Union Budget 2024 - Live Updates & News
FM Nirmala Sitharaman presents Union Budget 2024
Finance Minister Nirmala Sitharaman will present the interim budget for the fiscal year 2024–2025 to Parliament on February 1, 2024. This budget, the last under the Modi 2.0 government before the April-May Lok Sabha elections, is not the usual comprehensive annual one; it's an Interim Budget or Vote on Account.
Unlike a full-fledged budget, it acts as a temporary financial plan until a new government is formed, focusing on routine expenses and ongoing programs. The "Vote on Account" grants the government authority to withdraw funds for essential expenses, ensuring smooth functioning until the new government takes charge. Sitharaman has clarified that, being a 'vote on account,' there won't be any 'spectacular budget announcements' on February 1.
While the interim budget may not be transformative, it provides insights into the country's financial health and future priorities, aiding strategic planning for businesses and individuals. Remember, the full-fledged budget for FY 2024-25 will be presented after the elections, reflecting the vision and plans of the new government once established. The complete Union Budget will follow post the General Elections.
Live Budget Updates
Feb 01, 2024 12:33:35 PM IST
Experts are happy with the interim budget.
Feb 01, 2024 12:27:43 PM IST
FM ends speech
FM ends the speech with no change in taxes, fiscal deficit at 5.1% for FY25
Feb 01, 2024 12:25:07 PM IST
Promotion tourism in India
Projects for tourism to be taken up at islands, including Lakshawdeep, Sitharaman said. Tourism, including spiritual tourism, has tremendous opportunities. States will be encouraged to take up iconic tourist spots and develop them, FM added.
Feb 01, 2024 12:24:06 PM IST
No changes in direct, indirect tax rates
I do not propose any changes in tax rates in direct and indirect taxes including import duties, says FM.
Feb 01, 2024 12:22:09 PM IST
GST tax base has doubled
Tax base of GST has doubled, Sitharaman said, adding that the average GST monthly collection has almost doubled to Rs 1.66 lakh crore this year.
Feb 01, 2024 12:20:52 PM IST
Tax receipt
Tax receipts estimated at Rs 26.02 lakh crore in FY25, says FM
For financial year 2024-25, the tax receipts are estimated at Rs 26.02 lakh crore, she said.
Feb 01, 2024 12:19:08 PM IST
Fiscal Deficit Target
FY25 fiscal deficit target set at 5.1% of GDP
The FY24 fiscal deficit has been revised down to 5.8% of the GDP.
The FY25 fiscal deficit target has been set at 5.1% of GDP, Sitharaman said.
FY25 gross market borrowing pegged at Rs 14.13 lakh crore, net borrowing at Rs 11.75 lakh crore.
Feb 01, 2024 12:17:09 PM IST
Budget 2024 LIVE:
300 units of free electricity every month will go to 10 mn households, through roof-top solarisation, says FM
Ten million women have already become 'lakhpati didis', says FM Sitharaman. Hence the Centre has decided to enhance the scheme's target,
MSME: “Policy priority is to provide training for MSMEs to compete globally and facilitating their growth will be important. For meeting the investment needs, the government will prepare the financial sector," said FM Nirmala Sitharaman.
Feb 01, 2024 12:15:05 PM IST
Interim Budget LIVE 2024
'Govt will encourage vaccination for cervical cancer,' says FM Sitharaman while presenting interim Budget 2024.
The next five years will be years of unprecedented development and to realise the goal of becoming a developed country by 2047.
Vande Bharat train: 40,000 normal rail bogies will be converted to Vande Bharat to enhance safety, convenience, and comfort of passengers, says FM Nirmala Sitharaman.
Feb 01, 2024 12:13:03 PM IST
3 major railway corridors announced
Port connectivity corridor, energy, mineral and cement corridor and High traffic density corridor, announced Nirmala Sitharama
Feb 01, 2024 12:11:04 PM IST
Budget 2024 LIVE:
On the Capex front, the outlay for next year increased by 11.1% to Rs 11.11 lk cr
A corpus of Rs 1 lk cr will be established with 50 yr interest-free loan tech-savvy growth
After the successful adoption of Nano Urea, the application of Nano DAP will be expanded in all agroclimatic zones, announced the Finance Minister.
Govt to launch a scheme to help those living in rented houses, slums or chawls or unauthorised colonies
Feb 01, 2024 12:09:23 PM IST
Budget 2024 LIVE:
A strategy will be formulated to achieve Atmanirbharta for oilseeds like sesame, sunflower, mustard, and others, said Nirmala Sitharaman. She added, "comprehensive program to support dairy farmers will be formulated."
India-Middle East-Europe corridor will be game changer for India, says FM
Feb 01, 2024 12:07:07 PM IST
Budget 2024 LIVE:
Govt plans to set up more medical colleges by using existing hospital infrastructure and a committee for this will be set up to examine and make necessary recommendations, says FM Sitharaman.
Ayushman Bharat cover extended to all ASHA, and Anganwadi workers, says FM Sitharaman
Feb 01, 2024 12:05:07 PM IST
Housing for middle class
"Our government will launch a scheme to help deserving sections of the middle class living in rented houses or slums or chawls and unathorised colonies to buy or build their own houses," says FM Sitharaman.
Feb 01, 2024 12:03:56 PM IST
Budget 2024 LIVE:
Govt will pay utmost attention to make the Eastern region powerful driver of India's growth, says FM
Feb 01, 2024 11:55:06 AM IST
Budget 2024 LIVE:
FM Sitharaman on female enrollment and women workforce participation: Female enrollment in STEM is at 43%, one of the highest in the world. This will reflect in women participation in the workforce, says FM Sitharaman.
Next 5 years will be of unprecedented progress, says FM Sitharaman
GST has enabled one nation, one market, one tax, says FM
Crop insurance has been given to 40 million farmers under the PM Fasal Bima Yojana. This assists the annadata in producing food for the country and the world. 1,361 mandis integrated with 3 trillion trading volume," said FM Nirmala Sitharaman.
Feb 01, 2024 11:52:07 AM IST
Direct Benefit Transfer scheme (DBTs)
DBTs of Rs 34lk cr from govt using PM Jan Dhan accounts have led to savings of Rs 2.7 lk cr: These savings have been realised through the avoidance of leakages prevalent earlier, said Sitharaman. The savings give us more funds for Garib Kalyan. PM Jan Man Yojana reaches out to particularly vulnerable tribal groups
Feb 01, 2024 11:40:06 AM IST
Budget 2024 LIVE:
Govt is focussed on more comprehensive GDP - Governance, Development and Performance, says FM
Average income of people increased by 50%, says FM
Making triple talaq illegal, reservation for women in LS and State assemblies, houses under Awas yojana to women in rural areas have enhanced their dignity: FM
34 cr Mudra Yojana loans been given to women entrepreneurs
Government's support to Startup India, Startup Credit Guarantee schemes for youth are becoming "rozgaar data." Govt also provided 30 crore Mudra Yojna loans to women entrepreneurs, says FM.
Feb 01, 2024 11:39:06 AM IST
Budget 2024 LIVE:
Govt assisted 25 cr people to get freedom from multidimensional poverty in last decade: FM
Govt under PM Modi is secularism in action: FM
Feb 01, 2024 11:14:07 AM IST
We are working to make India a Vikashit Bharat by 2047, says FM
We need to focus on four major pillars -- poor, women, youth and annadatas, says FM: There is transparency and assurance that benefits are available for all eligible people, and the resources are distributed towards all eligible people without any discrimination. We are addressing systemic inequalities that have plagued our society.
We need to focus on four major pillars -- poor, women, youth and annadatas. Their empowerment and wellbeing will drive country forward, she added.
Garib ka kalyan, desh ka kalyan, says FM: Garib Kalyan is desh ka kalyan. We believe in empowering the poor. The earlier strategy of entitlement did not work. With the pursuit of Sab ka Saath, the government has helped alleviate 25 crore people from multi-dimensional poverty.
Feb 01, 2024 11:07:13 AM IST
Indian economy has witnessed profound transformation in the last 10 years
The Indian economy has witnessed positive transformation in the last 10 years. People are looking towards future with hope. In 2014, the country was facing enormous challenges. With Sabka Saath, Sabka Vikaas, the Narendra Modi-led government overcame those challenges.
Feb 01, 2024 10:37:40 AM IST
Sensex, Nifty trades flat with positive bias ahead of budget
Indian stock markets are currently trading flat with a positive bias ahead of the Interim Budget 2024 scheduled for today at 11 AM IST.
Feb 01, 2024 09:33:16 AM IST
Union Budget 2024 to start at 11 AM
Today's budget is an Interim Budget! So, no major surprises are expected in today's budget! But buckle up for announcements on fiscal consolidation, infrastructure development, and rural well-being. Stay tuned for key updates!
Jan 25, 2024 10:51:33 AM IST
Stay Tuned for Live Union Budget 2024 Updates!:
Stay Tuned for Live Union Budget 2024 Updates!
Budget News
Solar Stocks Surge as FM Proposes Rooftop Solar Support For 1 cr Homes
Shares of solar related stocks surged by up to 5% today following the announcement by Union Finance Minister Nirmala Sitharaman. During the presentation of the interim budget for the fiscal year 2024-2025, she unveiled the "Pradhanmantri Suryodaya Yojana," proposing assistance for installing rooftop solar systems in 1 crore households.
Interim Budget 2024-25: No Changes in Taxation
In her recent interim Budget presentation, Union Finance Minister Nirmala Sitharaman announced that there would be no alterations to direct and indirect tax rates, including import duties for the fiscal year 2024-25. Sitharaman highlighted the government's commitment to maintaining stability in taxation and shared positive news on reduced refund processing times.
Fertilizer Stocks Soar on Nano DAP Expansion in Budget 2024
To boost India's agriculture sector, Finance Minister Nirmala Sitharaman announced the expansion of Nano DAP (Liquid) application across all agro-climatic zones. This has sparked a positive response in the stock market, with notable gains in fertiliser stocks.
What to Expect for Indian Railways in this Union Budget 2024?
For budget 2024 experts project a record breaking budgetary allocation for Indian Railways, set to surpass ₹3 lakh crore in 2024-25, marking a 25% increase from the previous year.
Budget Blogs
Interim Budget 2024: Key Highlights
In Parliament today, Finance Minister Nirmala Sitharaman presented the interim Union Budget for 2024-25. This is the sixth budget of the current government under Prime Minister Narendra Modi's second term. Since the elections are coming up, the usual budget has been replaced with an interim budget.
Decoding Budget 2024-25: Navigating Fiscal Deficit
The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, holds crucial insights for investors & the economic landscape. Here are the key highlights: 1. Revised Fiscal Deficit a) The revised fiscal deficit for FY24 stands at 5.8% of GDP, emphasizing government's focus on managing its revenue & expenses.
Unlocking Innovations Budget 2024
Highlight of the Budget In a ground-breaking move aimed at fostering innovation, the Union Budget announces a Rs 1 lakh crore corpus dedicated to supporting research & innovation for the tech-savvy youth. This corpus comes with a 50-year interest-free loan, offering a significant boost to the private sector's research & innovation efforts in emerging domains.
Budget FY24 - Transformative Railway Corridor Programs
Well the budget 24 has been disclosed and the primary focus has been set on ‘Railways’, lets dig in tis blog to find out what’s fruitful is in this action.
Videos related to Budget
All about Interim Budget | Union Budget 2024 #BudgetkiBaat
Union Budget 2024 Expectations | Key Sector wise Expectations from Interim Budget
Union Budget 2023-24: Key Highlights and Financial Insights
Frequently Asked Questions
An interim budget is a provisional financial plan implemented for a brief period until a new government is established. It serves to manage expenses until a comprehensive budget is presented by the incoming government in July.
Finance Minister Sitharaman is expected to present the Interim Budget for 2024-2025 on February 1, 2024, at 11:00 AM.
During the budget presentation before the start of the new financial year, the government outlines anticipated earnings and expenditures for the year. These estimates undergo adjustments, and the revised estimates for revenues and expenses are presented in the subsequent year's budget. Any additional projections made in the Revised Estimates require approval from Parliament for expenditure.
Disinvestment can be described as the process wherein an organization or government sells or liquidates an asset or subsidiary. In the context of government budgets and fiscal policy, disinvestment typically involves the partial or complete sale of a government-owned enterprise.
Every year, the government of India makes a plan for how it will spend and earn money. This plan is called the Union Budget, and it is shared with the Parliament. The budget includes estimates of how much money the government expects to receive and how much it plans to spend in a fiscal year. In India, the fiscal year runs from 1st April to 31st March. The Union Budget puts all the expenditure projections on one side and the income projections on the other side. Then based on the gap, the budget decides on its outlay plans, borrowing plans, etc.
The Union Budget plays a key role in efficiently allocating resources for the Indian economy. It aims to ensure productive welfare spending, reduce unemployment and poverty through schemes like MGNREGA, address wealth and income disparities through tax adjustments, and control inflation while promoting economic growth.
The Union Budget of India, also known as the Annual Financial Statement in Article 112 of the Indian Constitution, is presented each year on the first working day of February by the Finance Minister in Parliament. The Budget Division in the Department of Economic Affairs, under the Union Ministry of Finance, is responsible for preparing the Union Budget. Once approved by the President, the Finance Minister presents the final Union Budget in the Lok Sabha.
In general, the government presents three types of budgets: Balanced Budget, where expenditures equal expected revenue; Surplus Budget, where revenue exceeds expenses; and Deficit Budget, where the government plans to spend more money than it expects to receive in revenue.
The Union Budget of India consists of two essential parts: the revenue budget and the capital budget. Revenue Budget: This budget outlines the government's expected income and day-to-day expenses for the fiscal year. It includes revenue from taxes and non-tax sources, covering operational costs, salaries, and subsidies. If expenses exceed revenue, it results in a revenue deficit. Capital Budget: The capital budget focuses on long-term assets and liabilities. It involves capital receipts like loans and treasury bill sales, increasing liabilities or reducing financial assets. Capital payments include expenses for infrastructure, construction, and machinery acquisition, contributing to public welfare.
A fiscal deficit occurs when the government's total revenues exceed the government's total expenditures.
The Revenue Budget comprises the government's revenue receipts and revenue expenditure. Under revenue receipts, the key component is tax revenues which include income tax, GST, corporate tax, customs duty, etc. Then there is non-tax revenue in the form of interest, dividends from PSUs, profits from subsidiaries, fees, fines, penalties, etc. While revenue expenditure refers to the regular expenses incurred for the government's routine & smooth operation as well as the range of services provided to the public. These include salaries, maintenance, wages, etc. In the event that the revenue expenditure is more than revenue receipts, the government is said to be running a revenue deficit.
The capital budget focuses on capital flows. The capital budget includes long-term components such as capital expenditures or outflows and capital receipts or inflows. Loans from citizens through bonds, loans from the RBI, sovereign loans from foreign governments, loans from foreign markets, and so on are some of the major sources of government capital receipts. Capital expenditure includes costs for the development and upkeep of equipment, machinery, health facilities, buildings, education, etc. Generally, capital expenditure is considered GDP accretive, especially in setting up hospitals and schools, which has long-term positive implications. A fiscal deficit occurs when the government's expenditure exceeds its total revenue collection.
A fiscal deficit occurs when a government's income falls short of its expenditures. It represents the disparity between the total income of the government and its overall expenditure. It is generally calculated as a percentage of the country's GDP. A fiscal deficit can be necessary if the government is investing in long-term projects like infrastructure, which can have positive implications in the long run.
GDP, or Gross Domestic Product, is the monetary value of all final goods and services produced within a country over a given time period. It includes market-based production as well as non-market production such as defense, education, and public health. Real GDP, adjusted for inflation, is commonly used in India.
Fiscal policy is the policy under which the government uses taxes, public spending, and public borrowing to reach its economic goals. In plain words, it's the government's plan for spending and taxes to make the economy grow steadily.
Direct taxes are paid directly by individuals or organizations to the government and include income tax, property tax, wealth tax, gift tax, and corporate taxes. Indirect taxes can be passed on to another entity or individual and include VAT, GST, central excise, and customs duty.