Budget 2024 HIGHLIGHTS: FM pegs FY25 fiscal deficit at 5.1%, capex at record Rs 11.1 lakh crore, disinvestment target at Rs 50,000 crore
Budget 2024 Highlights, Union Budget 2024 Highlights, Budget 2024 Budget speech: Finance Minister Nirmala Sitharaman said the government targets to contain fiscal deficit at 5.1 per cent for the financial year 2024-25, and announced a record annual capex of Rs 11.1 lakh crore. Catch all the highlights of the Interim Budget 2024-25 here.
Budget 2024 Highlights, Union Budget 2024 Highlights, Budget 2024 speech, Budget 2024 analysis: Finance Minister Nirmala Sitharaman said the government targets to contain fiscal deficit at 5.1 per cent for the financial year 2024-25, and to bring it below 4.5 per cent the following year. The finance minister announced a record capital expenditure (capex) of Rs 11.1 lakh crore for the year ending March 2025.
The Finance Minister began her Budget speech by stating that the economy staged a strong performance in the past 10 years, and that the government remains committed to transforming India into a developed nation by 2047. Here's the full text of FM's Interim Budget 2024 speech
Benchmark indices Nifty and Sensex remained almost flat while the speech was underway, following a largely rangebound trade earlier in the day after a mildly positive start. Zee Business Managing Editor Anil Singhvi, who had asserted earlier in the day that "no bad news is good news for the markets", said the Budget was largely neutral with slightly positive contours. Catch latest stock market updates here
The Budget speech, which lasted for about an hour, was the current finance minister's shortest ever. Her sixth Budget presentation came amid oceans of expectations, once again, that the annual event would spell some good news for everyone—from economists, policymakers, investors, businesses and taxpayers to the common man.
Catch all the highlights of the Interim Budget 2024-25 announcements in what appeared to be FM Nirmala Sitharaman's shortest Budget speech here:
Latest Updates
Budget 2024: Long-term equity investors to take Budget positively, says HDFC AMC’s Navneet Munot
The government’s commitment on the fiscal consolidation front and focus on supply augmentation bolster macroeconomic stability, and spell good news for bond markets as well as debt mutual funds, says Navneet Munot, MD and CEO, HDFC Asset Management Co.
“In equity markets, long-term investors will take the Budget positively while the near-term direction will depend on global cues, incoming data and earnings trajectory," says Munot.
“The Budget gets full marks for the credibility of numbers, the continuity on structural reforms and the conviction of building a developed economy in a highly sustainable and equitable manner. The conviction is commendable despite a challenging global backdrop,” he says.
“The focus has shifted on quality rather than quantity of spending, on outcome rather than outlays,” Munot adds.
Budget 2024: FM Nirmala Sitharaman says global rating agencies should take on board India's efforts in bettering fiscal deficit
Finance Minister Nirmala Sitharaman says international rating agencies should take on board the message that India has bettered the targets set for lowering fiscal deficit.
"Not only aligning with the fiscal consolidation roadmap that we gave earlier, but bettering it -- that is one simple, straightforward message that every rating agency should take on board," says the finance minister in a post-Budget press conference.
As per the Interim Budget 2024, the government has announced a fiscal deficit of 5.1 per cent of GDP for 2024-25, as against 5.8 per cent for the current fiscal year. It aims to reduce the fiscal deficit to below 4.5 per cent by 2025-26, after containing it at 5.1 per cent in 2024-25.
Global rating agencies Fitch, S&P and Moody's have the lowest investment grade ratings on India with a stable outlook.
What are credit ratings?
A credit rating is a measure of an entity's creditworthiness. It is an evaluation of the borrower's ability to repay debt and the likelihood of defaulting on payments.
Credit ratings are assigned by credit rating agencies taking into account various factors such as the borrower's financial history, income, assets and liabilities.
These ratings are looked at by investors as a barometer of the country's creditworthiness and impact borrowing of companies.
Budget 2024: Deeply appreciate clear focus on tech, youth, says All India Gaming Federation CEO
“Today's Interim Budget may not have directly addressed the needs of the gaming industry, however, the clear focus on technology and the youth is one that we deeply appreciate," says Roland Landers, CEO, All India Gaming Federation.
"As the apex industry body, we are committed to working with policymakers to create an enabling environment for the gaming sector's growth and innovation. Our industry has immense potential, and we look forward to constructive policies that will drive its development in the Union Budget," Landers adds.
Budget 2024: Centre's digital public infra push to be instrumental in formalisation of economy, says CredAble's Ram Kewalramani
The Interim Budget echoes the potential of advancing the economy forward in unison, says Ram Kewalramani, Co-Founder and MD at CredAble. "Given how this is a Vote on Account, it has set the tenor for what we can expect in the detailed Budget in July, assuming all other factors remain unchanged. Considering India’s unprecedented development in the last few years, it is heartening to see all stratas of the country becoming active participants in economic growth," says Kewalramani.
The government is taking up a renewed focus on strengthening digital public infrastructure, which will be instrumental in the formalisation of the economy, he adds.
Interim Budget 2024: Budget 2024 aligns seamlessly with PM Modi's resolve to propel India to status of world's third-largest economy, says Credilio CEO
Aditya Gupta, CEO of Credilio, says: "We wholeheartedly endorse the government's visionary strides delineated in the Interim Budget 2024, a crucial approach of providing consistency in direction which is instrumental for fortifying India's economic sector."
"Central to this initiative is the emphasis on introducing 50-year interest-free loans tailored for the tech-savvy youth which not only resonates with our commitment to fostering financial literacy but also aligns perfectly with our goal of supporting the next generation in their ambitious endeavours," Gupta adds.
Budget 2024 Update: Budget outlines comprehensive roadmap for sustained economic growth, says Kiran Mazumdar-Shaw
Describing the Budget as an "all encompassing growth-focused" one that augments inclusive economic development, biotechnology industry veteran Kiran Mazumdar-Shaw says the Interim Budget 2024 outlines a comprehensive roadmap for sustained economic growth that will enable India to achieve a developed economy status by 2047.
"In the interim budget, Finance Minister Nirmala Sitharaman has outlined a comprehensive roadmap for sustained economic growth that will enable India to achieve developed economy status by 2047. Her emphasis on research and innovation, bio-manufacturing, robust infrastructure development, and technology-driven digital transformation augur well for India to deliver on aspirational yet people-centric, inclusive development," says Mazumdar-Shaw.
Budget 2024: Punit Goenka says government’s efforts to boost India’s economy through structured policy reforms to accelerate nation development over next few years
ZEE Entertainment Enterprises MD and CEO Punit Goenka says that the government’s efforts to boost the country's economy through structured policy reforms will accelerate the development of the nation over the next few years.
"The steps taken by the Hon'ble Finance Minister to empower the youth by fueling the entrepreneurial spirit and fostering innovation in technology, through initiatives like the one lakh crore research corpus, creates a golden era for sunrise sectors such as media and entertainment. The combination of youth and technology certainly holds immense potential and can lead to exciting new opportunities for content distribution and monetization, boosting the growth of the M&E sector at large," says Goenka.
Budget 2024 Update: Government focused on modernising Railways, PM Modi has changed entire strategy for sector over last 10 years, says Ashwini Vaishnaw
Railways gets an unprecedented budget allocation of Rs 2.52 lakh crore for FY25.
PM Narendra Modi has changed the entire strategy for Railways over the last 10 years, and now the focus is on investment to modernise it, says Railways Minister Ashwini Vaishnaw.
Image: ANI
Interim Budget 2024: Centre withdraws outstanding tax demands up to Rs 25,000 up to FY10; here's what CAs are saying about it
"Withdrawal of outstanding demand from the records of the Income Tax Department would mean refunds of other years, which were proposed to be adjusted against them, would now be released to the taxpayers. This proposal also indicates that the government wants to do away with old and irrelevant income tax records," says Sandeep Shah, Managing Partner at NA Shah Associates, a Mumbai-based CA firm.
"While the Finance Bill does not contain the procedural aspects, they are expected to be rolled out through separate notifications," Shah adds.
Budget 2024 LIVE Update: Here are 10 takeaways from the Interim Budget 2024
The finance minister's sixth Budget emphasised a slew of priority areas for the government.
Interim Budget 2024 Key Takeaways: In the election year, it was expected of Finance Minister Nirmala Sitharaman (FM Sitharaman) to make some changes in tax slabs. But with the government in a strong position, the finance minister maintained status quo in terms of existing tax slabs and made no changes.
While the budget speech was the shortest of all of her six speeches as a finance minister so far, she gave importance to the government's priority areas, such as focus on women, poor and youth; expansion of railway corridors and metro rail; construction of 2 crore houses for poor; consideration of housing scheme to the middle class; and extending interest-free loans to states for tourism.
- Record capex of Rs 11.1 lakh crore
- Focus on women, poor, youth and farmers in the budget
- Two crore houses to be built for poor in five years
- Consideration of a housing scheme for the middle class
- Target to bring fiscal deficit to 4.5% by FY26
- No change in tax rates
- Three railway corridors for energy, minerals, cement
- 40,000 railway coaches to be converted into Vande Bharat standard; metro rail expansion
- Coal gasification to be taken to 100 lakh crore tonnes by 2030
- States to be given interest-free loans for tourism
Budget 2024 LIVE: Where does the government make money from?
Here's a summary of where the government collects every rupee of money from:
Image: Interim Budget 2024-25 documents
Budget 2024 LIVE Update: FM proposes to withdraw outstanding direct tax demands up to Rs 25,000 till FY10, up to Rs 10,000 for FY11-FY15
The proposed move is expected to benefit about a crore taxpayers, the FM says.
Interim Budget 2024 LIVE: Budget outlines vision for confident India, says Rajnath Singh
Union Minister Rajnath Singh says the Interim Budget outlines the vision for a "confident, strong and self-reliant Viksit Bharat (Developed India)", and asserts that he is confident that the size of the economy will grow to more than $5 trillion by 2027.
Interim Budget 2024 LIVE Update: Nitin Gadkari says Budget 2024 to propel India's transformation into economic superpower
Describing the government's latest Budget as "inventive", Union Minister Nitin Gadkari says it aligns seamlessly with PM Modi's commitment to uplift farmers, women, youth, and the underprivileged.
Budget 2024: Rooftop solar scheme to enable one crore households to save up to Rs 18,000/year
Finance Minister Nirmala Sitharaman mentions that the PM Suryodaya scheme will enable one crore families to get up to 300 units of free electricity every month and help them save up to Rs 18,000 annually.
Budget 2024 LIVE: Interim Budget short of big bang announcements but policy prerogatives, spirit not derailed, says Emkay economist
"There has been a continued pace of fiscal consolidation in line with the fiscal road map and policy priorities further getting more targeted and focussed. Fiscal counter-cyclicality is a welcome move amidst improving growth impulse as it addresses the challenging debt dynamics. However, the scaling back of Centre’s fiscal both in FY24 (5.8 per cent) and FY25BE (5.1 per cent) has come on the back of states’ mild fiscal slippage to around 3.1 per cent of GDP," says Madhavi Arora, Lead Economist at Emkay Global Financial Services.
Budget 2024 LIVE: Interim Budget shows government focus on long-term growth, says Equirus economist
The government's focus on the four pillars of social governance shows that its direction in Amrit Kaal is towards an inclusive growth which is sustainable and non-inflationary, says Anitha Rangan, Economist at Equirus.
"Capex growth estimated at 11.1 per cent is reasonable. Market borrowing is lower for FY25 versus FY24. In the era where the global world is struggling to rein in fiscal deficit and borrowing, India adopting the path of consolidation and reduction in borrowing showcases its macro stability... As expected, despite being an election year, there was no touch of populism: outcome vs outlay. In summary, the Interim Budget has a stamp of finality that this government is focused on growth, but structural, sustainable and non-inflationary growth," says the economist.
Budget 2024 LIVE: Besides delivering high economic growth, government equally focused on a 'more comprehensive GDP—Governance, Development & Performance’, says FM
The finance minister said the government has provided a "transparent, accountable, people-centric and prompt trust-based" administration with a "citizen-first and minimum government, maximum governance" approach.
Interim Budget 2024 LIVE Update: PM Modi calls Rs 11.1 lakh crore capex a 'sweet spot'
PM Narendra Modi says the government's record capex outlay, as announced in the Budget, is not only going to aid the creation of modern infrastructure but also create unlimited employment opportunities for the youth.
Budget 2024 LIVE: PM Narendra Modi says Budget 2024 to aid the building of the nation's future
The PM says that the Budget 2024 focuses on four key segments of the society:
- Women
- Poor
- Youth
- Farmers
Budget 2024: Disinvestment target set at Rs 50,000 crore for FY25, up 67% vs Revised Estimate
The finance minister announces a disinvestment target of Rs 50,000 crore for the financial year ending March 2025, which translates into an increase of 66.7 per cent from the revised estimate for the current financial year.
In the Budget 2023, the government had pegged (Budget Estimate) at Rs 51,000 crore for the financial year 2023-24.
Interim Budget 2024 LIVE Update: Rs 1.68 lakh crore for NHAI in Budget 2024-25
Union Budget 2024 Live: Rs 6.22 lakh crore earmarked for defence
FM Nirmala Sitharaman's Budget allocates Rs 6.22 lakh crore to the defence ministry, as against Rs 5.94 lakh crore last year.
Union Budget 2024 Live: Market veteran Ajay Bagga says Centre's capex a key positive, to spur private investments
In conversation with Zee Business Managing Editor Anil Singhvi, market expert Ajay Bagga gives a thumbs up to the government's record capex, announced by the FM in her Budget speech.
The strong central capex is set to spur investments in the private sector as well, Bagga adds.
Budget 2024 LIVE Update: Budget speech concludes in about an hour; FM Nirmala Sitharaman's shortest ever
This makes it the shortest Budget speech by the current finance minister, Nirmala Sitharaman.
Budget 2024 Speech Live: Certain past tax moves to revoked
The finance minister hints at withdrawing certain earlier tax moves, which will benefit about one crore taxpayers.
Read more on what else the finance minister said on income tax here
Budget 2024 Speech Live: No changes in tax rates
Budget 2024 Speech LIVE: Centre pegs FY25 fiscal deficit at 5.1%, capex at record Rs 11.1 lakh crore
Budget 2024 LIVE Update: 40,000 train coaches to be transformed into Vande Bharat standard
Budget 2024 Speech LIVE: FM Nirmala Sitharaman mentions three railway corridors for energy, mineral, cement spaces
Budget 2024 Speech Live: Government pegs FY25 capex at record Rs 11.1 lakh crore
Budget 2024 Speech Live: 'One crore households set to receive 300 units of free electricity each month under Rooftop solar scheme'
Budget 2024 Speech Live: Centre continues to stay on 'reform, perform, transform' path, says FM
FM Nirmala Sitharaman reiterates the government the government is committed to its mission to "reform, perform and transform".
Budget 2024 LIVE Update: FM says economic corridor connecting India with Gulf & European countries to be a gamechanger
Budget 2024 Speech Live: FM Nirmala Sitharaman says Centre has provided Rs 34 lakh crore to people through Direct Benefit Transfer scheme
Budget 2024 Speech LIVE: Next five years to be fabulous for Indian economy
Budget 2024 Speech Live: Women's share in higher education has risen to 28% in 10 years
Budget 2024 Speech LIVE: FM stresses importance of empowering country's youth
Budget Speech 2024 LIVE: FM Nirmala Sitharaman says 4 crore farmers have benefitted from the production insurance scheme and 11.8 crore under the PM Kisan scheme
Finance Minister Nirmala Sitharaman highlights the government's steps focused on the country's crucial agricultural sector:
- Four crore farmers have benefitted from production insurance scheme
- 11.8 crore farmers have benefitted under the PM Kisan scheme
Interim Budget 2024 Speech LIVE: FM Nirmala Sitharaman says government has remained focused on poor, women, youth, farmers
The finance minister says that the government has remained committed to its goal of 'garib kalyan' for 'desh ka kalyan' (welfare of the poor for the welfare of the country).
Budget 2024 Speech Live: FM says government has worked to ensure government scheme benefits for those in need
The government has raised MSP and worked closely to enhance rural infrastructure among various efforts to reach its goal, the finance minister says.
Budget 2024 Speech Live: Centre continues to work with 'sabka saath, sabka vikas' motto
The Centre remains committed to making India a developed nation by 2047, FM Nirmala Sitharaman says during her Budget speech in Parliament.
"For achieving that goal, we need to improve people's capability and empower them," the finance minister adds.
Budget 2024 Speech Live: Economic growth, development has given a new direction, new hopes to the country
Budget 2024 Speech Live: Indian economy has staged a strong performance in past 10 years
Finance Minister Nirmala Sitharaman opens her speech by stating that the economy has staged a strong performance over the past 10 years.
Interim Budget 2024 LIVE: Finance Minister Nirmala Sitharaman begins Budget speech
Budget 2024 LIVE: Don't feel lost amid plethora of complex Budget announcements due shortly. Post your queries directly to market guru Anil Singhvi himself
Interim Budget 2024 LIVE Update: Take a look at images from Rashtrapati Bhavan
Finance and Corporate Affairs Minister Nirmala Sitharaman, along with Ministers of State Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary and senior Finance Ministry officials, are seen with President Droupadi Murmu at the President's residence before presenting the Union Budget.
Images: ANI
Union Budget 2024 Live: Cabinet clears Interim Budget 2024
In a meeting chaired by PM Narendra Modi, the Cabinet has cleared the Interim Budget 2024–the last Budget of the current administration before the general elections due this year.
Union Budget 2024 LIVE: Copies of Budget documents arrive in Parliament; take a look at images
The copies of Budget documents have arrived in Parliament. Catch the latest images here:
Interim Budget 2024 Speech: How long can you expect FM Nirmala Sitharaman's Budget speech to be?
You have a little more than an hour to find that out. Before that, here's some interesting data on the length of her speeches in the past collated by Zee Business.
Did you know that the current finance minister's longest speech was in 2020? It went on for two hours and 41 minutes. She actually had to take a pause and cut short her speech, submitting the rest of it in writing.
On the contrary, her shortest speech was last year, when she spoke for an hour and 27 minutes.
- Budget 2023: 87 minutes
- Budget 2022: 90 minutes
- Budget 2021: 100 minutes
- Budget 2020: 161 minutes
- Budget 2019: 137 minutes
Interim budget 2024 Live: What are the most important things to track in today's Interim Budget?
Zee Business Managing Editor Anil Singhvi points out three main things to watch out for in the upcoming Budget:
- GDP estimate should be about Rs 330 lakh crore
- Fiscal deficit should be targeted at 4.5 per cent by 2026
- Capex should be placed at Rs 11.5 lakh crore
Interim Budget 2024 LIVE: Take a closer look of the 'bahi khata' in the hands of FM Nirmala Sitharaman as she poses outside the Finance Ministry building with her team
Budget 2024 LIVE: Today's Interim Budget will be followed by a new government at the Centre after Lok Sabha elections due this year
With today's presentation, her sixth consecutive one, Finance Minister Nirmala Sitharaman will match the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.
Meanwhile, the Parliament entered the Budget session on January 31, with President Droupadi Murmu addressing a joint sitting of both the houses of Parliament, the Lok Sabha and the Rajya Sabha. In her address, the President said 2023 was a historic year for the country, wherein it maintained its position as the fastest-growing major economy.The Budget session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.
Interim Budget 2024 LIVE: Union Minister Hardeep Singh Puri arrives at Parliament ahead of Budget presentation
Budget 2024 Live Update: In pictures—FM Nirmala Sitharaman at the North Block with 'bahi khata'
Budget 2024 LIVE Update: Finance Minister Nirmala Sitharaman arrives at North Block
Interim Budget 2024 Update: Anil Singhvi shares February 1 market strategy; catch important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,550-21,650 levels and a strong buy zone at 21,450-21,525 levels for the day. For the Nifty Bank, the market wizard expects support to come in at 45,550-45,725 levels and a strong support zone at 45,025-45,200 levels.
Interim Budget 2024 LIVE: Minister of State for Finance has already left from his residence
Union Budget 2024 Live: Will there be no big announcements today? Here's what market wizard Anil Singhvi suggests
PM Narendra Modi and FM Nirmala Sitharaman have said there won't be big announcements in today's Budget, as it is a customary one ahead of the elections due this year. Do investors need to worry?
According to Zee Business Managing Editor Anil Singhvi, if there are no big announcements in today's Budget, it will only mean there is nothing negative for the market.
Remember, no bad news is good news for markets, he says.
Budget 2024 Live Update: FM Nirmala Sitharaman departs from her home for Parliament
The Finance Minister has started from her residence to the North Block.
Interim Budget 2024 LIVE: GIFT Nifty futures edge lower as Dalal Street awaits FM's Interim Budget speech at 11 am
GIFT Nifty futures, an early indicator of the headline Nifty50 index, are down 12.6 points, or 0.1 per cent, at 21,796 at this hour, suggesting a flat-to-mildly-negative to the day on Dalal Street in about 30 minutes from now.
Catch LIVE share market updates on the Budget day here
Budget 2024 Live Update: What do you know about last year's Budget? Here's a quick recap for you
The government unveiled a Rs 45 lakh-crore Budget for the financial year 2023-24, to boost economic growth while aiming to lower the fiscal gap.
Here are some highlights:
- Budget spending target raised 7.5 per cent to Rs 45.03 lakh crore vs revised Rs 41.87 lakh crore the previous year
- Capital spending seen rising 33 per cent to Rs 10 lakh crore
- A hike in capital outlay for railways by 48 per cent to Rs 2.4 lakh crore
- A hike in outlays for road transport by 24.4 per cent to Rs 2.7 lakh crore
- Defence outlays raised to Rs 5.94 lakh crore
- Education budget raised to Rs 1.13 lakh crore
- Health budget raised to Rs 88,950 crore Rs 70,940 crore the previous year
- Rs 35,000 crore rupees for energy transition
- Target set to borrow gross Rs 15.43 lakh crore; net market borrowings seen at Rs 11.8 lakh crore
- Cut in highest surcharge rate to 25 per cent from 37.5 per cent under new income tax regime
- Raise in rebate limit to Rs 7,00,000 under personal income taxes
Budget 2024 Live Update: Market wizard Anil Singhvi says railway, infrastructure, defence, cement & clean energy
Which areas of the economy do you think today's Interim Budget will put the spotlight on?
According to Zee Business Managing Editor Anil Singhvi, the key areas in focus will be railway, infrastructure, defence, cement and green energy.
Interim Budget 2024 Live full schedule, timings: FM to begin her Budget speech at 11 am; here's a tentative schedule for the day
- FM to start from her home for Parliament around 7:50-8 am
- FM is scheduled to attend a photo session with her team at around 8:15 am
- FM will depart for the President's house afterwards
- FM is scheduled to arrive at the Parliament House at around 9:15 am
- Budget will be passed by the Cabinet tentatively at around 10 am
- PM to address media at around 10:30 am
- FM begins Budget speech at 11 am
- FM will hold a press conference at 4 pm
Union Budget 2024 Live: What can you expect to become cheaper and what costlier after today's Budget announcements?
Every Union Budget brings its own set of changes to the prices of a range of items.
Will this Budget meet all your expectations?
Follow this link to catch the latest updates on what experts make of today's Budget announcements in terms of what the consumer pays for various items.
Union Budget 2024 Live: Can you expect income tax sops in FM's 11 am Budget speech today?
- Will there be changes in income tax slabs?
- Will today's Budget announcements bring down or raise your income tax outgo?
- Will there be income tax rate tweaks?
Catch answers to all your income tax-related queries today with Zee Business.
With just about three hours left before the finance minister begins her Budget speech today, the eyes of millions of Indian taxpayers and businesses are fixed on the government's fiscal policies that will shape the economic landscape for the upcoming financial year. In a year marked by unprecedented global challenges and shifting economic dynamics, the expectations surrounding income tax reforms have reached a fever pitch.
Budget 2024 LIVE Update: Ever wondered why it takes six-odd months to work on a Budget presentation that lasts only a few hours?
From a blue-collar worker to a top chief executive, from a roadside seller to the top business honcho, and from a low-salaried person to the highest-earning CEO, a Budget has something for everyone. That is precisely why.
Read more on this and many other interesting facts about Budget
Budget 2024 LIVE Update: Watch market wizard Anil Singhvi lead Zee Business coverage of the much-anticipated Budget 2024 starting at 7 am
Follow this link to watch Zee Business LIVE starting shortly.
Budget 2024 LIVE Update: Ready to catch Budget announcements, LIVE analysis, expert discussions, views and recommendations, and much more?
With Finance Minister Nirmala Sitharaman all set to start her Budget speech within six hours from now, catch the fastest and easiest-to-follow, minute-by-minute coverage of announcements starting at 7 am.
Budget 2024 LIVE: Govt should work on jobs data, India needs an equivalent of BLS in the US, says Wadhwani Foundation CEO Ajay Kela
A comprehensive jobs data is the need of the hour in India to help understand what kind of employment opportunities are getting created and which sectors are hiring, and the government should look at developing an equivalent of the Bureau of Labour Statistics (BLS) in the US, Wadhwani Foundation Global President and CEO Ajay Kela aid. On his expectations from the interim budget, he said, "What's missing in India is that there is no solid data in the job space. The US has the BLS, we don't have an equivalent of that. Any programmes or schemes you develop... In the absence of not understanding what jobs are getting created, which sectors are hiring, what do the next 4-5 years look like in terms of job demand (there will be a gap)." "This (data) will help eliminate the disruption that could happen if the young population is unemployed, and even for us, it will become difficult to leverage the demographic dividend... The government has the data, and it must look into this aspect."
Budget 2024 LIVE: Govt's capex thrust key to bridge infra gap as private investment still weak, says Former NITI VC Rajiv Kumar
Former NITI Aayog vice chairman Rajiv Kumar on Wednesday said the government needs to continue its focus on capital expenditure in the upcoming interim budget, as private investment is 'still weak' and there is a need to bridge infrastructure gap, which has been 'plaguing' the Indian economy. He noted that increase in capital expenditure during the Modi government period is showing results in terms of the much better quality of the infrastructure and this was needed to make Indian industry globally competitive.
He said because of rising indirect tax revenues and also the widening direct tax base, the finance minister will also achieve fiscal consolidation targets. "The capex thrust will continue because the private investment still remains a bit weak. And also, we need to overcome the infrastructure deficit that has plagued our economy and also the logistics cost, which are very high and can only be covered by rising public capital expenditure" he said.
Budget 2024 LIVE: Full budget will be presented after formation of new govt, says PM Modi
Talking to the media ahead of the Budget Session on Wednesday, Prime Minister Narendra Modi said that full budget will be presented after the formation of the new government. He said, “Uusually, when the election time is near, the full budget is not presented, we will also follow the same tradition and bring the full budget before you after the formation of the new government. This time, the country's Finance Minister Nirmala ji is going to present her budget in front of all of us tomorrow with some guiding points.”
Budget 2024 LIVE: India's growth story is result of last ten years of having responsible budget, says USISPF President Mukesh Aghi
Ahead of the Budget session for the year 2024-2025, which is slated to roll out tomorrow, the President and CEO of the US-India Strategic Partnership Forum (USISPF), Mukesh Aghi, has said that India's growth story is the result of the last ten years of having a responsible budget.
He has also underlined how the budget has always remained focused on balanced fiscal deficit. "Well, India's growth story is the result of the last ten years of having a responsible budget that is focused on a balanced fiscal deficit, controlling inflation and investing more and more in capital. And that growth story will continue with capital spending," Aghi said.
Budget 2024 Live Update: Before Finance Minister Nirmala Sitharaman unveils Budget 2024, here is a summary of key announcements in Budget 2023
- The Budget for 2023-24 was worth Rs 45,03,097 crore
- Out of total expenditure, revenue expenditure was estimated at Rs 35,02,136 crore
- FM stated that the purpose of Budget 2023 was to have strong public finances and a strong financial sector aimed at benefiting all sections of society
- Budget 2023 targeted a fiscal deficit of 5.9 per cent of GDP, aimed to achieve a fiscal deficit of 4.5 per cent by 2025-26
- FM pegged economic growth at 6–6.8 per cent in FY24
Budget 2024 LIVE: Increase spending on health to 2.5% of GDP to improve quality of healthcare, says health sector
The health sector has indicated the amount the government must spend in the upcoming interim budget to improve the quality of healthcare. Dr Naresh Trehan, Chairman and Managing Director, Medanta Hospital said, "I think if the funding is given and our budget carries like what we have said, it is estimated that the minimum required for India healthcare is 2.5pc of the GDP, with the budget going towards more than 3.5 and ultimately five over the next five to seven years. This is what is required. I think that the government can take positive steps today about what is going to happen tomorrow. It will be a big help for the healthcare system of India to make India healthier."
Budget 2024 LIVE: Important terms to know before FM begins Budget speech at 11 am
Here are some of the key terms mentioned in Budget documents:
- Direct taxes: These are taxes that are levied directly from taxpayers, such as income tax and corporate tax. These form one of the most important components of the Budget.
- Indirect taxes: These are taxes that are levied indirectly from taxpayers, such as GST, VAT, customs and excise duties, and service tax.
- Fiscal policy: It is an essential instrument meant to monitor the domestic economic position. Simply put, an estimate of taxation and government spending is known as fiscal policy.
- Fiscal deficit: A fiscal deficit is a situation wherein the government’s expenditure exceeds its revenue, excluding market borrowings. Calculated as a percentage of the GDP, it is the gap between the government's total spending and the sum of its total receipts.
- Finance Bill: It is a bill used by the government to propose the levy of new taxes, alterations in the tax structure, or even the continuance of the existing tax structure.
- Budget Estimate: These are a set of estimates of fiscal and revenue deficits for the next financial year. Simply put, Budget Estimates represent the monetary value assigned to the government's ambitions.
Check out the complete list of important Budget terms
Budget 2024 LIVE: With only a few hours left before FM presents Budget 2024 in Parliament, here's a little bit on a crucial document called 'Budget at a Glance'
While the Budget documents, as a whole, contain crucial details such as a comprehensive list of estimates of revenue and expenditure in the financial year ahead, the Budget at a Glance is a summary of the Budget aimed at explaining the broad aggregates set by the government for easy understanding.
Unlike much of the Budget documents, the Budget at a Glance contains visual aids, such as charts and graphs, showing important aspects of the Union Budget such as the sources of receipts, details of debts, their applications, the flow of money, deficit indicators, and the composition of important budgetary variables.
Here are some of the important details it contains, such as:
- Receipts
- Expenditure
- Fiscal deficit
- revenue deficit
- Effective revenue deficit
Budget 2024 LIVE Updates: Centre may keep market borrowing largely unchanged this year. Here's why
The government may leave its gross market borrowing for the next financial year close to the current year's levels, as it looks to rein in its borrowings that have more than doubled, mainly due to pandemic spending, news agency Reuters reported citing two government sources.
India may peg its gross market borrowing for next fiscal year at between Rs 15 lakh crore and Rs 15.5 lakh crore in the February 1 Budget, according to the report.
Budget 2024 LIVE: What is fiscal deficit and why is it important for a government to address it?
The fiscal deficit, which occurs when a government's total expenditure exceeds and its total revenue, is a crucial aspect that any government needs to address. This is because of several reasons:
- A high fiscal deficit can lead to an increase in government borrowing, which in turn can lead to higher interest rates and inflation
- A large fiscal deficit can put pressure on the country's credit rating, making it harder for the administration to borrow money in the future
- It is important for ensuring the long-term sustainability of a government's finances
Union Budget 2024: Direct taxes rose to Rs 10.8 lakh crore in April-November vs Rs 8.7 lakh crore a year ago, estimates ICRA
Direct taxes rose to Rs 10.8 lakh crore in April-November last year from Rs 8.7 lakh crore in the corresponding period the previous year, led by a robust increase in income tax as well as corporation tax, owing to better TDS compliance on salaries, increased formalisation of the economy post-COVID, and digitisation measures undertaken by the government, according to ICRA.
Direct tax collections (net of refunds) rose 20.7 per cent on a year-on-year basis to Rs 13.7 lakh crore in FY24, as of December 17, 2023, the ratings agency points out citing finance ministry data.
Budget Announcement 2024 Time: What time will FM begin Budget speech? Where can you watch Nirmala Sitharaman LIVE?
Finance Minister Nirmala Sitharaman is all set to create a record by presenting her sixth Budget in a row—five annual Budgets and one interim—a feat achieved only by former Prime Minister Morarji Desai in history. The FM is scheduled to begin her speech at 11 am on February 1.
Where to watch the Budget speech?
One can watch the FM's budget speech live on the official channels of the Parliament—Sansad TV and Doordarshan. One can also the watch live telecast on Zee Business.
The Live Budget 2024 telecast will also be available on the respective YouTube channels.
Catch more on the Budget timings and where to watch Budget speech here
Budget 2024 Expectations LIVE: What do you expect from the upcoming Budget? Here is a lowdown on what the country, businesses, taxpayers, investors seek in FM's Budget bahi khata
With only a few hours left before Finance Minister Nirmala Sitharaman reveals what’s in store for the economy in the form of the Union Budget for the financial year 2024-25, expectations are rife—once again—that the annual event may spell good news for everyone. Economists, market veterans, analysts and industry bodies have released their wishlists for the much-anticipated set of Budget documents this time around.
Budget Announcement 2024 Time, Budget Full Schedule: Finance Minister Nirmala Sitharaman to begin budget speech at 11 am on February 1
- FM to meet President Droupadi Murmu at 8:45 am on Thursday, February 1
- FM to reach the Parliament at 9:15 am
- Cabinet meeting at 10 am
- FM to commence her Budget speech at 11 am
Catch all the details about the Budget timings here
Union Budget 2024: Follow this section to catch minute-by-minute updates here
The final few hours of wait is left! With Finance Minister Nirmala Sitharaman scheduled to present her sixth Union Budget in Parliament on Thursday, February 1, 2024, expectations are rife, once again, that the annual event will spell some good news for everyone—from economists, policymakers, investors, businesses and taxpayers to the common man. What will the finance minister's humble bahi khata contain this time?
Although FM Nirmala Sitharaman, who is scheduled to rise to deliver her Budget speech in Parliament starting at around 11 am on Thursday, has already hinted at the absence of "spectacular announcements" in the Interim Budget 2024, the annual event is likely to be particularly in the spotlight given that it is the Narendra Modi 2.0 government's last Union Budget before the general elections (Lok Sabha polls) due this year.
- Will there be income tax changes?
- How much allocation will key sectors like railways, agriculture, defence, healthcare and education will get?
- What do income tax assessees want?
- Will the Budget trigger significant moves in the Nifty50 and the Nifty Bank?
- You will have to wait until the end of the finance minister's Budget speech on February 1 to find answers to all such questions.
You will have to wait at least until 11 am on February 1 to find answers to all your questions.
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