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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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Amit Shah praises Dharmendra Pradhan’s resignation, says Nation above post

Amit Shah hailed Dharmendra Pradhan’s resignation as Union Education Minister, saying BJP places the nation and students above any position while highlighting the government’s commitment to examination reforms.

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Amit Shah

Union Home Minister Amit Shah on Saturday praised Dharmendra Pradhan’s decision to step down as Union Education Minister, saying the move reflected the Bharatiya Janata Party’s commitment to placing the nation and students above any political position.

In a post on X, Shah said that for BJP workers, the country, its youth and students are more important than any office. He described Pradhan’s resignation as an example of the party’s guiding principle of prioritising national interest over personal ambition.

Shah highlights government’s focus on exam reforms

Amit Shah said the Narendra Modi-led government respects the sentiments of students and remains committed to strengthening the examination system following concerns over alleged paper leaks.

He said the Centre has introduced strict measures to ensure severe punishment for those involved in examination paper leaks and expressed confidence that these steps would deliver justice to students who cleared the National Eligibility-cum-Entrance Test (NEET).

Praises Pradhan’s work as Education Minister

Recalling Dharmendra Pradhan’s tenure, Shah highlighted several initiatives undertaken during his time in the Education Ministry. He credited Pradhan with helping implement the National Education Policy (NEP), expanding PM SHRI schools, promoting digital education, strengthening skill development and improving coordination between industry and academic institutions.

Shah also said Pradhan worked towards making examinations more inclusive and student-centric, adding that his tenure reflected his commitment to the vision of a developed India.

Resignation follows NEET controversy

Dharmendra Pradhan’s resignation comes amid nationwide protests over alleged irregularities in the NEET examination and growing demands for accountability.

The resignation has triggered political reactions across party lines. While opposition parties have described the development as a result of sustained student protests, BJP leaders have projected it as an example of accountability and commitment to national interest.

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Assam flood death toll rises to 66, over 6.5 lakh people still affected

Assam’s flood situation improved slightly on Saturday, but more than 6.54 lakh people remain affected in six districts. Four fresh deaths have pushed the state’s flood toll to 66.

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Assam floods

The flood situation in Assam showed marginal improvement on Saturday, though the disaster continued to impact more than 6.54 lakh people across six districts. Four more deaths were reported during the day, taking the total number of fatalities in this year’s floods to 66.

According to the Assam State Disaster Management Authority (ASDMA), three of the latest deaths were reported from Sivasagar district, while one person lost their life in Charaideo.

The number of affected people declined from over 7.05 lakh across nine districts on Friday to 6,54,800 across six districts on Saturday, indicating a gradual improvement in the overall situation.

Sivasagar remains the worst-hit district

Among the affected districts, Sivasagar continues to be the worst hit, with nearly 2.9 lakh people impacted by the floods. Charaideo follows with around 1.9 lakh affected residents, while more than 1.3 lakh people remain affected in Jorhat.

The other districts still facing flood-related challenges are Dibrugarh, Golaghat and Nagaon.

Relief operations continue across affected areas

The ASDMA said the state administration is operating 274 relief camps and aid distribution centres across the affected districts. Around 18,902 displaced people are currently taking shelter at these facilities.

The latest daily bulletin also stated that floodwaters have inundated 810 villages across the state, while 34,970.8 hectares of agricultural land have suffered damage.

Rivers flowing above danger level

The floods have also damaged embankments, roads, bridges and other public infrastructure in several areas.

Authorities said the Dikhou River in Sivasagar and the Dhansiri River at Numaligarh are flowing above the danger level, and officials continue to closely monitor the situation.

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UP Government forms new SIT led by 3 IPS officers to probe Ayodhya Ram Temple donation theft

The Uttar Pradesh government has formed a new SIT led by three IPS officers to investigate the alleged Ram Temple donation theft case in Ayodhya following Supreme Court directions.

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Ram Mandir

The Uttar Pradesh government has reconstituted a Special Investigation Team (SIT) headed by IG Kiran S, with DIG Somen Verma and SSP Dr Gaurav Grover as members, to investigate the alleged theft of donations meant for the Ram Temple in Ayodhya. 

The move comes after directions from the Supreme Court, which sought a reconstituted investigation team to ensure an independent and comprehensive probe into the allegations.

The newly formed SIT is expected to continue the investigation and submit a status report before the Supreme Court on July 27.

Senior IPS officers to lead the probe

According to the state government, the investigation will now be supervised by senior IPS officers.  The revamped SIT has been tasked with examining all aspects of the alleged embezzlement of temple donations and carrying the investigation forward.

The Supreme Court had observed that criminal investigations and technical examination of theft-related cases are more effectively handled by experienced police officers, leading to the reconstitution of the SIT under senior IPS leadership.

Probe to continue under court supervision

The case relates to the alleged embezzlement of offerings (chadhava) donated by devotees at the Shri Ram Janmabhoomi Temple in Ayodhya.

The Supreme Court is monitoring the investigation and will review the SIT’s status report at the next hearing.

Authorities are expected to continue examining evidence collected during the earlier stages of the investigation as the newly constituted SIT proceeds with the case.

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