Interim Union Budget 2024 - Live Updates

Nirmala Sitharaman, the finance minister, is delivering the Interim Union Budget 2024 today.

Let us have a look at the Live Updates of Budget 2024-

Budget 2024: Live Updates

12:09 PM - Union Finance Minister Nirmala Sitharaman completes Budget presentation

Union Finance Minister Nirmala Sitharaman has completed the presentation of the Interim Union Budget 2024-25.

12:07 PM - Taxation

The government has proposed withdrawing tax demand up to Rs 25,000 up to 2009-10; FM Nirmala Sitharaman said it could benefit 1 crore taxpayers.

12:03 PM - Revised estimate of the fiscal deficit is 5.8% of GDP

The 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”.

12:01 PM - Plan for the Startups

Tax benefits for startups, investments made by sovereign wealth, and pension funds are to be extended to March 2025

12:00 PM - Adequate Finances

• Priority to ensure timely and adequate finances, appropriate tech and appropriate training for MSMEs to grow and compete globally
• The government will prepare the financial sector in terms of size, capacity, skills and regulatory framework

11:58 AM - Strategy for Amrit Kaal

• FM said, "The vision for Viksit Bharat is that of a prosperous Bharat, in harmony with nature, with modern infrastructure and providing opportunities for all to reach their potential".
• Trinity of democracy, demography and diversity backed up by Sab Ka Prayaas has the potential to fulfil the aspirations of every Indian.
• Our government will embrace economic policies that will foster and sustain growth and facilitate inclusive and sustainable development.

11:57 AM - Promoting Indian Railways

• FM said, "3 major Railway economic corridor programmes will be implemented."
• These are energy, mineral and cement corridors, port connectivity corridors and high-traffic density corridors.
• The projects have been identified under PM Gati Shakti.

11:56 AM - Tax Rates

No proposals are to be made on tax rates - direct or indirect, said the Finance Minister. Tax rates to remain same, says Nirmala Sitharaman.

11:49 AM - FDI

• "FDI" now means 'First Develop India', said Finance Minister Nirmala Sitharaman
• She added that bilateral trade treaties will be encouraged to boost FDIs on cards

11:48 AM - Infrastructure Outlay Revision

The outlay for infrastructure has been increased to Rs 11.11 lakh crores in FY25.

11:41 AM - Technology Push

• Rs 1 lakh crore will be established with a 50-year interest-free loan to provide long-term financing with long tenure with no or lower interest rates. 
• A new technology will be launched to support deep tech for defence purposes.

11:38 AM - Empowerment of Women through Entrepreneurship

• In the last 10 years, the empowerment of women through entrepreneurship, ease of living and dignity has gained momentum
• Over 30 crore MUDRA Yojana loans have been given to woman entrepreneurs
• In the last 10 years, female enrollment in higher education has gone up by 28%
• In STEM courses, girls and women constitute 43% of enrollment. Notably, it is one of the highest in the world
• Initiatives such as making Triple Talaq illegal, one-third of women's reservation in Lok Sabha and state assemblies, and giving over 70% of houses under PM Awas Yojana in rural areas to women have enriched their dignity

11:37 AM - G20 in India

FM said, "India as a G20 host showed a forward way and built consensus for solutions for problems being faced by the world".

11:35 AM - Empowering Amrit Peedhi

• The National Education Policy 2020 is steering transformational reforms
• PM Shri is helping to deliver quality teaching
• Skill India Mission has trained over 1.4 crore youth, upskilled and reskilled 54 lakh youth. It also established 3,000 new ITIs
• 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs, and 390 universities have been set up
• PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for the entrepreneurial aspirations of your youth
• Fund of Funds, Startup India and Startup Credit Guarantee Schemes played a key role in assisting our youth

11:32 AM - Ayushman Bharat

Finance Minister Nirmala Sitharaman said benefits of Ayushman Bharat will be extended to all ASHA and Anganwadi workers

11:31 AM - Schemes for farmers

• FM said, every year under PM Kisan Samman Yojana, Direct financial assistance is provided to over 11.8 crore farmers. This includes marginal and small farmers.
• Crop insurance is provided to over 4 crore farmers under PM Fasal Bima Yojana
• Electronic national agricultural market has integrated 1,361 mandis and is providing services to over 1.8 crore farmers with trading volume of Rs 3 lakh crore.

11:30 AM - Government Schemes for Poor

• Direct Benefit Transfer of Rs 34 lakh crore using PM Jan Dhan accounts has led to huge savings for the government.
• PM SVANIDHI has provided credit assistance to 78 lakh street vendors; from that total, 2.3 lakh have received credit for the third time
• PM JANMAN Yojana caters to Particularly Vulnerable Tribal Groups
• PM Vishwakarma Yojana provides comprehensive support to artisans and craftspeople
• "The scheme for Divyang and transgender people reflects our resolve to leave no one behind", says the FM

11:29 AM - Pradhan Mantri Awas Yojana - Gramin

2 crore more houses under PMAY-G will be built.

11:28 AM - Rooftop Solarisation

• Rooftop solarisation to give 1 crore households 300 units of free electricity per month
• The government is primarily focused on more comprehensive 'Governance, Development, Performance' - 'GDP'. 

11:27 - Maternal and Child Healthcare

• The government plans to set up more medical colleges by utilizing existing hospital infrastructure.
• Various schemes under maternal and child health care are to be brought under one comprehensive programme
• Government will encourage vaccination for girls in the age group 9 - 14 years to prevent cervical cancer
• A newly designed U-Win platform for managing immunization and intensified efforts of Mission Indradhanush is planned to be rolled out soon

11:26 AM - Assisted 25 crore people to get freedom from multidimensional poverty

• We need to focus on the poor, women, youth and farmers/Anna Data. Their needs, aspirations and welfare are our highest priority.
• In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty.

11:23 AM - GST

FM said, "Goods Service Tax has enabled 'one nation, one market, one tax'."

11:22 AM - Transparency and assurance that all eligible people receive benefits

• FM said - "For our government, social justice is an effective and necessary governance model. The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, and prevents nepotism".
• There is transparency and assurance that benefits are received by all eligible people, regardless of their social standing get access to opportunities.

11:21 AM - Working towards making India a Viksit Bharat by 2047

• Our government is working towards development which is "All-round, all-inclusive and all-pervasive".
• It covers all castes and people across all levels.

11:18 AM - "Our young country has high aspirations, pride in present and hope and confidence in its bright future", said the Finance Minister

• Development programmes have targeted each and every household and individual through housing for all, 'Har Ghar Jal', electricity for all, cooking gas for all and bank accounts and financial services for all in record time.
• Free rations for 80 crore people were provided
• Minimum Support Price for the production of Anna Data are periodically increased.
• The provision of basic necessities enhanced real income in rural areas, said the FM

11:16 AM - "Garib Ka Kalyan, Desh Ka Kalyan"

In the last 10 years, the government has helped over 25 crore people to get freedom from poverty

11:15 AM - Overcame COVID-19 Challenges

• In the 2nd term, the government strengthened its mantra, and development philosophy covered all elements of inclusivity, primarily social and geographical.
• India overcame the COVID-19 pandemic, took long strides towards Aatma Nirbhar Bharat and laid solid foundations for Amrit Kaal.

11:14 AM - Profound Transformation

• The Indian economy has witnessed a profound transformation in the last 10 years.
• In 2014, the country was facing tremendous challenges, but the government overcame those and undertook structural reforms, conditions for jobs and entrepreneurship were set in, fruits of development reached out to people at scale, and the country got a sense of new purpose and hope.

11:12 AM - Brought Secularism Into Action, Reduced Poverty

• The government concentrated on policies that brought secularism into action, reduced corruption, and prevented nepotism.
• Delivered Sabka Sath, Sabka Vikas through social and geographical.
• Garib, Mahilaye, Yuva, Annadata - Major focus on the poor, women, youth, and farmers.
• In the last 10 years, the government has helped 25 crore people to get freedom from multidimensional poverty.

11:09 AM - 'Sabka Sath Sabka Vikas', says Finance Minister

When we assumed office in 2014, the country was facing enormous challenges. "With 'Sabka Sath Sabka Vikas' as its mantra, the government overcame those challenges," said the FM.

11:04 AM - Finance Minister Nirmala Sitharaman has started presenting Interim Budget 2024 in Parliament with speech.

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Research Analyst - Aakash Baid