Budget 2024 LIVE: Key Announcements and Priorities for the Third Term of the Narendra Modi Government

The Union Budget 2024 has been announced, setting the stage for the third term of the Narendra Modi government. Finance Minister Nirmala Sitharaman outlined nine key priorities that the central government will focus on over the next five years, including agriculture, jobs, social justice, urban development, energy security, infrastructure, innovation, and reforms.

One of the major highlights of the budget was the revision of tax slabs, with the standard deduction being raised from Rs 50,000 to Rs 75,000 to benefit the middle class. Sitharaman also introduced the Employment-linked Incentive scheme to boost job creation and doubled the loan limit under the MUDRA loan scheme from Rs 10 lakh to Rs 20 lakh to promote self-employment.

In a move to boost the economy, the finance minister announced the elimination of custom duties on the import of critical minerals and reduced custom duty on gold and silver. She also praised the government’s fiscal consolidation plan, stating that the fiscal deficit has narrowed to 4.9 per cent and targeting a figure of below 4.5 per cent for FY26.

Sitharaman highlighted major infrastructure and tourism development projects for states like Bihar, Andhra Pradesh, and Odisha, where the BJP and its allies are in power. She began her speech by acknowledging India’s economic development under the Modi government and emphasized the robust macro-economic indicators despite global uncertainties.

Overall, the Union Budget 2024 aims to address key issues such as job creation, social justice, and infrastructure development while providing relief to the middle class and promoting self-employment. Stay tuned for more updates on the budget and its impact on the economy.