Budget 2024 Live Update: Key Highlights & Major Announcements By FM

The Stage is Set for the Union Budget 2024

As the clock ticks down to the most anticipated economic event of the year, India holds its breath in anticipation of the Union Budget 2024. Today, Finance Minister Nirmala Sitharaman will unveil the government's financial roadmap for the coming year, outlining a vision for the nation's economic growth, development, and prosperity.

Good news, India! The Economic Survey paints a bright picture of our nation's economic health. Here's a quick breakdown of the key points:

TICE TV: Union Budget 2024 from Parliament

Budget 2024 Live Update: What Does the Economic Survey 2023-24 Say & What to Expect?

• Growth Galore: Buckle up for a thrilling ride! Our GDP is projected to surge between 6.5% and 7% in 2024-25, following an impressive 8.2% growth in the previous year.
• Taming Inflation: The fight against inflation is showing results! Retail inflation has dipped to 5.4% in FY24 and is expected to cool down further to 4.5% next year.
• Industry on Fire: Manufacturing and construction are blazing a trail with a stellar 9.9% growth, propelling our industrial sector forward.
• Banking on Strength: Our banking system is a rockstar! Double-digit growth in bank credit indicates a healthy flow of funds in the economy.
• Farming Power: Agriculture isn't lagging behind! It witnessed double-digit credit growth and a solid average growth rate of 4.18% over the past 5 years.
• Remittance Rockstar: Did you know? India is the global champion of receiving remittances, raking in a whopping $120 billion!
• Focus on the Future: The government's got its eye on the prize – boosting private investment, empowering MSMEs, accelerating agricultural growth, financing the green transition, and bridging the education-employment gap.
• Climate Champs: India's commitment to a greener future is commendable! We're generating 45.4% of our electricity from non-fossil sources, successfully decoupling economic growth from emissions.
• Social Sector Success: The Gini coefficient, a measure of income inequality, is declining, indicating progress towards a more equitable society. Additionally, healthcare initiatives like Ayushman Bharat are expanding coverage, including mental health.
• Innovation Hub: Get ready for a wave of innovation! A significant rise in R&D activity with 100,000 patents granted in FY24 signifies a promising future.
• Employment on the Rise: Job seekers, rejoice! Net payroll additions to the EPFO have more than doubled, and the gig workforce is poised for significant expansion.
• Pharma & Services Powerhouse: India's $50 billion pharma market and robust growth in services and e-commerce exports solidify our position as a global leader.
• Building Big: Infrastructure development is in high gear! Faster construction of national highways, increased railway capital expenditure, and new airport terminals are on the horizon.
• Living in Harmony: Mission LIFE is a game-changer! It promotes a lifestyle of living in harmony with nature and mindful consumption.

Jul 23, 2024 12:48 IST
Defence outlay set at Rs 4.56 lakh crore
The defense outlay has been set at Rs 4.56 lakh crore, compared to Rs 4.55 lakh crore previously.



Jul 23, 2024 12:34 IST
Market Slump: Stocks Dive as Government Increases STT on F&Os
Stocks Dive as Government Increases STT on F&Os.  STT on Futures & Options has been hiked to 0.02% and 0.1%.



Jul 23, 2024 12:31 IST
Taxation on Share Buybacks: FM Nirmala Sitharaman Announces New Rules
Finance Minister Nirmala Sitharaman has confirmed that income derived from the buyback of shares will now be taxed in the hands of the recipients. This new policy aims to align the taxation treatment of buybacks with that of dividends, ensuring a more equitable tax structure.



Jul 23, 2024 12:30 IST
FM Announces Boost in New Tax Regime: Standard Deduction to Rise to Rs 75,000
Finance Minister Nirmala Sitharaman has proposed increasing the standard deduction in the new tax regime from ₹50,000 to Rs 75,000, enhancing tax relief for taxpayers.



Jul 23, 2024 12:28 IST
New Tax Regime: Revised Rates to Boost Savings
Under the updated tax regime, the new tax rates are as follows:
• 0-3 Lakh: 0%
• 3-7 Lakh: 5%
• 7-10 Lakh: 10%
• 10-12 Lakh: 15%
• 12-15 Lakh: 20%
• Above 15 Lakh: 30
Salaried employees will see savings of up to Rs 17,500 in their income tax under this new structure.



Jul 23, 2024 12:27 IST
FM Nirmala Sitharaman: No Angel Tax on Any Asset Class
Finance Minister Nirmala Sitharaman announces the elimination of Angel Tax across all asset classes.



Jul 23, 2024 12:26 IST
Proposed Increase in STT for Futures and Options
• Futures Contracts: STT to be raised to 0.02%.
• Options Contracts: STT to be increased to 0.01%.



Jul 23, 2024 12:25 IST
Govt announces that angel tax to abolished
Govt announces that angel tax to abolished



Jul 23, 2024 12:24 IST
FM Unveils New Taxation Measures
• Simplifying Taxation: Over 2/3 of taxpayers have opted for the new income tax regime in FY24.
• In-Depth Tax Review: A comprehensive review of income tax will be finalized within six months.
• Reduced TDS for E-Commerce: TDS rate on e-commerce operators slashed to 0.1% from 1%.



Jul 23, 2024 12:23 IST
Capital Gains Tax Revised
• Long-term Capital Gains (LTCG) Rate Increased: From 10% to 12.5%
• Short-term Gains Taxed at 20%: Applies to specific financial assets
• LTCG at 12.5%: For listed financial assets held over a year



Jul 23, 2024 12:22 IST
Sensex Slips 700 Points
Sensex Slips 700 Points



Jul 23, 2024 12:21 IST
Key Highlights from the FM’s Announcements
• Fiscal Deficit Reduction: FY25’s fiscal deficit has been adjusted to 4.9% from 5.1% in the interim Budget, with a target of reducing it further to below 4.5% by FY26.

• Stable Market Borrowing: Market borrowing for FY25 remains steady at Rs 14.13 lakh crore.

• Revenue and Expenditure Projections: Receipts for FY25 are projected at Rs 32.07 lakh crore, while expenditure is estimated at Rs 48.21 lakh crore.

• GST Simplification: The government will continue its efforts to streamline and simplify the GST structure.



Jul 23, 2024 12:20 IST
Centre Adjusts Borrowing Targets for FY25
Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman announced a revised gross borrowing target of Rs 14.01 lakh crore for FY25, down from the interim Budget estimate. This adjustment aims to manage the fiscal deficit, which is set at 4.9% of GDP. The new borrowing figure is Rs 1.4 lakh crore lower than the previous estimate of Rs 15.43 lakh crore for FY24.



Jul 23, 2024 12:19 IST
Revision in Customs Duty: Key Updates
Union Budget 2024 Key Highlights:
1. Platinum: Customs duty reduced to 6.4%.
2. Gold & Silver: Duty cut to 6%.
3. Solar Energy: Customs duty exemptions for solar energy-related parts.
4. Shrimp Feed: Basic Customs Duty (BCD) reduced to 5%.
5. Critical Minerals: Lithium, Copper, and Cobalt exempted from customs duty.
6. 25 Critical Minerals: Full exemption from customs duty.
7. Mobile Phones & Chargers: Duty cut to 15%.
8. Mobile Phone Components: Reduced customs duty on PCBA and chargers.



Jul 23, 2024 12:18 IST
TDS Rate on E-Commerce Operators Slashed to 0.1%
The Finance Minister announced a reduction in the Tax Deducted at Source (TDS) rate for e-commerce operators from 1% to 0.1%. Additionally, the gross borrowing target for 2024-25 has been marginally lowered to Rs 14.01 lakh crore, down from the Rs 15.43 lakh crore estimated for FY24, to finance a fiscal deficit of 4.9% of GDP.



Jul 23, 2024 12:18 IST
Comprehensive Review of Income Tax Act 1961 to be Completed in Six Months
A thorough review of the Income Tax Act of 1961 is set to be completed within the next six months.



Jul 23, 2024 12:16 IST
Customs Duty Update: Exemption and Reduction on Critical Minerals
Finance Minister Nirmala Sitharaman has exempted customs duties on 25 critical minerals and reduced the Basic Customs Duty (BCD) for two of them.



Jul 23, 2024 12:15 IST
Fiscal Consolidation Update: FY25 Projections
For FY25, the projected receipts are estimated at Rs 32.07 lakh crore, while expenditures are anticipated to reach Rs 48.21 lakh crore.



Jul 23, 2024 12:14 IST
Customs Duty on Gold, Silver, and Platinum Reduced
Finance Minister Nirmala Sitharaman announced a cut in customs duties to boost domestic value addition: gold and silver will see their duties reduced to 6%, while platinum duties will be lowered to 6.4%.



Jul 23, 2024 12:14 IST
Government Slashes Duty on Mobiles and Accessories to 15%
Finance Minister Nirmala Sitharaman announced a reduction in the Basic Customs Duty (BCD) on mobile phones, mobile PCBA (Printed Circuit Board Assembly), and mobile chargers to 15%, reflecting the maturity of the Indian mobile industry.



Jul 23, 2024 12:12 IST
Power Stocks Surge as Budget Unveils Renewable Energy Measures
Following the Budget's announcement of new measures for renewable energy, stocks in the sector experienced notable movements. Stocks including PFC, REC, IREDA, and NTPC saw an increase of approximately 2 percent


 
 



Jul 23, 2024 12:11 IST
Good News for Phone Buyers: Customs Duty Cut
Finance Minister Nirmala Sitharaman announced a reduction in the Basic Customs Duty (BCD) on mobile phones and chargers to 15%.



Jul 23, 2024 12:10 IST
FM Maintains Market Borrowing at Rs 14.13 Lakh Crore
Finance Minister Nirmala Sitharaman confirmed that market borrowing will remain unchanged at Rs 14.13 lakh crore for the fiscal year.



Jul 23, 2024 12:10 IST
FM Targets Fiscal Deficit Below 4.5% by FY26
Finance Minister Nirmala Sitharaman outlined the goal to reduce the fiscal deficit to below 4.5% of GDP by FY26, following a reduction to 4.9% for FY25.



Jul 23, 2024 12:08 IST
FM announces NPS for minors
FM announces NPS for minors



Jul 23, 2024 12:07 IST
Fiscal Deficit Reduced to 4.9% of GDP; Market Borrowing Kept Steady at Rs 14.13 Lakh Crore
Finance Minister Nirmala Sitharaman announced a reduction in the fiscal deficit to 4.9% of GDP for FY25, down from 5.1% in the interim budget. The goal is to achieve a fiscal deficit of below 4.5% by FY26. Market borrowing will remain unchanged at Rs 14.13 lakh crore.



Jul 23, 2024 12:07 IST
Urban Land Records to Go Digital: FM Nirmala Sitharaman Announces New Initiative
Finance Minister Nirmala Sitharaman revealed plans to digitize land records for urban areas, aiming to enhance transparency and efficiency in property management.



Jul 23, 2024 12:06 IST
FDI Rules Set for Streamlining: Finance Minister Focuses on Simplification
Finance Minister Nirmala Sitharaman announced that Foreign Direct Investment (FDI) rules will be further simplified to encourage inflows. This initiative aims to streamline the investment process and promote the use of the Rupee in international transactions.



Jul 23, 2024 12:05 IST
Urban Development Takes Center Stage in the Budget: key Highlights
Union Budget 2024 Key highlights:
• Urban Housing: Launch of Urban 2.0 initiative with a massive allocation of Rs 10 lakh crore to build one crore houses for the urban poor.

• Policy Reforms: Implementation of transparent regulations to streamline the rental housing market.

• City Services: Comprehensive urban development plans for 100 large cities, enhancing city infrastructure and services.

• Street Markets: Expansion of the Svanidhi scheme to further support street vendors and the development of urban haats.

• Stamp Duty: Encouragement for states to moderate high stamp duty rates, with special reductions for properties purchased by women.



Jul 23, 2024 12:04 IST
Sitharaman Champions Spiritual Tourism: New Corridors and Economic Growth Initiatives
Finance Minister Nirmala Sitharaman announced a major push for spiritual tourism, drawing inspiration from the Kashi Vishwanath Temple model. Plans include developing corridors at Vishnupad Temple and Mahabodhi Temple, and transforming Nalanda into a major tourist destination. An economic policy framework will also be introduced to drive next-generation reforms and stimulate growth. Additionally, support will be extended to Odisha for tourism development.



Jul 23, 2024 12:01 IST
FM Announces Rs 1 Lakh Crore Financial Pool to Boost Private-Driven Research
Finance Minister Nirmala Sitharaman revealed that a mechanism will be set up to accelerate private-driven research at a commercial scale, supported by a financial pool of Rs 1 lakh crore, as previously announced in February.



Jul 23, 2024 11:59 IST
Focus on Small and Modular Nuclear Reactors: Government to Partner with Private Sector
Finance Minister Nirmala Sitharaman announced a focus on developing small and modular nuclear reactors. The government plans to collaborate with the private sector for setting up Bharat small reactors and advancing research and development in nuclear energy technologies.



Jul 23, 2024 11:58 IST
Rs 1,000 Crore Boost for Space Economy: A 5x Expansion in 10 Years
A significant Rs 1,000 crore boost has been announced for the space sector, aiming to expand the space economy fivefold over the next decade.



Jul 23, 2024 11:57 IST
Flood Concerns Dominate Parliament: Government Announces Support
Finance Minister Nirmala Sitharaman addressed the ongoing flood issues affecting several states. Plans for flood control structures in Nepal are still pending, but the government will provide Rs 11,500 crore in financial support.
Assam will receive aid for flood management, Himachal Pradesh will get assistance for flood-related reconstruction, and Uttarakhand will be supported in recovering from landslides and cloudbursts.



Jul 23, 2024 11:56 IST
Financial Assistance for Flood-Affected States: Sikkim, Assam, Uttarakhand, Himachal Pradesh
Finance Minister Nirmala Sitharaman announced that financial aid will be provided to Assam and Himachal Pradesh for flood management, with additional support for Sikkim, Uttarakhand, and Himachal Pradesh to address the impacts of recent floods.



Jul 23, 2024 11:54 IST
Government Encourages States to Lower High Stamp Duty Rates
Finance Minister Nirmala Sitharaman announced that states with high stamp duty rates will be encouraged to reduce them. Additionally, further duty reductions for properties purchased by women will be considered and integrated into urban development schemes.



Jul 23, 2024 11:53 IST
FM Maintains Capex Target at Rs 11.11 Lakh Crore
Finance Minister Nirmala Sitharaman has reaffirmed the capital expenditure target at Rs 11.11 lakh crore, aiming to sustain investment levels for economic growth and infrastructure development.



Jul 23, 2024 11:53 IST
Emphasis on Water Supply and Solid Waste Management
Finance Minister Nirmala Sitharaman highlighted a strong focus on improving water supply and solid waste management systems as part of the government's strategic initiatives.



Jul 23, 2024 11:52 IST
PM Surya Ghar Muft Bijli Yojana Launched: Rooftop Solar Plans for 1 Crore Households
The Prime Minister has introduced the Surya Ghar Muft Bijli Yojana, aiming to install rooftop solar panels for 1 crore households, enhancing energy access and sustainability.



Jul 23, 2024 11:51 IST
Rs 10 Lakh Crore Urban Housing Boost: Central Assistance of Rs 2.2 Lakh Crore Announced
Finance Minister Nirmala Sitharaman has announced a massive Rs 10 lakh crore investment to address the housing needs of 1 crore urban poor and middle-class families. This includes central assistance of Rs 2.2 lakh crore to support the initiative.



Jul 23, 2024 11:49 IST
Government to Launch Integrated Tech Platform to Enhance IBC Outcomes
Finance Minister Nirmala Sitharaman announced a new integrated technology platform aimed at improving the outcomes of the Insolvency and Bankruptcy Code (IBC). Key updates include:
• Voluntary Closure Extension: The C-PACE scheme will now be extended to Limited Liability Partnerships (LLPs).
• Noteworthy Recoveries: The IBC has successfully dissolved over 1,000 companies, recovering Rs 3.3 lakh crore directly.
• Future Enhancements: Plans to implement appropriate changes to the IBC and establish additional tribunals are underway.



Jul 23, 2024 11:49 IST
Government Announces Rs 2.2 Lakh Crore Initiative to Make Housing More Affordable
The government has unveiled a substantial Rs 2.2 lakh crore push aimed at making housing more affordable. This initiative is designed to support and expand housing opportunities across the country.



Jul 23, 2024 11:48 IST
Announcements on what Andhra and Bihar Are Getting
Union Budget 2024 Live Updates:
• Bihar:

  • Power Projects: Establishment of a new 2400 MW power plant at Pirpainti, with a total cost of Rs 21,400 crore.
  • Infrastructure: Development of new airports, medical colleges, and sports facilities.
  • External Assistance: Requests for aid from multilateral development banks will be expedited.

• Andhra Pradesh:

  • Special Financial Support: Rs 15,000 crore allocated this fiscal year, with additional funds to follow in future years.
  • Polavaram Project: Full commitment to the early completion and financing of the Polavaram irrigation project, crucial for the state and its farmers.



Jul 23, 2024 11:46 IST
FM Announces Major Internship Scheme for One Crore Youth
Finance Minister Nirmala Sitharaman unveiled a comprehensive scheme to provide internship opportunities at top companies for one crore youth over the next five years.



Jul 23, 2024 11:44 IST
FM Announces e-Commerce Export Hubs to Boost Trade via PPP Mode
Finance Minister Nirmala Sitharaman revealed plans to establish e-commerce export hubs through Public-Private Partnerships (PPP), aiming to facilitate and enhance international trade.



Jul 23, 2024 11:44 IST
SIDBI to Expand Branch Network to Support All MSME Clusters Within 3 Years
Finance Minister Nirmala Sitharaman announced that SIDBI will significantly expand its branch network to cover all MSME clusters across the country within the next three years.



Jul 23, 2024 11:43 IST
Key Highlights from the Union Budget 2024: A Comprehensive Roundup
Union Budget 2024 Key Highlights:
1. Rs 26,000 Crore for Bihar's Highways: Significant investment in road infrastructure to boost connectivity.
2. Rs 15,000 Crore for Andhra Pradesh: Special financial support to drive growth and development.
3. Rs 1.52 Lakh Crore for Agriculture and Allied Sectors: Major funding to enhance productivity and support farmers.
4. Rs 1.48 Lakh Crore for Education, Employment, and Skilling: A robust provision to bolster these critical areas.
5. PM Package of 5 Schemes Worth Rs 2 Lakh Crore: A comprehensive five-year plan to foster economic and social development.



Jul 23, 2024 11:42 IST
FM Sitharaman Launches Critical Mineral Mission
Finance Minister Nirmala Sitharaman announced the establishment of a Critical Mineral Mission focused on the recycling of essential minerals and their acquisition from international sources.



Jul 23, 2024 11:41 IST
FM Proposes Development of Digital Public infra Applications Across Key Sectors
Finance Minister Nirmala Sitharaman outlined plans for developing Digital Public Infrastructure (DPI) applications at a population scale, targeting sectors such as credit, e-commerce, law and justice, and corporate governance.



Jul 23, 2024 11:41 IST
Sitharaman Announces 12 New Industrial Parks
Finance Minister Nirmala Sitharaman revealed that 12 new industrial parks will be sanctioned to boost industrial growth and infrastructure.