Budget 2024 Highlights: 'This budget speaks from a position where we've delivered on development,' says FM Sitharaman

Union Budget 2024—an interim Budget—will be the sixth budget of the Finance Minister. A detailed Budget will be presented by the government that comes to power after the 2024 Lok Sabha elections.

To watch the live streaming to the budget speech, one can tune in to Sansad TV (Parliament channel of India) or DD News.

The Press Information Bureau (PIB) will also be broadcasting the budget speech online on its YouTube channel and website.

X (formerly known as Twitter) platforms can also be followed for live budget speech or updates.

Follow our detailed coverage of the Union Budget 2024 right here.

Given that we are just months away from the Lok Sabha elections, this will be an interim budget, to lay down the government’s expenditure priorities for the April-June 2024 quarter.

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Union Budget 2024: What are the expectations from Sitharaman's 6th straight budget?

The Budget is likely to contain a mix of measures for the economy and electorally significant segments like farmers and women.

Peppered with political innuendos, Sitharaman's sixth straight Budget may present a political document with a snapshot of the Modi government's triumphs over the last 10 years and pointers to how it wants to take the country forward.

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Union Budget 2024 | When and where to watch Sitharaman's speech live

Date and Time:

The 2024-25 Union Budget will be presented on February 1 from 11 am in the Lok Sabha.

Where to watch:

To watch the live streaming to the budget speech, one can tune in to Sansad TV (Parliament channel of India) or DD News.

The Press Information Bureau (PIB) will also be broadcasting the budget speech online on its YouTube channel and website.

X (formerly known as Twitter) platform can also be followed for live budget speech or updates.

Alternatively, people can also follow our detailed coverage of the Budget here.

Early morning scenes from outside Finance Ministry in Delhi

Budget Trivia | Who presented the first Mini Budget?

India's fourth Finance Minister, T T Krishnamachari presented the first Mini Budget in Jawaharlal Nehru's government.

Preceded by C D Deshmukh, Krishnamachari, in a 5000-word long speech through finance bills, announced new taxation proposals in a special-occasion budgetary proposal aimed at dealing with an economy plagued with rising inflation and dipping forex reserves.

What is a Mini Budget?

A 'Mini Budget' is a special-occasion budgetary proposal. It is also called a ‘Mini Budget’ when an interim budget has already been presented in an election year by the outgoing government and the new government presents another in the same year.

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Briefcase to tablet: Journey of Budget presentation in India

The journey of budget presentation in India has been interesting and symbolic. The transition from briefcase to 'bahi khata', and now tablet, has reflected the need to adapt to new technologies.

While in Britain, the Budget briefcase was passed on from one finance minister to another, Indian ministers kept changing bags during their tenure.

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Which Finance Minister delivered the longest Budget speech?

Finance Minister Nirmala Sitharaman herself holds the record for delivering the longest Budget speech.

However, the record for the most words in a Budget speech was by Manmohan Singh, who delivered a 18,650-words speech in 1991 when he was the Finance Minister in the Narasimha Rao-led government.

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Markets watch: What are the sectors & stocks on traders’ watchlist?

Shares linked to rural spending and state-owned firms are likely to be a focus area in Sitharaman’s budget speech, as policymakers seek ways to boost demand in the vast rural hinterland.

Modi has made infrastructure building a cornerstone of his economic policy, helping India expand faster than any other major economy. The optimism seeped into the nation’s stock markets, which have advanced in all but one year since Modi first came to power in 2014. The enthusiasm has waned a bit this month, with foreign investors taking out more than $2.6 billion from local equities.

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MoS Finance Bhagwat Kishanrao Karad seen leaving from his Delhi residence ahead of Budget presentation

Finance Minister Nirmala Sitharaman arrives at Ministry of Finance ahead of Budget presentation

Sitharaman poses with 'Bahi Khata' along with her team before Budget presentation

Budget Expectations: Jammu & Kashmir National Conference MP wants some measures to address unemployment

We expect that there will be focus on employment, there's a lot of unemployment in the country. The number of educated unemployed youth is increasing with every passing day. So there should be some decisive measures to generate employment.

Jammu and Kashmir National Conference MP Hasnain Masoodi

Union Minister Hardeep Singh Puri arrives in Parliament complex ahead of Budget presentation

Markets in the green: Sensex climbs 248.4 points to 72,000.51 in early trade ahead of interim Budget; Nifty up 62.65 points to 21,788.35.

Union Budget 2024 | A look at some of the iconic budgets

Independent India's first budget, 1947

Amid riots fuelled by the Partition, India's first Finance Minister R K Shanmukham presented the Budget on November 26, 1947. The budget was meant for just seven and a half months.

It was decided in this Budget that both India and Pakistan would share the same currency till September, 1948. Additionally, a whopping 46 per cent of the nation's total expenditure was devoted to the Defence Services Department.

Indian Republic's first budget, 1950-51

The then Finance Minister, John Matthai, presented the Indian Republic's first budget on February 28, 1950.

Interestingly, some details of the Budget got leaked while it was still being printed at Rashtrapati Bhavan.

The Planning Commission was formed following this Budget and Matthai also emphasised on the need to have five-year plans.

Check out a few more iconic Budgets here

With over an hour to go for Nirmala Sitharaman's presentation, copies of Interim Budget have arrived in Parliament. Sitharaman will be presenting her sixth straight Budget at 11 am today. Check out this space for minute-to-minute updates on the Budget. Meanwhile, here is a sneak peek of what's going in Parliament ahead of the presentation.

What Madhya Pradesh farmers are expecting from this Budget

The budget will be announced today. Farmers have huge expectations from the Modi government. Presently, we have a lot of farmers doing pea production in Jabalpur, however, they don’t receive a sufficient selling amount. We hope that the government will provide them the right market to sell their produce

A farmer from Madhya Pradesh tells PTI

Sitharaman arrives in Parliament with the Budget tablet; to present Modi govt's last Budget before Lok Sabha polls shortly.

Congress's Manickam Tagore hopes Sitharaman addresses unemployment, farmers' pain, price rise among other things in Budget instead of 'only helping friends like Adani'

Ahead of the presentation of the Union Interim Budget, Congress MP Manickam Tagore says, "...Hope that Nirmala Sitharaman delivers on the promises. Instead of diverting from the real issues, let them address unemployment, the farmers' pain, MSME sector's problems and the price rise. We hope that the Interim Budget addresses these important issues, instead of only helping the friends like Adani and other business houses on whose pillars the Modi government is running."

(PTI)

Union Finance Minister Nirmala Sitharaman along with Ministers of State Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary and senior officials of the Ministry of Finance call on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget.

Budget Trivia | Times when Finance Ministers delved into poetry during budget speech

“Yunaan-o-Misr-o-Rom sab mit gaye jahaan se/ Ab tak magar hai baaki, naam-o-nishaan hamara”— former Prime Minister Manmohan Singh had quoted Urdu poet Allama Iqbal in 1991 as the then finance minister, and read to the House the Narsimha Rao government's landmark budget that liberalised Indian Economy with a slew of reforms. Iqbal's lines roughly translates to 'Old civilisations of Greece, Egypt and Rome have vanished from the earth. There is some reason why our civilisation is still alive.

While Singh's Union Budget speech stands to be the longest to date, time and again, finance ministers from different governments have recited phrases from works of famous poets. Some have penned the verses themselves— to show the significance of the policies, or even, take a dig at the Opposition.

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This is an interim budget. So whatever the earlier focus areas were there, I trust that they will continue.

M Narendra, former Chairman and Managing Director, Indian Overseas Bank

Budget Expectations | Not expecting anything positive from the govt, says CPI MP P Santosh Kumar

On interim Budget 2024, CPI MP P Santosh Kumar says, " We will have to see if the govt will bring any pro-people policy. This govt is not doing anything for the general public. I am not expecting anything positive from the government. Since this is the election year, the government might announce some soaps."

(ANI)

'No information'

"I am here in Murshidabad and the Union Budget would be presented in Delhi. I don't have any information," says Congress MP Jairam Ramesh when asked about his expectations from Union Budget 2024.

(PTI)

The Union Cabinet has approved the Interim Budget. Finance Minister Nirmala Sitharaman will present the Budget in the House, shortly.

Here is the LIVE link.

Sitharaman tables Modi govt's last Budget before Lok Sabha polls in Parliament; begins speech

People blessed the govt with bigger mandate: Sitharaman

Our govt has strengthened its mantra to Sabka Saath, Sabka Vikas: Sitharaman

Minimum support prices have been increased periodically: Sitharaman

Working to make India 'Viksit Bharat' by 2047: Sitharaman

Sitharaman outlines 4 focus sections - gareeb, mahila, youth and farmers

...Our young country has high aspirations, pride in its present and hope and confidence for a bright future. We expect that our govt based on its stupendous work will be blessed again by the people with a resounding mandate: Sitharaman

Nirmala Sitharaman outlines government's achievements so far

Direct financial assistance provided to farmers under PM Kisan Yojana: Sitharaman

Crop insurance given to 4 crore farmers under PM Fasal Bima Yojana: Sitharaman

National Education Policy is ushering the transformational reforms: Sitharaman

"...The Indian economy has witnessed a profound positive transformation in the last 10 years, The people of India are looking ahead to the future with hope and optimism. With the blessings of the people, when our government - under the leadership of PM Narendra Modi - assumed office in 2014, the country was facing enormous challenges with Sabka Saath, Sabka Vikas as its mantra. The Government overcame those challenges in right earnest...," Nirmala Sitharaman says.

Empowerment of women has gained momentum in these 10 years; govt has made triple talaq illegal; over 70 per cent houses handed over to women owners under govt scheme: Sitharaman as she highlights govt's achievments in last 10 years

Average income of people has increased by 50 per cent: Sitharaman

All forms of infrastructure are being built in record time; all parts of country are becoming active participants in India's growth story; goods and services has enabled 'one nation, one market'; inflation kept in check: Sitharaman

The Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. A large number of institutional higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities have been set up: Nirmala Sitharaman

Earning 'Sabka Vishwas' is goal of nation by 2047: Sitharaman

Govt focused on more comprehensive GDP: Sitharaman

Govt to assist in faster development of aspirational blocks, districts: FM

• 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% in 10 years

• In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world

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

- Finance Minister

Making Triple Talaq illegal, one third women's reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity: Finance Minister Nirmala Sitharaman

Ayushman Bharat will be extended to Asha, Anganwadi workers and helpers: FM

Application of Nano Dap to be extended all agro-climatic zones: FM

"Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP - I.e., Governance, Development and Performance. Our government has provided transparent, accountable and people-centric trust-based administration with citizen first and minimum government and maximum governance approach. There is macroeconomic stability, investments are robust, economy is doing well, people are doing well, with greater aspirations for future, average real income has increased by 50%, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects," says FM Nirmala Sitharaman.

India's is world's largest milk producer. Programmes to be built on successful govt schemes: FM

5 integrated aqua parks to be set up: FM

3 crore new Lakhpati didis our target: FM

New scheme to be launched to expedite Atmanirbharta: FM

3 major economic corridors to be implemented: FM

1) Energy mineral and cement
2) High traffic density corridor
3) PM Gati shakti for enabling multi modal connectivity

Going green

1) Financial assistance to be provided to biomass collection

2) Viability gap funding will be provided for harnessing initial wind capacity of 1GW

Tourism

States will be encouraged to take up development of iconic tourist centres: FM

Port connectivity and tourism to be taken up in islands.: FM

Budget 2024 Live: No tax liability for income of 7 lakh, announces Sitharaman The govt will form a high-powered committee for consideration of challenging arriving from fast population growth: FM

The revenue receipts estimated at 30.03 lakh crore- higher than budget estimate.

Tax receipts estimated at 20.02 lakh crore: FM

No tax liability for income of Rs 7 lakh, announces Sitharaman

Over the last 10 years, tax collections have more than doubled, says FM

Sitharaman says does not propose any changes on tax rates. Proposes to keep direct and indirect tax rates unchanged.

Nirmala Sitharaman says govt will lay a white paper on the state of the economy in Parliament.

Sitharaman says some direct tax demands and disputes as far back as 1962 continue remaining on books. Proposes to remove such disputes of Rs 25,000 or below upto 2009.

The government's economic management has complemented people-centric inclusive development, says the Finance Minister, adding that its major elements are :-

All forms of infrastructure are being built in record time

All parts of the country are becoming active participants in economic growth

Digital public infrastructure is instrumental in formalization of the economy

GST has enabled One Nation One Market One Tax

Tax reforms have deepened and widened tax base

Strengthening of financial sector have made savings, investment and credit more efficient

GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources

Proactive inflation management has helped keep inflation within the policy band

FM says government will encourage vaccination for girls in the age group of 9-14 years to prevent cervical cancer.

Lok Sabha has passed Finance Bill 2024. House has been adjourned to meet again on February 2.

On aviation sector, Nirmala Sitharaman says, "The aviation sector has been galvanised in the past 10 years. Number of airports have doubled to 149. Rollout of air connectivity to Tier-2 and Tier-3 cities under UDAAN scheme has been widespread. 517 new routes are carrying 1.3 crore passengers. Expansion of existing airports and development of new airports will continue expeditiously."

Viksit Bharat by 2047:

1) Comprehensive development of all

2) Trinity of demography, democracy and diversity, backed by 'Sabka Prayas'

Focus areas: Garib Kalyan, Desh ka Kalyan; Empowering the youth; Welfare of farmers - Annadata; Nari Shakti

FM Nirmala Sitharaman presents her shortest budget speech ever

The Finance Minister presented the budget in a speech which went on for 59 minutes 15 seconds, making it her shortest-ever Budget speech.

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Coal gasification, liquefaction of 100 metric tonne to be set up by 2030: FM

Coal gasification and liquefaction of 100 metric tonne will be set up by 2030, Finance Minister Nirmala Sitharaman said on Thursday.

In January, the government approved an outlay of Rs 8,500 crore as financial assistance for promoting coal, lignite gasification projects.

The government has also approved setting up of a coal-to-SNG (Synthetic Natural Gas) project through a joint venture between Coal India and GAIL at an investment of Rs 13,052.81 crore and coal-to-ammonium nitrate project through a joint venture between CIL and BHEL for Rs 11,782.05 crore.

(PTI)

Govt to expand electric vehicle ecosystem to support charging infra: Sitharaman

The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged, Finance Minister Nirmala Sitharaman said on Thursday.

Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory.

(PTI)

Government targets lowering fiscal deficit to 5.1% for 2024/25

The country has set a target to narrow its fiscal deficit to 5.1 per cent in the fiscal year 2024/25, after lowering the current year's deficit to 5.8 per cent of gross domestic product (GDP), Finance Minister Nirmala Sitharaman said on Thursday, while presenting the interim budget for the next fiscal year that starts on April 1.

PM Modi addresses the country post 2024 Budget presentation

The Prime Minister is speaking to Indians after the Budget presentation by Finance Minister Nirmala Sitharaman.

PM highlights positive aspects of the Budget

"This interim budget is inclusive and innovative. It has confidence of continuity. It will empower all 4 pillars of Viksit Bharat- Yuva, Garib, Mahila and Kisan. This Budget gives the guarantee of making India a developed nation by 2047," said the PM, according to news agency ANI.

"In this Budget, stress has been given to empower and create new earning opportunities for poor and the middle class. Rooftop Solar Scheme will help one crore families to get free electricity," the PM observed.

"This Budget guarantees to strengthen the foundation of Viksit Bharat in 2047. I congratulate Nirmala Ji and her team. This Budget reflects the aspirations of young India," says PM Modi in his remarks on Union Budget 2024," the Prime Minister further said.

Govt expects dividend of Rs 1.02 lakh cr from RBI, PSU banks & financial institutions in FY25, lower than FY24: Budget document.

With population control being one of the key themes of the Sangh Parivar, Finance Minister Nirmala Sitharaman on Thursday said the government will form a high-powered committee to “comprehensively” look into the challenges arising from “fast population growth and demographic changes”.

Budget 2024: What is Blue Economy?

The Interim Budget 2024-25 has put considerable importance on 'Blue Economy' which refers to the economic endeavours linked to oceans and seas.

Allocation for 'Blue Revolution' has increased from Rs 2,025 crore in fiscal year 2023-24 to Rs 2,352 crore for current fiscal year.

The phrase 'Blue Economy' or 'Ocean Economy' refers to the economic endeavours linked to oceans and seas. According to the World Bank, the Blue Economy is characterised as the "sustainable utilization of ocean resources with the aim of enhancing economies, livelihoods, and the health of ocean ecosystems."

Budget 2024: Who are 'Lakhpati Didis' mentioned by Nirmala Sitharaman in her speech?

'Lakhpati Didis' are being referred to self-help group workers who have an income of at least Rs one lakh a year.

A scheme targeting the creation of 'Lakhpati Didis' was announced by Prime Minister Narendra Modi during his Independence Day speech last year.

The scheme is aimed at training women in self-help groups (SHGs) so that they can earn a sustainable income of at least Rs 1 lakh per annum.

What is 'GYAN', mentioned by Nirmala Sitharaman?

Garib (Poor); Yuva (Youth); Annadata (Farmer); Nari (Women)

In the government's last budget prior to the Lok Sabha elections, Sitharaman presented 'GYAN' which encompasses government's four main focus points. It includes, Garib (Poor), Yuva (Youth), Annadata (Farmer) and Nari (Women).

Echoing Prime Minister Narendra Modi's belief of focusing on these four 'castes', Sitharaman highlighted the progress of these four sections.

Nirmala Sitharaman addresses press conference after Budget speech

"It is an interim budget presented before just the elections. GDP- Governance, development and performance. On governance, this budget speaks from a position where we've delivered on development. We managed the economy with correct intentions, correct policies and correct decisions so it's governance with care..D stands for people living better, earning better and having high aspirations for the future and if I move to the 'P' the performance three consecutive years of 7% growth faster-growing economy in G20 all parts of the country participating in the growth" the Finance Minister said.

Good intention, true dedication, and hardwork, that is the key highlight of the Kartavya Kaal: FM Sitharaman

"The budget deficit, fiscal deficit 5.8 per cent which is much lower than the 5.9... Similarly, for the 2024-25 budget, we've given 5.1 as the fiscal deficit. So clearly indicating that we are on track to meet the glide path which was set in 2021-22 and that we are well on track to meet the 4.5 per cent fiscal deficit on or below 4.5 even by FY 26..." the FM highlighted.

"There will be a white paper on the economic performance of the last 10 years compared with the previous 10 years...Govt has got the trust, confidence and blessings of the people based on its exemplary track record of GDP that is Governance, development and performance..." the FM further added.

MoD spokesperson lauds Budget