Interim Budget 2024: Key Highlights and Developments

Check this space for more updates on Budget 2024!

11: 58 AM: Interim Budget 2024: FM raises capex target by 11.1% to ₹11,11,111 Cr; FY25 fiscal deficit budgeted at 5.1% of GDP. 

11:56 AM: Tax incentives for startups. Focus to remain on domestic tourism, to aid in generating employment. Direct tax collection over the last ten years has tripled.  

11:54 AM:

• Tax filing to be made simpler and easier for people 

• Same tax slabs to continue with no new changes in direct & indirect taxes

• No tax liability for citizens with up to ₹7 Lakhs income

11:52 AM: FY25 net market borrowing for dated securities set to ₹11.75 Lakh Crores. GST collection for this year so far stands at 1.66 Lakh Crores per month. FY25 Tax Receipts pegged at ₹26.02 Lakh Crores. FY25 Capex outlay at 3.4% of GDP. 

11:50 AM: Corporate tax drops from 30% to 22% for domestic companies & to 15% for certain new manufacturing companies. Gross borrowing stands at ₹14 Lakh Cr. Taxpayers appreciated for their support: FM

11:48 AM:

• For FY24, Revised Estimates of the total expenditure amounts to ₹44.90 Lakh Crores

• Fiscal deficit to be 5.8% of GDP. Revised estimates of receipts (other than borrowings) to reach ₹27.56 Lakh Cr. Of these, tax receipts are ₹23.24 Lakh Cr. 

11:47 AM: Government will present a roadmap for Viksit Bharat in the Full Budget in July, FM reveals. 

11:47 AM: ₹75,000 Cr interest-free loans at 50-year to be given to states by Centre to support milestone-linked reforms. “For our tech-savvy youth, this will be a golden era”, adds FM Sitaraman. 

11:46 AM: New definition of FDI = First Develop India; bilateral treaties are being signed with multiple countries to encourage sustained foreign investment. 

11:45 AM: Govt focusing on port connectivity; expansion of 100-tonne coal gasification & liquefaction capacity announced, will be set up by 2030. 

11:43 AM: Comprehensive development of tourist sectors under the G20 Presidency, presenting India’s diversity. Sector to aid in employment. 

11:42 AM: Focus on metro rail expansion in large cities. Strengthen e-vehicle eco-system, bio-manufacturing is the focus to push green growth, says FM. 

11:41 AM:

• Expansion of airports - airports doubled in number to 149

• 570 new routes set up to support 1.3 Cr. passengers

• Tech to be developed for defence

• Indian air carriers placed orders for over 1,000 new aircrafts

• Roll out of air connectivity to tier-two and tier-three cities under the UDAN scheme has been widespread, the Finance Minister adds

11:39 AM: 3 major commodity-specific economic rail corridors to be developed - 

1. Energy, mineral and cement corridors

2. Port connectivity corridors

3. High traffic density corridors 

49,000 railway bogeys to be converted & thrust on Vande Bharat trains. 

11:38 AM: 8.3 million Self-help Groups transforming rural areas with empowerment and self-reliance, assisted almost 1 Cr women to achieve financial success — target increased from 2 Cr to 3 Cr. 

11:36 AM: Fisheries to double exports to ₹1 Lakh Crores under PM Matsya Sampada

Yojana. Aquaculture productivity to be enhanced from 3 tonnes to 5 tonnes per hectare. 

11:34 AM: Atmanirbhar Oilseed Bharat Abhiyan initiated. Seafood exports doubled since 2014. 55 Lakhs new jobs to come up in fisheries. 

11:32 AM: Comprehensive development for dairy farmers. Implementation of PM Matsya Sampada Yojana has been stepped up to benefit fisheries. 5 integrated aquaparks will also be set up. 

11:30 AM: Application of NANO-DAP will be expanded. New U-WIN Portal designed to document all immunisation and vaccination programmes in India. 

11:28 AM:

• Cervical cancer vaccines to be provided

• Healthcare cover under the Ayushman Bharat scheme will be extended to all ASHA & Anganwadi Workers

• Plan to set up more medical colleges

• Maternity & childcare also remain areas of focus

11:27 AM:

• Housing for middle class - people living in rented houses/slum/chawls, will be able to buy or build their own houses, says PM Modi

• 2 Cr more houses to come up in next 5 years under Rural Plan

11:26 AM: PM Awas Yojana to give 3 Cr houses in India. Rooftop solarisation to help 1 Cr homes. Energy & accessibility to improve. 

11:24 AM: MSMEs to grow & compete globally, orient to the regulatory environment. Aspirational districts programme - Govt to focus on the development of Eastern India, making it a powerful driver of India’s growth. 

11:22 AM: Middle-east corridor to become a game-changer for India. G20 Presidency amidst high inflation. The next 5 years will be of development. 

11:21 AM: GST-Boosted Tax-based growth in India. Mission of Viskit Bharat with Modern Infra, says FM. IFSCA creating a Global Gateway. 

11:15 AM: Average income of people increased by 50%, inflation is moderate, says FM. The government followed ‘citizen-first’ and ‘minimum government, maximum governance’ approaches. 

11:11 AM: Women’s Quota Bill Passed, Triple Talakh illegal, reservation for women in LS and State assemblies. GDP has a new definition in context to FM Sitaraman’s speech in the Election Year Budget - Governance, Development, Performance. 

11:08 AM:

• 11.8 Crore farmers benefit under PM Kisan Yojana

• Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana

• PM Mudra Yojana sanctioned 43 Cr Mudra Loans

• 30 Cr PM Mudra Yojana loans given to women entrepreneurs

• Women empowerment remains in focus

11:06 AM: The Government used PM-Jan Dhan accounts for the ‘Direct Benefit Transfer’ of ₹34 Lakh Crores from the Government, leading to savings of ₹2.7 Lakh Crores. 

11:05 AM: India needs to focus on the needs and aspirations of 4 major castes – Garib (Poor), Mahilayen (Women), Yuva (Youth), Annadata (Farmer). The country will progress as these 4 groups progress, says FM. 

11:03 AM: India to achieve the status of ‘Viksit Bharat’ by 2047, says FM Nirmala Sitharaman, as she commenced her 6th Budget presentation on 1st February 2024.