Budget 2024 Live Updates: Industries, Markets & Startup Entrepreneurs

Earlier today, Finance Minister Nirmala Sitharaman presented the Interim Union Budget for the financial year 2024-25 in the Parliament. This marks her sixth consecutive budget as FM and the final one of Prime Minister Narendra Modi led government in its second term before general elections scheduled to be held between April and May 2024.

The interim budget prioritised Fiscal Consolidation, Infrastructure, Agriculture, Green Growth, and Railways. There were no alterations to the Tax Regime, which proved disappointing for salaried individuals. The Fiscal Deficit target for FY25 was set at 5.1% of the GDP, surpassing expectations, while the FY24 target was revised down to 5.8%. Additionally, the capex target for FY25 was raised by 11.1% to £11.1 billion.

Over the past decade, the Indian economy has undergone a positive transformation, instilling hope for the future. In her budget speech, Finance Minister Sitharaman highlighted the significant progress made, overcoming challenges with the government's inclusive approach, Sabka Saath, Sabka Vikaas. The script flows well, maintaining a clear and coherent structure throughout.

Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman Unveils Her 6th Budget Speech for 2024

Feb 01, 2024 12:00 IST
Sitharaman concludes her speech
Sitharaman has concluded her speech to present the Interim Budget, which lasted for nearly an hour.



Feb 01, 2024 11:58 IST
FM: Tax base of GST has doubled to Rs 1.66 lakh crore
Nirmala Sitharaman: Tax base of GST has doubled..the average GST monthly collection has almost doubled to Rs 1.66 lakh crore this year.



Feb 01, 2024 11:57 IST
FM: No Changes in the Tax Rates
Nirmala Sitharaman: I do not propose any changes in tax rates in direct and indirect taxes including import duties. 



Feb 01, 2024 11:56 IST
FM: Several Tax Benefits for startups to be extended
Nirmala Sitharaman: Do not propose any changes related to Taxes. Several benefits of taxes to Startups expiring soon. I propose to extend the date.



Feb 01, 2024 11:56 IST
FM: Several Tax Benefits for startups to be extended
Nirmala Sitharaman: Do not propose any changes related to Taxes. Several benefits of taxes to Startups expiring soon. I propose to extend the date.



Feb 01, 2024 11:53 IST
FM: Over the last 10 years, tax collections have more than doubled
Nirmala Sitharaman: For financial year 2024-25, the tax receipts are estimated at Rs 26.02 lakh crore. The average processing time of tax returns reduced to 10 days this year.



Feb 01, 2024 11:51 IST
FM: FY24 fiscal deficit revised down to 5.8% of GDP
Nirmala Sitharaman: The FY24 fiscal deficit has been revised down to 5.8% of the GDP. Revised estimate of revenue receipts expected higher than budgeted. The FY25 fiscal deficit target has been set at 5.1% of GDP. FY25 gross market borrowing pegged at Rs 14.13 lakh crore, net borrowing at Rs 11.75 lakh crore.



Feb 01, 2024 11:49 IST
FM: Metro Rail, Namo Bharat to be expanded to more cities
Nirmala Sitharaman: Key rail infrastructure projects including Metro Rail and Namo Bharat will be expanded to more cities. Around 40,000 rail bogies will be converted to Vande Bharat coaches.



Feb 01, 2024 11:47 IST
FM: Govt Will Support EV manufacturing and charging infrastructure
Nirmala Sitharaman: The government will expand and strengthen the EV ecosystem by supporting manufacturing and charging infrastructure. For promoting green growth, the new scheme of bio mfg and biofoundry will be launched



Feb 01, 2024 11:45 IST
FM: 50-yr interest free loans to be rolled out for sunrise sectors
Nirmala Sitharaman:With innovation as the foundation of development, this will be a golden era for our tech-savvy youth. A corpus of Rs 1 lakh crore with 50-year interest free loans will provide long term financing at low or nil interest rates for the private sector to scale up research in sunrise sectors.



Feb 01, 2024 11:42 IST
FM: Govt to prepare financial sector in terms of size, capacity, skills & regulatory framework
Nirmala Sitharaman: Our government will facilitate sustaining high and more resource efficient economic growth, this will contribute to energy security, in terms of availability, affordability and accessibility. Government will prepare financial sector in terms of size, capacity, skills and regulatory framework



Feb 01, 2024 11:41 IST
FM: Govt To Prepare Financial Sector To Meet MSMEs Investment Needs
Nirmala Sitharaman: Policy priority to provide training for MSMEs to compete globally. Facilitating their growth will be important. For meeting the investment needs, the government will prepare the financial sector.



Feb 01, 2024 11:39 IST
FM on Rupee Vs Dollar
Nirmala Sitharaman: Indian rupee rose by 7 paise to 82.9725 against the US dollar on February 1 after Finance Minister Nirmala Sitharaman began her interim budget speech.



Feb 01, 2024 11:39 IST
FM on Strategy for Amrit Kaal
Nirmala Sitharaman: Our government will adopt economic policies which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunties for all and help them enhance their capabilities and contribute to generation of resources to power investments and fulfill aspirations
The government will take up next gen reforms and build consensus with stakeholders for effective implementation 



Feb 01, 2024 11:38 IST
FM: Next 5 Years will be of golden moments
Nirmala Sitharaman: Next five years will be years of unprecedented development and golden moments to realize the goal of developed India by 2047



Feb 01, 2024 11:37 IST
FM on Nari Shakti
Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years 30 crore
MUDRA Yojana loans have been given to women entrepreneurs 
Female enrollment in higher education has gone up by 28% in 10 years
In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world
All these are getting reflected in increasing participation of women in workforce



Feb 01, 2024 11:35 IST
FM: India Middle East Europe Economic Corridor is A Economic Game Changer for India
Nirmala Sitharaman: India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others



Feb 01, 2024 11:34 IST
FM: A new world order is on the horizon
Nirmala Sitharaman: Global affairs are becoming more complex, globalization is being redefined with reshoring, disruption and fragementation of supply chains and competition for critical minerals and technologies.



Feb 01, 2024 11:32 IST
FM: Economy is Doing Well, People Are Doing Well
There is macroeconomic stability, investments are robust, economy is doing well, people are doing well, with greater aspirations for future, average real income has increased by 50%, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects



Feb 01, 2024 11:31 IST
FM: Along With High Growth, Govt is Focused on More Comprehensive GDP
Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP - Governance, Development and Performance. Our government has provided transparent, accountable and people-centric trust-based administration with citizen first and minimum government and maximum governance approach.
 



Feb 01, 2024 11:29 IST
FM: Highest Ever Medals in Asian Games
The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023 Chess prodigy and our No. 1 ranked player Praggnanandhaa put up a stiff fight against world champion Magnus Carlsen in 2023, today, India has over 80 chess grandmasters compared to little over 20 in 2010



Feb 01, 2024 11:28 IST
FM: Startup Funds is Helping Our Youth
Nirmala Siatharaman: PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth



Feb 01, 2024 11:27 IST
FM on Empowering Amrit Peedhi
Niarmala Sitharaman: Empowering Amrit Peedhi, the youth The National Education Policy 2020 is ushering transformational reforms PM Shri is delivering quality teaching Skill India Mission has trained 1.4 crore youth, upskilled and reskillled 54 lakh youth and established 3,000 new ITIs Large no. of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up



Feb 01, 2024 11:26 IST
FM Live Speech: 1,361 Mandis Integrated Providing Services to 1.8 Crore Framers
Electronic national agricultural market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive and higher growth.



Feb 01, 2024 11:25 IST
FM Live Speech: GST has enabled one nation, one market, one tax
Nirmala Sitharaman: GST has enabled one nation, one market, one tax. Average income of people increased by 50%.
Direct Benefit Transfer of Rs. 34 lakh crore using PM Jan Dhan accounts has led to huge savings for the government This has been realized through avoidance of leakages, savings have helped in providing more funds for welfare of the poor.
PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups PM Vishakarma Yojana provides end to end support to artisans and craftspeople Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind.



Feb 01, 2024 11:20 IST
FM Live Speech on Nari Shakti: 34 cr Mudra Yojana loans Given to Women Entrepreneurs
Nirmala Siatharaman:  34 cr Mudra Yojana loans been given to women entrepreneurs
Making triple talaq illegal, reservation for women in LS and State assemblies, houses under Awas yojana to women in rural areas have enhanced their dignity



Feb 01, 2024 11:18 IST
FM Live Speech: Funds for Startups is Helping the Youth
Nirmala Sitharaman: Startup India, Fund of Finds and Startup India Fund is helping the youth.



Feb 01, 2024 11:13 IST
FM Live Speech: Crop Insurance Given to 4 Crore Framers
Crop insurance has been given to 4 crore farmers under the PM Fasal Bima Yojana to help annadata in producing food for the country and the world.



Feb 01, 2024 11:12 IST
FM Live Speech: Garib Kalyan is Desh ka Kalyan
Nirmala Sitharaman: Garib Kalyan is desh ka kalyan. We believe in empowering the poor. The earlier strategy of entitlement did not work. With the pursuit of Sab ka Saath, the government has helped elevate 25 crore people from multi-dimensional poverty.





Feb 01, 2024 11:10 IST
FM Live Speech: Gareeb, Mahilayen, Yuva and Anndaata Highest Priority of Govt
Nirmala Sitharaman: Social justice previously was just a slogan, but for us it is a necessary governance model.Empowerment of Gareeb, Mahilayen, Yuva and Andaata will make India a Vikashit Bharat by 2047.



Feb 01, 2024 11:07 IST
Modi Govt Overcame Challenges with Sabka Saath Sabka Vikaas
Nirmala Sitharaman: Indian economy has witnessed profound transformation in the last 10 years. PM Modi assumed office in 2014 and the country was facing enormous challenges. But with Sabka Saath Sabka Vikaas, govt overcame challenges.
 
 



Feb 01, 2024 11:04 IST
FM Begins Budget Speech in the Parliament
Niarmala Sitharaman begins her Budget Speech in the Parliament



Feb 01, 2024 11:02 IST
Transforming India: Infra Revolution
In the last 3 years (FY22-FY24), the Modi govt has invested a whopping Rs 23 lakh crore in boosting infrastructure! Capital spending to GDP ratio almost doubled from 1.6% in 2018-19 to 3.2% in 2023-24. 📈 Roads, highways, and railways make up 40% of the total capital spending. The government is actively encouraging states to join the infra expansion by offering long-term interest-free capital expenditure loans! 



Feb 01, 2024 10:39 IST
Finance Minister Meets President Before Budget Presentation
Finance Minister Smt. Nirmala Sitharaman, accompanied by Ministers of State Dr. Bhagwat Kishanrao Karad and Shri Pankaj Chaudhary, along with senior officials of the Ministry of Finance, convened with President Droupadi Murmu at Rashtrapati Bhavan ahead of presenting the Union Budget. The meeting, held to discuss key financial matters, saw President Murmu offering her best wishes to the Finance Minister for the upcoming budget presentation. This customary pre-budget interaction underscores the importance of coordination between the executive and the head of state in shaping the country's economic policies.



Feb 01, 2024 10:11 IST
Welfare of Youth, Women, Farmers & Poor Top Priorities
There are four focus areas in this budget. Finance Minister Nirmala Sitharaman had earlier said that the government will emphasize policies prioritising the welfare of youth, women, farmers, and the poor.



Feb 01, 2024 10:03 IST
Inflation Trends: A Comparative Study Between UPA and Modi Govt
In December 2023, retail inflation, as indicated by the Consumer Price Index (CPI), was recorded at 5.7%, staying beneath the RBI's upper limit. Additionally, the core component of inflation reached its lowest level in 48 months, standing at 3.89%.
Under the UPA government, the average Consumer Price Index (CPI) was 8.1% (between 2004-14), whereas during the Modi government's, it stands at a lower rate of 5.66% (2014-23).
Average food inflation during UPA (2009-14) stood at 12.2% while average food inflation during NDA (2014-23) stood at 4.68%. [2.5 times more inflation under UPA]. 



Feb 01, 2024 09:53 IST
The Evolution of 'Bahi Khata' to ‘Made in India’ Tablet
Finance Minister Nirmala Sitharaman carrying the Budget in the paperless format in a tablet kept inside a red cover with National Emblem embossed on it instead of the briefcase or 'Bahi Khata'.



Feb 01, 2024 09:48 IST
India's Trade Deficit Shrinks BY 35.87%
1 India’s overall trade deficit during April- December 2023 improved by 35.87% to USD 69.34 Billion in 2023 from USD 108.13 Billion in 2022. Merchandise trade deficit also improved by 11.45% to USD 188.02 Billion in April-December 2023 from USD 212.34 Billion in April-December 2022.



Feb 01, 2024 09:40 IST
India Ranks 4th in Global Equity Ranking
India’s stock market has overtaken Hong Kong’s to rank as 4th biggest equity market globally for the first time.



Feb 01, 2024 09:37 IST
Record Breaking Credit Flow in First 9 Months of FY 2023-24
Breaking Records: Credit Flow Soars to Rs 22.8 Tn in First 9 Months of FY 2023-24, Surpassing Previous Fiscal at 1.6x! Explore the phenomenal growth across sectors - Agri (1.5x), MSME (1.7x), Infra (6.2x), and Services (1.4x). Rural prosperity shines, debunking any talk of distress.



Feb 01, 2024 09:18 IST
India Soars: Leading Global Growth with a Remarkable 7.7% GDP Surge in H1 2023-24
India’s real GDP clocked a growth of 7.7% in the H1 2023-24 (April-Sept 2023), which is highest amongst the major economies. In Q1 FY24 India’s real GDP grew by 7.8% & in Q2 FY24 GDP grew by 7.6%. In FY2023, it grew year-over-year (YoY) at 7.2%.



Feb 01, 2024 07:36 IST
Highlights of India's Economic Review Before Budget Speech (FY24)
 
1. Strong Economic Growth: FY24 marks the third consecutive year of over 7% economic growth, surpassing the global struggle to achieve 3%.

2. Challenges in Global Trade: Export-led growth faces challenges amid onshoring, friend-shoring, and vulnerabilities in global supply chains due to twin-global shocks.

3. Commitment to Growth and Climate Action: India's unwavering commitment to economic growth generates resources for climate change adaptation, resilience, and emission mitigation.

4. Surge in Public Sector Investment: Over the last decade, public sector capital investment has surged, with a healthy financial sector and strong non-food credit growth driving brisk economic expansion.

5. Inclusive Development: The past decade has seen greater inclusive development, lower unemployment, and moderate inflation, signaling a shift from fragility to stability and strength.

6. COVID Management and Vaccination Success: Government's mature COVID management, stimulus measures, and successful vaccination drive have propelled the economy back to a high-growth path.

7. Structural Reforms: Since 2014, implemented structural reforms have strengthened macroeconomic fundamentals, cleaned up balance sheets, and encouraged banks to resume lending across sectors.

8. GST Impact: Adoption of GST has unified domestic markets, incentivized production on a larger scale, enhanced economic efficiency, and reduced logistics costs.

9. Start-up Ecosystem: Investment incentives and initiatives for easing business compliances have created a nurturing ecosystem for start-ups.

10. People as Drivers of Success: Citizens are not just beneficiaries but also drivers of economic success during the past nine years.

11. All-Inclusive Welfare Approach: The government's all-inclusive welfare approach aims to enlarge the consumption base by expanding the middle class.

12. Agricultural Resilience: Despite global challenges, the agriculture sector has shown remarkable tenacity and resilience.

13. Digital Transformation: Robust Digital Public Infrastructure has reduced e-KYC costs, enabling online, paperless, and cashless digital access to public and private services.

14. E-commerce Growth: Internet connectivity, smartphones, and rising middle-class influence have propelled the e-commerce market, making India the third-largest fintech economy globally.

15. IBC Resolution Success: Firms undergoing the IBC resolution process have significantly improved post-resolution performance.

16. Stock Market Achievements: India became the world’s fourth-largest stock market by market capitalization, overtaking Hong Kong.

17. Welfare Transformation: Over the last decade, the Indian welfare concept has transformed into a long-term-oriented, efficient, and empowering model.

18. Positive Employment Transformation: Positive transformations in employment, formalization, skill development, and entrepreneurship have been achieved.

19. Climate Action: India adopts a comprehensive approach addressing adaptation, resilience building, and mitigation actions for a global response to climate change.

20. Empowered MSMEs: Supportive measures by the government have made MSMEs vibrant and dynamic.

21. Women's Empowerment: Reservations for women in panchayats lead to greater investment in public goods. PM Jan Dhan Yojana increases women's bank account ownership, and there's a tectonic shift towards women-led development.

22. Educational Empowerment: Female LFPR and participation in Skill India Mission and Start-up and Stand-Up India showcase a tectonic shift towards women-led development, reflected in increased female enrollment ratios in senior secondary and higher education.



Jan 31, 2024 19:31 IST
Budget 2024: Investor Perspective and Education-Industry Synergy
As the country eagerly awaits the Union Budget 2024, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, various sectors are abuzz with expectations. With just three days left, entrepreneurs and investors from diverse industries are keenly watching for policy measures that could shape their future endeavors.
Investor Perspective: Clarity and Guidelines
Mr. Anil Joshi, Managing Partner at Unicorn India Ventures, sets the tone for investor expectations. He acknowledges the interim nature of the budget but emphasizes the need for clarity on crucial fronts.
"From the investor's perspective, we expect guidelines for banks to participate in AIF (Alternative Investment Funds). Post the new guidelines from RBI, investment from banks in AIF has become challenging. Additionally, clarity around the angel tax is crucial for startups, as companies and investors continue to face IT notices for investments in unlisted companies through proper banking channels.
EdTech Entrepreneurs: Seeking Tax Exemptions
Saurabh Jain, an EdTech entrepreneur, keeps it succinct, expressing the desire for tax exemptions for both starting and investing in startups within the education technology space.
Education-Industry Synergy: A Call for Budgetary Initiatives
Anup Sasidharan, Managing Director of MBA ESG India, articulates the aspirations of the education sector. He anticipates budgetary initiatives that amplify the synergy between education and industry.
"We hope for an increase in the budget percentage for the education sector as per the recommendations of NEP (National Education Policy). A supportive budget can catalyze efforts in implementing an industry-aligned curriculum and advanced technology enablement, further empowering students for new-collar jobs."