Parliament Live Updates: IUML (Indian Union Muslim League) MPs protest at the Gandhi statue during the Budget session of Parliament, in New Delhi, Friday, Feb. 2, 2024. (PTI Photo)Parliament Budget Session Highlights: INDIA alliance MPs staged a walkout in Lok Sabha over the arrest of former Jharkhand Chief Minister Hemant Soren by the Enforcement Directorate earlier this week. The Parliament leaders of the INDIA parties met in the chamber of the Leader of Opposition in the Rajya Sabha Mallikarjun Kharge this morning to discuss their joint strategy. There weren’t too many surprises in yesterday’s Budget speech. Given that this was an interim Budget – with the Lok Sabha polls right around the corner – Union Finance Minister Nirmala Sitharaman steered clear of any big policy changes or announcements. As expected, she did spend some time highlighting the economic triumphs of the Modi government over the last decade. Interestingly, she also signalled the beginning of a slow tapering of government heavy-lifting of the economy.
The political reactions to the Budget were largely along expected lines. Political leaders from the ruling NDA alliance have welcomed it, while some Opposition leaders very quickly wrote it off as “disappointing”. “It was one of the shortest speeches on record in the Budget. Not very much came out of it,” Congress MP Shashi Tharoor told news agency ANI. Meanwhile, Union Defence Minister Rajnath Singh called the Budget “encouraging”.
Union Finance Minister Nirmala Sitharaman announced that there would be no change in tax rates for direct and indirect taxes, including import duties. Meanwhile, the fiscal deficit for 2024-25 is estimated at 5.1 per cent of GDP against 5.8 per cent in the current financial year. With the Lok Sabha polls right around the corner, Sitharaman kicked off her Budget speech by highlighting the economic triumphs of the Modi government over the last decade. The interim Budget also expanded the scope of several social welfare schemes for the benefit of four groups that Sitharaman said were the “highest priority” of the government — the poor, women, youth and farmers.
President Droupadi Murmu along with Rajya Sabha Chairman Jagdeep Dhankhar. (PTI Photo)
‘Crucial issues such as inflation, unemployment ignored’: Maharashtra Congress reacts on interim Budget
The Maharashtra Congress has said that the interim Budget presented by Union Finance Minister Nirmala Sitharaman on Thursday would affect the country’s growth prospects as it failed to address key issues such as rising inflation and unemployment rates. Congress spokesperson Gopaldada Tiwari, while analysing the Union budget on Friday, said that the Budget also did not touch issues such as farmer suicides and the huge debt the country is facing.
“Sitharaman conveniently forgot to tell the nation as to how the government plans to control the soaring inflation. There is no word on creating a suitable atmosphere for the growth of industries, investments and employment,” stated Tiwari, while describing the interim Budget as a ‘final budget’ of the BJP government where the finance minister has indulged in idle talk. Read here
Gender budget increased by 38.6% in 2024-25: Women and Child Development ministry
Overall budget towards women welfare increased by 38.6 per cent in 2024-25, owing to increased allocations by seven ministries and departments, the Women and Child Development Ministry has said. The ministry in a statement said that the government across its departments reported a total of Rs 3.09 lakh crore in the Gender Budget Statement 2024-25 (Budget Estimates), as compared to Rs 2.23 lakh crore in 2023-24.
"43 Ministries/Departments/UTs have reported a total of Rs. 3.09 lakh crore in the Gender Budget Statement 2024-25 (Budget Estimates), as compared to Rs. 2.23 lakh crore in 2023-24," the ministry statement said. The increase is due to the increased allocations for women and girls by seven ministries and departments - Ministry of Home Affairs, Ministry of Electronics and Information Technology, Ministry of New and Renewable Energy, Ministry of Micro, Small and Medium Enterprises, Ministry of Petroleum and Natural Gas, Department of Drinking Water and Sanitation, Department of Rural Development, and Ministry of Power. (PTI)
Finance Minister didn't say a single word on unemployment: Priyanka Gandhi Vadra on interim budget
Congress leader Priyanka Gandhi Vadra on Friday said that there was no vision or plan to create jobs in the interim bidget presented by Union Finance Minister Nirmala Sitharaman. "The two biggest troubles that the people of India are facing are unemployment and inflation. What measures were taken in the Central Government's budget to deal with these two problems?" she posted on X. Highlighting the "challenge of placements" that institutes like IITs and IIMs are facing, Priyanka said that the "biggest misfortune" was that the finance minister did not speak on unemployment. "The common poor and middle class have been waiting for relief for the last ten years. No tax relief was given to the middle class," Priyanka added.
Union minister slams Cong MP's 'separate nation' remarks, seeks action
Parliamentary Affairs Minister Pralhad Joshi on Friday demanded an apology from Congress leader Sonia Gandhi over her party's Lok Sabha member D K Suresh demanding a separate nation comprising southern states by alleging bias in budgetary allocations.
Raising the issue during the Zero Hour in Parliament, Joshi said Congress member Suresh had demanded a separate nation comprising southern states. The remarks were an insult to the Constitution and its architect Babasaheb Ambedkar, he said. "I condemn the statement of the Congress member and demand that the matter be referred to the Ethics Committee of the Lok Sabha," Joshi said.
Members of the opposition INDIA bloc, including the Congress and the DMK, were on their feet trying to make some point as Joshi made the statement in the House. They later walked out for a brief while. Lok Sabha Speaker Om Birla called the opposition members to make their point after laying of parliamentary papers on the table of the House. (PTI)
'Brazen misuse of agencies to undermine elected representatives,' says Derek O'Brien
Following the INDIA alliance's walkout in Lok Sabha, TMC MP Derek O'brien wrote: "TMC walk out of both Houses in Parliament protesting the brazen misuse of agencies to undermine elected representatives".
INDIA alliance MPs walk out of LS over Jharkhand issue
INDIA alliance MPs staged a walkout in Lok Sabha over the arrest of former Jharkhand Chief Minister Hemant Soren by the Enforcement Directorate earlier this week.
Parliament Budget Session 2024: Proceedings commence
House proceedings have commenced for the day.
Parliament Budget Session 2024: What’s on the cards today
House proceedings will commence with BJP MP Kavita Patidar moving a motion of thanks on President Draupadi Murmu’s address in the Rajya Sabha today.
According to the list of businesses, Union Minister Ashwini Vaishnav will make a statement regarding the status of implementation of the recommendations contained in the 45th Report of the Department-related Parliamentary Standing Committee on Communications and Information Technology on Demands for Grants 2023-24 pertaining to the Ministry of Electronics and Information Technology.
Also on the agenda in RS, is a statement by Union Minister Som Prakash regarding the status of implementation of recommendations contained in the 182nd Report of the Department-related Parliamentary Standing Committee on Commerce on 'Ecosystem of Start-ups to Benefit India”.
Interim Budget 2024: Highlights from Sitharaman's speech
Missed yesterday's big Budget speech? No worries! Here are some highlights:
1. The revised fiscal deficit — the gap between government’s revenue and expenses — is at 5.8% of the GDP for Financial Year 24 (FY24). Fiscal deficit in FY25 is expected to be 5.1% of GDP. The target is to reduce the fiscal deficit to below 4.5% of the GDP in FY26.
2. No changes to income tax slabs.
3. The number of tax filers swelled by 2.4 times, Sitharaman said. The direct tax collection has trebled since 2014. In 2024-25, the tax receipts are projected at Rs 26.02 lakh crore.
4. “For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with 50-year interest free loan provided. The corpus will provide long term financing and re-financing with long tenures at low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains.”
Check out our full list of highlights from Sitharaman's speech.
Negotiating BITs with trade partners to boost FDI: FM Sitharaman
With new Bilateral Investment Treaties (BITs) drying up after India adopted the model BIT in 2016, Finance Minister Nirmala Sitharaman during her Interim Budget speech said that India is negotiating BITs with trade partners to boost the inflow of foreign direct investments (FDI).
A relook at BITs comes at a time when India is pursuing economic integration with western nations such as the United Kingdom (UK) and the European Union through free trade agreements and investment treaties. These negotiations assume significance as India scores dismally in ease of enforcing contracts, hurting FDI inflows.
“For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners, in the spirit of ‘first develop India’. The FDI inflow during 2014-23 was $596 billion marking a golden era. That is twice the inflow during 2005-14,” Sitharaman said.
Read more.
Parting shot: White paper on economy under UPA
If the Interim Budget in 2019 was all about relief to salaried individuals, farmers and unorganised workers, the one in 2024, in stark contrast, was about sticking to fiscal prudence.
But 10 years in power later, the BJP’s political framing of the economy will be a “white paper” that Finance Minister Nirmala Sitharaman has promised in the Interim Budget to show what it was pre-2014, and the “step-by-step mending” this government had to do. The sense of confidence of an impending third term was reflected in the Interim Budget for 2024-25 with Sitharaman not feeling compelled to extend any sops. So, Sitharaman did not deviate from her earlier statement in December when she said there would be no “spectacular announcement” in the Budget.
In 2019, the loss in Assembly elections in three Hindi heartland states — Rajasthan, Madhya Pradesh and Chhattisgarh — had pushed the government to go against the conventional wisdom of Prime Minister Narendra Modi of not showering freebies. Then Finance Minister Piyush Goyal had announced the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) along with a pension for unorganised sector workers and some relief to entry-level Income Tax payers.
Read more.
Tax buoyancy helps Centre align with its fiscal consolidation roadmap
The government’s aim to restrict the fiscal deficit to 5.8 per cent of the Gross Domestic Product (GDP) as against 5.9 per cent budgeted earlier for the financial year and the push to restrict the fiscal deficit target to below 4.5 per cent by 2025-26 rides on the back of a strong buoyancy in tax revenues.
Direct tax revenues have shown a sharp surge, with income tax seen overshooting the Budget estimate for this financial year by 13.5 per cent and Securities Transaction Tax (STT) revenue seen exceeding budget estimate by 15.8 per cent. For the next financial year, direct tax collections, which include income tax and corporate tax, are estimated to rise 13.1 per cent to Rs 21.99 lakh crore.
Direct tax revenues are estimated to grow 17.2 per cent year-on-year to Rs 19.45 lakh crore in the current financial year 2023-24.
Read more.
Interim Budget 2024: No poll vault, measured step looking ahead
IT was an interim Budget and Lok Sabha elections are round the corner, but Union Finance Minister Nirmala Sitharaman stayed clear of any big populist announcements; to the contrary, she signalled the beginning of a slow tapering of government heavy-lifting of the economy.
Not only did she pare down the growth in expenditure by a percentage point to 6% in 2024-25, she also told the markets the government would borrow less, so that the private sector can get the required credit at lower interest rates. Presenting her sixth straight Budget, Sitharaman said the government had overcome every challenge of the pre-2014 era and placed India on a resolute path of sustained high growth. She sounded certain the BJP would return to power in 2024. “In the full Budget in July, our Government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’,” she said. While Sitharaman did not announce any big-ticket welfare programme, she said the government will launch a scheme for the middle class “living in rented houses, or slums, or chawls and unauthorised colonies” to buy or build their own houses.
Depending on the scale of the scheme, it has the potential to give a fillip to the construction sector, which not only provides jobs, but boosts domestic demand for capital goods, steel, cement, etc.
Read more
Welcome back!
Good morning and welcome back to our Parliament Live Blog!
By now, you know that the Union Interim Budget was tabled in the Parliament yesterday. Despite being a pre-election budget, Union Finance Minister Nirmala Sitharaman didn't make any big policy announcements. But given that this is an interim budget and a full-year budget will be introduced after the polls, this was pretty unsurprising.
Today's edition of the Indian Express has multiple stories breaking down some of the highlights of this year's budget.
For a snapshot of Budget 2024, you can check out Udit Misra's in-depth explainer: From a muted outlook on GDP growth to spend cuts on health and education — here are six big takeaways from Budget 2024.
Stay tuned for more!
‘Prudence scored a decisive victory’: Anand Mahindra hails interim Budget 2024
Mahindra Group Chairman Anand Mahindra on Thursday hailed Union Finance Minister Nirmala Sitharaman’s record sixth Budget speech as one “which communicates quiet confidence”.
In a post on X, he wrote, “No populistic measures were announced as has traditionally been expected in pre-election budgets. A welcome, and I hope, permanent approach! —The fiscal deficit target was better than envisaged. Prudence scored a decisive victory.”
Welcoming the brevity in the interim Budget speech delivered by Sitharaman in the Lok Sabha, Mahindra went on applaud its short duration.
He further wrote, “No major tax and duty changes were announced. Businesses place a high value on stability and predictability and that was evident in this budget.” He also hailed the higher tax-to-GDP ratio in the last budget presented before the 2024 Lok Sabha polls.
Union Budget 2024 | How did Opposition leaders react to interim Budget 2024?
‘Step-motherly’ treatment: Atishi on Centre’s allocation for Delhi in interim budget
The Delhi government said the Centre’s allocation of Rs 1,168 crore for the national capital in the 2024-25 interim budget was “step-motherly” treatment.
The amount was the same as that in the 2023-24 budget, and a little higher than the Rs 960 crore allocated in 2022-23.
The Centre has not given any grants in lieu of a share in central taxes and duties for Delhi. It was Rs 325 crore in the 2022-23 budget.
Read more
Union Budget 2024 Explained | What does 'blue economy 2.0' mean?
The Interim Budget presented by Finance Minister Nirmala Sitharaman on Thursday (February 1) stressed on environment-friendly development through the promotion of ‘blue economy’.
“For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched,” Sitharaman said in her speech.
What is blue economy and why is it important?
We explain.
Union Budget 2024 | How does Nirmala Sitharaman's speech this year compare against older ones?
Union Budget 2024 | How will interim Budget affect the railways?
Commenting on Union Budget 2024, Vivek Lohia, Managing Director, Jupiter Wagons Limited, said that it emphasised "strategic initiatives such as the Port Connectivity Corridor, Energy, Mineral, and Cement Corridor, and the High Traffic Density Corridor".
He added, "These corridors signify a pivotal step towards enhancing connectivity, driving economic growth, and ensuring passenger safety. With a focus on outcomes over outlays, the government underscores its commitment to timely delivery and cost-effective logistics solutions. Also, these are core infrastructures. every penny invested in core infrastructure has a rebound effect on the economy. The announcement reflects a bold stride towards holistic transformation and underscores the government's dedication to modernizing India's railway infrastructure."
Lohia also commented on the upgradation of 40,000 regular bogies to Vande Bharat standards. He said this "marks a significant milestone in India's railway modernization journey. This initiative reflects a dedicated effort to elevate passenger safety, comfort, and operational efficiency to global standards. As the nation progresses towards modernizing its railway infrastructure, this move underscores a commitment to excellence and sets a benchmark for future development. It is a testament to the ongoing efforts to enhance the quality and reliability of our railway services, ultimately benefiting millions of passengers across the country."
Union Budget 2024 Reactions | Budget 'bit of a surprise' due to stricter fiscal deficit limits, says former FICCI president
Former FICCI president Naina Lal Kidwai said that the interim Budget 2024 was a "bit of a surprise because many of us were expecting a commitment to stay with the fiscal deficit at 5.3%... The government has announced a fiscal deficit of 5.1%, which is even stricter than what they had originally indicated and which the markets had readily accepted".
"We don't know on what basis they believe that the revenues will be good and healthy enough to enable the fiscal deficit at 5.1%. Because on the other hand, there has been no scaling back of capital expenditure. There is an increase of 11.1%... We have had a pretty big allocation in capital expenditure," she added.
Union Budget 2024 | Money collected from southern states being given to north, should raise voices and demand separate country, says Congress MP
Reacting to the interim Budget 2024, Congress MP from Karnataka and brother of deputy CM D K Shivakumar, D K Suresh said that the money collected from south Indian states is being given to the ones in north India. "If this continues, we will be forced to demand a separate country," he said.
"The centre is getting over Rs 4 lakh crore from us and what we are getting in return is negligible. We have to question this. If this is not rectified, all southern states have to raise their voices demanding a separate nation," he added.
"In the interim budget, only names have been changed. They have introduced some Sanskrit names and Hindi names of schemes. The Centre is not properly giving the right share of GST and direct taxes to South Indian states. The South Indian states are facing injustice," he further said.
IN PICS | Union FM Nirmala Sitharaman holds press conference after presenting interim Budget 2024
Union Finance Minister Nirmala Sitharaman held a press conference with Finance Ministry officials on Thursday, after presenting the interim Budget 2024.
Express photos by Tashi Tobgyal
Union Budget 2024 Reactions | FM believes in under-promise and over-delivering on fiscal front, says Edelweiss MF president
Commenting on the interim Budget presented by Union Finance Minister Nirmala Sitharaman today, Dhawal Dalal, President & Chief Investment Officer- Fixed Income, Edelweiss MF said, "A very pragmatic and growth-oriented interim budget with continued focus on conservative revenue estimation and fiscal consolidation. The FM believes in under-promise and over-delivering on fiscal front. Lower borrowing in FY25 is expected to decline bond yields. This will be positive for the economy and will support in reaching our goal of $5T economy by end of 2027, in our view."
Union Budget 2024 Reactions | Interim budget paves the way towards achieving developed economy by 2047, says Edelweiss President
Reacting to the interim budget 2024-25 presented by Union Finance Minister Nirmala Sitharaman, Trideep Bhattacharya, President & Chief Investment Officer- Equities, Edelweiss MF said, "In an election year, the budget adeptly strikes a balance, prioritising sensibility over populism. It showcases India's unwavering commitment to infrastructure development, coupled with a steadfast adherence to fiscal prudence. This paves the way for sustained growth, steering the nation along the trajectory towards achieving a developed economy by 2047."
Union Budget 2024 Reactions | Gujarat CM welcomes inclusion of ASHA, Anganwadi workers in Ayushman Bharat
Gujarat Chief Minister Bhupendra Patel welcomed the inclusion of ASHA (Accredited Social Health Activists) and Anganwadi workers into the Ayushman Bharat scheme in the interim budget tabled on Thursday.
He also welcomed Union Finance Minister Nirmala Sitharaman's announcement to extend the tax benefits of certain IFSC units' incomes by a year from the current deadline of March 31, 2024.
Praising the goal of building two crore houses in the rural areas, Patel added that Gujarat would stand to gain from the solar rooftop initiative aimed at covering one crore families.
He termed the budget exemplary of “a welfare-oriented approach, promoting the holistic development of the four pillars of society: women's empowerment, youth empowerment, farmers, and the economically underprivileged”, a statement said.
Union Budget 2024 | How will interim budget 2024-25 affect tourism sector?
How will the interim budget affect travel and tourism sector in India?
Here is what industry professionals have to say:
Chirag Agrawal, Co-FOunder, TravClan: "Tourism cannot grow without investment. We welcome the government's initiatives on developing iconic tourist centers and investing in tourism and connectivity infrastructure. Measures such as long term loans to states will foster long term development and unlock India's tourism potential. We hope for more measures from the government that continue to build our air infrastructure and hospitality sector. This development will not just invite the world to explore our heritage but also ignite local economies and our pride!"
Aditya Sanghi, CEO & CO-Founder, Hotelogix: "We at Hotelogix wholeheartedly applaud the 2024 Union Budget for its steadfast commitment to advancing tourism, recognizing its pivotal role in shaping India's economic prosperity and cultural legacy. The formidable barrier posed by the high cost of financing in India underscores the urgent need for strategic initiatives. By catalyzing investments in pivotal areas such as port connectivity, tourism infrastructure, and amenities, the budget heralds a new era of growth. Such targeted investment not only amplifies tourist inflows but also enhances the quality of the traveler experience, providing a significant boost to the hospitality sector. As the tourism sector evolves, the infusion of technology into travel and hospitality emerges as a pressing need. Technological advancements promise enhanced efficiency and elevated service quality, making it imperative for the industry's sustainable growth. We eagerly anticipate further initiatives in this direction from the government and the active involvement of both public and private players."
Union Budget 2024 | How does the interim budget affect Indian start-ups?
Reacting to the interim Budget 2024-25 presented today by Union Finance Minister Nirmala Sitharaman, Ravi Mittal, Founder & CEO of QuackQuack said, "As the Founder of a startup, I am thrilled to witness the visionary steps taken in the Union Budget 2024. The allocation of a 1 Lakh Crore fund for long-term, low-interest loans towards deep tech in defence is a testament to the government's commitment to fostering innovation. With 43 crore loans sanctioned through PM Mudra Yojana, totaling 22.5 lakh crore, our youth's entrepreneurial aspirations are also being significantly supported. The extension of tax benefits and continued support through schemes like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee until March 2025 further exemplifies the government's dedication to empowering startups. At QuackQuack, we are excited about the opportunities ahead."
Union Budget 2024 | Gem and Jewellery Export Promotion Council welcomes interim budget
The Gem and Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah had welcomed the interim Budget presented by Union finance minister Nirmala Sitharaman on Thursday.
The final budget will be presented after Lok Sabha polls.
Shah said, “For Gem and Jewellery exporters, the recently announced India -- Middle East -- Europe Economic Corridor is a strategic and economic game changer for India and others. Just as the CEPA trade agreement has increased jewellery exports to the Middle East, we welcome bilateral trade agreements with European countries and others to boost Gem and Jewellery exports.”
He further added, “Of the Increase outlay of Rs. 11.11 lakh crore announced by FM, we seek allocation towards modern infrastructure such as Jewellery Parks for boosting Gem and Jewellery exports from India. As 80 percent of the G & J industry are MSMEs, we urge FM to include Government schemes for G&J that will help the sector compete globally, including the skilling and training for MSMEs. We await FM’s detailed strategy for Amrit Kal and an economic export policy with Sustainable Reform , Perform and Transform Earning of Sabka Vishwas for the next fire years of unprecedented development.”
To propel the exports of G&J indsutry, GJEPC had made recommendation to Government for union budget 2024-25 and they are Safe harbor rule for sales of rough diamonds in SNZs (Special notified Zones), introduction of Diamond imprest license and reduction in import duty on cut and polished diamonds to 2.5 percent. Reduction in the import duty on gold, silver, platinum bars to 4 percent. Introduction of a mechanism like “Rates and Taxes Refund” through EDI system similar to GST refund.
Union Budget 2024 | What's new in interim Budget this time?
Union Budget 2024 | 'Fiscal target for 2024-25 likely to be positive for bond market,' says HDFC CEA
Reacting to the interim Union Budget 2024, Abheek Barua, Chief Economist and Executive Vice President, HDFC Bank, said, "The fiscal target for 2024-25 translates into a lower gross market borrowing figure than expected and is likely to be positive for the bond market".
He added, "The Government continued to remain fiscally prudent, estimating the fiscal deficit at 5.8% of GDP in 2023-24 – lower than the budgeted 5.9% of GDP. Moreover, it reduced the fiscal deficit target to 5.1% of GDP for 2024-25, in an effort to achieve the medium-term target of 4.5% by 2025-26."
He also said, "The push towards developing tourism at the state level is a welcome step, as it could also help greater job creation."
Union Budget 2024 | How will Budget impact real estate sector?
Reacting to the interim Union Budget 2024, Sankey Prasad, Chairman & MD, India and CMD Middle East Project Leaders, Colliers, said, "We can clearly see the three pillars that real estate players should note: a) addressing social needs, b) closing market specific gaps, and c) connecting the dots to fuel overall growth".
He added, "The ‘build or buy’ support for urban middle-class is a near-to-medium term opportunity with immediate impact on the people while the announcement on creating and enhancing tourism hubs and a ranking framework based on supporting infrastructure is likely to make hospitality a sought-after subsector. It will bring hospitality-related development in sharp focus by creating the need for holiday homes, second homes, commercial and social infrastructure in the emerging tourist hubs."
Prasad further noted, "By promoting rooftop solar systems at household level and creating charging infrastructure for electric vehicles is a big boost towards greening efforts we have been making and will help us widen the ambit of our impact. Besides, the increased capital outlay of Rs 11 lakh crore for infrastructure development, expansion of Metro Rail and NaMo Bharat to catalyze urban transformation and transit-oriented development, as well as enabling multi-modal connectivity under the PM Gati Shakti to improve logistics efficiency and reduce cost will work towards boosting demand for real estate."
Budget 2024 Reactions Live | Welcome the emphasis on clean energy initiatives, says Godrej Industries Chairman
Nadir Godrej, Chairman and Managing Director of Godrej Industries, said that the clean energy initiatives like like bio-manufacturing and compressed biogas blending were "particularly" welcome in the interim Union Budget 2024. "These measures will not only address climate concerns but also create exciting new opportunities in the green sector," he said.
"Overall, Budget 2024 strikes a positive balance between continuity and progress, laying down a roadmap towards development, fostering innovation, and nurturing a sustainable future for our nation by 2047," Godrej said. He added that the Budget "lays a strong foundation for building a prosperous and inclusive India, in line with the vision of 'Viksit Bharat’."
Union Budget 2024 Reactions | Budget reaffirms government's 'steadfast commitment' to growth, says Shriram Finance Executive VC
Reacting to the 2024 interim Budget's provisions, Umesh Revankar, Executive Vice Chairman, Shriram Finance, said, "The identification of three major economic railway corridors under PM Gati Shakti underscores policymakers' focus on enhancing logistics efficiency, fostering crucial multi-modal connectivity essential for the success of 'Make in India.' These corridors will drive economic growth, and streamline transportation networks."
He added, "The announcement of the creation of a corpus of Rs 1 lakh crore, coupled with 50-year interest-free loans for research and innovation in sunrise domains will accelerate the country's digitalization journey, positioning it as a leader among global digital economies and fostering opportunities for emerging entrepreneurs. The policy emphasis on providing training to MSMEs to enable them to compete globally is a promising step. With a capex target of Rs 11.1 lakh crore for FY25, up by 11.1 percent, the budget reaffirms the government's steadfast commitment to economic growth. Further, the focus on the EV ecosystem, in the form of support for manufacturing and charging infrastructure, is set to catalyze business opportunities and significantly contribute to employment generation."
Budget 2024 Reactions | BJP will face great loss in 2024 due to this Budget, says AAP MP
Reacting to the interim Union Budget 2024, AAP MP from Lok Sabha Sushil Kumar Rinku said that the BJP will have to face a "great loss" in the upcoming Lok Sabha elections due to the budget provisions.
Union Budget 2024 Reactions | Sitharaman said income has increased by 50%, govt data says it has decreased by 25%: Congress
Reacting to the provisions of the Union interim Budget 2024, Congress leader Supriya Shrinate said, "Nirmala Sitharaman said that income has increased by 50% but government data says that real income has decreased by 25%."
She added, "The government is still in denial mode and is not ready to accept the problems." She further claimed that the Budget has "nothing" for the common people, agriculture, women and employment.
Budget 2024 Reactions | 'INDIA bloc will present best budget after winning Lok Sabha elections,' says DMK MP
Reacting to the interim Union Budget 2024, DMK MP T Siva said that the INDIA bloc will "present the best Budget" after winning the Lok Sabha elections scheduled for later this year.
Union Budget 2024 | No changes in income tax slabs this Budget
Budget 2024 Reactions |What does the Budget 2024 mean for the pharmaceuticals sector?
Reacting to the 2024 interim Budget's provisions for the science and technology sector, specifically for the pharmaceutical industry, Vishal Goel, Managing Director, Rx Propellant said: 'The interim budget this year is a much-needed shot in the arm of the science & technology community, especially those involved in the research and development. Research and innovation in India is indeed catalyzing growth, employment and development of the country and establishing a corpus of Rs 1 lakh crore with 50-year interest free loan will only further India’s efforts of self-sufficiency and Make in India.'
He added, 'We are hopeful that by leveraging this support, the scientific community will be able to address the upstream concerns of the pharma and life sciences industry in India, including molecules and APIs. The announcement of three centers of excellence (CoE) and a dedicated program to promote research and innovation in pharma is a formidable step forward for the industry. The one for bio-manufacturing will bolster India’s commitment to developing environment-friendly alternatives in pharma, plastics, polymers and agri inputs too and position it as an emerging leader.'
He further said, 'Augmenting the infrastructure capex outlay to 3.4% of GDP along with the focus on creating multi-modal connectivity through new rail corridors, airport and road infrastructure enhancement will have a multiplier effect by ironing out logistics bottlenecks and promote the overall growth of the scientific ecosystem in the country.'
Budget 2024 | What are the allocations for different ministries in this year's Budget?
Check out how different ministries fared in this year's interim Budget
Budget 2024 | How political leaders are reacting
Political reactions continue to be along expected lines. BJP leaders are welcoming the Budget, with Assam Chief Minister Hemant Soren going as far as saying it "sits on the pedestal of outstanding governance over the last 10 years". Meanwhile, Opposition leaders say it lacks substance. So much so that Shiromani Akali Dal MP Harsimrat Kaur Badal called it "hollow".
"Is this a budget to provide employment to the unemployed... This budget is nothing but to woo people in this year's Lok Sabha elections," said Congress leader Adhir Ranjan Chowdhury.
Speaking about the success of the PMAY-G, BJP leader Manoj Tiwari said: "In the last 10 years, more than 10 crore people have received their own houses. In the next 5 years, we will strive to deliver 2 crore more houses. For 11 crore farmers, nearly Rs 11 lakh crore have been allotted in this budget." "Till the time we don't compare before and after 2014 achievements, no one will be able to differentiate between India before 2014, and India after 2014," he added.
Budget 2024 Reactions | 'The focus on empowering households aligns with a sustainable, inclusive future'
"While the budget 2024 remains relatively silent on clean energy, it underscores the significance of the Pradhan Mantri Suryoday Yojana. Despite being limited to households with income 1-1.5l/annum, this initiative breaks barriers to rooftop solar adoption, addressing the crucial upfront capital hurdle. It not only enhances access to power but also extends electricity reach to areas lacking a stable grid. While not a game-changer in GW statistics, it is a life-changer for many who are in desperate need of power. The focus on empowering households aligns with a sustainable, inclusive future."
— Tanya Singhal, Founder of Mynzo Carbon & SolarArise
Union Budget 2024 Reactions: Adhil Shetty, CEO BankBazaar.com on personal tax
"Finance Minister Sithraman announced no change in direct or indirec tax rates in the interim budget 2024. She did mention about the changes made in the new tax regime last year, when the rebate was increased from Rs. 5 lakh to Rs. 7 lakh. The number of slabs were also reduced to five, and tax exemption limit was increased to Rs. 3 lakh in the 2023 budget. The modifications to the tax slab in the new regime were significant. Last year’s announcement tried to cover most of the working population. Nevertheless, reports indicate that individuals continue to adhere to the old regime, primarily due to factors such as having a home loan, investments for tax savings, family health insurance, retirement savings, and more. Their commitment to tax-saving strategies deters them from transitioning to the new regime. Tax slabs have remained unchanged for 11 years, and no alterations were anticipated for them in the interim budget. However, individuals in the category of captive tax-savers earning ?12 lakh or more might find reason to believe that the budget could have provided additional benefits for them."
Union Budget Analysis: Modi govt shows its pre-poll confidence, no populist measures in interim budget
Staying away from populist announcements and leaving direct and indirect tax slabs untouched, Union Finance Minister Nirmala Sitharaman’s interim budget presented in the Lok Sabha Thursday reached out to aspirational India with what seemed like a long-term vision, suggesting that the government was confident that it would return to power in the coming Lok Sabha elections.
“With the ‘whole of nation’ approach of ‘Sabka Prayas’, the country overcame the challenge of a once-in-a-century pandemic, took long strides towards ‘Atmanirbhar Bharat’, committed to ‘Panch Pran’, and laid solid foundations for ‘Amrit Kaal’. As a result, our young country has high aspirations, pride in its present, and hope and confidence for a bright future. We expect that our government, based on its stupendous work, will be blessed again by the people with a resounding mandate,” Sitharaman said in her budget speech.
A large part of the speech was about what the Narendra Modi government had achieved, with the Finance Minister saying that the government would bring out a white paper on ‘where we were’ before 2014 and where India stands today. The speech had a full section on the strategy for ‘Amrit Kal’, suggesting that the BJP believes it will continue to be in power for years.
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'Budget stresses on empowerment of poor, middle class,' says PM Modi
"This Budget stresses on empowerment of the poor and the middle class and creating of new employment opportunities for them. It has been announced to construct 2 crore more houses for the poor. We aim to have 3 crore 'Lakhpati Didis' now. ASHA and Aganwadi workers will also get the benefit of the Ayushman Bharat scheme," PM Modi said after the Union Budget was introduced in Parliament.
Pre-poll interim budget: Modi govt sticks to tradition, no surprises like 2019
Union Finance Minister Nirmala Sitharaman presented the last budget of the NDA 2 government on Thursday. The budget was an interim one, intended to ensure continuity till a new government takes charge after the Lok Sabha elections, scheduled to be held in April-May later this year.
While no big announcements are usually made in interim budgets, the previous Narendra Modi government, with Piyush Goyal as Finance Minister, bucked the trend and made two big announcements. Firstly, the government announced the inception of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), which promised an annual benefit of Rs 6,000 to all farmers owning up to two hectares of land. The then government also announced a monthly pension of Rs 3,000 for workers above the age of 60 in the unorganised sector under the Pradhan Mantri Shram Yogi Maandhan (PM-SYM).
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Union Budget 2024 Reactions: 'Tax benefits for startups, sovereign wealth funds welcome'
"As expected, the Government has exercised policy restraint under the interim budget with no tax proposals being announced. The extension of the sunset dates for the tax holiday for starts ups, tax benefits to sovereign wealth funds and aircraft leasing business in IFSC’s is indeed welcome and offers tax certainty."
-- Gouri Puri, Partner, Shardul Amarchand Mangaldas & Co.
‘Viksit Bharat’ Budget lays foundation for developed India, says PM Modi
Referring to the interim Budget as the 'Viksit Bharat' Budget, PM Modi said it laid the foundation for developed India. Addressing the public soon after the Budget was introduced in Lok Sabha, the PM said it benefits every section of society.
Union Budget 2024 Reactions: 'Govt capex drives eco system for overall growth momentum of country'
The interim budget speech delivered by the finance minister of India clearly focusses on fiscal consolidation, infrastructure spending, consumption and capital expenditure. The government continues the path of fiscal consolidation with the fiscal deficit estimated to be 5.1% of GDP for the financial year 2025. Providing an interest free loan towards technology spending by the youth of our country is a positive for the growth momentum. Also, consumption would likely boost by focusing on the agri economy. Lastly, the capital expenditure by the government continues to drive the whole eco system for the overall growth momentum of the country.
— A. Balasubramanian, Managing Director & CEO, Aditya Birla Sun Life AMC Ltd.
Union Budget 2024: Top quotes from Sitharaman's Budget speech
Union Budget 2024: What political leaders have to say about the Union Budget
The reactions to the interim Budget are largely along expected lines. Political leaders from the ruling NDA alliance have welcomed it, while some Opposition leaders very quickly wrote it off as "disappointing".
"It was one of the shortest speeches on record in the Budget. Not very much came out of it," Congress MP Shashi Tharoor told news agency ANI. "As usual a lot of rhetorical language, very little concrete on implementation...She talked about foreign investment without acknowledging that that investment has come down significantly."
Meanwhile, Union Defence Minister Rajnath Singh called the Budget "encouraging".
Congress MP Manish Tewari said primary purpose of the interim Budget was to "keep the government solvent for the first quarter of the current fiscal year." "What's worrying is that there is a budget deficit of Rs 18 lakh crores. This means that the government is borrowing for its expenditure. This number is only going to increase next year," he told news agency ANI.
Union Budget 2024 | Read Sitharaman's Budget 2024 speech
Budget Speech by Express Web on Scribd
Union Budget 2024 | Highlights from FM Nirmala Sitharaman's speech
? The revised fiscal deficit — the gap between government’s revenue and expenses — is at 5.8% of the GDP for Financial Year 24 (FY24). Fiscal deficit in FY25 is expected to be 5.1% of GDP. The target is to reduce the fiscal deficit to below 4.5% of the GDP in FY26.
? No changes to income tax slabs.
? The number of tax filers swelled by 2.4 times, Sitharaman said. The direct tax collection has trebled since 2014. In 2024-25, the tax receipts are projected at Rs 26.02 lakh crore.
? “For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with 50-year interest free loan provided. The corpus will provide long term financing and re-financing with long tenures at low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains.”
Check out our full list of highlights from Sitharaman's speech.
Union Budget 2024 | Finance Bill 2024 introduced in Lok Sabha, House adjourned
The Finance Bill 2024 has been introduced in the Lok Sabha. Soon after, the House was adjourned and will reconvene tomorrow at 11 am.
Union Budget 2024 | What the Budget says about tax rates
Union Finance Minister Nirmala Sitharaman said there would be no changes in tax rates for direct and indirect taxes, including import duties.
Union Budget 2024 | What the Interim Budget says about taxation
In the interim Budget, the government has proposed withdrawing tax demand up to Rs 25,000 up to 2009-10 -- move that Union Finance Minister Nirmala Sitharaman said could benefit 1 crore taxpayers. She further said that a big focus of the budget was improving services for tax payers.
Union Budget 2024 | Sitharaman completes Budget presentation
Union Finance Minister Nirmala Sitharaman has completed the presentation of the Interim Union Budget. This time around, her budget speech was a little less than an hour long. Notably, her longest-ever speech was in 2020, when she spoke for two hours and 40 minutes. Her speech last year, was just about 87 minutes.
Union Budget 2024 | Sitharaman on promoting Indian Railways
"Three major Railway economic corridors programmes will be implemented. These are energy, mineral and cement corridor; port connectivity corridors and high traffic density corridors. The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce cost," said Finance Minister Nirmala Sitharaman.
Union Budget 2024 | Sitharaman announces key revisions to budget estimates
The revised estimate for Financial Year 2024 fiscal deficit is 5.8 per cent. For the uninitiated, fiscal deficit refers to the gap between the government’s revenue and its expenses. It is expected to remain at 5.1 per cent of gross domestic product.
Union Budget 2024 | FM Sitharaman on FDI
Finance Minister Nirmala Sitharaman said FDI can now be defined as "First Develop India". She further said the government will work towards encouraging bilateral trade treatise.