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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: Corporate India is expecting tax cuts and incentives for ease of doing business and manufacturing
Budget 2024 Live: Taxpayers and watchers are highly anticipating some relief in income tax from the Union Budget 2024 to be announced by FM Sitharaman today.
Here's a look at what may come
Budget 2024 Live: As per Gupta, “Banking requires dynamic and timely reforms for a country like India. FDI in banking should be increased to invite more capital. And government participation in public sector banks should be reduced as soon as possible."
Budget 2024 Live: "As we look towards the Union Budget 2024, the hospitality industry is set for transformative changes. Reclassifying hotels as infrastructure and offering tax incentives for sustainable practices will significantly boost investment appeal. Reduced GST for the tourism sector and streamlined single-window clearances will make travel more affordable and business operations smoother. By supporting spiritual and business tourism, especially in tier 2 and tier 3 cities, we can unlock immense potential for economic growth and job creation. The right government policies can drive the hospitality sector to new heights, making India a global leader in tourism."
Budget 2024 Live: Expectations — Dr Mahajan noted that the healthcare industry is still awaiting the government's promise of spending 2.5% of the GDP on healthcare.
"We hope this will finally happen. Customs duties on life-saving equipment, diagnostic reagents, and machines need to be minimized. Additionally, the long-standing demand of the healthcare industry to be given industry status should be fulfilled. If we aim to be a $5 trillion economy in the next few years, we need a healthy India," he stated.
Budget 2024 Live: The healthcare and pharmaceutical sectors are looking forward to GDP numbers in today's Budget announcement by FM Sitharaman.
Budget 2024 Live: The final stages of preparation for the Budget announcement began with the Halwa ceremony commencing at the Finance Ministry's North Block on July 16.
The halwa ceremony is performed before the ‘lock-in’ process of officials involved in the budget preparation, as per the ministry. The ceremony has Sitharaman serve officials and staff involved in budget preparation with the traditional sweet, and then all are locked inside the basement of the ministry building to ensure there is no leakage of the budget document.
Budget 2024 Live: On the eve of the Budget 2024 presentation, Prime Minister Narendra Modi said: “It is a matter of pride that after 60 years, a government has come to power for the third time and will present the first Budget for the third time. I have been giving guarantees to the people of the country and our mission is to bring this to the ground. This Budget is an important budget for Amrit Kaal. Today's budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of Viksit Bharat."
Budget 2024 Live: Experts predict a significant thrust on the defence sector in the Union Budget 2024 to be announced by Finance Minister Nirmala Sitharaman today. They think this will align with the Centre's 'Aatmanirbhar Bharat' pitch and thus expect a focus on indigenous production and reduced reliance on imports.
Budget 2024 Live: According to data available from the last ten years, the Indian market closed in a negative note in eight out of ten sessions on the budget announcement day (Feb 1).
On Feb 1, 2024, the Indian stock market saw increased volatility. The BSE Sensex dropped by 106.81 points, or 0.15%, ending the day at 71,645.30, while the NSE Nifty declined by 28.25 points, or 0.13%, closing at 21,697.45. Meanwhile, last year same day, Indian indices concluded with mixed results. Read full here
Budget 2024 Live: Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament on July 22. The document highlighted the resilience of the Indian economy despite global headwinds.
"India’s real GDP grew by 8.2 per cent in FY24, posting growth of over 7 per cent for a third consecutive year, driven by stable consumption demand and steadily improving investment demand," said the survey.
Budget 2024 Live: The Budget is an annual financial statement from the centre which outlines its proposed expenditures and revenues for the upcoming fiscal (FY25) — from April 1, 2024 to March 31, 2025.
The Budget outlines the government's achievements of the past financial year and outlines goals and allocations for the financial year ahead. It aims to meet requirements for policies, allocations and plans for the financial year ahead.
Budget 2024 Live: Finance Minister Nirmala Sitharaman will present Budget 2024 in Parliament at 11 am today, July 23.
Watch: Via Sansad TV or PIB India on YouTube or on Livemint.com
Updates: The Finance Ministry's official X account (Twitter) — @FinMinIndia or PIB's official account — @PIB_India
Budget 2024 Live: In the interim budget, the government proposed to increase capital expenditure (capex) outlay by 11.1 per cent to ₹11.11 lakh crore in FY25, amounting to 3.4 per cent of the GDP, ANI reported. Capex is used to set up long-term physical or fixed assets.
The Centre pegged FY25 fiscal deficit at 5.1 per cent of GDP, compared to 5.9 per cent in FY24, which was then revised downward to 5.8 per cent. The government aims to bring fiscal deficit below 4.5 per cent of GDP by FY26, ANI report added. Fiscal deficit is the difference between the Centre's total revenue and total expenditure, which indicates the total borrowings the government may need.
Many will also look forward to Union Finanace Minister Nirmala Sitharaman announcing possible relief for taxpayers.
Budget 2024 Live: The Parliamen's Budget Session began on July 22, and Finance Minister Nirmala Sitharaman tabled the Economic Survey 2024. Today, on July 23, she is expected to announce the Union Budget at 11 am. The Session will have 16 sittings spread over 22 days and is expected to conclude on August 12.
Union Minister for Parliamentary Affairs Kiren Rijiju told ANI that the session would consider financial business relating to the Budget.
Budget 2024 Live: With this upcoming budget presentation, Sitharaman makes history as the first finance minister to present seven consecutive Budget speeches. She now surpasses former Prime Minister Morarji Desai's record of six consecutive budgets as finance minister between 1959-64.
She also surpasses Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha's records of five Budget speeches each.
Budget 2024 Live: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha at 11 am today. Her speech will outline the centre's fiscal policies, revenue and expenditure proposals, taxation reforms, and other significant announcements.
The Budget will be subject to detailed debate and discussion in Parliament, allowing MPs to scrutinise its provisions, raise concerns, and propose amendments.
The announcement will include Budget for the Union Territory of Jammu and Kashmir, as per ANI.
Budget 2024 Live: Good morning and welcome to Livemint's LIVE coverage of the Budget 2024 announcement by Union Finance Minister Nirmala Sitharaman at 11 am today, July 23.
