Budget 2024 Live: Finance Minister Announces Formation of Payment Security Mechanism for EV Buses in India

In the latest update from the ongoing Budget 2024 presentation, the Finance Minister reveals plans for the creation of a Payment Security Mechanism specifically designed for Electric Vehicle (EV) Buses in India. Stay tuned for more insights as the budget proceedings continue.


Finance Minister Nirmala Sitharaman has initiated the presentation of the Interim Budget 2024-25 in Parliament on Thursday, February 1, following the commencement of the Budget Session. The interim budget is poised to provide insights into the government’s expenditure, revenue, fiscal deficit, financial performance, and projections for the upcoming months. The comprehensive budget is slated for presentation post the Lok Sabha elections by the newly elected government.

While some speculations hinted at the interim budget being a mere vote on account, experts anticipate pivotal announcements, particularly concerning income taxpayers and salaried individuals. Expectations are centered around measures to enhance the appeal of the new income tax regime. Notably, there is considerable anticipation for substantial announcements in sectors like electric vehicles, real estate, cryptocurrency, and renewable energy.

Leaders from various industries spanning EV, real estate, healthcare, education, energy, auto, agriculture, FMCG, IT, and defense are eagerly awaiting updates from the interim budget.

During her address, Finance Minister Nirmala Sitharaman emphasized the government’s commitment to social justice as an effective governance model. The saturation approach, ensuring coverage for all eligible individuals, is seen as a comprehensive achievement of social justice, promoting secularism in action, reducing corruption, and preventing nepotism.

The Finance Minister highlighted the government’s dedication to transparency and assurance, ensuring that benefits reach all eligible individuals irrespective of their social standing. The focus is on addressing systemic inequalities, with an emphasis on outcomes rather than outlays, aiming for profound socioeconomic transformation. Stay tuned for more updates as the budget proceedings unfold.