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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.
