Commenting on the interim budget and Sitharaman's speech, Tharoor said, "Not very much came out of it... She talked about a number of things which are couched in vague language like 'confidence' and 'hope' and so on. But when it comes to hard figures, very few figures are available." He said it was "couched entirely in generalities and without enough substance nor any willingness to address the specific problems of the economy."

While PM Modi, his cabinet colleagues, and numerous ruling Bharatiya Janata Party (BJP) leaders lauded SItharaman and her interim budget, the opposition has slammed it. Congress MP Shashi Tharoor said the finance minister's budget speech was one of the shortest ever and termed it "disappointing."

PM Modi on Thursday congratulated Sitharaman and her team for presenting an "inclusive and innovative interim budget." He added the interim budget exudes the "confidence of continuity." The prime minister said it is aimed at empowering the four of "Viksit Bharat," including the youth, the poor, the women, and the farmers.

Sitharaman has concluded her budget speech and introduced the Finance Bill 2024 in the Parliament. The Lok Sabha has now been adjourned until 11:00am on February 2.

The finance minister further listed out the previous changes made to the tax provisions, including no tax liability for individuals with an annual income of up to Rs. 7 lakh under the new scheme. However, in a disappointment for taxpayers, Sitharaman said, "I do not propose to make any changes relating to taxation and propose to maintain the same tax rates for direct and indirect taxes, including import duties."

Sitharaman said the Modi government will boost the e-vehicle sector with "greater manufacturing and charging infrastructure." Separately, she added, "A new scheme for bio-manufacturing will be launched to encourage bioplastics and bio-agri inputs that are biodegradable. This will transform today's consumption paradigm in manufacturing to one that is green-oriented."

Sitharaman also discussed the roof-top solarization scheme, which was earlier announced by PM Modi. "Through roof-top solarization, one crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the prime minister on the historic day of the consecration of Shri Ram Mandir in Ayodhya," she said.

Presenting a vision for "Viksit Bharat" (developed India), Sitharaman said that the next five years will be "golden moments". She added, "Our vision for Viksit Bharat, is that of prosperous Bharat, in harmony with nature, with modern infrastructure and providing opportunities for all citizens. The next five years will be years of unprecedented development, and golden moments to realize the dream of developing India by 2047."

In order to align with the "Panchamrut" goals, Sitharaman said the Modi government "will focus on sustaining a more efficient growth." She added, "To meet investment needs, our govt will prepare the financial sector in terms of size, capacity, skills, and regulatory framework."

During her budget speech, Sitharaman also announced that the government's Ayushman Bharat Pradhan Mantri Jan Arogya Yojana public health insurance scheme will now be extended to all ASHA and Anganwadi workers.

The finance minister said, "The government is focused on a more comprehensive GDP, i.e., Governance, Development, and Performance. Our government has provided transparent, accountable, prompt, and trust-based administration. The impact is discernible in all sectors."

Sitharaman said the National Education Policy (NEP) 2020 has ushered in transformational reforms. Moreover, she noted, "The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3,000 new ITIs. A large number of institutional higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities have been set up." She added, "Startup India and Startup Credit Guarantee Scheme are helping our youth become Rozgaar Daata."

The finance minister noted the previous approach to tackling poverty has resulted only in "modest outcomes." She said, "We believe in empowering the poor, (but) the earlier strategy of entitlement didn’t work." However, Sitharaman said, "With the pursuit of Sabka Saath, we (the Modi government) have assisted 25 crore people to get freedom from multi-dimensional poverty. This is truly elevating them from poverty." She said more funds for Garib Kalyan have been allocated.

Underlining how social justice is an "effective and necessary governance model" for the government, Sitharaman said, Covering all eligible people is the true and comprehensive approach to social justice." She added, "There is transparency and assurance that benefits are delivered to all regardless of their social standing. This is truly secular. We focus on outcomes and not on outlays so that the socio-economic transformation is achieved."

Sitharaman said the Modi government is working on transforming India into "Viksit Bharat" by 2047, which marks 100 years of independence. "For achieving the goal of becoming developed by 2047, we need to empower people," she noted.

The Modi government's development programs over the past decade have reached and benefited almost every individual in the country, Sitharaman has said. She highlighted the government's schemes providing free ration, drinking water, and bank accounts, among others, for all.

Sitharaman said the provision of basic necessities has enhanced the real income of people in India's rural areas. "Their economic needs could be addressed, thus spurring growth and generating jobs. Social justice is working with an approach to development that is all about automation and self-service," she added.