Key highlights of Budget 2024: Major focus on jobs, infra, new tax regime, incentives for allies

Nine priorities expedite journey towards goal of 'Viksit Bharat', said finance minister

9:28 PM

Budget 2024 sets a promising tone for a Viksit Bharat: Falguni Nayar, founder & CEO, Nykaa

“The Budget presents a robust intellectual framework, focusing on employment, skilling, MSMEs, and the middle class. It sets a promising tone for a Viksit Bharat, emphasising resilience and inclusivity for India’s economic future,” says Falguni Nayar, founder & CEO, Nykaa.

9:14 PM

Union budget ignores Jharkhand completely: Congress

The Jharkhand unit of the Congress on Tuesday criticised the Union budget, alleging that it has completely ignored the state and its people.Union Finance Minister Nirmala Sitharaman on Tuesday presented the budget for the 2024-25 fiscal in Parliament.
 

"The Union budget has nothing for Jharkhand. Under political pressure, Bihar and Andhra Pradesh have been given many things but the tribal-dominated state has been completely ignored," Jharkhand Congress president Rajesh Thakur told PTI.

9:12 PM

Budget proposal to make housing more accessible spur real estate demand, say developers

Reacting to budget proposals, CREDAI National President Boman Irani said these announcements reiterate the government's focus on "Housing for All".
 

NAREDCO President G Hari Babu said, "The budget has presented ambitious housing plans." This investment is likely to benefit developers, construction companies and allied industries, he added.
 

Hari Babu also appreciated the focus on urban development, the promotion of rental housing and creation of modern infrastructure.

8:50 PM

Budget fails to address problems of unemployment, rising prices, farmer distress: Jayati Ghosh

Finance Minister Nirmala Sitharaman's budget proposals are devoid of strategy to deal with problems of unemployment, price rise and farmer's distress, said eminent economist Jayati Ghosh.
 

The tiny sops given to the middle class, she said, are not enough to generate the kind of shift India needs to boost domestic demand.
 

"The problems of unemployment, inflation, farmer distress, viability of small and medium enterprises, and climate change -- the central problems of the Indian economy -- have not been addressed. The budget does not address any problems. While the government has been forced to recognise that these are problems, it is unwilling to do the kind of change and strategy necessary to actually address the problems," said Ghosh in an interview with PTI.

8:41 PM

"Budget is more for appeasing two friends": Mallikarjun Kharge takes JDU-TDP jibe at Centre

Terming the seventh Budget present by Finance Minister Sitharaman as "disappointing Budget" Congress President Mallikarjun Kharge said that the budget is meant only to save the government's chair.

 

In a veiled attack at BJP-led NDA government, Mallikarjun Kharge said, "They made the budget to appease just one or two people (JDU and TDP) so that they can save their government.

 

Kharge said that the Budget 2024-25 has special allocations for Bihar and Andhra Pradesh and not for other regions of the country.

8:37 PM

Ranen Banerjee, partner at PwC India, said fiscal prudence is the highlight of the Budget.

8:36 PM

Budget 2024 largely focused on private demand revival: Dinesh Khara, chairman, SBI

“The Union Budget 2024-25 while pursuing fiscal consolidation is largely focused on private demand revival with a slew of fiscal measure targeting the middle class, MSMEs and employment generation. The thrust to agriculture productivity, infrastructure, climate transition and rationalization of capital gains taxation regime are the deeper facets of the transformation that Budget seeks to achieve. From banking perspective budget is pro-growth and offers scope for balance sheet expansion. In all, Budget remains well grounded in domestic and international realties and has chalked the best strategy for future,” says Dinesh Khara, chairman, SBI, on the National Budget 2024.

8:35 PM

Ficci and the industry welcome the Budget 2024: Anish Shah, president, Ficci, & MD & CEO, Mahindra & Mahindra

“Ficci and the industry welcome the Budget 2024. It is in line with Ficci’s priority outlined for the industry: #MakeInIndia, women-led development, farm prosperity, and sustainability,” says Anish Shah, president, Ficci, & MD & CEO, Mahindra & Mahindra.

8:26 PM

Union Budget 2024: Govt announces 12 industrial parks around 100 cities

Finance Minister Nirmala Sitharaman said these parks will be developed using town planning schemes in a better way.
 

"Our government will facilitate development of investment-ready 'plug and play' industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector," she said.

8:24 PM

Budget has unravelled a comprehensive roadmap for sustainable growth: Sanjiv Puri, president, CII, & CMD, ITC

“The maiden Budget of the new government has unravelled a comprehensive road map for sustainable and equitable growth while retaining the focus on the creation of jobs,” says Sanjiv Puri, president, CII, & CMD, ITC.

8:22 PM

Budget 2024 main focus on job creation: BJP's Sukanta Majumdar

Union Minister of State and BJP leader Sukanta Majumdar on Tuesday said that the Budget 2024-25 is a comprehensive budget with a primary focus on creating jobs and aims to benefit all sections of society.

 

"First of all, this Budget is a holistic budget. The main emphasis is on job creation. A provision of Rs 1.48 Lakh Crores has been made that will be used for job creation, education and skilling...This has simplified things for middle class, rebate has given in taxation too. Government has brought a budget that is going ahead on holistic approach. An effort has been made to touch every section of society," Majumdar told ANI.

 

Meanwhile, West Bengal CM Mamata Banerjee has slammed the Union Budget 2024-25 calling it politically motivated, directionless and anti-people.

8:14 PM

Proposed deductions show focus on driving consumption: Saugata Gupta, MD & CEO, Marico

“The proposed deductions for salaried individuals and pensioners show the government’s clear focus on stimulating disposable incomes of the middle class, thereby driving consumption,” Saugata Gupta, MD & CEO, Marico.

8:08 PM

Budget allocation for defence on expected lines: Baba Kalyani, CMD, Bharat Forge

“While the Budget allocation for defence is on expected lines, the creation of Critical Minerals Mission and articulation of India’s strategy on small modular nuclear reactors will go a long way in bolstering the Atmanirbhar Bharat agenda”, says Baba Kalyani, CMD, Bharat Forge.

8:02 PM

Delighted to see the announcement related to the Critical Minerals Mission: Anil Agarwal, Chairman, Vedanta

“I am delighted to see the announcement related to the Critical Minerals Mission. India must explore, mine, and process these metals of the future domestically”

Anil Agarwal, Chairman, Vedanta

7:54 PM

Exciting to see the Union Budget 2024-25 prioritising DPI, critical minerals, and job creation: Ola founder

“Exciting to see the Union Budget 2024-25 prioritising DPI, critical minerals, and job creation. The focus on developing DPI applications in agriculture and other areas lays the data foundation for making India the AI hub of the world. The Critical Mineral Mission will be a game changer of India’s energy transition journey. Great to see emphasis on women's employment too. This budget sets a strong foundation for India's tech-driven future,” said Bhavish Aggarwal, founder of mobility firm Ola, on X.