Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 at the Parliament today. She concluded her interim budget speech just a few minutes short of an hour. 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.
She said, “Our young country has high aspirations, pride in its present, and hope and confidence for a bright future. We expect that our government, based on its spectacular work will be blessed again by the people with a resounding mandate.” “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 and Sabka Vikas as its mantra. The government overcame those challenges in right earnest.”
“We need to focus on – Garib, Mahilayen, Yuva, and Annadata; Their needs and aspirations are our highest priorities.” “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.” she said.
On ‘Nari Shakti, FM Sitharaman said, “Female enrolment in higher education is up by 28% in 10 years; in STEM courses, girls & women make 43% of enrolment, one of the highest in the world. All these steps are reflected in the increasing participation of women in the workforce. Making triple talaq illegal, reservation of 1/3 seats for women in Parliament and state assemblies, over 70% houses under PM Awas Yojana to women have increased their dignity.”
she said, “The country is proud of our youth scaling new heights in sports. The highest-ever medal tally in Asian Games and Asian Para Games in 2023 reflects a high level of confidence. The chess prodigy and our No. 1 ranked player, Praggnanandhaa, are up for a stiff fight against the reigning world champion Magnus Carlsen in 2023. Today, India has over 80 chess grandmasters, compared to a little over 20 in 2010.”
FM Sitharaman said, “The government is equally focused on GDP—governance, development, and performance.” FM Sitharaman announces, “The health cover under the Ayushman Bharat scheme will be extended to all ASHA and Anganwadi workers and helpers. The economy is doing well. Inflation is moderate,” says FM Sitharaman during interim Budget presentation.
Further, she said, “Despite the challenges due to COVID, implementation of PM Awas Yojana Rural continued, and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years to meet the requirement arising from the increase in the number of families.”
FM Sitharaman announced, “The health cover under the Ayushman Bharat scheme will be extended to all ASHA and Anganwadi workers and helpers.”
Finance Minister Nirmala Sitharaman, “For further growth of agriculture sector, the government to further promote public & private investment in post-harvest activities.”
Union Finance Minister Nirmala Sitharaman said, “Through roof-top solarization, 1 crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the Prime Minister on the historic day of the consecration of Shri Ram Mandir in Ayodhya.”
“A new scheme will be launched for strengthening deep-tech technologies for defense purposes and expediting self-reliance, said FM Sitharaman.
For the youth, FM Sitharaman said, “For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with a 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates.”
Capital Expenditure Target:
FY25 capex target set at Rs 11.1 lakh crore, up 11.1%, said FM Nirmala Sitharaman. Similarly Revised estimate of fiscal deficit is 5.8% of GDP, said FM.
Vande Bharat-like Bogies and Airports to be Doubled:
FM: 40,000 rail bogies to be converted to Vande Bharat standards. Airports are to be doubled to 149. Indian carriers have placed orders for 1,000 new aircraft
FDI: First Develop India, Says Sitharaman:
FM says the government will push for bilateral treaties with foreign partners in the spirit of ‘First Develop India’. Union Finance Minister Nirmala Sitharaman said, “Many growth and development-enabling reforms are needed in the state for realising the vision of Viksit Bharat. A provision of Rs 75,000 crore as a 50-year interest-free loan is proposed this year to support those milestone-linked reforms by the state governments.”
“FDI is ‘First Develop India’… FDI inflow during 2014–2023 was Rs 596 billion US dollars, marking a golden era. This was twice the FDI inflow between 2005 to 2014. For sustained FDI, we are negotiating bilateral investment treaties with foreign partners,” said FM.
Union Finance Minister Nirmala Sitharaman said, “In the full budget in July, our government will present a detailed roadmap for our pursuit of Viksit Bharat.”
No Changes in Income Tax Rates:
FM Sitharaman is now speaking about government’s tax reforms. No changes in Income Tax rates. I appreciate taxpayers for their continued support, said FM Sitharaman
“I do not propose to make any changes to taxation and proposed to retain same tax rates for direct and indirect tax rates including import duties”
Similary Union Finance Minister Nirmala Sitharaman said, “…The revised estimate of the fiscal deficit is 5.8% of GDP, improving on the budget estimate notwithstanding moderation in the nominal growth estimates. The fiscal deficit in 2024-25 is estimated to be 5.1% of GDP. “
Benefits for Startups:
Tax benefits for start-ups will be extended to March 31, 2025.
Investments by sovereign wealth funds and pension funds will be tax-free for one extra year. The government will withdraw some outstanding direct tax demands.
‘Sabka Saath, Sabka Vikas’,
Presenting the Interim Budget for the fiscal year, Sitharaman highlighted the government’s commitment to inclusive development under the vision of “Sabka Saath, Sabka Vikas, and Sabka Vishwas.” “In the second term, our government strengthened its vision of Sabka Saath, Sabka Vikas, and Sabka Vishwas,” stated Sitharaman, emphasizing the continuity of the government’s commitment to the welfare of all citizens.
Indian Economy Witnessed a Profound Positive Transformation in the last 10 years, Said FM Nirmala Sitharaman:
In the interim budget presentation on the floor of Parliament, Finance Minister Nirmala Sitharaman declared that the Indian economy has undergone a profound positive transformation over the last decade. “Indian economy witnessed the profound positive transformation in the last 10 years,” said Sitharaman while presenting Budget 2024 in Parliament.
Sitharaman Highlighted the Commitment to the Poor, Women, Youth, and Farmers in Budget 2024
Addressing the need to focus on four major pillars: the poor, women, youth, and annadatas (farmers), Sitharaman stated, “We need to focus on four major pillars: — poor, women, youth, and annadatas.”
Sitharaman Emphasized Increased Funds for PM Garib Kalyan Yojana in the Budget Presentation:
The Finance Minister also highlighted the impact of Direct Benefit Transfer (DBT), emphasizing that savings through DBT channels have enabled more funds for the PM Garib Kalyan Yojana, a welfare program for the economically disadvantaged. “With the pursuit of Sabka Saath, the govt has assisted 25 crore people to get freedom from multidimensional poverty in the last 10 years,” Sitharaman stated during her Budget speech.
FM Sitharaman Announced Free Ration for 80 Crore People:
Addressing concerns about food security, Sitharaman announced the elimination of worries through the provision of free ration for 80 crore people. “The worries about food has been eliminated through free ration for 80 crore people,” said Finance Minister.
34 Crore Mudra Yojana Loans for Women Entrepreneurs: FM
Additionally, she revealed that 34 crore Mudra Yojana loans have been extended to women entrepreneurs, promoting financial inclusion and empowerment. “34 cr Mudra Yojana loans been given to women entrepreneurs,” said Finance Minister.
