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Budget 2024: Full text of Nirmala Sitharaman’s speech in Parliament

Budget 2024

Budget 2024: Full text of Nirmala Sitharaman’s speech in Parliament

Union finance minister Nirmala Sitharaman on Thursday presented the interim budget 2024-25 in the Parliament.
Here is the full text of Sitharaman’s speech:

Hon’ble Speaker, I present the Interim Budget for 2024-25.

The Indian economy has witnessed a profound positive transformation in the last ten years. The people of India are looking ahead to the future with hope and optimism.

With the blessings of the people, when our Government under the visionary and dynamic leadership of Hon’ble Prime Minister Shri Narendra Modi assumed office in 2014, the country was facing enormous challenges. With ‘Sabka Saath, Sabka Vikas’ as its ‘mantra’, the Government overcame those challenges in earnest. Structural reforms were undertaken. Pro-people programmes were formulated and implemented promptly. Conditions were created for more opportunities for employment and entrepreneurship. The economy got a new vigour. The fruits of development started reaching the people at scale. The country got a new sense of purpose and hope. Naturally, the people blessed the Government with a bigger mandate.

In the second term, our Government under the leadership of the Hon’ble Prime Minister doubled down on its responsibilities to build a prosperous country with comprehensive development of all people and all regions. Our Government strengthened its ‘mantra’ to ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’. Our development philosophy covered all elements of inclusivity, namely – social inclusivity through coverage of all strata of the society, and geographical inclusivity through development of all regions of the country.

With the ‘whole of nation’ approach of ‘Sabka Prayas’, the country overcame the challenge of a once-in-a-century pandemic, took long strides towards ‘Atmanirbhar Bharat’, committed to ‘Panch Pran’, and laid solid foundations for the ‘Amrit Kaal’. As a result, our young country has high aspirations, pride in its present, and hope and confidence for a bright future. We expect that our Government, based on its stupendous work, will be blessed again by the people with a resounding mandate.

Inclusive Development and Growth

Our humane and inclusive approach to development is a marked and deliberate departure from the earlier approach of ‘provisioning up-to-village level’. Development programmes, in the last ten years, have targeted each household and individual, through ‘housing for all’, ‘har ghar jal’, electricity for all, cooking gas for all, bank accounts and financial services for all, in record time.

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The worries about food have been eliminated through free rations for 80 crore people. Minimum support prices for the production of ‘Annadata’ are periodically increased appropriately. These and the provision of necessities have enhanced real income in rural areas. Their economic needs could be addressed, thus spurring growth and generating jobs.

Social Justice

Interim Budget 2024

Our Government is working with an approach to development that is all-round, all-pervasive and all-inclusive (सर्वांगीण, सर्वस्पर्शी और सर्वसमावेशी). It covers all castes and people at all levels. We are working to make India a ‘Viksit Bharat’ by 2047. To achieve that goal, we need to improve people’s capabilities and empower them.

Previously, social justice was mostly a political slogan. For our Government, social justice is an effective and necessary governance model. The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice. This is secularism in action, reduces corruption, and prevents nepotism (भाई-भतीजावाद). There is transparency and assurance that benefits are delivered to all eligible people. The resources are distributed fairly. All, regardless of their social standing, get access to opportunities. We are addressing systemic inequalities that have plagued our society. We focus on outcomes and not on outlays so that the socio-economic transformation is achieved.

As our Prime Minister firmly believes, we need to focus on four major castes. They are, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). Their needs, their aspirations, and their welfare are our highest priority. The country progresses when they progress. All four require and receive government support in their quest to better their lives. Their empowerment and well-being will drive the country forward.

Garib Kalyan, Desh ka Kalyan

We believe in empowering the poor. The earlier approach of tackling poverty through entitlements had resulted in very modest outcomes. When the poor become empowered partners in the development process, the government’s power to assist them also increases manifold. With the pursuit of ‘Sabka ka Saath’ in these 10 years, the Government has assisted 25 crore people to get freedom from multi-dimensional poverty. Our Government’s efforts are now getting synergized with the energy and passion of such empowered people. This is truly elevating them from poverty.

‘Direct Benefit Transfer’ of ₹34 lakh crore from the Government using PM-Jan Dhan accounts has led to savings of ₹2.7 lakh crore for the Government. This has been realized through the avoidance of leakages prevalent earlier. The savings have helped in providing more funds for ‘Garib Kalyan’.

PM-SVANidhi has provided credit assistance to 78 lakh street vendors. From that total, 2.3 lakh have received credit for the third time.

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PM-JANDAN Yojana reaches out to the particularly vulnerable tribal groups, who have remained outside the realm of development so far. PM-Vishwakarma Yojana provides end-to-end support to artisans and craftspeople engaged in 18 trades. The schemes for the empowerment of Divyangs and Transgender persons reflect the firm resolve of our Government to leave no one behind.

Welfare of Annadata

Farmers are our ‘Annadata’. Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. These, besides several other programmes, are assisting ‘Annadata’ in producing food for the country and the world.

Electronic National Agriculture Market has integrated 1361 mandis and is providing services to 1.8 crore farmers with a trading volume of ₹3 lakh crore.

The sector is poised for inclusive, balanced, higher growth and productivity. These are facilitated by farmer-centric policies, income support, coverage of risks through price and insurance support, and promotion of technologies and innovations through start-ups.

Empowering Amrit Peedhi, the Yuva

Our prosperity depends on adequately equipping and empowering the youth. The National Education Policy 2020 is ushering in transformational reforms. PM ScHools for Rising India (PM SHRI) are delivering quality teaching, and nurturing holistic and well-rounded individuals.

The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000 new ITIs. A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up.

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PM Mudra Yojana has sanctioned 43 crore loans aggregating to ` 22.5 lakh crore for the entrepreneurial aspirations of our youth. Besides that, Fund of Funds, Start-Up India and Start-Up Credit Guarantee schemes are assisting our youth. They are also becoming ‘rozgardata’.

The country is proud of our youth scaling new heights in sports. The highest-ever medal tally in Asian Games and Asian Para Games in 2023 reflects a high confidence level. Chess prodigy and our Number-One ranked player Praggnanandhaa put up a stiff fight against the reigning World Champion Magnus Carlsson in 2023. Today, India has over 80 chess grandmasters compared to a little over 20 in 2010.

Momentum for Nari Shakti

The empowerment of women through entrepreneurship, ease of living, and dignity for them has gained momentum in these ten years.

Thirty crore Mudra Yojana loans have been given to women entrepreneurs. Female enrolment in higher education has gone up by twenty-eight per cent in ten years. In STEM courses, girls and women constitute forty-three per cent of enrolment – one of the highest in the world. All these measures are reflected in the increasing participation of women in the workforce.

Making ‘Triple Talaq’ illegal, reservation of one-third seats for women in the Lok Sabha and State legislative assemblies, and giving over seventy per cent of houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity.

Exemplary Track Record of Governance, Development and Performance (GDP)

Interim Budget 2024

Besides delivering high growth in terms of Gross Domestic Product, the Government is equally focused on a more comprehensive ‘GDP’, i.e., ’Governance, Development and Performance’.

Our Government has provided transparent, accountable, people-centric and prompt trust-based administration with a ‘citizen-first’ and ‘minimum government, maximum governance’ approach.

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The impact of all-round development is discernible in all sectors. There is macroeconomic stability, including in the external sector. Investments are robust. The economy is doing well.

People are living better and earning better, with even greater aspirations for the future. The average real income of the people has increased by fifty per cent. Inflation is moderate. People are getting empowered, equipped and enabled to pursue their aspirations. There is effective and timely delivery of programmes and large projects.

Economic Management

The multipronged economic management over the past ten years has complemented people-centric inclusive development. Following are some of the major elements.

(1) All forms of infrastructure, physical, digital or social, are being built in record time.

(2) All parts of the country are becoming active participants in economic growth.

(3) Digital Public Infrastructure, a new ‘factor of production’ in the 21st century, is instrumental in the formalization of the economy.

(4) Goods and Services Tax has enabled ‘One Nation, One Market, One Tax’. Tax reforms have led to the deepening and widening of the tax base.

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(5) Strengthening of the financial sector has helped in making savings, credit and investments more efficient.

(6) GIFT IFSC and the unified regulatory authority, IFSCA are creating a robust gateway for global capital and financial services for the economy.

(7) Proactive inflation management has helped keep inflation within the policy band.

Global Context

Geopolitically, global affairs are becoming more complex and challenging with wars and conflicts. Globalization is being redefined with reshoring and friend-shoring, disruption and fragmentation of supply chains, and competition for critical minerals and technologies. A new world order is emerging after the Covid pandemic.

India assumed the G20 Presidency during very difficult times for the world. The global economy was going through high inflation, high-interest rates, low growth, very high public debt, low trade growth, and climate challenges. The pandemic had led to a crisis of food, fertilizer, fuel and finances for the world, while India successfully navigated its way. The country showed the way forward and built consensus on solutions for those global problems.

The recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. In the words of the Hon’ble Prime Minister, the corridor “will become the basis of world trade for hundreds of years to come, and history will remember that this corridor was initiated on Indian soil”.

Vision for ‘Viksit Bharat’

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Interim Budget 2024

Our vision for ‘Viksit Bharat’ is that of “Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential”.

With confidence arising from the strong and exemplary track record of performance and progress earning ‘Sabka Vishwas’, the next five years will be years of unprecedented development, and golden moments to realize the dream of developing India in 2047. The trinity of demography, democracy and diversity backed by ‘Sabka Prayas’ has the potential to fulfil the aspirations of every Indian.

As the Hon’ble Prime Minister in his Independence Day address to the nation mentioned, “There is no dearth of opportunities; as many opportunities as we want. The country is capable of creating more opportunities. Sky’s the limit”.

Strategy for ‘Amrit Kaal’

Our Government will adopt economic policies that foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, help them enhance their capabilities, and contribute to the generation of resources to power investments and fulfil aspirations.

Guided by the principle ‘Reform, Perform, and Transform’, the Government will take up next-generation reforms, and build consensus with the states and stakeholders for effective implementation.

It is an important policy priority for our Government to ensure timely and adequate finances, relevant technologies and appropriate training for the Micro, Small and Medium Enterprises (MSME) to grow and also compete globally. Orienting the regulatory environment to facilitate their growth will be an important element of this policy mix.

Aligning with the ‘Panchamrit’ goals, our Government will facilitate sustaining high and more resource-efficient economic growth. This will work towards energy security in terms of availability, accessibility and affordability.

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To meet the investment needs our Government will prepare the financial sector in terms of size, capacity, skills and regulatory framework.

Aspirational Districts Programme

Our Government stands ready to assist the states in the faster development of aspirational districts and blocks, including the generation of ample economic opportunities.

Development of the East

Our Government will pay utmost attention to making the eastern region and its people a powerful driver of India’s growth.

PM Awas Yojana (Grameen)

Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from an increase in the number of families.

Rooftop solarization and Muft bijli

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Through rooftop solarization, one crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the Hon’ble Prime Minister on the historic day of consecration of Ram Mandir in Ayodhya. The following benefits are expected:

a. Savings of up to fifteen to eighteen thousand rupees annually for households from free solar electricity and selling the surplus to the distribution companies;

b. Charging of electric vehicles;

c. Entrepreneurship opportunities for a large number of vendors for supply and installation;

d. Employment opportunities for the youth with technical skills in manufacturing, installation and maintenance;

Housing for the middle-class

Our Government will launch a scheme to help deserving sections of the middle class “living in rented houses, or slums, or chawls and unauthorized colonies” to buy or build their own houses.

Medical Colleges

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Several youths are ambitious to get qualified as doctors. They aim to serve our people through improved healthcare services. Our Government plans to set up more medical colleges by utilizing the existing hospital infrastructure under various departments. A committee for this purpose will be set up to examine the issues and make relevant recommendations.

Cervical Cancer Vaccination

Our Government will encourage vaccination for girls in the age group of 9 to 14 years for the prevention of cervical cancer.

Maternal and child health care

Various schemes for maternal and child care will be brought under one comprehensive programme for synergy in implementation. Upgradation of Anganwadi centres under “Saksham Anganwadi and Poshan 2.0” will be expedited for improved nutrition delivery, early childhood care and development.

The newly designed U-WIN platform for managing immunization and intensified efforts of Mission Indradhanush will be rolled out expeditiously throughout the country.

Ayushman Bharat

Healthcare cover under the Ayushman Bharat scheme will be extended to all ASHA workers, Anganwadi Workers and Helpers.

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Agriculture and food processing

50. The efforts for value addition in the agricultural sector and boosting farmers’ income will be stepped up. Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment. Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and sixty thousand individuals with credit linkages. Other schemes are complementing the efforts for reducing post-harvest losses and improving productivity and incomes.

51. To ensure faster growth of the sector, our Government will further promote private and public investment in

post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding.

Nano DAP

52. After the successful adoption of Nano Urea, the application of Nano DAP on various crops will be expanded in all agro-climatic zones.

Atmanirbhar Oil Seeds Abhiyan

53. Building on the initiative announced in 2022, a strategy will be formulated to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. This will cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance.

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Dairy Development

54. A comprehensive programme for supporting dairy farmers will be formulated. Efforts are already on to control foot and mouth disease. India is the world’s largest milk producer but with low productivity of milch animals. The programme will be built on the success of existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry.

Matsya Sampada

55. It was our Government that set up a separate Department for Fisheries realizing the importance of assisting fishermen. This has resulted in a doubling of both inland and aquaculture production. Seafood exports since 2013-14 have also doubled. Implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to:

(1) enhance aquaculture productivity from existing 3 to 5 tons per hectare,

(2) double exports to ` 1 lakh crore and

(3) generate 55 lakh employment opportunities shortly.

Five integrated aquaparks will be set up.

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Lakhpati Didi

56. Eighty-three lakh SHGs with nine crore women are transforming the rural socio-economic landscape with empowerment and self-reliance. Their success has assisted nearly one crore women to become Lakhpati Didi already. They are an inspiration to others. Their achievements will be recognized by honouring them. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore to 3 crore.

Technological Changes

57. New-age technologies and data are changing the lives of people and businesses. They are also enabling new economic opportunities and facilitating the provision of high-quality services at affordable prices for all, including those at the ‘bottom of the pyramid’. Opportunities for India at the global level are expanding. India is showing solutions through the innovation and entrepreneurship of its people.

Research and Innovation for catalyzing growth, employment and development

58. Prime Minister Shastri gave the slogan of “Jai Jawan Jai Kisan”. Prime Minister Vajpayee made that “Jai Jawan Jai Kisan Jai Vigyan”. Prime Minister Modi has furthered that to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan”, as innovation is the foundation of development.

59. For our tech-savvy youth, this will be a golden era.

A corpus of rupees one lakh crore will be established with fifty-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology.

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60. A new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.

Infrastructure Development

61. Building on the massive tripling of the capital expenditure outlay in the past 4 years resulting in a huge multiplier impact on economic growth and employment creation, the outlay for the next year is being increased by 11.1 per cent to eleven lakh, eleven thousand, one hundred and eleven crore rupees (` 11,11,111 crore). This would be 3.4 per cent of the GDP.

Railways

62. Three major economic railway corridor programmes will be implemented. These are:

(1) energy, mineral and cement corridors,

(2) port connectivity corridors, and

(3) high-traffic density corridors.

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The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce costs.

63. The resultant decongestion of the high-traffic corridors will also help in improving the operations of passenger trains, resulting in safety and higher travel speed for passengers. Together with dedicated freight corridors, these three economic corridor programmes will accelerate our GDP growth and reduce logistic costs.

64. Forty thousand normal rail bogies will be converted to the Vande Bharat standards to enhance the safety, convenience and comfort of passengers.

Aviation Sector

65. The aviation sector has been galvanized in the past

ten years. The number of airports has doubled to 149. The rollout of air connectivity to tier-two and tier-three cities under the UDAN scheme has been widespread. Five hundred and seventeen new routes are carrying 1.3 crore passengers. Indian carriers have proactively placed orders for over 1000 new aircraft. Expansion of existing airports and development of new airports will continue expeditiously.

Metro and NaMo Bharat

66. We have a fast-expanding middle class and rapid urbanization is taking place. Metro Rail and NaMo Bharat can be the catalyst for the required urban transformation. Expansion of these systems will be supported in large cities focusing on transit-oriented development.

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Green Energy

67. Towards meeting our commitment to ‘net-zero’ by 2070, the following measures will be taken.

a. Viability gap funding will be provided for harnessing offshore wind energy potential for an initial capacity of one giga-watt.

b. Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia.

c. Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.

d. Financial assistance will be provided for the procurement of biomass aggregation machinery to support collection.

Electric Vehicle Ecosystem

68. Our Government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanisms.

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Bio-manufacturing and Bio-foundry

69. To promote green growth, a new scheme of bio-manufacturing and bio-foundry will be launched. This will provide environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs. This scheme will also help in transforming today’s consumptive manufacturing paradigm to one based on regenerative principles.

Blue Economy 2.0

70. For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.

Comprehensive development of tourist centres

71. The success of organizing G20 meetings in sixty places presented a diversity of India to a global audience. Our economic strength has made the country an attractive destination for business and conference tourism. Our middle class also now aspires to travel and explore. Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship.

72. States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at a global scale. A framework for rating the centres based on the quality of facilities and services will be established. Long-term interest-free loans will be provided to States for financing such development on a matching basis.

73. To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also.

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Promoting Investments

74. The FDI inflow during 2014-23 was USD 596 billion marking a golden era. That is twice the inflow during 2005-14. For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners, in the spirit of ‘first develop India’.

Reforms in the States for ‘Viksit Bharat’

75. Many growth and development-enabling reforms are needed in the states to realize the vision of ‘Viksit Bharat’. A provision of seventy-five thousand crore rupees as a fifty-year interest-free loan is proposed this year to support those milestone-linked reforms by the State Governments.

Societal Changes

76. The Government will form a high-powered committee for an extensive consideration of the challenges arising from fast population growth and demographic changes. The committee will be mandated to make recommendations for addressing these challenges comprehensively about the goal of ‘Viksit Bharat’.

Amrit Kaal as Kartavya Kaal

77. Our Government stands committed to strengthening and expanding the economy with high growth and to creating conditions for people to realize their aspirations. Hon’ble Prime Minister in his Independence Day address to the nation, in the 75th year of our Republic, said; we “commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities”. It is our ‘Kartavya Kaal’.

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78. Every challenge of the pre-2014 era was overcome through our economic management and our governance. These have placed the country on a resolute path of sustained high growth. This has been possible through our right policies, true intentions, and appropriate decisions. In the full budget in July, our Government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’.

Revised Estimates 2023-24

79. The Revised Estimate of the total receipts other than borrowings is ` 27.56 lakh crore, of which the tax receipts are ` 23.24 lakh crore. The Revised Estimate of the total expenditure is ` 44.90 lakh crore.

80. The revenue receipts at ` 30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.

81. The Revised Estimate of the fiscal deficit is 5.8 per cent of GDP, improving on the Budget Estimate, notwithstanding moderation in the nominal growth estimates.

Budget Estimates 2024-25

82. Coming to 2024-25, the total receipts other than borrowings and the total expenditure are estimated at ` 30.80 and 47.66 lakh crore respectively. The tax receipts are estimated at ` 26.02 lakh crore.

83. The scheme of a fifty-year interest-free loan for capital expenditure to states will be continued this year with a total outlay of ` 1.3 lakh crore.

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84. We continue on the path of fiscal consolidation, as announced in my Budget Speech for 2021-22, to reduce fiscal deficit below 4.5 per cent by 2025-26. The fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP, adhering to that path.

85. The gross and net market borrowings through dated securities during 2024-25 are estimated at ` 14.13 and 11.75 lakh crore respectively. Both will be less than that in 2023-24. Now that the private investments are happening at scale, the lower borrowings by the Central Government will facilitate a larger availability of credit for the private sector.

Vote on Account

86. I will be seeking ‘vote on account’ approval of the Parliament through the Appropriation Bill for a part of the financial year 2024-25.

I will, now, move to Part B.

Part B

Hon’ble Speaker Sir,

Direct taxes

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87. Over the last ten years, the direct tax collections have more than trebled and the return filers swelled to 2.4 times. I would like to assure the taxpayers that their contributions have been used wisely for the development of the country and the welfare of its people. I appreciate the taxpayers for their support.

88. The Government has reduced and rationalized tax rates. Under the new tax scheme, there is now no tax liability for taxpayers with income up to ₹ 7 lakh, up from ₹ 2.2 lakh in the financial year 2013-14. The threshold for presumptive taxation for retail businesses was increased from ₹ 2 crore to ₹ 3 crore. Similarly, the threshold for professionals eligible for presumptive taxation was increased from ₹ 50 lakh to ₹ 75 Lakh. Also, the corporate tax rate was decreased from 30 per cent to 22 per cent for existing domestic companies and to 15 per cent for certain new manufacturing companies.

89. In the last five years, our focus has been to improve tax-payer services. The age-old jurisdiction-based assessment system was transformed with the introduction of Faceless Assessment and Appeal, thereby imparting greater efficiency, transparency and accountability. Introduction of updated income tax returns, a new Form 26AS and prefilling of tax returns have made filing of tax returns simpler and easier. The average processing time of returns has been reduced from 93 days in the year 2013-14 to a mere 10 days this year, thereby making refunds faster.

Indirect Taxes

90. By unifying the highly fragmented indirect tax regime in India, GST has reduced the compliance burden on trade and industry. The industry has acknowledged the benefits of GST. According to a recent survey conducted by a leading consulting firm, 94 per cent of industry leaders view the transition to GST as largely positive. According to 80 per cent of the respondents, it has led to supply chain optimisation, as the elimination of tax arbitrage and octroi has resulted in the disbanding of check posts at state and city boundaries. At the same time, the tax base of GST more than doubled and the average monthly gross GST collection has almost doubled to ₹ 1.66 lakh crore, this year. States too have benefited. States’ SGST revenue, including compensation released to states, in the post-GST period of

2017-18 to 2022-23, has achieved a buoyancy of 1.22. In contrast, the tax buoyancy of State revenues from subsumed taxes in the pre-GST four-year period of 2012-13 to 2015-16 was a mere 0.72. The biggest beneficiaries are the consumers, as reductions in logistics costs and taxes have brought down the prices of most goods and services.

91. We have taken several steps in Customs to facilitate international trade. As a result, the import release time declined by 47 per cent to 71 hours at Inland Container Depots, by 28 per cent to 44 hours at air cargo complexes and by 27 per cent to

85 hours at seaports, over the last four years since 2019, when the National Time Release Studies were first started.

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Tax proposals

92. As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024. To provide continuity in taxation,

I propose to extend the date to 31.03.2025.

93. Moreover, in line with our Government’s vision to improve ease of living and ease of doing business, I wish to announce to improve taxpayer services. There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years.

I propose to withdraw such outstanding direct tax demands up to twenty-five thousand rupees ( ₹ 25,000) for the period up to financial year 2009-10 and up to ten thousand rupees ( ₹ 10,000) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers.

Economy – Then and Now

94. In 2014 when our Government assumed the reins, the responsibility to mend the economy step by step and to put the governance systems in order was enormous. The need of the hour was to give hope to the people, to attract investments, and to build support for the much-needed reforms. The Government did that successfully following our strong belief in ‘nation-first’.

95. The crisis of those years has been overcome, and the economy has been put firmly on a high sustainable growth path with all-round development. It is now appropriate to look at where we were then till 2014 and where we are now, only to draw lessons from the mismanagement of those years. The Government will lay a White Paper on the table of the House.

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96. The exemplary track record of governance, development and performance, effective delivery, and ‘Jan Kalyan’ has given the Government trust, confidence and blessings of the people to realize, whatever it takes, the goal of ‘Viksit Bharat’ with good intentions, true dedication and hard work in the coming years and decades.

97. With this, I commend the interim budget to this august House.

Jai Hind.

Also Read: “MSMEs will receive training to compete globally,” according to FM Sitharaman’s budget for 2024

Final Thought

The Indian government’s unwavering dedication to promoting a strong, equitable, and sustainable economic trajectory is demonstrated by Union Finance Minister Nirmala Sitharaman’s address for the interim budget 2024–25. Reiterating the government’s goal of creating a “Viksit Bharat” by 2047 under the leadership of Prime Minister Narendra Modi, the budget emphasizes ten years of revolutionary adjustments. In his budget address, Sitharaman laid out a strategic blueprint for India’s progress, emphasizing innovations, global collaboration, empowerment, and advancements in infrastructure, healthcare, education, and the digital economy. The budget aligns with India’s democratic, diversified, and demographic strengths, laying the groundwork for the country to realize the dreams of every Indian as it prepares for an era of unparalleled progress.

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Business

Unlocking the Revenue Streams: How IPL Franchises Earn Money and Sustain Financial Success

ipl

Unlocking the Revenue Streams: How IPL Franchises Earn Money and Sustain Financial Success

India is a great fan of cricket, and the Indian Premier League, or IPL, is the biggest cricket event held here. In this league, teams from various cities play against one another. But managing these teams isn’t cheap; they require funding for numerous expenses. So let’s investigate the sources of funding for these teams.

The league is definitely entertaining, but it’s much more than just the action that happens on the field. The commercial concept of the IPL is one of its intriguing features. Its main goals are to sell the game, bring together gamers from other nations, draw in new followers, and increase advertising revenue.

Understanding IPL

Teams from Mumbai, Chennai, Bangalore, and different urban areas compete with each other in the yearly Indian Premeire League(IPL) cricket rivalry. Noticeable competitors from India and different countries partake in this league.The rivalry gives a unique stage on which cricket players’ outstanding ability and abilities are introduced in a connecting with way. The Indian Premeire League (IPL), which includes a diverse mix of local and foreign celebrities,, has become very famous on the grounds that to its energizing matches, diversion worth, and opportunity for exceptional ability to feature their abilities on an overall scale.

Business model of Indian Premeire League

The distinctive fusion of cricket, entertainment, and marketing tactics is the foundation of the IPL business model. The league uses a franchise format, with ten teams from various Indian cities playing against one another. The franchisees use a revenue-sharing concept and are privately held businesses. The league makes money from a number of sources, including player endorsements, auctions, sponsorship agreements, sales of products, and TV rights.

Revenue Streams for Franchises

1.  TV and Streaming Rights : TV networks and internet platforms provide a significant portion of the revenue for IPL teams. The IPL’s governing body receives large payments from these channels in exchange for the privilege to telecast the matches. The teams then split up this revenue. Hence, the teams make money each time you watch an IPL match on TV or online.

2.  Prize Money : Money is given to teams according on how well they do in the league. The more money they receive at the conclusion of the competition, the higher their rank. For instance, the IPL winning team receives a larger payout than the other teams.

3.  Ticket Sales : Matches are held in big stadiums, and fans buy tickets to watch these games live. This is another significant source of income. Teams earn quite a bit by selling these tickets, especially during high-profile matches.

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4.  Sponsorships : There’s a chance you’ve spotted player shirt logos. They are the sponsors. Businesses give teams large sums of money in exchange for having their logos placed on player apparel, the stadium, and occasionally even the club name. We refer to this as sponsorship. It resembles a commercial for the business.

5.  Merchandise Sales : In addition to tickets, supporters like purchasing team jerseys, hats, mugs, and other merchandise. The colors and logo of the team are on all of these things. The teams get an additional revenue stream when supporters purchase this merchandise.

6.Player Endorsements: Some of the most well-known athletes in India are those that compete in the IPL. Brands are very keen to work with them for endorsements. By arranging for their players to have endorsements, the teams can profit. The endorsement fee increases with the player’s popularity, which means the teams will profit more.

Also Read: IPL 2024 Tickets: Availability, Release Date, and All You Need to Know for Online Purchase

IPL teams can make money in a variety of ways. They receive revenue from the sale of team products to supporters, TV rights, ticket sales, company sponsorships, and awards for winning matches. With all of this money, they are able to maintain the team’s excellence and provide us with a thrilling IPL each year by covering the costs of players, coaches, and other expenses.

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IPL 2024 Tickets: Availability, Release Date, and All You Need to Know for Online Purchase

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IPL 2024 Tickets: Availability, Release Date, and All You Need to Know for Online Purchase

The most well known domestic cricket league in India is back for one more exciting year. The schedule for the seventeenth time of the Indian Premeire League, or IPL 2024, has been delivered by the BCCI. The Chennai Super Kingss (CSK), captained by the most created skipper in cricket history, Mahendra Singh Dhoni, brought back their fifth title win, covering off the 2023 association season with a bang. Accordingly, CSK and MI (Mumbai Indians) were equivalent for the most titles won.

Fans may anticipate amazing performances by their favorite teams and players as well as nail-biting battles. you guarantee your place at the stadium for this much awaited event, please sure you get your tickets online in advance.

TATA IPL 2024 Tickets

TheTata IPL 2024 ticket valuing range has not yet been declared. When we find any solid data, we’ll tell you. The expense regularly differs concurring on the area, ubiquity of the game, and seating classification, from a couple hundred to a few thousand rupees.

Walk is the point at which figured tickets for the 2024 Indian Premeire League will go on special. The BCCI generally dispatches ticket deals one month preceding the IPL to make a feeling of energy and assumption among fans.

Also Read: Top Indian IPL Players With the Most Instagram Followers in 2024

How to Book tickets online?

We can’t at present offer an intensive how-to direct for buying tickets in light of the fact that the ticket deals window has not yet started. Be that as it may, fans can save their seats by visiting the authority IPL site or approved tagging administrations, as BookMyShow or Paytm Insider, when the tickets go discounted. For a problem free reserving experience, it is encouraged to stay aware of true declarations and stick to the given measures. When we have data in regards to when the IPL ticket deals will start, we will refresh this page with a complete aide.

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PM Modi Unveils ₹41,000 Crore Investment in 2,000 Railway Projects

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PM Modi Unveils ₹41,000 Crore Investment in 2,000 Railway Projects

On Monday, over 2,000 railway infrastructure projects valued at around ₹41,000 crore were launched, the foundation stone was laid, and the projects were dedicated to the country by Prime Minister Narendra Modi. Speaking at the occasion, Modi described it as a representation of the “New India” work culture. The program for today represents the work ethic of New India. India is currently operating on an unparalleled scale and at an unprecedented speed. India has gone past having modest goals and toward dreaming big and achieving those goals as soon as possible, according to Modi. He continued, expressing confidence in his ability to serve a third term in office.

“Today marks the official opening and laying of the cornerstone for almost two thousand railway-related projects. As of this moment, this government’s third term will begin in June. Everyone is astonished by the scope and speed of the work that has begun,” he remarked.
Under the Amrit Bharat Station Scheme, Modi laid the groundwork for the reconstruction of 553 railway stations. In his video message, Modi noted that while his administration will start a third term in June, the scope and style of its work have taken many by surprise. He also mentioned the recent announcement of several development projects.

Modi highlighted the changes in the railroads, such as the introduction of Vande Bharat trains, an emphasis on cleanliness, and the electrification of tracks, saying that people had witnessed the construction of a new India over the past ten years. The prime minister took a jab at earlier administrations by claiming that under his watch, public funds were no longer plundered and that all profits were allocated to enhancing railway services. He claimed that although the Indian Railways was once a victim of politics, it is now the primary factor facilitating travel and has created a significant number of jobs.

Also Read: After Repeal of Assam Muslim Marriage and Divorce Registration Law, What Changes Can be Expected?

Modi issued a warning, stating that if money leaks as a result of fraud, the budget rise brought on by the nation’s expanding economy will have no effect locally. He said that local artists and culture are being promoted through the use of renovated train stops. The prime minister stated that although the national transporter is today a major driver of transformation, the financial losses of the railways were formerly a regular theme. “I want to convey to young people that my resolve is their dream. Viksit Bharat is guaranteed by your aspirations, your diligence, and my determination,” he declared. Joining the nationwide event were hundreds of MPs and MLAs, as well as several governors and chief ministers.

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