Budget Day 2024 Recap: Major Highlights From FM Nirmala Sitharaman's Key Announcements

By Oneindia Staff

Updated: Thursday, February 1, 2024, 16:06 [IST]

Budget 2024 Highlights:- Union Finance Minister Nirmala Sitharaman on Thursday tabled the interim budget for the next quarter only due to elections slated in next 3 months. The Finance Minister informed the house that the full budget for fiscal year 2024-25 will be presented in July.

This was the sixth time (five full budgets and one interim budget) that she presented the financial roadmap under the Narendra Modi government. In her address, the Finance Minister made many key takeaways including no change in direct or indirect taxes, building 2 crore new houses for the poor under PM Awas Yojna, and a boost for milk and dairy farming industries.

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Ahead of the budget session, President Droupadi Murmu wished luck to Finance Minister Nirmala Sitharaman as she bestowed her with "dahi cheeni (curd and sugar)."

Feb 01, 2024, 3:34 PM IST

LIVE Blog Ends.

Feb 01, 2024, 3:22 PM IST

DMK MP T Siva says the Modi government “waiting for the next full Budget, which we will come and present,” claiming that the INDIA bloc will win the upcoming general elections.

Feb 01, 2024, 2:35 PM IST

Devang Shah, Co-Head, Fixed Income, Axis Mutual Fund: “Lower fiscal deficit and lower gross market borrowings are a positive for debt markets.”

Feb 01, 2024, 2:24 PM IST

Reacting to the interim budget 2024 tabled by the Finance Minister Nirmala Sitharaman, BJP National President JP Nadda said," This far-sighted budget lays the foundation of a developed India. The housing scheme for the middle class announced in this budget is a revolutionary step...We don't just give the slogan of 'Garibi Hatao' but alleviate poverty. The target for Lakhpati didi has been raised to 3 crores. MSME sector to be made global. The tourism and renewable energy sectors have been focused upon in this budget."

#WATCH | On interim Budget, BJP National President JP Nadda says," This far-sighted budget lays the foundation of a developed India. The housing scheme for the middle class announced in this budget is a revolutionary step...We don't just give the slogan of 'Garibi Hatao' but… pic.twitter.com/VXpAOZsxHQ
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 2:22 PM IST

Vinod Sharma, Chairman of CII National Committee on ICTE and Managing Director, Deki Electronics Ltd said, "I think we are on to a responsible yet inspiring next 5 years. Obviously, we were not expecting any changes in taxes. For our own industry and electronics there was some tweaking, some rationalisation of customs duty. But that was already announced yesterday. For my industry I would say that what enthuses me is the announcements regarding rooftop solar, regarding electric vehicles and what improvements we want to do in agricultural productivity - all of these will require a lot of electronics. We hope that these electronics will be made in India, designed in India and also the role that electronics needs to play in the development of this country into the Viksit Bharat..."

#WATCH | Delhi | On Interim Budget 2024-25, Vinod Sharma - Chairman, CII National Committee on ICTE and Managing Director, Deki Electronics Ltd says, "I think we are on to a responsible yet inspiring next 5 years. Obviously, we were not expecting any changes in taxes. For our own… pic.twitter.com/LOgiy85MVh
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 2:04 PM IST

"Aquaculture is in good focus this year as the PM Matsya Sampada Yojana has revised to increase productivity by 2 tonnes per hectare, a goal of further doubling down exports here on," says Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS on Union Budget 2024.

Feb 01, 2024, 2:02 PM IST

Divam Sharma, Founder and Fund Manager at Green Portfolio, PMS, said Focus on Infracture and populist stance before elections as expected. No changes in tax are surprising as the masses had faced the burnt of a fall in disposable income and this announcement could have appeased the masses.

Feb 01, 2024, 1:57 PM IST

On the Interim Budget 2024, Ashish Gupta, CIO, Axis AMC said, “While we did not expect any major announcements in this budget, the lower fiscal deficit coupled with higher capex outlay will aid continued momentum of India growth story. Both of these moves are enablers for a pickup in private capex cycle.”

Feb 01, 2024, 1:48 PM IST

BJP MP Ravi Shankar Prasad called the interim budget historic and a plan that will impact people directly.

#WATCH | Delhi: On Interim Budget 2024-25, BJP MP Ravi Shankar Prasad says, "This is a very effective and historical interim budget. It mentions the achievements of the past and a strong path towards the future. We will present the full budget in July... The number of taxpayers… pic.twitter.com/W0StvsSG7X
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 1:40 PM IST

After Finance Minister Nirmala Sitharaman tabled the interim budget 2024, Congress MP Adhir Ranjan Chowdhury said, "Is this a budget to provide employment to the unemployed... This budget is nothing but to woo people in this year's Lok Sabha elections."

#WATCH | On Union Interim Budget 2024-25, Congress MP Adhir Ranjan Chowdhury says, "Is this a budget to provide employment to the unemployed... This budget is nothing but to woo people in this year's Lok Sabha elections." pic.twitter.com/V7QcIXTRlR
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 1:34 PM IST

Union minister Rajnath Singh on Thursday said the interim Union Budget outlines the vision for a ''confident, strong and self-reliant Viksit Bharat'', and asserted that he was assured that the size of the Indian economy will grow to more than USD 5 trillion by 2027. In a post on X, he also said there is something in this Budget for ''every section of the society''. The government is working to make India a developed country by 2047, Finance Minister Nirmala Sitharaman said on Thursday while presenting the interim Budget 2024-25.

Feb 01, 2024, 1:23 PM IST

This interim budget is inclusive and innovative. It has confidence of continuity. It will empower all 4 pillars of Viksit Bharat- Yuva, Garib, Mahila and Kisan. This Budget gives the guarantee of making India a developed nation by 2047."

#WATCH | PM Modi on interim Budget 2024

This interim budget is inclusive and innovative. It has confidence of continuity. It will empower all 4 pillars of Viksit Bharat- Yuva, Garib, Mahila and Kisan. This Budget gives the guarantee of making India a developed nation by 2047." pic.twitter.com/FtS7Azr1G4
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 1:22 PM IST

Ayushman Bharat yojana extended to Anganwadi workers, says PM

Feb 01, 2024, 1:17 PM IST

This Budget lays down foundation to become Vikshit Bharat by 2047: PM Narendra Modi

The #ViksitBharatBudget benefits every section of the society and lays the foundation for a developed India. https://t.co/RgGTulmTac
— Narendra Modi (@narendramodi) February 1, 2024

Feb 01, 2024, 1:14 PM IST

On Interim Budget 2024-25, Srivats Ram - Vice Chairman of CII Tamil Nadu State Council and Managing Director, Wheels India Ltd, Chennai says, "The Interim Budget has been one about consistency and continuity. The government has spent a lot of funds towards CapEx on infrastructure projects in the last two budgets...Taxation has not been touched at all...She has also spoken about Viksit Bharat 2047. She has mentioned that in the July budget, there will be a detailed plan related to that. So, we'll have to wait and see that plan before we make a further comment. The Interim Budget is one which promises continuity and stability which has brought us growth in the last two years..."

Feb 01, 2024, 12:52 PM IST

Nirmala Sitharaman Extends Ayushman Bharat Health Cover To All ASHA, Anganwadi Workers

Finance Minister Nirmala Sithraman during the union budget 2024 speech, announced to extend benefits of the Ayushman Bharat scheme to all ASHA and Anganwadi Workers. Ayushman Bharat is a health scheme that provides medical cover up to Rs 5 lakhs for free. Asha and Anganwadi workers work in the front like to facilitate enabling access to health and nutrition-related services to the community.

Feb 01, 2024, 12:26 PM IST

After concluding the interim Budget speech, Finance Minister Nirmala Sitharaman introduces the Finance Bill 2024 in Lok Sabha

Feb 01, 2024, 12:23 PM IST

"To address fervour for domestic tourism, projects for port connectivity, tourism infra & amenities will be taken on our islands including Lakshadweep," says FM Sitharaman

Feb 01, 2024, 12:22 PM IST

Union Finance Minister Nirmala Sitharaman says, "In the full budget in July, our Government will present a detailed roadmap for our pursuit of Viksit Bharat."

Feb 01, 2024, 12:21 PM IST

Apt to look where we were at 2004, and where we are now; Govt to lay white paper in Parliament on mismanagement of economy prior to 2014: FM.

Feb 01, 2024, 12:20 PM IST

Budget Reactions Go Viral As Funny Memes Flood Social Media

Netizens are having a field day as they flood social media with funny memes over the Union Budget 2024. Read more...

Feb 01, 2024, 12:12 PM IST

FM Nirmala Sitharaman in her Union Budget 2024 speech appreciated income taxpayers and said that the changes brought about in the new income tax regime last year.

Feb 01, 2024, 12:07 PM IST

M proposes to retain same tax rates for direct and indirect taxes including export duties.

Feb 01, 2024, 12:03 PM IST

Finance Minister Nirmala Sitharaman on Thursday announced plans to increase milk and dairy production in the country. India is the largest milk producer in the world but there is low productivity, the finance minister said.

Feb 01, 2024, 11:57 AM IST

In the aviation sector, the rollout of air connectivity to tier 2 and tier 3 cities has been widespread. Indian carriers have also proactively placed orders for over 1000 new aircraft. In addition, the expansion of the existing and development of new airports will continue in the coming years, says FM.

Feb 01, 2024, 11:54 AM IST

For promoting green growth, the new scheme of bio mfg and biofoundry will be launched, announced Nirmala Sitharaman.

Feb 01, 2024, 11:52 AM IST

No income tax up to Rs 7 lakh under new tax regime

Feb 01, 2024, 11:50 AM IST

Capital Expenditure in the Budget

2021 - ₹4.4 Lakh Crore, 2022 - ₹5.5 Lakh Crore, 2023 - ₹7.5 Lakh Crore, 2024 - ₹10 Lakh Crore and 2025 - ₹11 Lakh Crore.

Feb 01, 2024, 11:49 AM IST

Nirmala Sitharaman said that, “Proactive inflation management has helped keep inflation within the band.”

Feb 01, 2024, 11:48 AM IST

States will be encouraged to take up comprehensive development of iconic tourist centres and marketing them at global stage: FM

Feb 01, 2024, 12:25 am IST

What's the projection for India's growth? The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report, reported news agency ANI. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the couple of years. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy.

Feb 01, 2024, 12:26 am IST

Mark your calendars for the Interim Union Budget 2024!

Mark your calendars for the Interim Union Budget 2024!

Union Finance Minister @nsitharaman to present the #ViksitBharatBudget on February 1, 2024🗓️

▶️Watch LIVE here: https://t.co/qjxVNN0Whn pic.twitter.com/RFygVN84mI
— PIB India (@PIB_India) January 31, 2024

Feb 01, 2024, 12:30 am IST

Union Finance Minister will hold the post-Budget Press Conference at the National Media Centre, New Delhi, tomorrow.

Union Finance Minister Smt. @nsitharaman will hold the post-Budget Press Conference at the National Media Centre, New Delhi, tomorrow 👇

🗓️ 1st February 2024

⏰ 16.00 Hours IST#ViksitBharatBudget pic.twitter.com/24xCb8G8BT
— Ministry of Finance (@FinMinIndia) January 31, 2024

Feb 01, 2024, 12:31 am IST

Budget 2024 LIVE: Date, time and where to watch live? As the PM Modi government is set to announce the Interim budget 2024 on February 1, this marks Finance Minister Nirmala Sitharaman's sixth budget. As this is an election year, this budget will only be a vote-on-account as a full-fledged budget will be presented after the Lok Sabha elections 2024.

Feb 01, 2024, 12:33 am IST

Hon'ble Finance Minister, MoS (F)Chaudhary & MoS (F) Dr Bhagwat Karad with the CBDT Budget team on the eve of the Interim Budget.

Hon'ble Finance Minister Smt. @nsitharaman, MoS (F) Sh. @mppchaudhary & MoS (F) Sh. @DrBhagwatKarad with the CBDT Budget team on the eve of Interim Budget.

Finance Secretary, Dr. T.V. Somanathan, Secretary, Revenue, Sh. Sanjay Malhotra, Chairman, CBDT Sh. Nitin Gupta & Member,… pic.twitter.com/ZYGx3N1wAC
— Income Tax India (@IncomeTaxIndia) January 31, 2024

Feb 01, 2024, 8:14 am IST

On Thursday, Union Finance Minister Nirmala Sitharaman will table the interim budget before the country heads for Lok Sabha polls later this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government.

Feb 01, 2024, 8:16 am IST

The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy.

Feb 01, 2024, 8:16 am IST

"The year 2023 was a historic year for India when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," the FM said.

Feb 01, 2024, 8:20 am IST

A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address.

Feb 01, 2024, 8:23 am IST

In addition, Union Minister Joshi also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted.

Feb 01, 2024, 8:26 am IST

The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the couple of years.

Feb 01, 2024, 8:29 am IST

India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy.

Feb 01, 2024, 8:36 am IST

According to projections, India is expected to become the third-largest economy in the world with a GDP of USD 5 trillion in the next three years. Subsequently, India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030).

Feb 01, 2024, 8:48 am IST

The Samyukt Kisan Morcha on Wednesday said the BJP-led government should fulfil its promise of providing Minimum Support Price (MSP) for crops based on the "C2+50 per cent" formula, which takes into account comprehensive cost of production.

Feb 01, 2024, 8:51 am IST

Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance as she is set to present the interim Budget today.

#WATCH | Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance as she is set to present the interim Budget today pic.twitter.com/46Ut7oHdzE
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 9:09 am IST

Ahead of the presentation of the Union Interim Budget today, KV Subramanian - Executive Director of the IMF and former Chief Economic Advisor to the Government of India says, "...If you look at the growth rate, you must remember that when there was pandemic and very few people believed it, I had said that the growth rate will be more than 7% and that is what the numbers are...The policies we adopted during the pandemic, a mixture of supply & demand...benefitted the needy. Capital expenditure has been increased - by almost 3.5%. So, India's economy is quite strong and in a good position due to this. IMF and others can see this clearly."

Feb 01, 2024, 9:18 am IST

Union Finance Minister Nirmala Sitharaman with her team.

#WATCH | Union Finance Minister Nirmala Sitharaman will present the interim budget today pic.twitter.com/irGtbAcPbP
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 9:26 am IST

In a statement, SKM, the umbrella body of farmers' organisations alleged the PM Kisan Samman Nidhi was an "eyewash" and meant to "deny" farmers their due right of MSP. Farmers are losing money despite Rs 6,000 being given under the scheme due to the MSP calculation formula not being changed, it claimed. If the government fails to meet their demands, farmers will declare "no votes for BJP" in the upcoming Lok Sabha polls, it said.

Feb 01, 2024, 9:31 am IST

The SKM said the current MSP for paddy is Rs 2,183 per quintal for the year 2023-24, which is based on A2+FL formula, which means it includes costs incurred by the farmer and the value of the family labour.

Feb 01, 2024, 9:38 am IST

Interim Budget copies arrive in Parliament.

#WATCH | Interim Budget copies arrive in Parliament, Finance Minister Nirmala Sitharama to present her sixth straight budget today pic.twitter.com/I19rEcQmQx
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 9:44 am IST

Netizens can watch the budget analysis live here:

Feb 01, 2024, 9:49 am IST

Ahead of the presentation of the Union Interim Budget, Samir Somaiya - President of IMC Chamber Of Commerce And Industry says, "This is an Interim Budget, so there will be some limitations. But I think they will underscore their priorities. I also think that when you look at the demographic dividend that the country has - we have such a large young population, you need to also skill them if you need them to be ready for the kind of infrastructure, defence, space, agriculture, precision farming and the whole startup infrastructure that they also need to create. So, I think they will continue to build this ecosystem to build a virtuous cycle so that India continues to grow at 6.5% and more."

Feb 01, 2024, 9:51 am IST

LPG Price Hike

Feb 01, 2024, 9:58 am IST

Finance Minister Nirmala Sitharaman carrying the Budget tablet arrives at Parliament, to present the country's interim Budget.

#WATCH | Finance Minister Nirmala Sitharaman carrying the Budget tablet arrives at Parliament, to present the country's interim Budget pic.twitter.com/yMLD10p3aK
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 10:08 am IST

On the budget 2024, Rahul Garg - Chairman, National Council on Direct Taxes, ASSOCHAM & Partner, Price Waterhouse & Co LLP, said, "The industry expectation is that our financial prudence in running the economy, how has that performed - it should come out very clearly. So, I think this being an Interim Budget, everybody is eyeing whether we would be able to contain our fiscal deficit. It seems that by payment of taxes and collection of taxes by people and businesses, we have had a reasonably good collection of taxes. The overall government expenditure - both on infrastructure as well as on the welfare schemes - was in a range which is within the overall collection of taxes. Therefore, it is very likely that the industry expectation, the economists' expectation, the whole world's expectation of prudence in India's financial management would be very apparent. So, most likely we would get an announcement that we were able to contain our fiscal deficit at 5.9%. This also gives a confidence that we can consolidate it further and next year perhaps we could look even lower..."

Feb 01, 2024, 10:09 am IST

Bhubaneshwar, Odisha: On Interim Union Budget 2024, President of Utkal Chamber of Commerce and Industry, Brahmananda Mishra says, "All of us expect a very good budget. This budget will give India a direction to become a trillion economy by 2027, trillion by 2030, and trillion by 2035. This budget should be the roadmap for our country as well as the world. Since this is the election year, people will expect a lot of relief. They need to lay emphasis on the youth, the largest population in the world and work for the expansion of infrastructure and also on the MSME sector. The MSME sector can provide a lot of employment opportunities. Startup has to be encouraged. Subsidies given for renewable energy for a trade deficit need to be minimised... Since India is emerging as the largest economy having the largest population and is the largest democracy, the entire world is looking at how the budget is going to be presented..." (31.01)

#WATCH | Bhubaneshwar, Odisha: On Interim Union Budget 2024, President of Utkal Chamber of Commerce and Industry, Brahmananda Mishra says, "All of us expect a very good budget. This budget will give India a direction to become a trillion economy by 2027, trillion by 2030,… pic.twitter.com/vT49flWhFF
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 10:12 am IST

"They will try to hoodwink the people of India...," says MDMK MP Vaiko on the government's interim Budget today.

Feb 01, 2024, 10:23 am IST

"Budget will be progressive and for the development of the country," says Union Minister Rao Inderjit Singh on interim Budget.

Feb 01, 2024, 10:31 am IST

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman along with Ministers of State Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary and senior officials of the Ministry of Finance at Rashtrapati Bhavan.

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman along with Ministers of State Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union… pic.twitter.com/o2UrUCRuaH
— ANI (@ANI) February 1, 2024

Feb 01, 2024, 10:47 am IST

Ahead of the presentation of the Union Interim Budget, Congress MP K Suresh says, "We are expecting this to be an election-oriented budget. BJP wants to win again and come back to power. That is why, there will be some gimmick in the budget. There will be eyewash schemes for common people...On one side they talk about common people and on the other side, they are increasing commercial gas cylinder's price and implementing anti-people policies."