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PremiumBudget 2024 Live Updates: Finance Minister Nirmala Sitharaman presented first budget under Modi 3.0 government on Tuesday, July 23.
Sitharaman introduced increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Besides this, cut on customs duty on gold, silver, mobile phones and other goods were announced.
The Centre's FY25 Capex spend seen at ₹11.1 lakh crore — unchanged from Interim Budget, and infrastructure spend at 3.4% of GDP.
Revised tax rate under New Tax Regime as follows:
₹0-3 lakh - nil tax
₹3-7 lakh - 5%
₹7-10 lakh - 10%
₹10-12 lakh - 15%
₹12-15 lakh - 20%
Above ₹15 lakh - 30%
Highlights from Budget so far
Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
Comprehensive internship scheme for one crore youth in top companies over five years
Employment-linked incentives, including one month's wage support for first-time employees
Women-specific skilling programs and increased workforce participation
Special attention to MSMEs and manufacturing sector
Credit guarantee scheme and term loans for machinery purchase
Technology support package for MSMEs
SIDBI to open 24 new branches to serve MSME clusters
Mudra loan limit increased from ₹10 lakh to ₹20 lakh for previous borrowers
Financial support for higher education loans up to ₹10 lakhs in domestic institutions
Integrated technology system for Insolvency and Bankruptcy Code (IBC)
₹2.66 lakh crore provision for rural development
Transformation of agricultural research to focus on productivity and climate-resilient crop varieties
Initiative to introduce 1 crore farmers to natural farming over 2 years
Rental housing in PPP mode for industrial workers
Special financial support of ₹15,000 crore for Andhra Pradesh
New airports, medical facilities, and sports infrastructure for Bihar
Inflation moving towards 4% target
India's economic growth described as a "shining exception"
Focus on job creation and boosting consumption, potentially benefiting consumer goods, real estate, and auto sectors
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions.
Budget 2024 Live: Infrastructure spending was retained at ₹11.1 trillion - same as in the interim budget. It is at 3.4% of GDP. Allocation for an interest free loan to states for infra spending is now ₹1.5 trillion. States will be pushed to spend more on infrastructure.
Budget 2024 Live: FM further announced a critical mineral mission will also be set up for the recycling of critical minerals and overseas acquisition. The government will also launch the first tranche of offshore blocks of mining.
Budget 2024 Live: Under PMAY Urban Housing 2.0, the housing needs of people will be addressed with a budget of ₹10 lakh crore. The central government will provide aid amounting to ₹2 lakh crore, and subsidized rates will be offered for these housing projects.
Budget 2024 Live: India FY25 Capex spend seen at ₹11.1 lakh crore — unchanged from Interim Budget, infrastructure spend at 3.4% of GDP
Budget 2024 Live: The Finance Minister announced the establishment of an integrated tech platform to enhance outcomes under the Insolvency and Bankruptcy Code (IBC). This platform is designed to provide greater consistency, transparency, and improved oversight for all stakeholders, including the National Company Law Tribunal (NCLT). The IBC has successfully resolved over 1,000 companies, resulting in a direct recovery of ₹3.3 lakh crore for creditors. Furthermore, 28,000 cases involving more than ₹10 lakh crore have been resolved prior to admission.
Budget 2024 Live: The Finance Minister announced that the MUDRA loan limit will be increased from the current ₹10 lakh to ₹20 lakh for those who have taken and successfully repaid loans under the TARUN category.
Budget 2024 Live: Credit guarantee scheme for MSMEs, higher limit of Mudra loans for those who have repaid earlier loans, pushing banks to also assess their eligibility based on digital footprint to aid development of the sector. The sector was one of the hardest hit by COVID and such state-backed loans would make banks more comfortable in lending to them.
Budget 2024 Live: On MSMEs, Finance Minister Nirmala Sitharaman says, “For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to ₹100 crore while loan amount may be larger..."
Budget 2024 Live: The Finance Minister further announced that the government will also focus on increasing women participation in the workforce, by setting up hostels and creating partnerships to organize women-specific skilling programs.
Budget 2024 Live: FM Nirmala Sitharama says, "On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. It will catalyse the development of the easter region. We will also support the development of road connectivity projects- Patna -Purnea expressway, Buxar- Bhagalpur highway, Bodhgaya- Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for ₹26,000 crores."
Budget 2024 Live: The Finance Minister announced a scheme to boost job creation in the manufacturing sector by linking it to the employment of first-time workers.
Budget 2024 Live: 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 ₹15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme will benefit 210 lakh youth."
Budget 2024 Live: Fin Min announces allocation of ₹1.52 lakh crore to the agriculture sector, which could benefit rural demand for automobiles - particularly entry-level two-wheelers and tractors.
Budget 2024 Live: New centrally sponsored scheme for 20 lakh youth to be skilled over 5 years. Around 1,000 ITIs to be upgraded with hub and spoke arrangement — Course content to be tailored to the needs of the industry, particularly emerging sectors.
Budget 2024 Live: Union Budget 2024-25 proposes revision of Model Skill Loan Scheme to help 25,000 students every year.
E-vouchers for loans upto Rs. 10 lakh for higher education in domestic institutions to be given directly to 1 lakh students every year for annual interest subvention of 3% of loan amount.
Budget 2024 Live: 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. "
Budget 2024 Live: On Education loans, FM Sitharaman says,"Govt to provide financial support for loans up to ₹10 lakhs for higher education in domestic institutions."
Budget 2024 Live: Finance Minister announces a PM package of five schemes to facilitate employment and skilling. Modi 3.0 govt has allocated ₹2 lakh crore for education, employment, and skilling.
Budget 2024 Live: 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."
Budget 2024 Live: 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 ₹2 lakh crores. This year we have made a provision of ₹1.48 lakh crores for education, employment and skilling..."
Budget 2024 Live: Finance Minister Nirmala Sitharaman says, "New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding..."
Budget 2024 Live: ₹1.52 lakh crore has been allocated for agriculture and allied sectors, Finance Minister Nirmala Sitharaman announced.
Budget 2024 Live: Following goals set in Interim Budget, we set nine priorities
Budget 2024 Live: Budget theme this year on 5 factors — Employment, skilling, MSMEs and middle class, says Sitharaman
Budget 2024 Live: Finance Minister Nirmala Sitharaman has begun her historic seventh Budget speech in Lok Sabha today.
She is expected to announce a swarth of allocations and initiatives, including income tax relief for individuals and corporates.
Budget 2024 Live: Parliament Session has begun. Finance Minister Nirmala Sitharaman will begin her Budget speech in Lok Sabha anytime now.
Budget 2024 Live: The Union Cabinet headed by Prime Minister Narendra Modi has approved the full budget for 2024-25, PTI reported, citing sources.
Budget 2024 Live: Expectations for income tax changes are high ahead of the Union Budget by FM Sitharaman today. Notably, the last such update was for FY18.
Budget 2024 Live: Prime Minister Narendra Modi has arrived in Parliament ahead of the Union Budget announcement for FY25.
Budget 2024 Live: Copies of the Union Budget 2024 have been brought to Parliament ahead of Finance Minister Nirmala Sitharaman's speech, which is scheduled to begin soon, at 11 am, today.
Budget Live 2024: Speaking to ANI, Union Minister Jyotiraditya Scindia said the Budget would move India towards ‘Viksit Bharat’.
“The budget will be a journey of resolve to take the country on the path of development and progress. It is our hope that on the basis of this budget, we will move rapidly towards achieving the goal of 'Viksit Bharat' as per the resolve of the Prime Minister," he said.
Budget 2024 Live: Speaking to ANI ahead of the Budget announcement in Parliament, Congress MP and leader Gaurav Gogoi he expects it to ‘help crorepatis close to PM Modi’.
“The PM Modi through the Budget will help the 'crorepatis' who are close to him. The middle class and the sincere taxpayers will not get anything except hollow promises," he said.
Budget 2024 Live: The Union Cabinet, chaired by Prime Minister Narendra Modi will approve the Budget 2024 before its presentation in the Lok Sabha today.
Budget 2024 Live: Union Finance Minister Nirmala Sitharaman and Home Minsiter Amit Shah have arrived in Parliament for the Budget announcement at 11 am today.
Speaking to ANI, Union Minister Pralhad Joshi says, "The Budget will help in the further economic growth of the country."
Budget 2024 Live: Indian benchmark indices turned red ahead of FM Nirmala Sitharaman's budget speech today.
At 10 am, Sensex was down 55.16 points, or 0.07%, at 80,446.92 and Nifty was down 30 points, or 0.12%, at 24,479.25.
Overall, stock market was cautious ahead of the Budget, with Suzlon and Borosil shares gaining.
Budget 2024 Live: Finance Minister Nirmala Sitharaman in July replaced the tradition of carrying a briefcase to Parliament for the Budget announcement in favour of carrying a traditional red bahi-khata.
Started from 2019, when she gave her first Budget speech, Sitharaman has since switched from paper form to a digital tablet during the height of the pandemic in 2021.
"Why did I not use a leather bag to carry budget documents? I thought it is high time we move on from the British hangover, to do something on our own. And well, easier for me to carry too," she had said in 2019.
Budget 2024 Live: Copies of the Jammu and Kashmir Union Territories' 2024 Budget have arrived at the Parliament today, July 23, ahead of Finance Minister Nirmala Sitharaman's speech.
The J&K 2024 Budget will put forth estimated FY25 receipts and expenditure for the UT in Lok Sabha today.
Budget 2024 Live: Finance Minister Nirmala Sitharaman was pictured outside the Finance Ministry's North Block on her way to meet President Daoupadi Murmu ahead of the Budget speech at 11 am today.
She was spotted carrying a digital tablet placed in her signature red bahi-khata embossed with a gold-coloured national emblem
Draped in a white silk saree with magenta border, Sitharaman and team posed for the traditional press photos outside her office.
Budget 2024 Live: This being an election year Finance Minister Nirmala Sitharaman announced an Interim Budget in February, with the full speech being post to post-elections. We take a look at what was said:
Budget 2024 Live: Finance Minister Nirmala Sitharaman is on her way to the Rashtrapati Bhavan to call on President Droupadi Murmu, ahead of Union Budget 2024 speech at 11 am in Lok Sabha, ANI reported.
Budget 2024 Sp Live: Finance Minister Nirmala Sitharaman reportedly holds both records — for longest and shortest Budget speech in Parliament.
Budget 2024 Live: Expectations include a potential hike in standard deduction, relief in income tax rates, and an increase in Section 80C exemptions. We take a look:
Budget 2024 Live: Finance Minister Nirmala Sitharaman has reached the Finance Ministry's North Block building ahead of her Union Budget speech today.
Taxpayers and corporate watchers are highly anticipating some relief in income tax, cut in corporate tax and incentives to boost the economy.
Budget 2024 Live: Thatte noted that India's fintech sector has potential to contribute $400 billion over the next seven years.
- "As we enter the Modi 3.0 era, we anticipate transformative reforms in the upcoming budget to drive innovation and enhance financial inclusion, solidifying India’s position as a global fintech leader".
- Thatte expects incentives for startups, regulations, and improved digital infrastructure to attract international investment.
- Towards the $5 trillion economy goal, Thatte advocates measures suhc as: 5% GST rate for startups.
- "With India’s fintech ecosystem to reach $70 billion in annual revenue by FY30. We are optimistic that the Government will implement supportive policies in the upcoming budget."
Budget 2024 Live: The executive feels that insurance is "not a luxury but a necessity".
Budget 2024 Live: Experts expect measures aimed at improving farmers' income and livelihoods.
- Allocation of funds towards rural infrastructure, such as irrigation, roads, and warehouses to boost agricultural productivity and connectivity.
- Attention towards agri-tech initiatives, through support for startups and modern farming techniques in order to increase income and yields for farmers.
Budget 2024 Live: Experts expect announcements for healthcare, infrastructure and social security among others.
