Union Budget Highlights: Nirmala Sitharaman terms the budget as 'futuristic'

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.

India needs to seize job creation opportunity provided by tourism sector: Economic Survey

India needs to seize the opportunity provided by the tourism sector that represents a relatively low-hanging fruit for job creation amid a challenging environment in services and manufacturing industries due to the rise of AI, protectionism and supply concerns, the Economic Survey said on Monday.

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FDI inflows from China can help India increase global supply chain participation: Economic Survey

Increased foreign direct investment inflows from China can help increase India’s global supply chain participation and push exports, says the Economic Survey.

The Survey said as India looks to deepen its involvement in global value chains (GVCs), it needs to look at the successes and strategies of East Asian economies.

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Massive shift in capital expenditure likely in Union Budget, says expert

The Union Budget will likely focus on expanding capital investment in several sectors, including infrastructure, construction, manufacturing and green energy, a professor of a top business school said.

Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on Tuesday.

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Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.

Economic Survey presented in Parliament seems to imply "Sab Changa Si": Pawan Khera

Khera, in a post on X highlighted that Rising Internal Liabilities, Employability of Graduates (As per the Economic Survey 2023-24, only 51 per cent of graduates are employable), Rising Food Inflation, and other pointers to that India

MoS Pankaj Chaudhary reaches North Block ahead of Budget presentation

Chief Economic Advisor V Anantha Nageswaran arrives at North Block

Fin Min Nirmala Sitharaman leaves her Delhi residence ahead of Budget presentation

Nirmala Sitharaman arrives at Ministry of Finance headquarters in North Block

Union Finance Minister Nirmala Sitharaman showcases tablet wrapped in 'bahi-khata'-styled pouch carrying Budget documents

Track reactions to the Union Budget 2024 right here!

J&K budget copies arrive in Parliament

FM Nirmala Sitharaman meets President Droupadi Murmu ahead of presentation. The FM left for the Parliament after meeting the President.

Credit: PTI Photo

Sitharaman to meet other members of Union Cabinet ahead of Budget presentation.

FM Sitharaman arrives at Parliament

Amit Shah, Rajnath Singh arrive at Parliament ahead of Budget presentation

Union Cabinet headed by PM Modi meets in Parliament for approval ahead of presentation.

PM Modi arrives at Parliament ahead of Budget presentation

Leader of Opposition Rahul Gandhi arrives at Parliament ahead of Budget presentation

Cabinet clears Union Budget 2024-25

The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the full budget for 2024-25, sources said.

Following this, Finance Minister Nirmala Sitharaman will present her seventh budget in the Lok Sabha.

Sitharaman, the first full-time woman finance minister of the country, has presented five full budgets since July 2019 and an interim budget on February 1, 2024.

This is the first budget of the BJP-led NDA government in its third term in office.

- PTI

Nirmala Sitharaman rises to present Budget 2024-25

Inflation low, stable, moving towards 4 per cent target: FM

India the shining exception in an unstable global economy, the FM says.

Finance Minister highlights progress of policies announced in the interim Budget

Employment, skilling, MSME, middle class are main focus: FM Sitharaman

The FM also said that she will be announced five plans of the Modi government to ensure progress in these areas

Budget priorities

Promised to present roadmap of Viksit Bharat in interim Budget, FM says.

1) productivity, resilience in agriculture

2) employment, skilling

3) human development, social justice

4) manufacturing, services

5) urban development

6) energy security

7) infrastructure

8) innovation, research development

9) next-generation reforms

Need to focus on women, poor, youth, and farmers, announces FM

Productivity, resilience in agriculture

Raising productivity, developing climate-resilient varieties. Private sectors will oversee conduct of research.

Natural farming, climate resilient species new focus

One crore farmers will be trained on climate-resilient varities: FM

Will strengthen efficiency in pulses and oilseeds by increasing production, focus on marketing: FM

Large-scale clusters for vegetable production with the help of farmer bodies and co-operatives will be set up

Provision of 1.48 crore jobs, skilling will be made: FM

Kisan Credit cards to be introduced in five states: FM

Rs 1.52 lakh crore provision for agriculture, allied sectors

Employment-linked incentives

Based on enrolment in EPFO, focus on first-time employees, support to employees, employers

Scheme A- provide one month wage to all persons newly entering workforce in all formal sectors

Direct Benefit Transfer of one month's salary in 3 installments upto Rs 15,000. Cut-off: Salary of Rs 1 lakh per month

Scheme B- Job creation in manufacturing. Linked to 1st-time employees. benefits to be provided to both employees and employers for four years

Scheme C: Support to employers. Govt to reimburse employers upto Rs 3000 per month towards EPFO for those getting above Rs 1 lakh.

Scheme D- 20 lakh youth to be skilled for five years

This scheme will provide additional employment of 50 lakh persons

Will facilitate women-centric workforce: FM

Women-specific skilling programmes to be provided by the central government

Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh: Sitharaman.

1,000 ITIs to be upgraded in hub and spoke model, says FM in Lok Sabha.

Govt will release new 109 high yielding, climate resilient seeds for 32 field and horticulture crops: FM.

Ruckus as Nirmala Sitharaman brings up Andhra Pradesh Re-Organisation act

Special financial support to Andhra Pradesh, FM announces in Budget

Union Budget Live: Rs 15,000 crores to be given to Andhra Pradesh, announces FM

Govt to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions: FM.

Govt to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount, FM announces.

Govt proposes Rs 26,000 crore for various road projects in Bihar, says FM in Lok Sabha.

2.66 lakh crore for rural development: FM in Lok Sabha

Plans for MSME sector

1) Credit guarantee scheme to be introduced

2) Self-financing guarantee fund to each applicant. Cover: Upto Rs 100 crore. Loan amount can be larger.

3) New assessment model for MSME credit: PSU banks to create own entities for this based on digital footprint score.

4) Credit support during stress period

5) Mudra loans: Limit to be increased to Rs 20 lakh from Rs 10 lakh

6) Units for quality testing in food sector - 100 food quality labs to be fecilitated

7) e-commerce export hubs to be brought up. Will be set up in public-private mode

Govt to launch saturation drive under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN): FM in Budget.

Manufacturing & Services

1) scheme for internship in 500 top companies to one crore youth in five years. Rs 5000 per month with assistance to be provided

2) Industrial parks to be set up in or near 100 cities

3) Rental housing with dormitory-type accomodation to be facilitated

4) Shipping industry, critical mineral mission in focus

5) Integrated tech platform for improving outcomes under insolvency bankruptcy courts

6) Critical mineral mission to be set up

Urban development

- development of cities into growth hubs

- creative redevelopment of cities. Govt to formulate framework

- transit-oriented development plans for 14 lakh cities

- urban housing: Housing needs of one crore families to be address with Rs 10L crore investment.

- transparent rental housing markets

- water supply will be promoted in partnership with state govts

- street markets (100 haats) to be set up in select cities

- stamp duties to be moderated, lowering duties for women

- energy security to be provided, policy document to be released in this regard

- PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels for one crore households (1.28 crore registrations done)

- pump storage policy to be brought out

- NTPC and BHEL in JV to set up 800 MW super critical thermal power with higher efficiency, says FM

Nuclear energy

- Bharat small reactors

- Bharat small modular reactor

- advanced ultra super critical thermal power plants

- formation of emission targets to be formulated

Infrastructure

- Investment by pvt sector to be promoted

- PM Gram Sadak Yojana's phase 4 to be launched

- Irrigation & flood mitigation: Flood-control structures to be provided for with Rs 11,500 crore

Assistance to Assam for flood management and related projects

Himachal: Govt to provide assistance post damages caused by floods

Uttarakhand: Assistance to recover from landslide

Sikkim: Assistance to be provided after floods, landslides

Tourism

- Assistance for Vishwapath Temple corridor and Mahabodhi Temple corridor

- Rajgir: development to be undertaken

- Nalada to be upgraded to a tourist centre

- Govt to provide assistance to develop tourism in Odisha

Innovation, research, development

- Assistance for research

- Assistance for private sector research

- focus on space economy, to be expanded five times in next 10 years. Rs 1000 crore to be provided

Economic policy

-Economic policy framework to be made

- Govt to facilitate production, and help with technology

- Land administration, planning, and management to be covered with urban planning usage and bylaws.

- Establishment of land registry

Labour-related reforms

- Integration of e-Shram portal

- Open architecture databases for job market

- mechanism to connect aspirants to employers

Govt to bring out financial sector document to set up agenda for next five years: FM

Taxonomy for climate finance to be developed: FM

- Green transition is required

- FDI: rules to be simplified for:

* promote opportunities to use Indian rupee in foreign deals

Will step up adoption of technology towards digitization of economy

Budget estimates

- Total receipts estimated at Rs 32.07 lakh crore, expenditure at Rs 48. 21 lakh crore in FY25, says finance minister in Budget.

- Estimated fiscal deficit 4.9 per cent of GDP

Government aims to reach 4.5 per cent fiscal deficit in 2025-26: FM.

Indirect taxes

- Customs duties:

1. Medicine: Propose to exempt three more medicines from customs duties

2. changes X-ray tubes and flat-panel detectors

3. Mobile phone: reduce BCD on mobile phones, mobile charges

4. propose to fully exempt customs duties on 25 critical minerals and reduce BCD

5. Not to extend customs duties for solar energy goods

6. Marine industry: Reduce on certain worms, shrimp, and fish

7. Leather, textile: Reduce BCD from downfilling material

8. Export duty for rawhide proposed to be simplified

9. Reduce customs duties on gold and silver to 6 per cent

10. Raw material: Reduce BCD on ferro-nickel

11. Chemicals: Reduce BCD on amounium nitrate

12. Pastics: Propose to raise BCD on such productions

13. Telecom: increase BCED from 10 to 15%

14. Trade: Extent the period of export of good imported for repairs from six months to one year

Direct taxes

- 58% of corporate tax return came from new tax regime

- review of Income Tax Act proposed

-charities and TDS: two-tax exemption regimes for charities proposed to be merged; 5% TDS rates to be made 2.5%

- credit of TCS is proposed to be given in TDS deducted in salary

- provide SOP for TDS defaults

- govt to decriminalise delay in filing I-T return

- listed financial assets held over one year to be classified as long-term assets

- 20% tax on some short-term gains

- proposing Vivadh se Vishwas Scheme 2024 to resolve tax issues

Employment, investment

- abolish angel tax for all classes of investors

- single-tax regime for foreign companies operating domestic cruises in the country

- reduce corporate tax rate for foreign companies to 35%

- security transaction tax proposed to be increased

- tax income receipt on buyback of share

- reduction of tax on salary for bank employees

- non-reporting of foreign assets proposed to be decriminalised

Personal Income tax revisions proposed

New tax regime proposals:

0-3 lakh: nil

03-07 lakh- 5

7-10 lakh: 10%

10-12 lakh: 15%

12-15 lakh: 20%

above 15 lakh: 30%

Net tax receipts estimated at Rs 25.83 lakh crore in FY25: FM Sitharaman.

Why development push for Bihar?

Highlighting specific initiatives under the Budget for Bihar, Sitharaman said that Union government will arrange financial assistance to Bihar through aid from multilateral development agencies.

The government also proposed Rs 26,000 crore for various road projects in Bihar. The Finance Minister said that the Centre will set up airports, medical colleges and sports infrastructure in Bihar.

Bihar also got the biggest share of the tourism pie.

The announcements in the Union Budget for Bihar are significant as the state will go to polls next year. Amid dwindling popularity of Chief Minitser Nitish Kumar, the BJP will hope that the new announcements will give much-needed push to the BJP-JDU combine in the state elections.

Read more here

Historic milestone for Nirmala Sitharaman

Finance Minister Nirmala Sitharaman

With a 1:32 hour speech, Nirmala Sitharaman equalled a Parliamentary milestone on Tuesday when she presented her seventh consecutive Union Budget, a feat previously achieved only by C D Deshmukh 68 years ago.

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Jewellery stocks surge after govt cuts basic custom duty on gold, silver

Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the government will reduce the basic customs duty on the yellow metal and silver to 6 per cent.

The reduction in basic customs duty on gold, silver and platinum has been a long pending demand of the gems and jewellery industry.

(With PTI inputs)

Sensex, Nifty slide as govt hikes trading-related taxes

Stock market benchmarks Sensex and Nifty tanked after Finance Minister Nirmala Sitharaman announced a hike in STT (Securities Transaction Tax) on F&O (Futures and Options) securities.

The 30-share BSE Sensex jumped as soon as Finance Minister Nirmala Sitharaman began presenting the Budget for 2024-25. But, within minutes it slipped in the red and later plummeted 1,266.17 points to 79,235.91 during the afternoon trade.

The NSE Nifty also ticked higher as the finance minister began the presentation of her 7th Union Budget in the Lok Sabha. However, volatile trends soon came in and the benchmark later tanked 435.05 points to 24,074.20.

The BSE benchmark had climbed 264.33 points to 80,766.41 in early trade. The Nifty went up 73.3 points to 24,582.55.

(With PTI Inputs)

A man watches a screen displaying India's Finance Minister Nirmala Sitharaman's budget speech at a railway station in Mumbai.

Nirmala Sitharaman budget presentation over the years

(L-R Top Row) 2019, 2020, 2021, and (L-R Bottom Row) 2022, 2023, Interim Budget 2024, and (Extreme Right) Union Budget 2024-25, in New Delhi. Sitharaman on Tuesday.

What is allocation for schemes benefiting women, girls?

For promoting women-led development, Finance Minister Nirmala Sitharaman on Tuesday said the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls.

"For promoting women-led development, the budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls," she said.

Sitharaman said the government will set up working women hostels to promote their participation in the workforce.

Centre to provide Rs 11.11 lakh cr towards capex for 2024-25

The government will provide Rs 11.11 lakh crore towards capex for 2024-25, Finance Minister Nirmala Sitharaman said on Tuesday.

The government is aiming to maintain strong fiscal support for infrastructure projects for the next five years.

What got cheaper?

1) Three cancer medicines - these have been exempted from basic customs duty

2) Mobile phones, mobile accessories - Duty cut to 15 per cent. Mobile phone industry body ICEA said that the move will enhance export competitiveness of India in the segment.

"We had recommended to reduce BCD (Basic Custom Duty) on mobile phones, its PCBA and charger/adapter to 15 per cent, which has been accepted. The mobile and electronics industry is elated with the announcements and will go a long way to enhance manufacturing, exports and our competitiveness," ICEA chairman Pankaj Mohindroo said.

3) 25 critical minerals which are to be exempted from customs duties; BCD on two of them to be reduced

4) The government has proposed exemption of BCD for ferro nickel and blister copper

5) The FM has also laid a proposal to expand the list of exempted capital goods that are used for manufacturing of solar panels.

What got expensive?

1) Certain telecom equipment: The government has proposed to increase customs duty on certain telecom equipment from 10 per cent to 15 per cent.

2) Plastic products: Customs duty proposed to be hiked for plastic products; this has been done keeping in mind the harmful effect of plastic products on the environment.

Rajya Sabha proceedings underway

After the budget presentation in the Lok Sabha, the Rajya Sabha proceedings have begun.

FM Nirmala Sitharaman tables Budget in Rajya Sabha

Union Finance Minister Nirmala Sitharaman tables the document in Rajya Sabha along with the Budget for Jammu and Kashmir.

This budget will help every section of society: PM Modi

Speaking on Union Budget, PM Modi said, "In the last 10 years, 25 crore people have come out of poverty. This budget is for the empowerment of the new middle class. The youth will get unlimited opportunities from this budget. Education and skill will get a new scale from this budget. This budget will give power to the new middle class...This budget will help women, small businessmen, MSMEs..."

Special focus on tourism sector in this budget: PM Modi

This budget puts emphasis on manufacturing as well as infrastructure; will speed up growth: PM Modi

Employment Linked Incentive scheme will generate many employment opportunities: PM Modi

Talking about employment, PM Modi said, "In this Budget, the government has announced ‘Employment Linked Incentive scheme. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country's top companies under the apprenticeship program."

What did Andhra Pradesh get in Union Budget?

In Union Budget 2024, Finance Minister Nirmala Sitharaman announced that Rs 15,000 crore will be allocated for development of Amravati as Andhra Pradesh's capital. “Money to be raised from multilateral funding agencies and routed through the Centre,” she said. 

Besides, the Centre allocated over Rs 3 lakh crore for schemes benefiting women and girls and stated that it is fully committed for completion and financing of Polavaram irrigation project.

Sitharaman further said under the AP Reorganisation Act, for promoting industrial developments, funds will be provided for essential infrastructure such as water, power, railways, and roads and also grants for backward regions of Rayalaseema, Prakasam North coastal Andhra Pradesh, as stated in the Act will be provided.

Aandhra Pradesh CM N Chandrababu Naidu thanked PM Modi and Union Finance Minister Nirmala Sitharaman for recognising the needs of Andhra Pradesh.

"...Focusing on a Capital, Polavaram, industrial nodes and development of backward areas in AP in the union budget of FY 24-25. This support from the Centre will go a long way towards rebuilding Andhra Pradesh. I congratulate you on the presentation of this progressive and confidence-boosting budget...," he said.

Average taxation actual has come down, says Nirmala Sitharaman

Addressing a press conference after presenting Union Budget on Tuesday, Finance Minister Nirmala Sitharam said, "We wanted to simplify the approach to taxation, also for the capital gains. Second, if anything, the average taxation actual has come down. When we say it is 12.5 per cent, because we have worked out for each of the different classes... But the point is that we have brought it down from below average to 12.5 per cent, which is the lowest if you look at several years, encourages investment in the market,"

India's tax net need to be widened, says Nirmala Sitharaman

In her post-budget press conference, Finance Minister Nirmala Sitharaman said, "The attempt to widen the tax net is something which we have been repeatedly saying... that India's tax net will have to be widened whether it is in the direct taxation and indirect taxation. Second, there are also now PSU dividends which are improving because the valuations have gone up really high and their performance has also now substantially increased. So, revenue mobilisation is not just tax-based, you have non-tax revenue mobilisations which are also coming up. For three years now, we have been talking about asset monetisation, which is not selling of assets but optimum utilisation of those assets which are lying in the form of unutilised stadiums or land which is available with PSUs which can be utilised for better purposes...,"

Here's what FM said on further assistance to Andhra Pradesh

"I've already mentioned it in the Budget speech that Rs 15,000 crore (to Andhra Pradesh) is coming through the multi-lateral development assistance which we borrow from multi-lateral banks whether it is the World Bank or ADB or AIB. And, I had also ended that paragraph by saying further assistance will also be extended."

Kerala finds no mention in Budget speech; Congress, CPM allege discrimination

The 2024 Union Budget turned out to be a huge disappointment for Kerala as the southern state was not even mentioned in Finance Minister Nirmala Sitharaman’s budget speech.

Following the Budget Presentation on Tuesday, the Opposition Congress and the ruling CPM in the state launched a scathing attack on BJP for the alleged discrimination.

Two Union Minister -- Suresh Gopi and George Kurian -- hails from Kerala. Gopi, who is a minister of state for tourism, was expecting major initiatives in the tourism sector.

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Govt brings 3 scheme to boost fresh employment via EPFO

The government on Tuesday announced 3 schemes to boost employment through retirement fund body EPFO for new entrants in the organised sector with a total central outlay of Rs 1.07 lakh crore.

In her budget speech in Lok Sabha, Finance Minister Nirmala Sitharaman said, "Our government will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package."

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DH Opinion | Budget will fuel macroeconomic aspirations

The theme of the Budget was employment, skilling, MSMEs, and the middle class. The nine priority areas show a balanced consideration of the needs of various sectors of the economy, write Usha Ganapathy Subramanian and anjith Krishnan.

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Government reduces total fund allocation for Lok Sabha, Rajya Sabha

The first budget under Modi 3.0 shows a decline in allocation for expenditure on the salaries, allowances and facilities provided to MPs, as well as for sending Parliamentary delegations abroad and hosting their counterparts from foreign countries.

Though this would not mean a decrease in the salaries and allowances of MPs as it is governed by rules cleared by the Parliament, it may result in a decrease in the expenditure on Parliamentary delegations and facilities provided to lawmakers.

Dig more here

Coalition politics, electoral reversals shape Modi 3.0 'Viksit Bharat' modus operandi

The silhouette of the recent electoral reversals outlined the Modi government’s first budget in its third term in office as Finance Minister Nirmala Sitharaman loosened the purse strings to push job growth, enhance support for farmers, and offer tax sops to the middle classes while making special allowances for Andhra Pradesh and Bihar to keep its key allies- TDP and JD(U) in good humor, reports Sumit Pande

Read the full report here.

Emphasis on women participation in workforce, says Nirmala Sitharaman

"We have given emphasis on women in this budget. It will bring about a change in mindset. Even in villages, women are operating drone. We had come up a special saving scheme last time. They had to come out to save money. This government has not lost on the opportunity in bring focus on women and women's needs," Nirmala Sitharaman says in an interview with DD post-budget presentation.

We will stand new govt in Andhra Pradesh: Nirmala Sitharaman

Andhra Pradesh reorganisation act required all this to be done. We have been giving money for backward districts programmes. There are certain projects that are getting staggered. Polavaram project is one of the biggests projects. We will stand by the new government in the state. We will stand with TDP," Nirmala Sitharaman says in an interview with DD post-budget presentation.

Every scheme will reach to every state: Nirmala Sitharaman

"Every scheme will reach to every state. It is wrong to say that if I didn't mention the state that it will not get the centre's schemes," Nirmala Sitharaman says in an interview with DD post-budget presentation.

North Bihar is affected with floods every year: Nirmala Sitharaman

"North Bihar is affected with floods every year. It is heart-breaking. We wanna provide to support to Bihar. We wanna stop this," Nirmala Sitharaman says in an interview with DD post-budget presentation.

'We are trying to simplify taxation,' says Nirmala Sitharaman

We are trying to simplify taxation. The middle class will get money through it. This will provide relief to middle class, "Nirmala Sitharaman says in an interview with DD post-budget presentation.

Here's what Nirmala Sitharaman said on schemes for first-time employees

"First-time employee recruited by somebody will get Rs 50,000 from the government. The employer will get the money. Both will get the incentives. So we are making sure that under every scheme more people are coming in. In next few days, we will put out more details on these schemes."

This is a futuristic budget: Nirmala Sitharaman

"I believe we have to tried to bring futurist budget. We are preparing the youth so that they are job-ready. Our budget is not for the rich. We will have focused on tourism. We are looking to make every region of this country rise," Nirmala Sitharaman says in an interview with DD post-budget presentation.

Cut in gold import duty to help contain smuggling, boost jewellery exports: Piyush Goyal

"The gold import duty cut to 6 per cent (from 15 per cent) will promote the manufacturing of gold and silver jewellery. It will also contain smuggling," Goyal told PTI. in another TV interview, he hailed the budget as "reflective of inclusivity, innovative and impactful."

Amit Shah calls internship programme decision 'game-changing move' after budget presentation

J P Nadda says PM Modi has 'special place' for Dev Bhoomi Himachal Pradesh in his heart, which is reflected in Budget