The Department of Economics & Banking organized ‘Live Screening of the Interim Budget 2024’ on 1st February 2024 in the smart classroom from 11:00 a.m. to 12:30 p.m. The Interim Budget was screened live with the objective of providing a platform to students and faculty to comprehend the intricacies of the revenue and expenditures of the government for the fiscal year 2024-2025. With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 at the Parliament on 1st February 2024.
She stressed that the Indian government is working towards development which is all-round, all-inclusive and all-pervasive, covering all castes and people at all levels working towards making India a Viksit Bharat by 2047. The budget comprised two parts – Part A, which focused on Social Justice, ‘Garib Kalyan, Desh ka Kalyan’ – assistance to the poor, Welfare of ‘Annadata’ – financial assistance to farmers, Momentum for Nari Shakti, PM Awas Yojana (Grameen), Rooftop solarization and muft Bijli, Ayushman Bharat, Agriculture and food processing, Research and Innovation for catalyzing growth, employment and development, Infrastructure, Railways, Aviation Sector, Green Energy, Tourism sector, Investments, and Reforms in the States for ‘Viksit Bharat’. While part B broadly focused on direct and indirect tax proposals, tax rationalization efforts over the years, achievements in tax-payer services, and the progress of the Indian economy over the last 10 years.
Smt. Sitharaman highlighted that with a whole-nation approach, the country overcame challenges of the COVID-19 pandemic, took long strides towards Aatma Nirbhar Bharat and laid solid foundations for Amrit Kaal. Defining GDP in her way, the finance minister said, that the government is focussed on more comprehensive GDP: Governance, Development and Performance. She said that there is macroeconomic stability, investments are robust, economy is doing well, people are doing well, with greater aspirations for future, average real income has increased by 50 percent, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects. The government will continue its focus on the upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer). The total receipts other than borrowings and the total expenditure are estimated at ₹30.80 and ₹47.66 lakh crore respectively. A provision of ₹75,000 crore rupees as fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments towards Viksit Bharat. Proposal to retain same tax rates for direct, indirect taxes and import duties were announced besides other benefits. The finance minister concluded her presentation by proudly announcing that the government has succeeded with a strong belief of ‘nation-first’ and it is now appropriate to look at where India was till 2014 and where India is now” and expressed her confidence in the blessings of the people to achieve ‘Viksit Bharat’. 32 students attended the session. Ms. Lizette D’Costa and Ms. Saruka Kalgutkar were the faculty in charge of the session.
