The significance of a Union budget for the nation cannot be overstated. Budget 2024 represented a pivotal moment for India’s economy, and when better to look back on it, than now.
Even though there was no Economic Survey this year and a new government will give the full budget after the Lok Sabha elections, the whole country was closely watching for sure. The main focus of the year’s session was presenting the interim budget and discussing essential economic matters. These discussions focused on President Droupadi Murmu’s Address, the details of the interim budget, and debates on the Motion of Thanks. The budget covers new tax slabs, changing policies, job opportunities and the infrastructure apex for the year ahead.
Below Were the Live Updates
Feb 01, 2024 11:08 (IST)
Budget 2024 Update: Nirmala Sitharaman’s Address
Finance Minister Nirmala Sitharaman outlined the goal of a plan to achieve a developed India by 2047, emphasising the principle of inclusive development for all. She asserted that the government and the Ministry of Finance’s 2024 budget are working to move India towards development. ‘Our focus is Sabka Sath, Sabka Vikas’.
Feb 01, 2024 11:11 (IST)
Budget 2024 Update: Government’s Focus For The Year
FML Sitharaman emphasised the clear support for poor women, youth and farmers. GDP’s approach to be focussed on the broader definition of governance, development, and performance this year.
Feb 01, 2024 11:22 (IST)
Budget 2024 Update: Sitharaman On GST
Adding to Budget 2024 Impact on Tax & Salary, FML Sitharaman stated, “Goods Service Tax (GST) has enabled ‘one nation, one market, one tax’.” She added that tax reforms have significantly broadened and deepened the tax base.
Feb 01, 2024 11:24 (IST)
Budget 2024 Update: Triple Talaq And Women’s Rights
In one of the biggest Budget 2024 key highlights, The government declared triple talaq illegal and allocated one-third of legislative seats to women, marking significant strides in the women’s empowerment agenda.
Feb 01, 2024 11:28 (IST)
Budget 2024 Update: New Boost For Rooftop Solarisation
Nirmala Sitharaman announced rooftop solar plans to provide 1 crore households with 300 units of free electricity monthly.
Feb 01, 2024 11:36 (IST)
Interim Budget 2024: Support for Middle-Class Homeownership
Nirmala Sitharaman stated that the government would assist “deserving” middle-class families in acquiring their own homes.
Feb 01, 2024 11:41 (IST)
Budget 2024 Update: Emphasis on Technology and Subsequent Push
Nirmala Sitharaman announced a ₹1 lakh crore fund for 50-year interest-free loans to support long-term financing at minimal rates. She also revealed plans for launching new technology to enhance deep tech in defence.
Feb 01, 2024 11:49 (IST)
Budget 2024 Update: New Outlook On FDI
Nirmala Sitharaman redefined FDI as “First Develop India,” highlighting the push for bilateral trade treaties to enhance foreign investments.
Feb 01, 2024 11:54 (IST)
Interim Budget 2024 Update: Fiscal Outlook
Nirmala Sitharaman outlined the fiscal figures:
- The FY24 fiscal deficit was seen at 5.8% of GDP.
- Total expenditure for FY24 revised to ₹44.90 lakh crore.
- FY24’s total receipts, excluding borrowings, stand at ₹27.56 lakh crore, with tax receipts at ₹23.24 lakh crore.
- FY25 fiscal deficit was seen at 5.1%, to be reduced to below 4.5% by FY26.
- Gross market borrowing for FY25 is estimated at ₹14.13 lakh crore.
Feb 01, 2024 11:56 (IST)
Budget 2024 Update: Tax Rates To Remain Unchanged
Nirmala Sitharaman confirmed that no changes will be made to direct or indirect tax rates, including import duties. “I propose to maintain the current tax rates.”
Feb 01, 2024 12:01 (IST)
Budget 2024 Update: Incentives for Startups and Investors
Tax benefits for startups and investments by sovereign wealth and pension funds will be extended to March 2025.
Feb 01, 2024 12:06 (IST)
Budget 2024 Update: Taxpayer Reliefs
The government is to withdraw outstanding direct tax demands up to ₹25,000 for the period up to FY 2009-10 and up to ₹10,000 for FYs 2010-11 to 2014-15. The scheme is expected to benefit crores of taxpayers.
Feb 01, 2024 12:09 (IST)
Budget 2024 Update: Interim Budget 2024 Wrapped Up
Just about a 60-minute address, FML Nirmala Sitharaman ended her Interim Budget 2024 speech.
Budget 2024 Key Highlights
- The estimated gross borrowing for FY25 is set at ₹14.13 trillion, marking a decrease from FY24’s figures.
- Initiatives to boost the domestic production of oilseeds like mustard, groundnut, and sesame aim to reduce India’s reliance on imported cooking oil, which costs over ₹1.5 trillion annually.
- Finance Minister Nirmala Sitharaman set an ambitious fiscal consolidation goal with a fiscal deficit target of 5.1% for FY25, surpassing expectations of 5.3%. The FY24 target of 5.8% was met through enhanced revenue mobilisation.
- A new housing scheme was introduced for the middle class, targeting individuals in rented accommodations, slums, and unauthorised colonies to facilitate homeownership.
- The expansion of medical colleges was planned by utilising existing facilities.
- The Ayushman Bharat scheme’s healthcare coverage will include all Anganwadi workers and helpers.
- Increased efforts to enhance farmers’ incomes.
- Encouragement for private investments in post-harvest processes.
- Nirmala Sitharaman announced the cancellation of pending tax disputes, benefiting around 1 crore taxpayers.
- The Ministry of Finance Budget 2024 has decided not to alter the tax rates, including import duties, in the interim Budget 2024. Nonetheless, there’s some relief as certain advantages for startups and tax exemptions for specific IFSC units set to expire in March will continue until March 2025.
The Fiscal Year Ahead
From facing significant challenges in 2014 to implementing structural and pro-people reforms, the Budget has always been an important moment for the nation. It has catalysed job creation, entrepreneurship, and widespread development.
With the mantra of ‘Sabka Saath Sabka Vikas’ guiding its journey, the nation stands on the cusp of a promising future, fueled by its youthful populace’s aspirations, pride, and confidence. The year is young in anticipation of what will come next in India’s financial strategy, underscoring the collective hope for a brighter tomorrow.
