Budget Live Updates: Finance Minister to present Full Budget 2024 Today
Finance Minister Nirmala Sitharaman will give her seventh consecutive budget for financial 2024-25 on July 23, breaking the record set by former Prime Minister Morarji Desai. The presentation on July 23 will be the first Budget by the BJP-led NDA government since its re-election in June.
Compared to 2019, when the BJP held 303 Lok Sabha seats, it presently holds 240. Coalition politics and the aspirations of regional coalition partners cannot be overlooked. The BJP’s reduced seat tally may indicate resentment of and opposition to the government’s economic policies implemented during its second term in 2019-24.
The electorate appears to have shown unhappiness with the government’s ability to address their worries and anxieties. As a result, this budget is being closely examined.
The budget deficit for FY 2023-24 was 5.63% of GDP, with a target of 5.1% in FY 2024-25. Given personal tax’s considerable share of the total collection of direct tax, the government is unlikely to implement changes that would significantly cut tax income.
On July 22, Mrs. Sitharaman presented the Economic Survey for the financial year 2024 in the Lok Sabha, ahead of the Union Budget. According to the survey, India’s GDP growth in the financial year 2025 is expected to range between 6.5% and 7%. The expected growth rate for 2024-25 is lower than the previous financial year’s prediction of 8.2%.
The government to continue simply taxes and reduce ligation.
Government announces comprehensive review of Income Tax Act.
TDS Rates on Eccommerce Operater reduced.
STCG on all Financial Assets 20% proposed.
Two tax exemption regimes for charities to be merged into one
Vivad se Vishwas scheme 2024 for pending Income Tax ligation introduced.
Angle Tax Abolished.
Major change in Capital Gain Taxation
Non-reporting of foreign assets upto Rs. 20Lakhs to be de-penalised.
Standard Deduction increased to Rs. 75000
Indirect Tax
GST has decreased Tax incidence on the common man. GST to be further simplified.
Custom Duty rates to be reduced for medical equipment, and cancer medicines. BCD on Xray tubes reduced.
BCD on mobile phones, and chargers reduced to 15%.
Custom duty exempt on 25 critical minerals. BCD reduced from 2.
Certain capital goods used for manufacturing solar cells and panels are exempted.
Custom duty on gold and silver reduced to 6%, platinum to 6.4%
Lower BCD on Leather Products.
Budget Speech | Key Points
Taxonomy to be developed for Climate Finance.
Comprehensive integration of e-Shram portal with other portals to be undertaken, says Nirmala Sitharaman
Venture capital fund of ₹ 1000 crore to be set up to encourage space technology development, says Nirmala Sitharaman
Infrastructure and Tourism
Assistance to be provided to Sikkam, UK, HP, Bihar, and Assam for flood-related projects and rehabilitation.
Promotion of Tourism; Vishnupad temple, Mahabodhdi Temple corridor development proposed.
Nalanda in Bihar, Orrisa, measures to be taken to promote Tourism.
14 large cities with a population above 30 lakh will have Transit Oriented Development plans
1 crore urban poor and middle-class families to be covered under PMAwasYojana Urban 2.0
100 weekly ‘haats’ or street food hubs in select cities
Debt recovery
Integrated technology platform to be set up for improving the outcomes under Insolvency & Bankruptcy Code
Services of Centre for Processing Accelerated Corporate Exit to be extended for voluntary closure of LLPs
Debt recovery tribunals to be strengthened & additional tribunals to be established to speed up recovery
Youth Development
Internship Opportunities in 500 Top Companies to 1 Cr Youth in 5 years. Intership Allowances of Rs. 5000 per month + Plus one time assistance of Rs. 6000 to be given. Companies to bear Training and 10% Internship cost from CSR Fund.
Special Measures for MSMEs
Credit Guarantee Scheme for MSMEs: Scheme will Operate for pooling of Operating Risks for MSMEs.
New Credit model based on previous scoring of MSME’s.
Credit Support to MSMEs stress period. Special Mention account (SM Account) introduced so that MSME avoid NPA.
MSME Buyers T/o Threshold reduced for mandatory onboarding to treds reduced from Rs. 500 Cr to Rs. 250Cr.
Union Budget 2024-25 provides special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing.
New mechanism announced for facilitating continuation of bank credit to MSMEs during their stress period
MUDRA Loan Limit for MSMEs increased from ₹10 lakh to ₹20 lakh
Limit of Mudra loans increased from ₹10 lakh
Budget Speech | Key Points
3Cr Additional Houses announced under PM Awas Yojna
Special package of Andhra Pradesh reorganization, recognising the requirements of the state
2.66L Cr Rs. Provision made for rural development
Stamp Duty to be further reduced in case property is purchased by women
Prime Minister’s Package for employment and skilling
Prime Minister’s Package for employment and skilling: 3 schemes announced for ‘Employment Linked Incentive’ Scheme A: First Timers Scheme B: Job Creation in manufacturing Scheme C: Support to employers
Budget Speech | Key Points
This Budget focuses on Employment, Middle class, and MSMEs.
Made a provision of Rs1.48 lakh cr for education, employment and skilling, Says, FM
Funding to be provided for Agriculture Research
Natural Farming will be promoted.
Details of 6 Crores farmers will be bought in Farmers and land registry.
Provision of 1.25L Crores Rs. for Agriculture and allied sector.
1000 Industrial Training institutes will be upgraded.
Vegetable supply chains to be enhanced and promoted
This Budget has 9 Priorities, says FM. Focus on 1. Productivity & Resilience in Agriculture 2. Employment & Skilling 3. Inclusive Human Resource Development 4. Manufacturing 5. Urban Dev. 6. Energy Security 7. Infrastructure 8. Innovation R&D 9. Next Gen Reforms
Artisans, Craftsmen, SC-ST, and Women Entrepreneurs to be step up.
Industrial development of Eastern region to be promoted.
26000 Crores Rs. to new Highway and expressway development. New Airports, sports infrastructure in Bihar.
Indian Prime Minister Narendra Modi arrived at the Parliament
The Prime Minister of India, Shri Narendra Modi arrived at the Parliament before the Budget will present.
Union Cabinet led by PM Modi approves the Union Budget at Parliament
The Union Cabinet, led by Prime Minister Narendra Modi, approved the Union Budget in Parliament on Tuesday before Finance Minister Nirmala Sitharaman presented it.
Prime Minister Narendra Modi arrived in Parliament this morning for a cabinet meeting. The Prime Minister stated on Monday that the Economic Survey highlights the economy’s strengths and provides opportunities for growth as the government strives to establish a “Viksit Bharat.”
Union Ministers Amit Shah, Rajnath Singh, and Pralhad Joshi arrived at Parliament early today for the Cabinet meeting.
Finance Minister meets President Droupadi Murmu
Nirmala Sitharaman, Union Finance Minister, met with President Droupadi Murmu before presenting the Union Budget 2024 in Parliament, as is usual.
The Finance Minister and her colleagues informed the President on the budget provisions.
President Murmu fed the Finance Minister ‘Curd and Sugar’, a symbol of good luck.
FM Nirmala Sitharaman is going to create History with 7th Straight Budget
Finance Minister Nirmala Sitharaman is likely to make history on Tuesday when she unveils her seventh consecutive budget for 2024-25, breaking former Prime Minister Morarji Desai’s record.
Setting the tone for the Modi government’s third term, one of its primary goals may be to increase consumption by providing tax breaks to the middle class. Priority areas may include agriculture, capital and infrastructure spending, and manufacturing initiatives.
The budget aims to address three significant trends, namely global offshore, digitalization, and energy transformation, as India becomes a key driver of the global economy.
FM Nirmala Sitharaman, who will turn 65 next month, became India’s first full-time female finance minister in 2019 after Prime Minister Narendra Modi won a second term. Since then, she has submitted six budgets, including an interim one in February this year.
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Reetu is a Content Writer with 3+ years of experience in GST, Income Tax, Finance, Company Law, Education and Career Related Content. She is a B.COM(Honrs.) Graduate.
Limit of Mudra loans increased from ₹10 lakh
Prime Minister’s Package for employment and skilling: 3 schemes announced for ‘Employment Linked Incentive’ Scheme A: First Timers Scheme B: Job Creation in manufacturing Scheme C: Support to employers
