All Updates: Union Budget 2024 Unfolds with FM Nirmala Sitharaman at Helm

As the country eagerly anticipates the Interim Budget for 2024, Union Finance Minister Nirmala Sitharaman has arrived at Parliament, set to present the key financial highlights ahead of the Lok Sabha elections.

Key Points:

1. Interim Budget Overview:

   • The Interim Budget for 2024 will be presented today, marking the final budget in the second term of Prime Minister Narendra Modi. This interim budget outlines expenditures and revenues until the formation of the new government post-general elections.

2. Economic Growth Highlighted:

   • Ahead of the budget presentation, President Droupadi Murmu emphasized India's remarkable economic growth. Despite global challenges, India achieved a historic growth rate of about 7.5% for two consecutive quarters in 2023, maintaining its position as the fastest-growing major economy.

3. Interim Budget Significance:

   • During an election year, the incumbent government cannot present a full budget. The Interim Budget, covering the government's expenses and revenues for a brief period, becomes crucial in managing financial obligations until the new government is formed.

4. Contents of the Interim Budget:

   • The Interim Budget includes estimates for government expenditure, revenue, fiscal deficit, financial performance, and projections for the coming months, providing a snapshot of the fiscal scenario.

5. Union Budget Distinction:

   • In contrast, the Union Budget is the comprehensive annual financial statement that outlines estimated costs and expenses for the entire financial year.

6. Upcoming Full Budget:

   • The full budget for the financial year 2024-25 will be introduced after the Lok Sabha elections, following the formation of the new government.

Live Updates:

• 12:05 AM IST: Revision of FY24 Fiscal Deficit Down to 5.8% of GDP, Announces Finance Minister

  • Finance Minister Nirmala Sitharaman declared, "The fiscal deficit for the fiscal year 2023-24 has been revised down to 5.8 percent of the Gross Domestic Product (GDP)."

• 12:05 AM IST: Revision of FY24 Fiscal Deficit Down to 5.8% of GDP, Announces Finance Minister

  • Finance Minister Nirmala Sitharaman declared, "The fiscal deficit for the fiscal year 2023-24 has been revised down to 5.8 percent of the Gross Domestic Product (GDP)."

• 12:01 AM IST: No Alteration in Direct or Indirect Tax Rates, Affirms Finance Minister

  • Finance Minister Nirmala Sitharaman stated, "I do not propose any modifications in tax rates for both direct and indirect taxes, including import duties."

• 11:55 AM IST: Nirmala Sitharaman Announces Tourism Projects in Lakshadweep

  • Finance Minister Nirmala Sitharaman declared that tourism projects will be initiated in islands, including Lakshadweep. Emphasizing the vast potential in tourism, including spiritual tourism, she encouraged all states to identify and develop iconic tourist spots.

• 11:53 AM IST: Nirmala Sitharaman Announces Expansion of Metro Rail and Namo Bharat

  • Finance Minister Nirmala Sitharaman revealed plans to expand key rail infrastructure projects, including Metro Rail and Namo Bharat, to additional cities. Additionally, approximately 40,000 rail bogies will be converted into Vande Bharat coaches.

• 11:50 AM IST: Nirmala Sitharaman Announces Ayushman Bharat Cover Extension for Anganwadi and Asha Workers

  • Finance Minister Nirmala Sitharaman unveiled a series of measures to support Anganwadi and Asha workers. The Ayushman Bharat cover will be extended to include all Anganwadi and Asha workers. Additionally, all maternal and child healthcare schemes will be integrated into a comprehensive scheme. Moreover, the target for the Lakhpati Didi scheme is being increased to ₹3 crore from ₹2 crore.

• 11:48 AM IST: Nirmala Sitharaman on Aviation Sector

  • Finance Minister Nirmala Sitharaman highlighted the significant growth in the aviation sector over the last decade, with the number of airports doubling to 149 during this period.

• 11:46 AM IST: Defence Outlay to be 3.4% of GDP, Says FM

  • Budget 2024 Speech LIVE: Defence outlay will be 3.4% of GDP, says FM

• 11:44 AM IST: Nirmala Sitharaman on Housing Plan for Middle Class

  • The Finance minister stated, "The government is committed to assisting the middle class residing in rented accommodations, slums, or unauthorized colonies to construct or purchase their own houses."

• 11:42 AM IST: Nirmala Sitharaman on MSMEs

  • Nirmala Sitharaman states, "Our policy priority is to offer training for MSMEs to compete globally, and facilitating their growth will be of utmost importance. To meet the investment needs, the government will enhance the preparedness of the financial sector."

• 11:40 AM IST: 'Aim is to Sustain Growth', Affirms FM Nirmala Sitharaman

  • Nirmala Sitharaman conveyed, "Our government is committed to implementing economic policies that will perpetuate growth, fuel investment, and fulfill the aspirations of the nation. We will embark on the next generation of reforms, fostering consensus with the states and stakeholders to ensure seamless and effective implementation."

• 11:36 AM IST: Nirmala Sitharaman Envisions the Next Five Years

  • During her speech, Nirmala Sitharaman emphasized, "The upcoming five years will witness unparalleled development, striving towards achieving the objective of transforming into a developed nation by 2047. The Prime Minister has articulated that the trinity of democracy, demography, and diversity holds boundless opportunities to fulfill the aspirations of every Indian."

• 11:34 AM IST: FM Sitharaman Highlights Game-Changing India-Middle East-Europe Corridor

  • Finance Minister Nirmala Sitharaman underscores the significance of the India-Middle East-Europe trade corridor, announced during the G20 Summit. This corridor is anticipated to be a game-changer, fostering economic growth for India and the global community. The vision for a developed India aligns with prosperity in harmony with nature and providing opportunities for all to realize their potential.

• 11:33 AM IST: FM Sitharaman Addresses Emerging Global Dynamics Post-COVID

  • Finance Minister Nirmala Sitharaman acknowledges the emergence of a new world order following the COVID-19 pandemic. She emphasizes India's successful navigation through challenging times while holding the G20 Presidency, addressing crises in areas such as food, fertilizers, and finances on a global scale.

• 11:30 AM IST: Inflation Managed Within Limits, Affirms FM Sitharaman

  • Finance Minister Nirmala Sitharaman highlights the success of proactive inflation management, stating, "Efficient measures have ensured that inflation is maintained within acceptable limits."

• 11:28 AM IST: Nirmala Sitharaman Commends PM Modi's Plan

  • Nirmala Sitharaman lauds PM Modi's plan, announcing that one crore households are set to receive up to 300 units of electricity monthly through rooftop solarisation, a development initiated following the inauguration of the Ram Mandir.

• 11:26 AM IST: Nirmala Sitharaman Highlights Infrastructure Growth

  • Nirmala Sitharaman emphasizes robust infrastructure development across various domains. She states, "All forms of infrastructure – digital, social, physical – are being built in record time." The empowerment of women has also seen significant progress, with 30 crore Mudra Yojana loans disbursed. Moreover, around 70% of rural houses under the PM Awas Yojana have been allocated to women as either single or joint owners.

• 11:26 AM IST: FM Nirmala Sitharaman Highlights Achievements of Skill India Mission

  • Finance Minister Nirmala Sitharaman emphasizes the success of the Skill India Mission, stating, "The Skill India Mission has successfully trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. A significant number of institutions for higher learning, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 Universities, have been established".

• 11:23 AM IST: FM Nirmala Sitharaman Highlights Women's Empowerment Achievements

  • Finance Minister Nirmala Sitharaman sheds light on the advancements in women's empowerment, stating, "Female enrolment in higher education is up by 28% in the last 10 years, and in STEM courses, girls and women make up 43% of enrolment, one of the highest in the world. All these steps are reflected in the increasing participation of women in the workforce. Initiatives such as making triple talaq illegal, reservation of 1/3 seats for women in Parliament and state assemblies, and allocating over 70% of houses under PM Awas Yojana to women have significantly enhanced their dignity.

• 11:21 AM IST: FM Nirmala Sitharaman Highlights the Impact of Crop Insurance

  • Finance Minister Nirmala Sitharaman underscores the significance of crop insurance, stating, “Crop insurance has been provided to 4 crore farmers under the PM Fasal Bima Yojana. This assists the annadata in producing food for the country and the world. 1361 mandis integrated with 3 lakh crore trading volume.” Sitharaman's focus on agricultural insurance and market integration reflects the government's commitment to supporting farmers and ensuring the stability of the agricultural sector.

• 11:18 AM IST: FM Nirmala Sitharaman Stresses Empowering the Youth for National Prosperity

  • Finance Minister Nirmala Sitharaman emphasizes the vital role of youth empowerment in national prosperity, stating, "For the welfare of our annadata, every year, under PM Kisan Samman Yojana, direct financial assistance is provided to 11.8 crore farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. Our prosperity depends on equipping and empowering the youth." Sitharaman's remarks highlight the government's initiatives to support farmers and promote the well-being of the youth for the overall advancement of the nation.

• 11:17 AM IST: FM Nirmala Sitharaman Affirms 'Garib Kalyan' for National Well-being

  • Finance Minister Nirmala Sitharaman declares, "Garib Kalyan is desh ka kalyan. We believe in empowering the poor. The earlier strategy of entitlement did not work. With the pursuit of Sab ka Saath, the government has helped alleviate 25 crore people from multi-dimensional poverty. With the pursuit of Sabka Saath in the last 10 years, the government has assisted 25 crore people in getting freedom from multidimensional poverty." Sitharaman's statement underscores the government's commitment to uplifting the impoverished sections of society.

• 11:15 AM IST: Nirmala Sitharaman Emphasizes Four Major Pillars for Development

  • Nirmala Sitharaman underscores the importance of focusing on four pivotal pillars during her address, stating, "We need to focus on four major pillars -- poor, women, youth, and annadatas. Their empowerment and wellbeing will drive the country forward." Sitharaman's remarks highlight the government's commitment to addressing systemic inequalities and promoting the holistic development of these key segments of society.

• 11:14 AM IST: Income Tax Budget 2024 - Old vs. New Regime

  • The new regime, established as the default in the 2023 budget, restricts claimable exemptions and deductions such as HRA, LTA, 80C, 80D, and more. Stay tuned for further analysis as experts weigh in on the implications and advantages of each tax regime.

• 11:14 AM IST: Income Tax Budget 2024 - Old vs. New Regime

  • The new regime, established as the default in the 2023 budget, restricts claimable exemptions and deductions such as HRA, LTA, 80C, 80D, and more. Stay tuned for further analysis as experts weigh in on the implications and advantages of each tax regime.

• 11:09 AM IST: Finance Minister Highlights India's Youthful Aspirations

  • During her address, Finance Minister Nirmala Sitharaman emphasized, "Our young country has high aspirations, pride in its present, and hope in the future. The worries about food have been eliminated through free ration for 80 crore people." Sitharaman's remarks underscore the vibrant aspirations of India's youth, along with the government's initiatives to address essential needs.

• 11:07 AM IST: Nirmala Sitharaman Reflects on Centre's Development Philosophy

  • Finance Minister Nirmala Sitharaman observes, "Fruits of development started reaching the people at scale. The country got a new sense of purpose. In the second term under PM Modi, the government doubled down on its agenda." Sitharaman's remarks shed light on the continued commitment to the development agenda during the second term, emphasizing the significant strides made in various sectors.

• 11:06 AM IST: Nirmala Sitharaman Reflects on PM Modi's 'Sabka Sath, Sabka Vikas' Mantra

  • Nirmala Sitharaman underscores the transformation witnessed in the country over the past decade under Prime Minister Modi's leadership, guided by the mantra of "Sabka Sath, Sabka Vikas." The Finance Minister's remarks highlight the inclusive development and progress achieved during this period. Stay tuned for more insights and updates as the budget proceedings continue.

• 10:56 AM IST: Union Minister Anupriya Patel's Expectations Ahead of Interim Budget

  • Expressing her anticipations before the Interim Budget, Union Minister Anupriya Patel states, "I hope the provisions of this budget will be geared towards fulfilling the aims of creating a developed India and achieving a 5 trillion dollar economy." Patel's remarks shed light on the government's aspirations and objectives embedded in the forthcoming budgetary announcements. Stay tuned for comprehensive coverage as the budget proceedings unfold.

• 10:54 AM IST: Union Cabinet Gives Nod to Final Budget Ahead of Lok Sabha Elections

  • The Union Cabinet, under the leadership of Prime Minister Narendra Modi, has given its approval to the government's pre-election budget. This marks a crucial step as the administration gears up for the impending Lok Sabha elections.

• 10:52 AM IST: Congress Leader Pramod Tiwari's Remarks on Interim Budget

  • Congress leader Pramod Tiwari shares his insights, emphasizing, "The most pressing issues in the country are inflation and unemployment." Tiwari's comments set the tone for the opposition's perspective on the budgetary announcements expected today. Stay tuned for further updates as the political discourse unfolds during this crucial budget session.

• 10:46 AM IST: Quick Recap for Latecomers - Budget 2024 Unfolding Now

  • For those just joining, here's a quick rundown of the current happenings:

    • Finance Minister Nirmala Sitharaman has arrived at Parliament to present the budget for the day.
    • Today marks the announcement of her sixth Budget, specifically an Interim Budget, coinciding with India's upcoming Lok Sabha elections.
    • The Finance Minister's crucial address will be broadcast live on Doordarshan (DD) News, along with coverage on the Press Information Bureau's (PIB) YouTube channel and website.

    Stay tuned for real-time updates and comprehensive coverage as the budget proceedings continue to unfold.

• 10:32 AM IST: Nirmala Sitharaman's Courtesy Call to President Murmu Before Budget Presentation

  • Ahead of the much-anticipated Interim Budget presentation, Finance Minister Nirmala Sitharaman, accompanied by Ministers of State Dr. Bhagwat Kishanrao Karad and Shri Pankaj Chaudhary, pays a visit to President Droupadi Murmu. The meeting, described as a courtesy call, took place at Rashtrapati Bhavan. Sitharaman, along with senior officials of the Ministry of Finance, engaged with President Murmu in a pre-budget interaction. Stay tuned for more live updates on the unfolding events surrounding the budget presentation and key discussions at Rashtrapati Bhavan.

• 10:25 AM IST: PM Modi Leads Cabinet Meeting Preceding Budget Presentation

  • In anticipation of Finance Minister Nirmala Sitharaman's Interim Budget presentation, Prime Minister Narendra Modi takes charge of a crucial cabinet meeting. The meeting, chaired by PM Modi, serves as a strategic session ahead of the budget unveiling by Finance Minister Sitharaman. Stay tuned for live updates as the government prepares to disclose key financial announcements, shaping the economic trajectory for the upcoming fiscal year.

• 10:24 AM IST: Insights from Union Minister Arjun Ram Meghwal on Budget 2024

  • Union Minister Arjun Ram Meghwal expresses the significance of the day as the government gears up to present the interim Budget at 11 am. "It is an important day," remarks Meghwal, underlining the weight of the impending budgetary announcements. Stay tuned for more updates and perspectives from key figures as the budget proceedings unfold, shaping the financial landscape for the upcoming fiscal year.

• 10:17 AM IST: Nirmala Sitharaman chooses blue and cream saree for interim

  • As the clock ticks towards the presentation of the Interim Budget 2024, Finance Minister Nirmala Sitharaman makes a stylish statement with her choice of attire. Several hours before the budget unveiling, the minister graced the occasion in a stunning blue and cream tussar saree. The saree's body is adorned with intricate cream-colored kantha work, adding a touch of sophistication to the minister's ensemble. Sitharaman's elegant wardrobe choice is poised to make a lasting impression as she takes center stage for the crucial budget presentation. Stay tuned for more live updates on both the budget proceedings and the minister's impeccable fashion sense.

• 10:09 AM IST: Union Cabinet Meets Ahead of Budget Presentation

  • The Union Cabinet convenes in Parliament ahead of the Interim Budget presentation by Finance Minister Nirmala Sitharaman, as reported by news agency ANI.

• 10:02 AM IST: FM Nirmala Sitharaman Arrives at Parliament

  • Finance Minister Nirmala Sitharaman, carrying the Budget tablet, has reached Parliament to present the country's Interim Budget at 11 am.

Stay tuned for real-time updates as the Union Budget 2024 unfolds, shaping the economic landscape for the upcoming year.