Indian Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 today against the backdrop of impending Lok Sabha elections. The Budget is anticipated to emphasize a prudent fiscal approach, prioritizing infrastructure investments over populist measures.

Budget 2024: Indian FM Nirmala Sitharaman leaves for Rashtrapati Bhawan

Indian Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2024 in Parliament today. This is Sitharaman's sixth Union Budget. This will be a interim budget as it comes just ahead of the Lok Sabha Elections. The full-fledged budget will be presented by the new government that comes to power after the elections.

Budget 2024: Nirmala Sitharaman to present her sixth straight budget

India's interim budget has been announced. Indian Finance Minister Nirmala Sitharaman presented the budget in parliament. While upgrading the budget allocation for Indian sectors. India’s neighbourhood received a huge share of the annual allocation under the Ministry of External Affairs.

India Budget 2024: Funds allocated for loans & grants to foreign nations

All eyes are on the upcoming Interim Budget for 2024-2025, a crucial temporary financial plan designed to sustain essential government services until the new administration takes charge post-elections. Finance Minister Nirmala Sitharaman is poised to present the Interim Budget 2024 during the Parliament's Budget session.

Budget 2024: India's focus on capital expenditure likely to continue

All eyes have turned to Indian Finance Minister Nirmala Sitharaman who will present the Interim Budget 2024-25 at Parliament today. The interim budget will provide estimates of the government's expenditure, revenue, fiscal deficit, financial performance, and projections for the upcoming months.

Budget 2024: All eyes on India's fiscal plan ahead of elections

Budget 2024: What international investors expect?

Budget 2024: India to focus on the path of fiscal prudence

India's Finance Minister, Nirmala Sitharaman, while presenting the Interim Budget in parliament on Thursday (Jan 1), laid stress on how the country's digital public infrastructure emanated as the ‘factor of production’ in the 21st century and has played a significant role in the formalisation of the economy.

"Digital Public Infra is a new factor of production in this 20th century and is instrumental in the formalisation of the economy," Sitharaman said during her speech.

The statement by the finance minister stands true as the country's digital payments, via the Unified Payments Interface (UPI), surpassed 6821.26 million transactions in the first 17 days of January 2024.

India's digital public infrastructure (DPI) which comprises of technology stack Aadhaar, the Unified Payments Interface (UPI), and others, has been recently gaining international recognition.&nbsp;&nbsp;

“In 2022, they (digital payments) showed an increase of 76% in transactions and 91% in value. Fiscal support for this digital public infrastructure will continue in 2023-24,” the FM said.

The people in the country have created over 51.11 crore accounts (61,59,439.87) with a deposit of over Rs 2.08 lakh crore (26.67 billion USD).

Sitharaman said that the direct benefit transfer of Rs 34 lakh crore from the centre using Prime Minister Jan Dhan accounts, has contributed to the savings of Rs 2.7 lakh crore for the Indian government.

“This has been realised through the avoidance of leakages. The savings have helped in providing more funds for Garib Kalyan,” she said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/budget-2024-live-fm-nirmala-sitharaman-presents-the-interim-budget-in-parliament-income-tax-expectations-news-685548">India Budget 2024 Highlights: Key takeaways from Nirmala Sitharaman's 6th budget</a>

DPIs were one of the major talking points during New Delhi's G20 where at the end of the summit, the Delhi Declaration laid emphasis on the adoption of DPI in order to bridge the digital divide and ramp up development.

Watch | India Budget 2024: Decoding Indian Government's interim budget ahead of polls

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-budget-2024-decoding-indian-governments-interim-budget-ahead-of-polls-686020/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

<h2>Sitharaman proposes Rs 1 lakh crore corpus for research in tech</h2>

Sitharaman during her speech, unveiled the government’s plan to create a corpus of Rupees One Lakh Crore to propel private investment in sunrise technologies.

This corpus will forerun what the Finance Minister defined as a “golden era for our tech-savvy youth.”

While addressing the parliament, the finance minister highlighted the importance of combining the talent of India’s youth with cutting-edge technology.

Sitharaman stated, “This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology”.

(With inputs from agencies)

India's Finance Minister, Nirmala Sitharaman, while presenting the Interim Budget in parliament on Thursday (Jan 1), laid stress on how the country's digital public infrastructure emanated as the ‘factor of production’ in the 21st century and has played a significant role in the formalisation of the economy.

India's Finance Minister, Nirmala Sitharaman, while presenting the Interim Budget in parliament on Thursday (Jan 1), laid stress on how the country's digital public infrastructure emanated as the ‘factor of production’ in the 21st century and has played a significant role in the formalisation of the economy. "Digital Public Infra is a new factor of production in this 20th century and is instrumental in the formalisation of the economy," Sitharaman said during her speech. The statement by the finance minister stands true as the country's digital payments, via the Unified Payments Interface (UPI), surpassed 6821.26 million transactions in the first 17 days of January 2024. India's digital public infrastructure (DPI) which comprises of technology stack Aadhaar, the Unified Payments Interface (UPI), and others, has been recently gaining international recognition. “In 2022, they (digital payments) showed an increase of 76% in transactions and 91% in value. Fiscal support for this digital public infrastructure will continue in 2023-24,” the FM said. The people in the country have created over 51.11 crore accounts (61,59,439.87) with a deposit of over Rs 2.08 lakh crore (26.67 billion USD). Sitharaman said that the direct benefit transfer of Rs 34 lakh crore from the centre using Prime Minister Jan Dhan accounts, has contributed to the savings of Rs 2.7 lakh crore for the Indian government. “This has been realised through the avoidance of leakages. The savings have helped in providing more funds for Garib Kalyan,” she said. Also read: India Budget 2024 Highlights: Key takeaways from Nirmala Sitharaman's 6th budget DPIs were one of the major talking points during New Delhi's G20 where at the end of the summit, the Delhi Declaration laid emphasis on the adoption of DPI in order to bridge the digital divide and ramp up development. Watch | India Budget 2024: Decoding Indian Government's interim budget ahead of polls × Sitharaman proposes Rs 1 lakh crore corpus for research in tech Sitharaman during her speech, unveiled the government’s plan to create a corpus of Rupees One Lakh Crore to propel private investment in sunrise technologies. This corpus will forerun what the Finance Minister defined as a “golden era for our tech-savvy youth.” While addressing the parliament, the finance minister highlighted the importance of combining the talent of India’s youth with cutting-edge technology. Sitharaman stated, “This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology”. (With inputs from agencies)

Budget 2024: Sitharaman hails digital public infrastructure as ‘new factor of production’

Budget 2024: India’s interim Budget for the financial year 2024-25 was presented in the Parliament by Finance Minister Nirmala Sitharaman on Thursday (Feb 1). The parliamentary session started at 11:00 am IST in the presence of Lok Sabha (lower house) speaker Om Birla.&nbsp;

During the budget speech, FM Sitharaman spoke for about 58 minutes, her shortest speech ever. In the speech, she used some unique Hindi words that will become the torchbearer of the government’s vision for the country in the fiscal year 2024-25.

Here’s a complete analysis of some of those words and phrases:

<h2>Budget 2024: Meaning of unique Hindi words used by FM Nirmala Sitharaman</h2>

Right at the start, Sitharaman mentioned ‘Sabka Saath, Sabka Vikas’ (Together with all, Development for all) as the mantra of government. She further added ‘Sabka Vishvas’ (Trust of all) to this catchphrase and emphasised that the current government strengthened its mantra of inclusivity.

<h3>‘Sabka Prayaas’ (Effort of all)</h3>

Sitharaman once again accentuated another similar phrase ‘Sabka Prayas’ to tell how the whole nation overcame the challenge of the pandemic and came out of it to lay the solid foundations for the ‘Amrit Kaal’.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/budget-2024-speech-live-streaming-when-and-where-to-watch-budget-live-on-mobile-app-and-other-platforms-685197">Budget 2024: 'No change in terms of taxation' says FM Nirmala Sitharaman | Top Highlights</a>

‘Amrit Kaal’ (Golden Era)

Though the term ‘Amrit Kaal’ is not new, as it was first mentioned by PM Narendra Modi in 2021 during the Independence Day speech, FM Sitharaman reiterated the term several times in her budget speech. ‘Amrit Kaal’ refers to the 25 years between India’s 75th and 100th independence anniversaries.&nbsp;

<h3>'Sawragin, Sawrasparshi, Sawrasamaweshi' (all-around, all-pervasive and all-inclusive)</h3>

"Our Government is working with an approach to development that is all-round, all-pervasive and all-inclusive", said Sitharaman. It will aim to cover all castes and people at all levels. Finance Minister further said, that to make India a developed nation, it is crucial to empower the capability of all kinds of people in the country. &nbsp;

<h3>‘Viksit Bharat’ (Developed India)</h3>

The government aims to make India ‘Viksit Bharat' or Developed India by 2047, said Sitharaman. The vision for achieving this tall goal is to make India prosperous in harmony with nature, with infrastructure and with ample opportunities for all citizens and across all regions of the country.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/hindu-devotees-worship-perform-rituals-at-gyanvapi-mosque-complex-after-court-order-685780">Hindu devotees worship, perform rituals at Gyanvapi mosque complex after court order</a>

<h3>'Amrit Peedhi'&nbsp;(Golden Generation)</h3>

Drawing on the 'amrit kaal' analogy, Sitharaman, in her speech, referred to the youth of India as ‘Amrit Peedhi’. The budget this year aims to empower our youth and "help the ‘Amrit Peedhi’ realise their dreams", she said.&nbsp;

<h3>'Panchamrit' (Five Nectars)</h3>

India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition, Sitharaman&nbsp;said. This budget builds on our focus on green growth. Another Sanskrit term, 'Panchamrit' refers to the five nectar elements.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-former-jharkhand-cm-hemant-soren-reacts-after-arrest-says-its-a-break-wont-accept-defeat-685727">India: Former Jharkhand CM Hemant Soren reacts after arrest, says 'it's a break, won't accept defeat'</a>

<h3>‘Jai Anusandhan’ (Hail Innovation)</h3>

“Prime Minister Shastri gave the slogan of ‘Jai Jawan Jai Kisan. Prime Minister Vajpayee made that ‘Jai Jawan, Jai Kisan, Jai Vigyan’. Prime Minister Modi has furthered that to ‘Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan’, as innovation is the foundation of development”, noted Sitharaman. &nbsp;The focus will now shift to innovation and research in technology with a focus on tech–savvy youth.&nbsp;

<h3>‘Kartavya Kaal’ (Era of Commitment)</h3>

Prime Minister in his Independence Day address to the nation said, “We commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities”. This was termed as ‘Kartavya Kaal’ by FM Sitharaman. With this, government will work on strengthening and expanding the economy with high growth, to create conditions for people to realise their aspirations. &nbsp;

<h3 class="MsoNormal">Garib, Mahila, Annadata, Yuva (Poor, Women, Farmer, Youth), the motto of Interim Budget<o:p></o:p></h3>

The interim Budget 2024-25 saw its focus on inclusive development, a prosperous India taking all sections of the society up the ladder of development. The Finance Minister also mentioned in her speech that the PM believes in focusing on four major groups, namely, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer).<o:p></o:p>

Their needs and welfare are of the highest priority, as per Sitharaman’s speech. “All four require and receive government support in their quest to better their lives. Their empowerment and well-being will drive the country forward,"&nbsp;she said in the speech. <o:p></o:p>

(With inputs from agencies)

Budget 2024: India’s interim Budget for the financial year 2024-25 was presented in the Parliament by Finance Minister Nirmala Sitharaman on Thursday (Feb 1). The parliamentary session started at 11:00 am IST in the presence of Lok Sabha (lower house) speaker Om Birla.

Budget 2024: India’s interim Budget for the financial year 2024-25 was presented in the Parliament by Finance Minister Nirmala Sitharaman on Thursday (Feb 1). The parliamentary session started at 11:00 am IST in the presence of Lok Sabha (lower house) speaker Om Birla. During the budget speech, FM Sitharaman spoke for about 58 minutes, her shortest speech ever. In the speech, she used some unique Hindi words that will become the torchbearer of the government’s vision for the country in the fiscal year 2024-25. Here’s a complete analysis of some of those words and phrases: Budget 2024: Meaning of unique Hindi words used by FM Nirmala Sitharaman Right at the start, Sitharaman mentioned ‘Sabka Saath, Sabka Vikas’ (Together with all, Development for all) as the mantra of government. She further added ‘Sabka Vishvas’ (Trust of all) to this catchphrase and emphasised that the current government strengthened its mantra of inclusivity. ‘Sabka Prayaas’ (Effort of all) Sitharaman once again accentuated another similar phrase ‘Sabka Prayas’ to tell how the whole nation overcame the challenge of the pandemic and came out of it to lay the solid foundations for the ‘Amrit Kaal’. Also Read | Budget 2024: 'No change in terms of taxation' says FM Nirmala Sitharaman | Top Highlights ‘Amrit Kaal’ (Golden Era) Though the term ‘Amrit Kaal’ is not new, as it was first mentioned by PM Narendra Modi in 2021 during the Independence Day speech, FM Sitharaman reiterated the term several times in her budget speech. ‘Amrit Kaal’ refers to the 25 years between India’s 75th and 100th independence anniversaries. 'Sawragin, Sawrasparshi, Sawrasamaweshi' (all-around, all-pervasive and all-inclusive) "Our Government is working with an approach to development that is all-round, all-pervasive and all-inclusive", said Sitharaman. It will aim to cover all castes and people at all levels. Finance Minister further said, that to make India a developed nation, it is crucial to empower the capability of all kinds of people in the country. ‘Viksit Bharat’ (Developed India) The government aims to make India ‘Viksit Bharat' or Developed India by 2047, said Sitharaman. The vision for achieving this tall goal is to make India prosperous in harmony with nature, with infrastructure and with ample opportunities for all citizens and across all regions of the country. Also Read | Hindu devotees worship, perform rituals at Gyanvapi mosque complex after court order 'Amrit Peedhi' (Golden Generation) Drawing on the 'amrit kaal' analogy, Sitharaman, in her speech, referred to the youth of India as ‘Amrit Peedhi’. The budget this year aims to empower our youth and "help the ‘Amrit Peedhi’ realise their dreams", she said. 'Panchamrit' (Five Nectars) India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition, Sitharaman said. This budget builds on our focus on green growth. Another Sanskrit term, 'Panchamrit' refers to the five nectar elements. Also Read | India: Former Jharkhand CM Hemant Soren reacts after arrest, says 'it's a break, won't accept defeat' ‘Jai Anusandhan’ (Hail Innovation) “Prime Minister Shastri gave the slogan of ‘Jai Jawan Jai Kisan. Prime Minister Vajpayee made that ‘Jai Jawan, Jai Kisan, Jai Vigyan’. Prime Minister Modi has furthered that to ‘Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan’, as innovation is the foundation of development”, noted Sitharaman. The focus will now shift to innovation and research in technology with a focus on tech–savvy youth. ‘Kartavya Kaal’ (Era of Commitment) Prime Minister in his Independence Day address to the nation said, “We commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities”. This was termed as ‘Kartavya Kaal’ by FM Sitharaman. With this, government will work on strengthening and expanding the economy with high growth, to create conditions for people to realise their aspirations. Garib, Mahila, Annadata, Yuva (Poor, Women, Farmer, Youth), the motto of Interim Budget The interim Budget 2024-25 saw its focus on inclusive development, a prosperous India taking all sections of the society up the ladder of development. The Finance Minister also mentioned in her speech that the PM believes in focusing on four major groups, namely, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). Their needs and welfare are of the highest priority, as per Sitharaman’s speech. “All four require and receive government support in their quest to better their lives. Their empowerment and well-being will drive the country forward," she said in the speech. (With inputs from agencies)

Budget 2024: 'Amrit Peedhi' to 'Kartavya Kaal': All new Hindi phrases used by Nirmala Sitharaman in her speech

Budget 2024: India to unveil interim budget today

India's Finance Minister Nirmala Sitharaman is in a press briefing after presenting interim budget. Let's listen in what she has to say.

India Budget 2024: Press conference by Nirmala Sitharaman

Today is the big interim budget day and Finance Minister Nirmala Sitharaman unwelded India's interim budget for the year 2024 showcasing the nation's economic ascent as a testament to India's relentless pursuit of development.

India Budget 2024: FM optimistic that India will be developed economy by 2047

Today is the big interim budget day. Finance Minister Nirmala Sitharaman unwelded India's interim budget for 2024, showcasing the nation's economic ascent as a testament to India's relentless pursuit of development. To know more watch this interview with the Executive director of IMF, Dr Krishnamurthy V Subramanian.

India Budget 2024: Is this budget that position India for growth

Today is the big interim budget day. Finance Minister Nirmala Sitharaman unwelded India's interim budget for 2024, showcasing the nation's economic ascent as a testament to India's relentless pursuit of development. To know more watch this interview with Mitali Nikore, Economist and founder of Nikore Associates.

India Budget 2024: How India's budget helps the world grow

India Budget 2024: India dials back to fiscal deficit target to 5.1% in FY25

India Budget 2024: Finance Minister Nirmala Sitharaman hailed India's G20 presidency and described the India-Middle East-Europe Economic Corridor (IMEC) forged during the New Delhi Leaders' Summit as a "strategic and economic game changer".&nbsp; The connectivity project aims to facilitate the flow of commerce, energy and data to, from and between India, the UAE, Saudi Arabia, Jordan, Israel and Europe.

"India assumed G20 presidency during very difficult times for the world," Sitharaman said in Lok Sabha on Thursday (Feb 1)&nbsp;while presenting India's interim Budget for 2024. The interim budget or the vote-on-account was presented&nbsp;ahead of India's general elections in the spring in which Prime Minister Narendra Modi is seeking a third consecutive term in power.&nbsp;

"The country showed the way forward and built consensus on solutions for those global problems," the Indian finance minister said while referring to the joint statement <a href="https://www.wionews.com/world/the-capitals-delhi-delivers-as-the-voice-of-global-south-634649">delivered</a> as <a href="https://www.mea.gov.in/Images/CPV/G20-New-Delhi-Leaders-Declaration.pdf">G20 New Delhi Leaders' Declaration</a>.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/the-capitals-delhi-delivers-as-the-voice-of-global-south-634649">The Capitals: Delhi delivers as the voice of Global South</a>

Referring to the India-Middle East-Europe Economic Corridor (IMEC), Sitharaman repeated Prime Minister Narendra Modi's remarks that the corridor "will become the basis of world trade for hundreds of years to come, and history will remember that this corridor was initiated on Indian soil".

<img alt="India-Middle East-Europe Economic Corridor" src="https://cdn.wionews.com/sites/default/files/inline-images/IMEC.png" />

India-Middle East-Europe Economic Corridor | WION

Finance Minister Sitharaman's remarks came a day after India's President Droupadi Murmu, in her ceremonial address to the parliament ahead of the budget session,&nbsp;hailed the IMEC as an ambitious connectivity initiative. "This corridor will further strengthen India’s maritime capability," President Murmu said.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-middle-east-europe-corridor-will-strengthen-indias-maritime-capability-says-indian-president-murmu-685441">India-Middle East-Europe Corridor will strengthen India’s maritime capability, says Indian President Murmu</a>

The IMEC is the latest in the series of connectivity projects that India is looking to strategically and economically leverage, apart from the North-South International Corridor, and the Chennai-Vladivostok project.&nbsp;

On October 29, 2023, US President Joe Biden described the IMEC as connectivity project aimed at building a "better future for the Middle East", and the one that will make West Asia "more stable, better connected to its neighbours".&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/israel-hamas-war-joe-bidens-wartime-address-hails-india-middle-east-europe-corridor-649015">Israel-Hamas war: Joe Biden's wartime address hails India-Middle East-Europe corridor</a>

Biden on October 29,&nbsp;said that with the "innovative projects such as India-Middle East-Europe economic&nbsp;corridor that we announced earlier this year in the summit of the world's biggest economies", the region will benefit with&nbsp;"predictable markets, more employment, less rage, and less grievances."

"IMEC undoubtedly represents a great vision with far-reaching implications. Now it requires to be turned into a long-term, viable project. Initial work has begun. Inevitably it will need time and sustained, multi-national effort for optimal fructification," Rajiv Bhatia, former Indian ambassador and Distinguished Fellow at Mumbai-based Gateway House, told WION.&nbsp;

Sitharaman delivered her sixth consecutive Union&nbsp;Budget speech on Thursday (Feb 1) and pitched the growing economic prospects of the world's fifth-largest economy as an imminent sign of India becoming a developed nation in the coming decades.

India Budget 2024: Finance Minister Nirmala Sitharaman hailed India's G20 presidency and described the India-Middle East-Europe Economic Corridor (IMEC) forged during the New Delhi Leaders' Summit as a "strategic and economic game changer".

India Budget 2024: Finance Minister Nirmala Sitharaman hailed India's G20 presidency and described the India-Middle East-Europe Economic Corridor (IMEC) forged during the New Delhi Leaders' Summit as a "strategic and economic game changer". The connectivity project aims to facilitate the flow of commerce, energy and data to, from and between India, the UAE, Saudi Arabia, Jordan, Israel and Europe. "India assumed G20 presidency during very difficult times for the world," Sitharaman said in Lok Sabha on Thursday (Feb 1) while presenting India's interim Budget for 2024. The interim budget or the vote-on-account was presented ahead of India's general elections in the spring in which Prime Minister Narendra Modi is seeking a third consecutive term in power. "The country showed the way forward and built consensus on solutions for those global problems," the Indian finance minister said while referring to the joint statement delivered as G20 New Delhi Leaders' Declaration. Also read | The Capitals: Delhi delivers as the voice of Global South Referring to the India-Middle East-Europe Economic Corridor (IMEC), Sitharaman repeated Prime Minister Narendra Modi's remarks that the corridor "will become the basis of world trade for hundreds of years to come, and history will remember that this corridor was initiated on Indian soil". India-Middle East-Europe Economic Corridor | WION Finance Minister Sitharaman's remarks came a day after India's President Droupadi Murmu, in her ceremonial address to the parliament ahead of the budget session, hailed the IMEC as an ambitious connectivity initiative. "This corridor will further strengthen India’s maritime capability," President Murmu said. Also read | India-Middle East-Europe Corridor will strengthen India’s maritime capability, says Indian President Murmu The IMEC is the latest in the series of connectivity projects that India is looking to strategically and economically leverage, apart from the North-South International Corridor, and the Chennai-Vladivostok project. On October 29, 2023, US President Joe Biden described the IMEC as connectivity project aimed at building a "better future for the Middle East", and the one that will make West Asia "more stable, better connected to its neighbours". Also read | Israel-Hamas war: Joe Biden's wartime address hails India-Middle East-Europe corridor Biden on October 29, said that with the "innovative projects such as India-Middle East-Europe economic corridor that we announced earlier this year in the summit of the world's biggest economies", the region will benefit with "predictable markets, more employment, less rage, and less grievances." "IMEC undoubtedly represents a great vision with far-reaching implications. Now it requires to be turned into a long-term, viable project. Initial work has begun. Inevitably it will need time and sustained, multi-national effort for optimal fructification," Rajiv Bhatia, former Indian ambassador and Distinguished Fellow at Mumbai-based Gateway House, told WION. Sitharaman delivered her sixth consecutive Union Budget speech on Thursday (Feb 1) and pitched the growing economic prospects of the world's fifth-largest economy as an imminent sign of India becoming a developed nation in the coming decades.

Budget 2024 extends focus on India-Middle East-Europe corridor as 'strategic and economic game changer'

Today is the big interim budget day. Finance Minister Nirmala Sitharaman unwelded India's interim budget for 2024, showcasing the nation's economic ascent as a testament to India's relentless pursuit of development. To know more watch this interview with Dr Arvind Virmani.

India Budget 2024: Ministers hail interim budget

India Budget 2024: Opposition slams interim budget

For the year 2024-25, the Indian government has proposed an allocation of around $1.63 billion (Rs 13,042 crore) for the Department of Space (DoS), as revealed in the interim budget. The DoS is an umbrella body, which covers the Indian Space Research Organisation (ISRO), the space sector regulator IN-SPACe (Indian National Space Promotion and Authorization Centre), other related centres, associated academic and research institutions, etc.&nbsp;

As per the data shared in the Demand for Grants document, this proposed budget allocation of Rs 13,042 crore&nbsp;for 2024-25 is a step up from the revised estimate of $1.33 billion (Rs 11,070 crore) for 2023-24. While this is an increase of 17.8 per cent, it would take considerable time to know how much of this proposed sum&nbsp;would be allocated eventually.

However, when comparing the proposed budget allocation for 2023-24 (Rs 12,543 crore&nbsp;or approx $1.56 billion)and the proposed allocation for 2024-25 (Rs 13,042 crore&nbsp;or approx $1.63 billion), the hike is barely Rs 500 crore&nbsp;or approximately $62 million, which translates to four per cent&nbsp;hike.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
India's <a href="https://twitter.com/hashtag/space?src=hash&amp;ref_src=twsrc%5Etfw">#space</a> ambitions: 
 
Astronaut mission by 2026<a href="https://twitter.com/hashtag/Indian?src=hash&amp;ref_src=twsrc%5Etfw">#Indian</a> Space Station by 2035 
Crewed moon landing by 2040 
 
Proposed for Funding 2024-25: 
₹13,042cr 
Revised Estimate for 2023-24: 
₹11,070cr 
 
Hike is 17.8% <a href="https://twitter.com/hashtag/science?src=hash&amp;ref_src=twsrc%5Etfw">#science</a> <a href="https://twitter.com/hashtag/tech?src=hash&amp;ref_src=twsrc%5Etfw">#tech</a> <a href="https://twitter.com/hashtag/research?src=hash&amp;ref_src=twsrc%5Etfw">#research</a> <a href="https://twitter.com/hashtag/isro?src=hash&amp;ref_src=twsrc%5Etfw">#isro</a> <a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://twitter.com/hashtag/InterimBudget?src=hash&amp;ref_src=twsrc%5Etfw">#InterimBudget</a> <a href="https://t.co/6nzMSvWiZ2">pic.twitter.com/6nzMSvWiZ2</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1753019350079197342?ref_src=twsrc%5Etfw">February 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

It is noteworthy that the government-run Indian space agency ISRO has been assigned significantly challenging technological tasks by Prime Minister Narendra Modi. In October 2023, Prime Minister Modi set a roadmap for ISRO's future endeavours and even stated specific deadlines for these projects.&nbsp;

Setting up a ‘Bharatiya Antariksha Station’ (Indian Space Station) by 2035 and sending the first Indian to the Moon by 2040, are among the targets. Therefore, it raises questions about whether such a modest proposed hike in funding would be adequate to meet the challenges that have been put forth.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817">India Budget 2024: ‘Garib, Mahilayen, Yuva, Annadata,’ key takeaways from Sitharaman’s speech</a>

The Department of Space had also been asked to develop a roadmap for Lunar exploration, which would encompass a series of Chandrayaan missions, the development of a Next Generation Launch Vehicle (NGLV), construction of a new launch pad, setting up human-centric laboratories and associated technologies. In addition to this, Prime Minister Modi has also called upon Indian scientists to work towards interplanetary missions such as a Venus orbiter and a Mars lander.&nbsp;

Since 2018, ISRO has been working on executing its maiden human spaceflight mission, under a programme known as 'Gaganyaan'. This is an entirely indigenous effort to ferry Indian astronauts (specially trained Indian Air Force test pilots) to space and bring them back safely. ISRO aims to perform an uncrewed Gaganyaan mission in 2024, another uncrewed mission in 2025 and perform the astronaut mission by early 2026.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-interim-budget-2024-this-is-what-is-in-store-for-jobs-in-tourism-infra-and-deep-tech-685930">India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech</a>

Along with routine launch activities and satellite building for India’s own needs, ISRO would also have to carry out research and development on new technologies and components that would enable them to achieve their future goals. On a war footing, ISRO has to also work on increasing the payload carrying capacity of its existing rocket LVM3, while developing new rockets, and reusable rockets for future requirements.&nbsp;

Over the years, ISRO has been gradually outsourcing routine activities such as building rockets and satellites to private firms or public-private entities, thereby ensuring that ISRO’s resources can be better utilised for the core research and development activities that are aimed at scaling up and meeting future requirements.

For the year 2024-25, the Indian government has proposed an allocation of around $1.63 billion (Rs 13,042 crore) for the Department of Space (DoS), as revealed in the interim budget.

For the year 2024-25, the Indian government has proposed an allocation of around $1.63 billion (Rs 13,042 crore) for the Department of Space (DoS), as revealed in the interim budget. The DoS is an umbrella body, which covers the Indian Space Research Organisation (ISRO), the space sector regulator IN-SPACe (Indian National Space Promotion and Authorization Centre), other related centres, associated academic and research institutions, etc. As per the data shared in the Demand for Grants document, this proposed budget allocation of Rs 13,042 crore for 2024-25 is a step up from the revised estimate of $1.33 billion (Rs 11,070 crore) for 2023-24. While this is an increase of 17.8 per cent, it would take considerable time to know how much of this proposed sum would be allocated eventually. However, when comparing the proposed budget allocation for 2023-24 (Rs 12,543 crore or approx $1.56 billion)and the proposed allocation for 2024-25 (Rs 13,042 crore or approx $1.63 billion), the hike is barely Rs 500 crore or approximately $62 million, which translates to four per cent hike. India's #space ambitions: Astronaut mission by 2026#Indian Space Station by 2035 Crewed moon landing by 2040 Proposed for Funding 2024-25: ₹13,042cr Revised Estimate for 2023-24: ₹11,070cr Hike is 17.8% #science #tech #research #isro #BudgetSession #InterimBudget pic.twitter.com/6nzMSvWiZ2 — Sidharth.M.P (@sdhrthmp) February 1, 2024 × It is noteworthy that the government-run Indian space agency ISRO has been assigned significantly challenging technological tasks by Prime Minister Narendra Modi. In October 2023, Prime Minister Modi set a roadmap for ISRO's future endeavours and even stated specific deadlines for these projects. Setting up a ‘Bharatiya Antariksha Station’ (Indian Space Station) by 2035 and sending the first Indian to the Moon by 2040, are among the targets. Therefore, it raises questions about whether such a modest proposed hike in funding would be adequate to meet the challenges that have been put forth. ALSO READ | India Budget 2024: ‘Garib, Mahilayen, Yuva, Annadata,’ key takeaways from Sitharaman’s speech The Department of Space had also been asked to develop a roadmap for Lunar exploration, which would encompass a series of Chandrayaan missions, the development of a Next Generation Launch Vehicle (NGLV), construction of a new launch pad, setting up human-centric laboratories and associated technologies. In addition to this, Prime Minister Modi has also called upon Indian scientists to work towards interplanetary missions such as a Venus orbiter and a Mars lander. Since 2018, ISRO has been working on executing its maiden human spaceflight mission, under a programme known as 'Gaganyaan'. This is an entirely indigenous effort to ferry Indian astronauts (specially trained Indian Air Force test pilots) to space and bring them back safely. ISRO aims to perform an uncrewed Gaganyaan mission in 2024, another uncrewed mission in 2025 and perform the astronaut mission by early 2026. ALSO READ | India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech Along with routine launch activities and satellite building for India’s own needs, ISRO would also have to carry out research and development on new technologies and components that would enable them to achieve their future goals. On a war footing, ISRO has to also work on increasing the payload carrying capacity of its existing rocket LVM3, while developing new rockets, and reusable rockets for future requirements. Over the years, ISRO has been gradually outsourcing routine activities such as building rockets and satellites to private firms or public-private entities, thereby ensuring that ISRO’s resources can be better utilised for the core research and development activities that are aimed at scaling up and meeting future requirements.

Budget 2024: India’s Department of Space proposed to receive approx $1.63 billion

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget&nbsp;2024&nbsp;was tabled in the Parliament.&nbsp;

<h2>‘Viksit Bharat’&nbsp;</h2>

“Our vision for <a href="https://www.wionews.com/india-news/indian-budget-2024-fm-sitharaman-tables-interim-budget-says-working-to-viksit-bharat-by-2047-685816">Viksit (Advanced) Bharat</a> is that of a prosperous Bharat…in harmony with nature and modern infrastructure, and providing opportunities for all to reach their potential,” said Sitharaman, during her speech.&nbsp;

WATCH |&nbsp;FM Nirmala Sitharaman: Next five years will see unprecented development

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-budget-2024-fm-nirmala-sitharaman-next-five-years-will-see-unprecented-development-685912/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

This was in line with Prime Minister Narendra Modi's&nbsp;vision for ‘Viksit Bharat’&nbsp;which involves several aspects of development, including economic growth and environmental sustainability.&nbsp;

The Indian finance minister also spoke about how the government will adopt economic policies that foster and sustain growth and facilitate inclusive and sustainable development.&nbsp;

<h2>Focus on green energy</h2>

In the interim Budget, the finance minister has allocated significant resources to bolster the green energy sector including a viability gap funding to harness offshore wind energy, setting up coal gasification and liquefaction projects, and so on.&nbsp;

The gap funding would be used for the development of one gigawatt (GW) of offshore wind energy, which would reduce India’s reliance on fossil fuels.&nbsp;

Additionally, the Indian government also plans to set up coal gasification and liquefaction projects capable of processing 100 metric tonnes (MT) by 2030, which will help reduce imports of natural gas, methanol, and ammonia.

The government has said that it would mandate the blending of Compressed BioGas (CBG) in Compressed Natural Gas (CNG) for transportation and Piped Natural Gas (PNG) for domestic use. These measures are aimed at reducing carbon emissions and improving air quality.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-interim-budget-2024-revolutionary-steps-announced-for-these-industries-685893">India Budget 2024: Revolutionary steps announced for solar, dairy and fisheries industries - check details</a>

Financial assistance would be provided for the procurement of biomass aggregation machines to support collection, which could help ramp up the production of bioenergy – a renewable energy derived from biomass, which also contributes to climate change mitigation.&nbsp;

The interim Budget also includes the introduction of a new scheme of bio-manufacturing and bio-foundry to promote green growth. This, Sitharaman said “will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.”&nbsp;

Additionally, the scheme would also help transform “today’s consumptive manufacturing paradigm to the one based on regenerative principles.”

The government has also announced plans to&nbsp;expand and strengthen the <a href="https://www.wionews.com/india-news/india-interim-budget-govt-to-expand-ev-infra-and-develop-more-entrepreneurship-opportunities-685838">e-vehicle ecosystem</a> by supporting&nbsp;manufacturing and charging infrastructure in the country.&nbsp;

According to&nbsp;Sitharaman,&nbsp;through rooftop solarisation more than 10 million (one crore)&nbsp;households will be enabled to obtain up to <a href="https://www.wionews.com/india-news/india-interim-budget-govt-to-provide-300-units-free-electricity-announces-fm-sitharaman-685911">300 units of free electricity</a> every month.&nbsp;

<h2>What is Blue Economy 2.0?</h2>

During her speech, the Indian finance minister unveiled plans for the launch of Blue Economy 2.0 which is aimed at promoting climate-resilient activities and sustainable development in coastal areas.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-interim-budget-2024-this-is-what-is-in-store-for-jobs-in-tourism-infra-and-deep-tech-685930">India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech</a>

The scheme will focus on “restoration and adaptation measures” and the expansion of coastal aquaculture and mariculture with an integrated and multi-sectoral approach.&nbsp;

Notably, the Blue Economy, which involves sustainable use of ocean resources and coastal areas for economic growth has emerged as a new area of focus in sustainable development.&nbsp;

(With inputs from agencies) 
&nbsp;

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget 2024 was tabled in the Parliament.

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget 2024 was tabled in the Parliament. ‘Viksit Bharat’ “Our vision for Viksit (Advanced) Bharat is that of a prosperous Bharat…in harmony with nature and modern infrastructure, and providing opportunities for all to reach their potential,” said Sitharaman, during her speech. WATCH | FM Nirmala Sitharaman: Next five years will see unprecented development This was in line with Prime Minister Narendra Modi's vision for ‘Viksit Bharat’ which involves several aspects of development, including economic growth and environmental sustainability. The Indian finance minister also spoke about how the government will adopt economic policies that foster and sustain growth and facilitate inclusive and sustainable development. Focus on green energy In the interim Budget, the finance minister has allocated significant resources to bolster the green energy sector including a viability gap funding to harness offshore wind energy, setting up coal gasification and liquefaction projects, and so on. The gap funding would be used for the development of one gigawatt (GW) of offshore wind energy, which would reduce India’s reliance on fossil fuels. Additionally, the Indian government also plans to set up coal gasification and liquefaction projects capable of processing 100 metric tonnes (MT) by 2030, which will help reduce imports of natural gas, methanol, and ammonia. The government has said that it would mandate the blending of Compressed BioGas (CBG) in Compressed Natural Gas (CNG) for transportation and Piped Natural Gas (PNG) for domestic use. These measures are aimed at reducing carbon emissions and improving air quality. ALSO READ | India Budget 2024: Revolutionary steps announced for solar, dairy and fisheries industries - check details Financial assistance would be provided for the procurement of biomass aggregation machines to support collection, which could help ramp up the production of bioenergy – a renewable energy derived from biomass, which also contributes to climate change mitigation. The interim Budget also includes the introduction of a new scheme of bio-manufacturing and bio-foundry to promote green growth. This, Sitharaman said “will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.” Additionally, the scheme would also help transform “today’s consumptive manufacturing paradigm to the one based on regenerative principles.” The government has also announced plans to expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure in the country. According to Sitharaman, through rooftop solarisation more than 10 million (one crore) households will be enabled to obtain up to 300 units of free electricity every month. What is Blue Economy 2.0? During her speech, the Indian finance minister unveiled plans for the launch of Blue Economy 2.0 which is aimed at promoting climate-resilient activities and sustainable development in coastal areas. ALSO READ | India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech The scheme will focus on “restoration and adaptation measures” and the expansion of coastal aquaculture and mariculture with an integrated and multi-sectoral approach. Notably, the Blue Economy, which involves sustainable use of ocean resources and coastal areas for economic growth has emerged as a new area of focus in sustainable development. (With inputs from agencies)

Budget 2024: Sitharaman unveils India's plan to achieve net zero target by 2070 with focus on green energy

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.

Industry expectations from India's budget

In this budget, the Confederation of Indian Industry (CII) urges a 20 per cent increase in infrastructure spending. This bold call, coupled with demands for extended manufacturing incentives and adjustments to import duties, sets the tone for an economic blueprint aiming to propel growth in the face of political transition.

The CII outlines key priorities for India's Budget 2024, emphasising the need for growth triggers. The focus spans across vital sectors, reflecting the aspirations of industries looking for policy measures that will foster economic development.

Key focus points: Infrastructure, manufacturing &amp; import duties

As we delve into the specifics, the Confederation of Indian Industry puts forward a comprehensive set of proposals that address crucial sectors. The Federation of Indian Chambers of Commerce and Industry (FICCI) pitches for a five-year extension of the concessional tax regime for new manufacturing facilities.

The Production Linked Incentive (PLI) scheme, a flagship initiative, is anticipated to expand into labour-intensive sectors such as apparel, toys, footwear, and chemicals. Import tariffs, proposed for a three-tier duty structure, aim to address concerns where input taxes surpass final goods.

In the gems and jewellery sector, there's a call for lower import duties, while the steel industry seeks higher levies on finished steel to counter rising imports from China.

Critical tax reforms and social spending

As the budget unfolds, the CII outlines critical tax reforms, advocating for an increase in the tax exemption limit linked to inflation to boost consumption. There's a plea for consistency in the capital gains tax structure across asset classes, be it debt, equity, or immovable assets.

In the realm of social spending, a call resonates for increased allocation to healthcare and education. The CII urges the combined efforts of federal and state governments to elevate spending on these critical sectors, addressing current spending gaps.

As Finance Minister Nirmala Sitharaman reveals India's budgetary roadmap, industries across the spectrum eagerly await the details that will shape the economic trajectory of the nation.

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.

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. Industry expectations from India's budget In this budget, the Confederation of Indian Industry (CII) urges a 20 per cent increase in infrastructure spending. This bold call, coupled with demands for extended manufacturing incentives and adjustments to import duties, sets the tone for an economic blueprint aiming to propel growth in the face of political transition. The CII outlines key priorities for India's Budget 2024, emphasising the need for growth triggers. The focus spans across vital sectors, reflecting the aspirations of industries looking for policy measures that will foster economic development. Key focus points: Infrastructure, manufacturing & import duties As we delve into the specifics, the Confederation of Indian Industry puts forward a comprehensive set of proposals that address crucial sectors. The Federation of Indian Chambers of Commerce and Industry (FICCI) pitches for a five-year extension of the concessional tax regime for new manufacturing facilities. The Production Linked Incentive (PLI) scheme, a flagship initiative, is anticipated to expand into labour-intensive sectors such as apparel, toys, footwear, and chemicals. Import tariffs, proposed for a three-tier duty structure, aim to address concerns where input taxes surpass final goods. In the gems and jewellery sector, there's a call for lower import duties, while the steel industry seeks higher levies on finished steel to counter rising imports from China. Critical tax reforms and social spending As the budget unfolds, the CII outlines critical tax reforms, advocating for an increase in the tax exemption limit linked to inflation to boost consumption. There's a plea for consistency in the capital gains tax structure across asset classes, be it debt, equity, or immovable assets. In the realm of social spending, a call resonates for increased allocation to healthcare and education. The CII urges the combined efforts of federal and state governments to elevate spending on these critical sectors, addressing current spending gaps. As Finance Minister Nirmala Sitharaman reveals India's budgetary roadmap, industries across the spectrum eagerly await the details that will shape the economic trajectory of the nation.

Budget 2024: What do industries expect?

Indian Finance Minister Nirmala Sitharaman presented the interim Budget 2024 on Thursday (Feb 1). The railways ministry was allocated a total of Rs 2.55 lakh crore (2.

Indian Finance Minister Nirmala Sitharaman presented the interim Budget 2024 on Thursday (Feb 1). The railways ministry was allocated a total of Rs 2.55 lakh crore (2.5 trillion). In her speech, Finance Minister Sitharaman said that three major economic corridor programmes will be implemented by the government. "These are energy, mineral and cement corridors; port connectivity corridors, and high traffic density corridors," Sitharaman said. "The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce cost," Sitharaman said. Also read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech "The resultant decongestion of the high-traffic corridors will also help in improving operations of passenger trains, resulting in safety and higher travel speed for passengers," she added. The finance minister also said that together with dedicated freight corridors, these three economic corridor programmes will accelerate India's Gross Domestic Product (GDP) and reduce logistic costs. '40K trains to be converted to Vande Bharat standards' During her interim Budget speech, Finance Minister Sitharaman said that 40,000 normal train bogeys will be converted to the Vande Bharat standards to enhance the safety, convenience and comfort of passengers. VIDEO | "Railways: Three major Railway economic corridors programmes will be implemented. These are energy, mineral and cement corridor; port connectivity corridors and high traffic density corridors. The projects have been identified under the PM Gati Shakti for enabling… pic.twitter.com/zD0fJ4vp1R — Press Trust of India (@PTI_News) February 1, 2024 × "We have a fast-expanding middle class, and rapid urbanisation is taking place. Metro and NaMo Bharat can be the catalyst for the required urban transformation," she added. Also read | Sitharaman says govt under Modi working towards making country 'Viksit Bharat' by 2047 This was Sitharaman's sixth Union Budget. She holds the title for presenting the longest budget speech in terms of duration. However, this year's speech was the shortest, lasting 57 minutes. Her budget speech in 2020 was two hours and 42 minutes long. What happened in last year's budget? In the previous year's Union Budget, the Modi government allocated a record Rs 2.4 lakh crore to the railways ministry for the financial year 2023-2024. This amount was nine times of what was allocated in FY 2013-14.

India Budget 2024: For railways, FM Sitharaman says 3 major economic corridor programmes to be implemented

<o:p></o:p>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.<o:p></o:p>

The proposed capex is 11.1 per cent higher than the current fiscal year's allocation of little over 10 lakh core rupees (approximately $120 billion).<o:p></o:p>

Sitharaman highlighted that the federal government's capital expenditure as a percentage of GDP is anticipated to rise from 3.3 per cent in 2023-'24 to 3.4 per cent in the upcoming financial year.<o:p></o:p>

Reuters quoted Ranen Banerjee, Partner and Leader for Economic Advisory at PwC India, as saying, "The additional allocation of INR 1.1 trillion for capex, taking it to INR 11.1 trillion, should provide continuity in the pace of infra creation and in bringing down the logistics cost in the country progressively."<o:p></o:p>

&nbsp;The allocation is expected to contribute to the ongoing efforts to enhance infrastructure, reduce logistics costs, and fuel economic development.<o:p></o:p>

While the capex increase is notable, the year-on-year rise is lower compared to the current fiscal year. Sitharaman also announced government spending of 1.3 trillion rupees (approximately $15.85 billion) in the form of 50-year loans to states, aimed at boosting their capital investments. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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.

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. The proposed capex is 11.1 per cent higher than the current fiscal year's allocation of little over 10 lakh core rupees (approximately $120 billion). Sitharaman highlighted that the federal government's capital expenditure as a percentage of GDP is anticipated to rise from 3.3 per cent in 2023-'24 to 3.4 per cent in the upcoming financial year. Reuters quoted Ranen Banerjee, Partner and Leader for Economic Advisory at PwC India, as saying, "The additional allocation of INR 1.1 trillion for capex, taking it to INR 11.1 trillion, should provide continuity in the pace of infra creation and in bringing down the logistics cost in the country progressively." The allocation is expected to contribute to the ongoing efforts to enhance infrastructure, reduce logistics costs, and fuel economic development. While the capex increase is notable, the year-on-year rise is lower compared to the current fiscal year. Sitharaman also announced government spending of 1.3 trillion rupees (approximately $15.85 billion) in the form of 50-year loans to states, aimed at boosting their capital investments. (With inputs from Reuters)

India Budget 2024: Capex raised to over $132 bn  for 2024-'25

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.

Expectations from India's Budget

The Interim Budget, required for the authorisation of expenditures until a new government is formed post-elections, is set to play a crucial role in outlining the trajectory of India's economic policies. The latest economic report pegs India's growth rate at an impressive 7 per cent, a figure that the Finance Minister is expected to highlight as a testament to the country's growth prospects.

The budget's central focus is anticipated to be on the government's fiscal roadmap. For the current fiscal year, the government is expected to assert that it is on track to achieve the deficit target of 5.9 per cent of GDP. This optimistic outlook is attributed to robust direct tax collections, better-than-expected non-tax revenues, and expenditure savings by some ministries. The target for the upcoming fiscal year is likely to be set lower at 5.4 per cent of GDP.

Fiscal prudence or popular schemes?

The fiscal deficit, the gap between government revenue and expenditure, will be a key metric attracting attention from both domestic and international businesses and investors. Promising aggressive fiscal consolidation, the government aims to cut its budget deficit to 4.5 per cent of GDP by 2025-2026, requiring a significant reduction of 1.4 percentage points over the next two years. However, the feasibility of such drastic fiscal consolidation remains uncertain, considering potential impacts on domestic consumption.

While the government may steer clear of drastic fiscal measures, the emphasis on capital expenditure is expected to persist. With capital spending projected to increase by 37 per cent for the current fiscal year, the budget for capital expenditures is likely to see a moderate expansion of 12-15 per cent for the next year. This strategic move aims to sustain economic growth and development.

Priority Sectors: Farmers, women, the poor, and young people

In line with the government's commitment to welfare, the budget is anticipated to allocate more funding to ongoing welfare programs. Programs like PM Kisan and MNREGA are expected to receive increased funding to bolster the rural and agricultural sectors, providing support to those in need.

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.

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. Expectations from India's Budget The Interim Budget, required for the authorisation of expenditures until a new government is formed post-elections, is set to play a crucial role in outlining the trajectory of India's economic policies. The latest economic report pegs India's growth rate at an impressive 7 per cent, a figure that the Finance Minister is expected to highlight as a testament to the country's growth prospects. The budget's central focus is anticipated to be on the government's fiscal roadmap. For the current fiscal year, the government is expected to assert that it is on track to achieve the deficit target of 5.9 per cent of GDP. This optimistic outlook is attributed to robust direct tax collections, better-than-expected non-tax revenues, and expenditure savings by some ministries. The target for the upcoming fiscal year is likely to be set lower at 5.4 per cent of GDP. Fiscal prudence or popular schemes? The fiscal deficit, the gap between government revenue and expenditure, will be a key metric attracting attention from both domestic and international businesses and investors. Promising aggressive fiscal consolidation, the government aims to cut its budget deficit to 4.5 per cent of GDP by 2025-2026, requiring a significant reduction of 1.4 percentage points over the next two years. However, the feasibility of such drastic fiscal consolidation remains uncertain, considering potential impacts on domestic consumption. While the government may steer clear of drastic fiscal measures, the emphasis on capital expenditure is expected to persist. With capital spending projected to increase by 37 per cent for the current fiscal year, the budget for capital expenditures is likely to see a moderate expansion of 12-15 per cent for the next year. This strategic move aims to sustain economic growth and development. Priority Sectors: Farmers, women, the poor, and young people In line with the government's commitment to welfare, the budget is anticipated to allocate more funding to ongoing welfare programs. Programs like PM Kisan and MNREGA are expected to receive increased funding to bolster the rural and agricultural sectors, providing support to those in need.

Budget 2024 Preview: Nirmala Sitharaman set to unveil economic roadmap

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.

India's unveiling of interim budget before elections

In a few hours, Finance Minister Nirmala Sitharaman will present the final budget of Narendra Modi Government 2.0, providing a comprehensive outlook before India enters the electoral arena. This interim budget, in effect from April 1 at the start of the financial year until the presentation of the new budget, is a crucial precursor to the full budget that will shape India's economic trajectory.

While Sitharaman has hinted at no major announcements in this interim budget, it is expected to draw attention to balancing the fiscal deficit and investments in significant projects. India, the bright spot in the global economy, is set to lower its budget deficit by at least 0.5 percentage points in 2024-25, coupled with a potential 20 per cent increase in capital spending, predominantly in infrastructure.

Global watch on India's economic landscape

Despite the interim nature of the budget, the world is keenly watching India's financial moves. With the country growing at over 7 per cent, India stands out in the global economic arena. Setting its sights on becoming a $7 trillion economy by 2030, India's strong macroeconomic fundamentals attract global attention.

Given the upcoming elections, the government is likely to focus on key constituencies – farmers, women, and the poor. There are expectations of doubling the annual payout to landowning female farmers, a significant vote bank. The extension of the free food grains program for the next five years and the flagship federal housing scheme for low-cost loans might also be on the cards.

Anticipated fiscal moves and social programs

In terms of fiscal moves, India aims to balance the books while stimulating growth. The interim budget could be a delicate dance between fiscal prudence and strategic investments. As the budget unfolds, it is expected to offer insights into the government's vision for India's economic future.

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.

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. India's unveiling of interim budget before elections In a few hours, Finance Minister Nirmala Sitharaman will present the final budget of Narendra Modi Government 2.0, providing a comprehensive outlook before India enters the electoral arena. This interim budget, in effect from April 1 at the start of the financial year until the presentation of the new budget, is a crucial precursor to the full budget that will shape India's economic trajectory. While Sitharaman has hinted at no major announcements in this interim budget, it is expected to draw attention to balancing the fiscal deficit and investments in significant projects. India, the bright spot in the global economy, is set to lower its budget deficit by at least 0.5 percentage points in 2024-25, coupled with a potential 20 per cent increase in capital spending, predominantly in infrastructure. Global watch on India's economic landscape Despite the interim nature of the budget, the world is keenly watching India's financial moves. With the country growing at over 7 per cent, India stands out in the global economic arena. Setting its sights on becoming a $7 trillion economy by 2030, India's strong macroeconomic fundamentals attract global attention. Given the upcoming elections, the government is likely to focus on key constituencies – farmers, women, and the poor. There are expectations of doubling the annual payout to landowning female farmers, a significant vote bank. The extension of the free food grains program for the next five years and the flagship federal housing scheme for low-cost loans might also be on the cards. Anticipated fiscal moves and social programs In terms of fiscal moves, India aims to balance the books while stimulating growth. The interim budget could be a delicate dance between fiscal prudence and strategic investments. As the budget unfolds, it is expected to offer insights into the government's vision for India's economic future.

Budget 2024: A look at India's interim financial outlook

In the upcoming fiscal year, various budget proposals are poised to stimulate economic growth and generate employment in key sectors such as tourism, infrastructure, ports, construction, and technology. The government's commitment to comprehensive development and global branding of iconic tourist centres signals a strategic approach to tap into the vast opportunities within the tourism industry.

Finance Minister Nirmala Sitharaman emphasised the encouragement of states to undertake the holistic development of iconic tourist destinations. The focus includes global-scale branding, marketing initiatives, and the exploration of opportunities in spiritual tourism.&nbsp;

"States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale... Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship," Sitharaman said in her budget speech.

Amid the pandemic, there has been a notable surge in domestic tourism. To capitalise on this trend, the budget proposes projects for port connectivity, tourism infrastructure, and amenities, particularly in island regions such as Lakshadweep. These endeavours aim not only to boost tourism but also to create additional employment opportunities.

"To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also," the finance minister said.

<a href="https://www.wionews.com/india-news/budget-2024-amrit-peedhi-to-kartavya-kaal-all-new-hindi-phrases-used-by-nirmala-sitharaman-in-her-speech-685883">Also read |&nbsp;Budget 2024: 'Amrit Peedhi' to 'Kartavya Kaal', all new Hindi phrases used by Nirmala Sitharaman in her speech</a>

<h2>Infrastructure boost</h2>

The budget outlines a significant 11 per cent increase in infrastructure capital expenditure (capex) for the fiscal year 2025, amounting to ₹11.11 trillion. This substantial investment is expected to generate both formal and informal jobs, providing a crucial stimulus to the economy.

Industry experts highlight the positive effects on the hospitality sector, foreseeing increased employment due to a rise in religious and business tourism.

Additionally, the construction sector is expected to benefit from the ambitious construction of two crore houses under the PM Awas Yojana (Grameen).

<h2>Technological advancements</h2>

The budget's forward-looking approach includes substantial investments in sunrise sectors and deep tech.

Also watch |&nbsp;Budget 2024: Government working on all-round, all-pervasive, all-inclusive growth, says Sitharaman

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2024-government-working-on-all-round-all-pervasive-all-inclusive-growth-says-sitharaman-685913/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The establishment of a ₹1 lakh crore corpus with a 50-year interest-free loan is particularly noteworthy. This corpus is designed to provide long-term financing, encouraging the private sector to scale up research and innovation in emerging technological domains.

"For our tech-savvy youth, this will be a golden era. A corpus of&nbsp;₹1 lakh crore will be established with a 50-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains," the finance minister said.

(With inputs from agencies)

In the upcoming fiscal year, various budget proposals are poised to stimulate economic growth and generate employment in key sectors such as tourism, infrastructure, ports, construction, and technology.

In the upcoming fiscal year, various budget proposals are poised to stimulate economic growth and generate employment in key sectors such as tourism, infrastructure, ports, construction, and technology. The government's commitment to comprehensive development and global branding of iconic tourist centres signals a strategic approach to tap into the vast opportunities within the tourism industry. Finance Minister Nirmala Sitharaman emphasised the encouragement of states to undertake the holistic development of iconic tourist destinations. The focus includes global-scale branding, marketing initiatives, and the exploration of opportunities in spiritual tourism. "States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale... Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship," Sitharaman said in her budget speech. Amid the pandemic, there has been a notable surge in domestic tourism. To capitalise on this trend, the budget proposes projects for port connectivity, tourism infrastructure, and amenities, particularly in island regions such as Lakshadweep. These endeavours aim not only to boost tourism but also to create additional employment opportunities. "To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also," the finance minister said. Also read | Budget 2024: 'Amrit Peedhi' to 'Kartavya Kaal', all new Hindi phrases used by Nirmala Sitharaman in her speech Infrastructure boost The budget outlines a significant 11 per cent increase in infrastructure capital expenditure (capex) for the fiscal year 2025, amounting to ₹11.11 trillion. This substantial investment is expected to generate both formal and informal jobs, providing a crucial stimulus to the economy. Industry experts highlight the positive effects on the hospitality sector, foreseeing increased employment due to a rise in religious and business tourism. Additionally, the construction sector is expected to benefit from the ambitious construction of two crore houses under the PM Awas Yojana (Grameen). Technological advancements The budget's forward-looking approach includes substantial investments in sunrise sectors and deep tech. Also watch | Budget 2024: Government working on all-round, all-pervasive, all-inclusive growth, says Sitharaman The establishment of a ₹1 lakh crore corpus with a 50-year interest-free loan is particularly noteworthy. This corpus is designed to provide long-term financing, encouraging the private sector to scale up research and innovation in emerging technological domains. "For our tech-savvy youth, this will be a golden era. A corpus of ₹1 lakh crore will be established with a 50-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains," the finance minister said. (With inputs from agencies)

India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech

India's Finance Minister Nirmala Sitharaman presented this year's interim budget all eyes were of course on reforms and policy announcements. But there was more colour that was in fact hidden in plain sight. Let's tell you more.

India Budget 2024: India's interim budget highlights

India Budget 2024: Budget report card vision for 2027

Budget 2024: Indian Finance Minister Nirmala Sitharaman presented Interim Budget 2024 in the Parliament of India on Thursday (February 1). The budget was presented just months before India holds general elections in a few months' time. Though this was an interim budget, it does have significance considering public focus just ahead of Lok Sabha Elections 2024. Sitharaman made several important observations and announcement&nbsp;about farmers. India may have transformed into an Information Technology (IT) and service sector hub, but agricultural sector still remains a source of income for millions of Indians. Provisions for this sector hence come into focus from analysts and common citizens alike.

In her budget speech, Sitharaman regarded Indian farmers as 'annadata' (provider of food). Earlier in her speech, the finance minister mentioned various steps the Government of India had taken for the benefit of farmers in the country.

"Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore (118 million) farmers, including marginal and small farmers. Crop insurance is given to 4 crore (40 million) farmers under PM Fasal Bima Yojana. These, besides several other programmes, are assisting ‘annadata’ in producing food for the country and the world," she said.

Sitharaman said that government initiative of Electronic National Agriculture Market (eNAM) has integrated 1361 mandis (vegetable markets) across the county. The eNAM is India's countrywide electronic trading portal aiming to create a unified national market for agriculture produce by integrating existing networks and APMCs (Agricultural Produce Market Committees). Sitharaman said that eNAM is already providing services to 1.8 crore (18 million) farmers.

"The sector is poised for inclusive, balanced, higher growth and productivity. These are facilitated from farmer-centric policies, income support, coverage of risks through price and insurance support, promotion of technologies and innovations through start-ups," she said.&nbsp;

The finance minister said that in coming days, government will step up efforts for value addition in agricultural sector and for increase in farmers' income.

"Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh (3.8 million) farmers and generated 10 lakh (1 million) employment. Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh (240,000) SHGs and sixty thousand individuals with credit linkages. Other schemes are complementing the efforts for reducing post-harvest losses, and improving productivity and incomes," said Sitharaman.

Talking about steps planned for growth of the sector, she said government will look to private and public investment.

In her speech, Sitharaman also spoke of supporting dairy farmers. The minister said that a 'comprehensive programme' will be launched.

"India is the world’s largest milk producer but with low productivity of milch animals. The programme will be built on the success of existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry," said the minister.

Also Read | <a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817">India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech</a>

Sitharaman said that the government will work towards achieving self-sufficiency for oil-seeds

"Building on the initiative announced in 2022, a strategy will be formulated to achieve ‘atmanirbharta’ (self-sufficiency) for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. This will cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance," she said.

Also Read | <a href="https://www.wionews.com/india-news/india-budget-2024-for-railways-fm-sitharaman-says-3-major-economic-corridor-programmes-to-be-implemented-685834">India budget 2024: For railways, FM Sitharaman says 3 major economic corridor programmes to be implemented</a>

As she spoke about achievements of her government, Sitharaman mentioned that worries about food security have been addressed by provision of free ration to 80 crore (800 million) people through public distribution system in the country.

(With inputs from agencies)

Budget 2024: Indian Finance Minister Nirmala Sitharaman presented Interim Budget 2024 in the Parliament of India on Thursday (February 1). The budget was presented just months before India holds general elections in a few months' time.

Budget 2024: Indian Finance Minister Nirmala Sitharaman presented Interim Budget 2024 in the Parliament of India on Thursday (February 1). The budget was presented just months before India holds general elections in a few months' time. Though this was an interim budget, it does have significance considering public focus just ahead of Lok Sabha Elections 2024. Sitharaman made several important observations and announcement about farmers. India may have transformed into an Information Technology (IT) and service sector hub, but agricultural sector still remains a source of income for millions of Indians. Provisions for this sector hence come into focus from analysts and common citizens alike. In her budget speech, Sitharaman regarded Indian farmers as 'annadata' (provider of food). Earlier in her speech, the finance minister mentioned various steps the Government of India had taken for the benefit of farmers in the country. "Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore (118 million) farmers, including marginal and small farmers. Crop insurance is given to 4 crore (40 million) farmers under PM Fasal Bima Yojana. These, besides several other programmes, are assisting ‘annadata’ in producing food for the country and the world," she said. Sitharaman said that government initiative of Electronic National Agriculture Market (eNAM) has integrated 1361 mandis (vegetable markets) across the county. The eNAM is India's countrywide electronic trading portal aiming to create a unified national market for agriculture produce by integrating existing networks and APMCs (Agricultural Produce Market Committees). Sitharaman said that eNAM is already providing services to 1.8 crore (18 million) farmers. "The sector is poised for inclusive, balanced, higher growth and productivity. These are facilitated from farmer-centric policies, income support, coverage of risks through price and insurance support, promotion of technologies and innovations through start-ups," she said. The finance minister said that in coming days, government will step up efforts for value addition in agricultural sector and for increase in farmers' income. "Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh (3.8 million) farmers and generated 10 lakh (1 million) employment. Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh (240,000) SHGs and sixty thousand individuals with credit linkages. Other schemes are complementing the efforts for reducing post-harvest losses, and improving productivity and incomes," said Sitharaman. Talking about steps planned for growth of the sector, she said government will look to private and public investment. In her speech, Sitharaman also spoke of supporting dairy farmers. The minister said that a 'comprehensive programme' will be launched. "India is the world’s largest milk producer but with low productivity of milch animals. The programme will be built on the success of existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry," said the minister. Also Read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech Sitharaman said that the government will work towards achieving self-sufficiency for oil-seeds "Building on the initiative announced in 2022, a strategy will be formulated to achieve ‘atmanirbharta’ (self-sufficiency) for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. This will cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance," she said. Also Read | India budget 2024: For railways, FM Sitharaman says 3 major economic corridor programmes to be implemented As she spoke about achievements of her government, Sitharaman mentioned that worries about food security have been addressed by provision of free ration to 80 crore (800 million) people through public distribution system in the country. (With inputs from agencies)

Budget 2024: What has Indian farmer gained?

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) presented the Interim Budget for the fiscal year 2024, without announcing any major policies or changes in the taxation structure.&nbsp;

During her shortest speech of 58 minutes, Sitharaman underlined the government's commitment to stability in taxation and a strategic approach to encourage economic growth.&nbsp;

The interim budget aims to take care of the fiscal needs of the intervening period until a government is formed after the general elections. A full budget will be presented probably in July.&nbsp;

But this Interim Budget doesn't include anything major, unlike how it was in 2019 when the Bharatiya Janata Party (BJP)-led government had presented a budget ahead of Lok Sabha polls.&nbsp;

This budget hints at the confidence of the Modi administration ahead of the upcoming polls, as they seem to be certain of scoring a victory in the elections, after which a full budget will be presented.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/india-budget-2024-for-railways-fm-sitharaman-says-3-major-economic-corridor-programmes-to-be-implemented-685834">India Budget 2024: For railways, FM Sitharaman says 3 major economic corridor programmes to be implemented</a>&nbsp;

<h2>What were the major announcements of the Interim Budget 2019?&nbsp;</h2>

In 2019, the interim budget was tabled by then finance minister Piyush Goyal, who had given the additional charge of the finance ministry due to Arun Jaitley's ill health.&nbsp;

Farmers&nbsp; 
Usually, the government doesn't announce anything major in interim budgets, but Goyal introduced some crucial changes in 2019, including an extension to the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme.&nbsp;

He had said that 120 million small and marginal farmers to be provided with an assured yearly income of Rs 6000 per annum under the scheme. "Our government is launching a historic programme PM-KISAN with an outlay of Rs 75,000 crore for the FY 2019-20 and Rs 20,000 crore in the Revised Estimates of FY 2018-19," Goyal had said.&nbsp;

Assured MSP of minimum 50 per cent to all 22 crops, interest subvention doubled in last five years, and announcements for soil health card, neem-coated urea emerged as a game changer in the farm sector.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817">India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech</a>&nbsp;

Labour&nbsp; 
For labourers, the Pradhan Mantri Shram Yogi Maandhan scheme was announced to ensure a fixed monthly pension to 100 million unorganised sector workers. Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month was also announced.&nbsp;

Health&nbsp; 
Goyal had said that the 22nd All India Institute of Medical Sciences (AIIMS) was to be set up in the north-western state of Haryana.&nbsp;

Direct Tax proposals&nbsp; 
Income up to Rs 5 lakh exempted from Income Tax and more than Rs 23,000 crore tax relief to three million middle-class taxpayers.&nbsp;

Defence&nbsp; 
The defence budget crossed Rs 3,00,000 crore for the first time ever.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2024-government-working-on-all-round-all-pervasive-all-inclusive-growth-says-sitharaman-685913/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Railways&nbsp; 
Capital support of Rs 64,587 crore was proposed in 2019-20 (BE) from the budget and overall capital expenditure programme to be of Rs 1,58,658 crore.&nbsp;

Poor and Backward Classes 
For the underprivileged class, Goyal had said that the "first right on the resources of the country is that of the poor". A 25 per cent additional seats in educational institutions to meet the 10 per cent reservation for the poor.&nbsp;

Entertainment Industry&nbsp; 
Goyal had announced that Indian filmmakers will get access to single window clearance as well for ease of shooting films.&nbsp;

Digital Villages 
The government had said that it would make 100,000 villages into Digital Villages over the next five years.&nbsp;

(With inputs from agencies)&nbsp;

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) presented the Interim Budget for the fiscal year 2024, without announcing any major policies or changes in the taxation structure.

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) presented the Interim Budget for the fiscal year 2024, without announcing any major policies or changes in the taxation structure. During her shortest speech of 58 minutes, Sitharaman underlined the government's commitment to stability in taxation and a strategic approach to encourage economic growth. The interim budget aims to take care of the fiscal needs of the intervening period until a government is formed after the general elections. A full budget will be presented probably in July. But this Interim Budget doesn't include anything major, unlike how it was in 2019 when the Bharatiya Janata Party (BJP)-led government had presented a budget ahead of Lok Sabha polls. This budget hints at the confidence of the Modi administration ahead of the upcoming polls, as they seem to be certain of scoring a victory in the elections, after which a full budget will be presented. Also read: India Budget 2024: For railways, FM Sitharaman says 3 major economic corridor programmes to be implemented What were the major announcements of the Interim Budget 2019? In 2019, the interim budget was tabled by then finance minister Piyush Goyal, who had given the additional charge of the finance ministry due to Arun Jaitley's ill health. Farmers Usually, the government doesn't announce anything major in interim budgets, but Goyal introduced some crucial changes in 2019, including an extension to the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme. He had said that 120 million small and marginal farmers to be provided with an assured yearly income of Rs 6000 per annum under the scheme. "Our government is launching a historic programme PM-KISAN with an outlay of Rs 75,000 crore for the FY 2019-20 and Rs 20,000 crore in the Revised Estimates of FY 2018-19," Goyal had said. Assured MSP of minimum 50 per cent to all 22 crops, interest subvention doubled in last five years, and announcements for soil health card, neem-coated urea emerged as a game changer in the farm sector. Also read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech Labour For labourers, the Pradhan Mantri Shram Yogi Maandhan scheme was announced to ensure a fixed monthly pension to 100 million unorganised sector workers. Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month was also announced. Health Goyal had said that the 22nd All India Institute of Medical Sciences (AIIMS) was to be set up in the north-western state of Haryana. Direct Tax proposals Income up to Rs 5 lakh exempted from Income Tax and more than Rs 23,000 crore tax relief to three million middle-class taxpayers. Defence The defence budget crossed Rs 3,00,000 crore for the first time ever. × Railways Capital support of Rs 64,587 crore was proposed in 2019-20 (BE) from the budget and overall capital expenditure programme to be of Rs 1,58,658 crore. Poor and Backward Classes For the underprivileged class, Goyal had said that the "first right on the resources of the country is that of the poor". A 25 per cent additional seats in educational institutions to meet the 10 per cent reservation for the poor. Entertainment Industry Goyal had announced that Indian filmmakers will get access to single window clearance as well for ease of shooting films. Digital Villages The government had said that it would make 100,000 villages into Digital Villages over the next five years. (With inputs from agencies)

Election year vs Election year: How this year's budget is different from 2019 Interim Budget

India Budget 2024: Finance Minister Nirmala Sitharaman described women as one of the four major 'castes', whose needs, aspirations and welfare remain Prime Minister Narendra Modi administration's 'highest priority' during her sixth consecutive budget speech in Indian parliament on Feb 1, 2024.&nbsp;

"Their empowerment and well-being will drive the country forward," Sitharaman said, while referring to the welfare of the poor, women, youth, and farmers.&nbsp;

Finance Minister Sitharaman said that the "empowerment of women through entrepreneurship, ease of living and dignity has gained momentum" in the last 10 years when Prime Minister Narendra Modi was first elected to power.&nbsp;

Also watch |&nbsp;Budget 2024: Empowerment of Women has gained momentum in last 10 years, says Nirmala Sitharaman

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2024-empowerment-of-women-has-gained-momentum-in-last-10-years-says-nirmala-sitharaman-685891/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"Thirty crore (300mn) Mudra Yojana loans have been given to women entrepreneurs. Female enrollment in higher education has gone up by 28 per cent in 10 years. In STEM [Science, Technology, Engineering and Maths] courses, girls and women constitute 43 per cent enrollment, one of the highest in the world," Sitharaman said.&nbsp;

All these measures are reflected in the increasing participation of women in the workforce, the finance minister added.&nbsp;

"Making Triple Talaq illegal, reservation of one-third seats for women in the Lok Sabha and State Legislative assemblies, and giving over 70 per cent houses under Prime Minister Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity," Sitharaman said while referring to the legislative end to the archaic practice of pronouncement of divorce by Muslim men divorcing the women by simply speaking&nbsp;the word thrice.

<h2>Focus on 'Lakhpati Didi' (millionaire sister) scheme</h2>

The finance minister said that 83 lakh (8.3 million) Self-Help Groups (SHGs) with nine crore (90 million) women are "transforming rural socio-economic landscape with empowerment and self-reliance".&nbsp;

"They are an inspiration to others. Their achievements will be recognised through honouring them. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore [20 million] to 3 crore [30 million]," Sitharaman said.&nbsp;

<h2>Sitharaman brings attention to cervical cancer vaccination</h2>

Finance Minister Sitharaman said that Prime Minister Narendra Modi's administration will "encourage vaccination for girls in age group of 9 to 14 years for the prevention of cervical cancer".&nbsp;

Sitharaman added that various schemes for maternal and child care will be brought under one comprehensive programme for "synergy in implementation".&nbsp;

"Upgradation of anganwadi centres under "Saksham Anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care and development."

(With inputs from agencies)

India Budget 2024: Finance Minister Nirmala Sitharaman described women as one of the four major 'castes', whose needs, aspirations and welfare remain Prime Minister Narendra Modi administration's 'highest priority' during her sixth consecutive budget speech in Indian parliament on Feb 1, 2024.

India Budget 2024: Finance Minister Nirmala Sitharaman described women as one of the four major 'castes', whose needs, aspirations and welfare remain Prime Minister Narendra Modi administration's 'highest priority' during her sixth consecutive budget speech in Indian parliament on Feb 1, 2024. "Their empowerment and well-being will drive the country forward," Sitharaman said, while referring to the welfare of the poor, women, youth, and farmers. Finance Minister Sitharaman said that the "empowerment of women through entrepreneurship, ease of living and dignity has gained momentum" in the last 10 years when Prime Minister Narendra Modi was first elected to power. Also watch | Budget 2024: Empowerment of Women has gained momentum in last 10 years, says Nirmala Sitharaman × "Thirty crore (300mn) Mudra Yojana loans have been given to women entrepreneurs. Female enrollment in higher education has gone up by 28 per cent in 10 years. In STEM [Science, Technology, Engineering and Maths] courses, girls and women constitute 43 per cent enrollment, one of the highest in the world," Sitharaman said. All these measures are reflected in the increasing participation of women in the workforce, the finance minister added. "Making Triple Talaq illegal, reservation of one-third seats for women in the Lok Sabha and State Legislative assemblies, and giving over 70 per cent houses under Prime Minister Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity," Sitharaman said while referring to the legislative end to the archaic practice of pronouncement of divorce by Muslim men divorcing the women by simply speaking the word thrice. Focus on 'Lakhpati Didi' (millionaire sister) scheme The finance minister said that 83 lakh (8.3 million) Self-Help Groups (SHGs) with nine crore (90 million) women are "transforming rural socio-economic landscape with empowerment and self-reliance". "They are an inspiration to others. Their achievements will be recognised through honouring them. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore [20 million] to 3 crore [30 million]," Sitharaman said. Sitharaman brings attention to cervical cancer vaccination Finance Minister Sitharaman said that Prime Minister Narendra Modi's administration will "encourage vaccination for girls in age group of 9 to 14 years for the prevention of cervical cancer". Sitharaman added that various schemes for maternal and child care will be brought under one comprehensive programme for "synergy in implementation". "Upgradation of anganwadi centres under "Saksham Anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care and development." (With inputs from agencies)

Budget 2024: Finance Minister Sitharaman sets target to create more women millionaires

budget-2024

Budget 2024, News on Budget 2024, stories on Budget 2024, articles on Budget 2024, Budget 2024 stories at Wion, Budget 2024 news, Budget 2024 latest news