Back
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: “The budget highlights India's next leap forward – empowering the very nucleus of the nation – Indian citizens. Right from driving the participation of women in the workforce to enhancing the employability of the youth across the nation, the focus on building a future-ready workforce is evident. With the right incentives and fiscal support, the Government has paved a clear path towards a Viksit Bharat – bringing together the power of the private and public sector, and reinforcing this with our distinctive demographic advantage."
Budget 2024 Live: "This year's budget is forward-looking and aimed at making India self-reliant while equipping our youth with the skills necessary for employment. The government has announced various plans to tailor courses in collaboration with industry, fostering strong industry-academia partnerships to enhance skill development. Its plan for freshers and internships will also help the new and potential employees. Tessolve is proud to have contributed to upskilling individuals over the past few years. With the government support, this effort will further boost emerging sectors like semiconductors, addressing the skill gap effectively.
Additionally, investments in research, including funding for the Anusandhan National Research Foundation, will significantly boost advancements in cutting-edge technologies. Through these steady and strategic investments, we are paving the way for India to emerge as a global superpower."
Budget 2024 Live: “The measures announced in the Union Budget underscore the government's commitment to empowering MSMEs, the backbone of our economy. The introduction of the credit guarantee scheme is an encouraging step towards making capital more accessible. Additionally, the provision of collateral-free term loans for purchasing machinery and equipment will tangibly enhance the operational capabilities of MSMEs by enabling technology upgrades.
Further, lowering the turnover thresholds mandatory for onboarding on the TReDS platform will allow more MSMEs to access the benefits of this system. The establishment of e-commerce export hubs is poised to further equip enterprises with the tools and support needed to expand into international markets. By making their products more accessible globally through e-commerce platforms, Indian businesses can tap into new opportunities with offshore customers across markets. DBS Bank India is well-positioned to support MSMEs given the focus on supporting the sector."
Budget 2024 Live: “The three schemes that the budget announced with respect to the job creation cover many angles and it will have a huge impact on both the employment market and also on household income growth and consumption, spending powers etc."
Budget 2024 Live: “The FM’s budget today is a clear mandate for speed and continuity in achieving the goal of Viksit Bharat by 2047. The fiscal deficit target of 4.5% by FY26 while balancing large capex such as INR 11 lakh crore on infra – which has a multiplier effect on economic growth and employment creation – is a step in the right direction. With a clear focus on manufacturing and services, the government has committed to tapping India’s youthful workforce with an allocation of INR 2 lakh crore over the five years which will be leveraged by the growing number of GCCs in India and the new manufacturing units being added under the Make in India drive. This, coupled with special attention to MSMEs and setting up of plug-and-play industrial parks in over 100 cities, sets a clear path for sustainable growth."
Budget 2024 Live: Finance Minister Nirmala Sitharaman dismissed the Opposition's claims of bias in the budget towards states run by supporting parties. She asserted that those whose alliance garnered less than 230 seats have no grounds for criticism, emphasizing that the Centre has allocated funds to all states. Addressing the ₹60,000 crore projects for Bihar and the pledge for multilateral assistance for Bihar and Andhra Pradesh, she highlighted that the budget includes ₹1.5 lakh crore in assistance for all states.
Budget 2024 Live: “The budget aims to revitalize the startup ecosystem and manufacturing sector altogether. The decision to remove angel tax is a major relaxation, which will boost the confidence of the startups. Also, the initiatives to boost manufacturing jobs, employments, skilling the youth and women will create a pool of skilled workers with disposable income & potentially drive growth in the industry. This two-pronged approach could propel India's startup ecosystem and manufacturing base forward," said Mr. Kunal Sethi, CEO of The Detailing Mafia.
Budget 2024 Live: To promote women-led development, Finance Minister Nirmala Sitharaman announced on Tuesday that the budget includes an allocation of over ₹3 lakh crore for programs benefiting women and girls. While presenting the Union Budget for 2024-25 in the Lok Sabha, Sitharaman emphasized that this allocation reflects the government's commitment to enhancing the role of women in economic development.
Budget 2024 Live: The Budget's announcement to cut import duty on gold will enhance domestic manufacturing and promote jewelry exports, Commerce and Industry Minister Piyush Goyal said on Tuesday. He also mentioned that removing the angel tax will further bolster the startup ecosystem in the country. Additionally, he noted that with high gold prices and the upcoming marriage season, this measure will benefit the people.
Budget 2024 Live: "The government’s attempt in positioning India as the global tourist destination is evident in the Union Budget 2024-25. Demonstrating efforts to promote religious tourism and domestic tourism infrastructure. With special focus on Bihar, Nalanda, and Odisha, the government plans to develop the iconic religious sites to support its infrastructure and transform them into world class pilgrim and tourist destinations. We are optimistic that this will enhance the overall experience of the tourists visiting these religious sites and will uplift the state tourism."
Budget 2024 Live: "The Union Budget 2024 brings significant developments for GIFT IFSC. The announcement of a tax-efficient regime for retail funds and ETFs will create new business opportunities for asset management companies in GIFT City. This move is expected to attract investments from NRIs and foreign retail investors into India. We thank the Union government for its continued support in helping GIFT City become a truly vibrant global financial centre."
Budget 2024 Live: "Finance Minister Nirmala Sitharaman has presented the Budget today. The FM has hiked STCG tax to 20% and LTCG raised from 10% to 12.5%. STT on Future and Option hiked to 0.02% and 0.1% as well as income from buyback to be taxes. The budget has also emphasized on Infrastructure. FM has announced new airports, medical facilities and sports infra for Bihar and Rs. 26,000Cr to be allocated to highways in Bihar. Budget also announce scheme to promote water supply, sewage treatment and solid waste management projects and services for 100 large cities. Rs. 2.66 Lakh Crore has been allocated towards Rural development and rural infrastructure whereas allocated of Rs. 10Lakh Crore for 1 crore houses for urban poor.
FM also announced 3 schemes for Employment Linked Incentive to boost employment and skill development, which includes 1 month wage to new entrants in all formal sectors in 3 instalments up to Rs.15,000, incentive to both employee and employer for EPFO contributions in the specified scales for the first 4 years.
FM also emphasized on non-renewable and renewable energy development.
FM announced a 2400MW power plant setup in Bihar at cost of Rs. 21400Cr. She also announced a joint venture between NTPC and BHEL will set up a full scale 800 MW commercial plant."
Budget 2024 Live: “The budget for the financial year 2024-25 presented by Hon’ble Finance Minister Smt. Nirmala Sitharaman has given a huge fillip to job creation in India by ensuring that the private sector also participates in job creation in addition to the government sector while ensuring that India becomes the number 1 start up nation and a nation of entrepreneurs by providing relief on the angel tax as well as increasing Mudra loan scheme limit from ₹10 lakhs to ₹20 lakhs per person. She has also focused on increasing women participation in India’s labour force which will help India reap demographic dividend even further by increasing young women’s participation in the workforce. Skill development as a part of job creation has been also an out of the box idea from her while keeping infrastructure outlay intact and reducing fiscal deficit at 4.9% from the expectation of 5.1%. All these things are being achieved without much tinkering with the direct or indirect tax structure ensuring that India’s long term credit rating improves by giving a glide path to 4.5% fiscal deficit in 2025-26. Overall, 10/10."
Budget 2024 Live: The government has proposed an allocation of ₹1.28 lakh crore for telecom projects and public sector companies under the telecom ministry, with the majority of the funds designated for state-owned BSNL. Over ₹1 lakh crore of the total proposed allocation is intended for BSNL and MTNL-related expenses, including ₹82,916 crore for technology upgrades and restructuring at BSNL.
Budget 2024 Live: “On behalf of the people of Andhra Pradesh, I thank the Hon'ble Prime Minister, @narendramodi Ji and Hon'ble Union Finance Minister, @nsitharaman Ji, for recognising the needs of our State and focusing on a Capital, Polavaram, industrial nodes and development of backward areas in AP in the union budget of FY 24-25. This support from the Centre will go a long way towards rebuilding Andhra Pradesh. I congratulate you on the presentation of this progressive and confidence-boosting budget," N Chandrababu Naidu, said in a post on social media platform X.
Budget 2024 Live: "We wanted to simplify the approach to taxation - also for the capital gains. Second, if anything, the average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes...The point that we brought it down from below the average to 12.5% encourages investment in the markets..."
Budget 2024 Live: "We applaud the government's decision in the Budget 2024-25 to completely waive customs duties on three more cancer medicines. This move is a crucial step in ensuring that medications for cancer become more affordable for patients across the country. The high cost of cancer medications has been a major barrier for many patients, and this exemption will undoubtedly provide much-needed financial relief to those battling the disease.
Moreover, the proposed reduction in the basic custom duty (BCD) on x-ray tubes and flat panel detectors for use in medical x-ray machines are commendable. By aligning these changes with domestic capacity addition, the government is not only supporting the growth of local manufacturing but also ensuring that advanced medical technology is available to improve diagnostic accuracy and treatment outcomes for cancer patients. We applaud the government for these decisive measures and are confident that they will bring us closer to a future where every cancer patient has access to the best possible care."
Budget 2024 Live: Sitharaman addressed the issue of investments from China, noting that the Economic Survey offered its perspective on the matter. She explained that, similar to investments from other neighboring countries, these investments are subject to a review process. Although the survey indicated it might be time to open up, she emphasized that this suggestion is still being considered cautiously and clarified that she is not dismissing it.
Budget 2024 Live: The Finance Minister stated that she cannot decide whether the old tax regime will be eliminated but emphasized that the goal is to simplify the tax system.
Budget 2024 Live: The Finance Ministry commented on the abolition of the Angel Tax, acknowledging that although it was effective in preventing money laundering, it also inadvertently hindered investment in India.
Budget 2024 Live: The Finance Ministry commented on the abolition of the Angel Tax, acknowledging that although it was effective in preventing money laundering, it also inadvertently hindered investment in India.
Budget 2024 Live: Lower capital gains tax to encourage investment, says Nirmala Sitharaman
Budget 2024 Live: Finance Minister Nirmala Sitharaman briefs media after the announcement of Union Budget 2024.
Budget 2024 Live: "As someone deeply involved in the energy sector, I'm genuinely excited about the budget's focus on power and renewables. The plan for a new 2400 MW power plant is a game-changer for our energy landscape. But what really warms my heart is the overwhelming response to the PM Surya Ghar Muft Bijli Yojana - it's not just a scheme, it's a solar revolution in the making! The upcoming pumped storage policy is like music to our ears at Arenq. It's not just about generating power, but storing it smartly too. And let's not forget the roadmap for hard-to-abate industries - it's a bold step towards a greener future. This budget isn't just numbers on paper. It's about lighting up homes, powering industries, and paving the way for a sustainable India. At Arenq, we're thrilled to be part of this electrifying journey!"
Budget 2024 Live: Prime Minister Narendra Modi says "For MSMEs, a new scheme to increase ease of credit has been announced in the budget. Announcements have been made to take export and manufacturing ecosystem to every district in this budget...This budget will bring new opportunities for startups and the space economy..."
Budget 2024 Live: "Today, Defence exports are at a record high. Many provisions have been made in this Budget to make the defence sector self-reliant. Focus also laid on the tourism sector in this Budget...A decision has also been taken on the reduction of tax and TDS rules are also simplified...We are speeding development in the eastern region by the way of construction of highways and water and power projects..."
Budget 2024 Live: Prime Minister Narendra Modi says "We will together make India a global manufacturing hub. The MSME sector of the country is connected to the middle class. The ownership of the MSME sector is with the middle class. This sector provides maximum employment to the poor..."
Budget 2024 Live: "In the last 10 years, 25 crore people have come out of poverty. This budget is for the empowerment of the new middle class. The youth will get unlimited opportunities from this budget. Education and skill will get a new scale from this budget. This budget will give power to the new middle class...This budget will help women, small businessmen, MSMEs..."
Budget 2024 Live: Prime Minister Narendra Modi says this budget empowers every section of society, PTI reported. This budget puts emphasis on manufacturing as well as infrastructure; will speed up growth: PM Modi. Cites budget's stress on youth, says its measures will open many new opportunities for youngsters.
Budget 2024 Live: The Union Budget 2024 focuses on infrastructure and manufacturing sectors, will speed up the growth, said PM Modi.
Budget 2024 Live: "In the last 10 years, 25 crore people have come out of poverty. This budget is for the empowerment of the new middle class. The youth will get unlimited opportunities from this budget. Education and skill will get a new scale from this budget. This budget will give power to the new middle class...This budget will help women, small businessmen, MSMEs..." PM Modi said.
Budget 2024 Live: PM Narendra Modi starts addressing the nation post Union Budget announcement by FM Nirmala Sitharaman.
Budget 2024 Live: "As a consulting firm, we recognize the transformative potential of this scheme. Our experience shows that access to finance is a critical barrier for many MSMEs looking to scale their operations and modernize their production processes. This initiative not only alleviates financial constraints but also encourages technological advancements and productivity improvements within the sector.
We advise MSMEs to leverage this opportunity to invest in state-of-the-art machinery and equipment, which can lead to enhanced operational efficiency and better market positioning.
Overall, this credit guarantee scheme is a promising development for the MSME sector, and we look forward to witnessing its positive impact on the growth and sustainability of businesses across the country."
Budget 2024 Live: "The budget focuses on important areas such as Crop resistant seed variety distribution, scaling digital public infrastructure and natural farming which will improve farm level productivity. Mission for self sufficiency in pulses, encouraging shrimp production and focus on vegetable production clusters will help in aligning production to emerging changes in consumption of fresh produce and proteins."
Budget 2024 Live: Here are ICRA views on the Union Budget 2024-25 -
Budget 2024 Live: ‘Cities are Engine of growth, contributing to more than 60% of GDP. It's encouraging to see that urban development has been recognized as one of the key pillars of Viksit Bharat. The government's initiative to establish working women hostels in partnership with industry across the country is commendable. This could potentially provide a significant boost to the Institutional Rental Players in co-living and co-housing space. Government should also consider establishing a Strong Rental Regulatory Framework in the country."
Budget 2024 Live:"Start up if incentivised well will be able to improve the distribution/funding and profitability for agricultural produce. This being one of the key focus areas in this budget.
Special incentives for manufacturing sector which is anyways labour intensive will make the sector more attractive for foreign direct investment and will fosters growth of this sector. However this being limited to first time employees will create a challenge regarding the ability of such employees to be involved in skilled jobs as there would be limited practical experience.
This could therefore limit the impact of these incentives."
Budget 2024 Live: The defense budget has been set at ₹4.56 lakh crore, slightly up from the previous allocation of ₹4.55 lakh crore.
Budget 2024 Live: "The government's commitment to employment and employability is clear with a ₹1.48 lakh crore provision. This initiative, based on EPFO enrollment, focuses on recognizing first-time employees and includes direct benefit transfers of the first month's salary in three installments for salaries up to ₹1 lakh. Special emphasis is placed on the industrial and manufacturing sectors. Additionally, employers will receive incentives for job creation, with the government reimbursing up to ₹3,000 per month for two years towards EPFO contributions for each new employee."
Budget 2024 Live: “I am glad to see Budget 2024's focus on youth employment and skilling. The ₹2 lakh crore allocation for employment schemes is the beginning to a brighter future. The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed. The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognising the need to focus on key areas that can make our journey towards a skill based economy smoother."
Budget 2024 Live: Standard deduction is increased to ₹75,000 from ₹50,000 in new tax regime.
Budget 2024 Live:Revised tax rate under New Tax Regime as follows:
Budget 2024 Live: Finance Minister announced a cut in custom duty on gold and silver from 10% to 6%. On precious metals, FM Sitharaman says, "I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum."
Budget 2024 Live: Finance Minister Nirmala Sitharaman has announced the cancellation of Angel tax across all categories of taxpayers
Budget 2024 Live: The fiscal deficit estimate for FY25 is 4.9% of the gross domestic product (GDP), as compared to 4.5% in FY24.
Budget 2024 Live: On mobile phone industry, FM Sitharaman says, "I propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%."
Budget 2024 Live: Fin Min also added that there will be continued focus on the expansion of space economy by five times over the span of 10 years. She further went on saying that a venture capital fund of ₹1,000 crore will be established to support the goal.
Budget 2024 Live: The Finance Minister acknowledged that Bihar has often been affected by floods and noted the lack of progress on plans to build flood control structures in Nepal. The government will allocate financial support estimated at ₹11,500 crore. Assam, which faces annual floods, will receive aid for flood management and related projects. Himachal Pradesh, having experienced extensive flood damage, will get support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which has suffered significant damage from landslides and cloudbursts, will be provided with necessary aid.
