Live Updates From Budget 2024

Nirmala Sitharaman Presents Budget with Focus on Jobs and Skilling; Financial Support for Loans up to Rs 10 Lakh for Higher Education

“India's economic growth continues to be the shining exception and will remain so in the years ahead” - Nirmala Sitharaman

Union Budget 2024 Live Updates: Phase IV of the Pradhan Mantri Gramme Sadak Yojana 

The government has announced the commencement of Phase IV of the Pradhan Mantri Gramme Sadak Yojana, which will bring all-weather connection to 25,000 rural habitations that have become eligible as their populations grow.

Budget 2024 LIVE Updates: Monetary restrictions on tax appeals raised

The monetary limitations for filing appeals against direct taxes, excise, and service tax in the Tax Tribunals, High Courts, and Supreme Court have been raised to Rs 60 lakh, Rs 2 crore, and Rs 5 crore, respectively.

Budget 2024 LIVE Updates: CBI Sees Slight Drop in Budget Allocation from Last Year

The Central Bureau of Investigation has got more than Rs 951 crore in Budget 2024-25, a modest decrease of more than 1.79 percent from the previous year. The agency was allocated Rs 968.86 crore to administer its business in the Revised Budget Estimates for 2023-24.

Budget 2024 LIVE Updates: Government's Major Announcement for Employment Push

Finance Minister Nirmala Sitharaman stated on Tuesday that the Budget for 2024-25 will include a Rs 2 lakh crore commitment for several programmes aimed at 4.1 crore young people, as part of a big drive for employment, skill development and other possibilities.

Budget 2024 LIVE Updates: Jammu and Kashmir receives Rs 42,277 crore from the Union budget

Nirmala Sitharaman allotted Rs 42,277 crore to the Union Territory of Jammu and Kashmir, which is now under direct federal government administration, in the Budget. 

Here's an overview of the allocation of various UTs.
Andaman and Nicobar Islands received Rs 5,985 crore 
Chandigarh received Rs 5,862 crore
While Ladakh received Rs 5,958 crore

Budget 2024 LIVE Updates: The government will exempt three additional cancer medications from customs duty (Union). 

Nirmala Sitharaman abolished customs taxes on three cancer drugs, which will provide great assistance to sufferers. The three drugs are: osimertinib, durvalumab, and trastuzumab Deruxtecan.

Budget 2024 LIVE Updates: Corporate tax rate for international enterprises reduced from 40% to 35%

The Finance Minister said that the corporation tax rate for foreign enterprises will be reduced from 40% to 35% in the FY25 Budget.

Budget 2024 LIVE Updates: Budget reduces indexation incentive on property transactions; new LTCG tax rate is set at 12.5%

The indexation incentive for property sales was announced to be discontinued in the 2024 budget. As a result, many property sellers will be unable to raise their acquisition price while lowering their capital gains. Prior to the announcement, long-term capital gains from real estate sales were subject to a 20% indexation benefit tax. According to the budget papers, capital gains on the sale of property will now be taxed at the new LTCG rate of 12.5% without indexation, as compared to the former rate of 20% with indexation benefit. Sales of real estate will now be subject to the new 12.5% LTCG tax rate without indexation benefits.

Budget 2024 LIVE Updates: Changes in capital gains tax and custom duties to be effective from today

Budget 2024 LIVE Updates: India reduces import tariff on gold and silver to 6%.

India, the world's second-largest purchaser of bullion, reduced import tariffs on gold and silver from 15% to 6%. According to industry authorities, this might boost retail demand while also helping to minimise smuggling. Increased Indian demand for gold has the potential to drive up global prices, which have already broken records this year, but it may also worsen India's trade imbalance and weaken its currency.

Budget 2024 LIVE Updates: Government Expenditure on Major Items

• Defence: 4,54,773 cr.
• Rural Development: 2,65,808 cr.
• Agriculture and Allied Activities: 1,51,851 cr.
• Home Affairs: 1,50,983 cr.
• Education: 1,25,638 cr.
• IT and Telecom: 1,16,342 cr.
• Health: 89,287 crore.
• Energy: 68,769 crore.
• Social Welfare: 56,501 cr. 
• Commerce and Industry: 56,501 cr.

Also read Will market bloom in green and break budget day jinx on July 23 

Budget 2024 Live Updates: All the government has announced for urban development.

1. Stamp Duty: Encourage states to cut stamp charges on properties owned by women.
2. Street Markets: Creating 100 weekly 'haats' or street food hotspots in specific cities.
3. Transit Oriented Development: Transit Oriented Development plans for 14 metropolitan cities with a population of above 30 lakh.
4. Water Management: Encourage water supply, sewage treatment, and solid waste management projects and services for 100 major cities through bankable projects.

Budget 2024 Live Updates: Andhra Pradesh to get -

Andhra would receive financial help of Rs 15,000 crores in FY 24-25 under Modi 3.0's budget.

The completion of the Polavaram Irrigation Project ensures the nation's food security.

Water, power, trains, and roads are critical infrastructure at the Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and the Orvakal node on the Hyderabad-Bengaluru Industrial Corridor.

Budget 2024 LIVE Updates: Defence outlay set at Rs 4.56 lakh crore

The defence outlay has been set at Rs 4.56 lakh crore, compared to Rs 4.55 lakh crore previously.

Budget 2024 LIVE Updates: 20% TDS on repurchase by MF or UTI withdrawn

Budget 2024 Live Updates: The government has increased the STT on F&O (Union)

The Finance Minister announced an increase in the Securities Transaction Tax (STT) for Futures and Options. The STT on futures will increase from 0.0125% to 0.02%, while the STT on options will climb from 0.0625% to 0.10%.

Budget 2024 LIVE Updates: Markets bleed as govt hikes STT on F&O - Sensex down 1000 points

Budget 2024 LIVE Updates: In new tax system, tax rate structure will be altered

Salaried employees under the new tax regime might save up to Rs 17,500 in income tax.

Also read India’s expectations on income tax relief in the budget 2024

Budget 2024 LIVE Updates: FM announces changes in new tax regime -- Standard deduction proposed to increased to Rs 75,000 from Rs 50,000

Budget 2024 LIVE Updates: STT on F&Os proposed to be increased to 0.02% and 0.1% respectively

Budget 2024 LIVE Updates: Govt announces that angel tax to abolished

Budget 2024 LIVE Updates: Long-Term Capital Gains

The Finance Minister declared that long-term capital gains on all financial and non-financial assets will be taxed at a rate of 12.5%. In addition, the annual capital gains exemption ceiling would be fixed at Rs 1.25 lakh.

Budget 2024 Live Updates: The government plans to boost the PCBA on selected telecom equipment by 10 to 15%

The Finance Minister proposed a plan to raise the levy on printed circuit board assemblies (PCBA) for particular telecom equipment by 10-15%.

Budget 2024 LIVE Updates: Customs duty on gold and silver would be decreased to 6%, and platinum to 6.4%.

The Finance Minister indicated that to increase domestic value addition, the customs charge on gold and silver would be decreased to 6%, while the duty on platinum will be reduced to 6.4%.

Budget 2024 LIVE Updates: The government decreases duty on mobiles and accessories to 15%.

The Finance Minister indicated that the Indian mobile business has matured, and he recommended reducing the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges by 15%.

Budget 2024 LIVE Updates: On GST, the government wants to rationalise the tax structure

GST has greatly decreased tax occurrences for the average person while also making compliance easier for businesses, indicating a massive success. To maximise the benefits of GST, we will work to rationalise the tax system.

Budget 2024 Live Updates: FM Announces NPS for Minors

FM Nirmala Sitharaman has made the NPS Vatsalya scheme open for parents to invest in on their children's behalf. The account may be transferred to the kid after they reach maturity.

Budget 2024 LIVE Updates: Fiscal deficit estimated at 4.9% of GDP

Budget 2024 LIVE Updates: FDI rules will be eased further.

The Finance Minister said that procedures and recognition for Foreign Direct Investments (FDIs) will be streamlined to encourage their influx. This action is intended to prioritise and encourage the usage of the rupee for offshore investments.

Budget 2024 Live Updates: Sitharaman advances spiritual tourism with Kashi Vishwanath, Nalanda, and others.

The Finance Minister recommended sponsoring the construction of corridors at Vishnupad Temple and Mahabodhi Temple, similar to the Kashi Vishwanath Temple. Additionally, the government would support the development of Nalanda in Bihar as a tourism destination. Finance Minister Sitharaman also stated that an economic policy framework will be implemented to bring in next-generation reforms aimed at accelerating economic growth. Furthermore, the government would aid Odisha in developing tourism, as expressed by the FM in Lok Sabha.

Budget 2024 LIVE Updates: The Space Economy in Focus

The Finance Minister emphasised that there would be a continuous emphasis on increasing the space economy by five times over the next ten years. To support this purpose, a Rs 1,000 crore venture capital fund would be created.

Also read Interesting facts to know ahead of union budget 2024 

Budget 2024 LIVE Updates: Government advocates for private-driven research at commercial scale.

As previously promised in February, the Finance Minister declared that a framework will be devised to encourage private-sector research on a commercial scale, with a cash pool of Rs 1 lakh crore.

Budget 2024 LIVE Updates: Development of small and modular nuclear reactors in focus

On the development of small and modular nuclear reactors in the country, Sitharaman says, “The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy...”

Budget 2024 Live Updates: Concerns about floods in Parliament and the Union

The Finance Minister noted that Bihar has regularly experienced floods, saying that plans to develop flood control infrastructure in Nepal have yet to materialise. The government would give financial assistance at an estimated cost of Rs 11,500 crore. Assam, which experiences floods every year, would get support with flood control and related projects. Himachal Pradesh, which has experienced substantial flood-related damages, will also get multilateral rehabilitation aid. Additionally, Uttarakhand, which suffered considerable damage from landslides and cloudbursts, will receive the appropriate help.

Budget 2024 Live Updates: Sitharaman discusses energy security and the PM Surya Ghar Muft Bijli Yojana.

The Finance Minister emphasised the importance of energy security by announcing the publishing of a strategy paper on energy transition routes that would prioritise jobs and sustainability. The PM Surya Ghar Muft Bijli Yojana has started to build rooftop solar plants, which would provide up to 300 units of free power per month to 1 crore families. The project has now received 1.28 crore registrations and 14 lakh applications, a fantastic feat.

Budget 2024 Live Updates: Government pushes states to charge high stamp duty

The Finance Minister declared that states with high stamp duty rates will be urged to lower them for everyone. Additional duty reductions on homes purchased by women will be considered. These measures will also be included as key components of urban development plans.

Budget 2024 LIVE Updates: Government Retains Capex Target

The Finance Minister emphasised that the administration intends to continue to provide robust budgetary assistance for infrastructure. This year, Rs 11.11 lakh crore has been allotted for capital spending, which represents 3.4% of India's GDP.

Budget 2024 LIVE Updates: Government's Focus on Urban Housing 

The Finance Minister announced that the PM Awas Yojana, Urban 2.0, will meet the housing requirements of the urban poor and middle class with an investment of Rs 10 lakh crore.

Budget 2024 LIVE Updates: Andhra and Bihar to receive 

FM Sitharaman says, “...Power projects including setting up of a new 2400 MW power plant at Pirpainti will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar Govt for external assistance from multilateral development banks will be expedited...Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years. Our government is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers.”

Budget 2024 LIVE Updates: Govt announces Rs 2.2 lakh crore push to make housing more affordable

Budget 2024 Live Updates: IBC in Focus

The Finance Minister stated that an integrated technology platform will be established to better outcomes under the Insolvency and Bankruptcy Code. This platform intends to provide improved uniformity, openness, and supervision to all stakeholders, including the National Company Law Tribunal. The IBC has resolved more than 1,000 firms, leading in a direct recovery of Rs 3.3 lakh crore for creditors. Furthermore, 28,000 cases involving over Rs 10 lakh crore have been resolved prior to admission.

Budget 2024 Live Updates: FM Sitharaman announces critical mineral mission

According to the Finance Minister, a mission would be established to recycle vital minerals and acquire them outside. She noted that the government will hold an auction for the first tranche of offshore mining areas, expanding on previous exploration.

Budget 2024 LIVE Updates: 12 industrial parks will be sanctioned, said Sitharaman

Budget 2024 LIVE Updates: Budget provides Rs 2.66 lakh crore for rural development

Budget 2024 Live Updates: The government increased the maximum of MUDRA loans to Rs 20 lakh

The Finance Minister stated that the MUDRA loan ceiling will be increased to Rs 20 lakh from the present Rs 10 lakh for people who have obtained and successfully repaid loans under the TARUN scheme.

Budget 2024 LIVE Updates: Sitharaman provides Rs 26,000-cr boost to road connectivity projects

Budget 2024 LIVE Updates: FM on credit guarantee schemes for MSMEs in manufacturing

On credit guarantee schemes for MSMEs in manufacturing, FM said, “to facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, a new scheme will be introduced. This guarantee fund will provide guarantees of up to Rs 100 crore.”

Budget 2024 LIVE Updates: Andhra gets financing for Pollavaram project

The Finance Minister said the government is committed to financing and completing the Pollavaram irrigation project, which is considered the lifeline for Andhra Pradesh and its farmers. Additional allocations will be provided this year to support capital investment for economic growth.

Budget 2024 Live Updates: The government's initiative for women in the workforce

The Finance Minister stated that expanding women's involvement in the workforce will be a priority. This will be made possible by establishing dormitories and forming partnerships to organise women-specific skill-building programmes.

Budget 2024 Live Updates: Job Creation in the Manufacturing Sector

The Finance Minister stated that job growth in the manufacturing sector will be encouraged through a programme connected to the hiring of first-time workers. This programme will offer incentives to both employees and employers for EPFO contributions throughout the first four years of employment. It would help 30 lakh youth and provide more employment opportunities in all industries. The government would refund companies up to Rs 3,000 per month for two years for each extra employee's EPFO contributions. This project seeks to incentivise extra employment for 50 lakh individuals.

Budget 2024 Live Updates: Government's major thrust on employment-related skilling

As part of the PM's package, the Finance Minister proposed plans for employment-related skill development. These programmes will be based on EPFO enrollment, with a focus on recognising first-time workers. In all official industries, new employees will get one month's pay when they start working. A direct benefit transfer (DBT) of one month's pay (up to Rs 15,000) would be made in three instalments. The qualifying limit for this benefit is a monthly income of Rs 1 lakh, with 2.1 lakh youngsters likely to benefit.

Also read Finance Minister Nirmala Sitharaman to Presents Union Budget 2024

Budget 2024 LIVE Updates: Sitharaman on Agricultural Research and More

The Finance Minister announced that the government will conduct a complete evaluation of agricultural research in order to boost productivity and produce climate-resilient types. Domain experts will monitor the study to guarantee its efficacy and relevance.

Budget 2024 LIVE Updates: Nine Priorities for the Current and Upcoming Years [Listcles]

• Productivity and resilience in agriculture
• Employment and skilling
• Inclusive HRD and Social Justice
• Manufacturing & Services
• Urban growth 
• Energy security
• Infrastructure
• Innovation, R&D 
• Next-Generation Reforms

Budget 2024 LIVE Updates: PM package of 5 schemes of Rs 2 lakh crore will be unveiled to promote employment and skill development

The Finance Minister unveiled a PM Package comprising five programmes targeted at boosting employment and skilling, totaling Rs 2 lakh crore. This year, Rs 1.48 lakh crore has been allocated for education, employment, and skilling.

Budget 2024 LIVE Updates: We need to focus on the garib, mahilaye, yuva, and annadata, says FM

The Finance Minister said, ‘We need to focus on the garib, mahilaye, yuva, and annadata. For annadata, we announced higher MSP a month ago for all major crops, delivering on our promise. The PM Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people. Administrative actions for the approval and implementation of various schemes announced in the interim budget are well underway.’

Budget Focus Stocks 

The Indian Finance Minister, Nirmala Sitharaman, presented the Interim Union Budget for the 2024-25 financial year, the last of Prime Minister Narendra Modi's second term. The budget focuses on fiscal consolidation, infra, agri, green growth, and railways. However, no changes were made in tax rates, disappointing salaried individuals. The Fiscal Deficit target for FY25 was set at 5.1% of the GDP, better than expected, while the FY24 target was revised down to 5.8%. The capex target for FY25 was increased by 11.1% to ₹11.1 lakh crore. The budget aims to achieve a developed country by 2047, focusing on democracy, demography, and diversity. Experts believe the budget fulfilled expectations, with a focus on domestic macro factors, sustained investments in infrastructure, agriculture, and domestic tourism. Key features of the budget include infrastructure, tourism, logistics, and research innovation, aiming for continuous sustainable growth.

Top 10 Key Takeaways from Budget 2024 

From income tax to green energy and tourism, these are the ten important elements of the 2024 Budget:

Income Tax

The Finance Minister, Sitharaman, announced that tax collections have more than doubled over the past decade, with the average processing time of tax returns reduced to 10 days this year. The current budget maintains the status quo in both direct and indirect taxation, including import duties. This predictability may benefit companies in financial planning and fostering a more secure and sustainable business environment, according to Siddhesh Mehta, Research Analyst at Samco Securities.

Infrastructure Development

Building on the significant doubling of capital expenditure outlays over the last four years, which has resulted in a huge multiplier impact on economic development and job creation, the outlay for the next year has been increased by 11.1 percent to 11.11 lakh crore, the FM revealed. This represents 3.4% of the GDP.

Railways 

FM Sitharaman has announced plans to convert 40,000 regular rail bogies to Vande Bharat trains to enhance passenger safety, convenience, and comfort. Key rail infrastructure projects, such as Metro Rail and Namo Bharat, will be expanded to new cities. Three major railway corridors have been announced: the port connectivity corridor, the energy, mineral, and cement corridor, and the high traffic density corridor. These decongestants will improve passenger train operations, safety, and travel speed. The development of commodity-specific economic rail corridors will accelerate India's GDP growth and reduce logistic costs, improving competitiveness, particularly in manufacturing.

'Lakhpati Didi' Scheme

FM announced that 83 lakh self-help groups (SHGs) with nine crore women are transforming rural socio-economic landscapes through empowerment and self-reliance. The success has helped nearly one crore women become 'Lakhpati Didi'. The target for 'Lakhpati Didi' has been increased from 2 crore to 3 crore. The initiative, which aims to empower two crore women in villages, has reached 83 lakh SHGs and benefitted 9 crore women. With a financial injection of ₹1 lakh per household for one crore beneficiaries, the initiative is expected to significantly uplift rural women's economic status.

Electricity

Roof-top solarisation will enable 10 million families to get up to 300 units of free power each month. FM Nirmala Sitharaman stated that this scheme is following the Prime Minister's decision on the historic day of the dedication of the Shri Ram Mandir in Ayodhya. According to Sitharaman, homeowners may save up to ₹15,000-18,000 a year by receiving free solar power and selling the surplus to distribution firms.

Green Energy

The following actions were announced to help accomplish the goal of reaching 'net zero' by 2070.

• Viability gap financing will be granted for capturing offshore wind energy potential with an initial capacity of one gigawatt.
• Coal gasification and liquefaction capacity of 100 MT will be established by 2030. This will also assist to reduce imports of natural gas, methanol, and ammonia.
• Compressed biogas (CBG) will be gradually blended into compressed natural gas (CNG) for transportation and piped natural gas (PNG) for home use.
• Financial help will be offered for the purchase of biomass aggregation gear to support collecting.

Electric vehicles

The Indian government plans to strengthen the electric vehicle (EV) ecosystem by supporting manufacturing and charging infrastructure. Payment security mechanisms will encourage the adoption of e-buses for public transport networks. The 2024-25 Union Budget aims to incentivize and expand the EV ecosystem, focusing on boosting the number of charging stations. This initiative is a key step in transforming India's EV landscape, overcoming range anxiety, and promoting electric vehicles as a sustainable transport solution for the future. The budget also addresses the shortage of public charging stations.

Tourism

FM said that states will be urged to invest in worldwide branding and marketing for key tourism destinations. A ranking system based on the quality of facilities and services will be implemented. States will get long-term interest-free loans to fund these initiatives. Projects for port access, tourism infrastructure, and amenities will be undertaken on our islands, including Lakshadweep. According to FM Sitharaman, this would also assist in providing job opportunities.

Technology

New-age technologies and data are revolutionizing the lives of people and businesses, creating new economic opportunities and enabling high-quality services at affordable prices. The Indian government has announced a corpus of rupees one lakh crore, which will be established with a fifty-year interest-free loan. This corpus will provide long-term financing or refinancing with low or nil interest rates, encouraging the private sector to scale up research and innovation in sunrise domains. A new scheme will be launched to strengthen deep-tech technologies for defence purposes and expedite 'atmanirbharta'. The 50-year interest-free loan is expected to bolster research and innovations, improving India's position as a global technology leader in the coming decade.

PM Awas Yojana 

The Pradhan Mantri Awas Yojana (Grameen) is nearing its target of constructing three crore pucca houses by March 2024, despite challenges posed by COVID. The government plans to build two crore more houses over the next five years to meet the increased number of families. The PMAY, launched in 2015, aims to ensure housing for all and is expected to trigger increased investments and activity in the construction sector. This intensified focus on PMAY is expected to have a positive impact across various sectors, including Housing Finance, Cement, Steel, and Paints.

Fiscal deficit and other key numbers 

• The fiscal deficit target for FY25 is set at 5.1 percent of GDP.
• The fiscal deficit target for FY24 was revised downward to 5.8 percent of GDP from its earlier estimate of 5.9 percent.
• For the first nine months of FY24 until December, the fiscal deficit amounted to ₹9.82 lakh crore, which is 55 percent of the annual estimates.
• FY25's capital expenditure is marked at ₹11.1 lakh crore, showing an 11.1 percent increase.
• The expected total expenditure for FY25 is ₹30.80 lakh crore, while the revised estimate for FY24 is ₹44.90 lakh crore.
• Revenue receipts for FY24 are projected to reach ₹30.03 lakh crore, surpassing the Budget estimate due to robust growth and formalization in the economy.
• Gross market borrowing for FY25 is targeted at ₹14.13 lakh crore, with net borrowing set at ₹11.75 lakh crore.
• The gross tax receipt target for FY25 is ₹26.02 lakh crore.

Conclusion

The Interim Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, aims to promote fiscal prudence, infrastructure development, green energy, and social welfare in India. It includes initiatives like tax policies, infrastructure investments, tourism, and technology, aiming to address challenges and foster inclusive development. As the Indian economy progresses, BlinkX remains committed to facilitating seamless and accessible financial services for all.