Finance Minister Nirmala Sitharaman said in her Interim Budget 2024 speech that the government will not pursue taxpayers to recover old and disputed direct taxes up to ₹ 25,000 till the financial year 2009-10. Direct taxes demand up to ₹ 10,000 from the financial years 2010-11 to 2014-15 will also be withdrawn, she said.

Direct Tax Demand Below Rs 25,000 to be Withdrawn

In a big push to housing, Finance Minister announced that the government will launch a housing scheme for the middle class. The Finance Minister also announced that 2 crore more houses will be built under the Pradhan Mantri Awas Yojana – Gramin.

Housing Scheme For Middle Class to be Launched

FM Nirmala Sitharaman announced that fiscal deficit for FY 24-25 is estimated to be 5.1 per cent of GDP compared to 5.8 per cent in FY24.

Fiscal Deficit For FY 24-25 Estimated at 5.1% of GDP

Finance Minister Nirmala Sitharaman proposed no changes to taxation, direct or indirect, in Interim Budget 2024. "The rates remain same as proposed last financial year," the Finance Minister said.

No Changes to Tax Rates in Interim Budget 2024

To address fervour for domestic tourism, projects for port connectivity, tourism infra & amenities will be taken on our islands including Lakshadweep," says FM Nirmala Sitharaman. She added that long-term interest free loans will be given to states to develop tourist centres.

Big Push to Tourism in Budget 2024

Finance Minister Nirmala Sitharaman said that the government aims to convert 40,000 rail bogies To Vande Bharat standards. She added that the government also aims to expand metro rail and Namo Bharat To more cities.

'Govt to Convert 40,000 Bogies to Vande Bharat Standards'

Finance Minister Nirmala Sitharaman announced an 11.1 per cent increase in Capex outlay to 11.11 Lakh Crore, putting capex outlay at 3.4 per cent of GDP.

Capex Outlay Increased by 11.1%

Finance Minister Nirmala Sithraman said, "Rooftop solarisation will allow 1 crore households to get 300 units of free electricity every month." She added, "This will result in Rs 15,000 to Rs 17,000 savings per year for households."

'Solarisation to allow 300 units for free electricity for 1 cr households'

Finance Minister Nirmala Sitharaman presented Interim Budget 2024 in Parliament today. Beginning her speech highlighting the achievements of the Narendra Modi government, Sitharaman said, "Government is working with the approach of All Round, All Pervasive & All Inclusive Development. We will achieve the goal of Viksit Bharat by 2047."

Will Achieve Viksit Bharat Goal by 2047: FM

While Indian stock markets were choppy in opening trade, they recovered and were trading in green ahead of Interim Budget 2024. At 10:30 am, Sensex was over 230 points higher while Nifty was over 60 points up. 

Stock Markets in Green Ahead of Budget 2024

Ahead of Interim Budget 2024, social media posts claimed that the government will announce a 3-day week off. However, the government refuted these claims saying no such proposal has been made in Budget 2024. 

No 3-Day Week Off Policy

An increase in income tax exemption limits, support to women entrepreneurs, a long-term taxation policy and steps to boost consumption and savings are among the expectations of experts from the interim budget.

Increase in Tax Exemption Limits Among Expectations

Finance Minister Nirmala Sitharaman is set to present Interim Budget 2024 in Parliament on Thursday, February 1. 

Interim Budget 2024 to be Presented Today

This is the last Budget of the Narendra Modi government before the Lok Sabha Elections 2024, which are due later this year. A full Budget will be presented after a new government is sworn in after the elections.

Last Budget Before Lok Sabha Elections 2024

The key members involved in Budget-making are Revenue Secretary Sanjay Malhotra; Ajay Seth, Secretary of the Department of Economic Affairs; Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management; Vivek Joshi, Secretary of the Department of Financial Services; TV Somanathan, Finance Secretary; V Anantha Nageswaran, Chief Economic Advisor; and FM Nirmala Sitharaman.

Meet the Team Behind Drafting Budget 2024 

Finance Minister Nirmala Sitharaman is going to announce her fourth consecutive budget on February 1, which is going to be an interim budget or vote on account. The Interim Budget 2024 is the last budget before the general elections 2024. Readers can visit here for the Interim Budget 2024 highlights after the budget is announced. Meanwhile, here are 10 key highlights from Budget previous Budget 2023-24.

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from the press box