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
 "Nirmala Sitharaman, finance ministerm, Union Budget, Budget 2024")
Union Finance Minister Nirmala Sitharaman
Budget 2024: Setting the tone for the third term of the Narendra Modi government, Union Finance Minister Nirmala Sitharaman announced nine priorities of the central government that Union Budgets over the next five years will address. These are -- productivity and resilience in agriculture, jobs, social justice, urban development, energy security, infrastructure, innovation, and reforms.
“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.
“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.
Amid much anticipation, Sitharaman revised the tax slabs under the new regime. She also raised the standard deduction from Rs 50,000 to Rs 75,000 to benefit the middle-class class. Further, to boost job creation, Sitharaman announced the Employment-linked Incentive scheme. Additionally, to promote self-employment, Sitharaman announced that loan limit under MUDRA loan scheme will be doubled from Rs 10 lakh to Rs 20 lakh. In another major announcements, the finance minister did away custom duties on import of critical minerals. She also slashed custom duty on gold and silver.
Praising the government's fiscal consolidation plan, she said that the fiscal deficit has narrowed to 4.9 per cent while adding that the government is targeting a figure of below 4.5 per cent for FY26. The central government kept its capex spending target (announced in Interim Budget) unchanged at Rs 11.11 trillion. Major infrastructure and tourism development projects were announced for Bihar, Andhra Pradesh, and Odisha -- the three states where BJP and its allies are in power.
She started her Union Budget speech by singing a pean to India's economic development over the last decade under the Narendra Modi government. She cited India's low inflation to highlight robust macro-economic indicators in the face of global uncertainities. The Finance Minister then recalled her Interim Budget announcements for "Gareeb, Mahila, Yuva, and Kisan" (poor, women, youth, and farmers).
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Bihar's Vishnupad, Mahabodhi corridors to be transformed into world-class tourist destinations
Union Finance Minister Nirmala Sitharaman on Tuesday announced that the government will support the comprehensive development of Bihar's Vishnupad temple corridor and Mahabodhi temple to transform these sites into "world-class pilgrim and tourist destinations".
According to official figures, the Budget outlay for the tourism sector stands at Rs 2,479.62 crore for 2024-25, as compared to Rs 1,692.10 crore allocated in the last Budget (revised).
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Budget initiatives will increase disposable income, boost spending: Retail industry
Budget proposals such as duty cuts, higher exemption limits in personal income tax and increased standard deductions will leave more money in the hands of people, leading to increased spending, said retail industry players.
This will stimulate consumption growth, thereby boosting the overall economy, they added.
IKEA India Country CFO Murali Iyer said the budget demonstrated commitment to supporting MSMEs and women via access to finance, infrastructure and skilling support.
"Innovative schemes, such as internship opportunities for youth and the development of Digital Public Infrastructure reflect the government's forward-thinking approach. Significant investments in infrastructure and tax relief measures, such as an increased standard deduction for salaried employees, will increase disposable income for consumers, providing a boost to retail," he said.
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Inclusive budget for Amrit Kaal: HD Kumaraswamy
Union Minister for Steel and Heavy Industries, HD Kumaraswamy, congratulated Finance Minister Nirmala Sitharaman on Tuesday for presenting the budget for the seventh consecutive time.
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Budget focuses on PM Modi's vision of 2047: Rajasthan Minister KK Vishnoi
Rajasthan Minister KK Vishnoi lauded the Union Budget 2024 and said that it should not be looked at as the budget of 2024-25 only, but as one that focuses on the Prime Minister Narendra Modi's vision of 2047.
Vishnoi said, "This budget focuses on PM Modi's vision of 2047. It focuses on the welfare of women, farmers, youth, and the poor. The nation has taken its steps towards the 3rd position from the 5th position (in the world). The budget has been prepared to benefit every section of the society whether it is service class society, tourism, solar energy."
He further said that Union Finance Minister Nirmala Sitharaman has prepared the budget to benefit every state of the country.
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"Budget for strengthening NDA coalition": Kerala Finance Minister slams Centre over Union Budget
Kerala Finance Minister KN Balagopal hit out at the Centre over the Union Budget and said that Finance Minister Nirmala Sitharaman made no announcement of any special package for the southern state.
Addressing a press conference in Thiruvananthapuram, KN Balagopal said, "The first budget of the Modi government (3.0) is totally disappointing for the state. It is not only for the state but for the entire country. We expected that some kind of new measures will be there for more employment. For more economic activity and development."
"For farmers, for youth, and for different sectors. We expected that something more would be there. The economy will boost after the elections...that is what we expected," he said.
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Nirmala Sitharaman says Modi government provides funds to all states
Finance Minister Nirmala Sitharaman dismissed the Opposition's criticism that the budget has accorded special treatment to states run by supporting parties, saying that those whose alliance got less than 230 seats have no right to question it as the Centre has provided funds to all states. On the issue of Rs 60,000 crore projects announced for Bihar and pledge to get multilateral assistance for the state and Andhra Pradesh, she said, Rs 1.5 lakh crore assistance has been promised for all states in the budget.
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FM lists 9 developmental priorities in 83-minute Budget speech
In her 83-minute Budget speech, Finance Minister Nirmala Sitharaman on Tuesday highlighted the nine priorities for creating ample opportunities, spanning from employment to energy security to next-generation reforms.
Draped in an off-white coloured Mysore silk saree with a purple-golden border, Sitharaman opened her tablet PC that was wrapped in a red-coloured 'bahi-khata' style pouch and started the speech with "Hon'ble Speaker, I present the Budget for 2024-25".
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Today's Budget reflects PM Modi's vision: Union Minister Gajendra Singh Shekhawat
"Today's Budget reflects PM Modi's vision to make India a developed, prosperous, and powerful nation. PM Modi guarantees that our country, which has risen from being one of the fragile five economies to being among the top 5 economies, and soon to be top three economies, is dedicated to this Budget," says Union Minister Gajendra Singh Shekhawat
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The Budget has shown strong intent on moving along the fiscal prudence path: Debadatta Chand, Bank of Baroda
“The Budget has shown strong intent on moving along the fiscal prudence path and targeted the fiscal deficit at 4.9% for the year. The said action will keep the growth steady as well as robust not only for the economy but also for banking,” says Debadatta Chand, MD & CEO, Bank of Baroda.
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Budget is built on a commitment to clear and stable policies: Rajiv Memani
“The Budget is built on a commitment to clear and stable policies and conservatism in estimates. Its impetus on creating jobs, skilling at scale, and making taxpayers’ lives easier will have a far-reaching impact in the medium to long term,” says Rajiv Memani, chairman, India Region & Emerging Markets Committee, EY.
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Fiscal consolidation great signal to foreign, local investors, crowding in pvt savings: Sanjay Nayar, Assocham
“Fiscal consolidation is a great signal to foreign and local investors, crowding in private savings. This Budget shows a sustainable way of enhancing economic activities to realise the goal of reaching the status of a developed nation,” says Sanjay Nayar, president, Assocham.
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Addressing gaps in cancer care requires collaboration: Prathap C Reddy, Founder & Chairman, Apollo Hospitals
“Addressing gaps in cancer care requires collaboration between communities, health care providers, and policymakers. Public insurance programmes like AB-PMJAY have made progress, but further public-private collaboration is crucial for affordability and accessibility,” says Prathap C Reddy, Founder & Chairman, Apollo Hospitals.
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This is a visionary Budget: Hisashi takeuchi, MD & CEO, Maruti Suzuki India
"This is a visionary Budget that silently strengthens the long term with a substantial capex increase and simultaneously supports current priorities of job creation, MSMEs, skilling, and women empowerment while still keeping better than expected fiscal discipline," says Hisashi takeuchi, MD & CEO, Maruti Suzuki India.
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Budget will lend strong support to industries: Kalyan Krishnamurthy, CEO, Flipkart Group
“The provisions of the Budget will remove bottlenecks in the supply chain and lend strong support to industries by encouraging clusters, establishing e-commerce export hubs, and improving credit flow to MSMEs,” says Kalyan Krishnamurthy, CEO, Flipkart Group.
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Internships at large companies with govt, CSR-backed stipends right approach: Kiran Mazumdar-Shaw
“Internships at large companies with government and CSR-backed stipends are the right approach to employability and jobs for the future,” says Kiran Mazumdar-Shaw, Executive Chairperson, Biocon & Biocon Biologics.
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First Published: Jul 23 2024 | 6:52 AM IST
