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Budget 2024-25: Finance Minister Nirmala Sitharaman bets on social security schemes, no change in tax slabs

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With the Narendra Modi government’s second term coming to an end, Finance Minister Nirmala Sitharaman presented her sixth budget, albeit an interim one at that. The government has focused on people’s welfare, extension of social security schemes for the poor, women, youth and farmers. She said she hoped the people of the country will vote the party back to power in the Lok Sabha polls.

The Finance Minister said the BJP-led government is working to make India ‘Viksit Bharat’. She said the government was keen on governance, development and performance, GDP. The government has raised 25 crore people from below the poverty line over the 10 years. As expected, there was no change in tax slabs, though the FM spoke of increasing tax exempt income from Rs 2.5 lakh in 2013-14 to Rs 7 lakh last year, though under the new tax regime.

Keeping rural India firmly in mind, she said 2 crore (20 million) houses will be built under the PM Awaas Yojana Grameen over the next five years. Analysts had expected a similar plan for urban areas. Similarly, the Ayushman Bharat scheme has been extended to all ASHA and Anganwadi workers which would enable them to avail free medical treatment at primary health centres and government facilities.

A long-term financing corpus will be set up with 50-year interest free loan for longer tenures for development of tech industries. The government will also launch schemes to strengthen deep tech for defence purposes.

The bigger announcement was on the plan to limit the fiscal deficit below 5% in 2026 despite the push for greater infrastructure thrust. The deficit for 2024-25 is expected to stay at 5.8% of the GDP.

The government has also cancelled direct tax demands for some 1 crore taxpayers. The greater push for increasing solarisation among households via rooftop solarisation targeting 300 free units per month is a hat-tip to the free power schemes introduced by the Aam Aadmi Party.

Finance Minister completes interim budget presentation

Union Finance Minister Nirmala Sitharaman concluded her interim budget presentation.

Tax benefits extended to March 2025

The tax benefits for startups, investments made by sovereign wealth, pension funds are to be extended to March 2025

3 railway economic corridors programmes to be implemented

The railway economic corridor programmes for energy, minerals and cement as well as port connectivity and heavy will be put into effect. The Finance Minister stated that PM Gati Shakti has designated the projects that will enable multi-modal connectivity and will lower costs and increase the effectiveness of logistics

Nirmala Sitharaman push for enhancement in tech sector

During the budged presentation, the Finance Minister said that a corpus of Rs1 lakh crore will be established with 50-year interest free loan to provide long term financing with loang tenure with no or less interest rates. She added that a new technology will be launched to strengthen deeep tech for defence purpose.

FDI inflow during FY 14-25 was USD 596 bn

Finance Minister Nirmala Sitharaman asserted that the Foreign Direct Investment during the financial year 14-20 was USD 596 billion.

Union Finance Minister Sitharaman on PM Modi’s roof-top solarisation scheme

According to Nirmala Sitharaman, rooftop solarisation will provide 300 units of free electricity per month to 1 crore families.

Ayushman Bharat cover to be extended

Union Finance Minister Nirmala Sitharaman has said all Asha and Anganwadi workers will be included in the Ayushmann Bharat initiative.

FM announces 2 crore more houses under PMYA-G

Two crore more houses would be constructed under the Pradhan Mantri Awas Yojana – Gramin, according to the Union Finance Minister.

Nirmala Sitharaman explains government focus for the interim budget

Finance Minister Nirmala Sitharaman stated that the central government is focusing on four major groups namely poor, women, youth and the farmers.

Finance Minister begins interim budget presentation

Union Finance Minister Nirmala Sitharam commences to present the interim budget 2024-25, setting the stage for Lok Sabha Election 2024. In this budget, the Finance Minister is likely to focus on social welfare schemes, farmers, women and job creation.

Growth rate to stay above 6%

Ahead of the budget, the Economic Review had pegged the growth rate at 7%, the IMF has forecast GDP growth rate for India at 6.5%

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Rahul Gandhi to visit Indore over contaminated water deaths, draws mixed political reactions

Rahul Gandhi is set to visit Indore to meet families affected by contaminated water deaths as BJP and Congress leaders exchange sharp yet contrasting responses.

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Rahul-Gandhi

Leader of the opposition in the Lok Sabha Rahul Gandhi is scheduled to visit Indore on Saturday amid mounting political and public concern over deaths linked to contaminated drinking water in the city. His visit has triggered varied responses from political leaders, reflecting the tense atmosphere surrounding the issue.

According to the proposed itinerary, Rahul Gandhi will begin his visit at Bombay Hospital, where several people affected by contaminated water are currently undergoing treatment. He is expected to meet patients and their families before proceeding to Bhagirathpura, the area identified as the epicentre of the crisis. There, he will interact with families who lost relatives after consuming contaminated water.

BJP veteran welcomes visit, stresses democratic role of opposition

Former Lok Sabha Speaker and senior BJP leader Sumitra Mahajan welcomed Rahul Gandhi’s visit, adopting a conciliatory tone and underlining the importance of opposition voices in a democracy.

“This is how democracy works,” Mahajan said, adding that the opposition has a responsibility to raise issues affecting the public. She recalled that when her party was in the opposition, it fought strongly to earn people’s trust by standing with them during difficult times.

Chief minister warns against ‘politics over tragedy’

In contrast, Madhya Pradesh Chief Minister Mohan Yadav issued a sharp warning without naming Rahul Gandhi directly, cautioning against what he described as politicisation of a tragedy.

“We have faced this difficult phase with sensitivity,” the chief minister said. He added that Indore would not tolerate politics being played over deaths and stressed that protests must remain constructive, warning of serious consequences if the issue is used for political gain.

Closed-door meeting fuels political discussion

Adding to the political churn, Madhya Pradesh Congress president Jitu Patwari met Sumitra Mahajan at her residence in a closed-door meeting. The discussion focused on the Bhagirathpura water contamination incident and possible long-term solutions, fuelling speculation across political circles.

Speaking to the media later, Patwari said the tragedy should not be turned into a political contest. “This is not just a political issue, it is a serious public health issue,” he said, noting that several parts of Madhya Pradesh are facing problems related to contaminated drinking water.

Patwari stressed that ensuring access to clean and potable water should take precedence over political rhetoric. He said the government must focus on protecting Indore’s reputation and safeguarding the future by strengthening the city’s water supply system.

Responding to queries, Sumitra Mahajan said Patwari had been meeting her for a long time and spoke positively about his efforts. She confirmed that the discussion centred on the Bhagirathpura incident and said she offered suggestions, calling for collective efforts to resolve the crisis.

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Suvendu Adhikari files Rs 100-crore defamation suit against Mamata Banerjee

Suvendu Adhikari has moved an Alipore court seeking Rs 100 crore in damages from Mamata Banerjee, alleging defamation over coal scam claims.

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Suvendu-Adhikari

West Bengal opposition leader and BJP MLA Suvendu Adhikari on Friday filed a defamation suit against Chief Minister Mamata Banerjee, seeking Rs 100 crore in damages for allegedly linking him to a coal scam.

In a post on social media, Adhikari said the suit was filed before the court of the civil judge (senior division) at Alipore after Banerjee did not respond to a legal notice sent to her earlier.

Adhikari accused the chief minister of making what he described as “imaginary allegations” and said her silence on the defamation notice had compelled him to move court.

“I honour my commitments while you obfuscate issues and people. Your deceptive silence to the defamation notice pertaining to your vile imaginary allegations of my involvement in some alleged coal scam will not help you salvage the situation,” Adhikari wrote on X.

He added that he had kept his word of initiating legal action and shared a photograph related to the registration of the civil suit.

Adhikari also stated that if damages are awarded in his favour, the amount would be donated to charity.

Legal notice and allegations

According to Adhikari, the legal notice sent through his advocate referred to statements made by Banerjee on January 8 and 9, during which she allegedly linked him and Union Home Minister Amit Shah to an alleged coal scam while claiming to possess evidence.

In the notice, Adhikari had asked Banerjee to substantiate the allegations within 72 hours, failing which he would proceed with a defamation suit.

Adhikari, who was earlier a minister in the Trinamool Congress government, joined the BJP ahead of the 2021 West Bengal Assembly elections and is currently the leader of the opposition in the state assembly.

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Ajit Pawar concedes civic poll setback, says public mandate is supreme

Ajit Pawar has accepted defeat in Maharashtra’s civic polls, acknowledging the public mandate and pledging stronger efforts to rebuild trust ahead of future elections.

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Ajit Pawar

Deputy Chief Minister and Nationalist Congress Party (NCP) chief Ajit Pawar on Friday accepted the verdict of the recently concluded municipal corporation elections in Maharashtra, stating that the public’s mandate must be respected above all else.

Following near-clear results in the 29 municipal corporations across the state, Pawar took to social media to formally acknowledge the party’s poor performance in several major urban centres. He said the outcome reflected the will of the people and congratulated all winning candidates.

“The public’s mandate is supreme, and we accept it with complete respect. I heartily congratulate all the winning candidates and wish them success in their upcoming terms,” Pawar said.

Ajit Pawar promises renewed effort after losses

Addressing the party’s inability to achieve the expected results, the NCP leader said his faction would introspect and work harder to regain the confidence of voters.

“In this local body election, where we did not achieve the expected success, I assure you that we will work with more responsibility, honesty and double the vigour to regain the public’s trust,” he said.

He also urged newly elected representatives to focus on public issues and speed up development work. At the same time, Pawar encouraged party workers and candidates who lost the elections to remain committed to public service, underlining that serving citizens should remain the central objective.

Setback in traditional strongholds

The civic poll results have been viewed as a significant setback for Ajit Pawar, particularly in western Maharashtra. Despite choosing to contest independently in several areas—separate from Mahayuti partners BJP and the Eknath Shinde-led Shiv Sena—to demonstrate the strength of his faction, the NCP suffered major losses in Pune and Pimpri-Chinchwad.

Both municipal corporations, long regarded as strongholds of the Pawar family, witnessed a decisive lead and victory for the BJP, leaving Ajit Pawar’s faction trailing in third or fourth position.

In Mumbai and Chhatrapati Sambhajinagar, the party struggled to make an impact, failing to secure even double-digit seats in the Brihanmumbai Municipal Corporation.

Political observers believe the strategy of “friendly contests” against the BJP did not yield the desired outcome. The results indicate that the traditional Pawar support base may have split between Ajit Pawar and his uncle Sharad Pawar’s faction, indirectly benefiting the BJP.

The outcome of the 2026 civic polls is being seen as an important signal ahead of the 2029 Maharashtra Assembly elections, pointing to shifting political equations within the ruling alliance.

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