‘Budget reflects aspirations of young India’: PM Modi lauds Nirmala Sitharaman for Budget 2024

“In this budget, keeping fiscal deficit in check, the capital expenditure has been kept at 11.11 lakh crore,” PM Modi added.

In her Budget speech, Sitharaman said that the fiscal deficit has been brought down to 5.8% level. She also set an ambitious target to bring down the fiscal deficit at 5.1% of GDP by 2024-25 (FY25) and at 4.5% of the GDP by FY26.

As expected, no changes were introduced to income tax slabs. However, in a relief for individuals grappling with outstanding tax demands, the government announced its decision to withdraw outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15.

Taking to X, Union Home Minister Amit Shah called the interim Budget a “roadmap to achieve PM Modi’s vision of a Developed Bharat by 2047”.

The Congress, meanwhile, called the Budget speech “disappointing”. “I think the budget speech was both short and disappointing. There was very little of substance, major omissions and lots of issues were not even touched about,” Congress MP Shashi Tharoor said.

Congress leader Manish Tewari also expressed concerns, saying, “What’s worrying is that there is a budget deficit of Rs 18 lakh crores. This means that the government is borrowing for its expenditure. This number is only going to increase next year.”

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