They should save in financial asset classes like mutual funds etc where money grows and multiplies more strongly and tax should be paid for the sake of tax and savings should be made for the sake of savings, not for the sake of tax savings. Okay, I will take a break on that point, savings for the sake of savings and tax for the sake of tax and not the other way around. We will take a quick break. It will be our final break before in what another 40 minutes or so the finance minister rises to present the interim budget for 24-25. She will give an outlook as to how the Modi government intends to tick the India economy story forward but more than that I guess it will also be an account of what the Modi Sarkar has done in the last 10 years for the India story and for Indians therein. Quick break. We will see you right on the other side in 2 minutes. This is budget before ballot, the final budget speech before the general elections. A big change in terms of both the factors, ease of doing business and cost of doing business. The logistics cost coming down supports manufacturer. So there is a domestic market, India is becoming more competitive and when I mean more competitive not just from business itself but also from the digital public infrastructure which has been created. That for me is a very big differentiator from the rest of the world. That is the reason why I believe it is a very unique positioning today or unique opportunity today. On the geopolitical side you have the rest of the world looking at India as a strategic trusted partner. You have Indian economy growing at a very good rate and compared to the rest of the world let us say even the forecast for this year is 3.1% rest of the world and here we are by IMF and here we are speaking about you know at least CIS view is it will be in excess of 7% in 25. So if I keep all of these factors in mind I think high good domestic market, geopolitically trusted partner, focus on cost and ease of doing business I think you can't get any better than this. You also talked about continuation and you are absolutely right of course the government has already showed a lot of confidence that they are going to present a full budget post the election so that is of course on the political side but I do want to ask you if this government was to show its intent on those markers plus markers particularly the infrastructure spending and the control on the deficit, two of its highlights issues do you expect that in this interim budget there will be that intent shown on both of these markers? Yes I believe so I think this government has completely walked the talk in the past as well so I think there would be obviously necessary support required for various other actions which I am sure there will be a direction about I think the finance minister mentioned about see one of the other focus or rather let me step back for a minute one of the reasons why we have had very good growth is that there has been a focus on I would call it the lesser growing sections of the business and the population so that equitable growth requirement is something which obviously is important also from the economic side as well therefore we do expect that both of these factors will be maintained, directions will be given for continuing the equitable growth story and last but not the least make sure that the direction is fit for the future. If I was to talk about any one highlight that you are looking forward to I am not sure if I can use the word big bang given that it is an interim budget but the big highlight that you are looking forward to what would that be? I think it is very difficult to say one but I will put it in a different way of saying continuity with clear directions being given on how the future is going to be so rather than be specific big bang I will say it is these two messages which will come across the budget is what we are expecting and that will be the real I would call it joy for everyone. Alright Mr. Adanesh, thanks a lot for talking to us and of course we look forward to interacting with you for this budget as well. Thank you so much. On that note we are slipping into a very short break but don't go anywhere we are inching closer to the finance minister's speech and of course our coverage will continue with experts in just a minute. Welcome back to our special coverage here on CNN News 18 budget before ballot these are the latest pictures of the finance minister at Rashtrapati Bhawan along with the president presenting a copy to the president the president also giving her I presume some kind of suite before she stands up to present the budget the entire team the finance secretary the revenue secretary the economic affairs secretary and of course the two ministers of state for finance are also present there in this meeting it's a brief affair as it were and then the finance minister returns to the parliament where the cabinet gives its approval to the budget and then at 11 o'clock in about 35 minutes from now she rises to present the budget our experts in the studio here you know the contrast between that picture and and you guys is that there are two women at the forefront of that picture and in this studio it's all men in black suits Raul Shumshankar leading the pack. Raul Shumshankar unfortunately is part of the downtrodden blue suit. But yes we did of course have a couple of women in our and one dressed in blue you know the female labor rate participation rate needs to increase in the studio it's it's that's where we need to start. I like the way you're looking at Raul. I like the way you know because in the previous segment he said bank statement and he pointed at me because I'm just returning the favor. That is hardly a favor. No but fundamentally I think look I have a feeling that there is going to be something if you are talking about addressing political constituencies there's definitely going to be something for women in this particular budget. The prime minister actually hinted at that yesterday when he came up in front of parliament said Ram Ram to everybody and then talked about how they're going to be focused at uplift of the women sector and remember and I think he will be able to give you Nalini will be able to give you the numbers about how much the women vote actually matters to the Bharatiya Janta party. Absolutely the creation of a new women vote for the BJP has been at the center of the BJP's rise along with the other things along the cultural nationalism issues and so on under Narendra Modi. Fundamentally women in India at the national level in national party level always voted much more for Congress than for the BJP historically. And Nara data that you have plumbed basically and pioneered gives those numbers out in your book. Thank you. They always voted more for the Congress number one. Number two women always voted much less than men. 2019 was the first election in Indian history with the women turn out was slightly higher than the male turnout and in state after state after state in all the battleground states in those states women voters outvoted men for the BJP by a margin. So that is at the heart of Mr. Modi's political model. So if you look at the Republic Day Parade I mean the the entire this has been I mean this time I've noticed a lot but if you go back the last five years Republic days increasingly women participation visibly it's a political statement. Women have always been in the armed forces or police for a long time but the to project them in this manner is very much part of a political language alone and that's not just political imagery if you like. You look at the amount PM was a simple example. 17 million houses built 64% of them in the names of women. You look at Swachh Bharat toilets over a million of toilets built and their personal toilet which have a direct impact on gender in the village level. So that's very much been part of the Modi template and I think we will see more of that. And it's not just because of cultivating you know constituencies per se it also feeds into this emphasis on moving towards a casteless polity and women if you can target them of course you can over archingly cover that with just 50% of the population by focusing on the primary identity which is. I'll give you an example of this. That's a great point you brought up in the UP election last year there was a lot of talk about the Jart vote right now this idea of cross cutting categories which cut across cast at one level the BJP which used to be an upper caste upper caste rich party has become much more broad based I like you said the Narada index we showed that it's it's got a much larger base among the non non Jatav non Yadav OBC the non Jatav Dalits but look at the Jart vote for example in UP last year if you demographically and gender wise is the older Jarts in the male category voted much against the BJP the younger Jarts and women fundamentally voted in favor of BJP which is why they swept western UP so and that shows you how the old templates have changed but let's bring it back to the budget that the Prime Minister talked about also focus on primary identities yeah not so much on caste identities let's bring it back to the four I mean you can call it the voter block or you want to call it whatever you want but women, youth, farmers and what was the four? Garib and Garib you see specific announcements in the Finance Minister's budget for these four blocks of the populace? Absolutely yes and either it will be new skims likelihood of a new skim being announced is lower because it's a vote on account or an interim budget yeah but definitely more allocation and more emphasis on all these four segments and just to digress a bit you know you asked Gautam to describe Finance Minister Nirmala Sitaraman and her tenure and he used to word courageous I would like just like to add that because she has been courageous also on one big front which is trying to bring in transparency in India's public finance management particularly in fiscal in the definition of fiscal deficit because what she has done is she has brought brought into the you know into the definition of fiscal deficit which was which were earlier components which were earlier considered to be off budget liabilities but anyway was showing up as government borrowing and these are essentially in food, fertilizer and fuel and that is a massive change from say a previous era where the fiscal deficit numbers would come around say 3% to 4% but if you look at the whole picture it would be close to double digits which is what Nirmala Sitaraman's tenure ship as finance as finance minister actually But what is the government doing to move away from those subsidies on food fuel and fertilizer? Like Raul was saying I think there is some data point that came on one of the pieces a few days ago that the FFF subsidies are pretty much the same levels that they were 10 years ago. No no so well I mean looking at the levels is one way of looking at it but if you look at fuel for instance one of the most complex pieces of energy economics has been to dismantle fuel subsidies in the manner that this government has gone about doing it so diesel and petrol prices now are market determined that was almost unthinkable say about 12-13 years ago when you know every time crude prices used to go up they used to be big meetings in the finance minister in the petroleum ministry and you know the oil marketing companies would come and say that you give a subsidy so they will cushion the subsidies and the oil prices. But what explains then the reversal of the trend from Modi 1 to Modi 2? In Modi 1 the subsidies declined from 2.5% to 1.4% of GDP this is all 3 FFF all the 3 as a block but in Modi 2 the trend is reversed. In Modi 2 the food subsidies have gone up significantly also because of the COVID payouts and that stands out between 3 years 2021, 2021, 2020 and that has continued for another 5 years. So that is going to continue and if you have a case say then we need to stop food subsidies during COVID period I don't think I agree with that because that subsidies that is a merit subsidy. So we need to distinguish between what is merit and non-merit and you know if the whole argument about freebies is about non-merit subsidies, reveries is about non-merit subsidies is not about merit subsidies I think large part of the food subsidies qualify as merit subsidies. No and quite frankly I don't think these subsidies will ever disappear very honestly I mean look at it. Until there is deprivation at the levels that there are in India. Not just because of the fact that it's a political thing but even otherwise I think we said correctly. I slightly disagree with you on this because look fundamentally if I understand that there was a merit subsidy need at that particular point to provide food but continuation of it in five for another five years you are actually then telling people that look maybe the recovery hasn't been v-shaped for all sections. Just give me one moment because we're going from food subsidy this end of the pyramid to the other end of the pyramid I'm going to go across to my colleague Shivani who is at CII and she has two leading India Inc CEOs with her so go ahead Shivani. Thanks a lot for that Zaka. Barely any time before the finance minister's speech so I'm going to keep it brief and I'm going to talk to Mr. Chandrajit Banerjee director general CII and also Mr. Kamal Bali joining us president and MD Volvo group India also CII southern chairman thank you gentlemen for your time limited time so I'm going to touch upon the concern points Mr. Banerjee coming to you first there's been a concern about private participation and private investment when is that cycle going to kick in and what can the government do to boost that sentiment. So good question private sector my first answer to your first part of the question is private sector has started kicking in I'm seeing new investment fresh investments coming into many sectors and we many sectors cement capital goods pharmaceuticals one can go on there are quite a few where we are seeing already fresh investments taking place number two if you see in the private sector the capacity utilization for almost 75% of our companies our sectors are between 75 to 100% which is a strong indicator that new investments are coming in and the third of the last point is what the government has done very well during a COVID and post is the capex spending which is strong so we would like to see the capex of the government continuing at 20% which will crowd in the private sector investment. Mr. Bali coming to you you know how would you describe the sentiment as far as the industry is concerned ease of doing business which has been a big talking point in India over the last 10 years what do you expect mostly from the finance minister today so I think first of all the sentiment is very positive and you all know that India is in spotlight for many many reasons many good reasons I mean when we travel overseas we find that so much of traction to the India story people really know you don't have to sell the India story anymore I mean it is already there and therefore that's one good news and second I will completely agree with the CB that the focus of the budget needs to continue as in the past years on investing in the capex for infrastructure development because that has a multiplier effect not only for a long term growth of the economy also for the current you create jobs you feed into the core sectors of the economy like cement steel and it is also a reflection to your first question basically that that leads to a huge upside on demand which then leads to a virtuous cycle of more investments coming in private sector kicking in so I would personally feel that we should continue on this particular journey Is there a concern on the MSME front that has been voiced for quite some time also on job creation I think MSME is a very important part of the manufacturing so there is no doubt about it our MSME sector has been fragile over many many years though they are improving in a good way because the world is shifting in a very very fast pace in terms of new technologies in terms of disruptions in the whole business models so we have an SCII we are doing a lot of work in this direction and I think this is a very important point you raised and I think there should be some very specific initiative which the CII can run for the government in the interest of MSMEs and that's one area that should be a focus area So your thoughts on MSME plus job creation there's been a lot of criticism about this being jobless growth So you know MSME is a sector which will employ which is an employment generating sector now while the large companies we have good results we have seen opportunities but today as was mentioned by Kamal there is a need for MSMEs to graduate or rather digitally transform themselves there are new technologies new issues so access to financing so that these the MSMEs could really focus on digital transformation technology adoptions etc is required and therefore support to the MSME sector is important a lot was done earlier also for the MSME sector but with the changing nature and they need to be also linked to the large industry on the supply chain and the global world so there is a need for buttressing that and coming to the issue of jobs you know as you said MSMEs can create a large number of jobs but jobs MSMEs are also linked a lot to the rural non farm sector the non agricultural rural sector so if we are able to encourage them into those areas you know I think we will see a lot of jobs coming both in the rural India which is important and also in the MSME sector speaking of rural India demand has been muted do you think something particularly needs to be done about that so I would think that the budget the interim budget would focus and would need to focus a lot on the rural sector farmers very very critical and important focus on irrigation technologies you know today what's happening is a lot of you know tools could be used especially technology again AI etc weather forecast seeds research on agriculture all of that is going to be very very critical and I think the rural sector the rural demand and the rural sector and through the direct tax intervention of income tax there could be you mentioned direct tax I wasn't going to ask you about that but what is your expectation because our viewers would be very keen to know minutes before the finance minister's speech so what you know for every budget there is an expectation and the expectation is that the budget is for all and I think this time the budget should be for also for all and therefore yes of course to spur demand to spur to really navigate through lots of challenges money in the hands of people across all sections especially the poorer sections would be very very critical and important this being an election year this being a vote on count before an election do you expect something populist to come in this budget Mr Bali I think the actions which the government has been taking they will move to my mind in that direction whether it is investment whether it is inclusive growth they will continue to do that I don't expect any major populist measure but income tax rate could be greatly populist and something that has been awaited for for a very long time I would think that the budget should be popular it should be a popular budget and popular budget need not necessarily be a populist budget that's well said absolutely I agree but sir from your point of view for example for the Volvo groups point of view what have been some of the pressing points and something that you think could be addressed should be addressed I think the key for all of us in the industry is how do we grow our manufacturing to occupy a much more stake in the GDP so typically manufacturing has been 15 is varying between 15 to 17 percent we want this number to go up to 22 to 25 percent because if you look at all large economies in the past if you look at Germany if you look at Korea China its manufacturing which has anchored these economies for many many decades so India is going to be no different in some ways we jump from agriculture to services and we skip that middle layer of manufacturing in the past but I'm sure I think huge focus has been seen especially in the last 4 to 5 years with the PLI scheme with many more investments coming into the country with all summarize sectors coming into India so I see a new birth for manufacturing in India I personally believe you will see a story which is going to be a very very strong story as strong as services in the manufacturing sector in the next 5 to 10 years now this is something that has been talked about for quite some time we cannot quite be the growth engine that we hope to be for ourselves and for the world without manufacturing playing a key role so manufacturing sector expansion from 15-16% to 25% would be a critical factor both for India to be in the global value chain global supply chain it's going to be very very critical and manufacturing going back to your earlier point manufacturing today we need a lot of tweaking today to see how we take into fold the success and the importance of the small and the mid size companies in manufacturing they would have to play a very vital role it's just not the large companies then how do we get global companies to operate here and get ourselves linked so that we develop a supply chain and then create abilities for us to be to actually be able to manufacture what global companies in India would be able to would be doing so today India is an attractive destination as was mentioned by Kamal so we will continue to get a lot of investment but we also need that base for them to have local supply chain established and I think therefore we need across the chain ancillaries and small scales to develop final couple of questions before I toss back to our studio very quickly overall this is of course a budget which is just pre-election 10 years of Narendra Modi Sarkar your highlights of what they've done well and you know what is something you look forward to I think they've done very well on infrastructure not only have they spent a lot of money anecdotally when you travel around the country you can see a lot of new infrastructure either already ready or in the process so I think full marks there to the government on infrastructure creation so that's one very the other one is very very clearly the digital transformation which the country has seen and today we have actually become the epicenter of digital transformation if you look at the fintech transactions the largest number of fintech transaction in the world take place in India today so I think that's basically so therefore that has also led to financial inclusion of the bottom of the pyramid so I think that's the second big win I would say for this government in the last 10 years and third of course is basically on the sustainability aspects on on committing to going on decarbonization a lot of focus on renewable energy sources so I think on sustainability on digital transformation and on infrastructure creation to my mind these are the three takeaways of this government alright thank you so much Mr. Banerjee and Mr. Bali and look forward to your views post budget as well with that I'm tossing over to you back in the studio alright so view from CII one thing we haven't talked about is we have what another 15 minutes before the finance minister rises to present the budget it's an interim budget a vote on account and of course the main one will happen post elections in July but Gaurav is here and you know one barometer is how the sensex reacts to the to the finance minister's speech I believe she has the record for the highest intraday turnaround in the sensex I think it was a 22 21-22 budget February 1st 2021 4.25% rise in the sensex but if you compare this last interim budget 2019-20 Pugh-Schwell's budget sensex closed 0.43% up so it is broadly flat 2021 that was the covid budget when the fiscal deficit was fixed at 9% of GDP markets clearly did not like it markets felt minus 2.5% contracted 2.5% 1920 final her first budget in July markets fell 1.19% but broadly it's been rather flat last year we know it was an outlier year because despite being a great budget a good budget and you know during the course of the budget speech the markets went up by more than 1000 points but eventually fell because of Hindenburg but but tell me this this whole business about short term and long term capital gains that's that's a big market mover do you see any announcement in that in that I do not I do not expect in the markets I think are not expecting a big change in the capital gains tax structure although it's very convoluted at this point in time the tax structure itself for different asset classes different rates and different tenures and different slabs and also different rules for imposing capital gains there's a clear case for consolidating this and standardizing this into one singles easy to administer simple regime but that hasn't come about although we have been talking about this three four budgets at least I would expect I think if anything of that nature has to come because it would be significantly market moving and will also require a fair degree of consultation will probably come in the final budget whenever it's presented success has been on GST and I think we're looking at about 18 lakh crores for 2023 almost almost 20 lakh crores again when it came in there was a lot of confusion you know states were not entirely I think the first year was pretty difficult and then it's sort of kept up and today you can't think of an indirect tax regime without GST what will it take to do the same for direct taxes because we've been talking about direct taxes for a number of years I think direct taxes this has been one of the biggest points that they've been talking about but not implemented direct tax reforms has been on the agenda for a very long time and there's been a lot of discussion around it and all of that but I don't think there's been any movement they've made the instance of collection etc made it more online rather than you know like the digital innovations around it but at the end of the day from a tax structure point of view it's problematic take some even with take many many instances of capital gains what you're saying so take capital gains you know with capital gains as well not only is it a problem across asset classes if you start looking at crypto the capital gains there is a completely different ballgame because you can't offset you can't do anything that's your marginal that's what she said in order to keep people away you will be taxed at your marginal rate of tax capital gains I'm not talking capital gains capital gains you can't offset see most other capital gains you're allowed to offset the capital gains with other losses with crypto no matter whether you make a profit or loss because you can't offset there is an issue there fundamentally in terms of reconciliation you can have your reasoning for doing what that is it's not a question of whether you're right or wrong but I'm just saying it's convoluted and you need to have a more simple a simpler regime in terms of taxes per se especially with direct tax wasn't that the idea behind the new tax regime you have three flat rates so five flat rates and then you know like you said you save for savings sake and not for this is but that hasn't come up I don't think that will ever happen also quite frankly savings for savings purpose is great it's like saying you get insurance not because you need to be insured and not for savings I mean it's a entire behavioural shift that needs to happen I think it's also got to do with incentives I don't agree with the fact that you need to do insurance for the sake of insurance you don't need to buy yearly products because that is you don't need to save for to buy an insurance but savings is savings and insurance is the two differences what is stopping us from going 10, 20, 30% these other politics signaling and symbolism that's what it comes down to I think it's much more than that I think there are a lot of tax incentives that are available in the previous tax regime that is forcing people to stay on with the previous tax regime so if you have an ATC section ATC deduction of 150,000 if you have a housing interest rate and a plethora of other stuff you would rather stay there then move on to let's say this is a government with a big majority I'll tell you this what is stopping a government from saying in ATC we will only have provident fund whatever other savings you want to do it's an NPS, go ahead and invest in NPS if you want let's say saving money for a rainy day everything else we're abolishing in ATC I'll tell you the mind of Nirmala Sitaraman in my book when she was launching my book reform nation she criticized her on exactly this point that the Umbrum had left us with three elegant tax rates and now we are at 11 effective tax rates and this needs to be simplified so she said you go and ask the people and the accountants people are actually happier with such so many slabs than they were so this is the public answer to these questions but I completely and absolutely agree with you we need very simple, not only in direct tax which is 10, 20, 30 but even in GST we need to compress all this now could it be a state of political economy could it be trying to look at various taxation through various constituents I don't know one point, another point on taxation every budget it increases the tax level today at 7 lakh you don't pay any taxes now my question is I think aren't we prosperous enough today forget the extremely poor aren't we prosperous enough today that every person can give 1000 rupees tax it's a tax discipline why do you want to I agree with the rich should pay more etc but the non-rich should not pay any taxes whatsoever is also not correct I think this need to change the reshape the thinking around how we pay taxes and on direct she has simplified it she has come down to politics and signaling farmers taxation is a state subject it's not a union subject no but if you are how the government can ask for that how do you see that the IMF although many Indian politicians say that this IMF is not looking at India's wealth how much debt is on economy and she has said that your GDP can be up to 100% in the medium term while Indian politicians say that this is not possible and India's wealth is being wrong and rating agencies are doing sovereign rating Kishore, in the same report in the IMF when the debt to GDP ratio is 100% there are many scenarios one scenario is that if the global scenario gets ruined if everything gets ruined then this can happen but there are two things there was a financial crisis in 2008 there was a covid but despite that when the world is looking at alternative supply chain then it is looking at China from today there are 6 big earthwests China if we get 20-25% then believe me we are not going to affect Japan's economy where there is a 20% debt to GDP ratio there are many such earthwests I don't think the director didn't tell about the financial ministry this debt to GDP ratio if you think technically let's try to understand it before the budget language when people think what is the meaning of this language there are many technical things absolutely because all these things affect us so this debt to GDP ratio and this is how much the government takes how much debt should be taken when the government takes the debt then it has to pay you have to pay the debt is taken so that this kind of investment which comes ahead means this debt the total GDP the amount of GDP in the country whatever is happening the GDP which is going on the amount of this is about 300 lakh crores it should be understood in more detail since you are saying the debt to GDP ratio how much you earn and when you go to take the home loan when it tells you that you are getting 1 lakh per month you can't pay more than 50,000-60,000 now if you are earning 1 lakh and you take the loan of 1 lakh you have to pay 1 lakh per month but if you take the loan which is called return on investment you are getting the money so it is connected the part of the EMI the amount of investment is giving productivity that is why it is said that it is not dangerous then remember that last year's budget the government will spend 45 lakh crores last year and the government the amount of tax the government will get 27 lakh crores this was an insult i.e. 18 lakh crores less 18 lakh crores less 15 lakh crores the government will take the loan will take the loan and the rest is taken away from many other ways like the people who invest in savings they also use the government because when you invest in savings and you have to pay it back then the government uses it so this was the cost of 45 lakh crores the amount was 27 lakh crores the amount was 18 lakh crores the government had to take the loan the same amount the government and the state the amount of the government the government has to pay it is being talked about here what happens this year if you consider this year the budget increases by 10-11% i.e. last year it was 45 lakh crores the cost was 50 lakh crores the cost will come so this time the amount of savings the government will tell us that we have to spend so much we have to spend in these things our savings will be so much we will take the loan let's go back to Sapna before we start Sapna, do you understand the public in this budget what is going to happen the government will tell us we are trying to explain sure you are trying to explain in simple language the customers have shown me let's go to them and try to know from them what are the expectations from the budget today the budget is coming will you give anything today the finance minister will announce what are your expectations from that budget from this budget i don't know exactly but i come here and it's my first experience this is not here there are some people working here do you have any expectations from the budget do you have any expectations from the budget welcome people haven't come to Kishore but the people who are here we are trying to talk to them let's go to Monika look Kishore there are some people in the store but there are some people who are managing the store we are trying to know from them do you have any expectations from the budget do you have any expectations from the budget do you have any expectations from the budget some people even if they listen to the budget it seems complicated you are trying to explain in simple language Kishore people still don't understand the basics of the budget we are trying to understand the budget we just have to understand how much we will spend this year how much we will be paid what does the government do how much we will spend and how it is being done the government tells us where we have to spend so Mr. Ashmit where we have to spend what is going on I think the government doesn't change the direction what the Prime Minister Narendra Modi says women, farmers, poor, youth now we have a new acronym Gyan this is also a good one Gyan, poor, youth and women this is also a way in the government it is given as a tagline that during the government from reform which we say our economy entrepreneurship industry you used to do that and from hand holding you used to support the rural economy it was improved by the government in that the government combined many other things which we see as the Prime Minister the city and the rural voice which we see as Ujjula Yojna and if you see some people are saying the budget is being increased I am not able to understand why the budget has to be increased because Manrega is your stopgap you are not able to give employment if you stay in the village you will get a certain amount but the data of November is telling us that the demand of Manrega is deep that means people are not taking employment and nowadays the employment of 100 or 150 rupees is being increased but the demand if the demand of Manrega is deep it means that there is no need for it or it means that there is less money that is why it is deep my point is that during Covid the demand is getting deep but the demand of Manrega is still in India which means when Manrega came there was an urban guarantee there was an urban employment guarantee that was discussed but then the demand was not increased but Manrega is like Ujjna till the time it is needed Manrega means you have to keep that scheme in the villages and it makes a lot of headlines the Prime Minister said that there will be a good budget and PM Modi said that there will be a good budget for the country now what is the good budget for the country what are the indications from these words Mr. Harshwarjan no, I think if we look at it the aspect of aspirational India the Prime Minister Narendra Modi says that Akankshi Bharat there will be a lot of things for that and the word used which is very good in terms of headline so in terms of headline you will get a very good headline and when we will have a good post budget discussion there will be a good 10-12 points there will be a lot of knowledge which you have just discussed but overall we say there will be a budget in continuation you will see again that capital expenditure will be increased it will increase very fast you will see the road the railway, the airway the scheme of that has increased and how we are going ahead the farmers as it is true people say that the subsidy is over so it is okay, the unnecessary subsidy the leakage is over but the people know that the food that is given the government is giving about 80% of the subsidy come on, the speaker has reached and now the budget discussion Mr. Sadasagan you have been suggested by the Boletin Party that the Prime Minister the budget discussion will be presented as a hard trophy after the budget is presented the Prime Minister will be able to get a light counter for the budget discussion you also agree that the Prime Minister after the budget is presented he will be presented on the member portal Prime Minister the noble speaker I present the interim budget for 24-25 the Indian economy has witnessed profound positive transformation in the last 10 years the people of India are looking ahead to the future with hope and optimism with the blessings of the people the government under the visionary and dynamic leadership of Honourable Prime Minister 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 right earnest structural reforms were undertaken programs were formulated and implemented promptly conditions were created for more opportunities for employment and entrepreneurship the economy got a new vigor 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 in the second term our government under the leadership of Honourable 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 challenges of once in a century pandemic took long strides towards India committed to punch Pran and laid solid foundations for the Amritkal as a result 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 programs were thus provisioned in the last 10 years however have targeted each and every household an individual through housing for all hargarjal electricity for all cooking gas for all bank accounts and financial services for all in record time the worries about food the worries about food have been eliminated through free ration for 80 crore people minimum support minimum support prices for the produce of anadata are periodically increased appropriately these and the provision of basic necessities have enhanced real income in the rural areas their economic needs could be addressed thus perring growth and generating jobs social justice our government is working with an approach to development that is all round all pervasive and all inclusive sarvangim or sarvasamaveshi it covers all cast and people at all levels we are working to make India a vikasit Bharat by 2047 for achieving that goal we need to improve people's capability 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 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 prevents by bhati javad 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 outlets so that the social economic transformation is achieved as a prime minister firmly believes we need to focus on four major cast they are Gharib, Mahilayen Yua and Annadata 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 Gharib Kalyan Deshka Kalyan we believe in empowering the poor the earlier approach of tackling poverty through entitlements had resulted in very modest outcomes when the poor became empowered partners in the development process government's power to assist them also increases manifold with the pursuit of Sabka Saath in these 10 years the government has assisted 25 crore people to get freedom from multi-dimensional poverty our government's efforts have energized with energy and passion of such empowered people this is truly elevating them from poverty direct benefit transfer of 34 lakh crore rupees from the government using PM Jandan accounts has led to savings of 2.7 lakh crores of rupees for the government this savings has been realized through avoidance of leakages prevalent earlier the savings have helped in providing more funds for Gharib Kalyan PM Swannidhi has provided credit assistance to 78 lakh street vendors from that total from that total of 78 lakh street vendors 2.3 lakh have received for the third time PM Janman 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 empowerment of divyans and transgender persons to get firm resolve of our government to leave no one behind welfare of anadata farmers are our anadata 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 under PM Fasal Bhima Yojana these besides several other programs are assisting anadata in producing food for the country and for the world electronic national agricultural market has integrated 1361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees the sector is poised for inclusive balanced higher growth and productivity these are facilitated from farmer centric policies income support coverage of risks through price and insurance support promotion of technologies and innovations through start-ups empowering the Amit P.D. our prosperity depends on adequately equipping and empowering the youth the national education policy 2020 is assuring the transformational reforms PM schools for rising India, PM Shree are delivering quality teaching and nurturing holistic and well-rounded individuals the skill India mission has trained 1.4 crore youth jobs killed and re-skilled 54 lakh youth and established 3000 new ITIs a large number of institutions of higher learning namely 7 IITs 16 IITs 7 IAMs 15 AIMs and 390 universities have been set up PM Mudra Yojana with a reduction of 43 crore loans aggregating to 22.5 lakh crores of rupees for 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 rose gar data 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 Pragyananda put up a tough fight against the reigning world champion Magnus Carlson in 2023 today India has over 80 chess grandmasters compared to 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 10 years 30 crore Mudra Yojana loans have been given to women entrepreneurs female enrolment in higher education has gone up by 28% in 10 years in STEM courses girls and women constitute 43% of enrolment one of the highest in the world all these measures are getting reflected in the increasing participation of women in workforce making triple talak illegal reservation of one third seats for women in the Lok Sabha and state assemblies and giving over 70% houses under PM Avaz Yojana in rural areas to women and giving over 70% houses under PM Avaz Yojana in rural areas to women as soul or joint owners have enhanced their dignity exemplary track record of governance development and performance besides delivering on high growth in terms of gross domestic product the government is equally focused on a more comprehensive GDP that is governance development and performance our government has provided transparent accountable people with an eccentric and prompt trust based administration with citizen first and minimum government maximum governance approach 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 better with greater even greater aspirations for future average real income of the people has increased by 50% inflation is moderate people are getting empowered equipped and enabled to pursue their aspirations there is effective and timely delivery of programs and of large projects economic management the multi-pronged economic management over the past 10 years as complemented people centric inclusive development following are some of the major elements one all forms of infrastructure physical digital or social are being built in record time all parts of the country are becoming active participants in economic growth number 3 digital public infrastructure a new factor of production as it in the 21st century is instrumental in formalization of the economy number 4 goods and services tax has enabled one nation one market one tax tax reforms have led to deepening and widening of tax base number 5 strengthening of the financial sector has helped in making savings credit and investments more efficient number 6 gift IFSE and the unified regulatory authority IFSE are creating a robust gateway for global capital and financial services for the economy number 7 proactive inflation management has helped keep inflation within the policy band now the global context honorable speaker sir geopolitically global affairs are becoming more complex and challenging with wars and conflicts globalization is being redefined with reshoring and French 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 changes the pandemic has 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 based Europe economic corridor is a strategic and economic game changer for India and others in the words of honorable prime minister the corridor and I quote 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 unquote vision for vikasit Bharat our vision for vikasit 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 strong and exemplary track record of performance and progress earning sabka vishwas the next 5 years will be years of unprecedented development and golden moments to realize the dream of developed India by 2047 the trinity of demography democracy and diversity backed by sabka prayas has the potential to fulfill aspirations of every Indian as honorable prime minister in his independence day address to the nation mentioned I quote there is no dearth of opportunities as many opportunities as we want the country is capable of creating more opportunities sky is the limit unquote strategy for amirth 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 generation of resources to power investments and fulfill 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 MSMEs to grow and also compete orienting the regulatory environment to facilitate their growth will be an important element of this policy mix aligning with the panchamrith goals our government will facilitate sustaining high and more resource efficient economic growth this will work towards energy security in terms of availability accessibility affordability for meeting the investment needs our government will prepare the financial sector in terms of size, capacity skills and regulatory framework aspirational districts program our government stands ready to assist the states in faster development of aspirational districts and blocks including generation of ample economic opportunities development of the east our government will pay at most attention to make 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 1 crore houses 2 crore more houses will be taken up in the next 5 years to meet the requirement arising from increase in the number of families rooftop solarization and mouft vigilee through rooftop solarization 1 crore households will be enabled to obtain up to 300 units free electricity every month this scheme follows the resolve of honourable prime minister on the historic day of consecration of Shri Ram Mandir in Ayodhya following benefits are expected savings up to 15 to 18 thousand rupees annually for households from free solar electricity and selling the surplus of electric vehicles for distribution companies charging of electric vehicles entrepreneurship opportunities for a large number of vendors for supply and installation employment opportunities for the youth with technical skills in manufacturing, installation and maintenance housing for middle class our government will launch a scheme offering sections of the middle class and I quote from honourable prime minister's words living in rented houses or slums or charles and unauthorized colonies unquote to buy and build to buy or build their own houses medical colleges several youth 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 prevention of cervical cancer maternal and child healthcare various schemes for maternal and child care will be brought under one comprehensive program for synergy in implementation upgradation of Anganwadi centres under Saksham Anganwadi and portion 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 Indra Dhanush will be rolled out expeditiously throughout the country Ayushman Bharat healthcare cover under Ayushman Bharat scheme will be extended to all Asha workers to all Anganwadi workers and helpers agriculture and food processing the efforts of value addition in agriculture sector and boosting farmers incomes will be stepped up Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and generated 10 lakh employment Pradhan Mantri Pradhan Mantri formalization of micro food processing enterprises Yojana has assisted 2.4 lakh SHGs and 60,000 individuals with credit linkages other schemes are complimenting the efforts for reducing post harvest losses and improving productivity and incomes for ensuring faster growth 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 after the successful adoption of nano urea application of nano DAP on various crops will be expanded in all agro climatic zones Atmanirbar oil seeds are beyond building on the initiative announced in 2022 a strategy will be formulated to achieve Atmanirbarta for oil seeds such as mustard groundnut, sesame soya bean and sunflower we will cover research for high yielding varieties widespread adoption of modern farming techniques market linkages procurement, value addition and crop insurance dairy development a comprehensive program 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 milk animals the program will be built on the success of existing schemes such as rastri agokul mission national livestock mission and infrastructure development funds for dairy processing and animal husbandry Matsya Sampada it was a government which set up a separate department for fisheries realising the importance of assisting fishermen this has resulted in doubling of both inland and aquaculture production seafood export since 2013-14 has also doubled implementation of Pradhan Matsya Sampada will be set up 2 enhance aquaculture productivity from existing 3 to 5 tons per hectare 2 double exports to 1 lakh crore rupees and 3 generate 55 lakh employment opportunities in the near future 5 integrated aqua parks will also be set up Lakpati Didi 83 lakh SHGs 83 lakh SHGs with 9 crore women are transforming rural socio-economic landscape with empowerment and self-reliance honorable speakers say their success has assisted nearly 1 crore women become Lakpati Didi already they are an inspiration to others their achievements will be recognised through honouring them buoyed by the success it has been decided to enhance the target for Lakpati Didi from 2 crores to 3 crores technological changes new age technologies and data are changing for the future of people and businesses they are also enabling new economic opportunities and facilitating 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 innovation and entrepreneurship for catalyzing growth employment and development Prime Minister Shastri Prime Minister Lal Bahadur Shastri gave the slogan of Jai Jawan Jai Kisan Prime Minister Vajpayee made that Jai Jawan, Jai Kisan Jai Vijnan Prime Minister Modi has furthered that to Jai Jawan, Jai Kisan and Jai Anusandan as innovation is the foundation of development for our tech savvy youth for our tech savvy youth this will be a golden era a corpus of 1 lakh crore rupees will be established with 50 year interest free loan provided the corpus will provide long term financing or refinancing with long tenors and low and or nil I repeat that sentence the corpus will provide long term financing or refinancing with long tenors and low or nil interest rates this will encourage this will encourage the private sector to scale up research and innovation significantly in sunrise domains we need to have programs that combine the powers of our youth and technology a new scheme will be launched for strengthening deep tech technologies for defence purposes and expediting Atmanir Bartha infrastructure development building on the massive tripling of the capital expenditure outlay in the past four years resulting in huge multiplier impact on economic growth and employment creation the outlay for the next year is being increased by 11.1% to 11 lakh 11000 100 and 11 crore rupees this would be 3.4% of our GDP railways three major economic railway corridor programs will be implemented these are energy, mineral and cement corridor port connectivity corridors and number three high traffic density corridors the projects have been identified under the PM Gati Shakti for enabling multimodal connectivity they will improve logistics efficiency and reduce cost the resultant decongestion of the high traffic corridors will also help in improving operations of passenger trains resulting in safety and higher travel speed for passengers together with dedicated freight corridors these three economic corridor programs will accelerate our GDP growth and reduce logistic costs 40,000 normal rail bogies will be converted to Vande Bharat standards to enhance safety convenience and comfort of passengers aviation sector the aviation sector has been galvanized in the past 10 years number of airports have doubled to 149 roll out of air connectivity to tier 2 and tier 3 cities under Udaan scheme has been widespread 517 new routes are carrying 1.3 crore passengers Indian carriers have proactively placed orders for over 1,000 new aircrafts expansion of existing airports and development of new airports will continue expeditiously Metro and Namo Bharat 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 green energy towards meeting a commitment for net zero by 2070 the following measures will be taken viability gap funding will be provided for harnessing offshore wind energy for harnessing offshore wind energy potential for initial capacity of 1 gigawatt coal gasification and liquefaction capacity of 100 metric tons will be set up by 2030 this will also help in reducing imports of natural gas methanol and ammonia faced mandatory blending of compressed biogas in compressed natural gas for transport and piped natural gas for domestic purposes will be mandated financial assistance will be provided for procurement of biomass aggregation machinery to support collection electric vehicle ecosystem our government will expand this 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 mechanism biomanufacturing and bio foundry for promoting green growth a new scheme of biomanufacturing and bio foundry will be launched this will provide environment friendly alternatives such as biodegradable polymers bioplastics biopharmaceuticals and bioagree inputs this scheme will also help in transforming today's consumptive manufacturing paradigm to the one based on regenerative principles Blue Economy 2.0 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 the success of organising G20 meetings in 60 places presented diversity of India to 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 states will be encouraged to take up comprehensive development of iconic tourist centres branding and marketing them at global scale a framework for rating of the centres based on quality of facilities and services will be established long term interest free loans will be provided to states such development on matching basis to address the emerging fervour for domestic tourism honourable speaker sir projects for port connectivity tourism infrastructure and amenities will be taken up on our islands including Laxadeep this will help in generating employment also promoting investments the FDI inflow during 2014 to 23 was 596 billion US dollars marking a golden era that is twice the inflow during 2005 to 14 for encouraging sustained foreign investment we are negotiating bilateral investment treaties with our foreign partners in the spirit of first develop India FDI is first develop India reforms in the states for Vikasit Bharat many growth and development enabling reforms are needed in the states for realising the vision of Vikasit Bharat a provision of 75,000 crore rupees as 50 year free loan is proposed this year to support those milestone linked reforms by the state governments societal changes 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 in relation to the goal of Vikasit Bharat Amarth khal as Karthadhyakal our government stands committed to strengthening and expanding the economy with high growth and to create conditions for people to realise their aspirations honourable 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 Karthadhyakal 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 right policies, true intentions and appropriate decisions in the full budget in July honourable speaker our government will present a detailed roadmap for our pursuit of the future of our republic revised estimates revised estimates of 2023-24 the revised estimate of the total receipts other than borrowings is 27.56 lakh crores of rupees of which the tax receipts are 23.24 lakh crore rupees the revised estimate of total expenditure is 44.90 lakh crore rupees the revenue receipts at 30.3 30.03 lakh crore rupees are expected to be higher than the budget estimate reflecting strong growth momentum and formalisation in the economy the revised estimate of the fiscal deficit is 5.8% of GDP improving on the budget estimate and understanding moderation in the nominal growth estimates budget estimates for 2024-25 coming to the year 2024-25 the total receipts other than borrowings and total expenditure are estimated at 30.80 and 47.66 lakh crore rupees respectively estimated at 26.02 lakh crore rupees the scheme of 50-year interest-free loan for capital expenditure to states will be continued this year with an outlay of 1.3 lakh crore rupees we continue on the path of fiscal consolidation as announced in my budget speech of 2021-22 to reduce fiscal deficit below 4.5% by 25-26 the fiscal deficit in 2024-25 is estimated to be 5.1% of GDP adhering to that path so the gross and net market borrowings through dated securities during 24-25 are estimated at 14.13 lakh crore rupees and 11.75 lakh crore respectively both will be less than that in 23-24 now that the private investments are happening at scale the lower borrowings by the central government will facilitate larger availability of credit for the private sector vote on account I'll 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 Honourable Speaker over the last 10 years the direct tax collections have more than trebled and the return filers swelled 2.4 times I would like to assure taxpayers that their contributions have been used wisely for the development of the country and welfare of its people I appreciate the taxpayers for their continued support the government has reduced and rationalised tax rates under the new tax scheme there is now no tax liability for taxpayers with income up to 7 lakh rupees up from 2.2 lakh rupees in the financial year 2013-14 the threshold for presumptive taxation for retail businesses was increased from 2 crores to 3 crores similarly the threshold for professionals eligible for presumptive taxation was increased from 50 lakh rupees to 75 lakh rupees also corporate tax rate was decreased from 30% to 22% for existing domestic companies and to 15% for certain new manufacturing companies Honourable Speaker in the last 5 years our focus has been to improve taxpayers services the age-old jurisdiction based assessment system 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 pre-filling of tax returns have made filing of tax returns simpler and easier 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 taxation by unifying the highly fragmented indirect tax regime in India the GST has reduced the compliance burden on trade and industry has acknowledged the benefits of GST according to a recent survey conducted by a leading consulting firm 94% of industry leaders view the transition to GST as largely positive according to 80% of the respondents it has led to supply chain optimization as elimination of tax arbitrage and octroy has resulted of check posts at the state and city boundaries at the same time tax base of GST more than doubled and the average monthly gross GST collection has almost doubled to 1.66 lakh crores this year states too have benefited states SGST revenue including compensation released to states 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 beneficiary is a consumer consumers as reduction in logistic cost and taxes have brought down prices of most goods and services we have taken a number of steps and customs to facilitate international trade as a result the import release time declined by 47% to 71 hours at inland container depots by 28% to 44 hours at air cargo complexes and by 27% to 85 hours at seaports over the last four years since 2019 when the national time release studies were first acted tax proposals 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 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 31-3-2024 to provide continuity in taxation I propose to extend the date to 31-3-2025 moreover, in line with a government's vision to improve ease of living and ease of doing business I wish to make an announcement to improve taxpayers' services there are a large number of petty, non-verified non-reconciled or disputed tax direct tax demands disputed, direct tax demands many of them dating as far back as 1962 which continue to remain on the books causing anxiety to honest taxpayers and hindering refunds of subsequent years because, sir, I propose to withdraw such outstanding direct tax demands up to 25,000 rupees pertaining to the period up to financial year 2009-10 and up to 10,000 rupees for financial years 2010-11 to 2014-15 this is expected to benefit about a crore tax payers who would benefit out of this economy then and now 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 of nation first 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 I repeat it is now appropriate to look at where we were then till 2014 and where we are now only for the purpose of drawing lessons from the mismanagement of those years the government will lay a white paper on table of the house the exemplary track record of governance development effective delivery and Gen Kalyan has given the government trust confidence and blessings of the people to realize whatever it takes the goal of Vikasit Bharat with good intentions true dedication and hard work in the coming years and decades with this honourable speaker I commend the interim budget to this august house item number 2 Srimati Nirmalasi Sir with your permission I rise to lay on the table the following statements under section 3 1 of the fiscal responsibility and budget management act 2003 medium term fiscal policy fiscal policy strategy statement and macroeconomic framework statement item number 3 Srimati Nirmalasi Sir with your permission I rise to move for leave to introduce the finance bill 2024 vielä Srimati Nirmalasi Sir with your permission I rise to make purchase So, the budget has been presented by the Minister, Nirmala Sitaraman, and the big news is that there has been no change in the income tax rates. He said that in the income tax rate, we are not doing any change in the income tax rate. There is no change in the income tax rate in the income tax rate. The income tax rate of 7 lakhs in the new tax regime is the same as that of 5 lakhs. The tax rate of last year will be the same as last year. There is no change in the income tax rate in the new tax regime. The big thing is that there are no tax changes. The capital expenditure target has been increased by 11.1%. This is a big news. And the fiscal deficit has been announced that there will be 5.1% of GDP. That is, the government is increasing the target set of the fiscal deficit by 4.5%. And this year, there is a target set of 5.1%. There is no income tax of 7 lakhs. There is no change in the income tax rate in the new tax regime. There is no change in the income tax rate in the new tax regime. The tax base of GST Dindarao was damaged and they told us about the situation. But there is no change in the income tax rate. We have with us the tax expert Ashwini Ji. Ashwini Ji, it is your first speech. There is no change in the tax rate in the new tax regime. They said that the tax processing period will reduce by 13 days. There are already procedural changes. There are a lot of improvements. There is a lot of improvement. But the small hopes that there will be some relief that there will be a 10% relief. That there will be 10 lakhs. Or the standard reduction will increase. There is nothing like that. There is nothing like that. The target of the fiscal deficit is 5.1% of GDP. The fiscal deficit was expected to be more. But it was contained at 5.8%. And the next time, it was 5.1%. We will see when the final results come. Disinvestment from all the government programs. One thing about housing is that those who live in rent houses, make slums or chowls, that is, the city people who do not have their own house are given a sign to bring a scheme for them. Yes, definitely. And there is an important scheme. The solar energy and most of the electricity on the roof. That is also a very important issue. How does it implement? The government has tried to do the same. In Delhi, there are no such roofs. But if the system is implemented outside of Delhi, then it is very important. Yes, we will talk about this. This is a very big issue. But the hope on tax is not the same. What did the minister say? He should hear that once again. I do not propose to make any changes relating to taxation. And propose to retain the same tax rates for direct and indirect taxes. Introduction of updated income tax returns. A new form 26 AS. And pre-filling of tax returns have made filing of tax returns simpler and easier. 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. Refunds are getting faster. This was just a suggestion. It was not like a statement that it would be in 10 days. The entire tax-related speech, direct and indirect, has been counted as a suggestion in 2014. Where do we have to go? There is no discussion about it. As they said in 2013-14, in the year 2013-14, they did not have to tax those who earned up to Rs. 2,20,000. Now the situation is that they do not have to tax those who earn up to Rs. 7,00,000. If we mix up the rebate of Rs. 87,000. Yes, by mixing up the rebate. By mixing up the rebate. By mixing up the rebate. Many people thought that it might have been exempted from Rs. 7,00,000. No, it has been exempted from Rs. 7,00,000 since last year. It has been increased to Rs. 3,00,000. If we mix up the rebate, then it will not take up to Rs. 7,00,000. But if we go up to Rs. 7,00,000, then the tax will be complete. Yes, so... So, it has been counted as a suggestion that as much as it has been done, there is still a lot left. There is still a lot to be done. We will talk about it in the next budget. So, the one who will come in July? The one who will come in July. Let's hope for that. What is this 10 years old tax of Rs. 10,000? When the entire print will come, it will come in a sense that the demand that is disputed, which has not yet been decided, then we would like to forgive it. We will finish that demand. I mean, if someone has been fined, it has been assumed that it has been fined less than Rs. 10,000. Less than Rs. 10,000. But there will be a lot of other options. Before participating in it, I feel that we should read the print. Which people will qualify for it? What kind of tax demand will qualify for it? But I will say it in a good way that it is an effort to finish the past litigation. It is a good thing. So, for those who have been fined, the income tax department has said that your old demand is... It is an old demand, pending demand. Pending demand. So, if you are fined less than Rs. 10,000, then forgive it. We are right-offing it. Okay, forget it. We are waiving it. There are loan waivers. So, the government's views are waiving it. Now, after listening to this piece, when the print will come, I feel that we should read the print. What conditions are there in it? Do we have to read it in a good way? And this tax processing process took place in Tiran in the past 10 days. I mean, the refunds. The refunds or any other processing that has to be done. After you filed the return, the refunds that have to be done in Tiran... The procedural efficiency is that the department is doing a very efficient and good time... In the past 10 years. Fast work is being done. In the past 10 years. Yes, so this is...  You had to fill the return. All the work will be done through the automatic system. The orders will be done through the system. The whole faceless has been done through the first appeal. So, they remembered that they have reached here. These three main rail corridors will be built. How do you see this, Baluk ji? Look, if you look closely at the entire language, I think this is the election language that we have done this, this, this. And that too for 10 years. Yes, for 10 years. And in this election language, the rail corridors will be built. We don't have its financing, its specifications. An important step, definitely, which could have been taken out of this budget, which is associated with the support of Ayesha and Anganwadi sisters. This is an important thing. And a lakh crore fund has been made which will give the start-ups a long time for a very low interest rate. Definitely, that is a big thing. And one dimension is shown in this, it is said that the policy angle is that there will be a different way of promoting tourism in Lakshadip, which we have seen in our market every day. This is a very important thing on tourism. A very important thing about railways is that 40,000 bogies will be converted. Upgraded. Upgraded. Upgraded. Upgraded. On the standard. So, definitely, this is all. But as I told you, we have to do more than this. We have to show that in 10 years, we have done this and that. So, in a specific budget, we had discussed that this tax proposal and that tax proposal are very clear. In two lines, I have told you that we are not going to do any changes in the structure of the tax. Which precisely means for all practical purposes, the taxes that come in the bracket are their financial economic position which was 1 year ago, 1st February, 2013, almost. That is 1st February, 2024. Even though the inflation rate is 6% bigger, their purchasing power has reduced by 6%, but the level of tax. But if you say that the inflation was 6%, the inflation was increased by 6%, then their purchasing power has reduced by 6%. But the rate of tax is the same. But their purchasing power has increased. Definitely. If we increase the inflation rate by 6%, you are an anchor. I am a professor. I am an expert. They can increase by 10-12%. But there is a big segment in the people whose 6% doesn't increase. If the income that is going to be there then 6% will go back. We will make a hope for this because the budget has to come. That is why the tax rates will be decided. Yes. So, for now, they haven't decided. Sir, I also see that when you have presented the budget of the income tax. No. Keep in mind that the budget has to come. This is the tax rate. This is the entire budget. And this tax rate has to be filed for this year's return. Yes. The one who comes will be filed for the next year's return. Next year's return. That will be on July. What I do with you is that we will sit on July but my assessment is that the income tax exemption will not be available on July. I am not telling you that. So, you must have read the vote. Yes. You must have read the vote. There is another thing that we were discussing. For those reasons, they don't get the median class vote because it depends on the tax. So, neither here nor there. We are discussing for some other reasons. So, my assessment is that the expectations of tax exemptions and tax cuts that we make will be available on July as well. But yes, on July you can expect it. Yes, we should expect it. Because some changes are very important like insurance related, medical claims related, housing rebates related. And all those changes will be available on July. It should be available on July. Because we are moving forward. So, moving forward along with tax restructuring is also necessary. Even if we take care of the middle class no one will suspect the government. Okay. They are helpless. They cannot be taken at such a short time. Otherwise, when the government comes we will ask them what is the welcome gift. So, I think as a welcome gift I hope that if the government comes then the restructuring and relief in the tax rates will be available on July. I would like to make it like that. There are two things that are very good. For example, the data that came yesterday the GST's connection was very strong over 17000 crores. And the government is reducing the fiscal deficit. That is 5.8 percent is for 23-24. 5.1 percent 5.8 percent is for 23-24. Yes, it is 5.1 percent. And it is 4.5 percent. What does it mean? It means that the government is helpless. That we will organize more work. We will have more resources. And I am stopping you. Manish Tiwari is saying something. He will listen. Clearly, it demonstrates that over 18 lakh crores is the unfunded extent of the union budget for this year. And this number is only going to increase over the next year. If you leave that aside for a moment the rest of the budget speech was mere grandstanding. It was like driving looking into the rear-view mirror rather than looking ahead. So therefore the finance minister spent all her time in extolling her own track record which obviously is questionable and trying to run down what had happened ten years back. The congressman Manish Tiwari is saying that the minister was saying that 10 years ago we have brought such a bad news from somewhere. The paper meant that there is nothing ahead. This is Congress and this is the side of it. Shishir Sinha is joining us. Shishir What do we see? What is the main point? Capital expenditure budget is increased. Tax rates are not changing. So what is the biggest thing in this budget? Look, if we talk about 1 crore taxpayers who were disputed for some reason because of which they could not get their refund for ten years. For such people it is a comfortable thing that their dispute will be right off i.e. it will be removed from the book. The only benefit would be that whatever dispute was fixed it will not be dealt with and you will get their refund. This can benefit 1 crore taxpayers. Second, if you talk about capital expenditure it is very important because if capital expenditure is said to increase 11,111 crore then look at the multiplier effect i.e. when you spend one rupees then it also indicates that the entire government that is said to be achieved other than that the 50 years of debt is a good first and the most important thing is that it is a comfortable thing because if there is a change in the budget which makes a problem because we don't know what will be in the full budget. I am stopping you Shashi Tharoor is saying something let's listen to him about a number of things that are couched in vague language like for confidence and hope and so on but when it comes up she talked about term she didn't talk about unemployment which has gone up to record levels she didn't talk about youth unemployment she didn't talk about declining female participation when talking aboutKO child 샤 Taro巴 output called I love Marvel show just affordable homes have known of or live in Juggis, in H.Aul, or live in an unauthorized colony, there will be a scheme for them, there is not much detail about that scheme, there will be a scheme that will help them to buy their own house or build it. That is, there will be no need for a voice that will be made by the government. It is not about affordable homes made by the government, it is about a scheme through which the people who do not have their own house and those who do not have their own house, it seems to them, because they said that rented houses, slums and chowls, they will be provided with money through a scheme for them, so that they can buy their own house. Do we have to see this scheme or what is it? Look, in construction, whatever money is put in, ultimately it has a multiplier effect. It takes from iron, cement and all other things. Just like the word that is being said about chowls or unauthorized, actually financing is very difficult there, the loan is not given by the bank, it is not given by the finance company. Now, we will have to see how the moderates come in which direction they are going to be given. Because what was the home loan thing, it was more beneficial for upper middle class and middle class. No, the finance that is available, the housing finance company, they are checking that all its clarity is of legal setup, but if it is in the chowl or unauthorized sector, then how will we have to see its moderates, that ultimately the scheme has to be shown on paper, but whose eligibility will it be? We will have to see that, but definitely it is positive that whatever you do in construction, its impact then goes into the multiplier effect. And for the construction, the people who will use it, or the people who will use it, it is very important for their financial security if they have their own house. I think the way the system is being used, there is Aadhar card, KYC system, there is a pen, return filing has started, some parameters will be made that this is eligible for loan, and I think low EMI is very low cost of interest, this kind of loan.  And we will give an ariam, till the construction is going on, you don't have to repay it. I think there will be incentives like this. Shishir, you will have to see this scheme, which has been mentioned that the people who live in rented houses, in slums, in chowls, in unauthorized colony, how they buy their own house, or how they build their own house, there will be a scheme for that. This can be an important announcement of this budget. Absolutely. If you are talking about the interest subvention, what we are expecting, and the way it has been discussed, I think that the interest subvention will be for housing like this, that if you are more than a certain amount of interest, then you will also be given a subsidy. The most important aspect of this, which we were talking about earlier, that this is about unauthorized colony in Chowls, this is a very big issue, and not only in Delhi and Mumbai, but also in all small cities, it is also a big issue. So I think that the rise of the voice, the rise of the house, the rise of the construction activity, around 400 types of artistic activities are helped in every way. And the interest subvention is included in it. So this can be said as a win-win, that it is also a benefit for the common people, and it can also be a benefit for the interest world. Yes, so this is why, if there is any kind of scheme, we will have to see how it is done, but the interest, Shishir, what is the basis of this interest subvention? Like the first two schemes that were done, for housing, whether you look at Grammar or the city, there was a talk of interest subvention. So this discussion was going on for a long time, that the middle class, and the people in the lower middle income group, how can we promote them more for housing? That is why we are talking about interest subvention there. But we will have to wait for a while. It is possible that in the evening, when there will be a briefing, this situation will be more clear. Yes, that how to build our own house, or how to buy our own house, how it will be possible for such work, what kind of scheme will be there, we will have to see its details. Apart from this, Shishir, what is the use of solar energy, what should be understood about it? If you remember, on 22nd January, the Prime Minister returned from Ayodhya to the roof of a 1 crore house, which was said to be a solar rooftop. And today, there is another discussion about the use of solar energy. I am stopping you. Shishir, I am listening to Jyotiran Sindhya. There is a historic budget that is fully related to the leadership of the Prime Minister, Narendra Modi, which in India, is a national and a changeable country. Last one is in Dashak. A goal of a growing India, a goal of a self-sufficient India, a goal of becoming a world guru, the goal of becoming a world guru, the goal of those three goals with full leadership and with full determination, India has grown. Our four four powers are in the hands of the Prime Minister, our women, our young men, our poor, our orphans. From their full form, India will advance on the basis of being a world guru.  This is the time, this is the right time. Thank you very much. Jyothira Sindhya, Shishir, we were talking about the rooftop solar. Yes, look, 300 unit electricity has been released, and apart from this, which you have electricity supply, it can also be sold to electricity companies. So for the family, a family with a solar rooftop on its roof will benefit from it. It is about 15-20 thousand rupees saved. And the biggest thing about it is that what we are talking about clean energy, it is an important step in that direction. Yes, and the country has to do all its responsibilities because if electricity is generated from the roof of people's homes, then this scheme will look like that. If you have a roof, then you will use electricity through the solar panel and if there is an extra, then you can give it to the grid. In non-metro cities, in Delhi, no one has their own roof. But in the cities outside of Delhi, you will see this scheme in Nagpur Indore, that by taking a loan at a very low rate, people are getting their roofs done. The problem is that it doesn't cost-effectively, it has to be invested a lot at a time. If the panels are cheap, then this scheme is definitely for everyone, for consumers and for the government. I think that ultimately there is no end to it. That is not a goal. The analysis is coming out that solar energy is going to be our goal. That is the future. There is a small effort in that direction. When technology is developed, I think we will harness a lot of solar energy. One big thing that was said that the election year can be something, something can be met, and especially we will talk about that. Rajnath Singh, why don't you listen to it first? We will achieve that target. We are completely confident. So the election and that was also because of the 2019 interim budget, there were some changes that were made. This time there is nothing like that. Shishir, does this mean that the government is very confident about the elections? Absolutely, Kishore, we were going to use that to show the government's confidence that if they were very confident about the interim budget or the future of the interim budget they would be very confident. Very confident. And for the future there are more hopes and the economy of India is as good as this time. The reason for the interim budget and the indication of this budget is that the economy that is in the world in 5 countries the size of it will be more than 2027, 5 trillion and in 2030 it will reach more than 7 trillion. We will achieve that target we are completely confident. Thank you very much. Mr. Rajan Singh Mr. Alok, the government is so confident that the interim budget was actually the interim budget there was nothing like that that was going on. If you read the documents of the budget and the fine details then you are told that in 9 years per capita income 1.97 lakhs are doubled this figure is told that in 10 years and in 11.7 crore household toilets in the clean India mission the interim is also used in a way that we have done all these things 1, 2, 3, 4, 5, 6, 7, 8 And the white paper that will come in the white paper is also comparing where it was and where it came from. The performance report we do this in the stats in the eyes when we take a 10 year framework then things look spectacularly different like my salary 10 years ago it would have been half of it now it has doubled in 10 years so when we show a 10 year framework then things are more impressive so I think it is very smart to use it we do not have such a concrete on which you can say that after today after this budget these changes are going to come not particularly after July there will be a lot of changes as our friend told that there is so much confidence that there is nothing to worry about we are coming the confidence is clearly visible in the morning what was being said so this is the government's statement of something else that we are doing in the right way we do not have to show anything we are doing it in the coming days when we are moving towards the development of India this budget is a very big stepping stone from my point of view if I agree in the biggest announcement of that budget Prime Minister Narendra Modi said after Jai Anusandhan not only said to implement it in today's budget 1 lakh crore rupees was announced by a corpus fund which is private sector or institutional body wants to take a loan for 50 years interest free loan is available the new generation of India paying attention to the necessity of the world of technology is full of power in the new generation of India innovation is taking the form of a general and this is the budget of 1 lakh crore rupees a very big level playing field is being made in the coming days India as a responsible country along with the problems India's employment India's ease of living India will have a good situation 1 crore 40 lakh people have been skilled and on the other hand 390 universities have been called in the last 10 years talk about PM Sree talk about the new university new IIT new IIM all the details are one step in that direction under the skill of India 1 crore 40 lakh people of the new generation have been called skill of skill re-skilling in this budget capital spending is increasing in this budget 3 new one more thing Dharmind Pudhan mentioned 1 lakh crore corpus to increase R&D to increase research and development for any company to invest in research and development 1 lakh crore corpus has been announced this is a very important step Aalok ji the start-ups will be given very little interest definitely a very big step because the financial issues especially the start-ups don't get financial assistance the start-ups get global financing definitely a big issue the way it goes down but this is a very positive direction because they don't get a big name very easily but you don't have a qualification your idea is great so it will be given as a small start-up there is one more thing if we are in the competitive age we don't have R&D related facilities so if we promote it I think we have good production good skill if we are able to develop in the R&D sector then I think in the coming time we will be able to fulfill the dream so once again let's take a look at the different budget the different budget income