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

8:20 PM

Union budget is statement of visionary path, developed India: Tanavade

Bharatiya Janata Party's Goa unit chief Sadanand Shet Tanavade on Thursday said the union budget is a statement of "visionary path and developed India."

 

In a statement here, Tanavade said the interim budget presented by Finance Minister Nirmala Sitharaman will facilitate inclusive and sustainable development, improve productivity and create opportunities for all. The budget is directed towards Viksit Bharat, he said, adding, "the nation is thankful to Prime Minister Narendra Modi ji.....under his visionary leadership this interim budget will benefit every citizen of the country.

8:16 PM

Sports Ministry gets Rs 45 crore boost in Union Budget; IOA chief Usha welcomes it

The Sports Ministry was on Thursday allocated Rs 3,442.32 crore, a hike of Rs 45.36 crore as compared to last year, in the interim Union Budget presented by Finance Minister Nirmala Sitharaman.

 

In the previous budget, the Sports Ministry had got a revised allocation of Rs 3,396.96 crore.

 

The Olympic Games in Paris, to be held from July 26 to August 11, will be the country's main focus during the 2024-25 financial year.

 

The ministry's flagship programme, Khelo India, was allotted Rs 900 crore, an increase of Rs 20 crore from the previous budget.

 

The Sports Authority of India (SAI), which organises national camps, provides infrastructure and equipment to athletes, appoints coaches among others, saw Rs 26.83 crore increase in its budgetary allocation from the previous year's revised expenditure of Rs 795.77 crore.

8:16 PM

'India can see $7 Trillion economy even before 2030,' says CII DG Chandrajit Banerjee

In a bold move aimed at propelling India into the league of global economic powerhouses, Director General of the Confederation of Indian Industry, Chandrajit Banerjee on Thursday said that a $7 Trillion economy is achievable even before 2030.

 

Reacting to the interim budget for 2024-2025, presented by Union Finance Minister Nirmala Sitharaman, Banerjee said over the last three years, India has seen the budget enabling a strong growth rate in the coming year and much beyond.

 

"One has seen a very strong growth rate of India. Over the last three years, we see the budget enabling a strong growth rate in the coming year and much beyond. We will see a full budget soon. I would see a 7 trillion-dollar economy even before 2030. With this type of focus, we are seeing in India on different sections and the growth itself is a high qualitative growth with the inclusion of a lot of people", he said.

8:15 PM

Interim budget to support growth, enhance investors'' sentiment: Industry captains

Several industry captains on Thursday lauded the interim budget, stating that it will support the country's economic growth and enhance investors' sentiments.

 

ITC Ltd Chairman and MD Sanjiv Puri said the budget demonstrates India's confidence as an economy of substance and immense promises.

 

"The budget builds on the extraordinary vision of the prime minister to spearhead an era of 'Amrit Kaal' and positions India on the global stage as a shining example of socio-economic transformation," he said.

 

The sharp focus on the welfare of farmers, setting up aqua parks, support to dairy farmers and other announcements will trigger a virtuous cycle of productivity, income generation and consumption, Puri said.

8:13 PM

Kerala CM says union budget ignores state's needs

Chief Minister Pinarayi Vijayan on Thursday criticised the interim budget presented by Union Finance Minister Nirmala Sitharaman, alleging that it neglected Kerala's interests and ignored the various development demands of the state.

 

In a statement, Vijayan highlighted the absence of new announcements for institutions like AIIMS, new trains, rail surveys, and lack of decisions on projects like the Angamaly-Sabarimala Sabari rail and track doubling.

 

None of Kerala's reasonable needs have been addressed in the budget, he said.

 

"The central budget has been formulated in a way that neglects Kerala's needs and interests. Demands such as protection of domestic rubber cultivation through increased import duties were disregarded, as were Kerala's agriculture sectors like paddy, coconut, and spices," the CM said.

 

Referring to the budget's vision of India becoming a developed nation by 2047, he said that it failed to prioritise empowering the states, and remarked that the budget's fiscal approaches were exacerbating regional imbalances, undermining state interests, fueling inflation, and burdening the people.

7:38 PM

This budget will elevate India's logistics and infrastructure landscape: Rajiv Agarwal, MD & CEO, Essar Ports

"The Interim Budget 2024-25 is clearly prepared with a vision towards making our country Viksit Bharat by 2047. With a substantial increase in infrastructure outlay the budget has rightly given a thrust to multi-modal connectivity by implementing three major economic railway corridor under the PM Gati Shakti programme. These initiatives will go a long way in improving logistics efficiency and reducing cost. This will surely elevate India's logistics and infrastructure landscape,” said Rajiv Agarwal, MD & CEO, Essar Ports.

7:29 PM

Budget 2024: Rs 928 cr allocated to CBI, down by Rs 40.4 cr from last yr

The Centre has allocated Rs 928.46 crore to the CBI in the Union Budget 2024-25 announced by Finance Minister Nirmala Sitharaman on Thursday, which is Rs 40.4 crore less when compared with FY 2024.

7:27 PM

Interim Budget focuses on boosting holistic economic growth: Abhimanyu Munjal, Jt. MD & CEO, Hero FinCorp

“The interim budget focuses on boosting holistic economic growth. Allocating Rs. 1 lakh crore for interest-free loans emphasize the government's commitment to strengthening innovation and research. Additionally, highlighting the role of digital public infrastructure shows a push towards formalizing the economy. These measures support the organized financial services sector, enhancing lending, investments, and savings efficiency,” said Abhimanyu Munjal, Jt. MD & CEO, Hero FinCorp.

7:21 PM

Budget takes care of all sections of society, says Gujarat CM

Gujarat Chief Minister Bhupendra Patel on Thursday said the union budget caters to the needs of every section of society.

 

The opposition Congress, on the other hand, said the budget was useless as it did not give any relief to the people from high taxes.

 

"The union interim budget presented by Finance Minister Nirmala Sitharaman under the leadership of Prime Minister Narendra Modi will address the aspirations of crores of people in the country. It has all elements for taking care of every section of society," CM Patel said in a post on X.

 

"The budget will give direction and energy to achieve the prime minister's goal of Viksit Bharat by 2047," he said. Welcoming the target of constructing two crore new houses under the rural housing scheme, Patel said states like Gujarat will also benefit from the new scheme aiming to cover one crore homes with solar rooftop power generation sets.

 

"The decision to include Asha and anganwadi workers under Ayushman Bharat scheme will bring happiness to them," he said.

7:21 PM

Budget takes commendable steps to address several issues in healthcare sector: Industry players

The interim Budget 2024-25 has proposed 'commendable steps' to address various issues in the healthcare sector, including shortage of professionals and strengthening of medical education, industry players said on Thursday.

 

The government's initiative to launch a cervical cancer vaccination drive for girls aged 9-14 and consolidate maternal and child healthcare schemes under one programme demonstrates a proactive approach to preventive healthcare, they said.

 

Yet, they said the healthcare sector's long-standing demands, such as GST rationalisation and increased investments, need to be addressed.

 

"The 2024 (interim) Budget takes a forward-looking approach to healthcare. Establishing a committee to expand medical colleges within existing hospital infrastructure addresses the shortage of healthcare professionals and strengthens medical education," Fortis Healthcare MD and CEO Ashutosh Raghuvanshi said.

7:21 PM

Budget: Hospitality cos cheer focus on island tourism even as some 'disappointed' with no infra tag

Hospitality industry cheered Finance Minister Nirmala Sitharaman's focus on promoting island tourism in the interim budget, saying it reflects a strategic vision for the long-term growth of the travel and tourism sector, even as some players expressed disappointment over the sector not getting infrastructure status.

 

"Overall, a good nation-first budget. However, the hospitality industry is disappointed that infra status for the industry did not come through. A missed opportunity for an industry that can significantly grow contribution to the GDP and employment as well as the much needed foreign exchange for the country," said Sanjay Sethi, CEO and Managing Director, Chalet Hotels Limited.

 

"We are optimistic about additional futuristic support from the government in granting infrastructure status to hospitality and tourism, which will help us achieve a long-awaited status. We foresee that this will have a multiplier impact and drive significant investment from the private sector," said K B Kachru, Chairman Emeritus & Principal Advisor, Radisson Hotel Group, South Asia.

 

Rajesh Magow, Co-founder & Group CEO, MakeMyTrip, said the commitment to bolster domestic tourism through initiatives spanning rail and air travel, coupled with the ongoing emphasis on tourism-led destinations, particularly in the realm of island tourism and spiritual tourism, reflects a strategic vision for the long-term growth of the travel and tourism sector.

 

Pradeep Shetty, President, The Federation of Hotel & Restaurant Associations of India, said the enhanced focus of the government for promotion of MICE, religious tourism, iconic tourism centres and domestic tourism will lay the foundation of tourism development in the Amrit Kaal and equip the sector to achieve the ambitious target of welcoming 100 million tourists by 2047.

7:16 PM

Interim budget mentions intention to promote EV as public transportation: Chakravarthi C, MD, Quantum Energy

"The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right now is to strengthen the EV ecosystem holistically for which budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars," said Chakravarthi C, MD, Quantum Energy.

7:14 PM

Govt allocates Rs 600 crore as grant to Maldives for FY25

Amid an ongoing diplomatic row with the Maldives, the Narendra Modi government on Thursday announced a grant of Rs 600 crore to the island nation in the Interim Budget for FY25. This was 28.33 per cent lower than the revised estimates for FY24, but 50 per cent higher than the Rs 400 crore allocated in the BE for FY24. Finance Minister Nirmala Sitharaman announced this while presenting the Interim Budget in Parliament earlier in the day.

7:02 PM

Interim Budget: UGC faces 60% cut, budget for school education increased

The University Grants Commission (UGC) has faced a budget cut this year with the Centre reducing its grant by over 60 per cent while the allocation for Indian Institutes of Management (IIMs) has been slashed for the second consecutive year. The budget for school education has been increased by over Rs 500 crore but the grant for higher education has been reduced by over Rs 9600 crore from the previous fiscal year's Revised Estimate (RE).

7:02 PM

Govt to keep spending on border roads after 30% overrun

Government will maintain increased funding to build roads near its China border after spending 30% more on them this fiscal year than planned, it said on Thursday, citing tension between the two nuclear-armed neighbours. The countries have been in a military standoff since July 2020 when at least 24 Indian and Chinese troops were killed in the worst clashes between the two sides in five decades.