Updates| Union Budget 2024: Indian PM Modi makes his remarks on the budget

Modi is making his remarks on the budget. 

In any moment from now, Prime Minister Narendra Modi will be expressing his thoughts on the Union Budget 2024-25. 

"I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months," Sitharaman said.

Govt cuts duty on mobiles, accessories to 15%, says FM Sitharaman. 

Fiscal deficit estimated at 4.9% of GDP, says FM Nirmala Sitharaman.

Ankit Aggarwal, founder & CEO, Unstop said, 'I am glad to see Budget 2024's focus on youth employment and skilling. The ₹2 lakh crore allocation for employment schemes is the beginning to a brighter future. The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed. The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognising the need to focus on key areas that can make our journey towards a skill based economy smoother.'
 

Addressing the advancements of small and modular nuclear reactors in the country, Nirmala Sitharaman said, "The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy."

Nirmala Sitharaman said that the limit of the Mudra loan will be increased from ₹10 lakh to ₹20 lakh for those borrowers who have availed and repaid previous loans.

Regarding credit guarantee schemes for MSMEs in manufacturing, Nirmala Sitharaman stated, "to facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, a new scheme will be introduced. This guarantee fund will provide guarantees of up to ₹100 crore."

Finance minister Nirmala Sitharaman said, "Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions"

Gaurav Singh Parmar, Associate Director, Fincorpit Consulting, said, “The allocation of ₹1.48 lakh crore for education, employment, and skill development in the Budget of 2024-25 is a big step toward investing in human capital development. This massive investment, routed through EPFO, underlines that the government does recognize the existence of a linkage between education, skills, and employment.”
 

Minister Nirmala Sitharaman revealed an investment of ₹10 lakh crore for the housing needs of 1 crore urban poor and middle-class families.

On free solar electricity scheme, Finance minister Nirmala Sitharaman said, "PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it."

Finance Minister Nirmala Sitharaman says, "Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers. "
 

Govt to come out with interest subsidy scheme to facilitate loans at affordable rates for urban housing, says Finance Minister Sitharaman.

Govt to promote investment-ready industrial parks in 100 cities: FM in Budget.

Rs 20,000 crore to be allocated for highways in Bihar, announces FM Sitharaman.
 

Govt to launch scheme to provide internship opportunities to 1 crore youth in 500 top companies over 5 years.

Finance minister Nirmala Sitharaman said, "Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, ₹15,000 crore will be arranged with additional amounts in future years."

Nirmala Sitharaman said, “India's economic growth continues to be the shining exception and will remain so in years ahead. India's inflation continues to be low and stable moving towards the 4% target. I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores. This year we have made a provision of ₹1.48 lakh crores for education, employment and skilling.”
 

Incentives will be given to 30 lakh youth in the formal sector.

On Education loans, FM Sitharaman said government will "provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions."

Finance minister Nirmala Sitharaman said, ‘As mentioned in the interim budget, we need to focus on 4 different castes, the poor, women, youth, and the farmer. For farmers, we announced higher Minimum Support Prices for all major crops, delivering on the promise for at least a 50 per cent margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years, benefitting more than 80 crore people.’

Presenting the budget, Finance Minister Nirmala Sitharaman lists budget priorities:

• Productivity and resilience in agriculture,
• Employment and skilling,
• Social justice,
• Urban development,
• Energy security,
• Infrastructure
• Next generation Reforms
• Inclusive development
• Manufacturing and services
• Innovation, research and development

India's economic growth continues to shine amid uncertainties, says Finance Minister Nirmala Sitharaman.

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Budget 2024 today, set to be announced by Finance Minister Nirmala Sitharaman.

Finance Minister Nirmala Sitharaman announced an Interim Budget in February, with the full speech being post to post-elections. We take a look at what was said:

-Proposed total expenditure up 6 per cent from FY24

-Total receipts projected up 12 per cent from FY24

-Fiscal deficit pegged at 5.1 per cent of GDP in FY25

-GDP growth rate forecast of 7.3 per cent for FY25

Indian stocks turn red ahead of the budget. Sensex falls about 50 points after opening in the green. Nifty also turns red after starting with gains.

Finance Minister Nirmala Sitharaman will present her seventh consecutive Union Budget today, surpassing the record of six budgets held by former Finance Minister Morarji Desai.

With the Union Budget 2024 all set to be presented, experts are pitching for scrapping or slashing the existing 18 per cent Goods and Services Tax on mental health services. They opined that strategic spending is a must for creating a society resilient in its psyche as part of India's framework.

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Union Finance Minister Nirmala Sitharaman has left for Parliament to present her seventh straight budget. She, along with her team, posed with the 'bahi khata' outside the Finance Ministry today.

The Union budget to be presented by the Union Finance Minister, Nirmala Sitharaman, is redolent with an amalgamation of infrastructural and long-term reform-intensive measures. As one waits for the same contours, it would be pertinent to take a look at the sources of revenue available to the government and trends in expenditure.

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Finance Minister Nirmala Sitharaman posed with the iconic red tablet outside the Finance Ministry ahead of the Budget 2024 presentation in Parliament today.

On Tuesday (July 23), facing tough questions from the opposition over job creation and inflation, Indian Finance Minister Nirmala Sitharaman will deliver the first Union Budget of Modi 3.0. 

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The Union Budget will be presented by Nirmala Sitharaman on July 23. Get the full scoop on the date, time, and streaming details for Nirmala Sitharaman’s budget speech by checking out this comprehensive guide.

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Union Budget 2024 will be presented in Parliament today by Finance Minister Nirmala Sitharaman. Her speech is scheduled to start at 11:00 am; this will be her seventh Budget presentation.

In the Union Budget for FY 2024-25, Union Finance Minister Nirmala Sitharaman is going to present the detailed statement of estimated receipts and expenditure of the government, for the year 2024–25 in the Rajya Sabha.

The Budget will be tabled an hour after the presentation of the Union Budget 2024-25 in the Lok Sabha.

Complementary to the Budget statement, FM Sitharaman will also present some key fiscal documents that have to be laid on the table: Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement, and Macro-Economic Framework Statement under Financial Responsibility and Budget Management Act, 2003. These documents are laid on the Table in English and Hindi.

Furthermore, FM Sitharaman will present the estimates of receipts and expenditure of the union territory of Jammu and Kashmir for the year 2024-25.

The Union Budget 2024-25 stands much awaited and looks forward to times ahead when people are expecting key announcements enmeshed with fiscal policies to turbocharge the economy of India. As FM Sitharaman rises to her feet, the nation will keenly watch her for the new financial roadmap that is going to unfurl from her speech.

Finance Minister Nirmala Sitharaman is set to present the first Union Budget amid rising questions over jobs and price rise. The pre-Budget Economic Survey has forecast 6.5-7 per cent growth for fiscal 2025.

Report suggest that the budget is likely to give tax incentives for manufacturing and encourage local procurement across sectors to create jobs. Unemployment and price rise are major concerns for the third-time elect prime minister Narendra Modi.

Along with aiding major corporations, 'budget 3.0' is expected to boost small and medium enterprises (MSMEs). Sitharaman had earlier indicated a focus on boosting MSMEs, which are the major growth engines of the economy. 

The Union Budget 2024 is likely to be passed on July 30. The opposition is expected to corner the government on price rise, unemployment, and agrarian distress, sources said. 

Meanwhile, PM Modi cited the Economic Survey to highlight the strengths of the Indian economy. 'It also identifies areas for further growth and progress as we move towards building a Viksit Bharat,' he said.

Nirmala Sitharaman is set to unveil today. Moody's analytics predicts that the budget will increase capital expenditure and may usher in a more standardised approach to taxation.

According to the report, the third-time prime minister elect, Narendra Modi, is expected to nurture confidence and gain trust in the new coalition government. This spending will mostly be accompanied by a higher tax hike, either through direct or indirect taxation, to balance the fiscal deficit.

Moody's expects no major shake-ups to the macro-economic policies of the country. The budget is likely to emphasise infrastructure and manufacturing, along with fiscal prudence. Moody's added that the budget will have a positive bearing on business and consumer confidence with funding for production-linked incentive schemes.

Moody's has affirmed India's growth story and projected it to be the strongest-growing economies in the Asia-Pacific in 2024 and 2025. In the interim budget, the government increased allocation for capex spending by 11.1 per cent, or 3.4 per cent of GDP, for the fiscal year to March 2025.

The budget is expected to cut taxes for the middle class, provide relief for distressed rural areas and heed the demands of BJP's two key coalition partners - Andhra Pradesh's Telugu Desam Party and Bihar's Janata Dal (United) - for billions of dollars in additional funding for their regions.

Speaking a day before the budget is set to be unveiled, Indian Prime Minister Narendra Modi on Monday (July 22) said that "This budget will decide the direction of our work for the next five years and this will lay the foundation of fulfilling our objective to make India a developed country by 2047."

Indian Union Finance Minister Nirmala Sitharaman will present her seventh Union Budget in the Parliament on Tuesday, July 23, at 11:00 am IST.