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Budget 2024 Highlights: After Morarji Desai, Sitharaman only 2nd FM to present budget 6 times in a row
Budget 2024 Highlights: Union finance minister Nirmala Sitharaman will present Narendra Modi govt's interim budget on February 1.
Union finance minister Nirmala Sitharaman is poised to present the interim budget for the fiscal year 2024-25 on February 1. The full budget for the same fiscal year will be unveiled after the formation of the new government following the 2024 general elections. In her sixth union budget presentation on February 1, FM Sitharaman said that it would primarily be a "vote on account" before the general elections, ruling out any major announcements. She emphasised that such interim budgets typically do not include significant announcements, and the public will have to await the new government's presentation of the comprehensive budget in July 2024....Read More
Follow - In-Depth Coverage of Budget 2024
What is the union budget? Key Information
• The union budget is the central government's annual financial statement.
• It outlines the government’s proposed expenditures and revenues for the upcoming fiscal year.
• The union finance minister presents it in Parliament.
• It covers the next financial year - the period from April 1 to March 31 of the following year.
• Serves as a comprehensive document outlining the government’s economic and fiscal policies for the next fiscal year.
• Includes details about proposed expenditures, revenues, liabilities, and welfare schemes.
• It is a crucial tool for financial planning and policy-making.
Budget 2024 LIVE updates: Report on NPS likely
It is expected that the Centre will present a report on the National Pension Scheme and propose new rules during the budget.
Budget 2024 LIVE updates: Centre to prioritize policy continuity
In anticipation of the upcoming 2024-25 budget, an interim one preceding the General Elections, the government is set to prioritize maintaining policy continuity and committing to fiscal consolidation.
According to Bank of Baroda economist Sonal Badhan, the fiscal deficit target for FY24 is expected to be achieved at 5.9 per cent, with potential risks from lower-than-anticipated nominal GDP growth and higher expenditure. (ANI)
Budget 2024 LIVE updates: Delhi Budget session from Feb 15
The Budget session of the Delhi Assembly will be held from February 15 to 20, an official said here on Friday. He said Delhi Finance Minister Atishi will table the 2024-25 budget of the city government on February 16. (PTI)
Budget 2024 LIVE: Govt halves Budget support to oil firms, defers filling strategic oil reserves
The government has halved the amount of equity infusion in state-owned fuel retailers to ₹15,000 crore for supporting their investments in energy transition projects, the finance ministry has said.
Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for 2023-24 fiscal (April 2023 to March 2024) announced equity infusion of ₹30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms' energy transition plans.
Budget 2024 LIVE: From where does Centre gets its money?
Budget 2024 LIVE: Government spending is balanced by its revenues and loans. Take a look at how the government got its money for expenditure, as mentioned in the Union budget document 2023-24.
The Budget draws its major share from borrowings and liabilities, constituting the largest chunk of 34 per cent. GST contributes 17 per cent, with Income Tax and Corporation Tax each making up 15 per cent. Union Excise Duties and Non-tax revenue contribute 7 per cent and 6 per cent, respectively.
Budget 2024 LIVE: Centre may make the National Pension System more attractive
The government may make the National Pension System (NPS) more attractive by extending tax concessions on contributions and withdrawals especially for senior citizens above 75 years.
Budget 2024 LIVE: From where does Centre gets its money?
Budget 2024 LIVE: Government spending is balanced by its revenues and loans. Take a look at how the government got its money for expenditure, as mentioned in the Union budget document 2023-24.
The Budget draws its major share from borrowings and liabilities, constituting the largest chunk of 34 per cent. GST contributes 17 per cent, with Income Tax and Corporation Tax each making up 15 per cent. Union Excise Duties and Non-tax revenue contribute 7 per cent and 6 per cent, respectively.
Budget 2024 LIVE: No major tax announcements
Finance minister Nirmala Sitharaman had earlier announced that no major tax announcements will be made during the presentation of the interim budget on February 1.
Budget 2024 LIVE: Session to commence next week
The Budget 2024 session will begin on January 31, with the interim budget presentation on February 1.
Budget 2024 LIVE: Sitharaman second finance minister to present budget 6 times in a row
Finance minister Nirmala Sitharaman is poised to make history by delivering her sixth consecutive Budget, comprising five annual Budgets and one interim, a milestone previously achieved solely by former Prime Minister Morarji Desai. With the interim Budget scheduled for February 1, Sitharaman will surpass the achievements of her predecessors, including Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, all of whom presented five consecutive budgets. Morarji Desai, during his tenure as Finance Minister from 1959 to 1964, presented five annual Budgets and one interim Budget, solidifying his unique place in this record.
