Budget 2024 Live Updates: Capex outlay for next year increased by 11.1%, says FM Nirmala Sitharaman
Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman delivered her Budget speech, presenting the Interim Budget 2024-25 at Parliament on Thursday, February 1, a day after the commencement of the Budget Session.
Key Budget 2024-25 highlights:
-FY25 gross borrowing is estimated at Rs. 14.13 trillion, achieving a reduction from that of FY24
- Research led the growth and development of indigenous oilseeds like mustard, groundnut and sesame to make India self-sufficient. Currently, India imports about 60% of its cooking oil spending over Rs. 1.5 trillion in a year.
-FM has adopted an aggressive fiscal consolidation target. She has announced an FY25 fiscal deficit target of 5.1% as against the expectation of 5.3% levels. In FY24 the fiscal deficit target of 5.8% has been achieved thanks to better revenue mobilization as against the target of 5.9%.
-FM announces a scheme for housing for the middle class to those living in rented houses, slums, and unauthorised colonies to buy or build their own house.
-More medical colleges to be set up using existing infrastructure
-Healthcare cover under Ayushman Bharat scheme to be extended to all Anganwadi workers, helpers
-Efforts to boost farmers' income will be stepped up
- Government to promote private investment in post-harvest activities
- The Finance Minister Sitharaman announced the withdrawal of outstanding disputed tax demands. The move is set to benefit 1 crore taxpayers.
- In a disappointment for the taxpayers, the FM chose to keep the tax rates unchanged in the interim Budget 2024, including import duty. However, certain benefits to start-ups and tax exemptions to certain IFSC units expiring in March will be extended to March 2025.
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions, and Funny Memes.
Some FAQs ahead of the Interim Budget 2024 speech by Finance Minister Nirmala Sitharaman:
What Date and time will the Budget be announced?
On February 1 at 11 am, the Finance Minister will set the stage for the temporary financial plan until the new government takes over. This will be the sixth budget presentation put forth by the finance minister including five annual and one interim.
Where to watch FM Nirmala Sitharaman’s speech?
Finance Minister Nirmala Sitharaman's Budget speech will be telecasted live on the official channel of Parliament Sansad TV and Doordarshan.
