Interim Budget 2024 highlights: Capex from govt will continue, says FM

Union Budget 2024 LIVE updates: FM Sitharaman in her Interim Budget speech stated the Centre is working towards making India 'viksit' by 2047. Catch the latest updates here

10:05 PM

2024 interim Budget signals India's resilient economic focus despite global uncertainties: SICCI

The interim Budget announced by Finance Minister Nirmala Sitaraman on Thursday is an indication that the Indian government is striving for consistent economic growth despite geopolitical uncertainties, the Singapore Indian Chamber of Commerce and Industry (SICCI) said.

 

The announcements in the interim Budget will continue to support the initiatives launched for Indian citizens and further boost bilateral economic ties on a government-to-government basis, SICCI Chairman Neil Parekh noted.

 

The budget lists several initiatives to deepen economic cooperation and explore joint opportunities with the finance minister detailing various business opportunities between Singaporean and Indian companies.

 

A recent one is the Indian government's decision to expand the electric vehicle ecosystem, an area in which Singapore is keen to work closely with regional governments and share expertise, Parekh said.

 

In the tourism sector, the Indian government has announced interest-free loans for states to promote tourism, he observed.

 

These initiatives were actively discussed between SICCI and several Indian state delegations during the two recent Global Investment Summits held at Chennai and Ahmedabad in January 2024.

 

A significant push has also been announced to train almost 1.4 crore Indian youths to make them job-ready under the Skills India mission, the SICCI chief noted.

10:04 PM

It is an India first budget: Ajay Singh, CMD SpiceJet and President, Assocham

"It is an India first budget. A confident budget of a confident government that focuses on the objective of ensuring that India becomes a 5 trillion-dollar economy by 2025 and a developed nation by 2047. I commend the FM for her unwavering commitment to sabka saath, sabka vikas, sabka vishwas. I commend especially the increase in infrastructure spending that will have a multiplier effect on our economy. I commend the evident railway corridors, and the one lakh crore fund for research and development and the startup sector. The emphasis on clean energy, technology and digital infrastructure will make India a world leader. This is India’s moment and this budget is part of a continuous process of making policy that will provide massive opportunities for India and Indians," said Ajay Singh, CMD SpiceJet and President, Assocham.

9:59 PM

Budget positive for debt mkt: Experts

Finance Minister Nirmala Sitharaman aims to reduce fiscal deficit to 5.1 per cent of gross domestic product (GDP) for FY25 is distinctly positive for the debt market, mutual fund houses said on Thursday.

 

Continuing on the fiscally prudent path, Sitharaman in the interim Budget refrained from announcing populist measures, which will help it trim the fiscal deficit to 5.1 per cent of the GDP next fiscal and 4.5 per cent in FY26.

 

The interim Budget is only a vote-on-account, a procedural necessity pending elections. She said that the fiscal deficit for 2024-25 is estimated at 5.1 per cent of GDP against 5.8 per cent in the current financial year.

 

Terming the interim Budget judicious, Vetri Subramaniam, Chief Investment Officer, UTI AMC said that the degree of fiscal consolidation with a target of 5.1 per cent in FY25 is more than anticipated and is positive for softening of bond yields.

9:45 PM

A very pragmatic & growth-oriented interim budget: Dhawal Dalal, President & CIO- Fixed Income, Edelweiss MF

"A very pragmatic & growth-oriented interim budget with continued focus on conservative revenue estimation and fiscal consolidation. The FM believes in under-promise and over-delivering on fiscal front. Lower borrowing in FY25 is expected to decline bond yields. This will be positive for the economy and will support in reaching our goal of $5T economy by end of 2027, in our view.," said Dhawal Dalal, President & Chief Investment Officer- Fixed Income, Edelweiss MF.

9:40 PM

The Budget reflects a bold stride towards holistic transformation: Vivek Lohia, MD, Jupiter Wagons Limited

Vivek Lohia, MD, Jupiter Wagons Limited said, "This year’s Union unveiled a transformative vision for the rail sector, emphasizing strategic initiatives such as the Port Connectivity Corridor, Energy, Mineral, and Cement Corridor, and the High Traffic Density Corridor. These corridors signify a pivotal step towards enhancing connectivity, driving economic growth, and ensuring passenger safety. With a focus on outcomes over outlays, the government underscores its commitment to timely delivery and cost-effective logistics solutions. Also, these are core infrastructures. every penny invested in core infrastructure has a rebound effect on the economy. The announcement reflects a bold stride towards holistic transformation and underscores the government's dedication to modernising India's railway infrastructure."

 

On the 40,000 bogies, he said, "The announcement in the Union Budget 2024 regarding the upgrade of 40,000 regular rail bogies to Vande Bharat standards marks a significant milestone in India's railway modernization journey. This initiative reflects a dedicated effort to elevate passenger safety, comfort, and operational efficiency to global standards. As the nation progresses towards modernizing its railway infrastructure, this move underscores a commitment to excellence and sets a benchmark for future development. It is a testament to the ongoing efforts to enhance the quality and reliability of our railway services, ultimately benefiting millions of passengers across the country."

 

9:29 PM

JCCI says nothing new in budget for business community

Industry leaders here welcomed the Union Budget for giving full focus to all major sectors including defence, health and agriculture, but rued that no relief has been announced for the business community.

 

The Jammu Chamber of Commerce and Industry hailed the continuity of tax benefits for start-ups, tax exemptions for units, rooftop solarisation for households, and the announcement of two crore additional houses in the next five years under Pradhan Mantri Awas Yojana.

 

However, the chamber rued that no new proposal has been announced for local industry.

 

"There is nothing new for the business community as no relief has been announced for them in the budget", the President of Chamber of Commerce & Industry, Arun Gupta said in response to the union budget presented on Thursday.

9:04 PM

Interim budget builds on economic momentum: Sudarshan Venu

The interim budget presented by Union Finance Minister Nirmala Sitharaman on Thursday is one that builds on the economic momentum and growth of the last few years, TVS Motor Company MD Sudarshan Venu said.

 

It was also very clear that the government was committed to developing infrastructure at an unprecedented pace through measures such as the economic railway corridors, he said.

 

"It is also promoting greener mobility through the push on the entire EV (Electric Vehicle) ecosystem from charging stations to manufacturing in India in line with AtmaNirbhar Bharat. This will give our industry a greater fillip. Overall, it is a budget that builds on the economic momentum and the growth of the last few years," Venu added.

9:03 PM

Union Cabinet extends animal husbandry infra fund till 2025-26

The Union Cabinet on Thursday extended the Animal Husbandry Infrastructure Development Fund (AHIDF) till 2025-26.

 

In June 2020, the government had approved setting up of AHIDF worth Rs 15,000 crore.

 

According to an official statement on Thursday, the Cabinet approved the "continuation of Animal Husbandry Infrastructure Development Fund (AHIDF) to be implemented under Infrastructure Development Fund (IDF) with an outlay of Rs 29,610.25 crore for another three years up to 2025-26."

 

The scheme will incentivize investments for dairy processing and product diversification, meat processing and product diversification, animal feed plant, breed multiplication farm, animal waste to wealth management (Agri-waste management) and veterinary vaccine and drug production facilities.

 

"Government of India will provide 3 per cent interest subvention for 8 years including two years of moratorium for loan up to 90 per cent from the scheduled bank and National Cooperative Development Corporation (NCDC), NABARD and NDDB," the statement said.

9:02 PM

Interim budget allocates Rs 789 crore for Mumbai Urban Transport Projects

The interim Union budget presented on Thursday provides Rs 789 crore for the Mumbai Urban Transport Projects (MUTP) undertaken for the expansion of the suburban railway network in the country's financial capital.

 

Finance minister Nirmala Sitharaman allocated Rs 100 crore for MUTP (second phase), Rs 300 crore for MUTP-III and Rs 389 crore for MUTP-IIIA, said a senior Mumbai Railway Vikas Corporation (MRVC) official.

 

"The budget allocation will further give impetus to MUTP works," said Subhash Chand Gupta, chairman and managing director of MRVC.

 

All contracts for 17 station improvement works under the MUTP have been awarded, and Panvel-Karjat new suburban corridor project and Virar-Dahanu quadrupling work were proceeding on schedule, he added. "We have also started groundwork of the Kalyan-Badlapur quadrupling project and Borivali Virar fifth and sixth lines," Gupta said. In the Union budget for FY 23-24, a total of Rs 1100 crore were allocated for MUTP. Nearly 75 lakh commuters travel by suburban locals in Mumbai every day.

9:01 PM

Interim Budget 2024-25: Allocation for Minority Affairs Ministry increases by Rs 574 crore

The budgetary allocation for the Ministry of Minority Affairs has increased by Rs 574.27 crore to Rs 3,183.24 crore for 2024-25 as against the revised estimate of Rs 2,608.93 crore in 2023-24.

 

The budget allocation for the ministry was Rs 3,097.60 in 2023-24. However, the revised estimate was Rs 2,608.93, according to official documents.

 

Union Finance Minister Nirmala Sitharaman presented the interim Budget 2024-25 in the Lok Sabha on Thursday. This was her sixth straight Budget.

 

The budget estimate for the Ministry of Minority Affairs this year is Rs 3,183.24.

 

Of the proposed allocation for the ministry, Rs 1,575.72 crore is for education empowerment.

 

The allocation for Pre-Matric Scholarship for Minorities is Rs 326.16 crore and for Post-Matric Scholarship for Minorities is Rs 1,145.38 crore.

8:38 PM

Balram Singh Yadav, Managing Director, Godrej Agrovet Limited hails the interim Budget 2024-25

“The interim Budget 2024-25 reiterates government's commitment to strengthening the ‘Annadata’ and backbone of our nation – our farmers. From direct financial assistance through PM-KISAN SAMMAN Yojana to expanding farmer-centric policies and promoting innovations, the budget paves the way for inclusive, sustainable growth in the agricultural sector. Initiatives such as e-NAM and PMMSY are empowering farmers with better market access and infrastructure, while the focus on enhancing adoption of Nano-DAP clearly showcase government’s intent to handhold farmers amidst the continuously evolving weather conditions. The proposals to improve milk yields and aquaculture productivity in addition to achieving 'Atmanirbharta' for oilseeds, demonstrates the government's commitment to food security and livelihood of generation across diverse agricultural fields. Overall, today’s Interim Budget 2024-25 offers a promising roadmap for empowering our farmers, ensuring food security, and propelling the agricultural sector towards a brighter future,” said Balram Singh Yadav, Managing Director, Godrej Agrovet Limited. 

8:37 PM

Interim budget builds on economic momentum: Sudarshan Venu

The interim budget presented by Union Finance Minister Nirmala Sitharaman on Thursday is one that builds on the economic momentum and growth of the last few years, TVS Motor Company MD Sudarshan Venu said.

 

It was also very clear that the government was committed to developing infrastructure at an unprecedented pace through measures such as the economic railway corridors, he said.

 

"It is also promoting greener mobility through the push on the entire EV (Electric Vehicle) ecosystem from charging stations to manufacturing in India in line with AtmaNirbhar Bharat. This will give our industry a greater fillip. Overall, it is a budget that builds on the economic momentum and the growth of the last few years," Venu added.

8:35 PM

Union Budget to boost overall socio-economic development of the country, says Atul Sobti, DG, SCOPE

While appreciating the Interim Budget, Shri Atul Sobti, DG, SCOPE said, "Though the announcements are macro in nature, they are likely to boost the overall socio-economic development of the country as it gives requisite impetus to economic prosperity by empowering youth, women and the marginalized; social development by focussing growth and development of rural India and focusing on environmental sustainability so as to contribute towards a greener planet. The inclusivity aspect combined with focus on infrastructure development and synergy amongst sectors would pave the way for a sustainable inclusive development."

 

8:23 PM

Interim Budget lays a foundation for building inclusive India: Nadir Godrej

“The Interim Budget 2024 lays a strong foundation for building a prosperous and inclusive India, in line with the vision of 'Viksit Bharat’. We echo the sentiment of empowerment for every section of society, particularly the 'Garib', 'Mahilayen', 'Yuva', and 'Annadata'. Their progress is intertwined with the nation's advancement, and it's heartening to see the Government prioritize their needs and aspirations. The foresight outlined for the 'Amrit Kaal', anchored in 'Reform, Perform, and Transform', sets a promising trajectory for inclusive and sustainable growth. The emphasis on next-generation reforms, underscores a collective endeavor towards a prosperous future. We particularly welcome the emphasis on clean energy initiatives like bio-manufacturing and compressed biogas blending. These measures will not only address climate concerns but also create exciting new opportunities in the green sector. Overall, Budget 2024 strikes a positive balance between continuity and progress, laying down a roadmap towards development, fostering innovation, and nurturing a sustainable future for our nation by 2047,” said Godrej Industries Ltd.'s Chairman and MD- Nadir Godrej.

8:20 PM

FM has been able to bring out confident India story through Budget: Union Minister Piyush Goyal

Union Minister Piyush Goyal on Thursday hailed the Union Budget-2024 presented this morning by Finance Minister Nirmala Sitharaman, saying that she has been able to bring out a confident India story.

 

Speaking to ANI exclusively, the Union Minister dubbed the Budget an 'inclusive' one and said that every section of society has received due attention in it.

 

"It is remarkable that Finance Minister Sitharamanji, in her interim budget, has been able to bring out a confident India story. A story of resilience despite severe geopolitical tensions. A story of growth and forward movement that will make India a developed nation by 2047. A story that talks about every section of society. Be it our youth, farmers, poor, or women. Every section has received due attention. It's very progressive, very forward-looking and lays the foundation of a prosperous India..." he said.

 

Goyal further said that his government has used the last ten years to empower every individual in the country with all the basic needs of life.