Union Budget 2024-25 HIGHLIGHTS| Budget focuses to foster economic resilience, technological advancement & sustainable growth
This budget, with its detailed allocations and revenue plans, underscores the government's strategy to foster economic resilience, technological advancement, and sustainable growth.
Prime Minister Narendra Modi addressed the nation after Finance Minister Nirmala Sitharaman presented the Union Budget 2024, saying "This budget is for the empowerment of the new middle class."
"In the last ten years, 25 crore people have come out from poverty. This budget aims to strengthen the new middle class. This budget will provide infinite opportunities for the youth. It will bring education and skills to a new level. This budget will empower the new middle class."
"This budget will benefit women, small businessmen, and MSMEs," the Prime Minister stated.
| Defence | Rs 4,54,773 crore |
| Rural Development | Rs 2,65,808 crore |
| Agriculture | Rs 1,51,851 crore |
| Home Affairs | Rs 1,50,983 crore |
| Education | Rs 1,25,638 crore |
| IT and Telecom Sector | Rs 1,16,342 crore |
| Health | Rs 89,287 crore |
| Energy Sector | Rs 68,769 crore |
| Social Welfare | Rs 56,501 crore |
| Commerce and Industry | Rs 47,559 crore |
➤Govt increases basic customs duty to 15% from 10% on specified telecom equipment.
➤Custom duty hiked on plastic products.
* Income-tax slab rates changed for the lower slabs, for the new simplified income tax regime
*Standard deduction, for taxpayers opting for the new tax regime, at Rs 75,000, up from Rs 50,000 earlier
* NPS Vaatsalya for minor children announced in Budget 2024. Where parents can invest on behalf of their kids. Upon attaining majority, this can be converted to regular NPS
* Deduction on employers’ contribution to private sector employees’ NPS has been hiked to 14%, up from 10% earlier. Only for the new income-tax regime.
* Changes in capital gains tax regime. Long-term capital gains rate hiked to 12.5%, up from 10%
* Long-term capital gains income up to Rs 1.25 lakh exempt from tax
* Holding period of capital gains tax streamlined: All listed financial assets held for more than a year: long-term. All unlisted financial and non-financial asserts held for more than 2 years: long-term.
As a result of these changes, a salaried employee in the new tax regime stands to save up to Rs 17,500
Sensex continues to see red; currently trading at 79,845.67, down by 656.41 points
Slabs in New Tax Regime
0-3 Lakh - Nil
3-7 Lakh - 5%
7-10 Lakh - 10%
10-12 Lakh- 15%
12-15 Lakh- 20%
Above 15 lac - 30%
During her Budget speech, FM Sitharaman says, "I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months."
Finance Minister propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum
FM exempts customs duties on 25 critical minerals, and lowers BCD for two of them
Union government reduces BCD on mobile phones and chargers to 50%.
* Urban Housing: Urban 2.0. one crore houses for urban poor, allocation of ten lakh crore rupees.
* Enabling policies and regulations for transparent renting house markets
*Services for 100 large cities for urban development
* Street Markets: Svanidhi has transformed lives of street vendors. Support for urban haats
* Stamp Duty: Encourage states to charge high stamp duty to moderate the rates for all. Slashing of duties for women
Capital expenditure to be Rs 11,11 lakh crore at 3.4% of our GDP
Fiscal deficit 2024-25 is estimated at 4.9% of GDP
Union Finance Minister Nirmala Sitharaman says "Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches."
Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development
Finance Minister Nirmala Sitharaman says, "Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions"
Agriculture, employment, inclusive HRD and social justice, manufacturing and services, urban development, energy, innovation and R&D and next-generation reforms
Internship allowance of ₹ 5000 and one-time assistance of ₹ 6,000 to be provided under internship scheme, says Nirmala Sitharaman
#WATCH | Delhi | Union Budget 2024 | TMC MP Shatrughan Sinha says, "... Youth, women, farmers, unemployment, and inflation are the major issues." pic.twitter.com/9YZcJTZGOg
— ANI (@ANI) July 23, 2024
Finance Minister Nirmala Sitharaman says, "...One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth."
A: One month's wage for freshers
B: Job creation in manufacturing
C: Support to employers
On Education loans, FM Sitharaman says, "Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions."
Finance Minister Nirmala Sitharaman says, "Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers. "
Finance Minister Nirmala Sitharaman says, "This year the allocation for agriculture and allied sectors is Rs 1.52 lakh crore."
Finance Minister Nirmala Sitharaman says, "I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling..."
Finance Minister Nirmala Sitharaman says, "India's economic growth continues to be the shining exception and will remain so in years ahead. India's inflation continues to be low and stable moving towards the 4% target..."
Union Finance Minister Nirmala Sitharaman says "As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer.
For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people."
On Tuesday, when Union Finance Minister Nirmala Sitharaman presents her seventh budget to Parliament, she will break the record held by former Finance Minister Morarji Desai, who only presented six budgets. Under Prime Ministers Jawaharlal Nehru and Indira Gandhi, Desai served as Minister of Finance. In 1977, he was elected Prime Minister of India.
Congress MP and LoP in Lok Sabha, Rahul Gandhi reaches Parliament ahead of Union Budget presentation by Finance Minister Nirmala Sitharaman in Lok Sabha
PM Modi in Parliament, ahead of the presentation of Union budget by Finance Minister Nirmala Sitharaman
#WATCH | PM Modi in Parliament, ahead of the presentation of Union budget by Finance Minister Nirmala Sitharaman
— ANI (@ANI) July 23, 2024
(Video source: DD News) pic.twitter.com/T0RD4hBO2z
Union Cabinet headed by PM Modi meets in Parliament to approve the Union Budget ahead of its presentation by Finance Minister Nirmala Sitharaman.
#WATCH | Defence Minister Rajnath Singh arrives at the Parliament.
— ANI (@ANI) July 23, 2024
Finance Minister Nirmala Sitharaman to present the Union Budget today in Lok Sabha. pic.twitter.com/SunFHskX6R
#WATCH | Union Home Minsiter Amit Shah arrives in Parliament.
— ANI (@ANI) July 23, 2024
Finance Minister Nirmala Sitharaman to present the Union Budget today in Lok Sabha. pic.twitter.com/TVOMpLu83z
Finance Minister Nirmala Sitharaman is expected to prioritise agriculture, capital expenditure, infrastructure spending, and a manufacturing push in the Union Budget 2024-25
Finance Minister Nirmala Sitharaman carrying the Budget tablet arrives at Parliament along with her team, to present the first Budget in the third term of Modi Government
#WATCH | Finance Minister Nirmala Sitharaman carrying the Budget tablet arrives at Parliament, to present the first Budget in the third term of Modi Government. pic.twitter.com/0tWut8mhEu
— ANI (@ANI) July 23, 2024
Finance Minister Nirmala Sitharaman meets President Droupadi Murmu at Rashtrapati Bhavan, ahead of the Budget presentation at 11am in Parliament
#WATCH | Finance Minister Nirmala Sitharaman meets President Droupadi Murmu at Rashtrapati Bhavan, ahead of the Budget presentation at 11am in Parliament.
— ANI (@ANI) July 23, 2024
(Source: DD News) pic.twitter.com/VdsKg5bSLG
Union Finance Minister Nirmala Sitharaman will present the estimated receipts and expenditure (2024-25) of the Union Territory of Jammu and Kashmir (with legislature) in Parliament today
Union Finance Minister Nirmala Sitharaman wears a magenta and cream saree, contrasting her previous appearance in a blue saree with leaf prints
Finance Minister Nirmala Sitharaman poses along with her team with the Budget tablet outside the Ministry of Finance in North Block
#WATCH | Delhi: Finance Minister Nirmala Sitharaman along with her team with the Budget tablet outside the Ministry of Finance in North Block.
— ANI (@ANI) July 23, 2024
She will present the Union Budget today at around 11 AM in Lok Sabha. pic.twitter.com/NARqjCBOW1
Budget 2024 LIVE Updates: Nilaya Varma, Co-Founder and CEO of Primus Partners, commented, “After a long time, expectations from this budget are exceptionally high. Balancing the needs and aspirations of 1.4 billion people is never easy.
However, we have a Finance Minister with seven years of experience who is capable of delivering. Beyond measures to boost short-term consumption and adjustments to duties, there will be a keen interest in specific initiatives and investment in capital projects, encouragement for private investments, revival of manufacturing to address job demands from the farm sector, and fiscal discipline to achieve the 'Viksit Bharat' goals.”
Budget 2024 LIVE Updates: The 'Modi Stocks'—a term coined by CLSA for companies benefiting from Prime Minister Narendra Modi’s policies—are under scrutiny as today’s budget approaches.
An index compiled by Bloomberg News, tracking these stocks, has fallen about 0.4% this month following eight months of gains, despite modest increases in the broader market.
Investors are cautious about these companies, which include power generators, capital goods manufacturers, and building materials firms. They are closely watching the budget for trends in capital expenditure and sector-specific initiatives.
Budget 2024 LIVE Updates: Moody's Analytics indicates that the Budget may include favorable provisions for India's middle class.
Budget 2024 LIVE Updates: The Economic Survey highlighted the growing importance of capital markets in India's economic growth. It commended the stock markets for their resilience in the face of global geopolitical and economic challenges.
Budget 2024 LIVE Updates: The rupee is expected to open flat, following its previous session close of 83.6575. During that session, it had dropped to an all-time low of 83.6775.
Nirmala Sitharaman, the Union Finance Minister, departed her home before today's Budget 2024–25 announcement.
#WATCH | Delhi: Finance Minister Nirmala Sitharaman leaves from her residence.
— ANI (@ANI) July 23, 2024
She will present the Union Budget today at the Parliament. pic.twitter.com/FbYIdzVK5Z
#WATCH | Delhi: Minister of State Finance, Pankaj Chaudhary reaches the Ministry of Finance in North Block. pic.twitter.com/Qx0PszI1t6
— ANI (@ANI) July 23, 2024
Budget 2024 Live Updates: Citi predicts that the government will allocate more funds to rural schemes to boost consumption. This increase is expected to benefit consumer goods manufacturers like Hindustan Unilever and two-wheeler producers such as TVS Motor and Hero MotoCorp, according to Citi.
Budget 2024 Live Updates: The Economic Survey highlighted a 77% increase in capital expenditure on Railways over the past five years. Expenditure rose from Rs 1.48 lakh crore in the 2019-20 fiscal year to Rs 2.62 lakh crore in 2023-24, according to the Survey.
Budget 2024 Live Updates: Indian shares are expected to open relatively unchanged today ahead of the Budget. The GIFT Nifty stood at 24,550 points as of 7:19 am, indicating that the NSE Nifty 50 will likely open near its Monday close of 24,509.25.
Union Budget 2024-25 LIVE UPDATES| Hello and welcome to PTC News Live Coverage of the Union Budget 2024-25!
Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024-25 after the Cabinet gave its approval.
In her intial comments, Sithamraman said India's economic growth will be a shining exception.
"We are determined all Indians regardless of religion and age achieve life goals and aspirations," Sitharman said.
The Finance Minister presented first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament
With the Union Budget 2024-25 presentation, Finance Minister Nirmala Sitharaman surpasses the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister.
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The Union Budget is the annual financial statement of the Government of India, presented in the Parliament by the Finance Minister. It outlines the government's revenue and expenditure plans for the upcoming fiscal year, which runs from April 1 to March 31.
Union Budget 2024-25 will be broadcast live on Sansad TV and Doordarshan. Additionally, you can stream it online via the official YouTube channels of Sansad TV and Doordarshan. The Ministry of Finance will also provide a live stream on their official website, www.finmin.nic.in
Like the previous few full Union Budgets, the Budget 2024 will also be delivered in paperless form.
Follow PTC News Live Updates for the latest and real-time updates on trending, breaking; updates on tax slabs, income tax, Costlier and Cheaper Items of Union Budget 2024-25
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