Budget 2024 HIGHLIGHTS: Nirmala Sitharaman addresses media, says Interim Budget outlines what govt has achieved

On Thursday, commenting on Interim Budget 2024, Shweta Gaur, Practice Manager, Education Practice of the Sattva Knowledge Institute said that as per FM Nirmala Sitaraman’s budget speech, 43 per cent of girls are opting for STEM education.

However, the national average is skewed towards urban and south Indian states, said Gaur.

In higher education, states like West Bengal, Rajasthan, and Jharkhand have low uptake of STEM education by girls, she said.

Like the Skill India Mission, we need budget allotment for ‘STEM India Mission’ for girls to motivate parents to aspire for their girl’s careers too, she added.

People were expecting that the government would give a report of the works completed, said West Bengal Minister Shashi Panja on Thursday.

“People had expectations that the income tax slab would be relaxed… No plans were announced regarding the increasing unemployment,” said Panja, reported ANI.

With satisfaction, we accept the government’s sustained emphasis on travel and tourism as reaffirmed in the Interim Budget 2024, said Rajesh Magow, Co-founder & Group CEO, MakeMyTrip.

The dedication to maintain domestic tourism through initiatives spanning rail and air travel, coupled with the continued emphasis on tourism-led destinations, particularly in the realm of island tourism and spiritual tourism, reflects a strategic idea for the long-term growth of the T&T sector, he added.

On Thursday, commenting on Interim Budget 2024, Union Minister Hardeep Singh Puri said that the opposition is saying that the Government of India has not done anything, “they are a hollow opposition”.

Modi government has had a fantastic record for ten years, the minister said and added that in India 250 million people have been taken out of multi-dimensional poverty.

The Interim Budget 2024 is an inclusive and innovative budget that lays a strong foundation for Viksit Bharat, said Union Minister Anurag Thakur, on Thursday.

This is a budget for the aspiration of youth, he added.

The Interim Budget 2024 will create a facilitative environment for business growth, innovation, and socio-economic growth, said Shishir Joshipura, CEO & MD, Praj Industries.

The announcement of financial aid for biomass collection and equipment as a part of the Budget is an extraordinary step that will assist build a resilient feedstock supply chain, said Joshipura.

“‘Amritkal as Kartavyakal’ quoted by Hon. Finance Minister during Interim Budget 2024 is very opportune for realizing the vision of Vikasit Bharat by 2047,” said Dr. Pramod Chaudhari, Executive Chairman, Praj Industries.

Persisted focus on Green Growth during this Interim Union Budget 2024 augers very well for reaching the Net Zero Goal by 2070, he added.

There is comprehensive improvement in positioning India on the world map for tourism, said Neetu Vasanta, Managing Director and Partner, Leads Travel, Cities, and Infrastructure Practice for BCG India.

By the G20 Summit, this has been expedited especially in business and conference tourism, Vasanta said.

With more domestic travellers exploring the country and the huge potential for tourism, there is ample opportunity for entrepreneurship in the sector, Vasanta added.

“The 11.1 % increase in infrastructure capex outlay for the next year will support all forms of infrastructure, physical, digital, or social, which are already being built in record time,” she further said.

As anticipated, the Interim Budget has been able to infuse confidence about the progress of India and has set the tone for the Viksit Bharat roadmap, said Rahul Jain, Managing Partner, BCG India, on Thursday.

The policy goal has been made clear with focus on building strong ecosystems for inclusive growth of citizens, he added.

On Thursday, Sanjeev Krishan, Chairperson, PwC said that the Interim Budget 2024 stroke a delicate balance between laying the groundwork for a bright future of India (Amrit Kaal) and underlining responsible action (Kartavya Kaal).

The substantial growth in capital expenditure highlights the government’s unwavering dedication to addressing the core economic needs of the country and boosting economic growth, Krishan said.

Finance Minister Nirmala Sitharaman’s continued focus on infrastructure development, coupled with her focus on inclusivity, carries far-reaching possibilities, he added.

Finance Minister in her post-interim budget press conference specified that the lower tax rate will not be extended to new manufacturing units established after March 2024.

Regarding the Union Interim Budget 2024, Gujarat CM Bhupendra Patel expressed, that the Interim Budget 2024-25 presented by Finance Minister Nirmala Sitharaman under the leadership of PM Modi will meet the hopes and expectations of millions of Indian citizens. This comprehensive and inclusive budget, addressing the needs of every section of society, will provide fresh momentum to the PM’s commitment to achieve the vision of a Developed India by 2047. The ambitious target for housing construction is noteworthy. A state like Gujarat will significantly benefit from the new solar rooftop scheme covering 1 crore families, she said.

At the beginning of the press conference, Sitharaman said, ” “It is an interim budget presented before just the elections. GDP- Governance, development and performance. On governance, this budget speaks from a position where we’ve delivered on development. We managed the economy with correct intentions, correct policies and correct decisions so it’s governance with care..D stands for people living better, earning better and having high aspirations for the future and if I move to the ‘P’ the performance three consecutive years of 7% growth faster-growing economy in G20 all parts of the country participating in the growth.”

In response to a question on the growth of capital expenditure, the finance minister mentioned that it is an 11 percent increase on capex, considering a high base. She further remarked that the government can observe indications of the private sector also participating.

Sitharaman in response to a media query said that the estimates in the Budget are consistently realistic for the government. She affirmed that these are the govt’s realistic and somewhat conservative projections, referring to the estimates presented in her Budget speech.

The finance minister announced the issuance of a white paper comparing the economic performance of the last 10 years with the preceding decade. Additionally, she referred to the next 25 years, termed “Kartavyakaal” by the government.

Sitharaman explained:

1) Advocating social justice as an effective and essential governance model, demonstrating its successful implementation.

2) Prioritizing four major segments, namely the poor, women, youth, and farmers.

3) Emphasizing infrastructure development: this year witnessed a substantial 11% increase in capital expenditure, resulting in Rs. 11,11,111 crores of capex. This aligns with the trend of the last four years.

4) Leveraging technology as a significant opportunity; Digital Public Infrastructure functions as almost a factor of production, contributing value addition to every sector and enhancing productivity.

5) Establishing a high-powered committee for comprehensive deliberation on challenges arising from population growth and demographic dynamics.

“Every month, you get the reports coming out, so the budget process has become absolutely transparent, we set in the process of keeping everything-brought-on budget and nothing kept aside or underneath it So, we have fiscal deficit of 5.8% for 2023-24 which is much lower than 5.9% in Budget Estimates; similarly, we have given 5.1% as fiscal deficit for 2024-25 This clearly indicates that we are on track to meet the glide path set in 2021-22 and that we are well on track to meet the 4.5% or below fiscal deficit even by FY 26,” says Sitharaman.

“The fiscal deficit target of 5.1 percent of GDP for 2024-25 unequivocally signals our progress towards achieving, or even staying below, 4.5 percent by 2025-26,” stated Sitharaman.

The Finance Minister highlighted that the states of Bihar, Jharkhand, Odisha, West Bengal, Chhattisgarh, and West Bengal will serve as the drivers of economic growth.

The finance minister emphasized five guiding principles (Disha Nirdashak Baatein): 1. Emphasizing social justice as an effective governance model, 2. Prioritizing the welfare of the poor, youth, women, and farmers, 3. Concentrating on infrastructure development, 4. Harnessing technology to enhance productivity, 5. Establishing a high-power committee to address challenges stemming from demographic changes.

Sitharaman in her address to media emphasized that, despite challenging times, the government has successfully reduced the fiscal deficit with prudence and transparency. Managing inflation, addressing the economic consequences of Covid, leveraging DPI for economic growth, and undertaking reforms to cleanse the banking system are indicative of the government’s performance, she added.

Sitharaman said that the nation saw 3 consecutive years of 7 per cent growth. “We have delivered on development and have better-managed economy and fastest-growing economy in g20. We are bringing down the fiscal deficit despite very challenging times,” she said.

Sitharaman while addressing the media said, “Budget is sober, confident, credible and responsible.” She also said that this govt doesn’t get the kind of it deserves. credit dont think the govt gets the kind of credit it deserves. “Inflation is more or less under control. It would have been a mistake to spoil this track record with last-minute populism. India is the fastest-growing large economy in the world,” she added.

Union Finance Minister Nirmala Sitharaman is addressing the press post Interim Budget 2024-25 presentation.