India Budget 2024 Highlights: Key takeaways from Nirmala Sitharaman's 6th budget

In a strategic move aimed at sustaining India's position as one of the world's fastest-growing major economies, Finance Minister Nirmala Sitharaman announced a record-breaking capital expenditure (capex) of 11.11 trillion rupees (approximately $134 billion) for infrastructure creation in the fiscal year beginning on April 1, 2024.

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Ahead of the upcoming general elections, Indian Prime Minister Narendra Modi's government unveiled a budget that steered clear of populist measures and focused on fiscal consolidation to attract investors.

Tax policies remained unchanged, and major subsidies on essential items like food, fertilisers, and fuel were slashed by 8 per cent, signalling a commitment to financial prudence.

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The Indian stock market gave a thumbs down to the interim budget on Thursday. 

The Sensex closed 106.81 points down, settling at 71,645.30. The Nifty, on the other hand, lost 28.20 points to end the day at 21,697.50. 

Overall, the interim budget turned out to be a mixed bag. While auto, bank, FMCG and power stocks rose by 0.2 to 0.8 percent, capital goods, metal and realty sectors were down by a percent each.

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Stock market expert Ambrish Baliga calls 2024 interim budget "decent."

Indian stock market indices fell on Thursday following Finance Minister Nirmala Sitharaman's budget speech. The BSE Sensex fell 24 points, while the Nifty dropped 2.80 points.

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• This budget will empower yuva, gareeb, mahilaye and annadata
• This budget will help control fiscal deficit
• Vande Bharat standard 40,000 bogeys will be prepared

India's Interim Budget Unveils Strategic Infrastructure Boosts, Propelling Economic Growth and Transformative Sectors.

FM Nirmala Sithraman said that the government will come up with a white paper for the Indian economy and table it for the parliament.

Stock markets remained flat following Finance Minister's speech, with the Sensex and the Nifty barely in the green.

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"Our government plans to set up more medical colleges by utilising the existing hospital infrastructure under various departments. A committee for this purpose will be set up to examine the issues and make relevant recomendations."

"I propose to retain the same tax rates for direct and indirect taxes including import duties," Finance Minister Nirmala Sitharaman said.

"...The revised estimate of the fiscal deficit is 5.8 per cent of GDP, improving on the budget estimate notwithstanding moderation in the nominal growth estimates."

"The fiscal deficit in 2024-'25 is estimated to be 5.1 per cent of GDP."

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

The outlay for infrastructure has been increased to Rs 11.11 lakh crores in FY25, says FM Sitharaman.

"For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates."

"BJP government, based on its stupendous work, will be blessed again by people with resounding mandate"

"A new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting self-reliance.."

"Through roof-top solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the Prime Minister on the historic day of the consecration of Shri Ram Mandir in Ayodhya."

"For further growth of agriculture sector, the government to further promote public & private investment in post-harvest activities."

"Despite the challenges due to COVID, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years to meet the requirement arising from increase in the number of families."

"The health cover under the Ayushman Bharat scheme will be extended to all ASHA and Anganwadi workers and helpers."

The next five years will be the years of unprecedented development, says FM Nirmala Sitharaman

"Our government will adopt economic policies that foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, help them enhance their capabilities and contribute to generation of resources to power investments and fulfuill aspirations..."

"The government is equally focused on GDP - Governance, Development and Performance."

"The country is proud of our youth scaling new heights in sports. The highest-ever medal tally in Asian Games and Asian Para games in 2023 reflects a high confidence level. Chess prodigy and our no.1 ranked player Praggnanandhaa up a stiff fight against the reigning world champion Magnus Carlsen in 2023. Today, India has over 80 Chess Grandmasters compared to a little over 20 in 2010."

"Female enrolment in higher education up by 28 per cent in 10 years, in STEM courses, girls & women make 43 per cent of enrolment, one of the highest in the world. All these steps are reflected in the increasing participation of women in the workforce. Making triple talaq illegal, reservation of 1/3 seats for women in Parliament and state assemblies, over 70 per cent houses under PM Awas Yojana to women have increased their dignity."

"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."

"We need to focus on - Garib, Mahilayen, Yuva and Annadata; Their needs and aspirations are our highest priorities.."

"...The Indian economy has witnessed a profound positive transformation in the last 10 years, The people of India are looking ahead to the future with hope and optimism. With the blessings of the people, when our government - under the leadership of PM Narendra Modi - assumed office in 2014, the country was facing enormous challenges with Sabka Saath, Sabka Vikas as its mantra. The Government overcame those challenges in right earnest..."

"...Our young country has high aspirations, pride in its present and hope and confidence for a bright future. We expect that our govt based on its stupendous work will be blessed again by the people with a resounding mandate."

On February 1, 2021, Finance minister Nirmala Sitharaman presented the first-ever paperless budget. Nirmala Sitharaman used a digital tablet enclosed in a traditional 'bahi-khata' style pouch to present the budget then.

Indian markets were up ahead of the interim Budget on Thursday. At 10 .20 am, the Sensex was up 211 points, trading near the 72,000-mark, while the Nifty was up 55 points at 21,781.

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In terms of words, the record for longest budget speech is held by Manmohan Singh who used 18,604 words while presenting the financial document in 1991. Arun Jaitley is second in terms of the number of words used, when he delivered a speech with 18,604 words in 2018.

Presenting her sixth consecutive budget, Nirmala Sitharaman will tie the record held by former Prime Minister Morarji Desai. Between 1959 and 1964, Desai delivered five yearly budgets and one interim budget in his capacity as finance minister.

• Will the budget address the need for more private capital expenditure? 
• What's in store for the insurance sector?
• What budget measures can help India become a manufacturing hub?

• Sensex at 71,721 points, down by 31 points.
• Nifty at 21,722 points, down by 4 points.

Independent India’s first Budget was presented by first Finance Minister RK Shanmukham Chetty on 26 November 1947- three months after India attained freedom from the British.

India's Capex has more than doubled since 2021, largely due to the government's focus on big-ticket infra projects.

Three prime ministers have presented the budget - Jawaharlal Nehru (1958), Indira Gandhi (1970) and Rajiv Gandhi (1987) - in the absence of a regular finance minister.

Indian stock markets expected to open lower, tracking Asian peers and Wall Street’s reaction to US Federal Reserve’s “higher for longer” rates narrative.

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As per established tradition, the Finance Minister meets the President at the Rashtrapati Bhavan to get assent from the President before heading to the Parliament to present the Union Budget.

Nirmala Sitharaman is the first woman finance minister to present the budget. Prime Minister Indira Gandhi presented the budget in 1970 but she held the finance portfolio as an additional charge.

As India eagerly waits for its final budget before the upcoming summer polls to be unveiled, Finance Minister Nirmala Sitharaman is set to present a roadmap that promises to shape the nation's economic landscape. Industry expectations are high, spanning from infrastructure boosts to manufacturing incentives, import duty tweaks, and crucial tax reforms.

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As India eagerly anticipates the Interim Budget for 2024-'25, Finance Minister Nirmala Sitharaman is poised to present a preliminary view of the government's broad plan for the upcoming fiscal year. With a keen focus on fiscal prudence and a commitment to capital expenditure, the budget is expected to address key sectors, providing a glimpse into the nation's economic roadmap.

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"In the upcoming budget, we anticipate a continued emphasis on supporting MSMEs in India, building upon the momentum initiated last year.  Concerted efforts to include all MSMEs on Udyam will be crucial, enabling them to access government schemes, incentives, and formal credit channels."

As the clock ticks down, India anticipates the unveiling of the Modi government's interim budget, a pivotal financial roadmap that Finance Minister Nirmala Sitharaman is set to present just before the country heads to polls in April-May. The interim budget, a parliamentary practice in India, is expected to offer insights into the government's financial priorities, with a full-fledged budget scheduled post-elections in July.

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India's space budget for the fiscal year 2024 has become a focal point of attention, with the success of Chandraayan 3 last year, the country continues its ambitious journey to establish itself as a global space power. The funding allocated to the Department of Space, encompassing the Indian Space Research Organisation (ISRO), and the notable increase in support for private companies in the space sector has sparked discussions about the nation's commitment to space exploration and innovation. 

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As India awaits its 2024 budget, all eyes are on the education sector. Will the decade-long transformation that has seen a 64% budget increase and a shift from teacher shortages to skill development, research, and internationalisation continue? Will it stay on track to fulfil the ambitious promise of the National Education Policy (NEP) 2020?

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Simply put: India's parliament allows the government to spend for a brief period of the next fiscal year, before the Full Budget is voted upon by the Lok Sabha - India's lower house. 

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With national elections casting long shadows, the tightrope walk between fiscal prudence and political expediency has never been more critical. This year's budget holds the key to India's economic trajectory, impacting not just domestic prosperity but also its standing in the global investment arena.

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Any budget of a nation as huge as India has many complexities, with a lot of number-crunching involved. The budget is an extremely important plan for the country as whole of course. But what ordinary Income Tax payer keeps his eye on is whether there will be relief for his pocket. 

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Indian Finance Minister Nirmala Sitharaman is all set to present the interim budget on Thursday (February 1) with the health sector expecting that the government's projected spending will be aimed at improving the quality of healthcare across the nation. 

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Union Minister G Kishan Reddy on Wednesday hailed President Droupadi Murmu's address in Parliament as a comprehensive report of India's progress under Prime Minister Narendra Modi's leadership and said the BJP does not need to campaign for the elections.

"After listening to the President's address, there is no need (for the BJP) to campaign for the elections. She presented the numerical data of how India has moved forward in every field in 10 years of PM Modi's leadership," Union Minister G Kishan Reddy told ANI.

Union Minister Rajeev Chandrasekhar said that there is a very good reason for the Congress to be uncomfortable, as, in the last 10 years, our PM has taken our economy from being in the fragile 5 to one of the fastest-growing economies in the world.

Chandrasekar said, "If today when the President lays out to the people what our government and PM have done with hard work and transformed the country, and if Mr Shashi Tharoor and Congress are uncomfortable with it, there is very good reason for them to be uncomfortable. Because in the last 10 years, our PM has taken our economy from being in the fragile 5 to one of the fastest-growing economies in the world," Union Minister Rajeev Chandrasekhar told ANI.

Ahead of the budget, the middle class of the country is once again looking towards Union Finance Minister Nirmala Sitharaman for announcements that might ease the burden on their pockets.

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As the world’s fifth-largest economy waits for the interim budget scheduled to be presented on Thursday (Feb 1) by the Indian Finance Minister Nirmala Sitharaman, all eyes are on the infrastructure sector, particularly railways. Over the years, the current government has allocated thousands of crores to the development of the country’s railways, and this year is expected to be no different.

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India has emerged as a major superpower in the area of defence in the last decade, with substantial and consistent increases in budget and investments. This year also, it is expected that the Indian government may come up with some announcements in the defence sector as Finance Minister Nirmala Sitharaman is all set to present the interim budget on February 1. 

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The budget is highly anticipated, especially by the nation's women. With the general elections looming, the government is expected to unveil policies that empower women and boost their participation in the economy. 

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Setting a new practice, President Droupadi Murmu on Wednesday entered the new Parliament Building escorted by Rajya Sabha Chairman Jagdeep Dhankhar and Lok Sabha Speaker Om Birla with an official carrying the 'Sengol', adopted as a cultural symbol by the government.

Ahead of President Murmu's arrival, Rajeev Sharma, a senior Marshal in the Lok Sabha and dressed in traditional attire with decorated scarf and a turban, removed the Sengol and walked in a procession with Speaker Birla, Parliamentary Affairs Minister Pralhad Joshi and Secretaries General of Lok Sabha and Rajya Sabha Utpal Kumar Singh and P C Mody in tow amid drum rolls.

Ahead of India's upcoming budget, all eyes are on capital expenditure (capex) as the government continues to focus on infrastructure projects. With the current fiscal year projecting a government spending of around $120 billion; analysts are optimistic that the upcoming budget will witness a surge of at least 10 per cent in capex.

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An A-Z of budgetary terms, explained in layman’s language. 

Allocation: Amount of money set aside for specific programs or sectors. 

Ayushman Bharat Yojana (ABY): Government health insurance scheme for low-income households. 

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An interim Budget for 2024-'25 will be presented by India's Finance Minister Nirmala Sitharaman on February 1, months before the country holds its next general elections.

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