Budget 2024 Live Updates: Amit Shah hails internship programme decision as 'game-changing move'

Budget 2024 Live: Rs 1.52 lakh crore allocated for agriculture and allied sectors

In the Budget for 2024-25, the government prioritized 'productivity and resilience' with Rs 1.52 lakh crore allocated for agriculture and allied sectors. Measures include promoting horticultural output, implementing Digital Public Infrastructure (DPI) in 400 districts, and introducing 109 high-yield, climate-resistant crop varieties. The plan aims to expand natural farming among one crore farmers over two years. DPI will digitize farmer and land registries for six crore farmers, aiding precise crop estimates from the upcoming kharif season. The budget also focuses on developing vegetable clusters near consumption hubs and achieving self-sufficiency in pulses and oilseeds through enhanced production, storage, and marketing, alongside establishing nucleus breeding centres for Shrimp Broodstocks.

Budget 2024 Live: Mallikarjun Kharge calls Union Budget "discriminatory"

"This Budget is discriminatory and unfair. They (BJP) are saying that they allotted special package to Bihar to build roads but roads are built anyway. All of this is deceptive," he said.

No state got anything in the budget of Modi government. The states where people have rejected BJP, those states got nothing from this budget! Everyone's plate is empty, and in the plate of two states there are "Pakora" and "Jalebi"! This budget has been brought only to save his chair. The Finance Minister is elected from Karnataka, we expected that we would get the maximum. INDIA Alliance opposes this budget," he said in a post on X.

Budget 2024 Live: A shift from focusing on fiscal deficit to prioritizing the debt-GDP ratio for fiscal management

The government signaled a shift from focusing on fiscal deficit to prioritizing the debt-GDP ratio for fiscal management. Despite keeping the fiscal deficit at 4.9% of GDP for 2024-25, lower than earlier estimates, Finance secretary TV Somanathan emphasized reducing the debt-GDP ratio over fixed deficit targets. This approach accounts for India's rapid economic growth compared to slower-growing economies.

Finance minister Nirmala Sitharaman pledged further fiscal consolidation, aiming for a deficit below 4.5% next year and declining central government debt post-2026-27. Robust tax revenues and a substantial RBI dividend payout supported these fiscal goals, which were welcomed by ratings agencies for policy continuity.

In the Budget for 2024-25, finance minister Nirmala Sitharaman has significantly boosted capital expenditure while projecting a reduced fiscal deficit without increasing borrowing. Revenue receipts are set to rise by 15%, reaching Rs 31.3 lakh crore, bolstered by higher tax collections, particularly from individual income taxes. Non-tax revenues, driven by increased dividends from public sector entities and the RBI, are expected to surge by 70%. Conversely, capital receipts are slightly down due to reduced borrowing. Total receipts are forecasted to increase by 8.5% to Rs 48.2 lakh crore. This has allowed for substantial allocation of Rs 15 lakh crore for effective capital expenditure, while lowering fiscal deficit to 4.9% of GDP and reducing the revenue deficit to 1.8%.

Budget 2024 Live: Sagarika Ghose, Sandeep Pathak criticise the Union Budget 2024

"In this Budget, the NDA government did not follow cooperative and competitive federalism. The government has done discriminatory federalism in the Budget as only two states - Andhra Pradesh and Bihar, who are coalition partners of the Centre, have been given everything... infrastructure projects, financial package. Other states like West Bengal, Tamil Nadu, Maharashtra Kerala have not been given anything. They all are protesting. This Budget is 'Modi Bachao Budget, Kursi Bachao Budget," said Sagarika Ghose

"The biggest lacking of the Budget is that it does not have a vision. You are in power for over 10 years, you should have a roadmap to identify the sectors that needs development. Where is your roadmap, what is your vision?" said AAP MP Sandeep Pathak

The finance minister allocated Rs 1.52 lakh crore for agriculture and allied sectors in FY25, constituting 3.1% of the total expenditure of Rs 48.2 lakh crore, a marginal increase from FY24's Rs 1.4 lakh crore. Concerns arise as this adjustment barely covers inflation. Plans to transition one crore farmers to natural farming over two years were announced, juxtaposed against the Rs 1.64 lakh crore earmarked for fertiliser subsidies in FY25, exceeding the entire agriculture budget. This highlights a discrepancy between promoting sustainable practices and subsidising urea, known for low crop absorption efficiency and environmental impact through ammonia emissions and groundwater contamination.

The government is launching the Pradhan Mantri Janjatiya Unnat Gram Abhiyan to enhance socio-economic conditions for tribal communities across 63,000 villages, benefiting five crore tribals. Finance Minister Nirmala Sitharaman emphasized full coverage in tribal-majority villages and aspirational districts. The initiative includes boosting economic support schemes for craftsmen, artisans, self-help groups, scheduled castes, tribes, women entrepreneurs, and street vendors like PM Vishwakarma, PM SVANidhi, and National Livelihood Missions. The budgetary allocation for the tribal affairs ministry for 2024-25 is Rs 13,000 crore, a significant increase reflecting the government's commitment to tribal welfare, despite previous revisions and estimates indicating fluctuating support levels in recent years.

India plans to simplify aircraft leasing for domestic carriers, aiming to bolster tourism and increase passenger numbers. Additionally, the country will incentivize the domestic performance of aircraft maintenance, repair, and overhaul (MRO) services, currently predominantly outsourced abroad. These initiatives are part of a broader strategy to enhance the aviation sector's capabilities domestically, potentially reducing costs and boosting efficiency in air travel operations within India.

"We will seek the required legislative approval for providing an efficient and flexible mode for financing leasing of aircrafts and ships, and pooled funds of private equity through a 'variable company structure'." Regarding MRO, she said: "To promote domestic aviation and boat & ship MRO, I propose to extend the period for export of goods imported for repairs from six months to one year. In the same vein, I propose to extend the time-limit for re-import of goods for repairs under warranty from three to five years," finance minister Nirmala Sitharaman said.

In a bid to bolster cruise tourism, the government proposed a simplified tax framework for foreign shipping firms operating domestic cruises. Finance minister Nirmala Sitharaman highlighted India's substantial potential in cruise tourism, aiming to stimulate job creation and economic growth.

She underscored tourism's historical significance and its role in positioning India as a global destination, promising enhanced infrastructure for pilgrimage sites like Vishnupad and Mahabodhi temples.

Additionally, she outlined development plans for Rajgir and Nalanda in Bihar, emphasizing their cultural and religious importance. The budget earmarked Rs 2,479.6 crore for tourism, up from Rs 1,692.1 crore in the previous year, aiming to boost sectoral investment and job opportunities.

"Tourism has always been a part of our civilisation. Our efforts in positioning India as a global tourist destination will also create jobs, stimulate investments and unlock economic opportunities for other sectors," she said.

Budget 2024: Wait for tax refund may irk you more

This is one budget proposal that may disappoint taxpayers. Not only has the period of withholding of tax refund been extended, but you may also lose out on interest paid for a delayed refund.

Currently, if you file an I-T return claiming a refund, and assessment proceedings are pending for any earlier year, the I-T officer can withhold the refund till the completion of earlier year's assessment if they think that the 'interest of the revenue will be adversely affected'. But, the officer has to obtain the commissioner's nod.

Budget 2024: Silver generation gets a sliver of relief on pension

There was some good news from the Budget for seniors as well, with the standard deduction for family pensioners being raised from Rs 15,000 to Rs 25,000.

In addition, the FM indicated the Centre's commitment to guarantee a certain return for govt employees under the New Pension Scheme, pointing to "considerable progress" made by a panel headed by finance secretary TV Somanathan.

"A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect common citizens," she said.

Budget 2024 Live: Rajasthan gets new industrial park in Union Budget 2024

Rajasthan has received a major industrial park in the first Budget of the BJP-led government at the Centre, with the state receiving Rs 7,000 crore more as a share of Central taxes this time.

Among the 12 new industrial parks being announced by Union Finance Minister Nirmala Sitharaman, the Jodhpur Pali Marwar Industrial Area has been sanctioned for Rajasthan under the National Industrial Corridor Development Programme.

The park stands significant for the industrial development in western Rajasthan as around 40,000 people will get direct employment out of it.

The project will be developed near the Delhi-Mumbai Industrial Corridor and is located at an equal distance (30 km) from Jodhpur and Pali City.

This project will be developed on 1,578 acres with an estimated cost of Rs 922 crore.

Budget 2024 Live: Union Budget does not take into account Karnataka's demands, CM Siddaramaiah

Karnataka Chief Minister Siddaramaiah said that Union Finance Minister Nirmala Sitharaman has presented a disappointing budget without acknowledging any demands of the state.

Addressing a press conference on Tuesday, he said that Nirmala Sitharaman has given a 'Chombu' (Empty vessel) to the people of the state by completely ignoring their interest. He stated that the Prime Minister has given special grants to the states of Andhra Pradesh and Bihar to maintain his power while neglecting other states.

Chief Minister Siddaramaiah said, "In the pre-budget meeting, the state government had put forward several requests. However, the Union Finance Minister has not responded to any of the demands. Nirmala Sitharaman had announced in the previous budget to provide Rs. 5300 crore in grants for the Upper Bhadra Project. It was requested again in this budget, but no money has been provided for this project. The government is providing Rs. 5,000 crore this year for the comprehensive development of Kalyana Karnataka."

Budget 2024 Live: "Budget for strengthening NDA coalition," says Kerala Finance Minister

Kerala Finance Minister KN Balagopal hit out at the Centre over the Union Budget and said that Finance Minister Nirmala Sitharaman made no announcement of any special package for the southern state.

Addressing a press conference in Thiruvananthapuram, KN Balagopal said, "The first budget of the Modi government (3.0) is totally disappointing for the state. It is not only for the state but for the entire country. We expected that some kind of new measures will be there for more employment. For more economic activity and development."

"For farmers, for youth, and for different sectors. We expected that something more would be there. The economy will boost after the elections...that is what we expected," he said.

Budget 2024 Live: 'Enhancement of farmers' income will have an impact', says former CMD of Indian Overseas Bank, M Narendra

"Due to climate change and all, the agriculture sector is not doing that well. The enhancement of farmers' income will have an impact on consumption demand. That way, the priority on agriculture has been given."

Budget 2024 Live: 'A very progressive Budget', says Anarock Chairman, Anuj Puri

"It’s a very progressive Budget. Clearly, the Budget is focused on job, growth, opportunities, startups, women, infrastructure, development, and how do you bring in more industrial output into India. It aims to increase industrial output in India. The continuation of this government’s third phase is evident, emphasising the need to create more jobs, infrastructure, and development. That thought has continued."

Budget 2024 Live: Union minister Ashwini Vaishnaw says, 'Budget makes provisions for middle-class to fulfil home ownership dreams'

Union minister Ashwini Vaishnaw highlighted that the 2024-25 budget includes significant measures to simplify tax rates, reduce taxes, and help middle-class families achieve homeownership. "This budget simplifies tax rates, works on reducing them, and helps middle-class families build their own homes," he told ANI.

Vaishnaw emphasized the budget's Rs 2 lakh crore allocation to create employment opportunities, focusing on internships and boosting the manufacturing sector. "This budget provides Rs 2 lakh crore for employment opportunities, including internships and jobs in manufacturing," Vaishnaw said.

The budget also includes special provisions for the MSME sector, such as credit guarantees and cash flow-based credit assessments, addressing key challenges faced by small business owners.

Finance minister Nirmala Sitharaman presented her seventh consecutive Union Budget, making history. Key priorities include productivity and resilience in agriculture, employment and skilling, urban development, and infrastructure. Sitharaman announced income-tax reforms, an increased standard deduction, and revised tax rates for salaried individuals.

The budget proposes creating employment for 4.1 crore youth over the next five years, with Rs 2 lakh crore allocated for this purpose. Additionally, Rs 1.48 crore is proposed for skilling 20 lakh youth and upgrading 1,000 industrial training institutes.

Budget 2024 Live: Congress criticises Union budget 2024, announces boycott of NITI Aayog meeting

Congress general secretary KC Venugopal criticised the Union budget 2024 as discriminatory and announced that INC chief ministers would boycott the NITI Aayog meeting on July 27. On social media platform X, Venugopal said, "The Union budget presented today was extremely discriminatory and dangerous, which completely goes against the principles of federalism and fairness that the Union government must follow. In protest, INC CMs will be boycotting the NITI Aayog meeting scheduled for 27th July." He further added that the government's attitude was antithetical to constitutional principles and that the party would not participate in an event designed to conceal the regime's discriminatory nature.

After finance minister Nirmala Sitharaman presented the first Budget in Narendra Modi 3.0, opposition parties termed it a "Kursi Bachao Budget," while ruling parties called it a roadmap for a "Viksit Bharat." Sitharaman made history by presenting seven consecutive budget speeches, surpassing former Prime Minister Morarji Desai's record of six consecutive budgets between 1959 and 1964.

Sitharaman outlined key priorities in the 2024-25 Union Budget, focusing on fostering economic growth and creating opportunities, with priorities including productivity and resilience in agriculture, employment and skilling, and services. However, the opposition criticised the budget heavily. Rahul Gandhi accused the finance minister of making hollow promises.

Mallikarjun Kharge called the budget a "save Modi government" budget and criticised it for distributing half-hearted "rewadis" to coalition partners. P Chidambaram noted missed opportunities in the budget but welcomed the adoption of Congress' Employment-Linked Incentive (ELI) and Apprenticeship scheme and the move to abolish the Angel Tax, a long-standing Congress demand.

Samajwadi Party chief Akhilesh Yadav labelled the budget a ploy to retain power by mentioning special projects for Bihar and Andhra Pradesh, questioning what the BJP had done for farmers and youth over the last decade. Congress leader Jairam Ramesh highlighted the government's failure to conduct the Census and noted the absence of funds for the decadal Population Census, which was supposed to take place in 2021.

West Bengal CM Mamata Banerjee also slammed the budget, calling it politically motivated, directionless, anti-people, and lacking vision. "Directionless, anti-people, no vision, only political mission is there. I don't see any light, it is dark," she said.

Budget 2024 Live: Delhi minister Aatishi slams Union budget allocation, says, 'Delhi contributes over ₹2 lakh crore in taxes but receives just 0.4% back'

Delhi's finance minister and AAP leader, Aatishi, expressed strong discontent with the Union budget, stating that it has once again "betrayed" the people of the national capital. Despite Delhi contributing over Rs 2 lakh crore in income tax and Rs 25,000 crore in central GST, the city did not receive any share of central taxes or funds for the Municipal Corporation of Delhi (MCD).

Addressing the media, Aatishi emphasized that Delhi is a major growth engine for the country, yet it received no financial support from the BJP-led central government. She highlighted that Delhi was seeking just Rs 20,000 crore, a mere 0.4% of the Union budget, but was left empty-handed. Last year, Delhi residents paid Rs 2.07 lakh crore in income tax, underscoring the city's significant contribution to the national economy. Aatishi accused the central government of neglecting Delhi for the past 11 years, despite its substantial contributions. She pointed out that while other states received their share of central taxes, Delhi was excluded.

According to the budget document, Rs 1.24 lakh crore was allocated to various states, and Rs 82,207 crore was designated for local bodies, both urban and rural, but none of this was allocated to Delhi. Aatishi challenged the BJP to show any significant contributions made to Delhi in the last 11 budgets presented by its government at the Centre. She contrasted this with the efforts of the Arvind Kejriwal government, which, despite limited resources and numerous challenges, provides essential services like 24-hour electricity, good schools, hospitals, and free bus travel for women.

Meanwhile, Delhi BJP president Virendra Sachdeva praised the Union budget as "holistic" and "development-oriented," benefiting all sections of society, particularly youth and women. He claimed the increase in Pradhan Mantri Awas Yojana allocation is unlikely to benefit Delhi's financially weaker sections due to the Kejriwal government's failure to implement it. The allocation for the Government of National Capital Territory of Delhi in the Union budget 2024-25 remained stagnant at Rs 1,168 crore, with no grants in lieu of its share in central taxes.

Budget 2024 Live: HM Amit Shah praises Union budget for youth training and employment initiatives

Union home minister Amit Shah praised the 2024-25 Union budget for its initiatives aimed at youth training and employment. Shah highlighted the government's plan to provide world-class training to 1 crore youth through internships in the top 500 companies, calling it a game-changing move. He shared on social media platform X that the budget allocates Rs 2 lakh crore to train 4.10 crore youth in various skills.

Shah thanked Prime Minister Narendra Modi for these new employment initiatives, using the hashtag #BudgetForViksitBharat to emphasize the goal of making India a developed country. He also expressed gratitude to PM Modi for doubling the Mudra loan limit from Rs 10 lakh to Rs 20 lakh, which he believes will support small and women entrepreneurs in becoming job creators.

Finance Minister Nirmala Sitharaman, presenting her seventh consecutive budget, outlined key priorities such as agriculture productivity, employment and skilling, human resource development, and next-generation reforms. Sitharaman proposed significant income tax reforms and announced an allocation of Rs 2 lakh crore to create jobs for 4.1 crore youth over the next five years, along with Rs 1.48 crore for skilling initiatives.

Budget 2024 Live: 'Balanced budget which lays out the blueprint for Viksit Bharat', says, managing director of JK Paper Ltd, Harsh Pati Singhania

"I think it's a good Budget, it is balanced Budget and it also lays out the blueprint for 'Viksit Bharat'... There is a lot of focus on job creation and skilling because that is essential. Unless you create, how are you going to grow the economy? The focus is also on the farm and agri sector."

Budget 2024 Live: 'Very thoughtful budget', says President & managing director of Volvo Group India Private Limited, Kamal Bali

"It is a very thoughtful budget and it has addressed various sections of the economy and society like employment generation, manufacturing, rural economy, infrastructure, agriculture.

It is a growth-oriented budget. Taxation will be rationalised which is very important for the nation and the government."

Budget 2024 Live: 'Wholeheartedly applauds the visionary budget' says, director & co-founder of Zishta, Meera Ramakrishnan

“Zishta wholeheartedly applauds the government’s visionary budget, which places a strong emphasis on rural development and skill development. The allocation of ₹2.66 lakh crore for rural development is a significant step towards empowering our artisans and craftsmen. We are particularly excited about the proposed e-commerce export hubs, which will provide a much-needed platform for MSMEs and traditional artisans like us to reach global markets.

The focus on developing 100 weekly haats is also commendable, as it will create new opportunities for artisans to showcase their products to a wider audience. Schemes like PM Swanidhi and MGNREGA have already proven effective in uplifting rural communities, and we believe that the government's continued commitment to these initiatives will lead to a brighter future for India’s artisans.

We are confident that these measures will not only revitalize rural economies but also contribute to preserving and promoting our rich cultural heritage.”

Budget 2024 Live: 'Puts comprehensive focus on housing and rural development', says MD & CEO of LIC Housing Finance, Tribhuwan Adhikari

“The Union budget has put comprehensive focus on housing and rural development alongside the economic growth narrative. The allocation of ₹2.66 lakh crore for rural infrastructure and the construction of 3 crore additional houses under the PM Awas Yojana in both rural and urban areas are complementary and would significantly boost housing demand. Rental housing has received the attention and will improve the housing stock.

Other positives are digitization of land records, PM Surya Ghar Muft Bijli Yojana, encouraging states on moderation of high stamp duty rates and considering lower stamp duty on properties purchased by women. These measures will stimulate the housing market, driving demand and fostering socio-economic growth."

Budget 2024 Live: 'Delighted about reduction in import duties of precious metals', says chairman and managing director of PNG Jewellers, Saurabh Gadgil

“We are delighted to learn about the significant reduction in import duties for gold, silver to 6%, and Platinum to 6.4%. This decision, which aligns with the industry's long-standing request, is expected to have a positive impact on the organization and growth of the industry. By lowering import duties, we anticipate an increase in gold consumption and a moderation in gold prices, which have recently reached record highs.

Furthermore, this move is not only beneficial for the industry but also provides relief to consumers. It represents a substantial step towards enhancing industry transparency and curbing illegal smuggling activities. We wholeheartedly welcome this decision and look forward to its positive effects on the industry and the market.”

Budget 2024 Live: 'Aimed at boosting youth employment and skills development' says, MD of Ladderup Wealth Management, Raghvendra Nath

“The budget announcement was largely as anticipated, emphasizing fiscal consolidation with a target fiscal deficit of 4.9% for FY 24-25. It introduces measures aimed at boosting youth employment and skills development and has allocated a significant Rs 1.52 lakh crore for agricultural and allied sectors. Infrastructure continues to be a focus area with 3.4% of GDP (totalling 11.11 lakh crore) earmarked for this critical sector. Additionally, new schemes and measures have been introduced to bolster manufacturing, services, and the energy sector. The budget also includes supplementary allocations to Bihar and Andhra Pradesh to boost capital investment. The middle class received marginal relief with an increased standard deduction of Rs 75,000 for salaried individuals under the new regime and a higher exemption limit on LTCG raised from Rs 1 lakh to Rs 1.25 lakh.

Reductions in customs duties on gold and silver are anticipated to benefit domestic companies by potentially lowering the prices of these precious metals. Initial market response has been negative due to the increase in LTCG tax on listed equities to 12.5% from 10%, an increase in STCG to 20% from 15%, and higher STT rates on Futures & Options at 0.02% and 0.1%, respectively.”

Budget 2024 Live: 'Government killed two birds with one stone', says co-founder and COO of Appreciate, Shlok Srivastav

“In all fairness, markets and the business ecosystem were anticipating some bid at 'rationalisation' of the long-term and short-term capital gains tax rates. The drastic revision of STCG from 15% to 20% makes sense given that there have been renewed murmurs vis-a-vis the overheating of the derivatives market. The recent statement by the market regulator that the growth in trading volume has now leapfrogged to a macro-level concern from being a micro-one was a big hint that the government was actively looking to temper and moderate the action in the derivatives segment.

Having said that, one must tip their hat to the government for killing two birds with one stone with the revision in LTCG. For serious long-term investors, the increase from 10% to 12.5% would hardly make a dent in the larger accounting of gains. At the same time, it will nudge investors into entering Indian markets with a reasonably long-term outlook and encourage them to step up as actual stakeholders in the Indian growth story. Sure, the LTCG hike would be a market sentiment dampener for some time but as we know from hindsight, capital market players are going to take this move into stride and move on.

On the macro level, the government must be credited for keeping its eye on the prize, namely, maintaining fiscal discipline. There was a larger expectation amongst economists that the budget would be pro-welfare, to the extent that it would skew the fiscal balance. With the fiscal deficit targeted at 4.9%, the government has reaffirmed its commitment to the fiscal glide path, and this is music to the ears of foreign investors and rating agencies. Effectively, it will bring in liquidity and a lower cost of capital for India.”

Budget 2024 Live: 'Huge boost to the growing number of entrepreneurs', says managing director & CEO of Indian Overseas Bank, Mr. Ajay Kumar Srivastava

"The focus given in the Union budget 2024 to the MSME sector is going to provide a huge boost to the growing number of entrepreneurs in the country. The initiatives announced such as - credit guarantee schemes for MSMEs, increasing the limit of Mudra loans to INR 20 lakhs to those who have paid back the loans earlier, creating alternate methods to evaluate the eligibility of MSME for loans, as well as expanding branches by SIDBI, all of these initiatives is expected to provide the much-needed accessibility to credit and additional support required for further growth of the sector. We are optimistic and committed to leveraging these initiatives to foster growth and create socio-economic impact across the country.", he said.

Budget 2024 Live: 'Refreshingly no-frill budget', says chief sustainability officer of Syngenta India Pvt Ltd and chairman Crop Life India, Dr KC Ravi

"The seventh Union budget of the finance minister is a refreshingly no-frill budget that addresses the present realities and challenges of the agriculture sector. The announcement of releasing 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation marks a significant step forward in advancing agriculture. Collaborative research of public institutions with the private sector for the development of newer climate-resilient varieties and farm practices for the various agro-climatic zones in the country would help farmers navigate and manage the emerging challenges in the coming years", he said.

Further, he said, "The Modi 3-0 government continues the emphasis on technology and digital advancements. The digital crop survey for Kharif in 400 districts is another important announcement and will strengthen the digital public infrastructure for agriculture. It will enhance transparency, empower farmers by providing them with alternatives, and create more opportunities. We welcome the Government’s commitment to comprehensively review the Agricultural Research Setup, highlighting the need to raise productivity and develop climate-resilient varieties. As a company dedicated to high-end R&D, we believe this will strengthen India’s capacity to deliver solutions tailored to our diverse agro-climatic zones, benefiting a large number of farmers."

"Strategy to bring “atmanirbartha” in oil seeds like mustard, groundnut, sesame and sunflower is a welcome move and would not only conserve precious foreign exchange but also unleash the potential of domestic production. The private sector can play a major role in this effort", he added.

"The agrochemical sector was also expecting schemes such as production linked incentive (PLI) scheme, income tax benefit of 200 percent weighted deduction on R & D and the rationalization of GST rates at par with other agri inputs."

Budget 2024 Live: 'This is a complete neglect of Odisha and her people', says former CM of Odisha Naveen Patnaik

Former chief minister of Odisha and LoP Naveen Patnaik has expressed his discontentment over the Union budget.

Addressing the media, he said, "BJP had put special category status in their manifesto as a promise to the people of Odisha. However, this promise had not been considered for Odisha. Whereas special packages allocating crores of funds have been announced for Andhra Pradesh and Bihar. Along with this, the demand of Odisha for revision of coal royalty which has been pending for years with the Central Government has been rejected. Because of this, the state will lose thousands of crores of revenue every year. Lots of big promises in different sectors were made to the people of Odisha during their election campaign. There is no mention of any promise being fulfilled in this Budget. This is a complete neglect of Odisha and her people...We had requested a special package for disaster management, while similar requests of other states have been considered and they have been granted special packages for flood protection, the genuine demand of Odisha disaster management has not been considered. So, on both counts, Odisha continues to be neglected by the NDA...This Budget has been a disappointment for us."

Budget 2024 Live: Congress president Mallikarjun Kharge terms Budget as 'disappointing' and 'self-serving'

Congress President Mallikarjun Kharge has sharply criticised the Union budget 2024-25, labelling it a "disappointing" and "self-serving" budget aimed primarily at maintaining the government's grip on power rather than addressing the needs of the broader population.

In his remarks, Kharge accused the BJP-led NDA government of tailoring the budget to appease its allies, the Janata Dal (United) and the Telugu Desam Party, at the expense of other regions. "This budget is meant to save the government's chair," Kharge said, suggesting that it prioritizes the interests of a few allies over the welfare of the general public.

Kharge pointed out the special allocations for Bihar and Andhra Pradesh, questioning the absence of similar focus on other regions, including Kalyan-Karnataka-Hyderabad, which he claimed have been neglected despite their constitutional status. "The government has neglected 140 crore people to please a couple of allies," he stated.

Highlighting his concerns, Kharge criticised the budget for lacking provisions on key issues such as the legalizing of Minimum Support Prices (MSP) for farmers and subsidies for fertilizers and pesticides. He also accused the government of failing to address pressing railway safety concerns and the need for track reconstruction and coach manufacturing expansions. "Railways have become 'Na Idhar Ka Na Udhar Ka'," he remarked, emphasizing the perceived inadequacy of the railway budget.

Kharge further criticised the Modi government’s ten-year tenure, comparing it unfavourably with past achievements under Congress-led administrations, such as the implementation of MGNREGA, food security, and educational initiatives. "Modi Ji only talked about 'Modi Ki Guarantee' during the elections, but what have they delivered?" he questioned.

Addressing dissatisfaction among MPs from various states, Kharge remarked that the budget's failure to address regional concerns has led to widespread disappointment. "They have neglected Haryana, Punjab, Chhattisgarh, Madhya Pradesh, Karnataka, Kerala, etc.," he said, underscoring the budget's perceived inadequacies and bias.

Budget 2024 Live: J&K LG Manoj Sinha hails Union budget for supporting agriculture and inclusive growth

Jammu and Kashmir Lieutenant Governor Manoj Sinha expressed strong support for the Union budget 2024-25, highlighting its focus on enhancing agricultural productivity and resilience. In a series of posts on X, Sinha praised the budget for its potential to significantly benefit the union territory.

"The focus on productivity and resilience in agriculture and the measures highlighted in the budget will greatly benefit Jammu and Kashmir," Sinha stated. He emphasized that initiatives such as natural farming, a mission for oilseeds, vegetable production, and improved supply chains will contribute to inclusive growth across the region.

Sinha also commended the budget's broader vision of empowering all sections of the population. "The budget seeks to translate the vision of empowering all sections of the population," he noted, underscoring the positive impact these measures are expected to have on farmers, villages, and labourers in Jammu and Kashmir.

Budget 2024 Live: Telangana CM Revanth Reddy slams Union budget for ignoring state's needs, demands accountability

Telangana chief minister Revanth Reddy has sharply criticised the Union budget 2024-25, alleging that it reflects a biased attitude towards Telangana. Speaking at a press conference, Reddy expressed frustration over what he perceives as neglect and injustice towards his state.

"Today's Union budget shows the attitude of the Centre towards Telangana," Reddy stated. Despite multiple visits to Delhi and meetings with Prime Minister Narendra Modi and other top leaders, Reddy claimed that justice was not served. He emphasized that the budget failed to allocate funds for crucial projects in Telangana, such as the metro, RRR road, and the ITIR corridor project.

Reddy pointed out that while funds were allocated to Andhra Pradesh, Telangana received no financial support in the budget. "Not a single rupee was given for metro, RRR road, or other key projects in Telangana. Even the ITIR corridor project was not mentioned," he said. Reddy criticized the budget as a "kursi bachao" budget, suggesting it was designed merely to protect the Prime Minister's position rather than address the needs of Telangana.

He also called for accountability from Union minister G Kishan Reddy, demanding that he apologize to the people of Telangana and resign from his cabinet position. "Union minister G Kishan Reddy should answer about the injustice done to Telangana. He should apologize to the people of Telangana and resign from the cabinet," Reddy asserted.

Reddy announced that eight Congress MPs from Telangana would join other MPs in protesting against the budget. He urged all legislators, including the BJP MPs and AIMIM MP, to participate in the protest. "The AP Reorganisation Act is not only about providing funds for Andhra Pradesh but also about Telangana. In the Legislative Assembly, we will discuss this injustice after the Question Hour," he added.

The Chief Minister concluded by accusing the NDA government of exhibiting bias against Telangana. "The NDA means 'Naidu-Nitish Dependent Alliance'," Reddy said, suggesting that the central government's decisions are influenced by political alliances rather than the needs of the state.

Budget 2024 Live: INDIA-bloc MPs to protest in Parliament alleging the budget as "discriminatory"

Members of Parliament of the INDIA-bloc will stage a protest in Parliament on the morning of July 24th, alleging that the Union budget 2024 is discriminatory.

Budget 2024 Live: Government allocates largest development aid to Bhutan, cuts funding for Maldives

In alignment with India's 'Neighbourhood First' policy, the Union Budget for 2024-25 has allocated the largest share of development aid, Rs 2,068 crore, to Bhutan. This significant allocation showcases India's commitment to strengthening ties with its Himalayan neighbour.

Conversely, the budget has seen a sharp decline in the allocation for the Maldives, with funds reduced to Rs 400 crore from last year's Rs 770 crore. This reduction comes amidst strained relations between the two countries following the election of Mohamed Muizzu as President of the Maldives in November last year. Muizzu is known for his pro-China stance, which has affected bilateral ties with India.

The Ministry of External Affairs (MEA) received a total allocation of Rs 22,154 crore for the fiscal year 2024-25, compared to last year's revised outlay of Rs 29,121 crore.

Budget 2024 Live: Tamil Nadu CM Stalin criticises Union budget, announces boycott of NITI Aayog meeting

Tamil Nadu chief minister MK Stalin has launched a scathing critique of the Union budget 2024-25, accusing the BJP government of neglecting the needs of Tamil Nadu. In response, Stalin has announced that he would boycott the upcoming NITI Aayog meeting on July 27.

"Despite winning for the third term, the BJP has done nothing for the people," Stalin stated. "Tamil Nadu faced historic devastation, yet no funds were allotted to the state. There are no schemes for Tamil Nadu. I am going to boycott the NITI Aayog meeting."

Stalin's decision to boycott the meeting is rooted in what he perceives as a deliberate oversight by the central government. "It is appropriate to boycott the NITI Aayog meeting, since the Centre has totally ignored Tamil Nadu," he emphasized.

Stalin also announced plans for continued resistance, declaring that the fight for Tamil Nadu's rights would persist. "In order to establish Tamil Nadu's rights, we will continue to fight in the people's court," he said.

In addition to boycotting the NITI Aayog meeting, Stalin revealed that DMK MPs would stage a protest in Delhi on July 24 over the Union budget's treatment of Tamil Nadu. He expressed frustration that the budget did not even mention Tamil Nadu or its cultural icon, Tirukkural. "There is no mention of the word 'Tamil Nadu' or 'Tirukkural' in the Union Budget," he noted.

Stalin accused the central government of favouring certain states to appease regional parties that helped the BJP secure a majority. "To satisfy a few regional parties that made a 'minority BJP' into 'majority BJP', schemes were announced for a few states," he argued.

Budget 2024 Live: HM Amit Shah thanks PM Modi for increasing limit of mudra loans

Home minister Amit Shah thanked Prime Minister Narendra Modi for increasing the loan limit of mudra loans from Rs 10 lakhs to Rs 20 lakhs. Taking the matter to the social media platform X, he said, "Thank you, PM Narendra Modi, for inspiring Bharat's entrepreneurial spirit by increasing the limit of Mudra loans from Rs 10 lakh to Rs 20 lakh. The decision will not only enhance Bharat's ease of doing business further but will also set small and women entrepreneurs on the path to becoming job creators."

Budget 2024 Live: Union minister Prahlad Joshi praises budget

Addressing the media, he said, "A major announcement is that to support energy transition to solar energy, she (Finance Minister Nirmala Sitharaman) has expanded the list of the exempted capital goods for the use of manufacturing solar cell and panels in the country. This is important as far as our overall goal of achieving 500 GW, through renewable energy, by 2030 is concerned”.

Budget 2024 Live: Government announces major investments to boost India's space economy

Following the successful Chandrayaan-3 mission, finance minister Nirmala Sitharaman announced the establishment of a Rs 1,000 crore venture capital fund to significantly expand India's space economy. The fund aims to increase the space sector's contribution to the economy by five times over the next decade.

In 2023, India achieved significant milestones with the successful soft landing of Chandrayaan-3 on the Moon's South Pole and the launch of Aditya-L1, the nation's first solar mission. These achievements have not only bolstered India's position in the global space economy but have also invigorated the private space sector within the country.

Looking ahead, India has ambitious plans to establish the 'Bharatiya Antariksha Station' by 2035 and to send the first Indian astronaut to the Moon by 2040. In line with these goals, the ministry of commerce and industry announced a review of the Foreign Direct Investment (FDI) Policy for the space sector earlier this year, aiming to attract more international investment and collaboration.

Indian space startups have flourished over the past decade, particularly after the 2020 decision to open the Indian space sector to private companies. This move has transformed the industry, making it a vital pillar of innovation and growth.

In addition to the venture capital fund, Sitharaman announced the operationalization of the Anusandhan National Research Fund for basic research and prototype development. She also unveiled a financing pool of Rs one lakh crore to spur private sector-driven research and innovation at a commercial scale.

Budget 2024 Live: Union minister Hardeep Singh Puri praises budget for fiscal consolidation and youth employment

Union minister Hardeep Singh Puri hailed the Union budget 2024-25, presented by finance minister Nirmala Sitharaman, as a strong step towards fiscal consolidation and youth employment. He highlighted the government's commitment to creating jobs for 4.1 crore youth over the next five years, emphasising that the budget reflects a healthy economic outlook.

"This budget presents a very solid fiscal consolidation. Our economy has grown well in the last few years, and the projection onward is very healthy. The fiscal deficit has reduced from 5.1% to about 4.89%. This budget sends a powerful message that in the coming years, we will focus on providing employment to 4.1 crore youth," Puri said. He noted the introduction of an innovative scheme to provide internships in the top 500 companies of the country as a significant move.

Puri also praised the budget's emphasis on women-led development. "We have walked the talk, moving from women's centres to women-led development," he added.

The minister pointed out the budget's broader themes, including skilling and job creation for youth, and an overall healthy fiscal consolidation. He emphasized the goal of transitioning from a $3 trillion to a $5 trillion economy and moving from the 10th to the fifth largest economy, with expectations from the IMF to become the third-largest economy by 2027.

Addressing the opposition's criticism, Puri recommended they analyze the budget's details. "The opposition's work is not to be happy with the budget. I recommend they analyze the budget. They should have also done something for Bihar. The Andhra Reorganisation Act was of 2012; it was their work. Now if we have done this, they should be happy," Puri said.

Budget 2024 Live: Union minister Ashwini Vaishnaw thanks PM Modi and finance minister Nirmala Sitharaman

"I would like to thank the PM and the finance minister for allocating Rs 2,62,200 crore for capital investment in Railways. This is a record allocation for capital investment in Railways. This number used to be around Rs 35,000 crore in 2014. And today, Rs 2,62,200 crore have been allocated for this. Out of this, Rs 1,08,000 crore will used for safety-related activities," said Union minister Ashwini Vaishnaw.

Further, he added, "PM Modi has worked in a focused way for the Railways in the past 10 years. Before 2014, about 20,000km of railway lines were electrified. However, in the last 10 years, about 40,000km of railway lines were electrified".

Addressing the introduction of internships in the budget, he said, "Internship has been a part of BJP's manifesto. Employment-linked incentives have been already implemented for three years. This was also a part of our entire programme. So, this is a continuation of something what we have already done. Internships began with the Skill India programme. The programme set a foundation where the industry and skilling ecosystem can be integrated and that has worked very well over the last, almost, nine years".

Budget 2024 Live: Civil aviation ministry gets Rs 2,357 crore budgetary allocation

The budgetary allocation for the civil aviation ministry has been reduced to Rs 2,357.14 crore for the current fiscal year ending in March 2025. This reduction comes alongside an allocation of Rs 502 crore specifically for the regional air connectivity scheme.

In the revised budgetary allocation for 2023-24, the ministry had received Rs 2,922.12 crore. However, the Union budget 2024-25, presented by finance minister Nirmala Sitharaman in Parliament on Tuesday, shows a significant cut, bringing the total allocation to Rs 2,357.14 crore.

Budget 2024 Live: 'Happy that finance minister had an opportunity to read the Congress manifesto', says former finance minister P Chidambaram

Addressing the media, former finance minister and congress leader P Chidambaram said, "I have already tweeted that I am happy that the honourable Finance Minister had an opportunity to read the Congress manifesto after the Lok Sabha 2024 elections. She has virtually adopted the ideas underlined in our proposal on employment-linked incentive PLI scheme, the apprenticeship scheme with an allowance to the apprentice and the abolishment of the angel tax. I welcome her to borrow our ideas and I wish she had borrowed or adopted many more ideas from the Congress manifesto".

However, he also raised serious concerns about the government's approach to tackling key economic issues, following the presentation of the Union budget 2024-25. Chidambaram highlighted unemployment, inflation, wage stagnation, and the controversial Agnipath scheme as critical areas where the government's efforts have fallen short.

"Unemployment remains the biggest challenge facing our country today," Chidambaram stated. "The government's response has been too little and will have little impact on this grave situation", he said.

On the topic of inflation, Chidambaram expressed his disappointment with the Budget speech, saying, "Nothing in the Budget speech gives us confidence that the government will seriously tackle the issue of inflation."

He also pointed out that the government appears to be "blissfully ignorant" of its own statistics, highlighting that wages have stagnated over the past six years.

Addressing the Agnipath scheme, Chidambaram noted that several political parties, including the Congress, have called for its scrapping. "Despite widespread opposition and calls for the scheme to be scrapped, there has been no response from the government," he said.

Budget 2024 Live: CM Nitish Kumar praises Union budget for special support and infrastructure boost to Bihar

After Union finance minister Nirmala Sitharaman announced significant aid for Bihar, chief minister Nitish Kumar expressed his satisfaction. He noted that he had urged NDA leaders for either special status or a special package for the state, resulting in the newly announced aid.

"I have continuously advocated for this special status. I told them (NDA) to provide us either special status or a special package. They have now announced aid for various sectors as a follow-up. We were talking about special status, and many people mentioned that the provision had been removed earlier. So, instead, aid should be given to help Bihar, and they have now started it," Nitish Kumar said.

Supporting Kumar's remarks, JDU MP and Union Minister Rajiv Ranjan (Lalan) Singh said that the new schemes would enhance Bihar's growth rate. "We had demanded special status or a special package for Bihar. Today's Budget includes abundant packages for Bihar across various sectors, from infrastructure to tourism and irrigation. These schemes, once implemented, will boost Bihar's growth rate," Singh said.

In her Budget speech, FM Sitharaman announced major projects for Bihar, including the development of an industrial node at Gaya as part of the Amritsar-Kolkata industrial corridor, and several road connectivity projects such as the Patna-Purnia Expressway, Buxar-Bagalpur Expressway, and Bodhgaya-Rajgir-Vaishali-Darbanga route, along with a new two-lane bridge over the Ganga River at Buxar. These projects amount to a total cost of Rs 26,000 crore. Additionally, a new 2400 MW power plant at Pirpainti will be established at a cost of Rs 21,400 crore.

Budget 2024 Live: Government scraps Rs 30,000 crore equity infusion for state-owned fuel retailers amid record profits

The government has cancelled the planned Rs 30,000 crore equity infusion for state-owned fuel retailers after they posted record profits for the fiscal year ending March 31. This decision was revealed in the Budget presented by finance minister Nirmala Sitharaman.

Last year, Sitharaman had announced the equity infusion to support the energy transition plans of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL). She had also proposed Rs 5,000 crore for purchasing crude oil to fill strategic underground storages in Mangalore, Karnataka, and Visakhapatnam, Andhra Pradesh, to safeguard against supply disruptions.

Budget 2024 Live: 'This is a budget for new India', says Union minister Piyush Goyal

Addressing the media, the union minister said, "I think this is a budget for new India. It is taking India in the Amrit Kal rapidly, progressing towards a developed nation by 2047. It is not only impactful, it is both innovative and inclusive. If you ask me, this budget lays a clear roadmap, given the nine priorities on which the finance minister has focused, to set the country on a fast trajectory to help our youth through skill development and employment initiatives. Ensure that this becomes the third-largest economy in the world. Make us more competitive both within the country and across the world, thereby promoting manufacturing, promoting the services sector, and promoting tourism. The thrust on infrastructure with its multiplier impact will hugely create jobs and business opportunities, and a balanced budget which will set the tone for Modi 3.0".

Further speaking on the issue of the angel tax, he said, "The details will be released soon but we will surely get relief from the angel tax as announced by Union finance minister Nirmala Sitharaman... Let us wait for the guidelines but I am sure that it will take care of everybody's interests. And I can assure you that it is a listening government".

Budget 2024 Live: 'Directionless, anti-people, no vision, only political mission is there', says CM Mamta Banerjee

West Bengal CM Mamta Banerjee slammed the Union budget presented by finance minister Nirmala Sitharaman.

"Directionless, anti-people, no vision, only political mission is there. I don't see any light, it is dark...They make tall claims and make promises during elections. But after they get votes, they forget Darjeeling, Kalimpong...People in the hills of Darjeeling should remember this. Let Sikkim get things, we have no objection but keeping Darjeeling deprived is not right...This Budget is anti-people, anti-poor and not for the common people. This is a Budget to appease one party. This is a Budget full of political biases", she said.

Budget 2024 Live: Ministry of home affairs receives Rs 2.19 lakh crore allocation, major boost for central police forces

The Union Budget 2024-25 has allocated Rs 2,19,643.31 crore to the ministry of home affairs, with Rs 1,43,275.90 crore earmarked for central police forces like the CRPF, BSF, and CISF, which handle internal security, border guarding, and the protection of vital installations. This is an increase from the interim budget for 2024-25, which allocated Rs 2,02,868.70 crore to the ministry, led by Union home minister Amit Shah.

Union finance minister Nirmala Sitharaman has also allocated Rs 42,277.74 crore to Jammu and Kashmir, which remains under the central government's direct control following the abrogation of Article 370.

Budget 2024 Live: Finance minister promises imminent resolution for New Pension Scheme

Finance minister Nirmala Sitharaman announced that a resolution will be found for the New Pension Scheme (NPS) that balances addressing key issues and maintaining fiscal responsibility. Last year, the finance ministry formed a committee led by finance secretary T V Somanathan to review the NPS for government employees and suggest changes based on the current framework.

Sitharaman highlighted the committee's progress and the constructive approach of the National Council of the Joint Consultative Machinery for Central Government Employees. She assured that the solution would address concerns while protecting fiscal prudence for common citizens.

Some states not governed by the BJP have reverted to the Old Pension Scheme (OPS), which provides retired government employees with 50% of their last drawn salary as monthly pensions, adjusted for DA increases. Employee organizations in other states have also demanded a return to OPS.

To enhance social security benefits, Sitharaman announced an increase in the deduction for employer contributions to NPS from 10% to 14% of the employee's salary. Additionally, employees in the private sector, public sector banks, and undertakings who choose the new tax regime will be allowed to deduct up to 14% of their salary from their income.

The finance minister also proposed the introduction of 'NPS-Vatsalya', a plan allowing parents and guardians to contribute to minors' NPS accounts, which can be converted to regular NPS accounts once the minor reaches adulthood.