Finance Minister Nirmala Sitharaman will present the Interim Budget or Vote on Account for this year on February 1, 2024, that is, Thursday. The Union Budget 2024 will be unveiled at around 11:00 AM.
Due to the upcoming Lok Sabha polls, this year only an interim budget will be presented with the full year's Budget 2024 scheduled for presentation after the new government is elected.
Expectations for Budget 2024 are high, with hopes for relief for the common man, middle class, farmers, women, and the industry. Salaried taxpayers are anticipating changes in income tax slabs, tweaks to the new income tax regime, and an increase in standard deduction and Section 80C limits. Additionally, there is anticipation for the government to meet its fiscal deficit target while maintaining capital expenditure on key infrastructure sectors such as roadways and railways.
Pratidin Time will bring to you all-round coverage and the key highlights of Budget 2024.
Sitharaman announced the Divyang (Persons with Disabilities) and transgender individuals Empowerment Scheme, emphasizing inclusion. By addressing the particular difficulties these communities experience, this program demonstrates the government's commitment to leaving no one behind. The program seeks to empower transgender and Divyang people by facilitating their access to work, education, and general societal inclusion.
The PM Vishakarma Yojana, which is intended to provide comprehensive assistance to craftsmen and craftspeople, was again emphasized by the finance minister. This program acknowledges the value of maintaining and advancing traditional crafts, which supports the general expansion and well-being of the artisan community.
The PM JANMAN Yojana, a focused program that addresses Particularly Vulnerable Tribal Groups (PVTGs), was explained by Sitharaman. In keeping with the government's commitment to inclusive growth, this particular program seeks to improve neglected areas by offering possibilities for socio-economic development and customized support.
Sitharaman mentioned that 2.3 lakh street sellers had been given credit for the third time out of all beneficiaries, demonstrating the effectiveness and longevity of the PM SVANIDHI program. The fact that loan aid has been provided repeatedly highlights the ongoing benefits to street vendors' livelihoods.
Union Finance Minister Nirmala Sitharaman revealed that loan assistance has been offered to 78 lakh street sellers nationally, a testament to the program's outstanding success. PM SVANIDHI is a flagship initiative that focuses on street vendors. Sitharaman emphasized the significance of PM SVANIDHI during the interim Budget presentation for 2024–25, stressing its role in supporting the street vending community financially and promoting their sustainable growth.
The Finance Minister referred back to the momentous statement made during the G20 conference in New Delhi on the margins of the India-Middle East-Europe Economic Corridor. Together with other world leaders, Prime Minister Narendra Modi unveiled an unprecedented endeavor combining the US, Saudi Arabia, the UAE, France, Italy, Germany, and India. By creating dependable and affordable cross-border ship-to-rail transit networks, the corridor hopes to improve the transhipment of products and services between continents.
She emphasized how it may promote economic growth by enhancing connection and integration between Europe, the Middle East, West Asia, and Asia. The Finance Minister emphasized the initiative's visionary nature by citing backing from international leaders, including as US President Joe Biden.
FM Sitharaman emphasized that India successfully navigated global crises, handling topics including high inflation, interest rates, low growth, public debt, and climate change. India presided over the G20 during the Covid-19 pandemic. She spoke on the new global order that is developing and gave India credit for fostering international agreement on solutions, highlighting the country's fortitude and leadership.
Sitharaman presented her vision for a successful India that is in tune with nature, has modern infrastructure, and provides chances for all of its residents when speaking to the Lok Sabha. She expressed confidence in India's past achievements and proclaimed the next five years as a golden time for extraordinary growth, in line with the goal of building India by 2047.
The India-Middle East-Europe Economic Corridor (IMEC) was highlighted by Finance Minister Nirmala Sitharaman as a strategic and economic "game changer" during her interim budget statement. She described the corridor as a historic undertaking on Indian soil, citing Prime Minister Modi's hope that it will serve as the foundation for global trade for decades to come.
According to Sitharaman, the plan is compliant with Prime Minister Narendra Modi's declaration of the Pradhanmantri Surydaya Yojana's launching. The ambitious goal is to lower electricity costs for the middle class and impoverished by installing rooftop solar panels on one crore homes. During the historic Pran Prathishta of Ram Mandir in Ayodhya on January 22, Prime Minister Modi stated that this effort helps households and also helps India become self-sufficient in the energy sector.
The initiative's potential impact was emphasized by the finance minister, who said that households may save as much as Rs 15,000 to Rs 18,000 a year by selling extra electricity to power distribution companies and receiving free solar power. The government's larger goal of encouraging self-reliance in the energy sector is in line with the focus on converting families into power-generating units.
Finance Minister Nirmala Sitharaman announced the central government's commitment to promoting rooftop solarization and giving free electricity to homes, which is a big step towards decentralizing power generation. Sitharaman revealed that one crore homes would have the chance to enjoy up to 300 units of free electricity each month when he presented the Interim Budget in the Lok Sabha.
The finance minister expressed optimism at the end of her budget address, reiterating the government's commitment to promoting inclusive growth and development.
She also disclosed that women entrepreneurs had received 34 crore Mudra Yojana loans, fostering financial inclusion and empowerment. "Women entrepreneurs have received 34 crore Mudra Yojana loans," declared the Finance Minister.
"We have aimed to provide housing for all, water for all, and cooking gas for all in the last ten years," Sitharaman said, highlighting the all-encompassing strategy for meeting fundamental requirements and raising standards of living.
She reaffirmed the government's dedication to inclusive governance, characterizing Prime Minister Modi's leadership as "secularism in action."
Sitharaman highlighted the accomplishments in skill development, pointing out that 1.4 crore youngsters have been taught under the Skill India Mission, which has helped them become more employable and empowered.
The Finance Minister also emphasized the benefits of Direct Benefit Transfer (DBT), stressing that the PM Garib Kalyan Yojana, a welfare program for the underprivileged, now has more funding available to it thanks to savings made through DBT channels. In her Budget speech, Sitharaman said, "With the pursuit of Sabka Saath, the government has assisted 25 crore people to get freedom from multidimensional poverty in the last 10 years."
In response to worries over food security, Sitharaman declared that 80 crore people would receive free rations, allaying their concerns. The Finance Minister declared, "Free rationing for 80 crore people has eliminated the worries about food."
While acknowledging the difficulties brought about by the once-in-a-century epidemic, Sitharaman pointed out that the nation successfully overcome them, advancing its efforts to create an Atmanirbhar Bharat (self-reliant India) dedicated to Panch Pran and establishing strong groundwork for the Amrit Kaal. According to Sitharaman, "The country overcame the challenges of once in a century pandemic to clang stride towards Atmanirbhar Bharat committed to Panch Pran and laid solid foundations for the Amrit Kaal."
As part of the fiscal year's interim budget, Sitharaman emphasized the government's commitment to inclusive development with the motto "Sabka Saath, Sabka Vikas, and Sabka Vishwas." "Our government strengthened its vision of Sabka Saath, Sabka Vikas, and Sabka Vishwas in the second term," Sitharaman said, reiterating the administration's ongoing dedication to ensuring the welfare of all citizens.
Finance Minister Nirmala Sitharaman said that the Indian economy has changed significantly for the better during the past ten years during the interim budget statement on the floor of the Parliament. "The last ten years have seen a profound positive transformation in the Indian economy," Sitharaman stated in the Parliament at the presentation of Budget 2024.
The cost of fertilizer subsidies should decrease with the widespread use of nano DAP. A 50 kg bag of traditional DAP costs 50–55% more than a bottle of nano DAP. Typically, 18–20% of the total fertilizer subsidy budget is allocated to the subsidy of "phosphatic" fertilizers.
The start-up tax benefits period will run through March 31, 2025.
For an additional year, investments made by pension funds and sovereign wealth funds will not be subject to taxes.
A few unfulfilled direct tax demands will be removed by the government.
"I do not propose to make any changes to taxation and proposed to retain same tax rates for direct and indirect tax rates including import duties"
According to FM Sitharaman, our government would provide a comprehensive plan for pursuing Viksit Bharat in the July full budget.
FM Nirmala Sitharaman: FY25 capital expenditure goal is set at Rs 11.1 lakh crore, up 11.1%.
FM said the government will push for bilateral accords with international partners in the spirit of 'First Develop India'.
FM: 40,000 railway bogies will be reconditioned to Vande Bharat norms. Airports will be doubled to 149. Indian carriers have ordered 1,000 additional aircraft.
"Our government will enact economic policies that will promote and maintain growth, enable equitable and sustainable development, raise productivity, give everyone the chance to realize their potential, and help create the resources needed to fuel investments and realize dreams. The government will adopt next-generation reforms and work with interested parties to reach an agreement for their successful execution.
The amount spent on defense will rise by 11.1% to Rs 11,11,111 crore, or 3.4% of GDP.
"India as a G20 host showed forward way and built consensus for solutions for problems being faced by the world"
Our government intends to use the current medical infrastructure across multiple departments to establish more medical colleges: FM
FML Declaring Triple Talaq unlawful and allocating one-third of legislative seats to women serve to emphasize the government's desire to empower women.
FM: The complexity of world affairs is rising on a geopolitical level. With the Covid-19 pandemic, a new global order is taking shape. India effectively maneuvered its way through the crisis that was caused by the pandemic. Following a very trying period, India was elected to the G20 summit.
The PM Mudra Yojana has approved 43 crore loans of Rs. 22.5 lakh crore to support your youth's entrepreneurial goals. Our youth are receiving assistance from Fund of Funds, Startup India, and Startup Credit Guarantee Schemes: FM
"The Skill India Mission has created 3000 new ITIs, trained 1.4 crore youth, and re- and up-skilled 54 lakh youth. Numerous institutions of higher learning have been established, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities."
'Annadata' (farmers) minimum support prices were suitably raised on a periodic basis: FM Sitharaman
"We need to focus on - Garib, Mahilayen, Yuva and Annadata; Their needs and aspirations are our highest priorities"
According to Sitharaman, the government has saved Rs 2.7 lakh crore as a result of the Rs 34 lakh crore DBT.
According to Sitharaman, the Center is aiming to make India a developed country by 2024.
"Hope our government, with its stupendous work, will be blessed by the people again with a strong mandate"
"People began to reap the benefits of development on a large scale. The nation gained a renewed sense of direction. During PM Modi's second term, the government intensified its agenda.
Financen Minister Sitharaman discusses how the nation has changed underduring the past ten years.
This is her 6th Budget presentation in Parliament
Union Finance Minister Nirmala Sitharaman presents the Union Interim Budget 2024-25 at the Parliament.
Nirmala Sitharaman along with Ministers of State Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget
Union Finance Minister Nirmala Sitharaman, carrying the Budget tablet, arrived at Parliament to present the country's Interim Budget. The minister donned a blue and cream-coloured tussar saree – the body of the saree blue with cream-coloured kantha works all across.
The real estate industry has high hopes for the interim budget preceding the general elections. With the government's dedicated focus on infrastructure and housing, stakeholders anticipate a range of initiatives, some of which may be advantageous for homebuyers in the interim budget and the subsequent Union Budget a few months later.
The education sector is eagerly awaiting the Union Budget 2024, with a focus on various expectations. Stakeholders are anticipating initiatives to enhance the implementation of NEP, prioritize the research and development of design education, increase allocation for technology, and more. Experts' expectations from the Interim Budget 2024 will be revealed in the upcoming article.
India's startup industry isn't just growing, it's putting the entrepreneurs into a promising space to create something big. Ahead of the interim budget 2024, we are eagerly expecting some major announcements, and government support remains the top expectation. The industry expects incentives for R&D initiatives, tech-driven solutions, cybersecurity support, and measures to fuel startups navigating the evolving business landscape. We also hope the budget shines a spotlight on enhancing and simplifying funding opportunities. In addition to this, the integration of digital and tech infrastructure will stimulate innovation, empowering the entrepreneurs to transform the way existing business is done.
Harshit Jain, Co-Founder and CEO, OnePlay
In the coming fiscal year, there are anticipated obstacles and a projected slowdown in GDP growth. Both global and Indian financial conditions are expected to gradually improve later in the year, but there may be a significant impact on credit demand due to initial tightening. Additionally, there is concern that increased global liquidity constraints could negatively affect foreign investment in India. Furthermore, there is a growing occurrence of severe and unpredictable weather events, which could necessitate rapid fiscal and monetary policy adjustments to mitigate their impact on incomes and purchasing power.
The upcoming interim budget is not expected to have significant tax changes, but there could be some relief for salaried and middle-class taxpayers. India's recent economic growth, involvement in G20, and the development of the FDL gift city have garnered attention, leading to the possibility of surprises for ordinary taxpayers in the interim budget. The capital market is performing well, with active participation from retail investors. There may be a raise in the exemption limit for long-term capital gains or other benefits to boost spending. Budget time brings high expectations, though they are often unmet. Despite government constraints, Milan Mody, Joint Managing Partner at N.A. Shah Associates, believes there is no harm in asking for more.
We are optimistic to see a potential positive change in the budget, especially in the affordable housing sector, in this election year. The government stands with an opportunity to revisit and update the limit, which is set as 45 lakhs currently, for affordable housing. With the hike in property prices over recent years, a thoughtful adjustment of this limit, perhaps to 60-65 lakhs, would create avenues for the expansion and availability of affordable homes. With this adjustment, there could be a significant contribution to making housing more accessible and catering to the needs of a broader segment of the population. While we may not anticipate major budgetary changes in other areas, there is a hopeful prospect for positive developments in the realm of affordable housing.
Nagaraju Routhu, CEO, Experion Developers
Prior to the upcoming general election, Prime Minister Narendra Modi is expected to deviate from the customary practice of heavy expenditure on new welfare initiatives. Instead, the focus will shift towards investing in infrastructure to sustain economic growth and decrease the fiscal deficit. Finance Minister Nirmala Sitharaman is scheduled to present Budget 2024 on February 1. Analysts anticipate a budget that leans towards conveying political messages, highlighting the Modi government's dedication to comprehensive growth while approaching spending with caution.
The upcoming budget for Indian Railways in 2024-25 will be unveiled by Finance Minister Nirmala Sitharaman during the Union Budget 2024 address on February 1, 2024. There is great anticipation surrounding the Railway Budget 2024 as it is expected to provide insights into the future plans for the national transportation system. This includes a substantial capital expenditure allocation, the introduction of new trains such as the Vande Bharat sleeper and Amrit Bharat Express, an increased number of Vande Bharat Express trains, and a heightened emphasis on safety through the implementation of the Kavach anti-collision train system.
In the 2019 Interim Budget, the standard deduction increased from Rs 40,000 to Rs 50,000. There is anticipation for Finance Minister Nirmala Sitharaman to offer relief to the common man and middle-class taxpayers. FM Sitharaman had previously announced significant alterations in the income tax slabs for 2023-24 under the new income tax regime. Any changes in the income tax system in the 2024 Union Budget are expected to be within the new default tax regime.
The Ministry of Finance's assessment of the Indian economy highlights the government's rapid progress in constructing road, rail, and air networks. The report notes that India built 74 airports in the first 67 years after gaining independence, a number that doubled in the last nine years. The expansion of physical and digital infrastructure, including highways, freight corridors, airports, metro rail networks, and trans-sea links, over the past decade has been significant, tangible, and transformative.
Nirmala Sitharaman is all set to become only the second Finance Minister in the history of the nation to present six consecutive budgets. Sitharaman will present the Union Budget in the Parliament on Thursday. Ahead of the upcoming 2024 Lok Sabha general elections, this budget will only serve on an interim basis, with a change in government is on the cards.
If you are scratching your heads, wondering what are the intricacies involved with an Interim Budget, here are some of the frequently asked questions in this regard.
