Union Budget 2024: Updates
Finance Minister Nirmala Sitharaman will be presenting the Interim Budget on February 1, 2024, ahead of the Lok Sabha polls later this year. The full budget will be presented by the newly elected government.
Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25 on February 1, 2024. The budget speech, which lasted less than an hour, was the sixth address by Sitharaman.
As expected, the Budget did not announce major policy changes as the nation gears up for general elections later this year.
There were no changes in the taxation structure, including import duties.
The Finance Minister, in her address, said that a new scheme of bio-manufacturing will be launched. The Budget will also extend support to manufacturing and charging infrastructure development for greater adoption of electric vehicles. The tourism sector too stands to gain with improved connectivity infrastructure and the development of iconic tourism spots by the states.
The government will also set up a committee to make recommendations on setting up more medical colleges. The cover under the Ayushman Bharat scheme has been extended to ASHA workers and Anganwadi helpers.
11:59 AM: Budget speech concludes
FM Sitharaman concluded the interim Budget 2024 in under an hour, a far cry from her nearly three-hour budget speech in 2020.
11:55 AM: Taxation
There are no changes in taxation and the same tax rates will continue for direct and indirect taxes, including import duties, the minister said.
The date for IFSC units expiring on March 31, 2024, has been extended to March 31, 2025 to maintain continuity.
11:51 AM: Reduction in IT processing time
Average time to process returns has been reduced from 93 days to nearly 10 days.
11:50 AM: Income tax
No tax liability taxpayers with income up to Rs 7 lakh per annum.
11:44 AM: FDI inflow
The government will push for bilateral treaties with foreign partners in the spirit of 'First Develop India', the minister said.
11:40 AM: EV ecosystem boost
Our government will expand and strengthen the ecosystem by supporting the greater adoption of E-buses. This will be encouraged through a payment security mechanism, the FM said.
11:37 AM: FY25 Capex
The outlay for the fiscal year 2025 is increased by 11.1% to Rs 11.1 lakh crore, Sitharaman said.
11:35 AM: Golden era for tech-savvy youth
The FM said the near future will be a golden era for India's tech-savvy youth. A corpus of Rs 1 lakh crore will be established, with 50-year interest-free loans. The corpus will provide long-term financing or re-financing with long tenures with low or no interest rates. This will encourage the private sector to scale research significantly in sunrise domains.
11:33 AM Ayushman Bharat healthcare cover extended
Smart healthcare cover under Ayushman Bharat scheme will be extended to all ASHA workers to all Anganwadi helpers.
11:31 AM Electric vehicle entrepreneurship
Charging infrastructure for electric vehicles offering entrepreneurship opportunities for a large number of vendors for supply and installation, offering employment opportunities for the youth with technical skills towards manufacturing installation and maintenance.
11:26 AM Rooftop solarisation
Through rooftop solarisation, one crore households will be enabled to avail up to 300 units of free electricity every month.
11:22 AM MSME training
Appropriate training for the Micro Small and Medium Enterprises to grow and also compete globally will be developed.
11:17 AM Fasal Bima Yojana
Crop insurance has benefitted 4 crore farmers under PM Fasal Bima Yojana
11:16 AM Women empowerment
The empowerment of women through entrepreneurship has gained momentum, and female enrollment in higher education has gone up 28% in ten years.
11:14 AM: Upskilling for youth
Skill India Mission has upskilled 1.24 crore youth.
11:11 AM: Welfare schemes for poverty alleviation
Over the last ten years, the government has assisted 25 crore people to achieve freedom from multidimensional poverty.
11:09 AM: Viksit Bharat by 2047
Development to focus on four pillars of development - the poor, women, youth and farmers.
11:03 AM: Inclusive development
The development philosophy of the government is Sabka saath, sab ka vikas. Social inclusivity covering all strata of society, geographical inclusivity covering all regions of the country.