Union Budget 2024 Updates: A budget for developed India, says PM Modi
In her budget speech, Ms Sitharaman outlined the government’s priorities, focusing on helping the poor, women, youth, and farmers.
Statesman News Service | New Delhi | July 23, 2024 11:24 am
Prime Minister Narendra Modi (photo: Sansad TV)
Finance Minister Nirmala Sitharaman on Monday presented the Union Budget 2024-25, the first full budget of Prime Minister Modi’s third consecutive term. In her budget speech, Ms Sitharaman emphasized the people’s trust in Modi’s government, saying, “The people of India have re-elected us for a historic third term.”
Sitharaman outlined the government’s priorities, focusing on helping the poor, women, youth, and farmers. She highlighted the announcements made in the interim budget before elections.
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“As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer/ For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people,”
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Speaking about India’s economy, she said it’s doing well compared to others and will keep growing strong. “India’s inflation is under control and moving towards our target of 4%,” she assured.
This is Nirmala Sitharaman’s seventh consecutive Budget as finance minister. Before Sitharaman, former Prime Minister Morarji Desai as presented six budgets as finance minister.
Below are the live updates of Union Budget 2024-25
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The budgetforviksitbharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India: PM Modi
Union Minister Shivraj Singh Chouhan says, “This budget is the budget of the foundation of 'Viksit Bharat' and formation of India which is splendid, glorious, rich and powerful. This budget focuses on the welfare of farmers, poor, women, youth and middle-class people. It will transform their lives. This budget looks after all the aspects from the farmer's point of view…”
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On Union Budget, Ashish Chauhan, CEO of NSE and ex-CEO of BSE says, “I would give 10/10 to this Budget. It is a very focused Budget for employment generation and with a focus on infrastructure development…”
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Delhi: Congress MP Manickam Tagore says, “This Budget has more or less copied the Congress manifesto… The important thing is about the Yuva Nidhi scheme… This government has announced it as Rs 5000 per youngster who will be in the apprenticeship. It shows that this government has copied the ideas of Rahul Gandhi… The 'special category' for Andhra Pradesh has been denied. They are giving a lollipop to Andhra Pradesh…”
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Union Minister Kiren Rijiju: “This is a dream budget for all sections especially for youth and women… Capital expenditure of more than Rs 11 lakh crore has been allocated… Announcements for Bihar, Jharkhand, West Bengal, Odisha, Andhra Pradesh, and North-East will give a boost to the economy of Eastern India… Announcements for skilling and employment generation are historic… Support schemes for women are appreciated…”
#WATCH | Post Budget 2024: Union Minister Kiren Rijiju says, "… This is a dream budget for all sections especially for youth and women… Capital expenditure of more than Rs 11 lakh crore has been allocated… Announcements for Bihar, Jharkhand, West Bengal, Odisha, Andhra… pic.twitter.com/8DsaL0FkEN
On Union budget 2024, Congress MP Shashi Tharoor says, “It is an underwhelming budget. I didn't hear anything about the key issues facing the common man. There is no mention of MNREGA, and insufficient mention of steps taken to improve the income of a common person. We have seen far too little from govt on addressing income disparity. On job creation, a token gesture was made. I welcome only one provision which is abolishing of tax on angel investors. I had recommended it to Arun Jaitley more than 5 years ago.”
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Members of Parliament from Punjab protest alleging Punjab ignored in allocation of funds in Union Budget 2024
#WATCH | Delhi | Members of Parliament from Punjab protest alleging Punjab ignored in allocation of funds in Union Budget 2024 pic.twitter.com/GIJuAiok4J
“…'Sarkaar bachani hai toh acchi baat hai ki Bihar aur Andhra Pradesh ko vishesh yojnao se joda gaya hai'…They have increased unemployment in the last 10 years…” says Akhilesh Yadav.
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After the Union Budget presentation, Sensex continues to see red; currently trading at 79,845.67, down by 656.41 points.
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On personal income tax rates in new tax regime, FM Sitharaman says, “Under new tax regime, tax rate structure to be revised as follows – Rs 0-Rs 3 lakh -Nil; Rs 3-7 lakh -5% ; Rs 7-10 lakh-10% ; Rs 10-12 lakh-15%; 12-15 lakh- 20% and above Rs 15 lakh-30%.”
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Bihar: BJP MLA from Katihar, Tarkishore Prasad says, “… 3 Expressways have been announced for Bihar. Rs 26000 crores have been allocated for infrastructure development. Many medical colleges have been announced… Many more important announcements will be made for the development of Bihar… The opposition leaders want to make special status as a political instrument. Bihar cannot progress this way…”
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Union Finance Minister Nirmala Sitharaman says “Three cancer treatment medicines to be exempt from basic customs duty…”
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On precious metals, FM Sitharaman says, “I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum.”
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Union Finance Minister Nirmala Sitharaman says “Powering Innovation, Research & Development: Anusandhan National Research Fund will be set up for basic research and prototype development. Financing pool of Rs 1 lakh crore to spur private sector-driven research and innovation at commercial scale will also be done.”
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On Mobile phone industry, FM Sitharaman says, “I propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%.”
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Union Finance Minister Nirmala Sitharaman says “The government has proposed to set up a venture capital fund of ₹1000 crore for the space economy.”
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Finance Minister Nirmala Sitharaman says, “Fiscal deficit 2024-25 is estimated at 4.9% of GDP. The aim is to reach the deficit below 4.5%. ”
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Union Finance Minister Nirmala Sitharaman says “Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches.”
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Finance Minister Nirmala Sitharaman says, “The government endeavours to maintain strong fiscal support for infrastructure over the next 5 years. Capital expenditure to be Rs 11,11 lakh crore at 3.4% of our GDP.”
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“PM Gram Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural habitats…Bihar has frequently suffered from floods. Plans to build flood control structures in Nepal are yet to progress. Our government will provide financial support with an estimated cost of Rs 11,500 crore…Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance…”
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“Integrated technology platform will be set up for improving the outcomes under Insolvency & Bankruptcy Code. Debt recovery tribunals will be strengthened & additional tribunals will be established to speed up recovery.”
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“Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4% of our GDP…Private investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies…” Sitharaman announced.
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TMC MP Sushmita Dev says, “First of all please release the funds of Bengal. Rs 1.6 lakh crores are due. Unemployment is something that the government has put under the carpet… The Finance Minister needs to address the issue very seriously. Food inflation is out of control. Price rise is a common man's issue… How have they prepared a budget when they don't even know how many people are there in the country? This budget is misplaced with no measure and no yardstick.”
#WATCH | Delhi | Union Budget 2024 | TMC MP Sushmita Dev says, "First of all please release the funds of Bengal. Rs 1.6 lakh crores are due. Unemployment is something that the government has put under the carpet… The Finance Minister needs to address the issue very seriously.… pic.twitter.com/v7VU1BKPid
“Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches…Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions”
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Power projects including setting up of a new 2400 MW power plant at Pirpainti will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar Govt for external assistance from multilateral development banks will be expedited…Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years. Our govt is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers.”
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“The Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000.”
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TMC MP Shatrughan Sinha says, “… Youth, women, farmers, unemployment, and inflation are the major issues.”
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Union Budget 2024 | Union Minister Anupriya Patel says, “FM Nirmala Sitharaman is presenting the Union Budget for the 7th time now… This budget will cater to all sections of the society. Guarantees of the Modi government and all our election promises will be fulfilled. India will become the third-largest economy in the world. The economic survey also predicts a 7% growth rate…”
#WATCH | Delhi | Union Budget 2024 | Union Minister Anupriya Patel says, "FM Nirmala Sitharaman is presenting the Union Budget for the 7th time now… This budget will cater to all sections of the society. Guarantees of the Modi government and all our election promises will be… pic.twitter.com/uJEXVZIVhm
ON MSMEs, Finance Minister Nirmala Sitharaman says, “For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger…”
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“Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years.”
Shashikant Sharma
Announcement of industrial nod at Gaya, Bihar, under Amritsar-Kolkata corridor.
Funding support for key road projects: Patna-Purnea expressway, Buxar-Bhagalpur highway, Bodhgaya-Rajgir-Vaishali-Darbhanga.
Allocation of Rs 26,000 crores for a new two-lane bridge over river Ganga in Buxar.
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“Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers,” says Sitharaman
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“I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling…”
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Finance Minister Nirmala Sitharaman says, “New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding…”
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Finance Minister Nirmala Sitharaman says,”This year the allocation for agriculture and allied sectors is Rs 1.52 lakh crore.”
#Budget2024 | Finance Minister Nirmala Sitharaman says,"This year the allocation for agriculture and allied sectors is Rs 1.52 lakh crore." pic.twitter.com/9ThnigROkm
Finance Minister Nirmala Sitharaman is scheduled to visit London next week, from April 8-10, where she will discuss issues related to bilateral trade and investment, and hold talks under the India-United Kingdom Economic and Financial Dialogue.
The PHD Chamber of Commerce and Industry (PHDCCI) has urged Finance Minister Nirmala Sitharaman to grant permanent zero-rated import duty on gold ore concentrate, aligning it with copper ore concentrate as this would help boost India's gold ore concentrate processing industry and create more jobs in the country.
