LIVE BLOG Budget 2024 Updates, Interim Budget: Sitharaman's Interim Budget focuses on more homes, inclusive growth & fiscal deficit

• FM proposes no change in direct and indirect tax including import tax
• Same tax rates for Direct and Indirect tax retained
• Interest-free loans to states to promote tourism
• 517 new routes to be launched under Udan Scheme
• Capex outlay of Rs 11.11 lakh crore
• Capex outlay at 3.4 per cent of GDP
• 5.1 % Fiscal Deficit target for FY 25
• The Railways gets an allocation of Rs 2.4 lakh crore
• PLI scheme gets Rs 6,200 crore
• Five integrated Aqua Park to be set up
• Healthcare facilities under Ayushman Bharat will be extended to all Aasha workers, Aanganwadi workers
• Vaccination of 9-14 year old girls for cervical cancer
• Education budget for 2024/25 seen at Rs 1.25 lakh crore
• 2 crore houses to be built under PM Aavas Yojana
• Lokpal was given Rs 44.46 crore for 2023-24
• CVC allocated Rs 51.31 crore for the next financial year

Education Ministry's Department of School Education and Literacy (DoSEL) has been allocated Rs 73,498 crore for the 2024-25 fiscal year in the Interim Budget presented by Finance Minister Nirmala Sitharaman on Thursday, a Ministry official said. The Ministry of Education said that this Budget is the highest ever for the DoSEL. There has been an overall increase of Rs 12,024 crore (19.56 per cent) in the Budget allocation of DoSEL in the 2024-25 fiscal year from Revised Estimates 2023-24, the official added. The Ministry of Education added that the highest ever Budget allocation may be seen in the autonomous bodies of Kendriya Vidyalaya Sangathan (KVS) and Navodaya Vidyalaya Sangathan (NVS) at Rs 9,302 crore and Rs 5,800 crore, respectively.

The tourism and hospitality sector lauded the government's focus on domestic tourism in the Interim Budget 2024-25, which was presented by Finance Minister Nirmala Sitharaman on Thursday. "The government's continued focus on domestic tourism in the interim Budget 2024-25 is encouraging. Empowering iconic destinations and local entrepreneurs through interest-free loans and quality ratings will elevate India's tourism landscape. The projects to enhance connectivity through the development of airports, railways, metros, ports and the tourism infrastructure will enhance demand and generate employment," Radisson Hotel Group, South Asia, Chairman Emeritus and Principal Advisor K B Kachru said.Crisil Market Intelligence and Analytics Director, Research, Pushan Sharma stated that a 45 per cent increase in allocation to the tourism sector to Rs 2,450 crore is expected to boost employment generation as well as the sector's share in overall GDP. "Domestic tourism will also gain from setting up of a framework for rating tourism centres, providing of long-term interest-free loans to states, and continued focus on improving port connectivity, tourism infrastructure and island amenities. "These drivers have the potential to increase the sector's share in overall employment to a top 20 country average of 11.4 per cent from 8 per cent and the share in GDP to top 20 country average of 10.3 per cent from 6.8 per cent," he added.

The Union Territory of Delhi was allocated Rs 1,168 crore in the interim budget for 2024-25 on Thursday, the same as in 2023-24, with the AAP government accusing the BJP-led Centre of meting out "step-motherly" treatment to the national capital. The transfer to Delhi from the Union home ministry included Rs 1,168 crore under the revenue head and Rs 0.01 crore under the capital head. In the 2022-23 budget, Delhi was allocated Rs 960 crore. The amount was increased to Rs 1,168.01 crore in 2023-24 and it remains the same for 2024-25. There were no grants in lieu of its share in central taxes and duties for Delhi. It was Rs 325 crore in the 2022-23 budget. The grants in return of Delhi's share in the pool of central taxes and duties were clubbed under the "central assistance to Union Territories" in the budget estimates of 2023-24 and have remained so in the interim budget for 2024-25. Delhi's Finance Minister and Aam Aadmi Party (AAP) leader Atishi alleged that the budget has once again proved that the BJP is leading a government of hollow promises. She also said "step-motherly" treatment has been meted out to the national capital.

Ankit Agrawal, CEO and Co-Founder InsuranceDekho said, "the government's commitment to a "Viksit Bharat" and the vision for a prosperous India by 2047, reflects a broader vision for fostering prosperity and inclusivity in India. The budget has provided a significant boost to the agricultural sector and focussed on cultivating a thriving environment for the startup ecosystem. The crop insurance will offer farmers direct financial assistance, fostering awareness and growth in rural India. The emphasis on offering adequate financial help to MSMEs will pave the way for small enterprises to grow, generate employment and compete globally. The government has extended 43 crore loans aggregating to Rs 22.5 lakh crore under the PM Mudra Yojana. This fund was aimed to help the entrepreneurial youth of the nation. Besides that, Fund of Funds, Startup India, and Startup Credit Guarantee schemes are assisting our youth."

The proposals to promote private and public investment in post-harvest activities made by Finance Minister Nirmala Sitaraman in the interim budget is akin to giving "back entry" to the three farm laws which were repealed after a yearlong protest by farmers, Samyukt Kisan Morcha said on Thursday. In a statement issued after the budget, the SKM lambasted the government's proposal to "promote private and public investment in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding." The proposals were nothing but handing over the agriculture sector on a platter to the corporate houses, both domestic and foreign, it said. "Don't open agriculture to foreign and Indian monopoly capital for profiteering has been the policy of the State of India followed so far since independence and that helped to ensure self-reliance and food security of the country," the SKM said.The farmers' collective said that instead of strengthening the public sector, cooperatives, and the MSMEs, the government was proposing to allow corporate houses to take over post-harvesting operations and it will vehemently oppose that proposal. The SKM said that despite the government's written assurance on December 9, 2021, of implementation of the minimum support price by the C2+50 per cent formula, it has not been done yet, nor did the budget have anything to say on the matter.

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu said on Thursday that the interim budget is merely a financial web to trap people. "The interim budget presented by Union Finance Minister Nirmala Sitharaman failed to meet the expectations of the countrymen," said Sukhu. Further hitting out at the centre over the interim budget, the Chief Minister said, "The focus of the budget is to woo the voters rather than to strengthen the economy." Sukhu blamed the centre for ignoring the interests of Himachal Pradesh in the interim budget, adding, "Even though the state suffered huge losses due to the recent disaster, not even a single penny is allocated." He further lashed out at the centre, saying, "There was no mention of the expansion of the rail network for the state. There is also no mention of any rapid mass transit system for hilly states like Himachal, where metro rail cannot be started."

Rajiv Agarwal, MD & CEO, Essar Ports said that 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".Rizwan Soomar, CEO & Managing Director, North Africa and India Subcontinent, DP World said that the budget complements the vision of a 'Vikasit Bharat' (developed India) by 2047 with a strong focus on infrastructure development. "With a strong focus on infrastructure development, last-mile connectivity, and social and geographical inclusivity, it effectively complements the vision of a 'Vikasit Bharat' (developed India) by 2047.Anish Mathew, Chief Financial Officer (CFO), of Allcargo Gati Limited said that the thrust on advancing EV infrastructure and driving the energy transition aligns seamlessly with the logistic industry's goal to minimise operational impact on the environment.Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd stated that the announcement of three major economic railway corridor programs, spanning energy, mineral, and cement corridors, port connectivity corridors, and high-traffic density corridors under the PM Gati Shakti initiative, is poised to be transformative.

On Thursday, Finance minister Nirmala Sitharaman, proposed policies aimed at addressing PM Modi's four key areas: youth, women, farmers, and the poor. Read More...

The Mumbai-headquartered Western Railway said Rs 8,587 crore has been allocated for railway works on its network in Gujarat in the interim budget presented on Thursday, which is 14 times the Rs 580 crore average annual outlay between 2009 and 2014. The WR release quoted Railway Minister Ashwini Vaishnaw.The release further said the outlay for Madhya Pradesh is Rs 15,143 crore, which is 24 times the average outlay of Rs. 632 crore from 2009 to 2014. Total investment of Rs 30,789 crore is being made in Gujarat, where 97 per cent of the route has been electrified and 856 road overbridges and road underbridges have been constructed in the last 10 years, the WR release quoted Vaishnaw as saying.

The World Health Organization lauded the Budget 2024 announcement extending healthcare coverage to ASHA, Anganwadi workers, and helpers under Ayushman Bharat Scheme. "ASHA workers, Anganwadi workers, and helpers are at the forefront of health and care delivery at the grassroots level. The World Health Organization (WHO) applauds the extension of healthcare coverage to them under Ayushman Bharat," Dr Roderico H. Ofrin, WHO Representative to India, said.Further talking about the steps taken to upgrade the existing healthcare infrastructure, WHO welcome the move and Dr Roderico said, "The initiatives announced today - upgrading existing hospital infrastructure to increase medical colleges, harmonization of maternal and child care implementation, introduction of HPV vaccination for cervical cancer prevention, and the expansion of the U-WIN platform across for managing and intensifying immunization - will further strengthen systems and healthcare services across the country. WHO welcomes investments in these areas and will continue to support the Government of India in achieving health for all and meeting its disease elimination goals," Roderico added.

Maulik Manakiwala, Partner, Indirect Tax, BDO India said, “in a move towards promoting a shift to Electric Vehicles (EV), the focus on expanding the EV charging network continues. This will also increase opportunities for a large number of small vendors for manufacturing, installation and maintenance of EV charging networks.”

Rohit Bansal, Co-founder of Snapdeal and Titan Capital says, "the Interim Budget 2024 outlines a transformative vision by the government, building on a decade of positive change. It’s focus on boosting innovation, developing new trade & investment corridors, nurturing the EV ecosystem, enhancing agricultural productivity, expanding healthcare coverage, supporting SHGs highlights the inclusive approach. This is a decisive step towards a #ViksitBharat2047."

Leaders of several parties of the INDIA opposition bloc would meet here on Friday morning to chalk out their joint strategy during the budget session of Parliament. Sources on Thursday said the leaders would meet in the chamber of Leader of Opposition in the Rajya Sabha Mallikarjun Kharge at 10.30 am on Friday and discuss their joint strategy.

Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar said, "with its clear vision, sound structure, and commitment to fiscal prudence, this interim budget continues on a path towards Atmanirbhar and Viksit Bharat (Self-reliant and prosperous India). The significant 11.11% increase in capital expenditure will act as a catalyst for economic rise and job creation ensuing inclusive growth for the nation ("Desh Ka Kalyan"). Prime Minister Modi's ambitious vision of rooftop solarisation will provide 300 units of free electricity to 1 crore households every month resulting in savings of Rs 15000 - 20,000 per month. This significant announcement promises a bright future not only for the renewable energy industry but also for numerous enthusiasts and entrepreneurs urging new employment opportunities The focus on women empowerment remains at the forefront of this budget recognizing the pivotal role of "Nari Shakti" in development of the nation. Initiatives like "lakhpati didi" "mudra yojana" were significant steps in strengthening women entrepreneurship "First Develop India" through increased FDIs and the government's efforts for negotiating bilateral investment treaties augur well for the Indian entrepreneurs. Also, efforts to promote green growth through bio-manufacturing is a step in the right direction to achieve our net-zero targets. By prioritizing the development of the eastern region and unlocking its potential as an engine of national growth, the government demonstrates its commitment to balanced and inclusive development across the nation. Guided by the principles of "Reform," "Perform, and "Transform," the government is navigating these turbulent geo-political times with confidence. Under its leadership, the Indian economy is poised to shine even brighter on the global stage.

Maharashtra has been allocated a record Rs 15,554 crore for railway works in the interim budget for 2023-24, the Mumbai-headquartered Central Railway said. The record allocation of Rs 15,554 crore was "almost 13 times more than the average allocation of Rs 1171 crore per year given to Maharashtra during 2009-14", a CR release quoted Railway Minister Ashwini Vaishnaw as saying. According to the release, the total plan outlay for Central Railway in FY 24'-25 is Rs 10611.82 crore, which is higher than its plan outlay (net) of Rs 10,600 crore for 2023-24."In the interim budget, Rs 1941 crore has allocated for new railway line projects in the state. The project list includes Rs 275 crore for Ahmednagar - Beed - Parli Vaijnath (250 km), Rs 330 crore for Baramati - Lonand (54 km), Rs 750 crore for Wardha - Nanded (via Yavatmal-Pusood) (270 km), Rs 225 crore for Solapur-Osmanabad - New line via Tuljapur (84.44 km), Rs 350 crore for Dhule (Borvihir) -Nardana (50.6 km) and Rs 10 crore for Kalyan-Murbad via Ulhasnagar (28 km) project," the release said. It said Rs 300 crore has been allocated for gauge conversion of Pachora-Jamner( 84 km) line, while Rs 1615 crore has been given for additional railway line works.

Sonali Chowdhry, CEO, Officenet said, "the Union Budget brought forth some heartening developments and notable statistics. I applaud the recognition and support extended to women entrepreneurs. The allocation of Mudra loans & Stand-up India (SUPI) initiative further exemplifies the government's dedication to fostering women's economic empowerment. Evidently, the Budget showcased the government's commitment to the country's economic development by empowering women. Additionally, the emphasis on skilling and upskilling through the Skill India Mission, aligns seamlessly with the evolving workforce needs. This Budget lays a positive foundation for fostering women's entrepreneurship and enhancing skill development, essential elements for cultivating a more inclusive and dynamic economy."

Industry lobby grouping Indian Banks Association's chairman and state-owned Punjab National Bank's managing director and chief executive A K Goel said the Budget is aiming to provide more opportunities for the lower end of the pyramid. Goel said narrowing the fiscal deficit to 5.1 per cent in FY25 from 5.8 per cent in FY24 is a "positive signal" to the market. "Sticking to the fiscal consolidation roadmap shows the resolve of the government to maintain discipline in finances," he added.Foreign lender Standard Chartered Bank's country head the budget document focuses on key themes like consistency, innovation and sustainability. "The Rs one lakh crore corpus setup to provide low cost and long-term financing to sunrise sectors will provide a jump start to private sector research and innovation," she said, adding that efforts to meet the 'net-zero' commitments through viability gap funding and financial assistance measures for offshore wind and biomass aggregation will also be helpful.Private sector lender Kotak Mahindra Bank's whole-time director KVS Manian also welcomed the commitment to narrow the fiscal deficit. "The minister is showing strong intentions, ahead of the election year, to adhere to the fiscal consolidation path and will be well received by rating agencies as well as the global investors that are eyeing India as an attractive investment destination," he said.Indian Bank MD and CEO SL Jain said the interim Budget underscores the resilience and potential of the economy. The focus on infrastructure, including projects for tourism, expansion of metro railheads and other trains to more cities, and support for EV manufacturing and charging infrastructure, aligns with the developmental goals.

Maharashtra Deputy Chief Minister Devendra Fadnavis on Thursday said that the interim budget 2024-25 presented by Union Finance Minister Nirmala Sitharaman will fulfil the aspirations of 'Viksit Bharat'."The interim budget presented by Finance Minister Nirmala Sitharamanji will fulfil the aspirations of 'Viksit Bharat'. In this budget, she has tendered several welfare projects for the poor and middle-class people. One of the welfare projects includes establishing solar rooftops, which will provide free electricity up to 300 units to our citizens. Schemes that include the provision of houses to people residing in slums or huts will also be implemented," Fadnavis said in a video message.

The government's focus on solar as envisaged in the 2024-25 budget will not only enhance energy security and promote clean energy accessibility but also trigger a technology revolution, boosted by a Rs 1 lakh crore corpus for research and development, industry players said. FM today announced a Rs 11.11 lakh crore spending on infrastructure among other proposals for sectors like solar and startups. The budget also has provisions for a Rs 1 lakh crore corpus for research and development.Sameer Gupta, Chairman and Managing Director of Jakson Group, said Pradhan Mantri Suryodaya Yojana aims to provide 1 crore households with 300 units of free electricity through rooftop solarization. "These dynamic measures not only enhance energy security and promote clean energy accessibility but also drive a tech revolution, supported by a Rs 1 lakh crore corpus for R&D," he said. Mohit Agarwal, Co-founder of Vinayak Industries, said "We welcome the move by the Modi government to provide thrust to the solar sector in India. It will attract investments to the sector and is expected to generate lakhs of jobs."Devansh Jain, Executive Director, INOXGFL Group, said the industry recognises the government's visionary move in introducing viability gap funding (VGF) for offshore wind projects. This initiative holds potential to open up large opportunities for the wind sector, as India marches aggressively towards its 2030 renewable energy and 2070 net-zero targets. Deepak Sharma, Zone President, Greater India, MD & CEO, Schneider Electric India, said setting up a corpus of Rs 1 Lakh crore and providing 50-year loan for tech-savvy youth will scale up research and innovation.

Abhimanyu Munjal said “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.”

The Trinamool Congress on Thursday dubbed the interim budget as an "election gimmick" ahead of the Lok Sabha polls and urged the BJP to "stop political theatrics and prioritise human welfare". Senior TMC leader and minister in the West Bengal government, Chandrima Bhattacharya, expressed the party's discontent, highlighting "alarming statistics" on farmer suicides. "Data reveals an average 30 farmers commit suicide everyday in India! FM @nsitharaman, your farce claims in #Budget2024 for 'Annadata Welfare' is a mockery to 53,478 farmer suicides in last 5 years. PM @narendramodi, STOP the charade & prioritise lives over politics!" Bhattacharya said in a post on X. Citing Sitharaman's reference to Ram Mandir in Ayodhya while discussing the Suryodaya scheme, Bhattacharya accused the Union government of "attempting to polarise people". "We have always said there can be temples, mosques and churches but when you mention temples during the budget, it is clear you are using this as a political agenda," she said at a press conference at TMC Bhavan.

Divyesh Dalal, MD & Head- Global Transaction Services, SME, and Institutional Liabilities, DBS Bank India said, "the Interim Budget 2024 lays a solid foundation for Viksit Bharat, affirming the government's vision to transform India into a developed nation by 2047. The commitment to green growth is evident in the bio-manufacturing scheme. This also aligns with our focus on financing sustainable projects and helping businesses in transitioning to low-carbon operations. Additionally, training for MSMEs will equip them with skills that foster innovation and adaptability, enhancing competitiveness on the global stage. Raising the presumptive taxation threshold from Rs 2 cr to Rs 3 cr will provide significant relief to small retail businesses. We are confident these initiatives will act as catalysts for long-term economic growth, propelling India to the forefront of the global economic landscape."

Former Finance Minister of Kerala Thomas Issac trained guns at Centre while sharing his views on Interim Budget. Issac said, "the performance under PM Modi has slowdown. In the 10 years before PM Modi came to power, the Indian economy was going at 7.6% per annum. Under PM Modi it has come down to 5.6%... This deceleration in the economy is because of Modi's blunders like demonetisation and the fiscal and monetary stands that were taken in the first term..."

The interim budget presented by Union Finance Minister Nirmala Sitharaman on Thursday completely ignored the welfare of the people of Tamil Nadu and has been prepared without any concern for the development of the state, Chief Minister M K Stalin said. The state has been systematically ignored in this interim budget presented by Sitharaman in the Lok Sabha, he said."The DMK MPs will raise the issues in Parliament. I would like to inform that they will stage a protest in front of Mahatma Gandhi's statue on the Parliament premises wearing black badges," Stalin, who is the president of the DMK, said in a release.

Former RBI deputy governor Harun Rashid Khan said, "one important thing about this budget is the government continuing on its commitment of fiscal consolidation. One important factor (in this budget) for boosting growth has been CapEX (Capital Expenditure) which has been increased by about 11 per cent. Hopefully in full-fledged budget (which will be presented after the 2024 Lok Sabha polls), we will focus on some of the structural areas of economy."

The interim budget 2024-25 on Thursday allocated Rs 202868.70 crore to the Ministry of Home Affairs (MHA) with the highest share of funds going to the paramilitary forces like CRPF, BSF and CISF, showing priority on internal security and border guarding. The 2023-24 budget allocation to the MHA, helmed by Union Home Minister Amit Shah, was Rs 196034.94 crore. While Rs 132345.47 crore was given to the police in 2024-25 under which the paramilitary forces come, Rs 37277.74 crore was given to Jammu and Kashmir, which became Union Territory after the abrogation of Article 370 and bifurcation of the state in 2019.Among the paramilitary forces, Rs 32809.65 crore was given to the CRPF from a revised estimate of Rs 31389.04 crore in 2023-24, Rs 25027.52 crore to the BSF (Rs 25038.68 crore in 2023-24), Rs 13655.84 crore to CISF (Rs 12929.85 crore), Rs 8253.53 crore to ITBP (Rs 8203.68 crore in 2023-24), Rs 8485.77 crore to SSB (Rs 8435.68 crore in 2023-24) and Rs 7368.33 crore to the Assam Rifles (Rs 7276.29 crore in 2023-24). The Central Reserve Police Force (CRPF) is mostly deployed for internal security duties, operations against terrorists in Jammu and Kashmir, Naxals in central and eastern India and the insurgents in the Northeast.While the Intelligence Bureau (IB) has been allocated Rs 3195.09 crore (Rs 3268.94 crore in 2023-24), Rs 11177.50 crore to the Delhi Police (Rs 11940.33 crore in 2023-24), Rs 506.32 crore to the Special Protection Group (SPG) (Rs 446.83 crore in 2023-24).

Roland Landers, CEO, All India Gaming Federation said, “today's interim budget announcement may not have directly addressed the needs of the gaming industry, however the clear focus on technology and the youth is one that we deeply appreciate. We believe that the annoucement proposing long term financing for the sunrise sectors to scale up on research and innovation will be beneficial for the technology and startup sector as a whole including the gaming and game-development sub-sectors. We are hopeful for more concrete and decisive measures addressing the online gaming industry in the upcoming Union Budget. We urge progressive budgeting to empower responsible online gaming, aligning with AVGC policies and fostering self-regulation, as recommended by the I&B Ministry's AVGC Task Force. This will unlock industry potential and benefit the economy, players, and creators. As the apex industry body, we are committed to working with policymakers to create an enabling environment for the gaming sector's growth and innovation. Our industry has immense potential, and we look forward to constructive policies that will drive its development in the union budget.”

Assam Chief Minister Himanta Biswa Sarma on Thursday hailed the interim budget as "exceptional", asserting it serves the twin aim of establishing India as the world's fastest-growing economy for a sustained period and laying the foundation for becoming the third-largest financial power by 2029."I congratulate Hon'ble Prime Minister and Hon'ble Finance Minister Smt @nsitharaman ji for this exceptional Budget! The March Towards Viksit Bharat Continues! The Interim Budget 2024-2025 sits on the pedestal of outstanding governance over the last 10 years," he said in a post on X. In a nutshell, this interim budget serves the twin aim of firmly establishing India as the world's fastest-growing economy for a sustained period of time and laying a strong foundation for the nation's journey in becoming the third-largest economy by 2029, Sarma added.

Jaiman Patel, Partner, International Tax, EY India said, “the tax exemption on specified income of non-resident IFSC banks is currently applicable only if the investment operations are commenced on or before 31st March 2024. This sunset clause has now been extended to 31st March 2025. This extension (for perpetual tax exemption) is expected to boost new as well existing IFSC banks based in GIFT City to fast-track the establishment and launch of their investment divisions. Similarly, in a bid to propel the establishment of aircraft/ship leasing companies within GIFT IFSC, the deadline for these companies to set up operations and claim withholding tax exemption on interest and royalty payments to non-residents has been extended from 31 March 2024 to 31st March 2025.”

Finance Minister Nirmala Sitharaman on Thursday said international rating agencies should take on board the message that India has bettered the targets set for lowering fiscal deficit. The government has announced a fiscal deficit of 5.1 per cent of GDP for 2024-25, lower than 5.8 per cent in the current fiscal. As per the fiscal consolidation roadmap, the government aims to reduce the fiscal deficit to below 4.5 per cent by 2025-26 from 5.1 per cent of GDP in 2024-25.Replying to a question in the post-budget conference on her message to rating agencies, Sitharaman said: "Not only aligning with the fiscal consolidation roadmap that we gave earlier, but bettering it -- that is one simple, straight forward message that every rating agency should take on board."

Unnati Gajjar, Head of Marketing, Insight Enterprises (India) said, "It's truly inspiring to witness the government's commitment to advancing women's roles in our society. The Momentum for Nari Shakti initiative marks a decade of full-size progress in empowering young girls through STEM training, entrepreneurship facilities and healthcare priorities. The disbursal of thirty crore Mudra Yojana loans to women entrepreneurs is a big achievement and stands as a testament to the government’s commitment. We are collectively evolving into a vibrant and youthful Bharat, embracing both modern infrastructure and a harmonious relationship with our aspirant youth. The strides made in economic development, with a keen focus on technology, healthcare and infrastructure, demonstrate a balanced approach that promises opportunities for all."

The Centre today increased the allocation for a scheme to support semiconductor and display manufacturing by 130% to Rs 6,903 cr. Reacting to the development, Prithvideep Singh, General Manager, CDIL Semiconductor said that the unveiling of a new scheme dedicated to catalysing growth in deep tech technologies for defence purposes in the recent budget is a highly welcome development for the semiconductor industry.

He added, "historically, all major semiconductor firms have been nurtured in their initial days via the support of their government and their defence sectors. This support gives firms the time and capital to scale up their volumes and capabilities for the price-sensitive consumer markets. Defence components and semiconductors are also much more feasible to develop locally, given that the sector uses a large number of sensors, mixed signal, RF, analog and power semiconductors, which are developed on older nodes that can be brought into the country at relatively lower cost that might even include purchasing a refurbished fab or two. By focusing on sectors of national importance, the nation is taking proactive steps to fortify its resilience against potential global supply chain shocks as we saw during the pandemic.”

Amit Kapoor, Co-founder and CEO, Eupheus Learning said, "as the Interim Budget for 2024-25 unfolds, we welcome the notable 6.1 per cent increase in the schooling outlay, with a substantial Rs 4,200 crore boost in the School Education Budget, and a significant allocation of Rs 6,000 crore to the PM SHRI program, marking a remarkable 50 per cent surge from the previous year. This underscores a dedicated focus on enhancing the quality of school education including digitalization. While we await the full-fledged budget post the upcoming elections, these initial steps are encouraging notes for the education sector to partner with edtech companies like ours."

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. Similarly, Metropolis Healthcare Promoter and Managing Director Ameera Shah said the interim Budget takes commendable steps in healthcare and seeks to strengthen healthcare infrastructure by establishing additional medical colleges, which will effectively address the critical shortage of healthcare professionals.Indira IVF CEO and co-founder Kshitiz Murdia said "various schemes for maternal and child care will be brought under one comprehensive programme for synergy in implementation. Upgradation of Anganwadi centres under 'Saksham Anganwadi and Poshan 2.0' will be expedited for improved nutrition delivery, early childhood care and development".

Sameer Aggarwal CEO and Founder at Revfin said, "The vote-on-account the interim budget presented by the Finance Minister, signals towards a transformative era for the nation. The commitment to fortify the Electric Vehicle (EV) ecosystem and support manufacturing and charging infrastructure aligns with global environmental goals, positioning India as a leader in widespread sustainable mobility adoption."

Shruti shibulal CEO and director of Tamara Leisure Experiences, said, "The infrastructural support extended in the current budget (across air, water, railways and roads) will be an essential boon for tourism. In addition to this, I believe that promoting ‘Destination India’ would require us to look holistically at ensuring that our country can sustainably manage an uptick in tourism. This includes prioritising the wellbeing of native communities, protecting heritage sites, preserving natural ecosystems and promoting circular economies to secure responsible consumption and production chains. While advocating the promotion of iconic destinations, we can also look at increasing access to remote areas of the country where travellers can seek out unique experiences. I would also urge each of us to work collectively to mitigate the impact of tourism on people and the planet in accordance with global sustainability benchmarks. This can be done through various macro and micro initiatives in collaboration with public, private and non-governmental organisations across the industry."

The Congress slammed the Modi-led Central government on Thursday following FM Sitharaman's Interim Budget speech. The Congress further said that federalism has been weakened by the government during the past years. P Chidambaram, senior Congress leader and former Finance Minister, said that the Finance Minister did speak about 'minimum government' and 'maximum governance', but in reality, the 'minimum government' has undermined federalism."The FM spoke about minimum government and maximum governance. The minimum government policy, in reality, has undermined federalism. Staffed state governments with funds and virtually reduced the third tier of governance, panchayats and municipalities, to cyphers. The overwhelming majority of people are dependent on the third tier of government for their services but that tier has been virtually deprived of human and financial resources," Chidambaram said while addressing the media. "Federalism has been considerably weakened by the central government," he added.

Saurabh Jain, Co-Founder, Stable Money said, “effective policies have been instrumental in positioning India as the third-largest global startup ecosystem. Initiatives like the PM Mudra Yojana are set to accelerate this growth, offering a unique opportunity to overcome challenges faced by fintech startups and foster innovation with greater inclusivity. Building on the success of schemes such as the Fund of Funds, Start Up India, and Start Up Credit Guarantee, extending similar support to the fintech sector could amplify the nation's economic resilience and technological capabilities. This would not only nurture the startup ecosystem but also encourage more individuals to venture into the entrepreneurial landscape. By consistently nurturing such a conducive environment, the government has not only driven India's ascent in the global ecosystem ranking but has also actively contributed to enhancing the country's position on the world map, demonstrating a commitment to growth and innovation.”

The Finance Minister Sitharaman today outlined initiatives for the next five years, including increased housing, expanded access to free electricity, and enhanced medical care, especially for women. She also pledged support for key sectors targeted by the Centre, such as farmers, youth, women, and the impoverished, as the country looks towards 'unprecedented development' in the next five years. Read More...

While expressing his views on Interim Budget, Union Minister Hardeep Singh Puri Thursday said the Opposition is saying that the government has not done anything because they are a hollow Opposition and have nothing to show."They (opposition) are saying that the government has not done anything, they are a hollow opposition. They have nothing to show. This is a government which has had a fantastic record for ten years...250 million people have been taken out of multi-dimensional poverty. This is a figure which any country in the world will be proud of. Capital expenditure has also increased...We've achieved 10 times what we had promised," he said.

According to SBI Chairman, Dinesh Khara, Interim Budget has laid out an affirmative action of fiscal glide path towards 4.5 per cent in FY26. He added that the heartening news is that the anticipated tax buoyancy in FY24 excluding the outlier pandemic year is the highest in 7 years. "The budget has laid out reinforced architecture of big possibilities, creating an all-encompassing action-oriented roadmap to embark upon an arduous yet rewarding journey for each and every Indian, chiefly the fringe and hitherto vulnerable masses, entrepreneurs, agripreneurs and women, making them an equity holder in Viksit Bharat,” he added.

According to Kami Viswanathan, President, MEISA, FedEx Express, the Centre made a strategic and commendable move by increasing capital expenditure for infrastructure development. And this would accelerate economic growth and positively impact the logistics sector. "The emphasis on expanding air connectivity, along with the development of existing airports and the establishment of new ones, is a pivotal step that aligns with our advocacy for efficient multimodal logistics. The government's commitment to the PM Gati Shakti National Master Plan, is encouraging. These initiatives aim to enhance logistics efficiency and reduce costs, aligning with our objectives of service excellence and innovation in logistics. Additionally, the 'Amrit Kaal' initiative, which focuses on empowering MSMEs and boosting their global competitiveness, is set to benefit the broader logistics sector," she said.

Bharat Agarwal, treasurer, of All India Steel Bottled Association, said, “The interim Union budget provides a clear roadmap towards realizing the vision of a developed India by 2047, reflecting confidence in the Indian economy. It demonstrates a commitment to inclusive growth and strategically addresses crucial growth drivers such as research, innovation, entrepreneurship, tourism, and education, providing both direction and funding. We commend the government's emphasis on supporting MSMEs through technological assistance and training, enabling them to compete globally and fostering sustainable growth. However, the issue of lower-priced Chinese products flooding the market poses a challenge to fair competition and quality standards upheld by Indian brands. We urge government intervention through the imposition of anti-dumping duties and Quality Control measures to safeguard Indian manufacturers and maintain a level playing field. As an Industry, we anticipate leveraging the opportunities outlined for our growth and contributing to the nation's economic resilience."

While expressing his views on Interim Budget, Congress MP from Bengaluru DK Suresh today said that this is the election budge and only names have been changed. They have introduced some Sanskrit names and Hindi names of schemes, he added. "The Centre is not properly giving the right share of GST and direct taxes to South Indian states. The South Indian states are facing injustice. The money collected from southern states is being given to North Indian states. If this continues, we will be forced to demand a separate country. The centre is getting over Rs 4 lakh crore from us and what we are getting in return is negligible. We have to question this. If this is not rectified, all southern states have to raise their voices demanding a separate nation," he said.

Benchmark equity indices Sensex and Nifty closed lower on the Budget day on Thursday as investors resorted to profit-taking in capital goods, metal and realty shares amid no big announcements by Finance Minister Nirmala Sitharaman. After shedding early gains, the markets turned volatile during the presentation of the interim Budget, where in the capital expenditure outlay was marginally hiked but there were no major announcements. The 30-share BSE Sensex settled lower by 106.81 points or 0.15 per cent at 71,645.30. During the day, it gyrated between a high of 72,151.02 and a low of 71,574.89. The Nifty dipped 28.25 points or 0.13 per cent to 21,697.45. It oscillated between the day's high of 21,832.95 and a low of 21,658.75. Market sentiment was also dampened after the US Federal Reserve indicated it likely won't cut interest rates in March.

FM Sitharaman today said during her post budget presser that the government will lay a 'white paper' on the table of the Parliament to look at where the country was till 2014 and where it is now, to draw lessons from the “mismanagement of those years”. The timeline to present this paper hasn't been finalised yet.

On Interim Union Budget 2024, Union Minister Piyush Goyal says, "PM Modi has always believed that when we strengthen the common man's ability to contribute to the national economy, the country will go forward faster... We have used the last ten years to empower every individual in the country with all the basic needs of life so that they can be aspirational for the future and they can contribute to a developed India. Today, the finance minister has given us the roadmap of how 140 crore Indians will contribute to making India a developed nation and taking prosperity to the last man at the bottom of the pyramid... It is a budget which along with continuity also is visionary."