Finance Minister Nirmala Sitharaman's Budget Speech | Interim Budget 2024

M honorable speaker I present the interim budget for 2425 the Indian economy has witnessed profound positive transformation in the last 10 years the people of India are looking ahead to the future with hope and optimism With the blessings of the people when our government under the Visionary and dynamic leadership of honorable prime minister SRI Narendra Modi assumed office in 2014 14 the country was facing enormous challenges with sapka sat sapka vikas as its Mantra the government overcame those challenges in right Earnest structural reforms were undertaken Pro people programs were formulated and implemented promptly conditions were created for more opportunities for employment and Entrepreneurship the economy got a new wigor the fruits of development started reaching the people at scale the country got a new sense of purpose and hope naturally the people blessed the government with a bigger mandate in the second term our government under the leadership of honorable prime minister doubled down on its responsibilities to build a prosperous country with Comprehensive development of all people and all regions our government strengthened its Mantra to sapka sat sapka vikas and sapka vishwas our development philosophy covered all elements of inclusivity namely social inclusivity through coverage of all strata of the society and geographical in inclusivity through development of all regions of the country with the whole of nation approach of sapka prayas the country overcame the challenges of once in a century pandemic took long strides towards atbar bhat committed to punch pran and laid solid foundations for the amital as a result as a result our young country has high aspirations pride in its present and hope and confidence for a bright future we expect that our government based on its stupendous work will be blessed Again by the people with a resounding mandate inclusive development and growth our Humane and inclusive approach to development is a marked and liberate departure from the earlier approach of provisioning up to Village level development programs were thus provisioned in the last 10 years however have targeted each and every household and individual through housing for all harar jel electricity for all cooking gas for all bank accounts and financial services for all in record time the worries of about food the worries about food have been eliminated through free ration for 80 CR people minimum support minimum support prices for the produce of annadata are periodically increased appropriately these and the Bas and the provision of basic necessities have enhanced real income in the rural areas their economic needs could be addressed thus spurring growth and generating jobs social justice our government is working with an approach to development that is allround all pervasive and all inclusive sangin sari or sesi it covers all casts and people at all levels we are working to make India a viasit bat by 2047 for achieving that goal we need to improve people's capability and Empower them previously social justice was mostly a political slogan for our government social justice is an effective and necessary governance model the saturation the saturation approach of covering all eligible people is the true and comprehensive achievement of social justice this is secularism in action reduces corruption and prevents nepotism prevents by baaad there is transparency and assurance that benefits are delivered to all eligible people the resources are distributed fairly all regardless of their social standing get access to Opportunities we are addressing systemic inequalities that had plagued our society we focus on outcomes and not on outlays so that the social economic transformation is achieved as our prime minister firmly believes we need to focus on four major casts they are garib mahil yua and anad their needs their aspirations and their welfare are our highest priority the country progresses when they progress all four require and receive government support in their quest to better their lives their empowerment and well-being will drive the country forward garib Kalan desan we believe in empowering the poor the earlier approach of tackling poverty through entitlements had resulted in very modest outcomes when the poor became empowered Partners in the development process government's power to assist them also increases manifold with the pursuit of sasat in these 10 years the government has assisted 25 CR people to get freedom from multi-dimensional poverty our government's efforts are now getting synergized with energy and passion of such empowered people this is truly elevating them from poverty direct benefit transfer of 34 lakh CR rupees from the government using PM jundan accounts has led to Savings of 2.7 lakh crores of rupees for the government this savings has been realized through avoidance of leakages prevalent earlier the savings have helped in providing more more funds for garib Kalan PM swan has provided credit assistance to 78 lakh Street vendors from that total from that total of 78 lakh Street venders 2.3 lakh have received credit for the third time PM janman yoga reaches out to the particularly vulnerable tribal groups who have remained outside the realm of development so far PM vishwakarma YJ provides endtoend support to Artisans and Crafts People engaged in 18 trades the schemes for empowerment of divyang and transgender persons reflect firm resolve of our government to leave no one behind welfare of anad farmers are our anad every year under PM kissan saman y direct financial assistance is provided to 11.8 CR Farmers including marginal and small farmers crop insurance is given to 4 CR Farmers under PM fil Bea y these besides several other Pro programs are assisting andata in producing food for the country and for the world electronic National agricultural Market has integrated 1,361 mundies and is providing services to 1.8 CR Farmers with trading volume of 3 lakh crores of rupees the sector is poised for inclusive balanced higher growth and productivity these are facilitated from pharmac Centric policies Income Support coverage of risks through price and insurance support promotion of Technologies and Innovations through startups empowering the am PD the yua our prosperity depends on adequately equipping and empowering the youth the National Education policy 2020 is ushering the transformational reforms PM schools for Rising India PM stre are delivering quality teaching and nurturing holistic and well-rounded individuals the skill India Mission has trained 1.4 CR Youth upskilled and reskilled 54 lakh Youth and established 3,000 new I a large number of institutions of Higher Learning namely 7 iits 16 TripIt 7 IM am 15 AES and 390 universities have been set up PM mudra yoga has sanctioned 43 cr loans aggregating to 22.5 5 lakh crores of rupees for entrepreneurial aspirations of our youth besides that fund of funds startup India and startup credit guarantee schemes are assisting our youth they are also becoming rosar dat the country is proud of our youth scaling New Heights in sports the highest ever medal tally in Asian Games and Asian para games in 2023 reflects a high confidence level chess Pro Prodigy and our number one ranked player prananda put up a stiff fight against the reigning world champion Magnus Carlson in 2023 today India has over 80 chess Grand Masters compared to little over 20 in 2010 momentum for nari shaki the empowerment of women through entrepreneurship ease of living and dignity for them has gained momentum in these 10 years 30 CR mudra yoga loans have been given to women entreis female enrollment in higher education has gone up by 28% in 10 years in stem courses girls and women constitute 43% of enrollment one of the highest in the world all these measures are getting reflected in the increasing participation of women in Workforce Making triple talak illegal reservation of 1/3 seats for women in the Lo saaba and state assemblies and giving over 70% houses under PM AAS yoga in rural areas to women and giving over 70% houses under PM AAS yena in rural areas to women as Soul or joint owners have have enhanced their dignity exemplary track record of governance development and performance besides delivering on high growth in terms of gross domestic product the government is equally focused on a more comprehensive GDP that is governance development and performance our government has provided transparent accountable people Centric and prompt trust based Administration with Citizen First and minimum government maximum governance approach the impact of allround development is discernable in all sectors there is macroeconomic stability including in the external sector Investments are robust the economy is doing well people are living better and earning better with greater even greater aspirations for future average real income of the people has increased by 50% inflation is moderate people are getting empowered equipped and enabled to pursue their aspirations there is effective And Timely delivery of programs and of large projects economic management the multipronged economic management over the past 10 years as complemented people Centric inclusive development following are some of the major elements one all forms of infrastructure physical digital or social are being built in record time all number two all parts of the country are becoming active participants in economic growth number three digital public infrastructure a new factor of production as if in the 21st century is instrumental in formalization of the economy number four goods and services tax has enabled One Nation One Market one tax tax reforms have led to deepening and and widening of tax base number five strengthening of the financial sector has helped in making Savings Credit and Investments more efficient number six gift ifsc and the unified regulatory Authority ifca are creating a robust Gateway for Global capital and financial services for the economy number seven proactive inflation management has helped keep inflation within the policy band now the global context honorable speaker sir geopolitically Global Affairs are becoming more complex and challenging with Wars and conflicts globalization is being redefined with ruring and fren Shoring disruption and fragmentation of Supply chains and competition for for critical minerals and Technologies a new world order is emerging after the covid pandemic India assumed the G20 presidency during very difficult times for the world the global economy was going through high inflation High interest rates low growth very high public debt low trade growth and climate changes the pandemic has led to a crisis of food fertilizer Fuel and finances for the world while India successfully navigated its way the country showed the way forward and built consensus on solutions for those global problems the recently announced India middle east Europe economic Corridor is a a strategic and economic game changer for India and others in the words of honorable prime minister the corridor and I quote will become the basis of World Trade for hundreds of years to come and history will remember that this Corridor was initiated on Indian soil unquote wish wish for viasit bat our V vision for viasit bat is that of prosperous bat in harmony with nature with modern infrastructure and providing opportunities for all citizens and all regions to reach their potential with confidence arising from strong and exemplary track record of performance and progress earning sapka vishwas the next 5 years will be years of unprecedented development and golden moments to realize the dream of developed India by 2047 the Trinity of demography democracy and diversity backed by sapka prayas has the potential to fulfill aspirations of every Indian as honorable Prime minister in his Independence Day address to the nation mentioned I quote there is no dir of opportunities as many opportunities as we want the country is capable of creating more opportunities sky is the limit unquote strategy for amital our government will adopt economic policies that Foster and sustain growth facilitate incl inclusive and sustainable development improve productivity create opportunities for all help them enhance their capabilities and contribute to generation of resources to power Investments and fulfill aspirations Guided by the principle reform perform and transform the government will take up next Generation reforms and build consensus with the states and stakeholders for Effective implementation it is an important policy priority for our government to ensure timely and adequate finances relevant Technologies and appropriate training for the micro small and medium Enterprises msmes to grow and also compete globally orienting the regulatory environment to facilitate the growth will be an important important element of this policy mix aligning with the panchamrit goals our government will facilitate sustaining high and more resource efficient economic growth this will work towards energy Security in terms of availability accessibility and affordability for meeting the investment needs our government will prepare the financial sector in terms of size capacity skills and Regulatory framework aspirational districts program our government stands ready to assist the states in Faster development of aspirational districts and blocks including generation of ample economic opportunities development of the East our government will pay atmost attention to make the Eastern region and its people a powerful driver of India's growth PM AAS y gramin despite the challenges due to covid implementation of PM AAS yena gramin continued and we are close to achieving the target of 3 CR houses 2 CR more houses with will be taken up in the next 5 years to meet the requirement arising from increase in the number of families rooftop solarization and mu B through rooftop solarization 1 CR households will be enabled to obtain up to 300 units free electricity every month this scheme follows the resolve of honorable prime minister on the historic day of consecration of Sri Ram Mander in aoda following benefits are expected savings up to 15 to 18,000 rupees annually for households from free solar electricity and selling the Surplus to the distribution companies charging of electric vehicles entrepreneurship opportunities for a large number of vendors for supply and installation employment opportunities for the Youth with technical skills in manufacturing installation and maintenance housing for middle class our government will launch a scheme to help deserving sections of the the middle class and I quote from honorable prime minister's words living in rented houses or slums or Charles and unauthorized colonies unquote to buy and build to buy or build their own houses medical colleges several youth are ambitious to get qualified as doctors they they aim to serve our people through improved Health Care Services our government plans to set up more medical colleges by utilizing the existing Hospital infrastructure under various departments a committee for this purpose will be set up to examine the issues and make relevant recommendations cervical cancer vaccination our government will encourage vaccination for girls in the age group of 9 to 14 years for pre prevention of cervical cancer maternal and Child Health Care various schemes for maternal and child care will be brought under one comprehensive program for Synergy in implementation upgradation of anganwadi centers under sakam anganwadi and Portion 2.0 will be expedited expedited for improved nutrition delivery Early Childhood care and development the newly designed U Win platform for managing IM immunization and intensified efforts of mission IND Indra danush will be rolled out expeditiously throughout the country aayushman bat Healthcare cover and aayushman bat scheme will be extended to all Asha workers to all angan body workers and helpers Agriculture and food processing the efforts of value addition in agriculture sector and boosting Farmers incomes will be stepped up pradhanmantri kissan Sada yena has benefited 38 lakh farmers and generated 10 lakh employment pradan monry pradan monry formalization of micro food processing Enterprises yena has assisted 2.4 lakh SGS and 60,000 individuals with credit linkages other schemes are complimenting the efforts for reducing post Harvest losses and improving productivity and incomes for ensuring faster growth of the the sector our government will further promote private and public investment in post Harvest activities including aggregation modern storage efficient Supply chains primary and secondary processing and marketing and branding Nano daap after the successful adoption of Nano UA application of Nano dap on various crops will be expanded in all agroclimatic zones urbar oil seeds Aban building on the initiative announced in 2022 a strategy will be formulated to achieve atbara for oil seeds such as mustard ground nut Sesame soy bean and sunflower this will cover search for high yielding varieties widespread adoption of modern farming techniques Market linkages procurement value addition and crop insurance da development a comprehensive program for supporting Dairy Farmers will be formulated efforts are already on to control foot and mouth disease India is the world's largest milk producer with India is the world's largest milk producer but with low productivity of milch animals the program will be built on the success of existing schemes such as rria Gokul Mission National livestock Mission and infrastructure development funds for dairy processing and animal husbandry matsa Sada it was a government which set up a separate department for Fisheries realizing this will help in generating employment also promoting Investments the FDI inflow during 2014 to 23 was 596 billion US marking a golden era that is twice the influence FL during 2005 to4 for encouraging sustained foreign investment we are negotiating bilateral investment treaties with our foreign Partners in the spirit of first develop India FDI is first developed India reforms in the states for viasit Barat many growth and development enabling reforms are needed in the states for realizing the vision of viasit bat a provision of 75,000 CR rupees as 50-year interest free loan is proposed this year to support those Milestone linked reforms by the state governments societal changes the government will form a high powerered committee for an extensive consideration of the challenges arising from Fast population growth and demographic changes the committee will be mandated to make recommendations for addressing these challenges comprehensively in relation to the goal of viasit bat amital as kavya our government stands committed to strengthening and expanding the economy with high growth and to create conditions for people people to realize their aspirations honorable prime minister in his Independence Day addressed to the nation in the 75th year of our Republic said and I quote we commit ourselves to National development with new Inspirations new Consciousness new resolutions as the country opens up immense possibilities and opportunities it is our cavia car unquote every challenge of the pre 20104 era was overcome through our economic management and our re governance these have placed the country on a Resolute path of sustained high growth this has been possible through right policies true intentions and appropriate decisions in the full budget in July honorable speaker our government will present a detailed road map for a pursuit of viasit bat revised its estimates revised estimates of 2023 24 the revised estimate of the total receipts other than borrowings is 27.56 lakh crores of rupees of which the tax receipts are 23.24% estimate of the fiscal deficit is 5.8% of GDP improving on the budget estimate not withstanding moderation in the nominal growth estimates budget estimates for 2024 25 coming to the year 20242 the total receipts other than borrowings and total expenditure are estimated at 30.8 uh and 47 .66 lakh CR rupees respectively the tax receipts are estimated at 26.2 lakh CR rupees the scheme of 50-year Interest free loan for capital expenditure to States will be continued this year with an outlay of 1.3 lakh CR rupees we continue on the path of fiscal consolidation as announced in my budget speech of 20222 to reduce fiscal deficit below 4.5% by 2526 the fiscal deficit in 20242 is estimated to be 5.1% of GDP adhering to that path so the gross net the gross and net Market borrowings through dated Securities during 24 25 are estimated at 14.13 uh lakh CR rupees and 11.75 lakh CR respectively both will be less than that in 2324 now that the private Investments are happening at scale the lower borrowings by the central government will facilitate larger availability of credit for the private sector vote on account I'll be seeking vote on account approval of the parliament through the appropriation bill for a part of the financial year 20242 I will now move to Part B honorable speaker sir over the last 10 years the direct tax collections have more than trebled and the return filers swelled 2.4 times I would like to assure the taxpayers that their contributions have been used wisely for the development of the country and Welfare of its people I appreciate the taxpayers for their continued support the government has reduced and rationalized tax rates under the new tax scheme there is now no tax liability for taxpayers with income up to 7 lakh rupees up from 2.2 lakh rupees in the financial year 201314 the threshold for presumptive taxation for retail businesses was increased from 2 crores to 3 crores similarly the threshold for professionals eligible for presumptive taxation was increased from 50 lakh rupees to 75 lakh rupees also corporate tax rate was decreased from 30% to 22% for existing domestic companies and to 15% for certain new manufacturing companies honorable speaker sir in The Last 5 Years our Focus has been to improve taxpayers Services the age-old jurisdiction based assessment system was transformed with the introduction of faceless assessment and appeal thereby imparting greater efficiency transparency and accountability introduction of updated income tax returns a new form 26 as and prefilling of tax returns have made filing of tax returns simpler and easier average processing time of returns has been reduced from 93 days in the year 20134 to a mere 10 days this year thereby making refunds faster indirect taxation by unifying the highly fragmented indirect tax regime in India the GST has reduced the compliance burden on trade and Industry the industry has acknowledged the benefits of GST according to a recent survey conducted by a leading consulting firm firm 94% of Industry leaders view the transition to GST as largely positive according to 80% of the respondents it has led to supply chain optimization as elimination of tax Arbitrage and octro has resulted in disbanding of check posts at the state and city boundaries at the same time tax base of GST more than doubled and the average monthly gross GST collection has almost doubled to 1.66 lak cres this year states too have benefited States sgst Revenue including compensation released to states in the post GST period of 20178 to 2022 23 has achieved a buoyancy of 1.2 2 in contrast the tax buoyancy of State revenues from subsumed taxes in the preg GST 4-year period of 20123 to 201516 was a mere 0.72 the biggest beneficiaries are consumer consumers as reduction in logistic cost and taxes have brought down prices of most goods and services we have taken a number of steps in customs to facilitate international trade as a result the import release time declined by 47% to 71 hours at Inland container deposes by 28% to 44 hours at Air Cargo complexes and by 27% to 85 hours at Sea ports over the last 4 years since since 2019 when the national time release studies were first tacted tax proposals as for tax proposals in keeping with the convention I do not propose to make any changes relating to Taxation and propose to retain the same tax rates for direct and indirect taxes including import duties however certain tax benefits to startups and Investments made by Sovereign wealth or Pension funds as also tax exemption on certain income of some ifsc units are expiring on 313 2024 to provide continuity in taxation I propose to extend the date to 313 2025 moreover in line with a government's Vision to improve ease of living and ease of doing business I wish to make an announcement to improve taxpayers Services there are large number of petty non-verified non reconciled or disputed tax Direct Tax demands disputed Direct Tax demands many of them dating as far back as 1962 which continue to remain on the books causing anxiety to honest taxpayers and hindering refunds of subsequent years honorable speaker sir I propose to withdraw such outstanding Direct Tax demands up to 25,000 rupees pertaining to the period up to financial year 20091 and up to 10,000 rupees for financial year 20101 to 201415 this is expected to benefit about a CR tax prayers one CR taxpayers would benefit out of this economy then and now in 2014 when our government assumed the rigns the responsibility to mend the economy step by step and to put the governance systems in order was enormous the need for the need of the hour was to give hope to the people to attract Investments and to build support for the much needed reforms the government did that successfully following a strong belief of nation first the crisis of those years has been overcome and the economy has been put firmly on a high sustainable growth path with all round development it is now appropriate to look at where we were then I repeat it is now appropriate to look at where we were then till 2014 and where we are now only for the purpose of drawing lessons from the mismanagement of those years the government will lay a white paper on table of the house the exemplary track record of governance development and performance effective delivery and gen Kalan has given the government trust confidence and blessings of the people to realize whatever it takes the goal of viasit bat with good intentions true dedication and hard work in in the coming years and decades with this honorable speaker I commend the interim budget to this August House Jay Hind

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Id: N1696FiJo_U

Length: 45min 14sec (2714 seconds)

Published: Thu Feb 01 2024