Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on February 1, 2024. Expectations are high for investments in infrastructure, healthcare, education, and changes to income tax. The Interim Budget 2024 is important as the Narendra Modi government aims to sustain India’s GDP growth and reduce the fiscal deficit. India is currently the fastest growing major economy and is projected to become the world’s third largest economy with a $5 trillion GDP. FM Nirmala Sitharaman’s Budget 2024 Vote On Account is expected to outline a plan to achieve this goal.
The Budget for 2024 is expected to include a large amount of money spent on infrastructure, particularly on roads, highways, and the Indian Railways. This aligns with the Modi government’s goal of boosting India’s economy through infrastructure investment. The capital expenditure allocation for the Indian Railways is projected to reach a record high of around Rs 3 lakh crore. Since 2017, the Railway Budget has been presented as part of the Union Budget speech instead of separately.
Income tax expectations for Budget 2024 are high, particularly due to high inflation. The common man, middle class, and salaried individuals are hoping for income tax relief in the form of changes to tax slabs, tax rates, standard deduction, deductions like Section 80C, or adjustments to the new income tax regime. Despite being an Interim Budget in an election year, experts anticipate some populist measures.
Indian companies are also interested in the 2024 Budget to improve business operations and support the MSME and startup sectors. The government is expected to prioritize agriculture, and experts predict that the payment to women farmers could be doubled from Rs 6,000 to Rs 12,000.
Some important sectors that may be mentioned in FM Nirmala Sitharaman’s Budget 2024 speech include healthcare, defense, education, manufacturing, and services. There may also be a focus on affordable housing through the Pradhan Mantri Awas Yojana.
The Indian economy is performing well despite global economic challenges. Domestic consumption is driving growth and is expected to help India overcome these challenges. Although the Interim Budget may not have major announcements, the government is likely to indicate its commitment to continue investing in growth while also assuring investors of its credible plan to reduce the fiscal deficit. Stay updated on the Budget 2024 by tracking on Share Market News Online.
Budget 2024: No announcement for taxpayers
The government will create a high level committee to carefully study the problems caused by rapid population growth and changes in demographics.
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India Sets FY25 Gross Market Borrowing INR14.13T, Net INR11.75.
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The government will continue on path of fiscal consolidation, Sitharaman says. The fiscal deficit in 2024-25 is estimated to be 5.1%.
83 lakh SAGs with 9 crore women are transforming the rural socio-economic landscape. Their success has assisted in making more than 1 crore women become Lakhpati Didi already
Railways – 3 Major Connectivity announced. Port connectivity corridor, energy, mineral and cement corridor and High traffic density corridor
Our government will adopt economic policies that foster and sustain growth, said FM Sitharaman. It will be guided by principles of Reform, Perform and Transform.
⚡300 UNITS FREE ELECTRICITY from Grid every month with rooftop solarisation.
34 crore Mudra Yojna loans for women.
GST has enabled one nation, one market, one tax
Interim Budget 2024-25 | Union Finance Minister Nirmala Sitharaman says, “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.”
Crop insurance has been given to 4 crore farmers under PM Fasal Bima Yojna
We are working to make India a Vikashit Bharat by 2047 – FM Nirmala Sitharaman
“We need to focus on – Garib, Mahilayen, Yuva and Annadata; Their needs and aspirations are our highest priorities,” says Finance Minister Nirmala Sitharaman in her interim Budget speech.
INDIA has a LAID Strong Foundation in this Amrit kaal – FM Nirmala Sitharaman
Over the past three years (FY22-FY24), the Modi govt has allocated a significant sum of Rs 23 lakh crore in its infra push. In 2023-24, the capital spending to GDP ratio nearly doubled from 1.6% in 2018-19 to 3.2%.
Union minister Anupriya Patel on NDA govt’s interim Budget
“I hope the provisions of this budget will be to fulfil the aims of becoming Viksit Bharat and a 5 trillion dollar economy.”
CABINET MEETING ENDS – UNION INTERIM BUDGET APPROVED
Budget 2024: Union Cabinet approves Modi govt’s last Budget ahead of Lok Sabha elections
Union Budget 2024 Live: Stock market update – BSE Sensex, Nifty50, Bank Nifty open in green
The Indian stock market, represented by the BSE Sensex and Nifty50 indices, started positively on Budget 2024 day. At 9:22 AM, the BSE Sensex was trading at 71,802.66, up 50 points or 0.070%. The Nifty50 was at 21,741.15, up 15 points or 0.071%. Investors are eagerly awaiting finance minister Nirmala Sitharaman’s Union Budget 2024, which is expected to have a significant impact on the market.
Union Budget 2024: Defence sector expectations
India’s defense sector is experiencing significant growth and focusing on self-reliance and advanced capabilities. The government has increased budget allocations to support modernization, veterans’ welfare, and initiatives like DRDO, iDEX, and DTIS. However, experts suggest a larger budget increase is needed to address modernization demands, pension funds, and strategic needs. Emphasizing indigenous innovation, infrastructure development, and strategic partnerships is crucial for strengthening India’s defense capabilities in the face of rising security threats and aligning with global dynamics.
Budget 2024 Expectations: Hospitality and MSME Sector: Vandita Purohit, Founder, Mauji Cafe
Budget 2024 Update: Despite positive changes, it is difficult for local communities to access information about government plans, project details, budgets, and grants. This is especially true for startup grants mentioned in the annual budget.
Budget 2024 Expectations: Businesses are eager to see what the budget for 2024 will bring.
“Indian businesspeople are eager for the effective implementation of the initiatives introduced by the Modi administration. We also anticipate a declaration regarding policy assistance to facilitate easy access to financial support for businesspeople,” says Praveen Khandelwal, Secretary General of CAIT.
FM Nirmala Sitharaman arrives at the Ministry of Finance
Finance minister Nirmala Sitharaman arrives at the ministry of finance as she is set to present the interim Budget at 11am
