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Budget 2024-2025: Key takeaways from FM Nirmala Sitharaman’s interim budget speech

According to Sitharaman, India’s economy, which is the fastest growing among major nations, is experiencing significant transformation.

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The key takeaways from the Finance Minister Nirmala Sitharaman’s interim budget 2024-2025 speech are:

  1. The government aims to make the country Viksit Bharat by 2047. Our Government is working with an approach to development that is all-round, all-pervasive and all-inclusive, Sitharaman said.
  2. PM-SVANidhi has provided credit assistance to 78 lakh street vendors.  From that total, 2.3 lakh have received credit for the third time, she said.
  3. India’s economy, the fastest growing among major nations, is going through profound change, Sitharaman said.
  4. The government is focused on more comprehensive GDP, governance, development, and performance, Sitharaman said.
  5. The Finance Minister said PM-JANMAN Yojana reaches out to the particularly vulnerable tribal groups, who have remained outside the realm of development so far.
  6. The government has lifted 250 million people out of poverty in a decade. The crop insurance scheme aims to benefit 40 million farmers.
  7. 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 the firm resolve of our Government to leave no one behind, she said.
  8. According to Sitharaman, India’s economy, which is the fastest growing among major nations, is experiencing significant transformation.
  9. Sitharaman stated that the government is prioritizing a holistic GDP approach, encompassing governance, development, and performance.
  10. Tax reforms have widened the tax base and increased tax collections, Sitharaman said.
  11. The government will launch a new scheme to strengthen deep tech for defence purposes.
  12. The success of self-help groups empowered 1 crore women to become Lakhpati Didis, the government says while presenting Budget 2024.
  13. Tax benefits for startups and investments made by sovereign wealth and pension funds will be extended until March 2025, she said.
  14. Sitharaman said the government will focus on improving tourist infrastructure in the Union Territory of Lakshadweep.
  15. Finance Minister Nirmala Sitharaman announced in her interim Budget 2024 speech that the government will make substantial investments in the country’s tourism sector.
  16. Nirmala Sitharaman announced that the government will be building 20 million affordable houses in the next five years, alongside the 30 million houses already constructed.

India News

UN backs PM Modi’s push for urgent UNSC reform

The UN has backed PM Modi’s call for urgent Security Council reform, saying its current structure no longer reflects 21st-century realities.

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The United Nations has backed Prime Minister Narendra Modi’s call for urgent reform of the UN Security Council, with a spokesperson for UN Secretary-General António Guterres saying the Council’s existing structure no longer reflects the realities of the 21st century.

UN Secretary-General spokesperson Stéphane Dujarric was responding to PM Modi’s remarks at the 18th BRICS Summit in New Delhi, where the Prime Minister said reform of the Security Council “can no longer be delayed”.

Dujarric said there is a fundamental need to reform the Security Council as well as other international institutions.

He pointed to the Council’s current composition of five permanent members and said it does not adequately represent the world as it exists today. He argued that international institutions need to adapt to the realities of 2026 rather than continue reflecting the circumstances of 1945.

Modi calls for time-bound UNSC reform

Addressing the BRICS session on inclusive global governance and strengthening multilateralism, PM Modi criticised the concentration of power and decision-making in the existing global governance system.

He said countries of the Global South are often at the forefront of global crises but have limited influence over decisions that affect them.

Modi proposed that BRICS countries prepare 10 proposals for global governance reforms, which could subsequently form a BRICS Reform Roadmap at the next summit.

The roadmap, he said, should focus on three broad areas — representation, responsiveness and rule-making.

On representation, Modi specifically called for reform of the UN Security Council, saying the process should be linked to a fixed timeframe and clear outcomes.

BRICS backs greater representation

The New Delhi Declaration adopted at the 18th BRICS Summit also reaffirmed the grouping’s support for reform of global governance institutions.

BRICS called for a more representative and equitable international system and stressed the need for greater participation of developing countries in global decision-making.

On Security Council reform, the grouping backed comprehensive changes aimed at making the body more democratic, representative, effective and efficient, with greater representation for developing countries.

The declaration also said Security Council reform should strengthen the voice of the Global South.

China and Russia, the two permanent members of the Security Council within BRICS, reiterated their support for the aspirations of India and Brazil to play a greater role in the UN, including the Security Council.

UN highlights India’s role

Dujarric also said India has an important role to play in addressing conflicts and helping parties communicate.

He said Guterres and PM Modi discussed conflicts including those in the Middle East and Ukraine during their meeting.

According to Dujarric, the UN Secretary-General believes India can act as a bridge builder and contribute to efforts aimed at helping conflicting sides communicate and reach peaceful settlements.

Dujarric also congratulated Modi on India’s BRICS presidency and said the adoption of a joint declaration was a credit to India’s leadership of the grouping.

India is hosting the 18th BRICS Summit in New Delhi on September 12-13. The summit is being held under India’s chairship with the theme “Building for Resilience, Innovation, Cooperation and Sustainability”.

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India News

PM Modi-Xi meeting: Xi says India, China can learn from each other’s strengths

PM Modi and Xi Jinping held bilateral talks on the sidelines of the BRICS Summit, with discussions focused on border peace, bilateral relations and cooperation.

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China President Xi Jinping

Chinese President Xi Jinping said India and China can learn from each other’s strengths and support one another as he held bilateral talks with Prime Minister Narendra Modi in New Delhi on Saturday.

The meeting took place on the sidelines of the BRICS Summit 2026 during Xi’s two-day visit to India. It was his first visit to the country in seven years. The discussions covered bilateral relations, border issues, trade and investment.

PM Modi stresses importance of border peace

Prime Minister Narendra Modi emphasised that peace and tranquillity in the border areas are essential for the continued development of India-China relations.

He also underlined the need for both countries to follow existing agreements and understandings related to border issues. The two leaders reaffirmed their commitment to pursuing a fair, reasonable and mutually acceptable resolution of the boundary question while keeping the long-term interests of both countries in mind.

The two sides also noted steady progress in bilateral relations since Modi and Xi last met in Tianjin in August 2025.

Modi stressed that differences between India and China should not turn into disputes. He said the relationship should be guided by three principles — mutual respect, mutual sensitivity and mutual interest.

Xi calls for long-term India-China ties

During the meeting, Xi Jinping said China has consistently viewed its relationship with India from a strategic and long-term perspective.

He recalled that he and Modi have met 21 times over the years and said these meetings had helped guide India-China relations towards steady development.

Xi said that despite differences in their national conditions, India and China could learn from each other’s strengths, support one another and pursue common development.

He also highlighted the responsibilities of India and China as two of the world’s most populous countries and important members of the Global South.

Both sides review bilateral relations

The two leaders carried out a comprehensive review of India-China relations and discussed measures to expand engagement.

The talks also highlighted the importance of maintaining peace and tranquillity along the border and continuing cooperation based on mutual respect, mutual sensitivity and mutual interest.

After the meeting, Modi said the two sides had reviewed the full range of India-China relations. He also conveyed India’s best wishes to China ahead of its BRICS presidency next year.

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India News

Bank holiday on September 14: Banks closed in these cities

Banks will remain closed on September 14 in nine cities, including Mumbai, Bengaluru, Chennai and Hyderabad, due to Ganesh Chaturthi and related festival observances.

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Bank holidays

The bank holiday on September 14 will affect branches in select cities across India as banks observe a regional holiday for Ganesh Chaturthi and related festival observances.

September 14, 2026, falls on a Monday and is listed as a holiday for Ganesh Chaturthi, Ganesh Puja, Varasiddhi Vinayaka Vrata, Vinayakar Chathurthi and Hartalika in certain banking centres.

Bank holiday on September 14: Full city-wise list

According to the holiday listings, bank branches will remain closed on September 14 in the following centres:

CityFestival/occasion
BelapurGanesh Chaturthi/Ganesh Puja/related observances
BengaluruGanesh Chaturthi/Ganesh Puja/related observances
BhubaneswarGanesh Chaturthi/Ganesh Puja/related observances
ChennaiGanesh Chaturthi/Ganesh Puja/related observances
HyderabadGanesh Chaturthi/Ganesh Puja/related observances
MumbaiGanesh Chaturthi/Ganesh Puja/related observances
NagpurGanesh Chaturthi/Ganesh Puja/related observances
PanajiGanesh Chaturthi/Ganesh Puja/related observances
VijayawadaGanesh Chaturthi/Ganesh Puja/related observances

The holiday is therefore not applicable to bank branches across the entire country. Bank holidays in India vary by state and banking centre, depending on local festivals and occasions.

Why are banks closed on September 14?

September 14 marks Ganesh Chaturthi in 2026. The festival falls on Monday this year, with the date confirmed as September 14.

The banking holiday calendar uses different names for the observance across centres, including Ganesh Chaturthi, Ganesh Puja, Varasiddhi Vinayaka Vrata, Vinayakar Chathurthi and Hartalika.

The National Stock Exchange’s 2026 holiday circular also lists September 14 as a trading holiday for Ganesh Chaturthi.

Will online banking services work on September 14?

The closure applies to physical bank branches in the affected centres. Customers can generally continue to use digital banking channels such as mobile banking, internet banking and UPI, although specific services can depend on the bank.

Customers who need to visit a branch for cash deposits, withdrawals, account-related work or other in-person services should check the holiday status of their particular branch before visiting.

What about banks in other cities?

Banks in cities that are not covered by the September 14 regional holiday are not automatically closed because of Ganesh Chaturthi.

The bank holiday calendar is centre-specific, so customers should check their bank’s branch holiday schedule before planning a branch visit.

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