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Interim Budget 2024: ‘No Changes In Income Tax Slabs,’ Announces FM Sitharaman | KEY UPDATES

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New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday presented the interim Budget 2024 on Thursday in the Lok Sabha.

UPDATES

  • No changes were announced in the tax slabs in both the old and new regimes.
  • Union Finance Minister Nirmala Sitharaman says, “In the full budget in July, our Government will present a detailed roadmap for our pursuit of Viksit Bharat.”
  • For the youth, FM Sitharaman says, “For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with a 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates.”
  • Finance Minister Nirmala Sitharaman carrying the Budget tablet arrives at Parliament, to present the country’s interim Budget
  • She donned a blue coloured sari and completed her look with a golden blouse. She and her finance ministry team also posed for a photograph.
  • Keeping with tradition, Finance Minister Nirmala Sitharaman first called on President Droupadi Murmu at Rashtrapati Bhawan together with her colleagues Ministers of State Bhagwat Karad and Pankaj Chaudhary.
  • The Union Finance Minister will table the interim budget as the Lok Sabha polls are due to be held this year.
  • In the past three years, a new tradition has been set, where the finance minister carries budget documents in electronic form.
  • Sitharaman equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.
  • This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls.
  • A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.
  • In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy.
  • “The year 2023 was a historic year for India when it grew the fastest among major economies despite the global crisis. India grew about 7.5% for two consecutive quarters,” she said.

The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days.A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President’s Address.

However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties.In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted.

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