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Interim Budget 2024-25 Live Updates

Budget 2024: (Updates & Highlights) 

Check this space for more updates on Budget 2024!

 

11: 58 AM: Interim Budget 2024: FM raises capex target by 11.1% to ₹11,11,111 Cr; FY25 fiscal deficit budgeted at 5.1% of GDP. 

 

11:56 AM: Tax incentives for startups. Focus to remain on domestic tourism, to aid in generating employment. Direct tax collection over the last ten years has tripled.  

 

11:54 AM:

  • Tax filing to be made simpler and easier for people 

  • Same tax slabs to continue with no new changes in direct & indirect taxes

  • No tax liability for citizens with up to ₹7 Lakhs income

 

11:52 AM: FY25 net market borrowing for dated securities set to ₹11.75 Lakh Crores. GST collection for this year so far stands at 1.66 Lakh Crores per month. FY25 Tax Receipts pegged at ₹26.02 Lakh Crores. FY25 Capex outlay at 3.4% of GDP. 

 

11:50 AM: Corporate tax drops from 30% to 22% for domestic companies & to 15% for certain new manufacturing companies. Gross borrowing stands at ₹14 Lakh Cr. Taxpayers appreciated for their support: FM

 

11:48 AM:

  • For FY24, Revised Estimates of the total expenditure amounts to ₹44.90 Lakh Crores

  • Fiscal deficit to be 5.8% of GDP. Revised estimates of receipts (other than borrowings) to reach ₹27.56 Lakh Cr. Of these, tax receipts are ₹23.24 Lakh Cr. 

 

 

11:47 AM: Government will present a roadmap for Viksit Bharat in the Full Budget in July, FM reveals. 

 

11:47 AM: ₹75,000 Cr interest-free loans at 50-year to be given to states by Centre to support milestone-linked reforms. “For our tech-savvy youth, this will be a golden era”, adds FM Sitaraman. 

 

11:46 AM: New definition of FDI = First Develop India; bilateral treaties are being signed with multiple countries to encourage sustained foreign investment. 

 

11:45 AM: Govt focusing on port connectivity; expansion of 100-tonne coal gasification & liquefaction capacity announced, will be set up by 2030. 

 

11:43 AM: Comprehensive development of tourist sectors under the G20 Presidency, presenting India’s diversity. Sector to aid in employment. 

 

11:42 AM: Focus on metro rail expansion in large cities. Strengthen e-vehicle eco-system, bio-manufacturing is the focus to push green growth, says FM. 

 

11:41 AM:

  • Expansion of airports - airports doubled in number to 149

  • 570 new routes set up to support 1.3 Cr. passengers

  • Tech to be developed for defence

  • Indian air carriers placed orders for over 1,000 new aircrafts

  • Roll out of air connectivity to tier-two and tier-three cities under the UDAN scheme has been widespread, the Finance Minister adds

 

11:39 AM: 3 major commodity-specific economic rail corridors to be developed - 

  1. Energy, mineral and cement corridors

  2. Port connectivity corridors

  3. High traffic density corridors 

 

49,000 railway bogeys to be converted & thrust on Vande Bharat trains. 

 

11:38 AM: 8.3 million Self-help Groups transforming rural areas with empowerment and self-reliance, assisted almost 1 Cr women to achieve financial success — target increased from 2 Cr to 3 Cr. 

 

11:36 AM: Fisheries to double exports to ₹1 Lakh Crores under PM Matsya Sampada

Yojana. Aquaculture productivity to be enhanced from 3 tonnes to 5 tonnes per hectare. 

 

11:34 AM: Atmanirbhar Oilseed Bharat Abhiyan initiated. Seafood exports doubled since 2014. 55 Lakhs new jobs to come up in fisheries. 

 

11:32 AM: Comprehensive development for dairy farmers. Implementation of PM Matsya Sampada Yojana has been stepped up to benefit fisheries. 5 integrated aquaparks will also be set up. 

 

11:30 AM: Application of NANO-DAP will be expanded. New U-WIN Portal designed to document all immunisation and vaccination programmes in India. 

 

11:28 AM:

  • Cervical cancer vaccines to be provided

  • Healthcare cover under the Ayushman Bharat scheme will be extended to all ASHA & Anganwadi Workers

  • Plan to set up more medical colleges

  • Maternity & childcare also remain areas of focus

 

 

11:27 AM:

  • Housing for middle class - people living in rented houses/slum/chawls, will be able to buy or build their own houses, says PM Modi

  • 2 Cr more houses to come up in next 5 years under Rural Plan

 

 

11:26 AM: PM Awas Yojana to give 3 Cr houses in India. Rooftop solarisation to help 1 Cr homes. Energy & accessibility to improve. 

 

11:24 AM: MSMEs to grow & compete globally, orient to the regulatory environment. Aspirational districts programme - Govt to focus on the development of Eastern India, making it a powerful driver of India’s growth. 

 

11:22 AM: Middle-east corridor to become a game-changer for India. G20 Presidency amidst high inflation. The next 5 years will be of development. 

 

11:21 AM: GST-Boosted Tax-based growth in India. Mission of Viskit Bharat with Modern Infra, says FM. IFSCA creating a Global Gateway. 

 

11:15 AM: Average income of people increased by 50%, inflation is moderate, says FM. The government followed ‘citizen-first’ and ‘minimum government, maximum governance’ approaches. 

 

11:11 AM: Women’s Quota Bill Passed, Triple Talakh illegal, reservation for women in LS and State assemblies. GDP has a new definition in context to FM Sitaraman’s speech in the Election Year Budget - Governance, Development, Performance. 

 

11:08 AM:

  • 11.8 Crore farmers benefit under PM Kisan Yojana

  • Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana

  • PM Mudra Yojana sanctioned 43 Cr Mudra Loans

  • 30 Cr PM Mudra Yojana loans given to women entrepreneurs

  • Women empowerment remains in focus

 

 

11:06 AM: The Government used PM-Jan Dhan accounts for the ‘Direct Benefit Transfer’ of ₹34 Lakh Crores from the Government, leading to savings of ₹2.7 Lakh Crores. 

 

11:05 AM: India needs to focus on the needs and aspirations of 4 major castes – Garib (Poor), Mahilayen (Women), Yuva (Youth), Annadata (Farmer). The country will progress as these 4 groups progress, says FM. 

 

11:03 AM: India to achieve the status of ‘Viksit Bharat’ by 2047, says FM Nirmala Sitharaman, as she commenced her 6th Budget presentation on 1st February 2024. 

Finance Minister Nirmala Sitharaman is gearing up to present her sixth consecutive budget on 1st February 2024. It will be an interim budget due to the impending general elections. This type of budget ensures continuity in spending without introducing major policy changes until the new government takes office. Despite its interim nature, the budget is expected to include measures aimed at pleasing voters, such as tax relief to aid in consumer spending.

Key Highlights:

Here are some of the key highlights that the Interim Budget may address:

  • Fiscal Prudence in Focus: Addressing the Deficit Challenge

Although interim budgets typically focus on essential expenses without major policy announcements, this one is anticipated to address certain key issues. Fiscal prudence remains important, with efforts to reduce the fiscal deficit in line with post-pandemic consolidation goals.

  • Anticipated Adjustments to the Tax Structure

Tax changes are expected, including targeted relief for taxpayers under the old regime and potential incentives for consumer spending. 

  • Home Loan Dynamics

The housing sector anticipates revisions to home loan interest deductions to promote home ownership and real estate growth. 

  • Increased Budget for Subsidies

Substantial allocations for food and fertilizer subsidies reflect welfare priorities ahead of the elections.

  • Balancing Growth and Fiscal Goals

Despite the need for economic stimulus, spending growth is likely to be limited to align with revenue trajectories. 

  • Investment Incentives for MSMEs

The budget may also introduce measures to incentivize investments, particularly for retail investors and MSMEs. 

  • GST Revisions

Changes in the GST regime are expected to focus on simplification and compliance improvements.

Overall, the interim budget signals a commitment to responsible spending and long-term economic stability, balancing fiscal consolidation with measures to stimulate growth and ease the tax burden. The full budget will reveal the comprehensive plan for India's economic trajectory.

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