New Delhi:Union Finance Minister Nirmala Sitharaman presented the Modi 2.0 government's last Budget before the general elections on Thursday. The interim budget has a mix of measures for the economy and significant segments for women that are important from the point of voters' pull.
The Finance Minister, in her budget speech, said the government was focused on Poor, Women, Youth and Farmers, and it was their needs and aspiration that "are our highest priority".
"As our Prime Minister firmly believes, we need to focus on four major castes. They are, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). Their needs, their aspirations, and their welfare are our highest priority. The country progresses, when they progress. All four require and receive government support in their quest to better their lives. Their empowerment and well-being will drive the country forward," Sitharaman said.
She said there would be no change in the taxation scheme, both in direct and indirect brackets. Notably, there is no tax liability for individuals with income up to Rs 7 lakh under the new regime. "The Revised Estimate of the fiscal deficit is 5.8 per cent of GDP, improving on the Budget Estimate, notwithstanding moderation in the nominal growth estimates," the FM said.
With the pressure for populist measures off after convincing victories in Chhattisgarh, Madhya Pradesh and Rajasthan, Sitharaman stuck to being fiscally prudent while sprinkling sops on sectors like technology and railways of the economy.
The budget will technically be a vote on account and popularly termed an interim Budget as it seeks Parliament's nod for a grant in advance to meet the central government's essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget in July.
The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of both houses. Sitharaman equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.
Here are the live updates:
- 7.58 PM
The Election Commission has been granted Rs 385.67 crore for conducting elections this fiscal, according to documents provided after the presentation of the interim budget on Thursday. Lok Sabha elections are due this summer and could be announced sometime in March. Read More... - 7.40 PM
FM Nirmala Sitharaman on Thursday said international rating agencies should take on board the message that India has bettered the targets set for lowering fiscal deficit. Read More... - 7.25 PM
Union Finance Minister Nirmala Sitharaman on Thursday said that a high-powered committee will be set up to consider challenges arising from fast population growth. Later talking to newspersons, Ajay Seth, secretary in the department of economic affairs said that the terms and references of the committee will be chalked out soon. “The committee will elaborately look into the effect of population growth,” said Seth. The opposition block, however, termed the announcement as a strategy of the BJP-RSS government “to target a particular community.” Read More... - 5.53 PM
The Finance Minister stuck to the path of fiscal prudence despite the election year as she presented the interim budget on Thursday. The FM stayed on the course of fiscal consolidation rather than presenting a populist budget containing schemes that may have further unsettled the health of the government finances, a move that surprised many analysts.Read More... - 5.35 PM
Budget 2024 reactions: Union Railways Minister Ashwini Vaishnaw on Thursday said that an "unprecedented" budget allocation has been made towards the railway sector in the Interim Budget for the financial year 2024-25, which was presented by Finance Minister Nirmala Sitharaman. Vaishnaw said that Indian Railways has been allotted a total of Rs 2.52 lakh crore outlay for the financial year 2024-25. Read More... - 5.30 PM
Nirmala Sitharaman on the India-Middleeast-Europe Economic Corridor (IMEC) when asked if and how it would be taken forward given Israel's war in Palestine and the situation in the Red Sea area: "It has been announced. We are taking it forward. Yes, there is a significant disturbance in the Middle East area but this is a project which has long-term implications for the entire region up to Europe. We will be consulting and taking it forward in all its contours." Read More... - 4.50 PM
Nirmala Sitharaman during the post-budget press conference: "There will be a white paper on the economic performance of the last 10 years compared with the previous 10 years...Govt has got the trust, confidence and blessings of the people based on its exemplary track record of GDP that is Governance, development and performance..." Read More... - 4.47 PM
"For the FY 2024-25 budget, we have given the fiscal deficit to 5.1 percent (of the GDP) which indicates that we are on the right path set in 2021-22 and we are well on track to meet the 4.5 percent fiscal deficit on or below 4.5 percent by FY26," says Union Finance Minister at post-budget presser. Read More... - 4.30 PM
The Finance Minister states four Disha Nirdeshak Baatein(Guiding Principles) the government aims to focus on as far as the Budget is concerned. They include: 1. Social justice as an effective and necessary governance model. 2. Four major caste groups: the poor, the women, the youth and the farmer. 3 Focus on infrastructure. 4. Using tech as a huge opportuning. 4. High power committee for extensive consideration arising from population growth and demographic challenges. - 4.22 PM
Finance Minister Nirmala Sitharaman speaks to media on interim budget: "This is an interim budget presented just before the (2024 Lok Sabha) elections... On governance, this budget speaks from a position where we have delivered on development, we have better managed the economy with correct intentions, correct policies, and correct decisions. So it's governance with care, conviction, and confidence." - 4.18 PM
Union Budget 2024 reactions:Congress National President Mallikarjun Kharge says, "...They think that the country got independence only after 2014 & the country is seeing democracy only after PM Modi came to power...What happened to the promise of 2 crore jobs, what happened to bring back black money, and what happened to the promise of doubling the income of farmers..." Read More... - 3.41 PM
Union Budget 2024 reactions:Ashish Chauhan - CEO National Stock Exchange of India (NSE) says, "When the Budget speech was being read, three words that came to my mind were - growth, welfarism and fiscal restraint. It is very difficult to achieve all three objectives by a government and they have proved over the last 10 years that somewhere they have been able to create brick-by-brick a social security framework which is available to every citizen of India...Whatever has happened in last 10 year, in terms of roads, ports, airports - the logistics cost has come down to a single digits. That is a very welcome move. The Atamanirbhar Technology that has been developed in Vande Bharat, many metros is going to reduce the cost of logistics even further..." - 3.14 PM
Union Budget 2024 reactions:Inthe interim budget 2024, the Defence sector has been allocated ₹6.2 lakh crore, an increase of only Rs 0.27 lakh crore compared to last year. Talking to ETV Bharat, former Army Chief General Ved Prakash Malik, who served as the Chief of Army Staff during the Kargil War said: "Although it is not a very substantial increase, overall it's a good thing as long as the focus is on Research and Development and the import of technology. The more important thing is that there is a great emphasis on the import of technology and R&D. So, it is an encouraging thing." the former army chief said. Read More... - 2.30 PM
Union Budget 2024 reactions:Dr Roderico H. Ofrin, WHO Representative to India says, “ASHA workers, Anganwadi workers, and helpers are at the forefront of health and care delivery at the grassroots level. The World Health Organization (WHO) applauds the extension of healthcare coverage to them under Ayushman Bharat. The initiatives announced today – upgrading existing hospital infrastructure to increase medical colleges, harmonization of maternal and child care implementation, introduction of HPV vaccination for cervical cancer prevention, and the expansion of the U-WIN platform across for managing and intensifying immunization – will further strengthen systems and healthcare services across the country. WHO welcomes investments in these areas and will continue to support the Government of India in achieving health for all and meeting its disease elimination goals.” - 2.05 PM
Union Budget 2024 reactions:"The Finance Minister took a long time to hail praises but delivery was zero. They are going to present a white paper on the previous government... Nothing much has happened in the last 10 years. The people of the country are already disappointed. Moreover, you realise that performance incentives are given to the bridge companies, and not going to the deserving ones. People are rejected with this budget," says DMK MP Dayanidhi Maran. Read More... - 1.54 PM
Finance Minister Nirmala Sitharaman on Thursday said the concept of social justice was used as a political slogan in the previous governments, however, today the BJP-led Central government has adopted the idea of social justice into its governance adding that the policies of the Centre has brought "secularism into action, reduced corruption, and prevented nepotism". Read key takeaways from FM's Budget speech. - 1.50 PM
Union Budget 2024 reactions:Finance Minister Nirmala Sitharaman has presented the Narendra Modi government's last budget, said Shiv Sena (UBT) chief Uddhav Thackeray on Thursday, taking a swipe at the BJP-led Centre after the Union Budget was presented. Addressing party workers in Raigad district, adjoining Mumbai, Thackeray stated that Sitharaman said that the budget would focus on four castes, namely poor, women, youth and farmers. - 1.27 PM
Union Budget 2024 reactions:"This Budget guarantees to strengthen the foundation of Viksit Bharat in 2047. I congratulate Nirmala Ji and her team. This Budget reflects the aspirations of young India," says PM Modi in his remarks on Union Budget 2024. Read More... - 1.25 PM
Union Budget 2024 reactions:"The Union Budget cannot and does not indicate any policy decision. But the way the government has presented the budget, it clearly suggests the policy of this government. It is an interim budget and it cannot reflect any policy matter of this government," says Leader of Opposition in Lok Sabha and Congress leader Adhir Ranjan Choudhary. Read More... - 1.10 PM
Union Budget 2024 reactions:Union Minister Nitin Gadkari says, "Finance Minister's Budget is aimed to strengthen India's economic sector, in line with PM Modi's resolve to make India the third largest economy of the world...This is a budget to speed up country's development and increase employment..." - 1.00 PM
Union Budget 2024 reactions: "What stood out for me was the clear articulation that the focus groups which the government is working on for upliftment and development are the poor, the women, the youth and the farmers. There is a clear emphasis on green growth and inclusive growth," says Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Ltd, Subhrakant Panda. - 12.10 PM
Finance Minister Nirmala Sitharaman meets Lok Sabha Speaker Om Birla after the presentation of the country's interim Budget. - 12.10 PM
After concluding her Budget speech, Nirmala Sitharaman introduces Finance Bill 2023. Lok Sabha passes it and with it, the House is adjourned to meet again at 11 am on Friday. Sitharaman's budget speech was a little less than an hour long. Her longest-ever speech was in 2020 when she spoke for two hours and 40 minutes. Last year, her speech was about 87 minutes. - 11.58 AM
"Crisis economy put on a high sustainable growth path. It is now appropriate to know where we were till 2014 and where we are now only for the purpose of drawing a lesson for the mismanagement of those years. The government will lay a white paper on the table of House on exemplary track record of government." - 11.58 AM
The revised estimate for Financial Year 2024 fiscal deficit is 5.8 per cent. For the uninitiated, fiscal deficit refers to the gap between the government’s revenue and its expenses. It is expected to remain at 5.1 per cent of gross domestic product. - 11.58 AM
"I propose to retain the same tax rates for direct and indirect taxes including import duties," says FM. - 11.56 AM
"83 lakh SHGs with nine crore women are transforming rural socio-economic landscape with empowerment and self-reliance. Their success has assisted nearly 1 crore women to become lakhpati didi already. Buoyed by the success, it has been decided to enhance the target of lakhpati didi from 2 crore to 3 crore," says Union Finance Minister. - 11.52 AM
Nirmala Sitharaman: Amrit Kaal as Karthavya Kaal Every challenge of pre-2014 era was overcome through economic management and governance. In the full Budget in July, the government will present a detailed roadmap for our pursuit of Viksit Bharat. - 11.51 AM
Nirmala Sitharaman: "FDI is 'First Develop India'... FDI inflow during 2014 to 2023 was Rs 596 billion US dollars, marking a golden era. This was twice the FDI inflow between 2005 to 2014. For sustained FDI, we are negotiating bilateral investment treaties with foreign partners." - 11.48 AM
Nirmala Sitharaman: "Many growth and development-enabling reforms are needed in the state for realising the vision of Viksit Bharat. A provision of Rs 75,000 Crores as a 50-year interest-free loan is proposed this year to support those milestone-linked reforms by the state governments." - 11.48 AM
Nirmala Sitharaman: "Every challenge of the pre-2014 era was overcome...through right policies..." - 11.45 AM
The outlay for infrastructure has been increased to Rs 11.11 lakh crores in FY25, says FM Sitharaman. - 11.41 AM
FM Sitharaman announces, "40,000 bogies will be converted to Vande Bharat...to enhance safety and security..." Read More... - 11.41 AM
FM: "Several youth are ambitious to get qualified as doctors. They aim to serve our people through improved healthcare services. Our Government plans to set up more medical colleges by utilizing the existing hospital infrastructure under various departments. A committee for this purpose will be set-up to examine the issues and make relevant recommendations." Read More... - 11.40 AM
FM: "The recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. In the words of Hon’ble Prime Minister, the corridor “will become the basis of world trade for hundreds of years to come, and history will remember that this corridor was initiated on Indian soil”. Read More... - 11.39 AM
FM Sitharaman: Prime Minister Shastri gave the slogan of “Jai Jawan Jai Kisan”. Prime Minister Vajpayee made that “Jai Jawan Jai Kisan Jai Vigyan”. Prime Minister Modi has furthered that to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan”, as innovation is the foundation of development. For our tech-savvy youth, this will be a golden era. A corpus of rupees one lakh crore will be established with a fifty-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology. A new scheme will be launched for strengthening deep-tech technologies for defense purposes and expediting ‘atmanirbharta’. Read More... - 11.39 AM
"Rooftop solarisation and free electricity Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month This scheme follows resolve of Prime Minister, on the historic day of consecration of Ram Mandir in Ayodhya Expected benefits: Savings up to Rs. 15,000 - Rs. 18,000 to households from free solar electricity and selling surplus to discoms." Read More... - 11.32 AM
FM Sitharaman announces, "The health cover under the Ayushman Bharat scheme will be extended to all ASHA and Anganwadi workers and helpers." Read More... - 11.30 AM
"Our government has provided transparent, accountable and people-centric trust-based administration with citizen first and minimum government and maximum governance approach There is macroeconomic stability, investments are robust, economy is doing well, people are doing well, with greater aspirations for future, average real income has increased by 50%, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects..." - 11.26 AM
"The economy is doing well. Inflation is moderate...The government is equally focused on GDP - Governance, Development and Performance" says FM Sitharaman during interim Budget presentation. - 11.25 AM
"Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years. 30 crore MUDRA Yojana loans have been given to woman entrepreneurs. Female enrollment in higher education has gone up by 28% in 10 years. In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world. All these are getting reflected in increasing participation of women in workforce..." Read More... - 11.22 AM
FM in budget speech: The next 5 years will be years of unprecedented development...to help the idea of Vikisit Bharat by 2047. - 11.20 AM
FM in budget speech: For our government, social justice is an effective and necessary governance model. Saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism. There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities. We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved. - 11.19 AM
Our government is working towards development which is all round, all inclusive and all pervasive It covers all castes and people at all levels We are working towards making India a Viksit Bharat by 2047: FM in budget speech. - 11.18 AM
FM in budget speech: "In second term, the government strengthened its mantra and our development philosophy covered all elements of inclusivity, namely social and geographical With a whole of nation approach, the country overcame challenges of the COVID-19 pandemic, took long strides towards Aatma Nirbhar Bharat and laid solid foundations for Amrit Kaal." - 11.18 AM
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 - Finance Minister - 11.17 AM
FM in budget speech: "Indian economy has witnessed profound transformation in last 10 years. In 2014, the country was facing enormous challenges, the government overcame those challenges and undertook structural reforms, pro-people reforms were undertaken, conditions for jobs and entrepreneurship were set in, fruits of development started reaching people at scale, country got a sense of new purpose and hope." - 11.15 AM
"Based on stupendous work, we expect our govt will be blessed again by the people with a resounding mandate," Nirmala Sitharaman in Budget Speech. - 11.12 AM
"When we assumed office in 2014, the country was facing enormous challenges. With 'Sabka Sath Sabka Vikas' as its mantra, the government overcame those challenges," says Union Finance Minister as she presents Union Budget 2024. - 11.05 AM
Interim Budget 2024 Live: Nirmala Sitharaman begins her budget speech in Parliament. - 10.58 AM
Congress Parliamentary Party Chairperson Sonia Gandhi arrives at the Parliament. Union Finance Minister Nirmala Sitharaman will present the Budget in the House, shortly. - 10.50 AM
Ahead of NDA government's interim Budget, Union minister Anupriya Patel says, "I hope the provisions of this budget will be to fulfill the aims of becoming Viksit Bharat and a 5 trillion dollar economy." - 10.37 AM
The cabinet has approved the interim Budget 2024. Nirmala Sitharaman is set to table it in Parliament shortly. Like the previous three full Union Budgets, Interim Budget 2024 will also be delivered in paperless form. - 10.26 AM
As Finance Minister Nirmala Sitharaman prepares to present her sixth straight budget on Thursday, eminent industry leaders said the government should keep its focus on infrastructure, which needs a leg-up. Read More... - 10.26 AM
Visuals from FM Nirmala Sitharaman calling on President Droupadi Murmu at Rashtrapati Bhavan earlier in the morning today before presenting the Union Budget 2024. - 10.17 AM
Congress MP Manickam Tagore ahead of the presentation of the interim budget, "Hope Nirmala Sitharaman delivers on the promises which they admitted. Instead of diverting from the real issues, let them address unemployment, the farmers' pain, MSME sector's problems and the price rise. We hope that the Interim Budget addresses these important issues, instead of only helping the friends like Adani and other business houses on whose pillars the Modi government is running." - 10.12 AM
Ahead of the presentation of the Interim Budget, Rahul Garg - Chairman, National Council on Direct Taxes, ASSOCHAM & Partner, Price Waterhouse & Co LLP says, "The industry expectation is that our financial prudence in running the economy, how has that performed - it should come out very clearly. So, I think this being an Interim Budget, everybody is eyeing whether we would be able to contain our fiscal deficit. It seems that by payment of taxes and collection of taxes by people and businesses, we have had a reasonably good collection of taxes." - 10.08 AM
Ahead of the presentation of the Union Interim Budget today, KV Subramanian - Executive Director of the IMF and former Chief Economic Advisor to the Government of India says, "...India is in a good position(economically) but we have to continue the work...We have to further strengthen the reforms that have been done in manufacturing...The investments and subsidies in power sector have to be focussed on...Voters need to be wary of the 'freebies culture' that has set in a few states. It doesn't do much for the economy..." - 10.03 AM
Ahead of the presentation of the Union Interim Budget, Samir Somaiya - President of IMC Chamber Of Commerce And Industry says, "This is an Interim Budget, so there will be some limitations. But I think they will underscore their priorities. I also think that when you look at the demographic dividend that the country has - we have such a large young population, you need to also skill them if you need them to be ready for the kind of infrastructure, defence, space, agriculture, precision farming and the whole startup infrastructure that they also need to create. So, I think they will continue to build this ecosystem to build a virtuous cycle so that India continues to grow at 6.5% and more." - 10.00 AM
Nirmala Sitharaman has reached Parliament. She will attend the cabinet meeting for approval of the interim budget before presenting it in the parliament at 11 am. - 9.55 AM
Indian stock market opened in green ahead of the 2024 interim budget to be tabled at Parliament at 11 am. BSE Sensex advanced 246.67 points, or 0.34 per cent at 71998.80 mark while Nifty50 inched 55.00 points, or 0.25 per cent at 21780.70 mark. Traders and investors are keeping a close watch as BSE Sensex has given positive returns to investors four times on the Budget day. Read More... - 9.41 AM
FM Nirmala Sitharaman will address a Post Budget Press Conference at the National Media Centre, New Delhi at 4.00 PM. - 9.35 AM
Nirmala Sitharaman leaves for Rashtrapati Bhawan ahead of presenting the interim budget. She is slated to present the budget at 11 am on Thursday. Earlier she reached the Ministry of Finance. Sitharaman used her trademark 'bahi-khata', a tablet wrapped in a red-coloured cloth with a golden-coloured national emblem embossed on it as she came out of the Finance Ministry. She donned a blue coloured sari and completed her look with a golden blouse. She and her finance ministry team also posed for a photograph. - 9.12 AM
Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister Nirmala Sitharaman arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her. - 8.27 AM
Minister of State for Finance Dr Bhagwat Kishanrao Karad leaves from his residence in Delhi, before the presentation of the Interim budget by Finance Minister Nirmala Sitharaman. - 6.26 AM
Union Finance Nirmala Sitharaman will present the interim budget at 11 am. This is her sixth straight budget today. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government.
