The Union Cabinet headed by Prime Minister Narendra Modi has approved the pre-election budget 2024-25. Sitharaman, the first full-time woman finance minister of the country, has presented five full budgets since July 2019 and today's interim one.
Presenting her sixth Budget, Union Finance Minister Nirmala Sitharaman emphasised the establishment of a dedicated Department for Fisheries, recognizing the significance of supporting fishermen in the country.
The finance minister attributed the moderated inflation levels to good macroeconomic stability and robust investments.
The fiscal deficit target for the financial year 2024-2025 has been set at 5.10 per cent of GDP.
Finance Minister Nirmala Sitharaman highlighted the implementation of modern farming schemes as a pivotal component of the government's strategy for the agricultural sector.
Sitharaman also holds the record for the longest budget speech in India's history, when she spoke for 2 hours and 42 minutes in 2020.
Sitharaman said that the fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP.
Presenting the pre-election Budget, Sitharaman outlined key measures aimed at fostering the continued growth of the agriculture sector. She also emphasised the importance of post-harvest activities.
PM Narendra Modi announced the launch of the economic corridor in September 2023, which involves India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany, and the US.
Wearing a blue saree, Sitharaman began her sixth budget speech in which she emphasised that the next five years will be the years of unprecedented development.
The minister said that over the past decade, the Indian economy has undergone a positive transformation.
Budget 2024: The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government.
Paytm Payments Bank is prohibited from accepting new deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more after February 29, 2024.
Mahindra & Mahindra, Maruti, Power Grid, NTPC, IndusInd Bank, and Sun Pharma were the biggest gainers among the Sensex firms.
Budget 2024: The finance minister Nirmala Sitharaman is expected to maintain fiscal prudence while providing incentives for sectors like agriculture and the engines of the economy to stimulate job creation and consumption.
Banks across several states will remain closed for 11 days this month. Scroll down to check bank holidays in the month of Februray 2024.
Notably, this is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more. The government has settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection.
The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.
Budget 2024: PM Modi said the interim Budget presented by Finance Minister Nirmala Sitharaman offers the "guarantee" of strengthening the foundation of a developed India and carries the "confidence of continuity".
FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.
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