In the Union Budget of Financial Year (FY) 2024-25, the Ministry of Defence (MoD) has been allocated ₹6,21,940.85 crore, the highest among the Ministries. While maintaining the allocation made to MoD during the interim budget, the Government has made an additional allocation of ₹400 crore on innovation in defence through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme.

On 12.5% tax on long-term capital gains, Union Finance Minister Nirmala Sitharaman, in a post-Budget press conference, said that the government wants to simplify the approach to taxation.

"The average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes...The point that we brought it down from below the average to 12.5% encourages investment in the markets," she added.

"I congratulate all my countrymen on this landmark budget, poised to propel our nation to unprecedented heights of progress. Finance Minister Nirmala Sitharaman ji and her dedicated team deserve accolades for their tireless efforts. This visionary budget will uplift and empower every stratum of our society, paving the way for a brighter future for all," PM Modi said on Budget for 2024-25.

Post Budget 2024, Prime Minister Narendra Modi said, "Over the last 10 years, around 25 crore individuals have come out of poverty. Building on this momentum, this budget will further energise the aspirations of our neo-middle class. Our young generation will be unleashed with unprecedented opportunities. Education and skills development will achieve a new scale, fuelling our nation's growth. Also, this budget will empower the middle class like never before!"

In her Union Budget speech for 2024-25, Finance Minister Nirmala Sitharaman said, "NPS-Vatsalya, a plan for contribution by parents and guardians for minors will be started. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account."