Key highlights of Budget 2024: Major focus on jobs, infra, new tax regime, incentives for allies

Nine priorities expedite journey towards goal of 'Viksit Bharat', said finance minister

12:11 AM

Bihar's Vishnupad, Mahabodhi corridors to be transformed into world-class tourist destinations

Union Finance Minister Nirmala Sitharaman on Tuesday announced that the government will support the comprehensive development of Bihar's Vishnupad temple corridor and Mahabodhi temple to transform these sites into "world-class pilgrim and tourist destinations".
 

According to official figures, the Budget outlay for the tourism sector stands at Rs 2,479.62 crore for 2024-25, as compared to Rs 1,692.10 crore allocated in the last Budget (revised).

11:22 PM

Budget initiatives will increase disposable income, boost spending: Retail industry

Budget proposals such as duty cuts, higher exemption limits in personal income tax and increased standard deductions will leave more money in the hands of people, leading to increased spending, said retail industry players.

 

This will stimulate consumption growth, thereby boosting the overall economy, they added.

 

IKEA India Country CFO Murali Iyer said the budget demonstrated commitment to supporting MSMEs and women via access to finance, infrastructure and skilling support.

 

"Innovative schemes, such as internship opportunities for youth and the development of Digital Public Infrastructure reflect the government's forward-thinking approach. Significant investments in infrastructure and tax relief measures, such as an increased standard deduction for salaried employees, will increase disposable income for consumers, providing a boost to retail," he said.

11:15 PM

Inclusive budget for Amrit Kaal: HD Kumaraswamy

Union Minister for Steel and Heavy Industries, HD Kumaraswamy, congratulated Finance Minister Nirmala Sitharaman on Tuesday for presenting the budget for the seventh consecutive time.

11:12 PM

Budget focuses on PM Modi's vision of 2047: Rajasthan Minister KK Vishnoi

Rajasthan Minister KK Vishnoi lauded the Union Budget 2024 and said that it should not be looked at as the budget of 2024-25 only, but as one that focuses on the Prime Minister Narendra Modi's vision of 2047.

 

Vishnoi said, "This budget focuses on PM Modi's vision of 2047. It focuses on the welfare of women, farmers, youth, and the poor. The nation has taken its steps towards the 3rd position from the 5th position (in the world). The budget has been prepared to benefit every section of the society whether it is service class society, tourism, solar energy."

 

He further said that Union Finance Minister Nirmala Sitharaman has prepared the budget to benefit every state of the country.

11:09 PM

"Budget for strengthening NDA coalition": Kerala Finance Minister slams Centre over Union Budget

Kerala Finance Minister KN Balagopal hit out at the Centre over the Union Budget and said that Finance Minister Nirmala Sitharaman made no announcement of any special package for the southern state.

 

Addressing a press conference in Thiruvananthapuram, KN Balagopal said, "The first budget of the Modi government (3.0) is totally disappointing for the state. It is not only for the state but for the entire country. We expected that some kind of new measures will be there for more employment. For more economic activity and development."

 

"For farmers, for youth, and for different sectors. We expected that something more would be there. The economy will boost after the elections...that is what we expected," he said.

 

11:04 PM

Nirmala Sitharaman says Modi government provides funds to all states

Finance Minister Nirmala Sitharaman dismissed the Opposition's criticism that the budget has accorded special treatment to states run by supporting parties, saying that those whose alliance got less than 230 seats have no right to question it as the Centre has provided funds to all states. On the issue of Rs 60,000 crore projects announced for Bihar and pledge to get multilateral assistance for the state and Andhra Pradesh, she said, Rs 1.5 lakh crore assistance has been promised for all states in the budget.

11:03 PM

FM lists 9 developmental priorities in 83-minute Budget speech

In her 83-minute Budget speech, Finance Minister Nirmala Sitharaman on Tuesday highlighted the nine priorities for creating ample opportunities, spanning from employment to energy security to next-generation reforms.

 

Draped in an off-white coloured Mysore silk saree with a purple-golden border, Sitharaman opened her tablet PC that was wrapped in a red-coloured 'bahi-khata' style pouch and started the speech with "Hon'ble Speaker, I present the Budget for 2024-25".

11:03 PM

Today's Budget reflects PM Modi's vision: Union Minister Gajendra Singh Shekhawat

"Today's Budget reflects PM Modi's vision to make India a developed, prosperous, and powerful nation. PM Modi guarantees that our country, which has risen from being one of the fragile five economies to being among the top 5 economies, and soon to be top three economies, is dedicated to this Budget," says Union Minister Gajendra Singh Shekhawat

10:57 PM

The Budget has shown strong intent on moving along the fiscal prudence path: Debadatta Chand, Bank of Baroda

“The Budget has shown strong intent on moving along the fiscal prudence path and targeted the fiscal deficit at 4.9% for the year. The said action will keep the growth steady as well as robust not only for the economy but also for banking,” says Debadatta Chand, MD & CEO, Bank of Baroda.

10:55 PM

Budget is built on a commitment to clear and stable policies: Rajiv Memani

“The Budget is built on a commitment to clear and stable policies and conservatism in estimates. Its impetus on creating jobs, skilling at scale, and making taxpayers’ lives easier will have a far-reaching impact in the medium to long term,” says Rajiv Memani, chairman, India Region & Emerging Markets Committee, EY.

10:51 PM

Fiscal consolidation great signal to foreign, local investors, crowding in pvt savings: Sanjay Nayar, Assocham

“Fiscal consolidation is a great signal to foreign and local investors, crowding in private savings. This Budget shows a sustainable way of enhancing economic activities to realise the goal of reaching the status of a developed nation,” says Sanjay Nayar, president, Assocham.

10:50 PM

Addressing gaps in cancer care requires collaboration: Prathap C Reddy, Founder & Chairman, Apollo Hospitals

“Addressing gaps in cancer care requires collaboration between communities, health care providers, and policymakers. Public insurance programmes like AB-PMJAY have made progress, but further public-private collaboration is crucial for affordability and accessibility,” says Prathap C Reddy, Founder & Chairman, Apollo Hospitals.

10:22 PM

This is a visionary Budget: Hisashi takeuchi, MD & CEO, Maruti Suzuki India

"This is a visionary Budget that silently strengthens the long term with a substantial capex increase and simultaneously supports current priorities of job creation, MSMEs, skilling, and women empowerment while still keeping better than expected fiscal discipline," says Hisashi takeuchi, MD & CEO, Maruti Suzuki India.

10:03 PM

Budget will lend strong support to industries: Kalyan Krishnamurthy, CEO, Flipkart Group

“The provisions of the Budget will remove bottlenecks in the supply chain and lend strong support to industries by encouraging clusters, establishing e-commerce export hubs, and improving credit flow to MSMEs,” says Kalyan Krishnamurthy, CEO, Flipkart Group.

9:57 PM

Internships at large companies with govt, CSR-backed stipends right approach: Kiran Mazumdar-Shaw

 “Internships at large companies with government and CSR-backed stipends are the right approach to employability and jobs for the future,” says Kiran Mazumdar-Shaw, Executive Chairperson, Biocon & Biocon Biologics.

9:28 PM

Budget 2024 sets a promising tone for a Viksit Bharat: Falguni Nayar, founder & CEO, Nykaa

“The Budget presents a robust intellectual framework, focusing on employment, skilling, MSMEs, and the middle class. It sets a promising tone for a Viksit Bharat, emphasising resilience and inclusivity for India’s economic future,” says Falguni Nayar, founder & CEO, Nykaa.

9:14 PM

Union budget ignores Jharkhand completely: Congress

The Jharkhand unit of the Congress on Tuesday criticised the Union budget, alleging that it has completely ignored the state and its people.Union Finance Minister Nirmala Sitharaman on Tuesday presented the budget for the 2024-25 fiscal in Parliament.
 

"The Union budget has nothing for Jharkhand. Under political pressure, Bihar and Andhra Pradesh have been given many things but the tribal-dominated state has been completely ignored," Jharkhand Congress president Rajesh Thakur told PTI.

9:12 PM

Budget proposal to make housing more accessible spur real estate demand, say developers

Reacting to budget proposals, CREDAI National President Boman Irani said these announcements reiterate the government's focus on "Housing for All".
 

NAREDCO President G Hari Babu said, "The budget has presented ambitious housing plans." This investment is likely to benefit developers, construction companies and allied industries, he added.
 

Hari Babu also appreciated the focus on urban development, the promotion of rental housing and creation of modern infrastructure.

8:50 PM

Budget fails to address problems of unemployment, rising prices, farmer distress: Jayati Ghosh

Finance Minister Nirmala Sitharaman's budget proposals are devoid of strategy to deal with problems of unemployment, price rise and farmer's distress, said eminent economist Jayati Ghosh.
 

The tiny sops given to the middle class, she said, are not enough to generate the kind of shift India needs to boost domestic demand.
 

"The problems of unemployment, inflation, farmer distress, viability of small and medium enterprises, and climate change -- the central problems of the Indian economy -- have not been addressed. The budget does not address any problems. While the government has been forced to recognise that these are problems, it is unwilling to do the kind of change and strategy necessary to actually address the problems," said Ghosh in an interview with PTI.

8:41 PM

"Budget is more for appeasing two friends": Mallikarjun Kharge takes JDU-TDP jibe at Centre

Terming the seventh Budget present by Finance Minister Sitharaman as "disappointing Budget" Congress President Mallikarjun Kharge said that the budget is meant only to save the government's chair.

 

In a veiled attack at BJP-led NDA government, Mallikarjun Kharge said, "They made the budget to appease just one or two people (JDU and TDP) so that they can save their government.

 

Kharge said that the Budget 2024-25 has special allocations for Bihar and Andhra Pradesh and not for other regions of the country.

8:37 PM

Ranen Banerjee, partner at PwC India, said fiscal prudence is the highlight of the Budget.

8:36 PM

Budget 2024 largely focused on private demand revival: Dinesh Khara, chairman, SBI

“The Union Budget 2024-25 while pursuing fiscal consolidation is largely focused on private demand revival with a slew of fiscal measure targeting the middle class, MSMEs and employment generation. The thrust to agriculture productivity, infrastructure, climate transition and rationalization of capital gains taxation regime are the deeper facets of the transformation that Budget seeks to achieve. From banking perspective budget is pro-growth and offers scope for balance sheet expansion. In all, Budget remains well grounded in domestic and international realties and has chalked the best strategy for future,” says Dinesh Khara, chairman, SBI, on the National Budget 2024.

8:35 PM

Ficci and the industry welcome the Budget 2024: Anish Shah, president, Ficci, & MD & CEO, Mahindra & Mahindra

“Ficci and the industry welcome the Budget 2024. It is in line with Ficci’s priority outlined for the industry: #MakeInIndia, women-led development, farm prosperity, and sustainability,” says Anish Shah, president, Ficci, & MD & CEO, Mahindra & Mahindra.

8:26 PM

Union Budget 2024: Govt announces 12 industrial parks around 100 cities

Finance Minister Nirmala Sitharaman said these parks will be developed using town planning schemes in a better way.
 

"Our government will facilitate development of investment-ready 'plug and play' industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector," she said.

8:24 PM

Budget has unravelled a comprehensive roadmap for sustainable growth: Sanjiv Puri, president, CII, & CMD, ITC

“The maiden Budget of the new government has unravelled a comprehensive road map for sustainable and equitable growth while retaining the focus on the creation of jobs,” says Sanjiv Puri, president, CII, & CMD, ITC.

8:22 PM

Budget 2024 main focus on job creation: BJP's Sukanta Majumdar

Union Minister of State and BJP leader Sukanta Majumdar on Tuesday said that the Budget 2024-25 is a comprehensive budget with a primary focus on creating jobs and aims to benefit all sections of society.

 

"First of all, this Budget is a holistic budget. The main emphasis is on job creation. A provision of Rs 1.48 Lakh Crores has been made that will be used for job creation, education and skilling...This has simplified things for middle class, rebate has given in taxation too. Government has brought a budget that is going ahead on holistic approach. An effort has been made to touch every section of society," Majumdar told ANI.

 

Meanwhile, West Bengal CM Mamata Banerjee has slammed the Union Budget 2024-25 calling it politically motivated, directionless and anti-people.

8:14 PM

Proposed deductions show focus on driving consumption: Saugata Gupta, MD & CEO, Marico

“The proposed deductions for salaried individuals and pensioners show the government’s clear focus on stimulating disposable incomes of the middle class, thereby driving consumption,” Saugata Gupta, MD & CEO, Marico.

8:08 PM

Budget allocation for defence on expected lines: Baba Kalyani, CMD, Bharat Forge

“While the Budget allocation for defence is on expected lines, the creation of Critical Minerals Mission and articulation of India’s strategy on small modular nuclear reactors will go a long way in bolstering the Atmanirbhar Bharat agenda”, says Baba Kalyani, CMD, Bharat Forge.

8:02 PM

Delighted to see the announcement related to the Critical Minerals Mission: Anil Agarwal, Chairman, Vedanta

“I am delighted to see the announcement related to the Critical Minerals Mission. India must explore, mine, and process these metals of the future domestically”

Anil Agarwal, Chairman, Vedanta

7:54 PM

Exciting to see the Union Budget 2024-25 prioritising DPI, critical minerals, and job creation: Ola founder

“Exciting to see the Union Budget 2024-25 prioritising DPI, critical minerals, and job creation. The focus on developing DPI applications in agriculture and other areas lays the data foundation for making India the AI hub of the world. The Critical Mineral Mission will be a game changer of India’s energy transition journey. Great to see emphasis on women's employment too. This budget sets a strong foundation for India's tech-driven future,” said Bhavish Aggarwal, founder of mobility firm Ola, on X.