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Business News/ Budget / News/  Budget 2024 Updates: Nirmala Sitharaman prioritises affordable housing, Green growth, boosts capex
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Budget 2024 Updates: Nirmala Sitharaman prioritises affordable housing, Green growth, boosts capex

Budget 2024 Updates: Emphasising on the welfare Yuva, Garib, Mahila, and Kisan, FM Nirmala Sitharaman declared boost to domestic output of oilseeds, launch of comprehensive programme for dairy farmers, vaccination of girls in the age group of 9-14 years to prevent cervical cancer

Budget 2024 Live Updates: Union Finance Minister Nirmala Sitharaman addresses the post-Budget press conference, in New Delhi (Hindustan Times)Premium
Budget 2024 Live Updates: Union Finance Minister Nirmala Sitharaman addresses the post-Budget press conference, in New Delhi (Hindustan Times)

Budget 2024 Updates: Finance Minister Nirmala Sitharaman delivered her Budget speech, presenting the Interim Budget 2024-25 at Parliament on Thursday, February 1, a day after the commencement of the Budget Session. 

Applauding the interim budget, PM Modi said investment for capital expenditure was taken to a historic high of 11,11,111 crore. Calling India's capex and infra spending situation to be on a ‘sweet spot’, PM Modi underlined the creation of enumerable job opportunities for youngsters in the coming years.

"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 1 Lakh Crore has been announced," said PM Modi.

Key Budget 2024-25 major announcements:

-FY25 gross borrowing is estimated at 14.13 trillion, achieving a reduction from that of FY24

- Research led the growth and development of indigenous oilseeds like mustard, groundnut and sesame to make India self-sufficient. Currently, India imports about 60% of its cooking oil spending over 1.5 trillion in a year.

-FM Nirmala Sitharaman has raised outlay for infrastructure by 11% for FY 25 to 11,11,111 crore from 10,00,000 crore.

-FM has adopted an aggressive fiscal consolidation target. She has announced an FY25 fiscal deficit target of 5.1% as against the expectation of 5.3% levels. In FY24 the fiscal deficit target of 5.8% has been achieved thanks to better revenue mobilization as against the target of 5.9%.

-FM announces a scheme for housing for the middle class to those living in rented houses, slums, and unauthorised colonies to buy or build their own house.

-More medical colleges to be set up using existing infrastructure. Healthcare cover under Ayushman Bharat scheme to be extended to all Anganwadi workers, helpers

-Efforts to boost farmers' income will be stepped up. To reduce fertiliser imports and subsidies, the government will encourage faster adoption of nano DAP. Government to promote private investment in post-harvest activities

- The Finance Minister Sitharaman announced the withdrawal of outstanding disputed tax demands. The move is set to benefit 1 crore taxpayers.

- In a disappointment for the taxpayers, the FM chose to keep the tax rates unchanged in the interim Budget 2024, including import duty. However, certain benefits to start-ups and tax exemptions to certain IFSC units expiring in March will be extended to March 2025.

Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions, and Funny Memes.

FAQs on the Interim Budget 2024:

Where to watch FM Nirmala Sitharaman’s speech?

Finance Minister Nirmala Sitharaman's Budget speech will be telecasted live on the official channel of Parliament Sansad TV and Doordarshan.

Where to read the Budget 2024 document?

The interim Budget 2024 can be accessed in a "paperless form" through the Union Budget Mobile App. The bilingual app, available in English and Hindi, can be downloaded on Android, iOS, or from the Union Budget Web Portal (www.indiabudget.gov.in). This Government of India app will provide all essential Budget documents, including the Annual Financial Statement, Demand for Grants, and the Finance Bill as mandated by the Constitution. Budget documents will be promptly available on the Mobile App following the conclusion of the Budget Speech.

What are the major tax reforms introduced by FM Sitharaman in Budget 2024?

Finance Minister Nirmala Sitharaman didn't announce any major income tax announcements. The tax rates were kept unchanged. The government has extended the deadline fortarget certain tax benefits to startups and exemptions to specific IFSC units to March 2025.

What is the fiscal deficit announcements for FY 2024-2025?
The fiscal deficit target for FY 25, was fixed by the FM as 5.1% as against the expectation of 5.3% levels.

What are the major announcement for the Railways sector?

In the interim budget, FM Sitharaman announced three major economic railway corridor programmes under are PM Gati Shakti: energy, mineral and cement corridors; port connectivity corridors, and high traffic density corridors.

 

01 Feb 2024, 06:11:45 PM IST

Budget 2024 Live: Announcement to offer interest-free loans to boost tourism and job sector, says Kaner Bagh Founder

Budget 2024 Live: Welcoming the government's announcement to offer interest-free loans, Kaner Bagh founder Tushar Parihar said that the step would create lots of job opportunities in the hospitality sector.

“Being in this industry, I feel this move will not only help the industry leader but will also create numerous job opportunities and empower individuals. Along with this, by hosting G20 meetings, India has set an example of becoming one of the emerging countries with robust infrastructure and global connectivity," said Tushar Parihar.

01 Feb 2024, 06:01:04 PM IST

Budget 2024 Live: Interim budget reflects a comprehensive approach to holistic development, says TCI MD

Budget 2024 Live: Applauding the recently, presented interim budget, TCI MD Vineet Agarwal, said that it reflects a comprehensive approach to ensure holistic development.

“The Indian Government’s continued focus on infrastructure investment remains instrumental in driving economic growth & to enhance the overall logistics efficiency. It reinforces the need to change the modal mix, lean heavily on digitization and build national standards. TCI remain aligned with these strategic moves to foster innovation and sustainability, that will improve the ease of doing business," said Vineet Agarwal, MD - TCI

01 Feb 2024, 05:39:39 PM IST

Budget 2024 Live: What did FM Sitharaman say about Lakshadweep in interim budget?

Budget 2024 Live: In the interim budget, Finance Minister Nirmala Sitharaman, announced that projects for port connectivity, tourism infrastructure, and amenities will be taken up on islands like Lakshadweep to boost domestic tourism.

01 Feb 2024, 05:19:32 PM IST

Budget 2024 Live: India-Middle East-Europe Economic Corridor to have long term implications for the entire region, says FM

Budget 2024 Live:  Commenting on the recently announced India-Middle East-Europe Economic Corridor, FM Nirmala Sitharaman said that the project will have long-term implications for the entire region. and there will be consulting with other nations as well.

01 Feb 2024, 05:13:21 PM IST

Budget 2024 Live: Interim budget provides a robust blueprint for Vikisit Bharat, says Schneider Electric India MD

Budget 2024 Live: “The interim budget provides a robust blueprint for Viksit Bharat. It comprehensively addresses all sectors of the economy, with a specific emphasis on fostering innovation, research, and entrepreneurship. Setting up a corpus of 1Lakh crore & providing 50-year low interest loan for tech-savvy youth will scale up research and innovation. The budget also demonstrates a noteworthy commitment to sustainability, particularly in the energy sector. Promotion of solar rooftop installations, provision of 300 units free power every month to 1 crore households, mandatory blending of Compressed Biogas (CBG) with CNG & PNG, and incentives for Offshore wind energy will ensure energy accessibility, affordability, and availability. There is also a noteworthy focus on strengthening of the EV ecosystem by supporting the charger manufacturing infrastructure. Increasing the no of EV buses on the roads is a welcome environmentally friendly step," said Deepak Sharma, Zone President, Greater India, MD & CEO, Schneider Electric India.

01 Feb 2024, 05:00:01 PM IST

Budget 2024 Live: We have managed the economy with correct intentions, correct policies, correct decision, says FM Sitharaman

Budget 2024 Live: Finance Minister Nirmala Sitharaman said that the interim budget speaks from a position where the government has delivered on development.

"We have better managed the economy with correct intentions, correct policies and correct decision. So it's a governance with care, conviction and confidence," said Union Finance Minister.

01 Feb 2024, 04:51:27 PM IST

Budget 2024 Live: White paper on India's economic performance for last 10 yrs to be introduced, says FM Sitharaman

Budget 2024 Live: "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," said Union Finance Minister Nirmala Sitharaman.

01 Feb 2024, 04:43:51 PM IST

Budget 2024 Live: We are on track to meet the 4.5% fiscal deficit by FY 26

Budget 2024 Live: "The budget deficit, fiscal deficit 5.8% which is much lower than the 5.9. Similarly, for the 2024-25 budget, we've given 5.1 as the fiscal deficit. So clearly indicating that we are on track to meet the glide path which was set in 2021-22 and that we are well on track to meet the 4.5% fiscal deficit on or below 4.5 even by FY 26," said Union Finance Minister Nirmala Sitharaman during press conference.

01 Feb 2024, 04:29:10 PM IST

Budget 2024 Live: This budget speaks from a position where govt delivered on development, says FM Sitharaman

Budget 2024 Live: During the post budget media briefing, Finance Minister Nirmala Sitharaman said, "It is an interim budget presented before just the elections. GDP- Governance, development and performance. On governance, this budget speaks from a position where we've delivered on development. We managed the economy with correct intentions, correct policies and correct decisions so it's governance with care..D stands for people living better, earning better and having high aspirations for the future and if I move to the 'P' the performance three consecutive years of 7% growth faster-growing economy in G20 all parts of the country participating in the growth."

01 Feb 2024, 04:25:42 PM IST

Budget 2024 Live: ‘Interim budget is a positive development’, says Finvasia MD

Budget 2024 Live: "The post-budget landscape looks fairly positive, with a continued emphasis on initiatives like Startup India, Funds of India, and Startup credits. A corpus of 1 lakh crore, coupled with interest-free loans for 50 years, is allocated for research and innovation. This initiative aims to offer long-term financing or refinancing with extended tenures and low to zero interest rates. It signals robust support for our tech sector, encouraging innovation in sunrise domains. This is a very positive development and will boost the morale of the whole startup community.

The fiscal deficit reduction to 5.1% of GDP by 2025-26 showcases a forward-looking economic path.

The commitment to deep tech for defense, infra development, and air connectivity to tier 2 and tier 3 cities exemplifies a holistic approach. Here's to a developed India and a Viksit Bharat, fostering entrepreneurship, employment, and technological prowess," said Sarvjeet Virk, Co-founder & MD, Finvasia.

01 Feb 2024, 04:00:50 PM IST

Budget 2024 Live: 'Budget has put significant focus on railway corridors to enable logistic cost reduction, says CP&I & Industrial Development

Budget 2024 Live: “With an outlay of 11.1 lakh crore, the budget has put significant focus on railway corridors to enable logistics cost reduction. Capital expenditure for airport expansions will help in serving the growth needs of one of the fastest growing aviation markets in the world. Likewise, promoting public transport investments across metro, rail, electric buses and regional rail projects will serve several objectives of the country by enabling urban transformation, decongesting our cities and driving our decarbonisation agenda for transport. Finally, tourism is a large economic development opportunity for India. Promoting development of tourism sites by states, investments in connectivity infrastructure and addition of new iconic tourism centres will enable local employment and create economic opportunities across Indian states," said Mohammad Athar- Partner and Leader CP&I & Industrial Development , PwC India.

01 Feb 2024, 03:49:34 PM IST

Budget 2024 Live: India Gas Exchange CEO says interim budget has created conducive environment for the trading of clean fuel

Budget 2024 Live: "The budget has laid a roadmap for ensuring a green gas-based economy in India. The policy mandating phased blending of CBG for CNG and PNG will help in greening the gas supply chain and balancing the demand-supply for clean fuels. Financial assistance for procuring biogas aggregation machinery would tremendously help in energising the biofuel segment. We feel this budget has created a conducive environment for the trading of clean and eco-friendly biofuels, in alignment with India’s net-zero goals," said Rajesh Kumar Mediratta, MD & CEO, Indian Gas Exchange.

01 Feb 2024, 03:38:20 PM IST

Budget 2024 Live: ‘ ₹1 lakh crore , accompanied by 50-yr-interest free loan for tech advancements to boost private sector growth, says Leucine Rich Bio founder

Budget 2024 Live: “We commend the Finance Minister for unveiling a groundbreaking initiative in biomanufacturing and biofoundry. The establishment of a substantial corpus amounting to 1 lakh crore, accompanied by a 50-year interest-free loan for technological advancements, is a strategic move that will undoubtedly stimulate private sectors to elevate their commitment to research and innovation. This forward-thinking approach aligns with our expectations from the budget, and we are optimistic that it will foster a culture of technological growth and expertise," said Debojyoti Dhar Founder Leucine Rich Bio.

01 Feb 2024, 03:17:41 PM IST

Budget 2024 Live: ‘Budget announcement of ₹1 lakh corpus with a 50-year interest-free loan,’ says IG Drones CEO

Budget 2024 Live: "As a research and innovation-driven entity at the forefront of India's drone technology landscape, IG Drones warmly welcomes the budget announcement of establishing a 1 lakh crore corpus with a 50-year interest-free loan, specifically tailored for tech-savvy growth. In alignment with our Finance Minister's assertion that innovation is the bedrock of development, this signifies a golden era for our tech-savvy youth. The commitment to lead in drone tech innovation by the end of the decade echoes our own aspirations and dedication to pushing technological boundaries.

The Finance Minister's focus on addressing the needs and aspirations of the poor, farmers, youth, and women resonates deeply with our ethos. Empowering youth through our COE and aspiring to train 10 million individuals aligns seamlessly with the government's emphasis on uplifting the youth. Our vision for farmers is crystal clear, with the development of advanced Kisaan drones and our active participation in the 'Namo Drone Didi' program, showcasing our commitment to revolutionizing agriculture through technology," said Bodhisattwa Sanghapriya, Founder and CEO of IG Drones.

01 Feb 2024, 02:58:13 PM IST

Budget 2024 Live: ‘Nari Shakti continues to be in the forefront of Budget 2024’, says JSA Advocates and Solicitors' Minu Diwedi

Budget 2024 Live: “Nari Shakti continues to be in the forefront of Budget 2024 like Budget 2023. While pushing for self-reliance and financial inclusion of women in the economy, through implementation of schemes like Lakhpati Didi and Pradhan Mantri Mudra Yojna, emphasis has also been laid on maternal and natal healthcare, thus paving the way towards gender parity and overall social equity." said Minu Diwedi, partner, JSA Advocates and Solicitors.

01 Feb 2024, 02:51:14 PM IST

Budget 2024 Live: Budget provides indirect boost to real estate sector demands, says Sterling Developers MD

Budget 2024 Live: “While the interim budget didn’t directly address the real estate sector’s key demands, it has provided indirect boost to the real estate sector with enhanced capital expenditure. The move to enable deserving sections to build their own houses and the push to affordable housing will eventually bring about welfare for all, thereby enhancing the demand for residential real estate along with push to allied industries. Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective and will aid the growth of the real estate sector. The unwavering focus on infrastructure upgrades and building connectivity across the country is noteworthy move for the industry as it will benefit real estate growth in not just the top cities but in tier 2 & 3 cities across the country. The buoyancy which we have witnessed in the realty sector in the recent past is set to continue in the near term. However, there are several grey areas when it comes to schemes, taxation, funding and others where the government should provide a helping hand going forward. While these policies are welcome, real estate which is a booming sector would have got a further fillip with greater allocation to it. Recognizing the pivotal role the real estate sector plays in India’s economic development, we are hopeful that the government would address key concerns and provides a conducive policy environment in the near future," said Ramani Sastri, Chairman & MD, Sterling Developers Pvt. Ltd.

01 Feb 2024, 02:30:43 PM IST

Budget 2024 Live: Interim budget signals stability, promises growth, attempts to contain fiscal deficit, says Hindustan Construction MD

Budget 2024 Live: “Three positives. One is they have not tinkered with anything, giving a signal of stability. They have promised that the growth path that India has been set on by increased expenditure on infrastructure will continue and that they will do it also, though it's an interim budget. They have given that signal and promise. Third is by containing the fiscal deficit, maybe not to 4.5, but to 5.1, to signal that we will be fiscally responsible while doing all this. And of course, we will see that nobody is left behind and inclusiveness for women and for those who are downtrodden. And there's also been found space in this thing. So I think overall, they've tried to balance a very difficult act. And what they've done in the last five years, despite the difficulties of COVID, the supply chain disruption, wars, etc., they've done well and that they have given us a promise that they will continue to do that and that they will make the necessary reforms to excite private investment. And following in that, our public sector," said Ajit Gulabchand, Chairman & MD, Hindustan Construction Company.

01 Feb 2024, 02:19:49 PM IST

Budget 2024 Live: Despite being a short-term budget, it proposes to maintain expenditure at pre-Covid levels, says Frontier Technologies MD

Budget 2024 Live: Highlighting one of the most positive thing about the budget, Ashok Saigal, MD Frontier Technologies Private Limited and Co-Chairman, CII National Committee on Electronics Manufacturing, said that it proposes to maintain the level of expenditure before the Covid pandemic.

“The spending by the government is a very, very important factor in the overall growth of the economy, and although I'm speaking more on behalf of MSMEs, the effect trickles down because MSMEs are part of the supply chain, although they will not be directly there at the top, but they are an important part of the supply chain. So that is one thing very encouraging. The other thing which is encouraging there is the emphasis on skill development and women entrepreneurs and youth, because MSMEs always have a shortage of good people to help them to grow. So focusing on these areas would definitely help MSMEs in a very big way. The third thing I would mention is the recognition of exports as an area which requires, which the finance minister has mentioned, is that they're going to have an export corridor as a logistics improvement for moving goods from inland to the ports. The inland logistics cost, in India, is high relative to the rest of the world, in Europe," said Ashok Saigal.

01 Feb 2024, 02:15:11 PM IST

Budget 2024 Live: Interim budget focused on next 50 years, says Lotusdew Wealth and Investment Advisors CEO

Budget 2024 Live: “This was a fantastic budget and the focus was on next 50 years instead of next year. Right from thinking of GIFT city as a doorway to trade 300 years later to focus on a developed Bharat. Its not difficult to imagine that most of the 1 lakh crore interest free loans will go to states that support tourism which are primarily ruled by BJP. This ensures continued capex into states where BJP is in power. Agri as expected in terms of post-agri processing, fishreries and oil seeds stood out. The path to fiscal consolidation means Indian bond yeilds will remain range bound till election. Freeing up of tax litigations dating back to 1962 to benifit 1 crore tax payers and also free up department time to persue more serious offences. Finally, the dream to own houses for most renters will once fulfilled put downward pressure on rental assets - which is a positive for redevelopment schemes and relators in general. The goal to upgrade 40000 wagons - will see demand from various wagon processing companies - which continues to feed into the positive story around railways," said Abhishek Banerjee, smallcase Manager & CEO and Founder Lotusdew Wealth and Investment Advisors.

01 Feb 2024, 02:09:26 PM IST

Budget 2024 Live: Union Budget draws roadmap to PM Modi’s Developed Bharat vision by 2047, says Home Minister Amit Shah

Budget 2024 Live: “The Union Budget draws the roadmap to achieve PM Shri Narendra Modi Ji's vision of a Developed Bharat by 2047," said Home Minister Amit Shah.

The Union Budget draws the roadmap to achieve PM Narendra Modi's vision of a Developed Bharat by 2047. The budget speech sheds light on the milestones achieved by the Modi govt in the last 10 years on its journey to make Bharat the foremost nation in every sector during the Amrit Kaal. On the very foundation of these feats, the magnificent edifice of a Viksit Bharat is being built. My heartfelt gratitude to Modi Ji for leading the nation through this journey of excellence and to FM Nirmala Sitharaman for the insightful budget speech," wrote Amit Shah on X.

01 Feb 2024, 01:51:08 PM IST

Budget 2024 Live: PM Modi calls interim budget ‘inclusive and innovative’

Budget 2024 Live: Calling interim budget “inclusive and innovative", PM Modi said, " The interim budget 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."

01 Feb 2024, 01:43:26 PM IST

Budget 2024 Live: Capital expenditure has been given a historic high of ₹11,11,111 Crore, says PM Modi

Budget 2024 Live: “In this budget, keeping fiscal deficit under control, capital expenditure has been given a historic high of 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," said PM Modi.

01 Feb 2024, 01:35:31 PM IST

Budget 2024 Live: Income tax remission scheme to provide relief to 1 crore people, says PM Modi

Budget 2024 Live: "Income-tax remission scheme will provide relief to 1 crore people from the middle class. In this budget, important decisions have been taken for the farmers," said PM Modi.

01 Feb 2024, 01:33:31 PM IST

Budget 2024 Live: ASHA, Anganwadi workers to benefit from Ayushman Bharat scheme, says PM Modi

“This Budget stresses on empowerment of the poor and the middle class and creating of new employment opportunities for them. It has been announced to construct 2 crore more houses for the poor. We aim to have 3 crore 'Lakhpati Didis' now. ASHA and Aganwadi workers will also get the benefit of the Ayushman Bharat scheme," said PM Modi.

01 Feb 2024, 01:28:08 PM IST

Budget 2024 Live: Ayushman Bharat yojana extended to Anganwadi workers, says PM Modi

Budget 2024 Live: Congratulating the nation for a “progressive" interim budget, PM Modi said it is a reflection of young aspirations, to empower Yuva, Garib, Mahila, Kisan.

01 Feb 2024, 01:04:47 PM IST

Budget 2024 Live: ValuAble founder calls interim budget as ‘promising’

Budget 2024 Live: “It was a promising interim budget! Honourable Finance Minister has provided a balanced outlook towards growth and promoting sustainability. The invaluable focus on “Garib, Mahilayen, Yuva and Annadata" is a testimony to the government’s focus on protecting, uplifting, and promoting at the grassroots. Prima facie the tax rates have remained constant but the initiative to support tech-led youth and startup economy is remarkable. The PM Mudra Yojana that has sanctioned as many as 43 crore loans amounting to a whopping Rs. 22.5 lakh crore will build consensus with the ideology that is at the core of Viksit Bharat @2047. Although this budget has only earmarked major fund allocations, it is sure to boost confidence in the market and the market’s trust in the economy," said Siba Panda, Founder and Managing Partner, ValuAble.

01 Feb 2024, 01:01:06 PM IST

Budget 2024 Live: FM on Economy Then and Now

Budget 2024 Live: The 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

Government. will lay a whitepaper on the table of the House. Exemplary track record of governance, development and performance, and effective delivery and Jan Kalyan has given the government the trust, confidence and blessings of the people to realize whatever it takes to realize the goal of Viksit Bharat.

01 Feb 2024, 01:00:41 PM IST

Budget 2024 Live: FM on Tax proposals

Budget 2024 Live: In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes including import duties.

However, certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.3.2024; to provide continuity, I propose to extend the date to 31.3.2025

There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands many of them dating back as far as 1962, causing anxiety to honest taxpayers and hindering refunds. In line with our vision to improve ease of living and ease of doing business, I propose to withdraw such outstanding direct tax demands up to Rs. 25,000 pertaining to the period up to the financial year 2009-10 and up to Rs. 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about 1 crore taxpayers.

01 Feb 2024, 01:00:10 PM IST

Budget 2024 Live: Budget adeptly striked a balance, prioritising sensibility over populism, says, Edelweiss MF President

"In an election year, the budget adeptly strikes a balance, prioritizing sensibility over populism. It showcases India's unwavering commitment to infrastructure development, coupled with a steadfast adherence to fiscal prudence. This paves the way for sustained growth, steering the nation along the trajectory towards achieving a developed economy by 2047," said Trideep Bhattacharya, President & Chief Investment Officer- Equities, Edelweiss MF.

Disclaimer: Trideep Bhattacharya is President & Chief Investment Officer- Equities of Edelweiss Asset Management Limited (EAML) and the views expressed above are his own.

01 Feb 2024, 12:54:59 PM IST

Budget 2024 Live: FM on Tax proposals

Budget 2024 Live: In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes including import duties.

However, certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.3.2024; to provide continuity, I propose to extend the date to 31.3.2025

There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands many of them dating back as far as 1962, causing anxiety to honest taxpayers and hindering refunds. In line with our vision to improve ease of living and ease of doing business, I propose to withdraw such outstanding direct tax demands up to Rs. 25,000 pertaining to the period up to the financial year 2009-10 and up to Rs. 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about 1 crore taxpayers.

01 Feb 2024, 12:54:23 PM IST

Budget 2024 Live: FM on GST

Budget 2024 Live: GST has reduced the compliance burden on trade and industry. The tax base of GST has more than doubled and the average monthly gross GST collection has almost doubled to Rs. 1.66 lakh crores this year

States too have benefited, and states' SGST revenue including compensation released to them in the GST period has achieved buoyancy of 1.22. The biggest beneficiaries are consumers due to the reduction in logistics costs and reduced prices of most goods and services

01 Feb 2024, 12:53:57 PM IST

Budget 2024 Live: Government has reduced and rationalized tax rates, says FM

Budget 2024 Live: Direct tax collections have more than trebled in the last 10 years, and return filers have become 2.4 times. The government has reduced and rationalized tax rates.

The introduction of updated IT returns, new form 26AS and pre-filling of tax returns have made filing simpler and easier. Average processing time has been reduced from 93 days in 2014 to 10 days this year, thereby making refunds faster.

01 Feb 2024, 12:48:48 PM IST

Budget 2024 Live: FM on Budget Estimates for 2024-25

Budget 2024 Live: Total receipts other than borrowings: Rs. 30.80 lakh crores

-- Total expenditure: Rs. 47.66 lakh crores

-- Tax receipts: Rs. 26.02 lakh crores

-- A Scheme of 50-year interest-free loans for capital expenditure, to states will be continued with outlay of Rs. 1.3 lakh crores

-- Fiscal deficit in 2024-25 is estimated to be 5.1% of GDP, adhering to the path of fiscal consolidation

-- 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

01 Feb 2024, 12:44:38 PM IST

Budget 2024 Live: Govt has brought 10 million smiles to taxpayers, N.A. Shah Associates

“The government has brought 10 million smiles to taxpayers by eliminating outstanding demands below 25k upto FY 2009-10 and below 10k upto FY 2014-15. This also means they are using their database wisely," Sandeep Shah, Managing Partner, N.A. Shah Associates.

01 Feb 2024, 12:41:16 PM IST

Budget 2024 Live: FM on Revised Estimates of 2023-24:

Budget 2024 Live: RE of total receipts other than borrowings is Rs. 27.56 lakh crores, of which tax receipts are Rs. 23.24 lakh crores

-- RE of total expenditure is Rs. 44.90 lakh crores

-- Revenue receipts at Rs. 30.3 lakh crores are expected to be higher than Budget Estimates

-- RE of fiscal deficit is 5.8% of GDP.

01 Feb 2024, 12:40:56 PM IST

Budget 2024 Live: FM on Amrit Kaal as Karthavya Kaal

Budget 2024 Live: Every challenge of the 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.

01 Feb 2024, 12:39:50 PM IST

Budget 2024 Live: FM on Societal Changes

Budget 2024 Live: The government will form a high-powered committee for an extensive consideration of challenges arising from fast population growth and demographic changes

The committee will make recommendations to address these challenges comprehensively

01 Feb 2024, 12:39:26 PM IST

Budget 2024 Live: FM on Reforms in states for Viksit Bharat

Budget 2024 Live: Many growth and development-enabling reforms are needed in states. 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 state governments

01 Feb 2024, 12:35:11 PM IST

Budget 2024 Live: FM on Promoting Investments

Budget 2024 Live: FDI inflow during 2014-'23 was 596 billion USD, marking a golden era, this is twice the inflow during 2005-'14

To encourage sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners in the spirit of First Develop India (FDI)

01 Feb 2024, 12:29:28 PM IST

Budget 2024 Live: FM on Dairy Development

Budget 2024 Live: A comprehensive programme for supporting dairy farmers will be formulated. India is the world's largest milk producer, but with low productivity of milch animals, the programme will be built on existing schemes

01 Feb 2024, 12:28:49 PM IST

Budget 2024 Live: IFSCA becomes an attractive destination for international investors post simplification of regulatory environment, says Grant Thornton Bharat's Vivek Iyer

Budget 2024 Live: "By consolidating regulatory powers and simplifying the regulatory environment, International Financial Services Centre Authority (IFSCA) becomes an attractive destination for international investors, showcasing India's proactive stance in adapting to the evolving global financial landscape. This initiative goes beyond providing a gateway; it signifies India's commitment to fostering innovation, investment, and financial services growth," said Vivek Iyer,Partner and FinTech Industry Leader, Grant Thornton Bharat.

01 Feb 2024, 12:23:41 PM IST

Budget 2024 Live: FM on Aatma Nirbhar Oilseeds Abhiyan

Budget 2024 Live: Building on the initiative announced in 2022, a strategy will be formulated for achieving self-reliance in oilseeds, such as mustard, groundnut, soya bean, sesame and sunflower.

This will cover research in high-yielding varieties, adoption of modern farming techniques, market linkages, procurement, value addition and crop insurance

01 Feb 2024, 12:20:44 PM IST

Budget 2024 Live: FM on Agriculture and Food Processing

Budget 2024 Live: 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

-- Other schemes are helping reduce post-harvest losses and improving productivity and incomes

-- 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

-- After the successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones

01 Feb 2024, 12:17:47 PM IST

Budget 2024 Live: FM on Welfare of Anna datas:

Budget 2024 Live: 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.

01 Feb 2024, 12:17:25 PM IST

Budget 2024 Live: FM on Ayushman Bharat

Budget 2024 Live: Health care cover under Ayushman Bharat to be extended to all ASHA workers, all Anganwadi workers and helpers

01 Feb 2024, 12:15:06 PM IST

Budget 2024 Live: FM on Maternal and Child Healthcare

Budget 2024 Live: -- Various schemes under maternal and child health care to be brought under one comprehensive programme for synergy in the implementation

-- Government will encourage vaccination for girls in the age group 9 - 14 years to prevent cervical cancer

-- Upgradation of Anganwadi centres under Saksham Anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care and development

-- A newly designed U-Win platform for managing immunization and intensified efforts of Mission Indradhanush will be rolled out

01 Feb 2024, 12:14:00 PM IST

Budget 2024 Live: FM on Medical colleges

Budget 2024 Live: The government plans to set up more medical colleges by utilizing existing hospital infrastructure. A committee is to be set up to examine issues and make recommendations.

01 Feb 2024, 12:13:41 PM IST

Budget 2024 Live: FM on Housing for the middle class

Budget 2024 Live: A scheme to be launched to help deserving sections of the middle class living in rented houses or slums or chawls or unauthorized colonies to buy or build their own houses

01 Feb 2024, 12:11:57 PM IST

Budget 2024 Live: FM on Charging of Electric Vehicles

Budget 2024 Live: Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance

01 Feb 2024, 12:09:36 PM IST

Budget 2024 Live: FM on Rooftop solarisation and free electricity

Budget 2024 Live: Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of Prime Minister Narendra Modi, on the historic day of the consecration of the 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

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