Union Budget 2024 Speech: No Changes In Taxes Slabs, Lakshadweep Mention And More | Highlights

PM Modi expressed satisfaction with the interim budget for 2024. He highlighted its inclusive nature and innovative approach, emphasizing its continuity. The budget aims to empower four key pillars of Viksit Bharat: youth, the poor, women, and farmers. Modi assured that this budget sets a path for India to become a developed nation by 2047.

Finance Minister emphasised the significance of a growing middle class and the ongoing rapid urbanization process. She pointed out that Metro Rail and NaMo Bharat could act as catalysts for the necessary urban transformation. The minister expressed support for the expansion of these systems in large cities with a focus on transit-oriented development.

The Finance Minister highlighted the success of organizing G20 meetings across sixty locations, showcasing India's diversity to the global audience. She acknowledged the country's economic strength, making it an attractive destination for business and conference tourism. With the middle class aspiring to travel, the Finance Minister emphasised the vast opportunities for entrepreneurship in tourism, including spiritual tourism. To further boost tourism, states will be encouraged to comprehensively develop iconic tourist centers, implementing branding and global-scale marketing.

A framework for rating these centers based on facilities and services quality will be established, with long-term interest-free loans provided to states for matching development financing. Additionally, in response to the growing interest in domestic tourism, projects focusing on port connectivity, tourism infrastructure, and amenities will be initiated on islands, including Lakshadweep, contributing to employment generation.

For the fiscal year 2024-25, the Finance Minister presented estimates indicating total receipts, excluding borrowings, at ₹30.80 lakh crore, with total expenditure projected at ₹47.66 lakh crore. Tax receipts are anticipated to reach ₹26.02 lakh crore. The fifty-year interest-free loan scheme for capital expenditure to states will persist this year, with a total outlay of ₹1.3 lakh crore. The government remains committed to fiscal consolidation, aiming to reduce the fiscal deficit to below 4.5 percent by 2025-26.

In the upcoming fiscal year, the estimated fiscal deficit is 5.1 percent of GDP, aligning with the established path. Gross and net market borrowings through dated securities for 2024-25 are projected at ₹14.13 and ₹11.75 lakh crore, respectively—both lower than the figures for 2023-24. The Finance Minister emphasized that with private investments scaling up, reduced borrowings by the Central Government will enhance the availability of credit for the private sector.

In the context of tax proposals, the Finance Minister stated that there would be no changes in taxation rates, maintaining the current structure for direct and indirect taxes, including import duties. However, she acknowledged the impending expiration of certain tax benefits for start-ups and investments by sovereign wealth or pension funds, along with tax exemptions for specific income of some IFSC units on March 31, 2024. To ensure tax continuity, the Finance Minister proposed an extension of the expiry date to March 31, 2025.

Additionally, as part of the government's commitment to enhancing ease of living and ease of doing business, she announced measures to improve taxpayer services. Addressing concerns related to long-standing, unresolved, or disputed direct tax demands, some dating back to 1962, she proposed the withdrawal of outstanding direct tax demands up to ₹25,000 for the period up to the financial year 2009-10 and up to ₹10,000.

Finance Minister Nirmala Sitharaman announced a new scheme during the presentation of the interim Budget 2024-25, aiming to enhance deep tech for the defense sector. In addition, she emphasised the government's commitment to encouraging both public and private investment in post-harvesting agriculture activities. Sitharaman highlighted the expansion of applying nano DAP on various crops in different agri-climatic zones. Moreover, she revealed plans for the construction of three major railway corridors, including one dedicated to cement transportation, and the conversion of 40,000 normal railway bogies to meet the Vande Bharat standard.

During her budget speech on Thursday, Union Finance Minister Nirmala Sitharaman expressed gratitude to taxpayers as direct tax collection witnessed a more than twofold increase over the past decade. "I want to say thank you to taxpayers."

"I propose the withdrawal of outstanding direct tax demands, up to ₹25,000 for the period up to the financial year 2009-10 and up to ₹10,000 for financial years 2010-11 to 2014-15. This initiative aims to provide relief to approximately one crore taxpayers." FM Sitharaman

Finance Minister announces government's plan to raise Rs 14.13 lakh crore for the market through the issuance of dated securities in the fiscal year 2024-25.

I do not propose any changes related to taxes: FM Sitharaman

FM Sitharaman announces initiatives for boosting domestic tourism, focusing on port connectivity and enhancing tourism infrastructure and amenities, especially in islands like Lakshadweep.

Finance Minister Nirmala Sitharaman highlighted the growing complexity of the global situation during her interim Budget presentation on Thursday. Wars and conflicts worldwide, including the Russia-Ukraine conflict and the Israel-Hamas war, have disrupted global supply chains, affecting international trade. Sitharaman emphasized India's successful navigation through challenges like fuel and fertilizer price spikes in this evolving global landscape. She also credited the strengthened financial sector for enhancing the efficiency of savings, credit, and investments. The minister mentioned the record time in which various forms of infrastructure are being developed and highlighted the government's commitment to a transparent, accountable, and citizen-centric administration.

Finance Minister Nirmala Sitharaman, speaking during the presentation of the interim Budget 2024-25, highlighted the government's efforts, led by Prime Minister Narendra Modi, to address systemic inequalities in society. She emphasized the complementarity between economic management and inclusive development, noting the record pace at which various forms of infrastructure are being built. Sitharaman also pointed out the positive impact of tax reforms, resulting in an expansion of the tax base. Additionally, she celebrated the enrollment of 43 percent women in STEM (Science, Technology, Engineering, and Mathematics) courses, which is the highest in the world.

"40,000 rail bogies to be converted to Vande Bharat standards, number of airports to double to 149"

"3 crore new Lakhpati Didis our target"

"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 Nirmala Sitharaman, during the presentation of the interim Budget, reported that a significant 1.4 crore youth have undergone training and upskilling initiatives under the Skill India Mission. The mission's core objective is to enhance skills through both short-term and long-term training programs, emphasizing skilling, re-skilling, and upskilling. Implemented by over 20 central ministries/departments, the government's skill development schemes are making a tangible impact nationwide. Sitharaman also highlighted the country's macro-economic stability and affirmed the positive trajectory of the economy. Emphasizing a comprehensive approach, she underscored the government's commitment to bolstering GDP, governance, development, and overall performance.

Finance Minister Nirmala Sitharaman emphasized the government's commitment to social justice, stating, "Our approach to development is all-round, all-pervasive, and all-inclusive." She highlighted the significant progress in empowering women, citing the momentum gained over the past decade through initiatives such as the Mudra Yojana, which provided 30 crore loans to women entrepreneurs. Sitharaman also pointed out key measures that have enhanced women's dignity, including the criminalization of triple talaq, one-third reservation of seats for women in Lok Sabha and state assemblies, and allocating over 70 percent of houses under PM Awas Yojana in rural areas to women as sole or joint owners.

The government is not just aiming for high economic growth but also focusing on a broader perspective of GDP, which includes Governance, Development, and Performance. The approach is centered on providing transparent, accountable, and people-centric administration with a citizen-first mindset and a commitment to minimal government and maximum governance. The current scenario boasts macroeconomic stability, robust investments, and a thriving economy, contributing to improved living standards. With a 50 percent increase in average real income, moderate inflation, and effective program delivery, citizens are empowered to pursue their aspirations, reflecting the government's commitment to holistic development.

Finance Minister Sitharaman reveals that under the PM Mudra Yojana, a staggering 43 crore loans totaling Rs 22.5 lakh crore have been extended.

Finance Minister Sitharaman outlined the government's commitment to transforming India into a developed country by 2047, emphasizing social justice as a crucial model. She stressed the government's focus on addressing systemic inequalities with a keen eye on outcomes for achieving socio-economic transformation. Sitharaman highlighted a shift towards prioritizing outcomes over outlays, specifically mentioning the targeted support for the poor, women, youth, and farmers. In her Budget speech, she acknowledged the limitations of the previous entitlement-based approach to tackling poverty and assured transparency in benefit distribution. Notably, Sitharaman mentioned the significant impact of the PM KISAN Yojana, providing financial assistance to 11.8 crore farmers. Additionally, she praised the National Education Policy for ushering in transformational reforms in the education sector.

Finance Minister Nirmala Sitharaman underscored a significant positive shift in the Indian economy over the past 10 years. Emphasising a departure from the earlier approach to poverty, she noted that empowering the poor as development partners substantially enhances the government's capacity to assist them. In the last decade, the government has successfully aided 25 crore individuals in breaking free from multidimensional poverty. Sitharaman stressed the need for focused attention on the well-being of the poor, women, youth, and farmers, considering them as key drivers for the country's progress.

During a recent Cabinet meeting, Prime Minister Narendra Modi expressed optimism about the upcoming Interim Budget 2024, stating that it would be beneficial for everyone.

Union Minister Nirmala Sitharaman Presents Union Interim Budget 2024-25 in Parliament

The Union Cabinet gave the green light to the Interim Budget for 2024-25. Finance Minister Nirmala Sitharaman is set to present the budget in Parliament soon.

Union Finance Minister Nirmala Sitharaman, along with Ministers of State Pankaj Chaudhary and Bhagwat Kishanrao Karad, and senior officials from the Finance Ministry, held a meeting with President Droupadi Murmu at Rashtrapati Bhavan before presenting the Interim Budget 2024-25.

Finance Minister Nirmala Sitharaman maintained her digital tradition as she headed to Parliament for the interim Budget 2024-25, carrying a tablet in a traditional 'bahi-khata' style pouch. Ditching the conventional briefcase, Sitharaman continued the paperless format for the fourth consecutive year, posing for the customary photo outside her office with the tablet wrapped in a red cover bearing the national emblem. This departure from the colonial-era practice aligns with Sitharaman's earlier decision in 2019.

This year, there won't be an Economic Survey, a report usually brought forth by the Finance Ministry. Instead, Finance Minister Nirmala Sitharaman is gearing up to deliver the Interim Budget, given that Lok Sabha elections are on the horizon.

In preparation for the interim budget presentation, the Union Cabinet has gathered in Parliament for a key meeting.

Finance Minister Nirmala Sitharaman has arrived at Parliament to present the Union Budget 2024. The budget speech is scheduled to commence at 11 AM.

Copies of the budget arrived in Parliament today, getting ready for Finance Minister Nirmala Sitharaman's big announcement. A small truck pulled up and dropped off the copies.

CPI General Secretary D. Raja expressed skepticism about the Modi government's economic claims, stating, "We don't anticipate remarkable outcomes. The government asserts that India ranks among the top five global economies. However, considering its approach favoring large corporate and business entities, as already declared, we remain doubtful about its intentions."

Finance Minister Nirmala Sitharaman has just arrived at the Ministry of Finance, gearing up to present the interim Budget today. Before heading to Parliament, she will meet with President Droupadi Murmu. The presentation of the interim budget is scheduled to take place during a joint session at 11 am.

With the upcoming Interim Budget 2024-25, the spotlight is once again on the new tax regime introduced in the Union Budget 2020-21. As of April 1, 2023, it became the default option, replacing the old tax regime. There's speculation among experts that the new tax system might see further enhancements to boost its acceptance. In the previous year, Finance Minister Nirmala Sitharaman eliminated additional charges for higher-income individuals in the new tax regime and introduced a standard deduction of Rs 50,000.

In the old tax regime, there were seven tax slabs ranging from NIL to 30 percent of the income. For instance, those earning up to Rs 2.5 lakh annually were exempt from income tax, while individuals with an income between Rs 5 lakh and Rs 7.5 lakh had to pay a 10 percent tax. The highest tax rate of 30 percent applied to those with an annual income exceeding Rs 15 lakh.

Now, under the new tax regime, there are six slabs with rates ranging from 0 to 30 percent. Those earning up to Rs 3 lakh per year pay no income tax, and a 5 percent tax rate applies to incomes between Rs 3 lakh and Rs 6 lakh. Additionally, a tax rebate is granted for income up to Rs 7 lakh, making it tax-exempt.

The surcharge, applicable to certain income brackets, has been revised. It now stands at 10 percent for incomes above Rs 50 lakhs, 15 percent for incomes exceeding Rs 1 crore, and 25 percent for incomes surpassing Rs 2 crore (reduced from 37 percent in 2023).

Finance Minister Nirmala Sitharaman has outlined the purpose of the Interim Budget 2024-25, emphasising its focus on sustaining government operations until the formation of a new government. Analysts and economists anticipate a prudent and restrained approach in the interim budget, prioritizing fiscal responsibility and essential expenditures over flashy announcements. The budget is expected to spotlight existing welfare schemes and address critical areas such as food and fertilizer subsidies as part of its strategic allocation of resources.

The upcoming budget presentation by Finance Minister Nirmala Sitharaman is technically a vote on account, commonly referred to as an interim budget. This financial plan seeks parliamentary approval for a grant in advance to cover the central government's essential expenses during the initial four months of the upcoming fiscal year starting in April. It's a provisional measure until a new government, likely elected after the general elections in April/May, can present the complete budget, expectedly in July.

Congress leader Gourav Vallabh highlighted a comparison in GDP growth rates, stating that the average growth from 2004-2014 under the UPA government was 6.8 percent, using the 2011-12 GDP series. Contrasting this with the data from 2015-2024 under Prime Minister Modi's government, the average growth drops to 5.9 percent .The figures, according to Vallabh, speak for themselves.

Mohit Bhan, from the People's Democratic Party (PDP), stated that with Jammu and Kashmir not being represented as a state in the upcoming Budget 2024-25, there are minimal expectations from the budget.

As the interim budget is on the horizon, it's unlikely to bring significant policy shifts or major announcements. However, there's a sense of anticipation, with people holding high expectations for what might unfold.

The budget presentation is scheduled to commence at 11 a.m., where details about budget allocations and expected revenue for the financial year 2024-25 will be outlined. Once the speech is finished in the lower house, the budget papers will be presented in the Rajya Sabha.

To watch Finance Minister Nirmala Sitharaman’s Budget speech live, viewers can tune in to Sansad TV, the channel dedicated to parliamentary proceedings.

 Finance Minister Nirmala Sitharaman will present the interim budget 2024.

Finance Minister Nirmala Sitharaman, known for delivering the longest budget speech in 2020 lasting 2 hours and 42 minutes.

The first Finance Minister of independent India, RK Shanmukham Chetty, presented the first Budget on November 26, 1947, just three months after India became free from British rule. That budget was also an interim one, just like this year's.