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Budget 2024: Jairam Slams Government Budget, Calls It a Tactic to Admit Mass Unemployment Crisis

July 23, 2024, 3:20 pm

Congress on Tuesday slammed the government after Union Finance Minister Nirmala Sitharaman presented the Budget saying after 10 years of denial on mentioning employment, the government seems to have finally come around to tacitly admitting that mass unemployment is a national crisis that requires urgent attention.

He said that it’s far too late, and as it turns out, far too little – the Budget speech is more focused on posturing than action.

While reacting on the Budget, in a series of tweets Congress general secretary and communications incharge Jairam Ramesh slammed the government saying, “After ten years of denial – where neither the non-biological PM nor his party’s Lok Sabha Elections Manifesto would even mention jobs – the Union Government seems to have finally come around to tacitly admitting that mass unemployment is a national crisis that requires urgent attention.”

“It’s far too late, and as it turns out, far too little – the Budget speech is more focused on posturing than action,” the Rajya Sabha MP said.

The Congress leader also targeted the government for copying the party’s manifesto with its internship programme said, “The Finance Minister has taken a leaf out of the INC’s Nyay Patra 2024, with its internship program clearly modelled on the INC’s proposed Apprenticeship Program that was called Pehli Naukri Pakki.”

“However, in their trademark style, the scheme has been designed to grab headlines, with arbitrary targets (1 crore internships) rather than a programmatic guarantee for all diploma holders and graduates, like the Indian National Congress had envisioned,” he said.

He also toom pot shot at the government over.its announcement for Andhra Pradesh and said, “In 2018, Chandrababu Naidu garu quit the NDA becuase of the non-biological PM’s failure to grant Andhra Pradesh Special Category Status. Six years after the drama, at a time when the Government is reliant on his MPs for support, all he has managed to get is “special financial support” for Amravati.”

“Why has it taken 10 years to announce that what was already committed to in the Andhra Pradesh Reorganisation Act, 2014 will be implemented?” Ramesh asked.

He also said that it is highly disappointing that the Finance Minister’s announcement on Data and Statistics makes no mention of releasing funds for the decadal Population Census that was supposed to have taken place in 2021, but has still not been conducted.

“This is the first time since Independence that the Government has failed to conduct a Census on time,” the Congress leader said.

“The consequences on the State’s administrative capabilities are serious – one example being the 10-12 crore individuals who have been excluded from the ambit of the National Food Security Act. It also means that the Government will likely continue to avoid a Socio-Economic Caste Census, despite calls from its own NDA partners for the same,” Ramesh added.

Budget 2024: Over ₹3 Lakh Crore Allocated For Benefit Of Women And Girl

July 23, 2024, 3:19 pm

Finance Minister Nirmala Sitharaman, in her seventh consecutive budget speech, presented the Union Budget 2024-25 on Tuesday in the Lok Sabha. She announced a substantial allocation of more than ₹3 lakh crore for schemes benefiting women and girls, underscoring the government’s commitment to promoting women-led development.

Key Highlights for Women’s Development:

Sitharaman emphasized that the significant budgetary allocation is a clear signal of the government’s dedication to enhancing the role of women in economic development. “For promoting women-led development, the Budget carries an allocation of more than ₹3 lakh crore for schemes benefitting women and girls,” she stated.

In a bid to further support women in the workforce, the government plans to collaborate with industry partners to establish working women’s hostels and creche facilities. This initiative aims to create a supportive environment that encourages women’s participation in professional activities and fosters their career growth.

Additionally, this industry-government partnership will launch women-specific skilling programs and promote market access for women-led Self-Help Group (SHG) enterprises, enhancing their economic opportunities.

Social Justice and Inclusive Development:

The budget also reflects the government’s commitment to social justice. Sitharaman announced a saturation approach to cover all eligible individuals through various schemes, focusing on health and education. The objective is to achieve inclusive human resource development, a core priority of the Union Budget 2024-25.

“Our government is committed to all-round, all-pervasive, and all-inclusive development of people, particularly farmers, youth, women, and the poor,” Sitharaman remarked. She highlighted the increased implementation of schemes supporting economic activities by craftsmen, artisans, SHGs, SC/ST and women entrepreneurs, and street vendors, including PM Vishwakarma, PM SVAnidhi, NRLM, and Stand-Up India.

Urban Development Initiatives:

Under urban development, the government has encouraged the moderation of high stamp duty by all states for urban-related development. Additionally, it has called for further reduction of duties for properties purchased by women, facilitating easier property ownership and investment for women.

Kharge Criticizes Budget as ‘Copycat’ Strategy to Save Government, Accuses It of Half-Hearted Rewards to Deceive Allies

July 23, 2024, 3:10 pm

Congress president Mallikarjun Kharge on Tuesday came down heavily on the NDA government at the Centre saying the Budget presented is a ‘copy cat budget’ and accused the BJP of not even properly copying the grand old party’s nyay patra justice guarantee properly.

In a post on X, formerly Twitter, Kharge, who is also the Leader of Opposition in the Rajya Sabha said, “Modi government’s “copycat budget” could not even copy Congress’ justice guarantee properly.”

Taking a jibe at the government, Kharge said that the Modi government’s budget is distributing half-hearted “rewadis” to “dupe its coalition partners so that the NDA survives”.

“This is not a budget for “progress of the country”, it is a “save Modi government” budget,” Kharge said targeting the government.

He also said that after 10 years, limited announcements have been made for the youth who are bearing the brunt of the slogan of two crore jobs per year, and only superficial talks have been held for farmers, one and a half times MSP and doubling of income – all turned out to be electoral fraud! This government has no intention of increasing rural wages.

The Congress leader also said that there is no revolutionary scheme for Dalits, Adivasis, backward classes, minorities, middle class and rural poor people like the one implemented by Congress-UPA.

“The word “poor” has become just a means of self-branding, there is nothing concrete,” he said, adding, “There is nothing in this budget for women that would enhance their economic capacity and enable them to participate more and more in the workforce.”

He further said that on the contrary, the government is patting its back on the back for rising inflation and “it is robbing people of their hard-earned money and distributing it among its capitalist friends”.

He also said that less money has been spent on agriculture, health, education, public welfare and tribals than the budget allocation because these are not the priorities of the BJP.

“Similarly, Rs 1 lakh crore less has been spent on Capital Expenditure, so how will jobs increase?” Kharge asked.

Taking a pot shot at the goverment, Kharge said, “Urban Development, Rural Development, Infrastructure, Manufacturing, MSME, Investment, EV scheme – only Document, Policy, Vision, Review etc. have been discussed, but no major announcement has been made.”

Discussing the issues grappling Indian Railways, Kharge said, “Railway accidents are happening every day, trains have been stopped, the number of coaches has been reduced, ordinary passengers are troubled, but nothing has been said about the railways in the budget, there is no accountability.”

He also questioned the government on the census and said that nothing has been said about Census and caste census, whereas this is the fifth budget which is being presented without Census.

“This is a shocking and unprecedented failure which is against democracy and the Constitution,” he said.

Targeting Prime Minister Narendra Modi, Kharge said, “On 20 May 2024, i.e. during the elections, Modi ji claimed in an interview that ‘We already have a 100-day action plan…’.

“When the action plan was there two months ago, they should have at least told it in the budget. There is no plan in the budget and BJP is only busy in the action of cheating the public,” Kharge added.

The remarks from the Congress chief came after Union Finance Minister Nirmala Sitharaman on Tuessay presented the first budget of the NDA 3.0 government.

Visionary Budget 2024 Accelerates India’s Path to Development: Amit Shah

July 23, 2024, 3:04 pm

Union Home Minister Amit Shah praised the first Budget of the Modi 3.0 government presented by Finance Minister Nirmala Sitharaman on Tuesday, describing it as a pro-people and pro-development visionary Budget for 2024-25 that accelerates India’s progress towards becoming a developed nation.

On his social media handle on the microblogging site X, Amit Shah posted, “The Budget 2024-25 not only exemplifies Bharat’s newfound sense of purpose, hope, and optimism under the PM Modi Ji-led NDA government but also fortifies them.”

“Harnessing the power of Bharat’s youth, Nari Shakti, and farmers, the budget fuels the nation’s pace on the path of emerging as a developed nation by ushering in a new era of employment and opportunities,” read the post.

Amit Shah also expressed his heartfelt gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the “pro-people and pro-development visionary budget.”

Assam Chief Minister and BJP leader Himanta Biswa Sarma also hailed the Union Budget, stating that it lays down a solid road map to maintain India’s growth momentum and aims to propel the economy forward.

“My compliments to Hon’ble Union Minister Nirmala Sitharaman Ji and her team for presenting a budget that lays down a solid road map to maintain India’s growth momentum and seeks to propel our economy to the world’s third-largest, as envisioned by Hon’ble Prime Minister Narendra Modi Ji,” read the post.

Finance Minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25 today (July 23) during the Budget Session of Parliament. She made history as the first finance minister to present seven consecutive budget speeches, surpassing former Prime Minister Morarji Desai’s record of six consecutive budgets as finance minister between 1959 and 1964.

In her seventh consecutive Union Budget for 2024-25, FM Sitharaman outlined key priorities aimed at fostering economic growth and creating ample opportunities. The priorities include Productivity and Resilience in Agriculture, Employment and Skilling, and services.

She listed productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms as nine priority areas for the government.

In her budget speech, Sitharaman introduced an increased standard deduction and revised tax rates for salaried individuals under the new tax regime. She announced a significant set of income-tax reforms for the fiscal year 2024-25, aimed at simplifying tax laws, promoting compliance, and fostering economic growth.

The finance minister highlighted the strong adoption of the simplified corporate tax regime, which now accounts for 58 per cent of corporate tax revenue in 2022-23.

Sitharaman also announced financial assistance to states including Bihar, Himachal Pradesh, Assam, Uttarakhand, and Sikkim that have suffered losses due to floods and other natural calamities.

The Finance Minister announced an investment of Rs 10 lakh crore under the PM Awas Yojana Urban 2.0.

In her budget speech, Sitharaman proposed the creation of employment for about 4.1 crore youth over the next five years. For this, the finance minister has allocated Rs 2 lakh crore.

Similarly, to skill citizens and generate job opportunities, she proposed Rs 1.48 crore. Over a five-year period, 20 lakh youth will be skilled. A total of 1,000 industrial training institutes will be upgraded.

Budget 2024: PM Modi Hails Budget, Announces Plans To Strengthen Middle Class

July 23, 2024, 2:44 pm

Prime Minister Narendra Modi has underscored the transformative impact of the Union Budget 2024-25, highlighting the significant strides made in poverty alleviation over the past decade. “In the last 10 years, 25 crore people have come out of poverty,” he stated, emphasizing the budget’s focus on empowering the new middle class and providing extensive opportunities for the youth.

Modi emphasized that the budget aims to enhance education and skill development, crucial elements in fortifying the middle class. He pointed out that the budget includes substantial support for women, small business owners, and Micro, Small, and Medium Enterprises (MSMEs), which are vital components of the economy.

A key feature of the budget is the introduction of the ‘Employment Linked Incentive’ scheme. This initiative is designed to generate numerous employment opportunities by having the government cover the first salary of new workforce entrants. Additionally, the scheme includes an apprenticeship program that allows youth from rural areas to gain experience working in the nation’s top companies.

Overall, Prime Minister Modi’s remarks highlight the government’s commitment to economic empowerment and sustainable growth, focusing on lifting more people out of poverty and supporting diverse sectors through targeted initiatives.

Union Budget 2024: Rahul Dubs NDA 3.0 Budget as ‘Kursi Bachao’ Budget

July 23, 2024, 2:43 pm

Congress leader and Leader of Opposition in the Lok Sabha, Rahul Gandhi, on Tuesday dubbed the Union Budget presented by Finance Minister Nirmala Sitharaman as a ‘kursi bachao’ budget, saying it only appeases allies and cronies and is a copy and paste of the grand old party’s manifesto.

In a post on X, formerly Twitter, Rahul Gandhi, who is also the Lok Sabha MP from Uttar Pradesh’s Rae Bareli, said, “‘Kursi Bachao’ Budget.”

Training his guns on the government, Rahul Gandhi said, “Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian.”

He also took a jibe at the government for copying some sections of the grand old party’s manifesto, and said, “Copy and Paste: Congress manifesto and previous budgets.”

Even party general secretary (organisation) KC Venugopal dubbed the budget as a ‘sarkar bachao’ budget.

In a tweet, Venugopal said, “The Union Budget is nothing but a Sarkar Bachao Budget, driven by the political compulsions for the survival of this lame duck government.”

Training his guns on the government, the Congress leader said, “This will do nothing to address inflation, nothing to solve the farmers’ crisis, and absolutely nothing for the middle classes. Much like the 10 budgets, this Union Budget is also far removed from the concerns of the ordinary Indian.”

He also said that while the government has belatedly recognized that job creation is the need of the hour, its so-called announcements are totally insincere and non-serious.

“They could not even properly copy from our Nyay Patra,” he said.

“Merely throwing large headline numbers, while giving pittances in reality, is nothing but a cruel joke on the future of India’s youth. Every segment of Indian society is going to be in an even worse situation after this budget, and this government that is completely cut off from the pain of the people will simply be concerned about its survival,” Venugopal added.

The remarks came after Sitharaman on Tuesday presented the Union Budget of the NDA 3.0 government.

Budget 2024: Major Revisions in Income Tax Slabs, Standard Deduction Increased to Rs 75,000

July 23, 2024, 1:05 pm

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on Tuesday, highlighting a focus on four key groups: the poor, women, youth, and farmers. She also unveiled the Prime Minister’s package, comprising five schemes with a total outlay of Rs 2 lakh crore aimed at employment, skilling, and other opportunities. There are some revisions in Income Tax slabs in new budget 2024 presentation.

Income Tax Reforms

Sitharaman announced several revisions to the Income Tax Act:

Two tax incentive regimes for the charity sector will be merged.

TDS rate on e-commerce operators will be reduced from 1% to 0.1%.

Long-term capital gains on all financial and non-financial instruments will attract 12.5%.

Short-term gains on certain assets will attract 20%.

The exemption limit for long-term capital gains will be increased to Rs 1.25 lakh from Rs 1 lakh.

Listed financial assets held for more than a year will be considered long-term.

Long-term capital gains tax will increase from 10% to 12.5%.

Short-term capital gains tax will rise from 15% to 20%.

No angel tax on all classes of assets.

Security transaction tax on futures and options (F&O) will increase to 0.02% and 0.1%, respectively.

Corporate tax for foreign companies will be reduced to 35%.

Personal Income Tax Changes

Standard deduction limit increased to Rs 75,000 from Rs 50,000.

Lowest slab in the new tax regime raised to Rs 3 lakh from Rs 2.5 lakh.

The new Income Tax Slab under the revised regime will be:

0-3 lakh: Nil

3-7 lakh: 5%

7-10 lakh: 10%

10-12 lakh: 15%

12-15 lakh: 20%

Above 15 lakh: 30%

Customs Duty Proposals

To aid cancer patients, Sitharaman announced that three additional medicines will be exempt from customs duties. Changes were also made to the BCD for X-ray tubes and flat panel detectors for X-ray medicines under the phased manufacturing program. The customs duty on gold and silver has been cut to 6%, and there is a proposed reduction in customs duty for manufacturing leather and footwear.

Major Employment Initiatives

Sitharaman outlined significant measures for job creation and support for first-time job seekers:

One month’s wages will be provided to all individuals newly entering the formal workforce.

The government will incentivize employees and employers in the manufacturing sector through EPFO contributions.

Other Key Announcements

A Rs 10 lakh crore allocation for the Prime Minister’s urban housing plan.

The introduction of the PM Suryaghar Muft Bijli Yojana for 1 crore houses.

Encouragement for states to reduce stamp duties.

Flood relief assistance for Assam, Himachal Pradesh, and Uttarakhand.

Economic Survey Highlights

Ahead of the budget presentation, the Finance Minister tabled the Economic Survey 2023-24 in Parliament on Monday. The survey projected a positive outlook for India’s growth and macroeconomic stability, estimating GDP growth for FY25 at 6.5-7% and inflation at 4.5%. It also highlighted the need to create 7.85 million jobs annually in the non-farm sector until 2030.Ahead of presenting the budget, Sitharaman arrived at Parliament with the traditional Bahi Khata, dressed in a white and magenta silk sari. Earlier, she met President Droupadi Murmu to seek approval for the budget, following the tradition where the person undertaking an important task is given curd and sugar.

Union Budget 2024 Highlights : Focus on Employment, State Benefits, and MSME Support

July 23, 2024, 12:45 pm

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on Tuesday, focusing on four key groups: the poor, women, youth, and farmers. She also introduced the Prime Minister’s package of five schemes with a Rs 2 lakh crore budget aimed at employment, skills training, and other opportunities.

This budget is the first of the Modi 3.0 government following the 2024 Lok Sabha Elections and marks Sitharaman’s record seventh budget speech. Here are the main highlights of the Union Budget 2024:

Sitharaman emphasized that the budget aims to address nine priorities for a developed India:

Productivity and resilience in agriculture
Employment and skills training
Manufacturing and services
Urban development
Infrastructure
Innovation, research, and development
Next-generation reforms

BIG PUSH FOR EMPLOYMENT:

The budget includes significant measures to generate employment and support first-time job seekers. Three employment-linked schemes were announced. The government will provide one month’s wages to all new entrants into the formal workforce. Additionally, to encourage job creation in manufacturing, the government will offer incentives to both employees and employers through EPFO contributions.

BENEFITS TO BIHAR AND ANDHRA PRADESH:

Sitharaman announced substantial allocations for Bihar and Andhra Pradesh, states governed by BJP allies JDU and TDP.

Bihar: Rs 26,000 crore allocated for highways, expedited multilateral development requests, and Rs 15,000 crore for new airports, medical colleges, and sports infrastructure. Bihar also received an Rs 11,500 crore flood mitigation package.
Andhra Pradesh: Rs 15,000 crore allocated for capital development, with additional grants for backward regions in line with the AP Reorganisation Act.

MSMEs:

The budget includes several initiatives for Micro, Small, and Medium Enterprises (MSMEs):

A new MSME guarantee plan for loans up to Rs 100 crore
PSU banks to develop an internal assessment model for MSME credit
A credit guarantee scheme for collateral-free loans
A new mechanism to facilitate bank credit to MSMEs in the SMA (special mention account) stage
The limit for Mudra Loans increased from Rs 10 lakh to Rs 20 lakh
Export hubs to be established under a regulatory body

OTHER KEY ANNOUNCEMENTS:

Rs 10 lakh crore allocated for the Prime Minister’s urban housing plan
Introduction of the PM Suryaghar Muft Bijli Yojana for 1 crore houses
Encouragement for states to reduce stamp duties

Ahead of the budget presentation, Sitharaman tabled the Economic Survey 2023-24 in Parliament on Monday. The survey projected India’s GDP growth for FY25 at 6.5-7 per cent and inflation at 4.5 per cent. It also noted the need for India to create 7.85 million jobs annually in the non-farm sector until 2030.

Before presenting the budget, Sitharaman, wearing a white and magenta silk sari, arrived in Parliament with the traditional Bahi Khata. She met President Droupadi Murmu earlier in the day to seek approval for the budget. Murmu fed her curd and sugar, a traditional gesture for good luck before undertaking an important task.

AAP MPs Stage Protest At Parliament Against Misuse Of Central Agencies Ahead Of Budget 2024; Watch

July 23, 2024, 12:08 pm

Ahead of the Union Budget presentation, Aam Aadmi Party (AAP) MPs, including Sanjay Singh and Raghav Chadha, staged a protest in Parliament on Tuesday. They voiced their concerns over the alleged misuse of central agencies and called for the release of their party leader, Delhi Chief Minister Arvind Kejriwal.

Sanjay Singh criticized the central government, stating, “In the last 10 years, millions of Indians have suffered due to inflation. It remains to be seen how the government plans to address this issue. Farmers have long demanded Minimum Support Price (MSP), and NDA allies are calling for the Agniveer Scheme to be revoked. Key focus areas will be employment, MSP, and inflation.”

#WATCH | Aam Aadmi Party MPs including Sanjay Singh and Raghav Chadha protest at Parliament against the alleged misuse of Central Agencies. pic.twitter.com/RZH0xmecFk

— ANI (@ANI) July 23, 2024

Singh also alleged that Delhi has been neglected by the central government because the city elected an AAP government. “For the past nine years, Delhi has received no more than Rs 325 crore annually solely because the people elected AAP,” he claimed.

AAP MP Sanjay Singh says allegedly that Arvind Kejriwal’s sugar level has dropped below 50 for 36 times now. He further that administration is playing with the life of Delhi’s elected CM. It shows that the case is not limited to his arrest, it is a deep-rooted conspiracy to kill Arvind Kejriwal.

#WATCH | Delhi: AAP MP Sanjay Singh says, "Arvind Kejriwal's sugar level has dropped below 50 for 36 times now… You are playing with the life of Delhi's elected CM… It shows that the case is not limited to his arrest, it is a deep-rooted conspiracy to kill Arvind Kejriwal." https://t.co/JNZUgCR3W1 pic.twitter.com/OhOaGLKuUH

— ANI (@ANI) July 23, 2024

Union Budget 2024-25 Unveiled by FM Nirmala Sitharaman: Promises Exceptional Economic Growth

July 23, 2024, 11:45 am

Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on Tuesday after receiving approval from the Cabinet. In her opening remarks, Sitharaman highlighted India’s economic growth as a notable success. She emphasized, “We are determined all Indians regardless of religion and age achieve life goals and aspirations.”

This budget marks Sitharaman’s seventh consecutive one, surpassing the late Morarji Desai’s record of six. It is the first budget of Prime Minister Modi’s third term and was unveiled during the Monsoon Session of Parliament. The Economic Survey for 2023-24 was introduced in Parliament the previous day.

The Union Cabinet, led by Prime Minister Modi, met earlier in the day to approve the budget before Sitharaman’s presentation. This budget is expected to focus on changes in the income tax system and enhancing the ease of doing business in India.

Minister of State for Finance Pankaj Chaudhary noted that this budget reflects Modi’s vision of “Sabka Saath Sabka Vikas” (Together with All, Development for All). Union Minister Pralhad Joshi remarked that this budget aims to further boost the country’s economic growth, stating, “The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy.”

The Parliament’s budget session began on July 22 and is scheduled to conclude on August 12.

The Economic Survey emphasized the Indian economy’s resilience and recovery post-Covid. It also highlighted the government’s commitment to promoting women’s participation across various sectors. The budget for women’s welfare has increased by 218.8%, rising from Rs 97,134 crore in FY14 to Rs 3.10 lakh crore in FY25. Furthermore, the Gender Budget Statement (GBS) has grown by 38.7% compared to FY24, making up 6.5% of the total Union Budget for FY25, the highest since its introduction in FY06.

Watch: Union Cabinet Chaired By PM Modi Meets In Parliament Before Budget Presentation

July 23, 2024, 11:00 am

PM Modi has arrived in Parliament, ahead of the presentation of Union budget by Finance Minister Nirmala Sitharaman. Union Cabinet headed by Prime Minister Narendra Modi met in Parliament on Tuesday to approve the Union Budget before its presentation.

#WATCH | PM Modi in Parliament, ahead of the presentation of Union budget by Finance Minister Nirmala Sitharaman

(Video source: DD News) pic.twitter.com/T0RD4hBO2z

— ANI (@ANI) July 23, 2024

Prime Minister Narendra Modi arrived in Parliament this morning for the cabinet meeting. He praised the Economic Survey for showcasing economic strengths and identifying growth areas as the government aims for a “Viksit Bharat.” Union Ministers Amit Shah, Rajnath Singh, and Pralhad Joshi also arrived for the meeting. Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 at 11 am. Earlier, she met President Droupadi Murmu. This will be Sitharaman’s seventh consecutive budget, surpassing Moraji Desai’s six, and is expected to address changes in income tax and business ease.

Finance Minister Nirmala Sitharaman Meets President Droupadi Murmu Before Presenting Budget

July 23, 2024, 10:17 am

Union Finance Minister Nirmala Sitharaman met with President Droupadi Murmu before presenting the Union Budget 2024 in Parliament, following established tradition. During the meeting, Sitharaman and her team briefed the President on the details of the Budget. As a gesture of good luck, President Murmu offered the Finance Minister ‘Curd and Sugar,’ a customary symbol of well-wishes.

Next, Sitharaman will attend a Cabinet meeting before delivering the Budget in Parliament. On Tuesday, the documents for the 2024 Union Budget and the Jammu and Kashmir Budget arrived at Parliament. After presenting the General Budget for the year, Sitharaman will also present the budget for the Union Territory of Jammu and Kashmir for 2024-25.

Earlier, the Finance Minister left the North Block offices of the Finance Ministry with the Union Budget 2024-25, which, as usual, is in digital format. She and her team took a photo with the red ‘Bahi Khatha’ digital tablet before heading to Rashtrapati Bhavan.

This budget presentation will mark Sitharaman’s seventh consecutive budget, surpassing the late Morarji Desai’s record of six consecutive budgets. It is expected to focus on reforms in the income tax structure and improving the ease of doing business in India.

Minister of State for Finance Pankaj Chaudhary stated that the Union Budget of the third Narendra Modi government will reflect the PM’s motto, “Sabka Saath Sabka Vikas” (Collective Effort, Inclusive Growth). The budget session of Parliament began on July 22 and is scheduled to end on August 12.

On Monday, the Economic Survey presented by Finance Minister Nirmala Sitharaman projected that India’s economy could grow at 7 percent in the medium term. The survey noted, “In the medium term, the Indian economy can grow at a rate of 7 percent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments, and the private sector.”

The survey also highlighted that India faces both opportunities and challenges amid global trends like geo-economic fragmentation, a push for self-reliance, climate change, technological advancements, and limited policy space. It recommended focusing on bottom-up reforms and enhancing governance to ensure that past structural reforms lead to strong, sustainable, balanced, and inclusive growth.

The growth strategy for the medium term, called “Amrit Kaal,” emphasizes six key areas: boosting private investment, expanding and supporting MSMEs (Micro, Small, and Medium Enterprises), leveraging agriculture for future growth by removing policy barriers, securing financing for India’s green transition, addressing the education-employment gap, and building state capacity and capability to sustain progress.

Budget 2024: FM Nirmala Sitharaman Reaches North Block With Team, Watch

July 23, 2024, 9:39 am

Finance Minister Nirmala Sitharaman and her team stand outside the Ministry of Finance in North Block with the Budget tablet. Around 11:00 AM today, she will submit the Union Budget to the Lok Sabha.

WATCH THE VIDEO:

#WATCH | Delhi: Finance Minister Nirmala Sitharaman along with her team with the Budget tablet outside the Ministry of Finance in North Block.

She will present the Union Budget today at around 11 AM in Lok Sabha. pic.twitter.com/NARqjCBOW1

— ANI (@ANI) July 23, 2024

Union Finance Minister Nirmala Sitharaman is set to create history today by presenting her seventh Union Budget in Parliament, surpassing the previous record of six budgets held by former finance minister Morarji Desai. Desai, who served as finance minister under Prime Ministers Jawaharlal Nehru and Indira Gandhi, also went on to become Prime Minister of India in 1977.

Sitharaman will deliver the budget at approximately 11 AM in the Lok Sabha. This timing represents a shift from the traditional 5 PM slot, a change instituted by finance minister Yashwant Sinha in 1999.

Today’s presentation marks a significant milestone in Indian fiscal policy, showcasing Sitharaman’s continued influence and leadership in shaping the country’s economic strategy.

Budget based on PM Modi’s mantra ‘Sabka Saath Sabka Vikas’ Says MoS Pankaj Chaudhary

July 23, 2024, 9:32 am

Minister of State for Finance, Pankaj Chaudhary, stated that the first Union Budget of the third Modi government will follow the principle of “Sabka Saath Sabka Vikas” (Collective Effort, Inclusive Growth). Finance Minister Nirmala Sitharaman is set to present the full budget for 2024-25 on Monday.

“This budget is based on PM Modi’s mantra of Sabka Saath Sabka Vikas,” emphasized Chaudhary.

Chaudhary, along with key members of FM Sitharaman’s team, such as Vivek Joshi, Secretary of the Department of Financial Services, and Chief Economic Advisor V. Anantha Nageswaran, arrived early at the Finance Ministry’s North Block offices in preparation for the Budget Presentation.

Sitharaman’s presentation of the Union Budget 2024 in Parliament today marks her seventh consecutive budget, surpassing the late Morarji Desai’s record of six consecutive budgets. This budget is expected to focus on changes in the income tax structure and improving the ease of doing business in India. On Monday, she also tabled the Economic Survey 2023-24 along with the statistical appendix.

The Finance Minister will present a statement (in both English and Hindi) of the estimated receipts and expenditures for 2024-25 in the Rajya Sabha. She will follow this by presenting the budget in the Lok Sabha an hour later. Additionally, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, she will lay on the table the medium-term fiscal policy strategy statement and the macro-economic framework statement, as well as the estimated receipts and expenditures for the Union Territory of Jammu and Kashmir (with legislature).

By presenting this budget, Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964. The budget session of Parliament, which began on July 22, is scheduled to conclude on August 12.

On Monday, the Economic Survey projected India’s real GDP growth at 6.5-7 percent, while acknowledging that market expectations are higher. India’s real GDP growth, excluding inflation, was 8.2 percent in 2023-24, surpassing the 8 percent mark in three out of four quarters. Official data shows India’s GDP grew 8.2 percent in 2023-24, 7.2 percent in 2022-23, and 8.7 percent in 2021-22.

FM Nirmala Sitharaman Set to Present Modi’s 3.0 Govt’s First Budget Today

July 23, 2024, 7:36 am

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget, surpassing the late Morarji Desai’s record of six consecutive budgets. This budget is expected to focus on changes in the income tax structure and improving the ease of doing business in India.

The full budget for 2024-25 will be presented at 11 am, the first under the Modi 3.0 government. Key announcements and economic guidance from the finance minister will be closely watched. Sitharaman will present the estimated receipts and expenditures for 2024-25 in both the Lok Sabha and Rajya Sabha.

The Finance Minister will also present documents under the Fiscal Responsibility and Budget Management Act, 2003, including the medium-term fiscal policy strategy and the macro-economic framework statement. Additionally, she will present the estimated receipts and expenditures for the Union Territory of Jammu and Kashmir.

This budget will be Sitharaman’s seventh, breaking Morarji Desai’s record. The budget session of Parliament began on July 22 and will conclude on August 12. Before presenting the budget, the finance minister will meet with ministry secretaries and the President for permission.

Typically, the Ministry of Finance issues circulars in September-October requesting budget demands and recommendations. The ‘halwa ceremony’ marks the start of budget document printing and the lockdown of the finance ministry, with the budget team leaving only after the budget is presented. The Union Budget has been printed in the North Block basement since 1980.

The Economic Survey, released a day before the budget, serves as a crucial input for budget formulation. It provides an overview of the country’s economic performance and future outlook. The 2023-24 Economic Survey projects India to grow at 6.5-7.0 percent in 2024-25, highlighting the economy’s resilience.

The first Economic Survey was presented in 1950-51 and separated from the budget documents in the 1960s. After the budget is presented, it undergoes debate and discussion in Parliament, allowing for scrutiny and amendments. Following approval, post-budget activities aim to implement the budget’s provisions.

Like previous budgets, the 2024 Budget will be paperless. An Interim Union Budget 2024 was presented on February 1 due to the upcoming general elections. All budget documents, including the Annual Financial Statement, Demand for Grants, and Finance Bill, will be available on the “Union Budget Mobile App” in both English and Hindi. The app is accessible on Android and iOS platforms and can be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).