Jobs, Internships, Tax Slabs Revision, Infra Boost In Modi 3.0 Budget

The Congress on Tuesday took a swipe at TDP chief N Chandrababu Naidu, saying he quit the NDA in 2018 due to the Centre's failure to grant special category status to Andhra Pradesh and six years later when the government is reliant on his MPs, all he has managed to get is a "special financial support" for Amaravati.

The government on Tuesday announced a series of measures for Andhra Pradesh, including arranging Rs 15,000 crore this fiscal and in future years for the development of the capital city of the state.

Presenting Union Budget 2024-25, Finance Minister Nirmala Sitharaman said the government will also facilitate special financial support for the development of the capital city.

Reacting to the development, Congress general secretary in-charge communications Jairam Ramesh said, "In 2018, Chandrababu Naidu garu quit the NDA because of the non-biological PM's failure to grant Andhra Pradesh Special Category Status.

"Six years after the drama, at a time when the Government is reliant on his MPs for support, all he has managed to get is 'special financial support' for Amravati." In another post, Ramesh said, "Why has it taken 10 years to announce that what was already committed to in the Andhra Pradesh Reorganisation Act, 2014 will be implemented?" Ramesh later also said that every year since 1947, the Union Government has allocated funds in the budget.

"This Budget of the non-biological PM for the very time says that 'Rs. 15,000 crore will be arranged' for developing Amravati. Arranged, not allocated. And what is Rs 15,000 crores? Just three gala weddings," he said.

 Assam Chief Minister Himanta Biswa Sarma on Tuesday said contradiction and confusion were "trademarks" of the Congress as it called the Union Budget a copy of its election manifesto but also criticised it.

He said the Budget would usher in a new wave of development in Assam and the Northeast.

"Congress calls our budget - a copy of their manifesto, yet they criticize it. Contradiction and confusion are Congress's trademarks," he said in a post on X.

"With enhanced budgetary outlays and key sectoral schemes along with dedicated assistance for combating floods, the budget will be a game-changer for the state," he added.

Sarma thanked the Centre for allocating Rs 1,000 crore for the welfare of the tea garden community under the Pradhan Mantri Cha Shramik Protsahan Yojana.

 Hailing the Union Budget as a "big boon" for West Bengal, Governor CV Ananda Bose on Tuesday said the state government should utilise the funds allocated by the Centre effectively without diverting it for "unauthorised purposes".

Bose claimed the Budget was a "lifeboat" sent by the Centre, realising that the "financial ship of Bengal is sinking".

"The Union budget has come as a big boon to Bengal which is facing a financial breakdown or meltdown. This is a pro-people and pro-poor budget that Nirmala Sitharaman presented in Parliament... (Where) Bengal is concerned, it is a woman-friendly, youth and startup-friendly budget," the governor said in a video clip released by his office.

"Bengal should utilise the funds given by the Government of India through this budget effectively without diverting it for unauthorised purposes. This is a point (that) should be considered by the West Bengal government. The Bengal government must ensure that money reaches the targeted poor. Financial irregularities pointed out by the CAG should be stopped forthwith by the Bengal government," he said.

Several industry leaders on Tuesday welcomed the defence outlay of Rs 6.22 lakh crore in the Union Budget 2024-25, some calling it a "landmark allocation" while others saying that initiatives outlined in it will collectively signal a "robust blueprint" for India's progressive, integrated and inclusive development.

Baba Kalyani, Chairman and MD, Bharat Forge Ltd, termed it an "excellent budget" that lays strong emphasis on strengthening the fundamental pillars which would propel the Indian economy towards a 'Viksit Bharat'.

"While the budget allocation for defence industry is on expected lines, creation of the Critical Minerals Mission and articulation of India's strategy on Small Modular Nuclear Reactors will go a long way in bolstering the 'Aatmanirbhar Bharat' agenda.

Purvodaya: Industrial node in Gaya and worth ₹21,400 crore power projects for development of Eastern India

 Special support of ₹15,000 crore for Andhra Pradesh, new industrial nodes in Kopparthy and Orvakal

I want to clear this doubt that schemes like MGNREGA, PM SVAnidhi, PM Awas, and Mudra Yojana will continue like this: Union Minister Nirmala Sitharaman 
 

Union Home Minister Amit Shah hails the Budget 2024-25 as pro-people and pro-development. “This budget is a reflection of the Modi government's resolve to fulfill the hopes, aspirations and confidence of the countrymen,” says the Minister. 
 

"If we can manage the perishable crops and its production, storage and redistribution better, we will be able to control prices": Finance Minister Nirmala Sitharaman 

“We have been making emphasis on women-led activities. Women participation as work force has improved,” said FM Sitharaman. 

FM Sitharaman talks about govt’s focus on agriculture in her post-budget interview 

INDI Block leaders to stage Parliament protest against budget on Wednesday at 10 AM. 

Under the revised New Tax Regime, an individual earning up to Rs 10 lakh can save Rs 10,000 in taxes, paying Rs 47,500 compared to Rs 57,500 under the previous structure. These new tax slabs will come into effect from April 1, 2024, following Parliament's approval and Presidential assent.

The new regime tax rates will be effective from April 1, 2024

• 0% for income up to Rs 3 lakh
• 5% for income between Rs 3 lakh and Rs 7 lakh
• 10% for income between Rs 7 lakh and Rs 10 lakh
• 15% for income between Rs 10 lakh and Rs 12 lakh
• 20% for income between Rs 12 lakh and Rs 15 lakh
• 30% for income above Rs 15 lakh

Union Budget 2024-25 proposes: 

Vishnupad Temple Corridor & Mahabodhi Temple corridor to be transformed into world class pilgrim & #tourist destinations 

Rajgir to be comprehensively developed

 Nalanda to be developed as a tourist centre; Nalanda University to be revived to its glorious stature 

Check old regime tax rates

• 0% for income up to Rs 5 lakh
• 15% for income between Rs 5 lakh and Rs 7.5 lakh
• 20% for income between Rs 7.5 lakh and Rs 10 lakh
• 30% for income above Rs 10 lakh

To benefit the middle class, the standard deduction under the New Tax Regime has been raised from Rs 50,000 to Rs 75,000. Minor adjustments to tax slabs were also introduced, potentially offering an annual tax benefit of up to Rs 17,500 for individual taxpayers.

Following the budget 2024-25 presentation, FM Sitharaman clarified that no decision has been made regarding the scrapping of the Old Tax Regime. "Can't take a call on whether the old tax regime will be done away with; can only say the intention is to make the tax regime simpler," she said.

➤Budget 2024-25 Introduces Enhanced Deductions and Revised Tax Slabs 

➤The standard deduction for salaried employees was increased from ₹50,000 to ₹75,000 for those opting for the new tax regime. 

➤Similarly, the deduction on family pension for pensioners was enhanced from ₹15,000 to ₹25,000. 

“Middle class families will have lesser tax burden. Your dream of owning a house will come true with this budget,” posted Union Minister of Railways Ashwini Vaishnaw. 

Union Minister Ashwini Vaishnaw says, "MSME sector plays a vital role in the economy of the country...Several announcements have been made for this sector in this budget will show positive impact for a long term..."

Union Public Service Commission has been allocated over Rs 200 crore for expenditure on "examination and selection" of the civil servants by the in the 2024-25 Budget announced on Tuesday. The Commission, which is in the spotlight these days regarding the selection of Puja Khedkar, conducts the civil services examination annually in three stages -- preliminary, main and interview -- to select officers of Indian Administrative Service (IAS), Indian Foreign Service (IFS) and Indian Police Service (IPS), among others. READ FULL STORY HERE 

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri while speaking to Republic Media Network’s Editor-in-Chief Arnab Goswami on Budget 2024 said, "We are one party which always learns from our mistakes. As far as Maharashtra is concerned, look at what all we have done for Maharashtra and other states...all in all, it is a positive budget.”

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri while speaking to Republic Media Network’s Editor-in-Chief Arnab Goswami on Budget 2024, denied alliance appeasement by NDA. "Not correct to say that Andhra Pradesh, Bihar have taken away a lion's share of the Budget, all central schemes are equally available for all the states,” he said. 

"I would advise the opposition and those who are trying to politicise the Budget to read it carefully, they will realise the budget has stuff for every state...": Union Minister for Petroleum and Natural Gas Hardeep Singh Puri speaks to Arnab on Budget 2024, denies alliance appeasement by NDA 

The Bangalore Chamber of Industry and Commerce (BCIC) on Tuesday lauded the Union Budget 2024-25 as a comprehensive and forward-looking roadmap for India’s economic growth.

In a statement, the BCIC expressed its satisfaction with the government’s proactive stance on several key areas, including MSME development, job creation, ease of doing business, and tax reforms.

“Budget 2024 presents a comprehensive vision for India’s development, with a strong emphasis on employment, skilling, MSMEs, agriculture, and the middle class. The government’s commitment to nine key priority areas, coupled with the assurance of continuity, provides a robust framework for sustained growth," BCIC President S Devarajan said.

The substantial allocation of Rs 11.11 lakh crore for capital expenditure is a significant boost to the economy, with potential to drive growth in sectors such as cement and steel while generating ample employment opportunities. Initiatives aimed at incentivising fresh employment, promoting internships, and fostering affordable housing demonstrate a clear focus on social welfare, he said.

Additionally, the government’s efforts to create digital infrastructure in agriculture and support the tourism industry are commendable, Devarajan said.

"Bengaluru, as a startup hub, benefits significantly from the abolition of Angel Tax and Equalization Levy. The rationalisation of capital gains tax is another positive step. It is encouraging to see that many of BCIC’s recommendations on MSMEs, startups, ease of doing business, tax reforms, and sustainability have been incorporated into the budget," he added.

On Budget-2024, Rajasthan minister Avinash Gehlot said, "This budget focuses on the welfare of every section. In this budget, the prices of things that are used in everyday life have been reduced. Rs 3 lakh crores have been allocated for schemes benefitting women and girls. I extend gratitude on behalf of Rajasthan to PM Narendra Modi for giving this historic budget. We will achieve the goal of 'Viksit Bharat' through this budget."
 

Sunil Munjal, Chairman, Hero Group, hailed Finance Minister Nirmala Sitharaman for delivering a pro-industry Budget, saying that maintaining a fiscal deficit at 4.9 percent and projecting the next fiscal deficit at 4.5 percent was a commendable job.

Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), lauded the Budget 2024, presented by Finance Minister Nirmala Sitharaman calling it a growth-oriented budget, which will set the stage for India’s future. Panda lauded the growth-oriented initiative that balances continuity with fiscal discipline.

In the Budget-2024, Finance Minister Nirmala Sitharaman has exempted customs duties on 25 critical minerals.
 

Century Ply's Executive Director Keshav Bhajanka on his takeaways from Budget-2024, said, “Manufacturing sector has boomed in the last two years.”

Kamal Bali, MD, Volvo Group while sharing his takeaways from budget 2024 said, "It is a very thoughtful, growth-oriented, and inclusive budget, it has touched and addressed every aspect of the economy.”.

Rupee settles at record closing low after equity tax hikes 

Nifty, Sensex end flat after budget presentation. Sensex ended 73 points lower at 80,429.04. Nifty shed 30 points to close at 24,479.05.

In a comprehensive analysis of Budget 2024, Sanjiv Goenka, the Chairman of the RPSG Group, while speaking to Republic Media Network’s Editor-in-Chief Arnab Goswami expressed a notable sense of optimism regarding the policies and initiatives outlined by Prime Minister Narendra Modi's government under its third term.

Largest equity bourse NSE's Chief Executive Officer and Managing Director Ashish Chauhan on Tuesday termed the Budget's moves on securities transaction tax and short-term capital gains tax as "minor changes" which will not impact markets much.

On the correction in markets right after these announcements by Union Finance Minister Nirmala Sitharaman in her budget speech, Chauhan said the sell-off is a result of investors not understanding the implications of the moves.

Speaking to PTI, Chauhan said the market expected larger moves in the Securities Transaction Tax (STT) and Short Term Capital Gains Tax (STCG) front. He described these moves as "baby steps" towards transitioning to a regime where all the incomes of a person are taxed but also welcomed it for ensuring that capital formation continues in the economy.

“We are trying to bring in ease of doing business in India. We are willing to do further in this direction,” said FM Sitharaman while addressing the media after presenting Union Budget 2024-25. 

Finance Minister Nirmala Sitharaman and Revenue Secy Sanjay Malhotra address money laundering concerns surrounding Angel Tax. READ FULL STORY HERE

Hailing Finance Minister Nirmala Sitharaman for delivering a pro-industry Budget, Sunil Munjal, Chairman, Hero Group said that maintaining fiscal deficit at 4.9 per cent and projecting the next fiscals fiscal deficit at 4.5 per cent was a commendable job. "Not only has she announced that, she has said that the borrowing thereon will continue to drop as a percentage of GDP every year," Munjal said. 

"Revenue mobilisation not just tax based, there are more more in the pipeline": Finance Minister Nirmala Sitharaman on Union Budget 2024-25 
 

"Regarding the significant allocation to rural development, FM Sitharaman said that there is a major push towards enhancing corridors and building more roads and infrastructure."

Regarding the reduction in corporate tax, FM Sitharaman said, “Our aim is to attract more investment to the country. That's why we have decided to lower it.”

Finance Minister Nirmala Sithraman said, “There's a need for a simpler tax regime. Our goal is to streamline the process.”

Speaking on angel tax abolishment, FM Sithraman said, "I’m glad to hear the decision is welcomed. The angel tax was introduced by the UPA government in 2012. When we assumed power, we worked to simplify it. Today, we’ve announced its removal."

Our approach is to simplify taxation and capital gains tax structure. Average taxation has come down to 12.5%, said Finance Minister Nirmala Sitharaman

Nirmala Sitharaman begins addressing media on Union Budget 2024-25

Slamming the Union Budget 2024-25 presented by Nirmla Sitharaman, Congress leader Rahul Gandhi called it "Kursi Bachao” Budget. 

- Appease Allies: Hollow promises to them at the cost of other states.

- Appease Cronies: Benefits to AA with no relief for the common Indian.

- Copy and Paste: Congress manifesto and previous budgets.
 

Taking to X, Rajnath Singh wrote, "As far as the allocation to Ministry of Defence is concerned, I thank the Finance Minister for giving the highest allocation to the tune of Rs 6,21,940.85 Crore, which is 12.9 % of total Budget of GoI for FY 2024-25.

The capital outlay of Rs 1,72,000 Crore will further strengthen the capabilities of Armed Forces. Earmarking of Rs, 1,05,518.43 Crore for domestic capital procurement will provide further impetus to Atmanibharta.

I am pleased that Border Roads have been given 30% increase in allocation over the last budget under the capital head. This allocation of Rs 6,500 Crore to BRO will further accelerate our Border Infrastructure.

To boost the startup ecosystem in Defence Industries, Rs 518 crore has been allocated  to iDEX scheme to fund technological solutions given by startups, MSMEs and innovators."
 

Defence Minister Rajnath Singh congratulated Finance Minister Nirmala Sitharman for presenting an excellent budget. Taking to X, he wrote, "Congratulations to Finance Minister Nirmala Sitharman for presenting an excellent and outstanding full year Budget for FY 2024-25 which will help in moving towards making a prosperous and self-reliant ‘Viksit Bharat’.  Inspired by PM Narendra Modi's vision of Inclusive and fast paced Development this Budget will accelerate India’s economic transformation.

This Budget is unique in many ways and by clearly outlining NDA Government’s 9 key priorities for all-round and inclusive development, it has successfully elevated India’s growth trajectory. This Budget will go a long way in making India a five trillion dollar economy by 2027.

Numerous policies and programmes to support India’s farmers, youth, women and other weaker sections of the society have also been announced. Sectors like infrastructure, agriculture, banking, energy, industry, R&D, MSMEs and defence have been given special care and attention.

This budget will boost demand, create new opportunities for youth and propel India’s economy onto the global stage. I thank PM and FM for giving India a monumental push to India’s economic and social development."

"Today's budget brings new opportunities and a new optimism. This Budget will be a catalyst to make India the world's third largest economy," said PM Modi.
 

"The government should have taken the lead and announced some very bold reforms and some new initiatives," said Rasna Group Chairman Piruz Khambata while sharing his takeaways from Budget 2024.
 

Prime Minister Narendra Modi said, "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 strengthens every section: PM Modi

PM Modi speaks on Budget 2024-25

• Development of Pilgrim Corridors: Government to support the comprehensive development of the Vishnupad Temple corridor at Gaya and the Mahabodhi Temple corridor at Bodh Gaya in Bihar, modeled on the Kashi Vishwanath Temple Corridor.
• Tourism and Economic Impact: The initiative aims to transform these sites into world-class destinations, boosting tourism, creating jobs, stimulating investments, and unlocking economic opportunities.
• Rajgir and Nalanda Development: Comprehensive development for Rajgir, a site of religious significance, and support for Nalanda's revival as a tourist center and restoration of the ancient Nalanda University.
• Support for Odisha: Assistance will be provided for the development of Odisha’s tourism, highlighting its scenic beauty, temples, monuments, wildlife sanctuaries, and beaches.
• World Heritage Committee Session: Announcements coincide with the 46th session of the World Heritage Committee in New Delhi, inaugurated by Prime Minister Narendra Modi.
   

PM Narendra Modi to Address Rajya Sabha on Budget 2024-25 shortly

Full list of products becoming cheaper and costlier:

Cheaper:

• Customs duty on mobile phones, PCBA, and chargers reduced by 15%
• Customs duty on gold and silver reduced by 6%
• Customs duty exempted for 3 new cancer treatment drugs, critical minerals
• Basic customs duty on brood stocks, shrimps, and fish feed reduced to 5%
• Expanded list of exempted capital goods for solar panels, solar cells, and electric vehicles

Costlier:

• Tax on equity investments held for less than a year increased to 20% from 15%
• Tax on shares held for more than 12 months increased to 12.5% from 10%
• Basic customs duty on specified telecom equipment raised to 15% from 10%
• Customs duty on ammonium nitrate raised to 10%
• Customs duty on non-biodegradable plastics raised to 25%

On Union Budget, Hero MotoCorp's chairman, Pawan Munjal says, "Wide-ranging areas have been covered in this Union Budget. Special focus on the development of the eastern region, startups and programs for employment generation are good."

Union Minister Kiren Rijiju said, "This is a dream budget for all sections especially for youth and women... Capital expenditure of more than Rs 11 lakh crore has been allocated. Announcements for Bihar, Jharkhand, West Bengal, Odisha, Andhra Pradesh, and North-East will give a boost to the economy of Eastern India... Announcements for skilling and employment generation are historic. Support schemes for women are appreciated. Banking services in the northeast have been taken care of. Financial mainstreaming of the northeast will be done. PM Mod's dream of Viksit Bharat by 2047 is clearly reflected in the budget. If the opposition has criticised the budget means it is a very good budget. All sectors have been covered and it is a growth oriented budget. You can see the tax rebates for the middle class. Bihar's floods are not limited to Bihar, they are an issue of the country. Why is the opposition rattled at the grants given to Andhra Pradesh."

Finance Minister Nirmala Sitharaman announced that long-term capital gains on both financial and non-financial assets will be taxed at 12.5%. Assets held for over a year will be classified as long-term. Additionally, the exemption limit for capital gains will be set at ₹1.25 lakh per year.

Sensex is down by 1000 points after FM Nirmala Sithraman presented the Union Budget 2024-25

Relief for taxpayers under the new income tax regime: The government has announced major changes, increasing the standard deduction from ₹50,000 to ₹75,000. Pensioners will also benefit from a higher deduction on family pensions, raised from ₹15,000 to ₹25,000.

Under the new tax regime, the revised tax slabs are:

• Income up to ₹3 lakh: No tax
• Income between ₹3 lakh and ₹7 lakh: 5% tax
• Income between ₹7 lakh and ₹10 lakh: 10% tax
• Income between ₹10 lakh and ₹12 lakh: 15% tax
• Income above ₹15 lakh: 30% tax

Corporate tax on foreign firms slashed: FM

FM Sitharaman has proposed the abolishment of Angel tax for all classes of investors.  

Angel tax is imposed on capital raised by unlisted companies through share issuance to Indian investors if the share price exceeds the company's fair market value. The excess amount is considered income and is taxed accordingly.

Simplification of reassessment and reopening proposed. All taxpayer services under GST have been digitalized.

FM Sitharaman On New Personal Income Tax Regime

- Effort to simplify the process
- Simplifying the tax regime for charities 
- Two tax exemption regimes proposed to be merged into one for charities
- Credit for TCS to be given on TDS
- Plan to make SOP for TDS Defaults 
- Simplification of re-assessment 
 

TDS on e-commerce operators to be reduced: FM

Customs duty on gold and silver reduced to 6%, and on platinum to 6.5%. Expect lower prices for gold, silver, and platinum, announced FM Nirmala Sitharaman

Custom duty cut on 20 minerals: FM

Mobile phones, charger to get cheaper as duty charges has been cut by 15%, announced FM Sithraman

Cancer drugs exempted from Custom duty

FM Nirmala Sitharaman estimates fiscal deficit at 4.9% of GDP

FM Sitharaman announces a ₹1,000 crore fund to drive a 5X expansion in the space economy.

Shram suvidha and samadhan portal to be revamped: FM

Assignment of Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands, survey of sub divisions as per current ownership, registry 

Rs 11, 11, 111 crore capital expendidutre for infrastructure, announced FM Sitharaman
 

Govt will revive Nalanda University to its glorious structure, said FM Sitharaman

Government will provide special assistance to make Odisha a tourism hub, said FM

Vishnupath Temple in Gaya and Mahabodhi Temple Corridor will be supported modeled on the Kashi-Viswanath Corridor

Special reconstruction package for Himachal, Uttarakhand: FM

Special assistance for Assam's flood management, announced FM Sitharaman

The Union Budget 2024 details a new mechanism to support MSME access to bank credit during challenging times. It also increases the Mudra loan limit to ₹20 lakh from the previous ₹10 lakh.

PM Gram Sadak Yojana (PMJSY-Phase 4) to be launched

The finance minister announced PM Surya Ghar Muft Bijli Yojana, a free solar electricity scheme has been launched. One crore households to get free 300 units per month , around1.28 crore registrations received so far for free solar electricity. 

Budget 2024 Live: FM announced a new centrally sponsored scheme to skill 20 lakh youth over the next 5 years. Approximately 1,000 ITIs will be upgraded using a hub-and-spoke arrangement. The course content will be tailored to meet the needs of the industry, particularly in emerging sectors.

Solid waste management projects, water supply projects to be provided

FM Sitharaman announces that steps will be taken to accelerate debt recovery.

Critical mineral mission for domestic processin, said FM Nirmalaa Sitharaman

FM Nirmala Sitharaman announces the establishment of 12 industrial parks and plans to promote investment-ready parks in 100 cities.

FM Sitharaman announces 500 top companies offering internship opportunities over 5 years, with a ₹5,000/month allowance.

E-commerce export hubs will be set up in PPP Mode: FM in Budget Speech

Self suporting shceme for MSMEs: FM Sitharaman

3 crore worth schemes for women 

Rs 15,000 crore for Andhra Pradesh's new capital, announces Nirmala Sitharaman in Budget speech
 

Sitharaman announces additional support for Bihar, including the Patna-Purnia Expressway, new medical colleges, and an industrial node in Gaya.

FM Sitharaman announces e-vouchers and loans upto Rs 10 lakh for higher education

Finance Minister Nirmala Sitharaman announced that a focus area of budget will be employment schemes and employment linked incentive.

Fast track growth of rural economy is policy goal,said Finance Minister Nirmala Sitharaman. She announced Rs 1.52 lakh crore allocation for agricultural sector.

While presenting her 7th Union Budget, FM Sitharaman listed 9 priorities of Union Budget 2024 --

Sitharaman announces Rs 1.48 lakh crore for education, employment, and skilling.

Ample opportunities for all: FM Sitharaman says major focus on employment, education and skilling

Need to focus on mahila, garib, yuva and Annadata, said FM Nirmala Sitharaman

Grateful to the people for showing faith again: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman begins her budget speech

Standby for Budget Presentation by Nirmala Sitharaman

“Union budget will be aspirational, aims to propel country forward,” said Union Minister Jayant Chaudhary

LoP in Lok Sabha, Rahul Gandhi arrives in the Parliament, where the Union Budget 2024 will be tabled shortly. 

Cabinet approves Union Budget 2024, Finance Minister Nirmala Sitharaman to present budget speech shortly at 11 am.

Prime Minister Narendra Modi has arrived at the Parliament for the Union Budget 2024-25. 

Union Minister Gajendra Singh Shekhawat arrives at the Parliament ahead of the Budget presentation. He said, "The resolution of PM Modi's government since 2014 is that India should become self-reliant and the way the country is moving ahead in this direction in a systematic manner, this time too the budget has been announced in the same format."

Budget 2024 Live Updates: Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman today, July 23, 2024, in Parliament. The Budget speech is set to begin at shortly (11:00 AM), with significant attention on the Narendra Modi 3.0 government's plans to provide income tax relief to the common man, drive economic growth, and maintain fiscal deficit targets. One of the major expectations for this Union Budget is a substantial allocation for capital expenditure, with a focus on enhancing the infrastructure sector and advancing Gati Shakti schemes.

Finance Minister Nirmala Sitharaman's Budget Speech will outline the Union Budget 2024 today, July 23. This marks the first Budget presentation for Prime Minister Narendra Modi's NDA government after its third consecutive victory in the 2024 Lok Sabha elections. The FM would try to balance the demands of taxpayers and those of its coalition partners in the NDA, while charting a course for India's growth and infrastructure development. All eyes are on FM Sitharaman as she prepares for her 7th Budget speech in Lok Sabha today.

"The economic progress witnessed under the leadership of Narendra Modi will continue further. As India is the fastest growing economy in the world, the Budget will be according to that," said Union Minister Pralhad Joshi.

"Every section of the society has different expectations but if I restrict myself to the market expectation, markets will focus on three things--budget deficit, public capex and social spending. These are three key things that the market will look at. We have policies of long term, stable tax regime, so, we are not expecting changes in corporate but it will be welcomed, as per the markets, if the limit of tax break is raised," said Market expert Sunil Shah. 
 

"This Budget will be a journey to take India forward on the path of development and progress. We will move towards fulfilment of PM's resolve of 'Viksit Bharat' with this Budget," says Union Minister Jyotiraditya Scindia as he arrives at the Parliament ahead of the announcement of Union Budget 2024. 

Speaking about Budget 2024-25, B. Thiagarajan, MD of Bluestar, emphasized that domestic industries need to be scaled up. He highlighted the necessity for significant improvements in quality standards and value addition. Thiagarajan urged the focus on specific sectors to enhance competitiveness against China and elevate the quality of Indian industries.

To view the full details of the Union Budget 2024, follow these steps to download the PDF:

Visit the Official Website: Go to the Ministry of Finance's or the Government of India's budget portal.

Find the Budget Section: Locate the 'Budget 2024' section on the homepage or in the navigation menu.

Select PDF Download: Click on the link to download the Budget 2024 PDF.

Initiate Download: Click the download link to begin downloading the PDF to your device.

Save the File: After downloading, save the file to a convenient location on your device for easy access.
 

A common expectation from Budget 2024 is that the 30% income tax rate may apply to income and salary levels above Rs 20 lakh, rather than the current Rs 15 lakh, to provide more cash for the middle class. Middle-class has set its expectations on an increase in the standard deduction limit from the current Rs 50,000 to Rs 1 lakh under the new tax regime, encouraging more people to switch from the old regime to the new one. Read more here

Speaking to Republic TV, business tycoon Niranjan Hiranandani stated that for Budget 2024-25, urban infrastructure needs further enhancement to meet international market standards.

Finance Minister Nirmala Sitharaman meets President Droupadi Murmu ahead of presenting Union Budget 2024-25, to head to Parliament next.

As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament.

President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget.

Ahead of the presentation of the Union Budget 2024, a cabinet meeting will be held in the Parliament at 10:15 am.

Finance Minister Nirmala Sitharaman heads to the Rashtrapati Bhawan to meet President Droupadi Murmu

Stock markets climbed in early trade on Tuesday, with the Sensex climbing over 264 points, ahead of the Union Budget presentation later in the day as investors' sentiment turned buoyant amid foreign fund inflows and a rally in the US peers. The 30-share BSE Sensex climbed 264.33 points to 80,766.41 in early trade. The NSE Nifty went up 73.3 points to 24,582.55.

Finance Minister Nirmala Sitharaman on Tuesday again took a digital tablet wrapped in a traditional 'bahi-khata' style pouch as she headed for Parliament to present the full Budget 2024-25 in a paperless format just like the previous years.

The latest economic survey offered a mixed outlook amid significant global uncertainties, economist Abhirup Sarkar said. Sarkar highlighted the survey's optimistic portrayal of India's economic performance, noting, “The growth over the past year has been impressive, surpassing 8 per cent. For three consecutive years, we've achieved a growth rate above 7 per cent, despite the challenging global environment marked by ongoing conflicts.” Sarkar also pointed to the strength of the country's foreign exchange reserves.

"India's reserves are currently adequate to cover nine to ten months of imports, placing us in a robust position to weather economic fluctuations," he said.

However, Sarkar also pointed out the survey's concerns.

"The survey underscores the issues of high food price inflation and sluggish Foreign Direct Investment (FDI) inflows. These problems are largely driven by global market uncertainties and supply chain disruptions," he explained.

As Finance Minister Nirmala Sitharaman gets ready to present the Union Budget 2024, market expert Ajay Bagga, in an exclusive interview with Republic TV, urged the government to focus on rural development and provide tax relief for ordinary citizens. Bagga emphasized the importance of a targeted strategy to address the economic disparities between rural and urban areas.

Read full interview here

Minister of State for Finance Pankaj Chaudhary said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas".
"This budget is based on PM Modi's mantra of Sabka Saath Sabka Vikas," MoS Chaudhary said.

Chaudhary was among the first from FM Nirmala Sitharaman's team to reach the North Block offices of the Finance Ministry ahead of the Budget Presentation. Vivek Joshi, Secretary, of the Department of Financial Services and Chief Economic Advisor V. Anantha Nageswaran have also reached the ministry ahead of FM Sitharaman.

The fintech sector is abuzz with anticipation for transformative reforms. Industry experts are hoping for reductions in the Tax Collected at Source (TCS) on international transactions and the issuance of digital banking licenses, which could significantly shape the sector's future. Read more.

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament shortly, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.

Stay tuned to Republic TV and watch the full Union Budget 2024 here: 

Chief economist Manoranjan Sharma speaks to Republic about what can be expected from the budget. "There could also be some elements of change with sharper focus on economic growth, structured transformation along with distributive equity".

Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Union Budget today

As the Union Budget 2024 is set to be presented shortly, ordinary Indian citizens are hopeful for relief from the Finance Minister. They anticipate reductions in tax burdens and new investments in job creation and education. Modi 3.0's first budget will be closely watched.

Finance Minister Nirmala Sitharaman has left For North Block to present her 7th Budget

Before presenting the Budget, Finance Minister Nirmala Sitharaman will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget.

While there is hope for tax relief to stimulate middle-class consumption, experts believe the budget will not be purely populist. Instead, it will probably balance populist measures with a robust economic growth strategy.

The interim budget, presented on February 1, addressed financial needs until a new government was established following the Lok Sabha elections, after which the incoming administration was expected to present a full budget.

The Finance Minister will also present, in both English and Hindi, statements of the estimated receipts and expenditures for the Union Territory of Jammu and Kashmir (with the legislature) for 2024-25.

The Finance Minister will also present, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, copies of the following documents in both English and Hindi: the medium-term fiscal policy strategy statement and the macro-economic framework statement.

Union Finance Minister Nirmala Sitharaman will table the Union Budget 2024-25 at around 11 AM today, for the seventh consecutive time. She will also submit a statement of the government's estimated receipts and expenditures for the fiscal year 2024-25, in both English and Hindi, to the Rajya Sabha. This will take place one hour after the Union Budget 2024-25 is presented in the Lok Sabha.

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 today, July 23, marking her seventh consecutive budget presentation. A total of twenty hours have been allocated for the budget debate. Notably, in the interim Budget, the government set a record target of ₹11.11 lakh crore for infrastructure spending for the current fiscal year. Additionally, the government established a disinvestment target of ₹50,000 crore for the 2024-25 fiscal year.

"One of the biggest expectations is for the Prime Minister to fulfill the guarantees he has made over the last six months during the campaign. The PM will likely try to deliver on these promises, and this might be reflected in the budget," said Ajay Dua, Former Commerce Secretary, GOI.

"Despite global headwinds, we are on the right path. The Economic Survey has highlighted the need to keep consumption growing. The Finance Minister will face the challenge of increasing consumption while also incentivizing the private sector," added Dua. 

This year will see two Budgets: an interim one already presented in February 2024 and a full one this month, as an incumbent government cannot present a full Budget just before general elections. The July 23 presentation will be the first Budget by the BJP-led NDA government since its re-election last month.

Finance Minister Nirmala Sitharaman will make history on July 23 by presenting her seventh consecutive Budget for 2024-25, surpassing former Prime Minister Morarji Desai's record. Sitharaman, appointed as India's first full-time woman finance minister in 2019, has presented six Budgets, including an interim one this February.

Finance Minister Sitharaman, presenting her seventh consecutive Budget, replaced the traditional leather briefcase with a 'bahi-khata' wrapped in red cloth in her first Budget in 2019. This year’s Budget will continue the trend of being paperless, as it has been for the past three years.

All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy. Besides, the market also expects staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.