Budget 2024 LIVE Updates: No changes in Income Tax rates: Finance Minister Nirmala Sitharaman

New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday presented the Interim Budget for the Financial Year 2024-2025 in the Parliament.

This is Sitharaman's sixth and this government’s final budget before going to poll.

12:13 PM, 1st Feb

No changes in Income Tax rates: Nirmala Sitharaman

12:08 PM, 1st Feb

Revised Estimates of 2023-24:

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.

- Finance Minister

12:06 PM, 1st Feb

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.

- Finance Minister

12:04 PM, 1st Feb

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).

- Finance Minister

12:04 PM, 1st Feb

Matsya Sampada

It was our government which set up a separate department for fisheries, realizing this will help in generating jobs as well.

- Finance Minister

12:02 PM, 1st Feb

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.

- Finance Minister

12:02 PM, 1st Feb

Aatma Nirbhar Oilseeds Abhiyan

Building on initiative announced in 2022, a strategy will be formulated for achieving self reliance in oilseeds, such as mustard, groundnut, soyabean, sesame and sunflower.

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

- Finance Minister

12:01 PM, 1st Feb

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

- Finance Minister

11:59 AM, 1st Feb

Agriculture and food processing

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.

- Finance Minister

11:58 AM, 1st Feb

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.

These are assisting farmers in producing food for the country and for the world.

- Finance Minister

11:57 AM, 1st Feb

Ayushman Bharat

Health care cover under Ayushman Bharat to be extended to all ASHA workers, all Anganwadi workers and helpers.

- Finance Minister

11:56 AM, 1st Feb

Maternal and child health care

Various schemes under maternal and child health care to be brought under one comprehensive programme for synergy in implementation.

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

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

- Finance Minister

11:55 AM, 1st Feb

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

- Finance Minister

11:54 AM, 1st Feb

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.

- Finance Minister

11:53 AM, 1st Feb

Housing for middle class

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

- Finance Minister

11:52 AM, 1st Feb

Charging of electric vehicles

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

- Finance Minister

11:51 AM, 1st Feb

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

- Finance Minister

11:47 AM, 1st Feb

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.

-Finance Minister

11:46 AM, 1st Feb

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.

- Finance Minister

11:45 AM, 1st Feb

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.

- Finance Minister

11:44 AM, 1st Feb

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.

- 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

— PIB India (@PIB_India) February 1, 2024

11:43 AM, 1st Feb

Our government will facilitate sustaining high and more resource efficient economic growth, this will contribute to energy security, in terms of availability, affordability and accessibility.

Government will prepare financial sector in terms of size, capacity, skills and regulatory framework.

- Finance Minister

11:42 AM, 1st Feb

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.

- Finance Minister

11:40 AM, 1st Feb

Strategy for Amrit Kaal

Our government will adopt economic policies which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunties for all and help them enhance their capabilities and contribute to generation of resources to power investments and fulfill aspirations.

The government will take up next gen reforms and build consensus with stakeholders for effective implementation.

- Finance Minister

11:39 AM, 1st Feb

Vision for Viksit Bharat is that of prosperous Bharat, in harmony with nature, with modern infrastructure and providing opportunities for all to reach their potential.

Next five years will be years of unprecedented development and golden moments to realize the goal of developed India by 2047.

Trinity of democracy, demography and diversity backed up by Sab Ka Prayaas has the potential to fulfill aspirations of every Indian.

- Finance Minister

11:38 AM, 1st Feb

India assumed G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes.

Pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward.

India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others.

- Finance Minister

11:37 AM, 1st Feb

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.

- Finance Minister

11:35 AM, 1st Feb

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.

- Finance Minister

11:34 AM, 1st Feb

Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP - i.e., Governance, Development and Performance.

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.

- Finance Minister

11:33 AM, 1st Feb

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: Finance Minister

11:31 AM, 1st Feb

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.

- Finance Minister

11:30 AM, 1st Feb

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

11:29 AM, 1st Feb

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.

- Finance Minister

11:24 AM, 1st Feb

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.

- Finance Minister

11:23 AM, 1st Feb

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.

- Finance Minister

11:22 AM, 1st Feb

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 Minister

11:21 AM, 1st Feb

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.

- Finance Minister

11:20 AM, 1st Feb

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.

- Finance Minister

11:19 AM, 1st Feb

The earlier approach of tackling poverty resulted in very modest outcomes.

When the poor became empowered partners in development process, government's power to assist them increases manifold.

In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty.

- Finance Minister

11:18 AM, 1st Feb

We need to focus on the poor, women, youth and farmers / Anna Data.

Their needs and aspirations and welfare are our highest priority.

All four require and receive government support, their empowerment and well being will drive the country forward.

- Finance Minister

11:17 AM, 1st Feb

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.

- Finance Minister

11:16 AM, 1st Feb

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.

- Finance Minister

11:14 AM, 1st Feb

Inclusive development and growth, our humane approach to development has marked a departure from the earlier approach of provisioning up to village level.

Development programmes have targeted each and every household and individual through housing for all, Har Ghar Jal, electricity for all, cooking gas for all and bank accounts and financial services for all in record time.

Worries about food were eliminated through free rations for 80 crore people.

MSP for produce of Anna Data are periodically increased.

Provision of basic necessities has enhanced real income in rural areas.

- Finance Minister

11:13 AM, 1st Feb

Our young country has high aspirations, pride in present and hope and confidence in its bright future: Finance Minister

11:12 AM, 1st Feb

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: Finance Minister

11:08 AM, 1st Feb

"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 FM Sitharaman.