Budget 2024 Highlights: President Murmu's address tabled in joint session of Parliament; Lok Sabha adjourned

The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report, reported news agency ANI.

The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the couple of years.

India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy.

As the PM Modi government is set to announce the Interim budget 2024 on February 1, this marks Finance Minister Nirmala Sitharaman's sixth budget. As this is an election year, this budget will only be a vote-on-account as a full-fledged budget will be presented after the Lok Sabha elections 2024. Dig Deeper

Subbu Subramanian, the regional vice president at Dynatrace, said that the Interim Budget 2024 is a pivotal moment for India’s tech landscape.

“We anticipate a strong focus on fostering breakthroughs in key areas such as AI and cloud modernization to accelerate extensive digital transformations. The budget is expected to offer targeted incentives for research and development, which aligns with the mission of driving change across all sectors. India is already attracting global leaders and this will further solidify the nation's leadership in fostering innovation.”

On budget expectations for the health sector, Chairman and Managing Director, Medanta Medicity, Dr Naresh Trehan, says that the budget presents that opportunity to actually try to improve the health of our nation.

“See, it is well known that today the health care delivery system that means hospitals, beds available to the public are one half to one-third of what is required for any country that is per thousand population. And there are very clear-cut recommendations by WHO should be the average. So as I said, we are at least half if not less…The budget presents that opportunity to actually try to improve the health of our nation because many days that are lost to illness cost the country huge amounts…"

Union Finance Minister Nirmala Sitharaman will equal the record of former Prime Minister Morarji Desai as she presents her sixth straight budget on February 1. Nirmala Sitharaman has presented five full budgets since July 2019 and is the first full-time woman finance minister of the country. Dig Deeper

As Finance Minister Nirmala Sitharaman is set to announce the interim Budget on February 1, India also awaits the railway budget. The government, in 2016, decided to merge the Railway Budget with the Union Budget when late Arun Jaitley, the then Finance Minister, presented the first combined Budget for the financial year 2017-18. Dig Deeper

The Congress on Wednesday criticised President Droupadi Murmu's address in Parliament, alleging it as a mere endorsement of Prime Minister Narendra Modi and labelling it as a propaganda tool, ANI reported. The party's chief Mallikarjun Kharge said that rather than addressing critical issues facing the nation, the speech by the president only served the purpose of lauding Modi and his administration. Dig deeper.

Aman Gupta, the director of the RPS Group, suggested that the government should take a close look at both supply sides and demand drivers to help the sector grow further and mitigate any potential risk.

“To boost demand, it should think about increasing the tax rebate on home loan interest, reducing the capital gain tax, and further lowering interest rates for the EWS segments,” he said.

Finance Minister Nirmala Sitharaman is set to present the interim budget on February 1, marking her sixth consecutive year in the role. The budget could likely raise the basic exemption limit by at least ₹50,000 under both regimes. An increase in the basic exemption limit will reduce the tax liability for all taxpayers. Take a look at ways in which your personal tax could be impacted through the Interim Budget 2024.

On President Droupadi Murmu's speech, Congress MP Manickam Tagore told ANI: "President of India's address, she read from the Government of India which is under PM Modi. She gave a speech about their achievements. But the real problem is the 80 crore people who are lining up for their everyday food... The price rise is historic..."

The Budget session has begun and the Interim Budget will be announced by Finance Minister Nirmala Sitharaman tomorrow in the Parliament. This is an interim budget before a new government is elected. Nirmala Sitharaman has said that “no spectacular announcements” are coming up on February 1. But whatever she announces, remains a secret as Budget is kept ‘strictly confidential. But why? Years ago, the Budget was leaked. Read more.

In his address before the Parliament Session, PM Modi took a swipe at MPs who were accused of disrupting the parliamentary proceedings as he said, "In the last 10 years, MPs did what suited them in Parliament. But I must say that those who are 'habitual offenders', those who have the habit of doing 'cheerharan' of democracy should introspect at the last session. They can even ask the people of their constituency whether the people remember them for that." Read on.

On the Opposition calling President Murmu's address an election speech, Union Minister Ajay Misra Teni told ANI that they “have no issues left to raise”.

"The Opposition parties have no issues left to raise now after the way the Modi government worked for the development of the country..." he said.

On the mention of Ayodhya's Ram Temple in President Droupadi Murmu's address in Parliament, Congress MP Rajeev Shukla says: "When the mention of Ram Mandir came in her speech, Sonia ji also welcomed it. The construction of Ram temple was Congress' demand."

Budget 2024 LIVE: "As far as I am concerned, this was a complete election speech. The government writes the speech for the President, and it's not her view. Government has written a speech in which they are only talking about their great achievements and praising everything they have done. But if you look objectively, they have left out everything they have failed to do," says Congress MP Shashi Tharoor on President Droupadi Murmu's address.

Budget 2024 LIVE: The PM Modi government is set to announce the Interim budget 2024 on February 1, marking Finance Minister Nirmala Sitharaman's sixth budget. This is an election year, and the budget will only be a vote-on-account as a full-fledged budget will be presented after the Lok Sabha elections in 2024. Click here to know where to watch LIVE of Budget proceedings

"There is a fragrance of 'Ek Bharat Shreshth Bharat' here, and it also carries the consciousness of India's civilisation and culture. This also has the pledge to honour democratic and cultural traditions, and a resolve to build new traditions of new India of 21st century," President Murmu said.

• The Budget session is going to primarily focus on Financial Business related to the Interim Union Budget for the year 2024-25, parliamentary affairs minister Pralhad Joshi outlined the agenda during an all-party meeting on Tuesday.

• The session may also address essential Legislative and other Business matters, as deemed necessary.

• It will include discussions on Supplementary Demands for Grants for the Year 2023-24 concerning the Union Government.

• A notable aspect is the presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25.

• Additionally, there will be discussions and voting on Supplementary Demands for Grants of the Union Territory of Jammu and Kashmir for the financial year 2023-24.

"The year 2023 was a historic year for India, when it grew the fastest among major economies despite global crisis. India grew about 7.5 per cent for two consecutive quarters," President Droupadi Murmu told the Parliament, on behalf of the central government.

Budget 2024 LIVE: President Droupadi Murmu on Wednesday said that the ‘centuries-old aspirations for the construction of Ram Temple in Ayodhya have turned into a reality today.’

The President's remarks came while addressing a joint sitting of Parliament, which marked the commencement of the Budget Session.

"In the last 10 years, India saw the completion of several works towards national interest that had been awaited by the people of the country for decades. There were aspirations for the construction of Ram temple for centuries, today it has become true," she told the Parliament.

The formal inauguration of the grand temple in Uttar Pradesh took place on January 22, led by Prime Minister Narendra Modi, following the Pran Pratishtha ceremony for the Ram Lalla idol.

Budget 2024 LIVE: Vice President Jagdeep Dhankar began presenting the English version of President Droupadi Murmu's speech after she concluded hers. He mentioned that he would read some parts, and the rest would be considered as "read."

Budget 2024 LIVE: President Droupadi Murmu on Wednesday said that the government is actively working towards enhancing the profitability of agriculture while prioritising development centred around the people. She highlighted that ₹2.80 lakh crore has been disbursed to farmers through the Pradhan Mantri Kisan Samman Nidhi Yojana.

"In the past 10 years, there has been a three-fold increase in easy loans for farmers from banks," the President said.

She said that welfare schemes are not mere facilities for citizens but have positively influenced the lives of people.

"The achievements that we see today are the extension of the practices of the last 10 years. We heard the slogan of 'Gareebi Hatao' since our childhood. Today, for the first time in our lives, we see poverty being alleviated on a large scale," she said.

Budget 2024 LIVE: “Be it terrorism or expansionism, our forces giving befitting reply. Meaningful results of my govt's efforts for internal peace are in front of us,” says President Murmu in Parliament.

Budget 2024 LIVE: President Murmu says, "The government is building modern infra on our borders. Our Forces giving befitting reply to terrorism and expansionism. The meaningful results of my government's efforts for internal peace are in front of us. There is an atmosphere of security and safety in Jammu &Kashmir. There has been a huge drop in incidents of naxal violence."

Budget 2024 LIVE: President Droupadi Murmu says, "...My Government has also taken care of those who were far away from development, so far. In the last 10 years, electricity and road connectivity reached for the first time in thousands of tribal villages. Lakhs of tribal families have started getting clean water through pipelines only now. Under a special drive, my government is taking 4G internet connectivity to thousands of tribal-dominated villages...In tribal families, several generations have suffered from sickle cell anaemia. For the first time, a national mission has been started for this. Around 1.40 crore have had checkups under this, so far."