Budget 2024 Highlights: Defence Ministry gets Budget boost, govt spending on DRDO sees upward revision too

The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.

Budget 2024 LIVE: Bharatiya Mazdoor Sangh welcomes Modi’s election Budget

Bharatiya Mazdoor Sangh welcomes the Union Interim Budget, saying, "The Bharatiya Mazdoor Sangh welcomes the provisions regarding the ASHA workers and the Anganwadi workers... The announcements were made keeping the long-term development of the country in mind..."

Budget 2024 LIVE: BJP leader Prakash Javdekar on Interim Budget 2024

“In 2014, our economy was considered a part of the fragile five, which should have caused concern. However, now it is among the top 5 economies and has become one of the world's fastest-growing economies. Today's budget showed the roadmap to a ‘Viksit Bharat’.”

Budget 2024 LIVE: Ministry of Defence gets Budget boost, govt spending on DRDO sees upward revision too

Ministry of Defence has received a robust budget of Rs 6,500 crore for Border Roads Organisation in the financial year 2024-25, marking a 30% increase from the previous fiscal year, the Defence Ministry said.

DRDO's Budget sees a boost to Rs 23,855 crore in the financial year 2024-25, with a focus on capital expenditure and support for start-ups, the ministry added.

The Indian Coast Guard’s budgetary allocation increased this year by 6.31 percent to Rs 7,651 crore. Rs 3,500 crore has been provided for capital expenditure for modernisation.

Budget 2024 LIVE: Bengal Minister Shashi Panja lists out what’s missing from Union Budget

West Bengal Minister Shashi Panja says, “Everyone was expecting that the Government will give a report on the works completed... People had expectations that the income tax slab would be relaxed... No plans were announced regarding the increasing unemployment...”

Budget 2024 LIVE: Realtors expect housing demand to rise as Budget proposes to help middle-class buy, build homes

Realtors hailed the Budget proposal of launching a scheme to help middle-class people buy or build their own homes, saying this will boost demand for residential properties and help in the overall growth of the real estate sector.

In the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorised colonies' to buy or build their own houses.

She also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen).

Budget 2024 LIVE: Sounded like Modi govt’s final budget, says Congress MP Shashi Tharoor

“Picture abhi baki hai,” senior Congress leader Shashi Tharoor asserted on February 1, as he rejected the BJP's claims that the 2024 poll results are a foregone conclusion, and said the interim Union budget sounded like the Modi government's final.

Criticising Finance Minister Nirmala Sitharaman for describing GDP as governance, development, and performance, Tharoor said that under this dispensation 'G' stands for for governmental intrusion and tax terrorism, 'D' for demographic betrayal and 'P' for poverty and rising inequality. Terming the interim Union budget "disappointing", Tharoor said the omissions were startling with unemployment completely escaping the finance minister's speech.

The government gets a "failing grade" on the count of improving the lives of the common person, he added.

Budget 2024 LIVE: Budget maintained consistent focus on infra spending, says PwC India’s Mohammad Athar

“The Budget has maintained a consistent focus on infrastructure spending as the key driver for enabling India’s competitiveness as a destination for new investments. This budget has a very strong focus on transportation infrastructure. I look forward to the projects getting implemented soon,” says Mohammad Athar, Partner and Leader, Industrial Infrastructure, PwC India.

Budget 2024 LIVE: Finance Secretary TV Somanathan on how Budget will benefit middle class

Finance Secretary TV Somanathan says, "...To control inflation is a big thing for the middle class and inflation will be controlled with the prudent policies of the government..."

He adds, “A new scheme of housing for the middle class is also being introduced. Solar rooftop scheme -- the middle class is the target for this as well.”

The interim Budget also mentions the investment the government will be making in IITs, IISCs, medical colleges & AIIMS. Training, skilling and opportunity will also increase through this, he further says.

Budget 2024 LIVE: Tech Mahindra CIO applauds inclusive growth and next-gen reforms

Atul Soneja, COO of Tech Mahindra, sees Interim Budget 2024 as embodying the "Amrit Kaal" path to inclusive growth, sustainable development, and next-generation reforms.

- Views it as a significant step toward encouraging investments and job creation.

- Notes the government's focus on four essential pillars of growth: Garib (Poor), Mahilayen (Women), Yuva (Youth), and Annadata (Farmer).

- Highlights initiatives like the announcement of a corpus of Rs 1 lakh crore with 50-year interest-free loans for the private sector to scale up research in sunrise domains.

- Believes these measures will help India consolidate its position globally as a Tech Powerhouse driven by a skilled tech workforce and innovation.

Budget 2024 LIVE: Akasa Air CEO praises Interim Budget as a reflection of a new India

- Vinay Dube, CEO of Akasa Air, acknowledges government efforts to strengthen the aviation industry, including doubling the number of airports.

- Dube appreciates the focus on inclusive and sustained growth in the budget.

- He believes the measures will catalyze India's progress and contribute to its position as a global economic powerhouse.

- Dube expresses enthusiasm as India's fastest-growing airline with an orderbook of over 200 aircraft.

- Akasa Air CEO appreciates government's commitment to enhancing air transport infrastructure and making air travel accessible to more Indians.

Budget 2024 LIVE: DBS Bank India applauds Interim Budget 2024 as foundation for 'Viksit Bharat' vision

- Divyesh Dalal, MD and Head - Global Transaction Services, SME, and Institutional Liabilities, DBS Bank India, sees the Budget as establishing a robust foundation for "Viksit Bharat", aligning with the government's vision to develop India into a developed nation by 2047.

- Dalal recognises the government's commitment to green growth, welcomes Bio-Manufacturing Scheme. It says this resonates with DBS Bank India's focus on financing sustainable projects and aiding businesses in transitioning to low-carbon operations.

- Dalal appreciates the budget's focus on training for Micro, Small, and Medium Enterprises (MSMEs), foreseeing it as a means to equip them with skills fostering innovation and adaptability. This is expected to enhance the competitiveness of MSMEs on the global stage.

- The increase in the presumptive taxation threshold from Rs 2 crore to Rs 3 crore is noted as a substantial relief for small retail businesses. This measure is anticipated to alleviate financial burdens on these enterprises.

Budget 2024 LIVE: Commend govt’s steadfast commitment to fiscal consolidation, says Rajiv Sabharwal, MD & CEO Tata Capital

The 2024 Budget’s focus towards four major pillars – youth, poor, women, and farmers will collectively work towards the vision of a ‘Developed India by 2047’.

-- I commend the government's steadfast commitment to fiscal consolidation, aiming for a 4.5% fiscal deficit in 2025-26. Recognizing the significant transformation in the Indian economy over the past decade and highlighting structural reforms underscores a positive trajectory for economic resilience.

-- The decision to maintain current tax rates for direct and indirect taxes, including import duties, will provide a much-needed sense of stability for businesses and investors.

Budget 2024 LIVE: Anish Srikrishna, CEO of Timespro, on Budget for EdTech sector

“The government has laid the groundwork to usher in next-generation reforms, steering the growth of India by providing a significant boost to infrastructure development and bridging the accessibility gap to fulfil the aspirations of its citizens. The commitment to education and skill development through successful initiatives like Skill India has offered training, skilling, and reskilling to millions, enabling them to acquire cutting-edge skills and secure employment opportunities. This will undoubtedly contribute to our collective economic resilience and competitiveness on the global stage.”

“The government's emphasis on technology, including the provision of 50-year interest-free loans, underscores its dedication to investing in Deep Tech, requiring substantial investment and highly skilled human capital. Although the EdTech sector anticipated some tax incentives that could have benefited our learners, we remain highly optimistic about the upcoming full budget, expected to announce next-generation reforms, will address these concerns.”

Budget 2024 LIVE: Modinonics 3.0 about Viksit Bharat, see this framework coming through in Budget, says Jayant Sinha

BJP MP Janaynt Sinha told Moneycontrol, “Modinonics 3.0 is all about Viksit Bharat, India as a superpower. and a global leader. We see this framework coming through very strongly in this budget. Three aspects of this Budget that demonstrate this are:

Macroeconomic stability provided over the last 10 years that given people the confidence to invest

Focus on capital expenditure and infrastructure

Take the four important sections of society (poor, youth, women, and farmers) and provide them with all the tools and facilities necessary for their empowerment and growth.

The fourth part is around research and innovation. Research enables us to grow faster

Further, the focus on young people is entirely a focus on jobs. All of the efforts underway in terms of education, training and skilling are all there to enhance job creation. Data indicates unemployment coming down; job creation is our top priority.

Budget 2024 LIVE: Ajit Banerjee, Chief Investment Officer, Shriram Life Insurance on Interim Budget

“The interim Budget may be categorised as a financially prudent budget targeted to achieve fiscal consolidation in the long term. It stays away from presenting a populist budget despite the upcoming general elections and this exhibits the confidence levels of the present central government.”

“The Government’s focus on developing the power sector through a host of renewable energy initiatives, upgrading railway infrastructure to support the Gati Shakti programme, and boosting the affordable housing sector would certainly act as a catalyst in achieving the dream of the Prime Minister for leading the country into ‘Vikshit Bharat’ by 2047. The Government also emphasises developing women empowerment further and making them more financially empowered.

“The Government’s gross borrowing number at Rs 14.13 lakh crore also highlights that it expects the private sector now to take the lead in initiating the capex programme as a stable macro environment in the country. To conclude, it’s a prudent budget aimed at bringing fiscal stability in the country.”

Budget 2024 LIVE: Abhimanyu Munjal, Joint MD & CEO of Hero FinCorp on Interim Budget

“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.”

Budget 2024 LIVE: DIPAM Secretary Tuhin Kanta Pandey on capex, disinvestments, and more

-- Rs 18-19 lakh crore capex for FY25 is substantial when public and private capex is combined

-- Rs 25 lakh crore is the market cap increase in PSUs in 1 year

-- Strategic disinvestment transactions like IDBI taking time due to proper testing by regulator

Budget 2024 LIVE: Govt to soon explain contours of Rs 1 lakh crore corpus fund

The 1 lakh crore corpus fund for developing new technologies will change the country. India is now a talent nation, the corpus fund will make India a product nation, says Ashwini Vaishnav. In the coming days we will come up with the contours of how the Rs 1 lakh crore corpus fund will work, he adds.

He further says, “The next spectrum will be a limited auction. Every financial year we are trying to have an auction.”

Budget 2024 LIVE: India to get 10 Vande Bharat sleeper trains by March 2024, says Ashwini Vaishnav

Railway Minister Ashwini Vaishnav has said that India will get 10 Vande Bharat sleeper trains by March 2024.

He added, the “kavach” (automatic train protection system) has installed across 847 km of India Railways and 170 locomotives.

Budget 2024 LIVE: Three corridors announced today different from dedicated freight corridors, Railway minister clarifies

The three corridors that were announced today are not the same as the earlier plans of creating more dedicated freight corridors, Railway Minister Ashwini Vaishnav clarified

The Railway Minister said the estimated cost of upgrading 40,000 coaches is around Rs 15,200 crore will take 5 years

“There are 434 projects worth an initial estimate of Rs 11,000 crore to create the new three railway corridors. Some projects as part of the three new railway corridors will be sent to Cabinet next year,” Vaishnav added.

Budget 2024 LIVE: CEA Nageswaran reacts to Interim Budget 2024

The numbers in the Budget are realistic. The rate of capex increase is going down, not the capex. Also seeing good growth in private sector capex, says Chief Economic Advisor V Anantha Nageswaran.

Budget 2024 LIVE: Indian Railway to soon carry 1000 crore passengers annually, says Ashwini Vaishnav

Indian Railway carries 700 crore annual passengers at the moment. The Indian Railways aims to carry 1000 crore annual passengers soon, says Railway Minister Ashwini Vaishnav

The operating Ratio for 2023-24 stands at 98.7 percent and the target for next year is also 98 percent, he adds

The Railway Minister says, “The Indian Railways revenue has increased significantly in the last two years.”

He further says, “As part of the 40,000 wagon upgrades Indian Railways plans to upgrade seats, and toilets.”

Budget 2024 LIVE: To ensure sustainable growth capital expenditure is important, says FM

“In the last 3-4 years, public expenditure on infrastructure as asset creation was the path we took. This was to ensure we recover fast from the impact of the pandemic. In the next 3-5 years we want to ensure sustainable growth for which capital expenditure is important,” says Finance Minister Nirmala Sitharaman

Budget 2024 LIVE: No populism, confident of our track record, says FM Sitharaman

“Did not want any populism in vote on account. We knew our track record will explain it,” said Finance Minister Nirmala Sitharaman while discussing her 2024 interim Budget in an interview to DD news.

Diving deeper into the details, the Finance Minister said, “Prudence is not only just in cutting expenditure, which we have not done in large cases, but in improving revenues and avoiding wastage. Tax payers money has been treated with the respect it deserves.”

Speaking on women empowerment, she said, “Not only the women reservation bill, but from 2014, steps have been taken to empower women. We are prioritising women in every sector.”

Budget 2024 LIVE: 100% electrification of Indian Railways soon, says Ashwini Vaishnav

Have spent 85% of allocated capital expenditure so far till January 2024, says Railway Minister Ashwini Vaishnav, and adds, 100% electrification of Indian Railways will be completed soon.

Budget 2024 LIVE: 40,000 km of new tracks will be laid to create new rail corridors, says Ashwini Vaishnav

Railway Minister Ashwini Vaishnav says, In this budget the government has focused on creating three separate railway corridors.

"40,000 km of new tracks will be laid to create these new corridors in the next 6-8 years," he adds.

The Railway Minister also said, Once the three new railway corridors are completed there will be enough capacity to get rid of waiting lists while booking tickets

Budget 2024 LIVE: Success of Vande Bharat and Amrit Bharat trains has prompted the FM's announcement, says Vaishnaw

Railway Minister Ashwini Vaishnaw: The success of Vande Bharat and Amrit Bharat trains has prompted the FM's announcement to upgrade train coaches

Budget 2024 LIVE: Seeing a new kind of buoyancy in growth coming of various sectors, says FM

Seeing a new kind of buoyancy in growth coming of various sectors, find every sector is revving to move fast. The pattern with which growth is happening is that every sector is trying to contribute to growth, said FM to DD News.

Seeing newer areas of activities opening up and are suddenly now contributing to growth, for eg: the space sector. The strtups in this sector are acting as a growth multipier, she added.

Budget 2024 LIVE: We welcome the interim budget's focus on skilling, deeptech, R&D, innovation, and digital infrastructure, says LTIMindtree CEO
"We welcome the interim budget's focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry's growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. As we strive towards achieving the goal of "Viksit Bharat" by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India's future,” says Debashis Chatterjee, MD & CEO, LTIMindtree.

Budget 2024 LIVE: White Paper reviewing economic performance of last 10 years versus the previous 10 years will likely be issued next week

White Paper reviewing economic performance of last 10 years versus the previous 10 years will likely be issued next week and tabled in Parliament: Govt source

Budget 2024 LIVE: FM spoke about GDP but didn't address per capita income, says P Chidambaram

"The Finance Minister spoke about GDP but didn't address per capita income. She barely referred to inflation, and she failed to mention that food inflation is currently at 7.7 per cent," says Congress leader P Chidambaram.

Budget 2024 LIVE: Excellent budget that gives momentum to India's growth story, says Vedanta Chairman Anil Agarwal

An excellent Budget that will give even more momentum to India’s impressive growth story. Higher levels of government capital expenditure accompanied by fiscal consolidation is the perfect recipe for driving up private investment. The three new economic railway corridors will be a gamechanger in logistics for industry. The FM’s focus on youth and women - the two demographics that will drive India’s transformation – is heartening : Anil Agarwal, Chairman, Vedanta Group.

Budget 2024 LIVE: ITC's Sanjiv Puri lauds FM's budget, says marching towards Vikshit Bharat

“I would like to laud the Finance Minister for presenting a Budget that demonstrates India’s confidence as an economy of substance and immense promise, marching towards a Viksit Bharat on the pillars of exemplary governance, continuity of far-sighted reforms, consistency of vision and strategy and an unprecedented thrust on infrastructure development, sustainable and inclusive growth as well as technological excellence," said Sanjiv Puri, MD, ITC.

Budget 2024 LIVE: Key Takeaways - Banking

Budget 2024 LIVE: Budget in line with the hopes and aspirations of 140 crore Indians, says UP CM Yogi Adityanath

On the interim budget, Uttar Pradesh Chief Minister Yogi Adityanath says, "The interim budget presented in the Lok Sabha under the guidance of PM Modi is going to give impetus to the building of a developed and self-reliant India. In line with the hopes and aspirations of 140 crore Indians. I congratulate Union Finance Minister Nirmala Sitharaman for presenting the budget. The budget will prove to be important in fulfilling the dreams of all sections of the society."

Budget 2024 LIVE: Govt's commitment to GIFT IFSC's comprehensive development is commendable, says Tapan Ray

"The Union Government's commitment to GIFT IFSC's comprehensive development is commendable, evident in Finance Minister Smt. Nirmala Sitharaman's interim budget. Recognizing the crucial role of GIFT City as a global financial gateway, the decision to extend tax exemptions on specific IFSC unit income, reflects a forward-looking approach. GIFT IFSC welcomes this move, crucial for sustaining ease of doing business and ensuring stability in taxation. This decision aligns with our shared vision for fostering a thriving IFSC ecosystem, contributing to India's economic prowess. We appreciate the government's continued support, emphasizing GIFT IFSC's pivotal role in the global financial landscape," said Tapan Ray, MD and Group CEO, GIFT City.

Budget 2024 LIVE: Capex from government will continue, says FM

Capex from government will continue, it is important to continue it. We have given a good number on capex in this Budget as well: FM Sitharaman

Budget 2024 LIVE: MGNREGA allocation based on demand coming from ground, says FM
Finance Minister Nirmala Sitharaman: MGNREGA allocation is not based on a trend. It is based on demand from the ground. As for how MGNREGA is operating in some states, the CAG has already commented on that and highlighted where course correction has to happen in some states.

CAG has commented on MGNREGA claims which need to be verified, needs course correction, she added.

Budget 2024 LIVE: The fiscal deficit numbers are achievable, says Finance secy Somanathan
The confidence that we will lower our market borrowing in 2024-25 comes from the Budget numbers. If they are realistic, then it gives us confidence. The expenditure numbers are realistic, so the deficit number is achievable. So these are very realistic borrowing numbers, said Finance Secretary TV Somanathan.

Finance secy: Lower gross borrowing numbers are very realistic despite decline in small savings shown next fiscal.

Budget 2024 LIVE: GDP growth assumption of 10.5 percent for FY25 is a reasonable number, says Ajay Seth
Economic Affairs Secretary Ajay Seth said nominal GDP growth assumption of 10.5 percent for 2024-25 is a reasonable number.

Budget 2024 LIVE: Budget firmly conveys the government's commitment to its fiscal consolidation goals
The interim budget for 2024-25 firmly conveys the government's commitment to its fiscal consolidation goals, set against a backdrop of healthy economic growth. Although political considerations likely influenced the lack of significant tax measures, the government demonstrated fiscal restraint in not resorting to large handouts or increasing discretionary spending ahead of this year's elections. Consequently, the government anticipates that reduced spending as a percentage of GDP will largely drive the reduction in the fiscal deficit, despite ongoing increases in planned infrastructure spending. Given the challenging global environment and the potential for climate-related shocks, emerging spending needs not currently included in the budget could restrict the government's ability to meet its deficit target. Furthermore, the envisaged fiscal consolidation will not alleviate pressures on debt affordability amidst high current interest rates, as the budget projects debt servicing costs to account for an increasingly large portion of revenue. We expect the final budget, to be released after the elections, to provide more definitive indications of India's fiscal consolidation trajectory over the medium term, said Christian de Guzman, Senior Vice President, Moody’s Investors Service.

Budget 2024 LIVE: Manufacturing only criterion for PLI scheme; not geography, says FM
PLI projects are not concentrated in three states because we want them to be concentrated in three states. There is no criteria of geography for PLI scheme. The criteria are manufacturing and how many additional units are produced, says Finance Minister Nirmala Sitharaman.

Budget 2024 LIVE: Disturbances in Red Sea, but IMEC project to be taken forward, says FM

There are disturbances in the Red Sea, Sitharaman agreed in response to a query, but added that the India, Middle East, European Corridor project will be taken forward. The project was announced last September, during the G20 Summit in New Delhi.

Budget 2024 LIVE: Demographics committee to examine opportunities, challenges, says Economic Affairs Secretary

Committee on demographics will have a mandate to examine the opportunities, challenges, the current numbers, and how they are changing over a period of time, Economic Affairs Secretary Ajay Seth said.

Budget 2024 LIVE: Listed PSUs reward shareholders, calibrated disinvestment strategy needed, says DIPAM secretary

If you look at performance of CPSEs, they are big market players and continue to reward shareholders, including government, DIPAM Secretary Tuhin Kanta Pandey. Therefore, a calibrated disinvestment strategy is needed, he added.

Budget 2024 LIVE: Withdrawal of pre-FY10 tax disputes to cost exchequer Rs 3,500 crore, says revenue secretary

The cost to the exchequer from the withdrawal of 1.1 crore outstanding small direct tax demands for certain years is less than Rs 3,500 crore, Revenue Secretary Sanjay Malhotra said.

Budget 2024 LIVE: No extension of lower tax rate to new manufacturing units set up after March 2024, FM says

There will be no extension of lower tax rate to new manufacturing units that come into place after March 2024, Sitharaman clarified during the post-Budget press briefing.

Budget 2024 LIVE Updates: Ratings agencies should take note of India's fiscal deficit cut, improved fiscal consolidation, FM says

Every ratings agency should take on board that we have not only cut fiscal deficit but have also bettered fiscal consolidation, the Finance Minister said. A simple straightforward message for every ratings agency is that we not only aligning with the fiscal consolidation roadmap we had given earlier but are even bettering it, she added.

Budget 2024 LIVE Updates: Working on contours of urban housing scheme, says Somanathan

"Working on the contours of the urban housing scheme. For now we have given a token amount and we will decide on the funding of the scheme once contours are ready," Finance Secretary TV Somanathan said, in response to a media query.