Finance Minister Nirmala Sitharaman, in her budget speech, announced significant measures, including income tax relief for the middle class and a ₹2 lakh crore outlay for job creation schemes.
Introduction
The people of India have reposed their faith in the government led by the Hon’ble Prime Minister Shri Narendra Modi and re-elected it for a historic third term under his leadership. We are grateful for their support, faith, and trust in our policies. We are determined to ensure that all Indians, regardless of religion, caste, gender, and age, make substantial progress in realizing their life goals and aspirations.
Union Budget 2024 LIVE Coverage
Global Context
The global economy, while performing better than expected, is still in the grip of policy uncertainties. Elevated asset prices, political uncertainties, and shipping disruptions continue to pose significant downside risks for growth and upside risks to inflation.
In this context, India’s economic growth continues to be the shining exception and will remain so in the years ahead. India’s inflation continues to be low, stable, and moving towards the 4 percent target. Core inflation (non-food, non-fuel) currently is 3.1 percent. Steps are being taken to ensure supplies of perishable goods reach the market adequately.
Interim Budget
As mentioned in the interim budget, we need to focus on 4 major castes, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). For Annadata, we announced higher Minimum Support Prices a month ago for all major crops, delivering on the promise of at least a 50 per cent margin over costs. Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefitting more than 80 crore people.
Administrative actions for approval and implementation of various schemes announced in the interim budget are well underway. The required allocations have been made.
Budget Theme
Turning attention to the full year and beyond, in this budget, we particularly focus on employment, skilling, MSMEs, and the middle class. I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of ` 2 lakh crore. I will speak about them shortly, while more details may be seen in the annexure. This year, I have made a provision of ` 1.48 lakh crore for education, employment and skilling.
