bill 2024 in the Lok Sabha.

12:04 (IST)

Budget 2024 LIVE

Government took upon the responsibility to fix the economy from 2014

There was a huge amount of duty to correct the 2014 economy. As she concludes her address, the FM remarked, "The government did that successfully following the strong belief of Nation First."

The finance minister compares the current economic growth to that of the pre-Modi era and states that the crisis of those years has been resolved and the country is now headed towards high sustained growth.

She states that it is appropriate to compare our current situation to that of 2014 in order to comprehend the mishandling of those years, and the administration will place a white paper on the House table discussing this.

The goal of Viksit Bharat with good intentions, true dedication and hard work in the coming years will be achieved. With this, Honourable Speaker, I commend the Interim Budget to the House, FM Sitharaman says concluding her speech.

11:59 (IST)

Budget 2024 LIVE

Improving taxpayer services

To improve taxpayer services, there are a large number of petty or disputed direct tax demands, many of them dating as far back as 1962, which cause anxiety to taxpayers, FM Sitharaman states in her speech. She proposes to withdraw such outstanding direct tax demands upto Rs. 25,000 pertaining to years upto 2009-10 and Rs. 10,000 for the period from 2010 to 2015.

This will help 1 crore taxpayers, she added.

11:57 (IST)

Budget 2024 LIVE

Tax proposals

As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to maintain the same tax rates for direct and indirect taxes, including import duties, says FM Sitharaman in the Parliament.

On March 31, 2023, however, a few tax breaks for startups and IFSC units will end. The Finance Minister continues, "I propose to extend these until March 31, 2025 to provide continuity in taxation."

11:56 (IST)

Budget 2024 LIVE

GST has reduced the compliance burden on trade and industry, says FM Sitharaman

The GST has eased commerce and industry's compliance burden by harmonising the tax structure. According to a recent poll, the majority of industry leaders(94%) see the shift to the GST as favourable, says the Finance Minister.

States have profited as well, according to the Finance Minister. The customer stands to gain the most, she continues, as lower taxes and logistical expenses have contributed to lower pricing.

11:54 (IST)

Budget 2024 LIVE

Tax provisions

FM Sitharaman expresses gratitude to taxpayers for their ongoing support and outlines the prior modifications made to the tax regulations.

For those making up to Rs. 7 lakh annually, there is no longer any responsibility under the new tax structure. For retail firms, the presumed taxes threshold was raised from Rs. 2 crore to Rs. 3 crore.

The corporate tax rate was lowered from 30% to 22% for already-existing businesses and to 15% for specific newly formed industrial sectors.

Tax return filing has gotten easier and more straightforward. Refunds are being processed more quickly now that the average return processing time has dropped from 93 days in 2013–14 to only 10 days, according to Ms. Sitharaman.

11:53 (IST)

Budget 2024 LIVE

Budget Estimates for 2024-25

The expected total expenditure and total receipts (excluding borrowings) are Rs. 47 lakh crore and Rs. 30.80 lakh crore, respectively.

Next year, the interest-free loan programme would be maintained with an expenditure of Rs. 1.3 lakh crore.

According to projections, the fiscal deficit in 2024–2025 will be 5.1% of GDP, meeting the target of 4.5% of GDP by 2025–2026.

11:52 (IST)

Budget 2024 LIVE

Revised Estimates of 2023-24

Revenue revenues of Rs. 30.03 lakh crore are likely to exceed the Budget Estimate, representing strong economic momentum and the formalisation of the economy, out of total expenditures of Rs. 44.90 lakh crore.

11:51 (IST)

Budget 2024 LIVE

Amrit Kaal as Kartavya Kaal

Our governemnt stands committed to create an economy with high growth and an environment to enable people to meet their aspirations, says FM Sitharaman.

“Every challenge of the pre-2014 era was overcome through our economic management and governance. This has placed the country on a sustained path of high growth. In the full Budget in July, our Govt. will present a detailed roadmap for our pursuit of Viksit Bharat.”

11:50 (IST)

Budget 2024 LIVE

Societal changes

A high-level committee will be established by the government to examine issues brought on by rapid population increase and shifting demographics.

11:49 (IST)

Budget 2024 LIVE

Reform in States for Viksit Bharat

A 50-year, interest-free loan of Rs. 75,000 crore is being offered to States for milestone-linked reforms.

11:47 (IST)

Budget 2024 LIVE

FDI inflow from 2014-23 was $596 billion, says FM

The FDI inflow from 2014-23 was $596 billion marking a golden era, FM Sitharaman says.

She also added that they were negotiating bilateral treaties with the spirit of ‘First, Develop India’.

11:46 (IST)

Budget 2024 LIVE

Tourism, including spiritual tourism, are booming, says FM

Domestic tourism has been aided from the success of G20 gatherings held in 60 cities. Nowadays, increased travel is also a goal for our middle class. States would be encouraged to build tourism hubs and promote them internationally due to the growth of tourism, which includes spiritual tourism, according to Ms. Sitharaman.

She continues, "States will receive matching long-term interest-free loans to develop such tourism centres."

11:44 (IST)

Budget 2024 LIVE

Administration to improve, grow e-vehicle ecosystem, and bio-manufacturing

According to Ms. Sitharaman, our administration will improve and grow the e-vehicle industry by increasing production and infrastructure for charging them.

A new programme for biomanufacturing will be introduced to promote biodegradable plastics and agricultural inputs. She goes on to say that this will change the current production consumption paradigm to one that is focused on being green.

11:43 (IST)

Budget 2024 LIVE

Green Energy

Funding for the viability gap in using shore-wind energy, says FM Sitharaman.

By 2030, a 100 metric tonne coal gasification and liquifaction capability will be established, added FM.

Compressed biogas must be gradually blended with piped natural gas for home use and compressed natural gas for transportation.

11:41 (IST)

Budget 2024 LIVE

Three major railway corridor programs will be implemented, says Nirmala Sitharaman

There will be three main railway corridor initiatives put into action. These are the corridors for energy, minerals, and cement, the port-connectivity corridor, and the high-traffic density corridor.

According to FM Sitharaman, the railway corridor projects would save costs and increase the effectiveness of logistics. She emphasises that passenger rail safety would also be enhanced by this.

She also mentioned that 40,000 regular rail bogeys will be upgraded to Vande Bharat standards.

11:37 (IST)

Budget 2024 LIVE

FM Nirmala Sitharaman outlines strategy for Amrit Kaal

The Finance Minister proceeds to discuss the following topics as she continues to outline the government's plan for Amrit Kaal:

Dairy: Work to combat foot and mouth disease is already underway, and a comprehensive programme to help dairy producers will be developed. Despite having poor milch yield, India is the world's top producer of dairy products.

Matsya Sampada: Our government recognised the need to support fishermen, so it established a separate department of fisheries, she explains. Between 2013 and 2014, seafood exports have doubled. There would be an acceleration in the PM Matsya Sampada Yojana's implementation.

Lakhpati Didi: According to Ms. Sitharaman, 83 lakh SHGs (self help groups) including 9 crore women are empowering and fostering self-reliance, which is changing the social and economic face of rural areas. We shall honour them in order to recognise their accomplishments. The goal for these Lakhpati Didis will now be raised from 2 crore to 3 crore.

Technological changes: To provide long-term financing or refinancing with extended tenors and low or no interest rates, a corpus of Rs. 1 lakh crore will be formed with 50 year interest-free loans. According to her, this will motivate the private sector to greatly increase research and innovation in the sunrise sectors. There will be a new initiative to advance deep technology for military. 

11:34 (IST)

Budget 2024 LIVE

Agri and Food Processing

There will be a greater emphasis on value addition and increasing farmer earnings. 38 lakh farmers have benefited from the PM Sampada Yojana. 2.4 lakh SHGs have benefited from the PM Formalisation of Micro Food Processing Enterprises.

11:34 (IST)

Budget 2024 LIVE

Ayushmaan Bharat

Healthcare cover will be extended to all Aasha, Anganwaadi workers, and helpers, said FM Sitharaman.

11:33 (IST)

Budget 2024 LIVE

Maternal and Child health care

Different plans will be combined into a single, all-inclusive programme. Anganwaadi centre upgrades will happen more quickly. The nation will gradually adopt the new platform UWin.

11:32 (IST)

Budget 2024 LIVE

Housing for middle class

The Indian government will launch a scheme to help deserving sections of the middle class, living in rented houses or slums, or chawls and unauthorized colonies, to buy or build their own houses, says FM Sitharaman.

11:31 (IST)

Budget 2024 LIVE

Rooftop solarization and Muft Bijli

One crore houses will be enabled to obtain upto 300 units of free electricity per month through rooftop solar tech, said Finance Minister Nirmala Sitharaman.

Savings of Rs. 18,000 crore are expected for households annually through free energy and selling their excess generation to the grid, added FM.

11:31 (IST)

Budget 2024 LIVE

PM Awas Yojana (Gramin)

Despite the challenges, the implementation continued and we are close to achieving the target of 3 crore houses and 2 crore more houses will be taken up in the next five years, said FM Sitharaman.

11:30 (IST)

Budget 2024 LIVE

Development of the East

The Indian governement will pay utmost attention to make the Eastern region and its people a powerful driver of India’s growth, says FM.

11:29 (IST)

Budget 2024 LIVE

Aligning with the Panchamrut goals, our government will focus on sustaining a more efficient growth

Aligning with the Panchamrut goals, our government will focus on sustaining a more efficient growth. For meeting investment needs, we will build a financial sector with scale, capacity and regulatory frameworks.

11:28 (IST)

Budget 2024 LIVE

Strategy for Amrit Kaal

According to the Finance Minister, the government will implement economic policies that will support and maintain growth, raise productivity, give everyone access to opportunities, and enable people to develop their potential.

She states that the administration will implement next-generation reforms under the guiding principles of "Reform, Perform, and Transform."

11:26 (IST)

Budget 2024 LIVE

Vision for Viksit Bharat, says FM Sitharaman

The Minister of Finance lays out a plan for "Viksit Bharat," or developed India.

According to her, "Our vision for Viksit Bharat is a prosperous, modern, infrastructure-enabled country that provides opportunities for all its citizens while living in harmony with nature."

She continues, "The next five years will bring about unparalleled development and golden opportunities to realise the dream of a developed India by 2047."

According to her, the trinity of democracy, demography, and diversity has the capacity to realise every Indian's dream.

11:25 (IST)

Budget 2024 LIVE

India received its highest ever medal tally in Asian Games, Asian Para Games in 2023

The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023

Chess prodigy and our No. 1 ranked player Praggnanandhaa put up a stiff fight against world champion Magnus Carlsen in 2023, today, India has over 80 chess grandmasters compared to little over 20 in 2010.

11:23 (IST)

Budget 2024 LIVE

‘The government is equally focused on GDP - Governance, Development and Performance,’ says FM Sitharaman 

FM Sitharaman says, "The government is equally focused on GDP - Governance, Development and Performance." pic.twitter.com/iynkhPCxT5— ANI (@ANI) February 1, 2024

11:20 (IST)

Budget 2024 LIVE

The economy is doing well, Nirmala Sitharaman

On average, there has been a 50% increase in real income, and inflation is low. People are becoming more empowered and able to follow their dreams, according to FM Sitharaman.

11:19 (IST)

Budget 2024 LIVE

Trust based administration that is open, responsible, responsive

The government is concentrating on a more complete GDP, which includes performance, governance, and development.

Our government has offered trust-based administration that is open, responsible, and responsive. All industries may see the effect, according to Nirmala Sitharaman.

11:16 (IST)

Budget 2024 LIVE

Empowering the Youth

The NEP 2020 is bringing about revolutionary changes. In addition to establishing 3,000 new ITIs, the Skill India Mission has trained 1.4 crore young and reskilled and upskilled 54 lakh youth.

There are now a great deal of higher education establishments, including 319 universities.

The Startup Credit Guarantee Scheme, Fund of Funds, and Startup India are assisting our young people in becoming Rozgaar Daata.

11:14 (IST)

Budget 2024 LIVE

Union Finance Minister provides a report card for the last 10 years

At the start of her interim budget statement, Union Finance Minister presents a report card covering the previous ten years.

Nirmala Sitharaman highlights the achievements of the Modi Government while outlining the many programmes targeted at the disadvantaged sections of society. 

According to her, the PM Vishwakarma Yojana offers complete assistance to craftsmen, while programmes empowering transgender and Divyang people demonstrate the government's commitment to leave no one behind.