Budget 2024 News LIVE Updates: Nirmala Sitharaman focused on affordable housing, capex, and maintained taxation status quo in Budget 2024. She opted for fiscal prudence foregoing extravagant spending on social schemes before the upcoming election. The decision reflects Modi government's confidence in securing a rare third term, buoyed by high approval ratings.Despite the approaching election, tax policies remained unchanged, and significant subsidies on food, fertilizers, and fuel saw an 8% reduction. The allocation for a rural employment scheme remained steady. Analysts, including Shilan Shah from Capital Economics, interpret these moves as a sign of the ruling Bharatiya Janata Party's (BJP) assurance in securing another electoral triumph.Finance Minister Nirmala Sitharaman presented a budget aiming to sharply reduce the budget gap to 5.1% of GDP in 2024-25, revising the current fiscal year's gap lower to 5.8%. The budget emphasized fiscal consolidation while achieving a historic high in capital expenditure at 11.11 trillion rupees ($133.90 billion).Modi, commenting on the budget, highlighted the balance achieved, stating, "In this budget, capital expenditure has been raised to a historic high while keeping the fiscal deficit in control. To put it in the terms of economists, this is a sweet spot."Economists anticipate that the fiscal consolidation will strengthen India's case for a higher sovereign credit rating. Currently rated at BBB- by S&P and Fitch, and Baa3 by Moody's, the budget aims to reassure investors and rating agencies about India's commitment to growth and fiscal responsibility. However, Moody's has expressed the view that the budget did not bring about a significant improvement in debt affordability to prompt a reconsideration of India's sovereign ratings.