Budget Session LIVE: Following union finance minister Nirmala Sitharaman’s presentation of the interim Union Budget in parliament, lawmakers are set to engage in a debate on the Motion of Thanks to the President’s address on Friday. The Budget session began with President Droupadi Murmu addressing the joint session of Lok Sabha and Rajya Sabha.

Sitharaman on Thursday presented the Narendra Modi government’s interim Budget, a vote-on-account till new government forms after the Lok Sabha elections in 2024.

Budget 2024: Six key takeaways

1. Fiscal Prudence: Finance minister Nirmala Sitharaman announces a lower-than-expected fiscal deficit of 5.8 per cent (of GDP) in FY24, with a further reduction to an estimated 5.1 per cent in the coming fiscal year, surpassing earlier projections.

2. Rural Housing Initiative: No major rural transfers, but Sitharaman outlines plans to construct 2 crore more houses for the rural poor over the next five years under the ongoing PM Awas Yojana (Grameen). The government nears the target of achieving 3 crore affordable houses.

3. Increased Capital Spending: Capital spending for 2024-25 sees an 11 per cent boost, reaching ₹11.11 lakh crore, equivalent to 3.4 per cent of the GDP.

4. Tax Structure Unchanged: No changes announced in direct or indirect tax rates, maintaining the existing tax structure.

5. Income Growth: FM Nirmala Sitharaman notes a significant achievement with a 50% increase in the average real income of the people compared to 2014.

6. Sunrise Sectors Support: The government proposes a ₹1-lakh crore corpus dedicated to providing 50-year interest-free loans, specifically directed towards supporting and nurturing sunrise domains.