Interim Budget 2024 Live: 'No change in taxation', says FM Sitharaman

Budget 2024 live updates: The Cabinet, headed by Prime Minister Narendra Modi, has approved the Budget 2024, the last one before the general elections in 2024. Finance Minister Nirmala Sitharaman also met President Droupadi Murmu ahead of the Budget 2024 announcements. 

FM Sitharaman in her speech spoke about the necessity to focus on four 'castes', namely "garib, mahila, yuva, annadata", referring to the poor, women, youth and farmers respectively. She said that the Indian economy has witnessed a profound transformation in 10 years. She also spoke about the progress various schemes such as PM SVANIDHI,  PM JANMAN Yojana, PM Vishakarma Yojana, scheme for empowerment of divyang and transgender people, and Direct Benefit Transfer of Rs 34 lakh crore using PM Jan Dhan accounts. Seven IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up, she highlighted. 

Also read: Budget 2024 LIVE Updates: Nirmala Sitharaman presents her sixth budget

Interim Budget 2024 Live: First Develop India - FDI

FDI inflow during 2014-'23 was $596 billion, marking a golden era, twice the inflow of 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)," said FM Sitharaman. 

Interim Budget 2024 Live: FM Sitharaman wraps up speech

FM Sitharaman's Budget 2024 speech wraps up in 56 minutes. 

Interim Budget 2024 Live: No changes in taxation

FM Sitharaman said that there is no changes in the direct and indirect taxation regimes.

Interim Budget 2024 Live: 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. Savings up to Rs 15,000 - Rs 18,000 to households from free solar electricity and selling surplus to discoms: FM Sitharaman.

Interim Budget 2024 Live: 'Golden era for tech savvy youth' 

FM Sitharaman announced a corpus of Rs 1 lakh crore with a 50 year interest-free loan for financing and refinancing to encourage private sector investment in sunrise domains for youth and technology. 

Interim Budget 2024 Live: Ayushman Bharat scheme update

FM Sitharaman announced that the Ayushman Bharat scheme will be extended to all Asha workers, to all Angandwadi workers and helpers. 

Interim Budget 2024 Live: Cervical cancer vaccination

FM Sitharman announced that the government will provide vaccination for cervical cancer prevention for girls between 9-14 years of age. 

Interim Budget 2024 Live: MIDDLE CLASS HOUSING SCHEME

FM Sitharaman announced a scheme to help the middle class "living in rented houses, slums or chawls or unauthorised colonies to buy or build their own houses.

Interim Budget 2024 Live: Focus on women empowerment

FM Sitharaman said that the 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 per cent in 10 years

-- Girls and women constitute 43% of enrollment in STEM courses, one of the highest in the world

-- All these are getting reflected in increasing participation of women in workforce

Interim Budget 2024 Live: FM on empowering 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 number of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up

Interim Budget 2024 Live: FM Sitharaman on govt schemes:

-- 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

-- Direct Benefit Transfer of Rs 34 lakh crore using PM Jan Dhan accounts has led to huge savings for the government 

Interim Budget 2024 Live: Govt's primary focus on four 'castes' 

FM Sitharaman said that there is a need to focus on "garib, mahila, yuva, annadata" -- the poor, women, youth and farmers. "Welfare of above four groups are country’s priority," said FM Sitharaman.

Interim Budget 2024 Live: FM Sitharaman begins Budget 2024 presentation

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: FM Sitharaman

Interim Budget 2024 Live: Cabinet approves Budget 2024

The Cabinet has approved the Interim Budget 2024. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi met to approve the Budget for fiscal year 2024-25 (April 2024 to March 2025). The Union Cabinet took place after FM Sitharaman met President Murmu. 

Interim Budget 2024 Live: President Murmu on her meeting with FM Sitharaman and team

Interim Budget 2024 Live: FM Sitharaman meets President Murmu before Budget presentation

Interim Budget 2024 Live: Budget 2024 copies arrive in Parliament on the rainy Thursday morning

Interim Budget 2024 Live: Key figures to watch

-- Fiscal Deficit: The budgeted fiscal deficit for the current fiscal ending March 2024 is 5.9 per cent, against 6.4 per cent in the last fiscal. 

-- Disinvestment/Privatisation: The budgeted disinvestment target is likely to be missed, like the past five years. A a realistic target of below Rs 50,000 crore is expected for next fiscal.

-- Capital Expenditure: The planned capital expenditure for this fiscal year is budgeted at Rs 10 lakh crore, higher than Rs 7.3 lakh crore in the last fiscal. 

-- Tax Revenue: The Budget had pegged direct and indirect tax mop-up at Rs 18.23 lakh crore and Rs 15.29 lakh crore for current fiscal, taking the gross tax collection to Rs 33.61 lakh crore. 

-- Borrowing: The government's gross borrowing budget was at Rs 15.43 lakh crore in the current financial year ending March 31. 

-- Nominal GDP: India's nominal GDP growth (real GDP plus inflation) in the current fiscal is estimated to be 11 per cent. Real GDP growth in current fiscal is projected at 7.3 per cent and 7 per cent in the next.

Interim Budget 2024 Live: The trustworthy tab makes another appearance

 

Interim Budget 2024 Live: Indian markets open slightly higher on Budget 2024 day

Indian equity benchmarks witnessed a slight increase in early trade on Thursday, ahead of the Budget 2024 presentation. This uptick was primarily led by gains in automobile and FMCG stocks. The BSE Sensex, consisting of 30 shares, rose by 86 points or 0.12 per cent to reach 71,838, while the NSE Nifty increased by 28 points or 0.13 per cent to trade at 21,753. However, the broader markets showed a mixed trend with Nifty Midcap 100 falling by 0.23 per cent and small-cap shares climbing by 0.21 per cent. 

Interim Budget 2024 Live: Visuals of FM Sitharaman from the finance ministry

Interim Budget 2024 Live: Govt's surprise ahead of Budget 2024

The government declared a cut in import duties on mobile phone spare parts from 15 per cent to 10 per cent on the eve of Budget 2024. This revised import duty, as outlined in the gazette published by the government, applies to specific components like battery covers, main lenses, back covers, and other mechanical parts made of plastic and metal. 

Interim Budget 2024 Live: ‘Not many measures…’, says former CEA KV Subramanian

Former Chief Economic Advisor and Executive Director of the IMF, KV Subramanian, has reiterated that this is merely an Interim Budget and the full budget will be presented after the elections. "So, not many measures are taken in this budget...Since the economy is in a very good position with the possibility of a growth rate of 7.3%, I think the government will carry forward what it has done in previous years. Perhaps a few measures will be taken...maybe there will be something for women...Overall, I see that the good measures taken in previous years will be repeated," he said.

Interim Budget 2024 Live: Capex-related stocks in focus on Budget 2024 day

Capex-linked sector stocks have seen steep rally in past one year. While capex spending might not be very strong this time around, the stocks will still remain in focus. Jefferies has anticipated a mere 7-8 per cent growth in the government capex budget. Larsen & Toubro, Adani Ports, Titagarh and Texmaco Rail are some of the stocks that will be in focus today.

Interim Budget 2024 Live: Ministers arrive at the finance ministry

Finance Minister Nirmala Sitharaman and MoS Finance Dr Bhagwat Kishanrao Karad have reached the finance ministry ahead of the Budget 2024 presentation at the Parliament.

Interim Budget 2024 Live: What's likely in store for Budget 2024?

According to a Bank of Baroda research note, Budget 2024 is most likely to maintain policy continuity and commit to fiscal consolidation. Considering the weak monsoon and subdued Rabi sowing, Budget 2024 would look towards stimulating rural growth, and an increased spending on MGNREGA, PM KISAN, and PMAY is expected. An increase of capex of Rs 1.5-2 lakh crore is also expected.

Radhika Rao, Senior Economist at DBS Group Research, believes that Budget 2024 would focus on inclusive and prosperous policies. The Interim Budget broadly includes an assessment of the current state of the economy, capex expenditures, receipts, as well as revised estimates of the current financial year and estimates for the year ahead, she said.

Interim Budget 2024 Live: Fiscal deficit target

Budget 2024 would evaluate the fiscal health of the economy in light of strong economic growth. It is also a chance for the government to provide a clear plan for meeting the objectives of the Fiscal Responsibility and Budget Management Act (FRBMA). The expected fiscal deficit of 5.9 per cent of the gross domestic product (GDP) for the current fiscal year is likely to be met, although it is roughly double the FRBM's 3 per cent GDP target for the central government. Similarly, the debt-to-GDP ratio of 54 per cent significantly exceeds the 40 per cent target.

Interim Budget 2024 Live: What will budget have in store for youth, women, farmers and poor? 

Ahead of the Budget session in the Parliament, Sitharaman said that Prime Minister Modi mentioned youth, farmers, women and poor and said the government aims to uplift them without considering caste, community or religion. It is likely that the government can bring in some measures for these groups just like previous budgets. 

Interim Budget 2024 Live: Cues from last year's budget for Budget 2024

What FM Sitharaman offered last year:

-- Incentivised private sector for fresh jobs and growth

-- Increasing capex and disinvesting in PSUs

-- Announced 'Saptarishi' or the 7 priorities of the Modi government

-- Increased income tax rebate limit to Rs 7 lakh from Rs 5 lakh

-- Changes in indirect tax

-- Push for the farming sector with a new fund, schemes, investments

Interim Budget 2024 Live: The next big thing -- green energy sector's wishlist

-- Immediate need to enhance renewable energy capacity from 15 GW per year to 50 GW per year

-- Relief on import of solar modules

-- Structural reforms for the sector as well as clear policy direction and implementation 

-- Introducing Green Hydrogen Purchase Obligations (GHPOs) to unlock the potential of green hydrogen

-- The Green Credit Programme in order to incentivise voluntary environmental actions

-- Allowing green FDI through international carbon market instruments

-- Additional push for rooftop solar power under the Suryodaya Yojana

-- Lowering GST rate for hydrogen to make it more affordable for various sectors, including transportation

Interim Budget 2024 Live: What the middle class wants from FM Sitharaman

Middle class is the key demographic in India, often believed to be the driving force of the economy. What they wish and expect from FM Sitharaman is of great importance. Some of the oft-expected things, which remain same this year too are as follows:

-- It has been five years since the revision of the standard deduction. It was last increased to Rs 50,000 in 2019. Could it be increased to Rs 1 lakh in 2024? 

-- More relief under Section 80C, which is the most common tax-saving mechanism used by individuals

-- Health insurance came into the focus with the pandemic, and tax deductions related to health insurance premiums is covered under certain sections, most widely used is Section 80D. India's middle class would look forward to an increase in the limit of Section 80D

-- Most importantly, the tax slabs. The new Income Tax regime is yet to be widely accepted and acclaimed. It remains to be seen what FM Sitharaman announces regarding the tax slabs

Interim Budget 2024 Live: DID YOU KNOW...

Budget 2024 is FM Sitharaman's sixth straight budget, putting her record equal to former PM Morarji Desai. The first full-time finance minister of the country will surpass the records of former finance ministers including Manmohan Singh, P Chidambaram, Arun Jaitley and Yashwant Sinha. 

Interim Budget 2024 Live: How FM can make life of taxpayers simple

-- The capital gains tax regime is complex. Given the wide variety of capital assets, a relook at the entire capital gains taxation structure is a necessity

-- The ever increasing medical costs (medical expenses and insurance) warrants an enhanced deduction limit under Section 80D which could reduce the financial burden on the taxpayers to some extent

-- Relief needed under the Double Taxation Avoidance Treaties for globally mobile employees. The current procedure of claiming foreign tax credits or treaty relief including filing Form 67/Form 10F can be made simpler

-- Another important area where amendments could be made is to widen the scope of information covered in Annual Information Statement

Interim Budget 2024 Live: Key hopes from Nirmala Sitharaman

-- Simplification of the capital gains tax regime
-- More investment-linked exemptions/deductions in the new tax regime
-- Extending existing tax return timeline to 60 days for certain classes of taxpayers 
--  Standard deduction threshold of Rs 50,000 is meagre amount for individual taxpayers. A hike of minimum of Rs 1 lakh

Interim Budget 2024 Live: Record capex in sight?

According to some reports, Centre may allot a record Rs 11 lakh crore for capital expenditure for 2024-25, with the year-on-year rate of growth in the allocation set to be significantly lower than has been the case in recent years.

“I expect the Finance Minister to stick to fiscal discipline while supporting growth on a durable basis.  To keep the growth momentum on track, the Finance Minister should ensure policy continuity.  Therefore, I expect the forthcoming Budget to increase capital expenditure and infrastructure spend and take steps to enhance rural income and employment without straying away from the fiscal glide path,” says V.P. Nandakumar, Managing Director & Chief Executive Officer at Manappuram Finance.