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July 29, 2026
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Securitisation Note amendments seek stronger issuance efficiency, liquidity and transparency, with stakeholder consultation invited on proposed directions.
Draft amendments to securitisation transaction directions seek to improve the efficiency, liquidity and transparency of issuing and subsequently transferring Securitisation Notes. The proposals apply to commercial banks, small finance banks, non-banking financial companies and all India financial institutions. Public and stakeholder comments are invited through the designated regulatory consultation platform or alternatively by post or email.
July 29, 2026
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Rupee appreciation reflected weaker dollar conditions, equity inflows, crude oil movements and positive domestic market sentiment.
Foreign exchange market conditions supported an early appreciation of the rupee against the US dollar. A weaker US dollar, lower crude oil prices relative to earlier levels, positive domestic equity sentiment, and foreign institutional investors' net purchase of Indian equities were identified as key influences. The dollar index weakened ahead of a monetary policy announcement, while crude prices rose amid renewed geopolitical tensions. Domestic benchmark equity indices also advanced in early trade.
July 29, 2026
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Input Tax Credit unblocking allegedly involved illegal gratification, prompting a trap operation and apprehension of the officer and consultant.
Alleged bribery connected with unblocking Input Tax Credit arose after an electronics trader received a show-cause notice and had its ITC blocked. A private tax consultant allegedly conveyed that a State GST officer demanded illegal gratification for unblocking the credit and encouraged the trader to settle the demand. Following a complaint, a trap operation allegedly led to the apprehension of the officer and consultant, with further legal action in progress.
July 29, 2026
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Defence production licensing and Russian energy sanctions shaped discussions on Ukraine's security capacity, missile supply and diplomatic engagement.
Ukraine-US discussions addressed licences for domestic Patriot defence-system production, wider defence-production cooperation, technology exchange and missile supply funded through European resources. Ukraine also sought support for a sanctions bill designed to increase economic pressure on Russia by imposing tariffs on goods from major purchasers of Russian oil and gas and by sanctioning Russian leaders, financial institutions and energy projects. The proposed defence-production licence was identified as a longer-term measure, alongside calls for renewed diplomatic engagement.
July 29, 2026
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Cooperative-sector modernisation strengthens rural finance through expanded credit societies, online audits, institutional connectivity and technology-enabled cooperative banking.
Cooperative-sector modernisation is presented as a mechanism for strengthening rural institutions, farmer prosperity and the rural economy. The separate Ministry of Cooperation provides an administrative, legal and policy framework for the cooperative movement. Key initiatives include establishing new primary agricultural credit societies and dairy cooperative societies, expanding business activities for primary agricultural credit societies, online auditing, and connecting cooperative institutions. District cooperative banks are described as important institutions for meeting the financial requirements of expanding service and dairy cooperative societies.
July 28, 2026
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Direct containerised rail freight movement enables seamless Kolkata Port-to-Biratnagar cargo transport without border transshipment under revised transit arrangements.
Direct containerised rail freight movement between Kolkata Port and Biratnagar Customs Yard has commenced under the revised India-Nepal Rail Transit Protocol. The service enables end-to-end commercial rail carriage without border transshipment through the Jogbani-Biratnagar broad-gauge connection. Implementation of the revised Letter of Exchange operationalises direct commercial rail access, intended to reduce transit time, logistics costs and cargo handling while improving supply-chain efficiency, reliability and cross-border trade.
July 28, 2026
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State governance reforms expand housing relief, local audits, MSME support, property records, welfare measures and clean-vehicle tax incentives.
The reforms provide concessional stamp duty and registration charges for eligible Economically Weaker Section housing beneficiaries, a statutory local-audit framework, and incentives for MSMEs and exports. They also establish rules for ownership records in Lal Dora areas and introduce a formula-based urban property-tax assessment framework with exemptions. Welfare measures cover compensation for specified unnatural custodial deaths, ex-Agniveer reservation, and compassionate appointments. Motor-vehicle tax measures provide a rebate for qualifying vehicles registered in women's names and exemptions for new electric vehicles.
July 28, 2026
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Investigation into alleged fund diversion faced scrutiny as agencies were required to disclose progress and decide on regular cases.
Investigation into alleged dubious transactions and fund diversion involving Indiabulls Housing Finance Limited remained under scrutiny because investigating agencies did not provide an updated status or take a final decision on registration of regular cases. The Central Bureau of Investigation and Delhi Police Economic Offences Wing were required to file a comprehensive affidavit and status report. The allegations concern loans allegedly routed through corporate entities to promoter-linked companies, alongside inquiries involving financial, corporate-fraud and market-regulatory agencies.
July 28, 2026
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MSME payment-delay reforms propose faster dispute resolution, enforceable settlement recovery, and invoice discounting to strengthen supplier liquidity.
The proposed amendment strengthens delayed-payment dispute resolution for micro and small enterprise suppliers through prescribed adjudication timelines and possible interim payment of at least half the awarded amount where a setting-aside application remains pending beyond six months. Mediated settlements and arbitral awards may be recovered as arrears of land revenue and are proposed to be legally enforceable debts under the insolvency framework. Central public sector enterprises would be required to route MSME invoice settlements through the Trade Receivables Discounting System.
July 28, 2026
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Regional rural bank oversight strengthens financial performance, technology adoption, diversified lending and financial inclusion in remote communities.
Regional Rural Banks are regularly reviewed for financial performance, technology upgradation, MSME lending, loan diversification and financial inclusion in rural and remote areas. Their financial health improved over recent years, with growth in deposits, loans, credit-deposit ratio, net worth and capital adequacy, alongside improved asset-quality indicators. Financial-inclusion targets for bank-account access, micro-credit, insurance and pension schemes are set and periodically monitored to extend formal financial services.
July 28, 2026
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Emergency credit guarantee support addresses business liquidity mismatches while public sector banks report stronger asset quality and sectoral lending growth.
Public sector banks reported improved balance-sheet health, rising business and lending, higher profits, stronger capital adequacy, and lower gross non-performing assets through FY 2025-26. Credit expanded across retail, agriculture, MSME, and infrastructure segments. Emergency Credit Line Guarantee Scheme 5.0 provides guarantee coverage to member lending institutions for eligible additional credit facilities addressing short-term liquidity mismatches, with full coverage for MSMEs and differentiated coverage for non-MSMEs and scheduled passenger airlines. Airline assistance is linked to peak credit outstanding and may require proportionate promoter or owner equity contribution above the applicable threshold.
July 28, 2026
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Toy quality regulation and export support strengthen domestic manufacturing, safety compliance, market access, and competitiveness in the Indian toy sector.
Toy-sector measures combine quality regulation, import-duty changes, domestic manufacturing support, export facilitation, and promotional initiatives. The National Action Plan for Toys covers toy design, learning-oriented toys, quality monitoring, restrictions on unsafe imports, indigenous clusters, and domestic production. A Quality Control Order and BIS licensing framework support compliance with toy-safety standards. Cluster assistance, startup recognition, export-duty remission support, and zero-duty market access under specified trade agreements seek to strengthen competitiveness, while stated measures are associated with improved quality conformity, lower imports, and increased exports.
July 28, 2026
Show AI Summary
Preferential market access under free trade agreements supports export diversification, labour-intensive sectors, and exporter use of tariff concessions.
India's FTA framework is used to promote preferential tariff utilisation, export diversification and expanded market access. The Government monitors recently operationalised agreements through Certificates of Origin and partner-country trade data. Agreements with the UAE, Australia, Mauritius, Oman and EFTA are associated with increased product-line coverage, tariff preference utilisation and export opportunities. Labour-intensive sectors receive priority through preferential access, while calibrated tariff liberalisation and transition arrangements seek to protect sensitive domestic sectors. Trade e-Connect and the Trade Intelligence and Analytics Portal support exporters with market intelligence, rules of origin guidance, trade data and export-performance monitoring.
July 28, 2026
Show AI Summary
Preferential Market Access under free trade agreements supports export diversification, labour-intensive sectors, tariff utilisation and data-driven trade facilitation.
Preferential tariff utilisation under recently operationalised trade agreements is monitored through Certificates of Origin and partner-country trade data. Increased certificate issuance and expansion in exported HS-level tariff lines are treated as indicators of export diversification and market penetration. Labour-intensive sectors receive improved market-access opportunities under FTAs, while calibrated tariff liberalisation and transition arrangements preserve policy space for sensitive domestic sectors. Trade e-Connect and the Trade Intelligence and Analytics Portal provide exporters and policymakers with market intelligence, Rules of Origin guidance, FTA advisory services and trade-performance analytics.
July 28, 2026
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Sports-quota government recruitment recognised medal-winning student-athletes for public employment across defence, policing, railways and other government institutions.
Sports-quota recruitment enabled medal-winning student-athletes to obtain government employment on the basis of sporting performances at state, national and international levels. Appointments covered armed forces, central armed police and paramilitary organisations, railways, police, the Income Tax Department, a public-sector bank, sports departments and other government institutions. The described sports framework provides scholarships, coaching, infrastructure, dietary support, travel, accommodation, equipment and selection-oriented physical, mental and personality-development training.
July 28, 2026
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Sugar stock controls require dealers to limit inventory duration and quantity, declare holdings, and curb speculative buying.
Sugar dealers may not retain stock beyond thirty days from receipt or hold sugar above 4,000 quintals at any time or place. Government-account stocks and authorised Public Distribution System stocks are excluded. State Governments and Union territory administrations may prescribe limits only within the national ceiling and holding period. Dealers must declare and regularly update stock positions on the designated portal. The temporary restrictions are intended to maintain domestic availability, discourage speculative buying and contain sugar prices.
July 28, 2026
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Credit Profile Management requires timely repayments, controlled utilisation, selective borrowing and prompt correction of credit-report inaccuracies.
A healthy credit profile depends on timely repayment of EMIs and credit-card dues, controlled credit utilisation and selective applications for new credit. Missed payments, sustained high utilisation and multiple hard enquiries may affect credit health and lender assessment. Individuals should periodically review credit reports for inaccurate personal details, closed loans recorded as active, missing repayment updates, duplicate loan entries or incorrect payment status, and promptly seek correction of discrepancies. Regular monitoring of credit score, repayment history, active accounts and enquiries supports informed credit-management decisions.
July 28, 2026
Show AI Summary
Gold loan repayment structures require borrowers to weigh EMI interest savings against bullet repayment cash-flow flexibility and maturity obligations.
Gold loans may be repaid through EMIs, which reduce principal and interest through periodic instalments, or through Bullet Repayment, which defers principal and accrued interest until maturity. The stated framework imposes tiered loan-to-value limits and caps consumption-purpose bullet loans at 12 months, with bullet-loan collateral assessment including projected interest. EMI repayment may reduce overall interest cost for borrowers with predictable income, while bullet repayment may preserve cash flow for borrowers expecting a defined future inflow. Borrowers should compare costs and review the Key Fact Statement before choosing a structure.
July 28, 2026
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Illicit trade prevention requires coordinated intelligence sharing, risk-based shipment controls and public-private cooperation to protect supply-chain integrity.
Illicit trade prevention requires coordinated regional action through institutional intelligence-sharing, joint enforcement, regulatory alignment and public-private engagement. Proposed measures include risk-based pre-export assurance, shipment controls, digital customs tools and common principles adaptable to sector-specific risks. India is identified as a dialogue partner that can support secure regional trade through enforcement cooperation, intelligence exchange and risk-based governance. Analytical research, market intelligence, product-identification awareness and voluntary track-and-trace initiatives may assist in addressing illicit tobacco trade and strengthening lawful trade integrity.
July 28, 2026
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Toy-sector competitiveness is advanced through a task force and playbook focused on manufacturing, innovation, quality compliance and exports.
Toy-sector competitiveness is proposed to be advanced through a dedicated task force and a playbook addressing manufacturing ecosystems, value chains, standards and compliance, skills, innovation, intellectual property and exports. The task force is intended to strengthen manufacturing capability, resolve value-chain bottlenecks, enable design and innovation, develop employment and skills, improve ease of doing business and support global value-chain integration. The roadmap emphasises domestic production, quality standards, localisation, branding, cluster development and support for MSMEs and startups.

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BUDGET SPEECH - INTERIM BUDGET 2024-2025- SPEECH OF NIRMALA SITHARAMAN, MINISTER OF FINANCE

February 1, 2024

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Interim Budget 2024-2025

Speech of

Nirmala Sitharaman

Minister of Finance

February 1, 2024

Hon’ble Speaker,

I present the Interim Budget for 2024-25.

Introduction

1. The Indian economy has witnessed profound positive transformation in the last ten years. The people of India are looking ahead to the future with hope and optimism.

2. With the blessings of the people, when our Government under the visionary and dynamic leadership of Hon’ble Prime Minister Shri Narendra Modi assumed office in 2014, the country was facing enormous challenges. With ‘Sabka Saath, Sabka Vikas’ as its ‘mantra’, the Government overcame those challenges in right earnest. Structural reforms were undertaken. Pro-people programmes were formulated and implemented promptly. Conditions were created for more opportunities for employment and entrepreneurship. The economy got a new vigour. 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.

3. In the second term, our Government under the leadership of Hon’ble 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 ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’. Our development philosophy covered all elements of inclusivity, namely,

  • social inclusivity through coverage of all strata of the society, and
  • geographical inclusivity through development of all regions of the country.

4. With the ‘whole of nation’ approach of ‘Sabka Prayas’, the country overcame the challenge of a once-in-a-century pandemic, took long strides towards ‘Atmanirbhar Bharat’, committed to ‘Panch Pran’, and laid solid foundations for the ‘Amrit Kaal’. 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

5. Our humane and inclusive approach to development is a marked and deliberate departure from the earlier approach of ‘provisioning up-to-village level’. Development programmes, in the last ten years, have targeted each and every household and individual, through ‘housing for all’, ‘har ghar jal’, electricity for all, cooking gas for all, bank accounts and financial services for all, in record time.

6. The worries about food have been eliminated through free ration for 80 crore people. Minimum support prices for the produce of ‘Annadata’ are periodically increased appropriately. These 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

7. Our Government is working with an approach to development that is all-round, all-pervasive and all-inclusive (सर्वांगीण, सर्वस्पर्शी और सर्वसमवर्ेर्शी). It covers all castes and people at all levels. We are working to make India a ‘Viksit Bharat’ by 2047. For achieving that goal, we need to improve people’s capability and empower them.

8. Previously, social justice was mostly a political slogan. For our Government, social justice is an effective and necessary governance model. 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 (भiई-भतीजiर्वiद). 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 socio-economic-transformation is achieved.

9. As our Prime Minister firmly believes, we need to focus on four major castes. They are, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). 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 Kalyan, Desh ka Kalyan

10. We believe in empowering the poor. The earlier approach of tackling poverty through entitlements had resulted in very modest outcomes. When the poor become empowered partners in the development process, government’s power to assist them also increases manifold. With the pursuit of ‘Sabka ka Saath’ in these 10 years, the Government has assisted 25 crore 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.

11. ‘Direct Benefit Transfer’ of Rs. 34 lakh crore from the Government using PM-Jan Dhan accounts has led to savings of Rs. 2.7 lakh crore for the Government. This has been realized through avoidance of leakages prevalent earlier. The savings have helped in providing more funds for ‘Garib Kalyan’.

12. PM-SVANidhi has provided credit assistance to 78 lakh street vendors. From that total, 2.3 lakh have received credit for the third time.

13. PM-JANMAN Yojana reaches out to the particularly vulnerable tribal groups, who have remained outside the realm of development so far. PM-Vishwakarma Yojana provides end-to-end support to artisans and craftspeople engaged in 18 trades. The schemes for empowerment of Divyangs and Transgender persons reflect firm resolve of our Government to leave no one behind.

Welfare of Annadata

14. Farmers are our ‘Annadata’. Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. These, besides several other programmes, are assisting ‘Annadata’ in producing food for the country and the world.

15. Electronic National Agriculture Market has integrated 1361 mandis, and is providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore.

16. The sector is poised for inclusive, balanced, higher growth and productivity. These are facilitated from farmer-centric policies, income support, coverage of risks through price and insurance support, promotion of technologies and innovations through start-ups.

Empowering Amrit Peedhi, the Yuva

17. Our prosperity depends on adequately equipping and empowering the youth. The National Education Policy 2020 is ushering in transformational reforms. PM ScHools for Rising India (PM SHRI) are delivering quality teaching, and nurturing holistic and well-rounded individuals.

18. The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000 new ITIs. A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up.

19. PM Mudra Yojana has sanctioned 43 crore loans aggregating to Rs. 22.5 lakh crore for entrepreneurial aspirations of our youth. Besides that, Fund of Funds, Start Up India, and Start Up Credit Guarantee schemes are assisting our youth. They are also becoming ‘rozgardata’.

20. 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 prodigy and our Number-One ranked player Praggnanandhaa put up a stiff fight against the reigning World Champion Magnus Carlsson in 2023. Today, India has over 80 chess grandmasters compared to little over 20 in 2010.

Momentum for Nari Shakti

21. The empowerment of women through entrepreneurship, ease of living, and dignity for them has gained momentum in these ten years.

22. Thirty crore Mudra Yojana loans have been given to women entrepreneurs. Female enrolment in higher education has gone up by twenty-eight per cent in ten years. In STEM courses, girls and women constitute forty-three per cent of enrolment - one of the highest in the world. All these measures are getting reflected in the increasing participation of women in workforce.

23. Making ‘Triple Talaq’ illegal, reservation of one-third seats for women in the Lok Sabha and State legislative assemblies, and giving over seventy per cent houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity.

Exemplary Track Record of Governance, Development and Performance (GDP)

24. Besides delivering on high growth in terms of Gross Domestic Product, the Government is equally focused on a more comprehensive ‘GDP’, i.e., ’Governance, Development and Performance’.

25. Our Government has provided transparent, accountable, people-centric and prompt trust-based administration with ‘citizen-first’ and ‘minimum government, maximum governance’ approach.

26. The impact of all-round development is discernible in all sectors. There is macro-economic stability, including in the external sector. Investments are robust. The economy is doing well.

27. People are living better and earning better, with even greater aspirations for the future. Average real income of the people has increased by fifty per cent. Inflation is moderate. People are getting empowered, equipped and enabled to pursue their aspirations. There is effective and timely delivery of programmes and of large projects.

Economic Management

28. The multipronged economic management over the past ten years has complemented people-centric inclusive development. Following are some of the major elements.

(1) All forms of infrastructure, physical, digital or social, are being built in record time.

(2) All parts of the country are becoming active participants in economic growth.

(3) Digital Public Infrastructure, a new ‘factor of production’ in the 21st century, is instrumental in formalization of the economy.

(4) Goods and Services Tax has enabled ‘One Nation, One Market, One Tax’. Tax reforms have led to deepening and widening of tax base.

(5) Strengthening of the financial sector has helped in making savings, credit and investments more efficient.

(6) GIFT IFSC and the unified regulatory authority, IFSCA are creating a robust gateway for global capital and financial services for the economy.

(7) Proactive inflation management has helped keep inflation within the policy band.

Global Context

29. Geopolitically, global affairs are becoming more complex and challenging with wars and conflicts. Globalization is being redefined with reshoring and friend-shoring, disruption and fragmentation of supply chains, and competition for critical minerals and technologies. A new world order is emerging after the Covid pandemic.

30. India assumed 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 challenges. The pandemic had 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.

31. The recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. In the words of Hon’ble Prime Minister, the corridor “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”.

Vision for ‘Viksit Bharat’

32. Our vision for ‘Viksit Bharat’ is that of “Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential”.

33. With confidence arising from strong and exemplary track-record of performance and progress earning ‘Sabka Vishwas’, the next five years will be years of unprecedented development, and golden moments to realize the dream of developed India @ 2047. The trinity of demography, democracy and diversity backed by ‘Sabka Prayas’ has the potential to fulfill aspirations of every Indian.

34. As Hon’ble Prime Minister in his Independence Day address to the nation mentioned, “There is no dearth of opportunities; as many opportunities as we want. The country is capable of creating more opportunities. Sky's the limit”.

Strategy for ‘Amrit Kaal’

35. Our Government will adopt economic policies that foster and sustain growth, facilitate 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 fulfil aspirations.

36. 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.

37. 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 (MSME) to grow and also compete globally. Orienting the regulatory environment to facilitate their growth will be an important element of this policy mix.

38. 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.

39. For meeting the investment needs our Government will prepare the financial sector in terms of size, capacity, skills and regulatory framework.

Aspirational Districts Programme

40. 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

41. Our Government will pay utmost attention to make the eastern region and its people a powerful driver of India’s growth.

PM Awas Yojana (Grameen)

42. Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families.

Rooftop solarization and muft bijli

43. Through rooftop solarization, one crore households will be enabled to obtain up to 300 units free electricity every month. This scheme follows the resolve of Hon’ble Prime Minister on the historic day of consecration of Ram Mandir in Ayodhya.

Following benefits are expected.

a. Savings 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;

Housing for middle class

44. Our Government will launch a scheme to help deserving sections of the middle class “living in rented houses, or slums, or chawls and unauthorized colonies” to buy or build their own houses.

Medical Colleges

45. Several youth are ambitious to get qualified as doctors. They aim to serve our people through improved healthcare 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

46. Our Government will encourage vaccination for girls in age group of 9 to 14 years for prevention of cervical cancer.

Maternal and child health care

47. Various schemes for maternal and child care will be brought under one comprehensive programme for synergy in implementation. Upgradation of anganwadi centres under “Saksham Anganwadi and Poshan 2.0” will be expedited for improved nutrition delivery, early childhood care and development.

48. The newly designed U-WIN platform for managing immunization and intensified efforts of Mission Indradhanush will be rolled out expeditiously throughout the country.

Ayushman Bharat

49. Healthcare cover under Ayushman Bharat scheme will be extended to all ASHA workers, Anganwadi Workers and Helpers.

Agriculture and food processing

50. The efforts for value addition in agricultural sector and boosting farmers’ income will be stepped up. Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment. Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and sixty thousand individuals with credit linkages. Other schemes are complementing the efforts for reducing postharvest losses, and improving productivity and incomes.

51. For ensuring faster growth of 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 DAP

52. After the successful adoption of Nano Urea, application of Nano DAP on various crops will be expanded in all agro-climatic zones.

Atmanirbhar Oil Seeds Abhiyan

53. Building on the initiative announced in 2022, a strategy will be formulated to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. This will cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance.

Dairy Development

54. A comprehensive programme 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 but with low productivity of milch-animals. The programme will be built on the success of existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry.

Matsya Sampada

55. It was our Government which set up a separate Department for Fisheries realizing the importance of assisting fishermen. This has resulted in doubling of both inland and aquaculture production. Seafood export since 2013-14 has also doubled. Implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to:

(1) enhance aquaculture productivity from existing 3 to 5 tons per hectare,

(2) double exports to Rs. 1 lakh crore and

(3) generate 55 lakh employment opportunities in near future.

Five integrated aquaparks will be setup.

Lakhpati Didi

56. Eighty-three lakh SHGs with nine crore women are transforming rural socio-economic landscape with empowerment and self-reliance. Their success has assisted nearly one crore women to become Lakhpati Didi already. They are an inspiration to others. Their achievements will be recognized through honouring them. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore to 3 crore.

Technological Changes

57. New age technologies and data are changing the lives of people and businesses. They are also enabling new economic opportunities and facilitating provision of high-quality services at affordable prices for all, including those at ‘bottom of the pyramid’. Opportunities for India at the global level are expanding. India is showing solutions through innovation and entrepreneurship of its people.

Research and Innovation for catalyzing growth, employment and development

58. Prime Minister Shastri gave the slogan of “Jai Jawan Jai Kisan”. Prime Minister Vajpayee made that “Jai Jawan Jai Kisan Jai Vigyan”. Prime Minister Modi has furthered that to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan”, as innovation is the foundation of development.

59. For our tech savvy youth, this will be a golden era. A corpus of rupees one lakh crore will be established with fifty-year interest free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology.

60. A new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.

Infrastructure Development

61. Building on the massive tripling of the capital expenditure outlay in the past 4 years resulting in huge multiplier impact on economic growth and employment creation, the outlay for the next year is being increased by 11.1 per cent to eleven lakh, eleven thousand, one hundred and eleven crore rupees (Rs. 11,11,111 crore). This would be 3.4 per cent of the GDP.

Railways

62. Three major economic railway corridor programmes will be implemented. These are:

(1) energy, mineral and cement corridors,

(2) port connectivity corridors, and

(3) high traffic density corridors.

The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce cost.

63. The resultant decongestion of the high-traffic corridors will also help in improving operations of passenger trains, resulting in safety and higher travel speed for passengers. Together with dedicated freight corridors, these three economic corridor programmes will accelerate our GDP growth and reduce logistic costs.

64. Forty thousand normal rail bogies will be converted to the Vande Bharat standards to enhance safety, convenience and comfort of passengers.

Aviation Sector

65. The aviation sector has been galvanized in the past ten years. Number of airports have doubled to 149. Roll out of air connectivity to tier-two and tier-three cities under UDAN scheme has been widespread. Five hundred and seventeen new routes are carrying 1.3 crore passengers. Indian carriers have pro-actively placed orders for over 1000 new aircrafts. Expansion of existing airports and development of new airports will continue expeditiously.

Metro and NaMo Bharat

66. We have a fast-expanding middle class and rapid urbanization is taking place. Metro Rail and NaMo Bharat can be the catalyst for the required urban transformation. Expansion of these systems will be supported in large cities focusing on transit-oriented development.

Green Energy

67. Towards meeting our commitment for ‘net-zero’ by 2070, the following measures will be taken.

a. Viability gap funding will be provided for harnessing offshore wind energy potential for initial capacity of one giga-watt.

b. Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia.

c. Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.

d. Financial assistance will be provided for procurement of biomass aggregation machinery to support collection.

Electric Vehicle Ecosystem

68. Our Government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism.

Bio-manufacturing and Bio-foundry

69. For promoting green growth, a new scheme of bio-manufacturing and bio-foundry will be launched. This will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs. This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles.

Blue Economy 2.0

70. For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.

Comprehensive development of tourist centres

71. The success of organizing G20 meetings in sixty places presented diversity of India to global audience. Our economic strength has made the country an attractive destination for business and conference tourism. Our middle class also now aspires to travel and explore. Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship.

72. States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale. A framework for rating of the centres based on quality of facilities and services will be established. Long-term interest free loans will be provided to States for financing such development on matching basis.

73. To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also.

Promoting Investments

74. The FDI inflow during 2014-23 was USD 596 billion marking a golden era. That is twice the inflow during 2005-14. For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners, in the spirit of ‘first develop India’.

Reforms in the States for ‘Viksit Bharat’

75. Many growth and development enabling reforms are needed in the states for realizing the vision of ‘Viksit Bharat’. A provision of seventy-five thousand crore rupees as fifty-year interest free loan is proposed this year to support those milestone-linked reforms by the State Governments.

Societal Changes

76. The Government will form a high-powered 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 ‘Viksit Bharat’.

Amrit Kaal as Kartavya Kaal

77. Our Government stands committed to strengthening and expanding the economy with high growth and to create conditions for people to realize their aspirations. Hon’ble Prime Minister in his Independence Day address to the nation, in the 75th year of our Republic said; 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 ‘Kartavya Kaal’.

78. Every challenge of the pre-2014 era was overcome through our economic management and our governance. These have placed the country on a resolute path of sustained high growth. This has been possible through our right policies, true intentions, and appropriate decisions. In the full budget in July, our Government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’.

Revised Estimates 2023-24

79. The Revised Estimate of the total receipts other than borrowings is Rs. 27.56 lakh crore, of which the tax receipts are Rs. 23.24 lakh crore. The Revised Estimate of the total expenditure is Rs. 44.90 lakh crore.

80. The revenue receipts at Rs. 30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.

81. The Revised Estimate of the fiscal deficit is 5.8 per cent of GDP, improving on the Budget Estimate, notwithstanding moderation in the nominal growth estimates.

Budget Estimates 2024-25

82. Coming to 2024-25, the total receipts other than borrowings and the total expenditure are estimated at Rs. 30.80 and 47.66 lakh crore respectively. The tax receipts are estimated at Rs. 26.02 lakh crore.

83. The scheme of fifty-year interest free loan for capital expenditure to states will be continued this year with total outlay of Rs. 1.3 lakh crore.

84. We continue on the path of fiscal consolidation, as announced in my Budget Speech for 2021-22, to reduce fiscal deficit below 4.5 per cent by 2025-26. The fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP, adhering to that path.

85. The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs. 14.13 and 11.75 lakh crore respectively. Both will be less than that in 2023-24. 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

86. I will be seeking ‘vote on account’ approval of the Parliament through the Appropriation Bill for a part of the financial year 2024-25.

I will, now, move to Part B.

Part B

Hon’ble Speaker Sir,

Direct taxes

87. Over the last ten years, the direct tax collections have more than trebled and the return filers swelled to 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 tax payers for their support.

88. The Government has reduced and rationalized tax rates. Under the new tax scheme, there is now no tax liability for tax payers with income up to ₹ 7 lakh, up from ₹ 2.2 lakh in the financial year 2013-14. The threshold for presumptive taxation for retail businesses was increased from ₹ 2 crore to ₹ 3 crore. Similarly, the threshold for professionals eligible for presumptive taxation was increased from ₹ 50 lakh to ₹ 75 Lakh. Also, corporate tax rate was decreased from 30 per cent to 22 per cent for existing domestic companies and to 15 per cent for certain new manufacturing companies.

89. In the last five years, our focus has been to improve tax-payer 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 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 2013-14 to a mere ten days this year, thereby making refunds faster.

Indirect Taxes

90. By unifying the highly fragmented indirect tax regime in India, 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, 94 per cent of industry leaders view the transition to GST as largely positive. According to 80 per cent of the respondents, it has led to supply chain optimisation, as elimination of tax arbitrage and octroi has resulted in disbanding of check posts at 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 lakh crore, this year. States too have benefited. States’ SGST revenue, including compensation released to states, in the post-GST period of 2017-18 to 2022-23, has achieved a buoyancy of 1.22. In contrast, the tax buoyancy of State revenues from subsumed taxes in the pre-GST four-year period of 2012-13 to 2015-16 was a mere 0.72. The biggest beneficiaries are the consumers, as reduction in logistics costs and taxes have brought down prices of most goods and services.

91. We have taken a number of steps in Customs to facilitate international trade. As a result, the import release time declined by 47 per cent to 71 hours at Inland Container Depots, by 28 per cent to 44 hours at air cargo complexes and by 27 per cent to 85 hours at sea ports, over the last four years since 2019, when the National Time Release Studies were first started.

Tax proposals

92. 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 taxes and indirect taxes including import duties. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also 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.

93. Moreover, in line with our Government’s vision to improve ease of living and ease of doing business, I wish to make an announcement to improve tax payer services. There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax payers and hindering refunds of subsequent years. I propose to withdraw such outstanding direct tax demands up to twenty-five thousand rupees (₹ 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (₹ 10,000) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers.

Economy – Then and Now

94. In 2014 when our Government assumed the reins, the responsibility to mend the economy step by step and to put the governance systems in order was enormous. 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 our strong belief of ‘nation-first’.

95. 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 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.

96. The exemplary track record of governance, development and performance, effective delivery, and ‘Jan Kalyan’ has given the Government trust, confidence and blessings of the people to realize, whatever it takes, the goal of ‘Viksit Bharat’ with good intentions, true dedication and hard work in the coming years and decades.

97. With this, I commend the interim budget to this august House.

Jai Hind.

Topics

Acts Income Tax