Union Finance Minister Nirmala Sitharaman today presented the Union Budget 2024 in the Lok Sabha. No changes were announced in the tax slabs in both the old and new regimes.

“I do not propose to make any changes to taxation and propose to retain same tax rates for direct and indirect tax rates including import duties,” FM Sitharaman said.

In her Budget speech, she said that Indian economy has witnessed a profound transformation in the last ten years and that the Modi government carried out structural reforms and implemented pro-people programmes. She said that the government will continue on path of fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26.

This was an interim budget as it came just ahead of the Lok Sabha Elections. The full budget will be presented in July this year after the new government is formed post-Lok Sabha Elections.

Sitharaman had earlier said that there would be no major announcements in this budget as polls are due in April-May this year.