Hyderabad: Union Finance Minister Nirmala Sitharaman has presented the Interim Budget ahead of the 2024 Lok Sabha elections, marking the final budget in Prime Minister Narendra Modi's second term. This interim budget has provided a financial roadmap until the new government assumes office, helping manage ongoing financial commitments.
During election years like this, the incumbent government has presented an Interim Budget, covering short-term expenditures and revenues until the formation of a new government.
What is an Interim Budget?
During an election year, the incumbent government is unable to present a complete budget. As a result, an Interim Budget is introduced, encompassing the government's financial activities and revenues for a limited duration.
What does the Interim Budget entail?
The Interim Budget comprises approximations of government expenditure, revenue, fiscal deficit, financial performance, and forecasts for a short-term period.
What is Union Budget?
The Union Budget serves as the annual financial report outlining the government's anticipated expenditures and costs for the fiscal year.
When will the full Budget released?
Following the Lok Sabha elections, the new government will unveil the complete Budget, presenting comprehensive financial plans and allocations.
Live Updates
- 1 Feb 2024 6:59 AM GMT
Live updates for the Interim Budget 2024 have concluded.
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- 1 Feb 2024 6:51 AM GMT
Lok Sabha passes Finance Bill 2024, House adjourned
The Lok Sabha has passed the Finance Bill 2024. The House is adjourned and will reconvene tomorrow at 11 AM.
- 1 Feb 2024 6:39 AM GMT
Key Highlights:
- FY24 fiscal deficit estimated at 5.8% of GDP.
- Revised FY24 total expenditure at ₹44.90 lakh crore.
- Total receipts, excluding borrowings, for FY24 stand at ₹27.56 lakh crore.
- FY24 tax receipts recorded at ₹23.24 lakh crore.
- FY25 fiscal deficit projected at 5.1%, aiming for reduction to below 4.5% by FY26.
- FY25 gross market borrowing expected to be ₹14.13 lakh crore.
- Scrapping of petty outstanding direct tax demands to benefit 10 million taxpayers.
- Allocation of ₹750 billion for a 50-year interest-free loan to states meeting milestones.
- Increased infrastructure outlay to Rs 11.11 lakh crores in FY25.
- Initiative for rooftop solarisation to provide free electricity to 1 crore households monthly.
- Extension of Ayushman Bharat scheme to all ASHA and Anganwadi workers.
- Provision of viability gap funding for 1 GW of offshore wind energy.
- Detailed plan unveiled to achieve the Indian government’s 2070 Net Zero goal.
- Implementation of three major Railway economic corridor programs focusing on energy, mineral and cement; port connectivity; and high traffic density corridors.
- FY24 fiscal deficit estimated at 5.8% of GDP.
- 1 Feb 2024 6:33 AM GMT
Sitharaman Concludes Budget
Union Finance Minister Nirmala Sitharaman has concluded her presentation of the Interim Union Budget. This year, her speech lasted just under an hour. In comparison, her longest-ever speech was in 2020, spanning two hours and 40 minutes, while last year's speech was approximately 87 minutes.
- 1 Feb 2024 6:30 AM GMT
Nirmala Sitharaman announces no proposed changes to tax rates—direct or indirect.
- 1 Feb 2024 6:29 AM GMT
Nirmala Sitharaman's Budget Speech Summary:
- FY24 fiscal deficit projected at 5.8% of GDP.
- FY24 total expenditure revised to ₹44.90 lakh crore.
- Total receipts, excluding borrowings, for FY24 amount to ₹27.56 lakh crore.
- Tax receipts for FY24 estimated at ₹23.24 lakh crore.
- FY25 fiscal deficit anticipated at 5.1%.
- Aim to lower fiscal deficit to below 4.5% by FY26.
- FY25 gross market borrowing expected to reach ₹14.13 lakh crore.
- FY24 fiscal deficit projected at 5.8% of GDP.
- 1 Feb 2024 6:27 AM GMT
Revised FY24 Expenditure:
Estimated at ₹44.90 lakh crore. Government to boost private and public investment in post-harvest activities, including aggregation, modern storage, supply chains, processing, marketing, and branding.
- 1 Feb 2024 6:26 AM GMT
2070 Net Zero Plan:
Sitharaman details roadmap including wind energy funding, coal gasification, biofuel expansion, and EV ecosystem development like payment security for electric buses.
- 1 Feb 2024 6:25 AM GMT
Fiscally Responsible
Centre tightens fiscal deficit, revises to 5.8% of GDP for FY 23-24.
