Updated at 6.52 p.m.

The interim budget 2024 provides for a total expenditure estimated at ₹47.66 lakh cr which is an increase of ₹2.76 cr compared to the revised estimate of the 2023-24 budget.

The allocation large infrastructure projects in sectors such as highways, ports and railways has been hiked by over 11% to ₹11.11 lakh cr.

The ministry-wise allocation is as follows:

- Defence Ministry: ₹6.1 lakh cr

- Ministry of road transport and highways: ₹2.78 lakh cr

- Ministry of railways: ₹2.55 lakh cr

- Ministry of consumer affairs, food & public distribution: ₹2.13 lakh cr

- Ministry of home affairs: ₹2.03 lakh cr

- Ministry of rural development: ₹1.77 lakh cr

- Ministry of chemicals and fertilizers: ₹1.68 lakh cr

- Ministry of communications: ₹1.37 lakh cr

- Ministry of agriculture and farmer's welfare: ₹1.27 lakh cr

Updated at 11.55 a.m.

Empowering the poor

In her speech, union finance minister Nirmala Sitharaman said that the government believes in "empowering the poor" and in the last ten years, at least 25 crore people have been assisted to get freedom from multidimensional poverty.

Sitharaman said that fulfilling aspirations and needs of Garib (poor), Mahilaye (women), Yuva (youth) and Annadata (farmers) are the highest priority of the government.

"Direct assistance will be provided to 11.8 cr farmers," said Sitharaman.

Sitharaman also said that the NEP 2020 is ushering transformational reforms. Skill India Mission has trained 1.4 cr youth, upskilled and reskilled 54 lakh youth and established 3,000 new ITIs.

“When the poor become empowered partners in the development process, the government's power to assist them also increases manifold,” the Finance Minister said while presenting the 2024 Interim Budget in Lok Sabha.

She said that direct benefit transfer (DBT) of ₹34 lakh crore using PM Jan Dhan accounts has led to saving of 2.7 lakh crore to the government, which has strengthened the welfare of the poor.

Sitharaman said that 78 lakhs street vendors were given credit assistance under PM Swanidhi scheme while end to end support was given to artisans and craftsmen under PM Vishwakarma Yojna.

“Under the PM Kisan Samman Scheme, every year direct cash assistance was given to 11.8 crore farmers, including marginal and small farmers,” she said.

She said that Garib Kalyan, Desh ka kalyan (welfare of poor is welfare of the nation) and country progresses, when they (poor) progress.

"Govt is focused on a more comprehensive GDP i.e. Governance, Development & Performance. Average Real income has increased by 50% inflation is moderate. People are getting empowered and enable to pursue their aspirations," said Sitharaman.

Focus on MSMEs

The government announced a ₹1 lakh cr corpus for youth for long-term financing and refinancing that will help young entrepreneurs innovate and grow at scale in the sunrise industries.

Presenting the Interim Budget in the Lok Sabha, FM Sitharaman said that this corpus will provide "long-term low or nil interest rates so that the youth can innovate at scale".

"As innovation is the foundation of development, for our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore with 50-year interest free loans will provide long term financing at low or nil interest rates for the private sector to scale up research in sunrise sectors," she said.

The priority for the government is to provide ample training and empower the Indian MSMEs to compete globally and to meet their needs, the government will help the MSMEs innovate and grow at scale, she added.

The Finance Minister said that a new scheme will be launched to strengthen deep-tech sector for defence purposes.

The full-fledged budget will be presented by the new government that comes to power after the elections.

Cervical cancer scare

Sitharaman said that the government will encourage vaccination for girls in the age group of 9 to 14 years for prevention of cervical cancer.

"Our government will encourage vaccination for girls from the age group of 9 to 14 years for prevention of cervical cancer. Various schemes for maternal child care will be brought under one comprehensive programme for synergy in implementation, upgrades of anganwadi centres under saksham anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care, and development," she said while presenting the interim budget 2024 in the Lok Sabha.

“Several youths are ambitious to get qualified as doctors. Our government plans to set up more medical colleges by utilising the existing hospital infrastructures under various departments. A committee for this purpose will be set up to examine the issues and make relevant recommendations," Sitharaman added.

For Railways

Three major railway corridor programs will be implemented. These are:

1) Energy, mineral and cement corridor

2) Port-connectivity corridor

3) High-traffic density corridor

40,000 normal rail bogeys will be converted to Vande Bharat standards

Green Energy

Viability gap funding for harnessing shore-wind energy potential, Coal gasification & liquefaction capacity of 100 metric tons will be set up by 2030, says Sitharaman.

The government will expand and strengthen the e-vehicle sector through greater manufacturing and charging infrastructure.

A new scheme for bio-manufacturing will be launched to encourage bio plastics & bio-agri inputs that are biodegradable,

FDI- "First Develop India"

FDI inflow from 2014-23 was 596 billion USD marking a golden era, Sitharaman says. We are negotiating bilateral treaties with the spirit of ‘First, Develop India’, says Sitharaman.

Reform in States for Viksit Bharat

₹75,000 crore is being proposed as 50-year interest free loan for milestone-linked reforms by states.

Updated at 11 a.m.

The finance minister begins speaking in the parliament.

Update at 10:46 a.m.

Union finance minister Nirmala Sitharaman reached Rashtrapati Bhawan to call on president Droupadi Murmu before presenting the interim Union Budget for 2024 in Lok Sabha.

The FM will also attend the Union cabinet meeting and then present the budget at around 11 a.m.

Sitharaman will also lay a statement of the estimated receipts and expenditure of the government in the interim budget.

An interim budget serves as a temporary measure, often lacking extensive policy considerations, and typically earmarks funds for crucial government operations over a brief period. Consequently, it undergoes less scrutiny and debate in Parliament.

In contrast, the annual Union Budget is a much more thorough financial blueprint, encompassing all facets of expenditure, fund distribution, and revenue generation for the entire fiscal year.

Lok Sabha elections are scheduled this year.

(Source: IANS)

-Edited for style

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