Budget 2024 Live: How the Industry Reacted to FM Sitharaman's Budget Announcements

Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024 at Parliament today. The Budget comes ahead of the 2024 Lok Sabha elections.

The budget session began on January 31 and was inaugurated with President Droupadi Murmu's address, highlighting the government's achievements, including the significant reduction of poverty over the past decade.

The session is set to conclude today, February 1, featuring the presentation of the interim Budget and discussions on the President's Address.

Why is the Interim Budget crucial?

The interim Budget is crucial for various sectors, including auto, IT, real estate, and fintech, with expectations for tax breaks and measures to boost the startup ecosystem.

The focus is anticipated to be on digital infrastructure, rural development, cybersecurity, and fostering innovation in financial technology. Additionally, there is a high expectation from the Budget to enhance the attractiveness of the new income tax regime and significant announcements in the EV, real estate, cryptocurrency, and renewable energy sectors.

This year's budget presentation is marked by the adoption of a paperless approach, symbolized by the 'bahi khata' at North Block, reflecting a modern and environmentally friendly method of budget documentation.

The temporary financial plan

The interim Budget is a temporary financial plan, allowing the government to manage its expenses until a new government is formed post-elections. It includes estimates for government expenditure, revenue, fiscal deficit, and financial performance for a few months, ensuring the government can meet its financial commitments.

What Date and time will the Budget be announced?

The Interim Budget 2024 will be announced on February 1 at 11 am. This will be the sixth budget presentation put forth by the finance minister, including five annual and one interim.

In 2021, the Indian government launched the Union Budget Mobile App for users to access the budget documents in a "paperless form". The bilingual app, available in English and Hindi, can be downloaded on Android, iOS, or the Union Budget Web Portal (www.indiabudget.gov.in). 

The Government of India app will provide all essential Budget documents, including the Annual Financial Statement, Demand for Grants, and the Finance Bill as mandated by the Constitution. 

Feb 01, 2024 21:08 IST
Government is highly positive for startups: Nishant Kumar, CEO of Earthy Tweens
"PM Modi and his government have been highly positive towards startups. In the last financial year, a total loan of Rs 43 crore was given under PM Mudra Yojana. These loans of about Rs 22.5 lakh crore were given to industries, including schemes like startups, funds, etc. The Finance Minister has reiterated the government's stance on this budget. With the government's support, startups are continuously contributing to the GDP and providing employment. It is expected that in the forthcoming July budget, a larger share will be allocated for startups.The budget proposes to extend the tax holiday for startups by an additional year, until March 31, 2025. This will provide much-needed relief to startups and encourage innovation."



Feb 01, 2024 21:07 IST
The interim budget of 2024 maintained its consistency: mFilterIt CEO Amit Relan
"In the election year, the interim budget was expected to offer some illustrious announcements. However, the government remained focused on maintaining consistency, developing infrastructure, and encouraging entrepreneurs. For budding entrepreneurs, this is a golden period of growth. A corpus of Rs 1 lakh crore with a 50-year interest-free loan will be a major boost for the start-up ecosystem. The long-term financing and re-financing will encourage the private sector to scale up research and innovation to chart new horizons." 



Feb 01, 2024 21:06 IST
We applaud the government's commitment to nurture EV ecosystem: Zypp Electric CEO Akash Gupta
"The government has decided to spend money on growing the electric vehicle (EV) world, which is really good news. This decision is a big deal for our country because it means more support for businesses and lots of chances for companies that supply parts and services. It's not just about making more EVs and places to charge them, which fits perfectly with what our company wants to do, but it's also about making sure we're taking care of the environment. The government is also planning to create jobs for young people, especially those who know how to make, install, and look after these EV systems. This will help bring out new ideas and make the industry grow. We're excited to work with the government on this plan and help change how people get around in our country, making it more about electric vehicles."



Feb 01, 2024 21:04 IST
The Union Budget 2024 solidifies intention to upscale business opportunities: Yogesh Kabra from XYXX
"The Union Budget for 2024 shows the government's plan to grow business chances in different areas and help various communities and industries. The government is working to improve markets quickly and has policies to help businesses grow not just in big cities but also in smaller, developing towns. This is great for spreading growth more widely. The government has also made policies specifically to help young people succeed. Starting in 2024, these policies will help the new generation lead in their fields with high-quality skills, marking a new phase of growth and opportunity."



Feb 01, 2024 21:02 IST
Budget clearly demonstrate the government's intention to accelerate EV adoption: Raptee Energy CEO Dinesh Arjun
"The Finance Minister's announcements show the government wants to make electric vehicles (EVs) more popular and create jobs for young people. They're focusing on research and new ideas to help the EV world grow. The government plans to add more public charging stations, which will make it easier for people to charge their EVs all over the country. This should make people more interested in buying EVs, attract investors, and help overcome the fear of running out of battery, which is a big reason people hesitate to buy EVs."
 
"The government will also help EV makers financially, encouraging them to come up with new ideas, especially for managing batteries and other technologies. More charging stations mean more jobs for young people who know how to manage and maintain these stations. EV companies will benefit from a bigger network of suppliers for batteries and other parts needed to build EVs in India. This support from the government is great news for companies in the EV industry and for making EVs more common in India."



Feb 01, 2024 20:59 IST
The budgetary support aligns with out commitment to innovation: JustHomz founder Prasoon Chauhan
"The Finance Minister is focusing on modern technology and data, which is good news for startups. They've set aside 1 trillion rupees (a huge amount of money) and are offering loans that either don't have to be paid back for 50 years or don't have any interest. This is a big help for startups to grow bigger and faster. As a startup, we're really happy about these plans because they will help businesses grow, support new entrepreneurs, and lead to new and exciting discoveries. This financial support matches our goal to keep coming up with new ideas, making sure startups have a great environment to succeed in and help India's economy grow."



Feb 01, 2024 20:33 IST
Business will be able to scale faster in the coming years: SatNav founder & CEO Amit Prasad
"The prediction of unprecedented growth in the next five years is very encouraging and will ensure the vision of becoming one of the top 3 economies of the world becomes a reality. This will help existing companies and new industries tap the humongous opportunities that arise as a result of this growth. The figures on a continued uptrend in the collection of taxes as well as the subtle reference to formalisation of the economy should not be read casually, it indicates how the grey economy that still exists in large numbers is slowly and surely being targeted by the Government to make it mainstream. We are very confident that all these positive signals will benefit Businesses and help them scale their Enterprises faster in the coming years."



Feb 01, 2024 20:29 IST
Budget 2024 was all about supporting our young innovators: Game Theory Founder Sudeep Kulkarni
"In my view, Budget 2024 is all about supporting our young innovators. Setting up a Rs 1 lakh crore fund with a 50-year interest-free loan is a positive step. It means long-term support for tech-savvy ideas. With this help for startups, our future looks brighter than ever. Embracing the 'First Develop India' ethos, the government aims to forge bilateral treaties with foreign partners, prioritising India's growth. With a development policy centred on social and geographical inclusion, we're charting a path towards a more equitable and prosperous future for all."



Feb 01, 2024 18:49 IST
Budget prioritizes green energy push for 'net-zero' by 2070: Rajat Mehta, Chairman, JIIF
"The budget prioritizes Green Energy for 'net-zero' by 2070, including funding for offshore wind energy, coal gasification, and compressed biogas blending. A significant 1 lakh crore corpus with 50-year interest-free loans for sunrise domains emphasizes the government's commitment to innovation, especially for startups," Rajat Mehta said.
 
"The Electric Vehicle Ecosystem will be strengthened, supporting manufacturing, and charging infrastructure. Additionally, the focus on GIFT aims to attract numerous FIIs and NRIs, fostering investments in the Indian market, both listed and unlisted (Startups), backing up their growing excitement and confidence in the India landscape," Mehta added.



Feb 01, 2024 18:49 IST
Budget prioritizes green energy push for 'net-zero' by 2070: Rajat Mehta, Chairman, JIIF
"The budget prioritizes Green Energy for 'net-zero' by 2070, including funding for offshore wind energy, coal gasification, and compressed biogas blending. A significant 1 lakh crore corpus with 50-year interest-free loans for sunrise domains emphasizes the government's commitment to innovation, especially for startups," Rajat Mehta said.
 
"The Electric Vehicle Ecosystem will be strengthened, supporting manufacturing, and charging infrastructure. Additionally, the focus on GIFT aims to attract numerous FIIs and NRIs, fostering investments in the Indian market, both listed and unlisted (Startups), backing up their growing excitement and confidence in the India landscape," Mehta added.



Feb 01, 2024 17:18 IST
A gamechanger for new innovation and development: BharatSure CEO on Rs 1 lakh crore corpus
“The government's announcement for a Rs 1 lakh crore corpus of low interest financing for sunrise sector is going to be a gamechanger for new innovation and development. This will indirectly benefit start-ups who have faced challenges over the last few years to secure financing. Looking forward for more details on these initiatives," said BharatSure co-founder & CEO Anuj Parekh.



Feb 01, 2024 17:16 IST
Visionary move by the Government of India: FAAD Network's Dr Dinesh Singh on Rs 1L crore corpus
The establishment of a 1 lakh crore corpus with 50-year interest-free loans for sunrise domains is a visionary move by the Government of India, said Dr Dinesh Singh.
 
"This initiative reflects a strategic focus on new-age technology and research, showcasing a commitment to fostering innovation. I believe this substantial investment, especially directed towards startups in sunrise sectors, will play a pivotal role in propelling the country forward and fostering technological advancements," Singh added.



Feb 01, 2024 17:10 IST
Corpus of Rs 1 lakh crore for is a welcome step to complement the PLI scheme, says Deepak Gupta, General Partner, WEH Ventures
"The corpus of Rs 1 lakh crore for R&D is a welcome step to complement the PLI scheme which works when companies are selling commercial products. But as more fundamental innovation is needed this is a significant corpus representing a boost of around 0.5 per cent of GDP relative to the current R&D exp of around 0.65 per cent of GDP. Long term investments are needed to boost our technological capability and relative competitiveness new age technologies," said Deepak Gupta.



Feb 01, 2024 13:20 IST
Through rooftop solarization, 1Cr households to obtain up to 300 units free electricity every month: FM
During her speech, FM Sitharaman said one crore households will be enabled to obtain up to 300 units free electricity every month through rooftop polarization. 
 
She said the following benefits are expected:
a. Savings of up to fifteen to eighteen thousand rupees annually for households from free solar electricity and selling the surplus to the distribution companies; 
b. Charging of electric vehicles; 
c. Entrepreneurship opportunities for a large number of vendors for supply and installation;
d. Employment opportunities for the youth with technical skills in manufacturing, installation and maintenance.



Feb 01, 2024 13:06 IST
Pradhan Mantri Kisan Sampada Yojana has generated 10 lakh jobs: FM
In her Budget 2024 speech, Finance Minister Nirmala Sitharaman said the government is committed to enhancing agriculture and food processing sectors, aiming to increase farmers' income and value addition.
 
She said the Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and created 10 lakh jobs.
 
Additionally, the PM Formalization of Micro Food Processing Enterprises Yojana has supported 2.4 lakh Self-Help Groups (SHGs) and 60,000 individuals with credit linkages, significantly aiding in the reduction of post-harvest losses and boosting productivity and incomes.
 
Sitharaman said the government plans to further encourage both private and public investments in post-harvest activities. This includes efforts in aggregation, modern storage solutions, supply chains, primary and secondary processing, as well as marketing and branding to improve the overall efficiency and profitability of the agriculture sector.
 



Feb 01, 2024 12:41 IST
We will set up Rs 1 lakh crore corpus for tech-savvy youth: Sitharaman
Nirmala Sitharaman said the government will set up a corpus of Rs 1 lakh crore with 50-year interest free loans to support innovation. "For our tech-savvy youth, this will be a golden era. The interest free loans wil provide loan term financing at low or nil interest rates for the private sector of the country," Sitharaman said. 



Feb 01, 2024 12:34 IST
We will support in setting up EV charging infrastructure: FM
In her speech for the interim Budget, Nirmala Sitharaman highlighted the government's commitment to boosting electric vehicle (EV) adoption in India.
 
The government's plans include enhancing the EV ecosystem through support for manufacturing and the development of charging infrastructure.
 
Additionally, the government aims to encourage the use of electric buses in public transport by introducing a payment security mechanism.
 
Furthermore, the government plans to create 6,000 km of EV-ready highways along the Golden Quadrilateral to promote e-mobility and reduce fuel consumption and emissions over the next seven years.



Feb 01, 2024 12:14 IST
GIFT IFSC creating a robust gateway for global capital and financial resources
Speaking about economic management, FM Sithamran said that GIFT IFSC and Unified Regulatory Authority IFSCA are creating a robust gateway for global capital and financial resources.
 
She said that all forms of infrastructure are being built in record time -- "All parts of the country are becoming active participants in economic growth -- Digital public infrastructure is instrumental in the formalization of the economy," she said.



Feb 01, 2024 12:12 IST
No changes in taxation: FM Sitharaman
During her speech, Nirmala Sitharaman said, "I propose to maintain 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 well as tax exemption on certain income of some IFSC units, are expiring on 31-03-2024.
To provide continuity in taxation, I propose to extend the date to 31-03-2025.



Feb 01, 2024 12:11 IST
Our focus has been to improve taxpayer services: FM Sitharaman
During her speech, FM Sitharaman highlighted the government's focus on improving taxpayer 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 26AS and prefiling of tax returns have made filing of tax returns simpler and easier. She said the average processing time of returns has been reduced from 93 days in the year 2013-14 to a mere 10 days this year. 



Feb 01, 2024 12:04 IST
Taxpayers contribution used twicely for the development of India: FM
"I would like to assure the taxpayers that their contributions have been used twice for the development of the country and the welfare of the people. She said, "I appreciate their continued support."
 
She also said that the government has reduced and rationalised tax rates under the new tax schemes; there is now liability for taxpayers for income up to Rs 7 lakh, up from Rs 2.2 lakh in the financial year 2013-14. 



Feb 01, 2024 11:52 IST
India is the world's largest milk producer, says FM
FM Sitharaman said India is the world's largest milk producer but with low productivity of milch animals. She said the government will build a program "based on the success of the existing schemes, such as Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure for dairy procession and animal husbandry.



Feb 01, 2024 11:44 IST
We are prioritizing providing training for MSMEs: Sitharaman
FM Nirmala Sitharaman said, “Policy priority is to provide training for MSMEs to compete globally and facilitating their growth will be important. To meet the investment needs, the government will prepare the financial sector.”



Feb 01, 2024 11:42 IST
Govt is working towards making India a 'Viksit Bharat' by 2047, says FM
Nirmala Sitharaman said the Indian government is working towards development which is all-round, all-inclusive and all-pervasive. It covers all castes and people at all levels. "We are working towards making India a Viksit Bharat by 2047," she said. 



Feb 01, 2024 11:38 IST
FM on empowering Amrit Peedhi, the country's youth
1. The National Education Policy 2020 is bringing about significant changes in the education sector.
2. Prime Minister Shri Narendra Modi's efforts are ensuring quality education.
3. The Skill India Mission has been successful in training 1.4 crore youth and upskilling and reskilling another 54 lakh. Additionally, 3,000 new Industrial Training Institutes (ITIs) have been established.
4. The government has set up a large number of higher education institutions, including 7 new IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities.
5. The PM Mudra Yojana has sanctioned 43 crore loans, amounting to Rs. 22.5 lakh crore, to support the entrepreneurial dreams of young people.
6. Initiatives like the Fund of Funds, Startup India, and Startup Credit Guarantee Schemes are providing assistance to the youth in their entrepreneurial ventures.



Feb 01, 2024 11:35 IST
Average real income of the people has increased by 50%, says FM
While highlighting the country's economic growth, FM Sitharaman said the average real income of the people has increased by 50%. "People are getting empowered, equipped and enabled to pursue their aspirations. There is effective and timely delivery of programmes of large projects."



Feb 01, 2024 11:28 IST
30 crore Mudra Yojna loans have been given to Women entrepreneurs: FM
FM Sitharaman said the empowerment of women entrepreneurship and ease of living has gained momentum in the last 10 years. She said 30 crore Mudra Yojna loans have been given to women entrepreneurs.
 
She said the 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," she said.



Feb 01, 2024 11:23 IST
Skill India mission has trained 1.4 crore youths, says FM
During her speech, FM Sitharaman said the Skill India mission has trained 1.4 crore youths, upskilled and reskilled 54 lakh youths, and established 3000 new ITIs. "A large number of institutions namely 7 IITs, 16 IIITs, 7 IIMS, 15 AIMS, 390 universities have been set up," she said. 



Feb 01, 2024 11:17 IST
Our young country has high aspirations, says FM Sitharaman
“Our young country has high aspirations, pride in its present, and hope in the future. Our young country has pride in its presence and hope and confidence in the future. The worries about food have been eliminated through free ration for 80 crore people," said FM Sitharaman in her speech.



Feb 01, 2024 11:13 IST
FM highlights the government's work in assisting 25 crore people to achieve freedom from poverty.
FM Nirmala Sitharaman highlighted the current government's role in assisting 25 crore people to achieve freedom from multidimensional poverty. 
"Our government's efforts are now getting synergised with the energy and passion of such empowered people. This is truly elevating them from poverty," Sithraman said.
Multidimensional poverty considers various factors affecting a person's life, not just income. It includes aspects like health, education, and living standards, recognizing that poverty involves more than just a lack of money.



Feb 01, 2024 11:06 IST
FM Sitharaman presents Interim Budget in Parliament
At 11:00 A.M, Union Finance Minister Nirmala Sitharaman began presenting the Interim Budget 2024 in Parliament with her Budget speech.



Feb 01, 2024 11:04 IST
How to download Budget 2024 full pdf?
The budget documents will be available after the conclusion of the budget speech and can be accessed from the official website, www.indiabudget.gov.in, or the Union Budget Mobile App.