Lok Sabha Approved The Finance Bill 2024
The Lok Sabha passes the Finance Bill 2024, and the House is adjourned. It will reconvene at 11:00 hours on the 2nd of February.
Finance Bill Introduced In Lok Sabha
After the interim Budget speech, Finance Minister Nirmala Sitharaman introduced the Finance Bill 2024 in the Lok Sabha.
No Change In Tax Reform
"I propose to retain the same tax rates for direct and indirect taxes including import duties," says Nirmala Sitharaman.
In the fiscal year 2024-25, tax receipts were estimated at Rs 26.02 lakh crore, as mentioned by the finance minister. She also highlighted that the average time taken to process tax returns decreased to 10 days this year.
Three Major Railway Corridor Programs
Sitharaman had announced three major railway corridor programs to enhance logistics, efficiency, and cut operational costs for Indian Railways.
The three corridors included an Energy, Mineral, and Cement Corridor, a Port-Connectivity Corridor, and a High-Traffic Density Corridor.
Budget For Infrastructure Raised to Rs 11.11 lakh
FM Sitharaman in the presentation said that the budget for infrastructure has been raised to Rs 11.11 lakh crores for the fiscal year 2025.
Complete Budget in July 2024
Union Finance Minister Nirmala Sitharaman mentioned that in the complete budget presented in July, the government provided a detailed plan for the pursuit of 'Viksit Bharat' (Developed India).
State Requires Various Reforms To Achieve Vision Of A developed India, Says FM
Nirmala Sitharaman mentioned that the state requires various reforms to achieve the vision of a developed India. A provision of Rs 75,000 Crores as a 50-year interest-free loan was proposed this year to support the state government in implementing significant reforms linked to milestones.
One Crore Households Were Empowered To Receive Up To 300 Units Of Free Electricity Each Month, Says FM
Nirmala Sitharaman mentioned that the through rooftop solarization, 1 crore households were empowered to receive up to 300 units of free electricity each month. This initiative aligns with the Prime Minister's commitment on the historic day of the consecration of Shri Ram Mandir in Ayodhya.
Strategy For Amrit Kaal
Finance Minister Nirmala Sitharaman outlined the 'strategy for Amrit Kaal.' The government adopted economic policies that promoted and maintained growth, facilitated inclusive and sustainable development, improved productivity, created opportunities for all, helped enhance their capabilities, and contributed to generating resources for powering investments and fulfilling aspirations.
All Forms Of infrastructure Digital, Social, Physical Are being built In Record Time, Says FM
Sitharaman mentioned that all types of infrastructure, including digital, social, and physical, are being constructed rapidly. She highlighted the increasing empowerment of women through 30 crore Mudra Yojana loans. Additionally, she pointed out that approximately 70 per cent of houses in rural areas under PM Awas Yojana are given to women as either single or joint owners.
"The Country Is Proud Of Our Youth Scaling New Heights In Sports," Says Sitharaman
Sitharaman expressed pride in the country's youth excelling in sports. The record-breaking medal count in the 2023 Asian Games and Asian Para Games showcases high confidence levels.
She highlighted the achievement of chess prodigy Praggnanandhaa, India's top-ranked player, who put up a strong fight against the reigning world champion Magnus Carlsen in 2023. Furthermore, Sitharaman noted the significant growth, with over 80 Chess Grandmasters in India today compared to just over 20 in 2010.
43 Crore Loans Totaling Rs 22.5 lakh Crore Extended
Through the PM Mudra Yojana, 43 crore loans totaling Rs 22.5 lakh crore have been provided, Says Sitharaman
Crop Insurance Given to 4 Crore Farmers through PM Fasal Bima Yojana, Says Sitharaman
Finance Minister Nirmala Sitharaman in the speech said that 4 crore farmers have received crop insurance through the PM Fasal Bima Yojana, helping them produce food for the country and the world. She also mentions that 1361 marketplaces are now connected, with a trading volume of 3 lakh crore.
Skill India Mission successfully Trained 1.4 Crore Youth, Says FM Sitharaman
Sitharaman, in the budget speech stated that the Skill India Mission has successfully trained 1.4 crore youth, provided upskilling and re-skilling opportunities to 54 lakh individuals, and established 3000 new Industrial Training Institutes (ITIs). Additionally, a substantial number of higher learning institutions, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities, have been established.
Focus On 4 Pillars, Says FM Sitharaman
Finance Minister Sitharaman emphasized the need to concentrate on four key pillars: the poor, women, youth, and farmers (Annadatas).
Sabka Saath, Sabka Vikas' As The Mantra
"With the blessings of the people, when our government under the visionary and dynamic of honorable PM Narendra Modi assumed office in 2014, the country was facing enormous challenges. With 'sabka saath, sabka Vikas' as it mantra, the govt overcame those challenges in right ernest," says Sitharaman in the budget speech
Positive Transformation In Last 10 Years, Says FM
Indian economy has witnessed profound positive transformation in the last 10 years, Says FM Sitharaman
Union Cabinet Approves The Interim Budget 2024
The Union Cabinet has officially given its approval for the Interim Budget. Finance Minister Nirmala Sitharaman is now poised to present the budget in the parliamentary session shortly, marking a crucial step in the fiscal planning process for the upcoming period.
We Are Expecting This To Be An Election-Oriented Budget, Says Congress MP Kodikunnil Suresh
"We are expecting this to be an election-oriented budget. BJP wants to win again and come back to power. That is why, there will be some gimmick in the budget. There will be eyewash schemes for common people...On one side they talk about common people and on the other side, they are increasing commercial gas cylinder's price and implementing anti-people policies," says congress MP Kodikunnil Suresh ahead of the interim budget presentation.
Nirmala Sitharaman Met With President Droupadi Murmu At Rashtrapati Bhavan
Nirmala Sitharaman met with President Droupadi Murmu at Rashtrapati Bhavan. Sitharaman was accompanied by Ministers of State Dr. Bhagwat Kishanrao Karad and Pankaj Chaudhary, along with senior officials from the Ministry of Finance.
Budget Will Be Progressive, Union Minister Rao Inderjit Singh
Union Minister Rao Inderjit Singh commented on the interim budget, stating, "Budget will be progressive and for the development of the country."
Sitharaman Arrives With Budget Tablet To Present Interim Budget At Parliament
Arriving at Parliament with the Budget tablet in hand, Finance Minister Nirmala Sitharaman is set to present the interim Budget for the country.
During the pandemic, in fiscal year 2021-22, Nirmala Sitharaman presented the budget on a digital tablet, making the process entirely paperless.
VIDEO: Interim Budget Copies Delivered To Parliament
The copies of the Interim Budget have been delivered to Parliament, setting the stage for Finance Minister Nirmala Sitharaman to present her consecutive sixth budget today.
Nirmala Sitharaman Arrives At Finance Ministry Ahead Of Interim Budget 2024: Watch Video
Ahead of the interim budget presentation for 2024-2025, Finance Minister Nirmala Sitharaman, along with MoS Finance Bhagwat Karad and Pankaj Chaudhary, arrived at the Ministry of Finance on Thursday.
On Thursday, February 1, Union Finance Minister Nirmala Sitharaman will present the interim budget for the fiscal year 2024-2025. Since assuming office in July 2019 as India's first full-time woman finance minister, Sitharaman has already presented five full budgets. Her upcoming interim budget presentation is poised to surpass the consecutive five-budget streak achieved by notable predecessors such as Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha.
