Budget 2024 Live Updates: Nirmala Sitharaman presents interim Budget
Budget 2024 Live Updates: Nirmala Sitharaman presents interim Budget
Union Finance Minister Nirmala Sitharaman is presenting interim budget for 2024-2025. This interim budget is expected to outline the government’s expenditure, revenue, fiscal deficit, financial performance, and projections for the upcoming months. The presentation of the full budget will take place after the Lok Sabha elections, once the newly elected government is in place. The […]
Union Finance Minister Nirmala Sitharaman arrived at the Ministry of Finance Ahead of the presentation of the interim budget 2024-2025
Union Finance Minister Nirmala Sitharaman is presenting interim budget for 2024-2025. This interim budget is expected to outline the government’s expenditure, revenue, fiscal deficit, financial performance, and projections for the upcoming months. The presentation of the full budget will take place after the Lok Sabha elections, once the newly elected government is in place. The Lok Sabha elections are scheduled in April-May 2024.
This marks her sixth budget as the Finance Minister and the final one in the second term of the Modi government. The purpose of the interim budget is to address financial needs during the interim period until a new government is formed after the Lok Sabha polls. The subsequent full budget will be presented by the incoming government.
Contrary to speculations suggesting that the interim budget might serve as a mere vote on account, numerous experts anticipate significant announcements, particularly for income taxpayers and salaried individuals. The focus is on potential measures to enhance the appeal of the new income tax regime. Additionally, there is heightened anticipation for substantial announcements affecting the electric vehicle (EV), real estate, cryptocurrency, and renewable energy sectors.
Leaders in various industries, including EV, real estate, healthcare, education, energy, auto, agriculture, FMCG, IT, and defence, are keenly anticipating the interim budget for potential insights and announcements that may impact their respective sectors. As the countdown to the budget presentation begins, stay informed about all Budget 2024 updates with thedailyguardian.com.
1 FEBRUARY 2024, 12:20 PM:
“Economy Then and Now Economy has been put firmly on a sustainable growth path with all round development It is now appropriate to look at where we were then till 2014 and where we are now, to draw lessons from the mismanagement of those years Govt. will lay a whitepaper on the table of the House Exemplary track record of governance, development and performance, effective delivery and Jan Kalyan has given the government trust, confidence and blessings of the people to realize whatever it takes to realize the goal of Viksit Bharat,” Finance Minister concludes her Budget speech with these words
1 FEBRUARY 2024, 12:16 PM:
The Multi-prompt Economic Management over the past 10 years has complemented people centric inclusive development.
Major elements:
1. All forms of infrastructure are being built in record time.
2. All parts of the country are becoming active participants in economic growth.
3. Digital public infrastructure is instrumental in formalization of the economy.
4. GST has enabled One Nation One Market One Tax.
5. Tax reforms have deepened and widened tax base.
6. Strengthening of financial sector have made savings, investment and credit more efficient.
7. GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources.
8. Proactive inflation management has helped keep inflation within the policy band.
The Multi-prompt Economic Management over the past 10 years has complemented people centric inclusive development.
Major elements:
1. All forms of infrastructure are being built in record time
2. All parts of the country are becoming active participants in economic growth
Gross and net market borrowings through dated securities during 2024-25 are estimated to be Rs. 14.13 lakh crores and Rs. 11.75 lakh crores respectively, both less than that in 2023-24 Lower borrowings by central government will facilitate larger credit for private sector
1 FEBRUARY 2024, 12:12 PM:
The PM Mudra Yojana has approved 43 crore loans, totaling ₹22.5 lakh crore, supporting the entrepreneurial aspirations of the youth. Initiatives like the Fund of Funds, Startup India, and Startup Credit Guarantee Schemes are aiding young individuals in becoming job providers. The nation takes pride in its youth achieving remarkable success in sports, evident in the highest-ever medal tally at the Asian Games and Asian Para Games in 2023, showcasing a heightened confidence level.
PM Mudra Yojana has sanctioned 43 crore loans amounting to ₹22.5 lakh crore for entrepreneurial aspirations of your youth.
Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth. They are now becoming Rozgar Datas.
Revised Estimates for 2023-24 indicate that total receipts, excluding borrowings, stand at Rs. 27.56 lakh crores, with tax receipts amounting to Rs. 23.24 lakh crores. Total expenditure is projected at Rs. 44.90 lakh crores. Revenue receipts are expected to surpass Budget Estimates, reaching Rs. 30.3 lakh crores. The Revised Estimate for the fiscal deficit is 5.8% of the GDP.
The Budget Estimates for 2024-25 outline total receipts, excluding borrowings, at Rs. 30.80 lakh crores, with total expenditure projected at Rs. 47.66 lakh crores. Tax receipts are estimated to be Rs. 26.02 lakh crores. The scheme providing 50-year interest-free loans for capital expenditure to states will be continued with an allocation of Rs. 1.3 lakh crores. The fiscal deficit for the fiscal year 2024-25 is anticipated to be 5.1% of the GDP, aligning with the commitment to fiscal consolidation.
1 FEBRUARY 2024, 12:08 PM:
Empowering Amrit Peedhi, the Yuva: The prosperity of our nation hinges on adequately equipping and empowering the youth. The transformative reforms ushered in by the National Education Policy 2020 are in progress. Initiatives like PM Schools for rising India and PM Shri are ensuring the delivery of quality education. The Skill India Mission has successfully trained 1.4 crore youth, upskilling and reskilling 54 lakh individuals, and establishing 3,000 new ITIs. Additionally, a significant number of higher learning institutions, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs, and 390 universities, have been established.
Empowering Amrit Peedhi, the Yuva – Our prosperity depends on a adequately equipping and empowering the youth!!
The National Education Policy 2020 is ushering transformational reforms.
– PM Schools for rising India & PM Shri are delivering quality teaching
Promoting investments:FDI inflow during 2014-’23 was 596 billion USD, marking a golden era, this is twice the infow during 2005-’14 For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners in the spirit of First Develop India (FDI).
Reforms in states for Viksit Bharat: Many growth and development enabling reforms are needed in states Provision of Rs. 75,000 crores as 50-year interest-free loan is proposed this year to support those milestone-linked reforms by state governments.
Societal changes: Government will form a high powered committee for an extensive consideration of challenges arising from fast population growth and demographic changes Committee will make recommendations to address these challenges comprehensively.
Amrit Kaal as Karthavya Kaal: Every challenge of pre-2014 era was overcome through economic management and governance In full Budget in July, government will present a detailed roadmap for our pursuit of Viksit Bharat.
1 FEBRUARY 2024, 12:05 PM:
The Electronic National Agricultural Market has successfully integrated 1,361 mandis, extending services to 1.8 crore farmers with a substantial trading volume of 3 lakh crores of rupees. This development positions the sector for inclusive, balanced, and heightened growth and productivity.
Electronic National Agricultural Market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive, balanced and higher growth and productivity.
Aatma Nirbhar Oilseeds Abhiyan: The Aatma Nirbhar Oilseeds Abhiyan, building on the 2022 initiative, aims to develop a strategy for achieving self-reliance in oilseeds like mustard, groundnut, soybean, sesame, and sunflower. The comprehensive plan encompasses research on high-yielding varieties, the adoption of modern farming techniques, establishing market linkages, facilitating procurement, promoting value addition, and implementing crop insurance.
Dairy Development: A comprehensive programme for supporting dairy farmers will be formulated India is world’s largest milk producer, but with low productivity of milch animals, programme will be built on existing schemes.
Matsya Sampada: It was our government which set up a separate department for fisheries, realizing this will help in generating jobs as well.
1 FEBRUARY 2024, 11:58 AM:
Nano DAP: After successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones
1 FEBRUARY 2024, 11:57 AM:
“Government will further promote private and public investment in post harvest activities including aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding,: as stated by the Finance Minister.
1 FEBRUARY 2024, 11:56 AM:
Efforts of value addition and boosting farmers’ income will be stepped up Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and generated 10 lakh jobs PM Formalization of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60,000 individuals with credit linkages.
1 FEBRUARY 2024, 11:55 AM:
Farmers our are Anna Datas!! – Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers – Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana These are assisting farmers in producing food for the country and for the world.
Welfare of Anna datas:
Farmers our are Anna Datas!!
– Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers
– Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana
Government will encourage vaccination for girls in the age group 9 – 14 years to prevent cervical cancer.
1 FEBRUARY 2024, 11:53 AM:
Rooftop solarisation and free electricity: The initiative of rooftop solarisation aims to provide 1 crore households with up to 300 units of free electricity per month. This scheme aligns with the Prime Minister’s commitment, particularly on the significant occasion of the consecration of the Ram Mandir in Ayodhya. Anticipated advantages include household savings ranging from Rs. 15,000 to Rs. 18,000 through the utilization of free solar electricity and the potential to sell surplus electricity to discoms.
Charging of electric vehicles: The initiative offers extensive entrepreneurship opportunities for numerous vendors involved in the supply and installation processes. Simultaneously, it creates employment prospects for youth possessing technical skills in various stages of manufacturing, installation, and maintenance.
Housing for middle class:A scheme is set to be introduced to assist deserving segments of the middle class residing in rented houses, slums, chawls, or unauthorized colonies in purchasing or constructing their own homes.
Medical colleges:Government plans to set up more medical colleges by utilizing existing hospital infrastructure Committee to be set up to examine issues and make recommendations.
Maternal and child health care: Multiple schemes related to maternal and child healthcare will be integrated into a comprehensive program to enhance synergy in implementation. The improvement of Anganwadi centers, as part of Saksham Anganwadi and Poshan 2.0, will be accelerated to enhance nutrition delivery and early childhood care and development. Additionally, the introduction of the newly designed U-Win platform for immunization management, along with intensified efforts of Mission Indradhanush, is on the agenda.
Ayushman Bharat:Health care cover under Ayushman Bharat to be extended to all ASHA workers, all Anganwadi workers and helpers.
1 FEBRUARY 2024, 11:52 AM:
“Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !!”
“The 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,” the Finance Minister stated.
Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !!
The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action,… pic.twitter.com/6Mawe7TjIi
Despite challenges of the pandemic, PM Awas Yojana Gramin implementation continued, we are close to achieving the target of 3 crore houses, 2 crore houses more will be taken up in next 5 years to meet requirement arising from increase in number of families.
1 FEBRUARY 2024, 11:50 AM:
The Finance Minister added, “Our government is ready to assist states in faster development of aspirational districts and blocks Government will pay utmost attention to make eastern region and its people a powerful driver of India’s growth.”
1 FEBRUARY 2024, 11:49 AM:
Garib Kalyan, Desh ka Kalyan: “We believe in empowering the poor! The earlier approach of tackling poverty through entitlement resulted in very modest outcomes. When the poor became empowered partners in development process, government’s power to assist them increases manifold. With the pursuit of #SabkaSaath in the last 10 years, Government has assisted 25 crore people to get rid of multi-dimensional poverty,” said the Finance Minister.
Garib Kalyan, Desh ka Kalyan
We believe in empowering the poor! The
earlier approach of tackling poverty through entitlement resulted in very modest outcomes.
When the poor became empowered partners in development process, government’s power to assist them increases manifold.… pic.twitter.com/4BoCwVC4Ku
“It is an important priotity to ensure timely and adequate finances, relevant tech and appropriate training for MSMEs to grow and compete globally Orienting the regulatory environment to facilitate their growth will be an important component of this,” said the Finance Minister.
1 FEBRUARY 2024, 11:47 AM:
Strategy for Amrit Kaal: The government is committed to adopting economic policies that promote and maintain growth, support inclusive and sustainable development, enhance productivity, create opportunities for all, and enable individuals to enhance their capabilities. This approach aims to contribute to resource generation for powering investments and fulfilling aspirations. The government also plans to undertake next-generation reforms and collaborate with stakeholders to ensure effective implementation.
1 FEBRUARY 2024, 11:46 AM:
The vision for a developed India, referred to as Viksit Bharat, is one of prosperity in sync with nature, featuring modern infrastructure, and offering opportunities for everyone to achieve their full potential. The upcoming five years are anticipated to be a period of remarkable development, representing golden opportunities to realize the target of a developed India by 2047. The trinity of democracy, demography, and diversity, supported by Sab Ka Prayaas, holds the potential to fulfill the aspirations of every Indian.
1 FEBRUARY 2024, 11:45 AM:
India took on the G20 Presidency amid challenging global conditions characterized by high inflation, low growth, elevated interest rates, substantial public debt, sluggish trade growth, and climate challenges. Despite the pandemic causing crises in food, fertilizer, fuel, and finances, India effectively navigated through these difficulties, serving as a guiding example for the world. The country played a crucial role in building consensus on global issues. The recently revealed India Middle East Europe Economic Corridor is identified as a strategic and economic game-changer not only for India but also for other nations.
1 FEBRUARY 2024, 11:40 AM:
“Global affairs are becoming more complex, globalization is being redefined with reshoring, disruption and fragementation of supply chains and competition for critical minerals and technologies A new world order is emerging,” said the Finance Minister.
1 FEBRUARY 2024, 11:39 AM:
Economic Management has complemented people centric inclusive development Major elements: All forms of infrastructure are being built in record time All parts of the country are becoming active participants in economic growth Digital public infrastructure is instrumental in formalization of the economy GST has enabled One Nation One Market One Tax Tax reforms have deepened and widened tax base Strengthening of financial sector have made savings, investment and credit more efficient GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources Proactive inflation management has helped keep inflation within the policy band, the Finance Minister explained.
1 FEBRUARY 2024, 11:38 AM:
In addition to achieving high economic growth, the government is equally committed to a holistic GDP, encompassing Governance, Development, and Performance. The government emphasizes a transparent, accountable, and citizen-centric administration, adopting a “citizen first” approach with a goal of minimum government and maximum governance. The nation experiences macroeconomic stability, robust investments, and a thriving economy. People are prospering, harboring greater aspirations for the future, evident in a 50% increase in average real income. Inflation remains moderate, and individuals are empowered to pursue their aspirations, thanks to effective and timely delivery of programs and large projects.
1 FEBRUARY 2024, 11:37 AM:
Making Triple Talaq illegal, one third women’s reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity, said the Finance Minister.
1 FEBRUARY 2024, 11:35 AM:
The empowerment of women through entrepreneurship, improved living conditions, and dignity has seen significant progress in the last decade. A noteworthy achievement is the disbursement of 30 crore MUDRA Yojana loans to woman entrepreneurs. Over the same period, female enrollment in higher education has increased by 28%, and in STEM courses, girls and women now make up 43% of enrollment, a figure considered among the highest globally. These positive developments are evident in the growing participation of women in the workforce.
1 FEBRUARY 2024, 11:30 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
1 FEBRUARY 2024, 11:24 AM:
PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth.
1 FEBRUARY 2024, 11:23 AM:
Electronic national agricultural market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees The sector is poised for inclusive and higher growth. Empowering Amrit Peedhi, the youth The National Education Policy 2020 is ushering transformational reforms PM Shri is delivering quality teaching Skill India Mission has trained 1.4 crore youth, upskilled and reskillled 54 lakh youth and established 3,000 new ITIs Large no. of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up.
1 FEBRUARY 2024, 11:22 AM:
“Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana These are assisting farmers in producing food for the country and for the world,” Finance Minster added.
1 FEBRUARY 2024, 11:21 AM:
PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups PM Vishakarma Yojana provides end to end support to artisans and craftspeople Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind.
1 FEBRUARY 2024, 11:20 AM:
“Direct Benefit Transfer of Rs. 34 lakh crore using PM Jan Dhan accounts has led to huge savings for the government This has been realized through avoidance of leakages, savings have helped in providing more funds for welfare of the poor,” mentioned the Finance Minister
1 FEBRUARY 2024, 11:19 AM:
The government places the utmost emphasis on addressing the needs and aspirations of the poor, women, youth, and farmers (Anna Data). Their welfare is considered a top priority, with dedicated government support aimed at empowering and enhancing their well-being for the overall progress of the country. The finance minister highlighted the shift in approach, noting that the earlier strategy for tackling poverty yielded modest outcomes. Empowering the poor as active partners in the development process significantly amplifies the government’s ability to assist them. Over the past decade, the government has facilitated freedom from multidimensional poverty for 25 crore people, reflecting a substantial impact on poverty alleviation efforts.
1 FEBRUARY 2024, 11:17 AM:
The government is dedicated to achieving comprehensive, inclusive, and widespread development that encompasses all castes and individuals across various levels. The objective is to transform India into a developed nation, “Viksit Bharat,” by 2047. Emphasizing a commitment to social justice, the government adopts a saturation approach, ensuring all eligible individuals benefit, thereby exemplifying practical secularism, reducing corruption, and preventing nepotism. The approach is characterized by transparency, assuring that all entitled individuals, regardless of social standing, have access to opportunities. The government is actively addressing systemic inequalities in society, prioritizing outcomes over expenditures to facilitate socioeconomic transformation.
1 FEBRUARY 2024, 11:16 AM:
The finance minister emphasized a departure from past approaches to development, highlighting the current focus on inclusive development and humane growth. Development programs now extend to every household and individual, covering aspects such as housing, water supply (Har Ghar Jal), electricity access for all, universal access to cooking gas, and the provision of bank accounts and financial services to all, all achieved in record time. Concerns about food insecurity were addressed through the distribution of free rations to 80 crore people. Furthermore, the Minimum Support Price (MSP) for the produce of farmers (Anna Data) is regularly increased, and the provision of basic necessities has led to an improvement in real income in rural areas.
1 FEBRUARY 2024, 11:14 AM:
The Finance Minister added, “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.”
1 FEBRUARY 2024, 11:13 AM:
“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,” said the Finance Minister.
1 FEBRUARY 2024, 11:11 AM:
Union Finance Minister Nirmala Sitharaman rises to present the Union interim budget 2024 in Parliament.
1 FEBRUARY 2024, 9:53 AM:
Union Finance Minister Nirmala Sitharaman departs from Rashtrapati Bhavan en route to Parliament. Today, she is set to unveil the Union Interim Budget.
#WATCH | Delhi | Union Finance Minister Nirmala Sitharaman leaves from the Rashtrapati Bhavan, for Parliament.
