Budget 2024 LIVE: India's economic growth continues to be shining exception, says FM Sitharaman

Budget 2024 LIVE : India's economic growth continues to be shining exception, says FM Sitharaman

New Delhi : 23 July 2024 : Finance minister Nirmala Sitharaman is presenting the Union Budget 2024-25 in Parliament at 11am- making it the first budget of Prime Minister Narendra Modi's third term. This is Nirmala Sitharaman’s seventh consecutive Budget as finance minister as she will surpass the record set by former Prime Minister Morarji Desai who presented five annual budgets and one interim budget as finance minister. Former Prime Minister Manmohan Singh presented five budgets in a row and Pranab Mukherjee also presented five consecutive budgets.

The middle class and salaried taxpayers are expecting income tax relief in this budget amid rising inflation and job uncertainties.

The Budget is being presented in the Monsoon session this year as an Interim Budget was presented in February owing to the Lok Sabha elections. The Monsoon session began on July 22 and will have 19 sittings till August 12. On the Budget, PM Modi said that it is “important budget for Amrit Kaal. Budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of 'Viksit Bharat'.”

What you need to know about the Interim Budget?

On February 1 this year, Finance minister Nirmala Sitharaman presented the Interim Budget outlining a comprehensive financial plan ahead of Lok Sabha elections 2024. The Interim Budget proposed a total expenditure of ₹47.65 trillion for FY 2024-25- 6% increase over the revised estimate for FY 2023-24. It projected total receipts at ₹30.80 trillion- 12% rise compared to the previous fiscal year. The Interim Budget expected fiscal deficit to be 5.1% of GDP in 2024-25, down from 5.8% in the previous financial year. The Interim Budget also focused on capital expenditure, proposing an 11% increase to ₹11.1 trillion, or 3.4% of GDP.

At what time will Nirmala Sitharaman present the Budget today?

Finance minister Nirmala Sitharaman will present the Budget in Parliament today at 11am. Experts said that the Budget is likely to focus more on capital expenditure through roadways and Indian Railways.

How can you watch the Union Budget 2024 live?

You can watch the Union Budget 2024 speech on Sansad TV. You can also track all the key Budget announcements, highlights and analysis with Hindustan Times.

What did the Economic Survey say about the state of the Indian economy?

The Economic Survey described the Indian economy as being on a "strong wicket and stable footing" and resilient amid geopolitical challenges. The Survey said, "The Indian economy is on a strong wicket and stable footing (and) demonstrating resilience in the face of geopolitical challenges. The economy has consolidated post-Covid recovery with policymakers - fiscal and monetary - ensuring economic and financial stability.”

What are the most important things that the Economic Survey highlighted?

Here are the eight most important things that the Economic Survey said on the Indian economy:

India’s FY GDP growth expected to be between 6.5% to 7.0%

Inflation still remains high in some good items

Conflicts in the world will continue to disrupt supplies and will likely influence the Reserve Bank of India’s (RBI) stance

Local demand will continue to help industry growth in India, the Survey noted

What did PM Modi say ahead of the Budget?

PM Modi posted on X (formerly Twitter), “The Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought. It also identifies areas for further growth and progress as we move towards building a Viksit Bharat.”