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Budget 2024 Highlights and Key Announcements: FM Nirmala Sitharaman says fiscal deficit brought down despite very challenging times
India is the fastest growing major economy in the world and in the coming years will become the world’s third largest economy with a $5 trillion GDP. FM Nirmala Sitharaman’s Budget 2024 Vote On Account is expected to provide a path to that goal.
25 crore people freed from multi-dimensional poverty:
Sitharaman on Thursday said 25 crore people got freedom from multi-dimensional poverty in the last 10 years. Earlier approach of tackling poverty through entitlement resulted in very modest outcomes, she said while presenting the interim Budget in the Lok Sabha. There is transparency and assurance that benefits are transferred to all eligible citizens, she said.
Working to make India a developed nation by 2047:
The government is working to make India a developed country by 2047, Finance Minister Nirmala Sitharaman said on Thursday. Presenting the interim Budget 2024-25, Sitharaman also said minimum support prices for 'annadata' (farmers) have been increased periodically and appropriately. She asserted that for the government, social justice is an effective and necessary model. "We focus on outcomes and not outlays," Sitharaman said.
Healthcare cover under Ayushman Bharat to be extended to ASHA workers:
The government on Thursday announced the extension of healthcare cover under Ayushman Bharat to all ASHA and anganwadi workers. Ayushman Bharat Pradhan Mantri-Jan Arogya Yojana (AB-PMJAY) is the largest publicly funded health insurance scheme in the world that provides coverage of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation.
Track TOI Online for the Budget 2024 Live Updates:
Interim Budget 2024: What record income-tax collections don't tell you about the number of taxpayers
“On the very foundation of these feats, the magnificent edifice of a Viksit Bharat is being built. My heartfelt gratitude to Modi ji for leading the
nation through this journey of excellence and to FM Nirmala Sitharaman ji for the insightful Budget speech,” Shah said on X.
The minister said the Budget was a document that brought to the fore PM Modi’s role as a statesman par excellence, who was leading the nation on the path of greatness while bolstering the values of cooperative federalism and had set the stage for a paradigm shift in the technological revolution in the country.
Shah said the Modi govt was providing financial assistance to 11.8 crore farmers and protection through crop insurance to 4 crore farmers.
"The budget is futuristic. Everything is for 2047 but what is there for today? You talk about four sections: women, poor, farmers, and the youth. What have you done for them? Does this budget say anything about increasing employment or doubling farmer's income?" the Asansol MP asked.
Expressing satisfaction with the healthcare budget and the vaccination initiative for girls, Sinha remarked that "it is good that girls aged 9-14 years will receive free vaccination to prevent cervical cancer". However, he questioned whether there was any provision for health insurance for everyone, expressing concern about broader healthcare coverage.
Stalin said DMK members would hold a protest on Parliament’s premises against the neglect of TN in the budget. They would also raise the issue in Parliament, he said.
In a statement on Thursday, the CM, who is in Spain to woo investors, said the interim budget had disappointed people, who were expecting announcements on fuel price cut, revision of Income tax slabs and reduction of tax rate for various commodities. There are no announcements for welfare of poor and middle class, he said. “The budget is an empty report, with nothing in it to weigh,” Stalin said.
Even as the finance minister prides herself for higher GST collection, it’s disappointing that there is no mention of paying GST compensation to states this year, he said.
“What is the reason for not constructing AIIMS in Tamil Nadu which was announced in 2015, when AIIMS in other places have been set up,’’ he asked.
Stalin condemned Nirmala for terming poor, women, youth, and farmers “four major castes” in her speech. “It is highly con-demnable to insert a regressive concept of varnashrama into the country’s budget report,” he said.
The CM, who has presented a record 14 budgets in Karnataka Assembly, also said, the interim union budget presented today by Union Minister Nirmala Sitharaman is not for the developed India, but it is “disastrous” for the country.
“This is an interim budget and it is an election budget. This is the most disappointing budget... new projects and programmes have not been mentioned in this budget. Karnataka is not getting any new projects in the next financial year 2024-25,” Siddaramaiah said.
Speaking to reporters here, he said, “the new budget’s size is Rs 47,65,768 crore, while this financial year’s (2023-24) budget size was Rs 45,03,097 crores. Only Rs 2,62,671 crore has been added, so the budget size for next year has been increased by 5.8 per cent compared to this year.” He also described the budget as ‘anti-poor, anti-farmer, and anti-people.’
The budget is futuristic. Everything is for 2047 but what is there for today? Does this budget say anything about increasing employment, or doubling farmer's income,... Do they have any plans to create health insurance for everyone?... We gave the most number of AIIMS...
TMC MP Shatrughan Sinha
The Bharatiya Mazdoor Sangh welcomes the provisions regarding the ASHA workers and the Anganwadi workers... The announcements were made keeping the long-term development of the country in mind
Bharatiya Mazdoor Sangh welcomes the Union Interim Budget
It is a budget that gives a clear direction for achieving Viksit Bharat and it focuses on both, infrastructure development and the welfare of the poor. PM Modi's motto of women-led development also finds focus in it, especially in the case of 2 crore new houses under PM Awas Yojana which will be in the name of women
Union minister V Muraleedharan
To control inflation is a big thing for the middle class & there will be control in inflation with the prudent policies of the government
Finance secretary TV Somanathan
The performance under PM Modi has slowdown. In the 10 years before PM Modi came to power, the Indian economy was going at 7.6% per annum. Under PM Modi it has come down to 5.6%... This deceleration in the economy is because of Modi's blunders like demonetisation and the fiscal and monetary stands that were taken in the first term...
Former finance minister of Kerala Thomas Issac
The Interim Budget 2024 lays a solid foundation for Viksit Bharat, affirming the government's vision to transform India into a developed nation by 2047. The commitment to green growth is evident in the bio-manufacturing scheme. This also aligns with our focus on financing sustainable projects and helping businesses in transitioning to low-carbon operations.
Divyesh Dalal, Managing Director and Head- Global Transaction Services, SME, and Institutional Liabilities, DBS Bank India
One important thing about this budget is the government continuing on its commitment of fiscal consolidation. One important factor (in this budget) for boosting growth has been CapEX (Capital Expenditure) which has been increased by about 11 per cent. Hopefully in full-fledged budget (which will be presented after the 2024 Lok Sabha polls), we will focus on some of the structural areas of economy
Former RBI deputy governor Harun Rashid Khan.
The budget is such that it will help in reaching PM Modi's goal of developed India by 2047... I want to thank PM Modi and FM Nirmala Sitharaman for presenting the 'Guarantee' budget..
Tripura CM Manik Saha
It is an inclusive & innovative budget as well. This is a budget that lays a strong foundation for Viksit Bharat. This is a budget for the aspiration of youth..."
Union minister Anurag Thakur
Fastest growing economy is not a badge of honour. China's GDP is five and a half times more than our GDP. If they grow at, say, 3%, in order to match their annual growth, we have to grow at 15%... So don't talk about GDP growth. Talk about the per capita income growth. If the GDP is growing at such a high rate, why is the per capita income growing at half that rate? If the GDP is growing at 7%, why is per capita income growing only at 2 or 3%? Please ask the finance minister that question. If the total GDP is growing at 7%, why is per capita income not growing at the same rate?
Congress MP & former Union finance minister P Chidambaram
The government's strong commitment to the welfare of the underprivileged, women, young people, and farmers is essential to developing our country's human capital and maintaining stability overall. The nation's support for EV manufacturing and infrastructure for charging them is expected to expand the availability of electric motorcycles in every corner of the nation. This is expected to lay the foundation for a robust and environmentally friendly transportation sector. This initiative not only addresses the immediate need for cleaner mobility but also stimulates economic growth by fostering job creation within the burgeoning EV industry that will also help give a boost to the demand for EV financing in the near future.
Aalesh Avlani, Co-Founder & Director, Credit Wise Capital
The government has laid the groundwork to usher in next-generation reforms, steering the growth of India by providing a significant boost to infrastructure development and bridging the accessibility gap to fulfil the aspirations of its citizens. The commitment to education and skill development through successful initiatives like Skill India has offered training, skilling, and reskilling to millions, enabling them to acquire cutting-edge skills and secure employment opportunities. This will undoubtedly contribute to our collective economic resilience and competitiveness on the global stage. The government's emphasis on technology, including the provision of 50-year interest-free loans, underscores its dedication to investing in Deep Tech, requiring substantial investment and highly skilled human capital. Enhancing the Girl Enrolment Ratio will empower females to enter aspirational fields and make significant contributions to various emerging sectors. Although the EdTech sector anticipated some tax incentives that could have benefited our learners, we remain highly optimistic about the upcoming full budget, expected to announce next-generation reforms, will address these concerns. We look forward to actively participating in providing excellence in education, transforming the Indian ecosystem, and contributing to holistic national development.
Anish Srikrishna, CEO, TimesPro
We already knew there won’t be any change in the taxes. The people won’t vote for them (BJP government) after seeing this budget
Omar Abdullah
As far as the budget of this year is concerned, there is one absolute clarity that the government of India doesn’t care about the poor, unemployed and the rural economy
Supriya Shrinate
I welcome this budget on behalf of the people of Goa. This budget will fulfil the dream of 'Viksit Bharat' by 2047.
Goa CM Pramod Sawant
India has been witnessing robust economic growth. The interim budget of 2024 will help contain fiscal deficit to manageable levels. The array of initiatives aimed at fostering investments, advancing renewable energy, and championing sustainability aligns seamlessly with our corporate mission. We are confident that the government's ambitious drive to boost domestically produced goods will not only fortify manufacturing capabilities but also fuel job creation, contributing to the holistic development of the economy. Furthermore, the budget's focus on agriculture, capex, and tax reforms promises an increased disposable income for consumers in the short term, and sustained growth in the long run. This balanced, growth-oriented budget fuels optimism for a thriving nation working harmoniously to realize the visionary goal of ‘Viksit Bharat’ by 2047.
Meghal Sheth, CFO, Mars Wrigley India
There are many things that benefit the common man (in the budget). The biggest thing we saw was that the speed at which work was happening is not going to change
Ocior Energy president Sanjay Nagrare
Well, it's been announced and we are taking it forward. Yes, there is a significant disturbance in the Red Sea area and the Middle East. But this is a project which has long-term implications for the entire region, region up to Europe, because it also includes Europe. So, yes, we will be taking this project forward. We will be consulting and taking it in all its contours.
Union finance minister Nirmala Sitharaman
The Interim Budget will provide a pace to building a developed and an 'Atma-Nirbhar' India. Greetings to the Finance Minister for presenting a budget that will fulfil the hopes of 140 crore Indians. This interim budget will prove to be important for the development of every section...
UP CM Yogi Adityanath
Finance Minister Sitaramanji, in her interim budget, has been able to bring out a confident India story. A story of resilience despite severe geopolitical tensions. A story of growth and forward movement which will make India a developed nation by 2047. A story which talks about every section of society. Be it our youth, farmers, poor, or women. Every section has received due attention. It's very progressive, very forward-looking and lays the foundation of a prosperous India...
Union minister Piyus Goyal
