Budget 2024 Live Updates: What Is Cheaper, Tax Slabs, Railway Reforms, And More

Budget 2024 LIVE Updates: Finance Minister Nirmala Sitharaman is all set to present the Union Budget for fiscal year 2024-2025. Check out the latest updates here. 

union budget live update

The wait is finally over as Finance Minister Nirmala Sitharaman will announce the much-awaited Budget 2024 today, July 23, 2024. As she presents her seventh consecutive Union Budget for the fiscal year 2024-2025, she breaks the previous record held by Prime Minister Morarji Desai. For the first time in the history of BJP’s rule, the Modi government will announce the Budget 2024 with its NDA counterparts.

The government looks forward to reducing the fiscal deficit from 5.63% of GDP in FY 2023-24 to 5.1% in FY 2024-25. Considering the prominent contribution of personal tax to direct tax collections, tax revenue reductions are unanticipated. Additionally, the Economic Survey for 2024 presented at the Lok Sabha on July 22, 2024, showcased India's GDP growth in 2025 at 6.5-7%, falling behind the previous year's expected growth rate of 8.2% growth rate.

Budget 2024 LIVE Updates

Budget 2024 Live Updates: What is Cheaper?

  • Reduced Customs Duty: FM Nirmala Sitharaman announces a fall in customs duty on items like cancer medicines and mobile phones.
  • Cheaper Products: Prices will be reduced for imported gold, silver, leather products, and seafood.
  • Mobile Phone Manufacturing: Customs duty on mobile phones and other parts has been reduced to help smartphone prices drop.
  • Tax Regime: Major alterations have been made to the New Tax Regime, including a reduced tax rate compared to the Old Regime.

Union Budget 2024 Live Updates: Market Falls

A drop of 400 points could be seen in the Sensex index due to the investors’ negative response towards the Budget's announcement of increased taxes on capital gains and derivatives trading which will plunge the market status.

Union Budget 2024 Live Updates: Short-Term and Long-Term Capital Gains Increased

The government raises short-term capital gains tax from 15% to 20% and long-term capital gains tax from 10% to 12.5%. Further, the Securities Transaction Tax (STT) on futures and options has been boosted, and income from share buybacks will now be subject to taxation. Even though these amendments may have a negative impact in the short term, they will not change the overall market functioning in the long run.

Budget 2024 Live: New Tax Regime slabs changed

Sitharaman reveals an enhanced standard tax deduction from ₹50,000 to ₹75,000. The revised tax slabs are as follows:

  • Income up to ₹3 lakh: Tax-free
  • Income between ₹3-7 lakh: 5% tax rate
  • Income between ₹7-10 lakh: 10% tax rate
  • Income between ₹10-12 lakh: 15% tax rate
  • Income between ₹12-15 lakh: 20% tax rate
  • Income above ₹15 lakh: 30% tax rate

Budget 2024 Live: Income Tax Act of 1961 Review, Angel Tax Eliminated

To empower the Indian startup ecosystem, the FM announces aims to abolish Angel Tax for all investor categories. Further, the streamlined tax regime has yielded major results, with 58% of corporate tax revenue in 2022-23 and more than two-thirds of taxpayers employing the new personal tax regime in the previous FY. An extensive Income Tax Act of 1961 analysis will be held over the next six months to reduce litigation. Additionally, the Budget 2024 will ease the tax regime for charitable organisations.

Budget 2024 Live: Relief For Cancer Patients

FM Sitharaman reveals customs duty exemption on three significant medicines for the treatment of cancer patients. The government also aims to:

  • Analyse and rationalise customs duty rates in the next six months
  • Reduce basic customs duty on X-ray tubes and flat panel detectors to enhance domestic production of X-ray machines

Budget 2024 Live: Funds For Flood Management

Finance Minister Nirmala Sitharaman unveils financial support for flood-affected states:

  • Bihar: ₹11,500 crore for flood control structure delays in Nepal
  • Assam: For flood management and other projects
  • Himachal Pradesh: Funds for reconstruction after substantial flood damage
  • Uttarakhand: Aid for landslide and cloudburst damage

union budget live updates pics

Budget 2024 Live: Andhra Pradesh Gains Financial Support

Finance Minister Sitharaman reveals a dedicated ₹15,000 crore for Amravathi, Andhra Pradesh's capital, in the current FY. The government will continue financing the Polavaram project for food security. Funds will be utilised for infrastructure like water, power, and roads. Further, the budget will be utilised on Visakhapatnam-Chennai and Hyderabad-Chennai Industrial Corridors. The state’s backward regions, according to the Andhra Pradesh Reorganisation Act, will be supported too.

Budget 2024 Live Updates: Infrastructure Spending Retained at ₹11.1 trillion

The government’s infrastructure expenditure stands at ₹11.1 trillion, aligning with the interim budget, representing 3.4% of the country's GDP. Further, interest-free loans dedicated to states for infrastructure development have been boosted to ₹1.5 trillion.

Budget 2024 Live: MSMEs Are Priority

Micro, Small, and Medium Enterprises (MSMEs) will be supported by the government in the following ways:

  • Credit Guarantee Scheme: A state-driven credit guarantee program for increased access to finance for MSMEs.
  • Enhanced Mudra Loans: Enhanced loan limit for borrowers who repaid previous Mudra loans, supporting entrepreneurship.
  • Digital Footprint Assessment: Uplifting banks to consider a debtor’s digital footprint and creditworthiness to test their eligibility for loans. This will enhance money lending to MSMEs impacted by the COVID-19 pandemic.

Budget 2024 Live: MUDRA Loans Boosted Up To ₹20 lakh

The MUDRA loan limit will be increased from ₹10 lakh to ₹20 lakh for borrowers who availed and successfully repaid loans previously under the TARUN category. This will uplift entrepreneurs and enhance their ventures.

Budget 2024 Live: Improving Outcomes Under Insolvency And Bankruptcy Code

FM Nirmala Sitharaman announces a pathbreaking initiative under the Insolvency and Bankruptcy Code (IBC) process. The government aims to launch a tech platform to simplify outcomes with better consistency, transparency, and oversight for all stakeholders like the National Company Law Tribunal (NCLT).

The key highlights of this innovative tech platform built on the IBC's track record:

  • Successfully resolved over 1,000 companies
  • Facilitated a direct recovery of ₹3.3 lakh crore for creditors
  • Resolved 28,000 cases involving over ₹10 lakh crore before admission to the NCLT
  • This tech development will enhance the efficiency of the IBC process, supporting all involved parties.

Don't Miss:Union Budget 2024: 5 Major Themes This Time

Budget 2024 Live Updates: Finance Minister Announces Scheme for New Graduates

Finance Minister Sitharaman unveils a new initiative for freshly graduated individuals to provide significant work experience. The government will launch an extensive internship program for 1 crore (10 million) individuals in India's best 500 companies.

Key features of the scheme are:

  • A monthly internship stipend of ₹5,000 for living expenses during the internship period
  • A one-time aid of ₹6,000 for additional costs related to the internship

Budget 2024 Live Updates:Sitharaman Announces ₹15,000 Wage Boost For Young Employees

FM Nirmala Sitharaman announces a fresh initiative to empower young employees. Under the scheme, first-time employees in formal sectors will gain a direct benefit transfer of up to ₹15,000, equivalent to a month's income, paid in three instalments. Employees with a monthly salary of ₹1 lakh or less, registered with the EPFO can benefit from the scheme. The program will support 21 million (210 lakh) freshers with a significant economic increase in the workforce.

Budget 2024 Live Updates:₹1.52 Lakh Crore Dedicated To Agricultural Sector

Sitharam unveils allocating ₹1.52 lakh crore to the agriculture sector to benefit rural demand for automobiles, especially fundamental two-wheelers and tractors.

Budget 2024 Live Updates:Sitharaman Announces Scheme For Job Creation In Manufacturing Sector

Finance Minister Nirmala Sitharaman has announced a scheme to hire new employees in the manufacturing workforce. Under the initiative, she announced a four-year incentive program for Employee Provident Fund Organization (EPFO) contributions, benefiting employees and employers equally. The scheme will benefit 3 million youth and increase employment opportunities across other related sectors. Additionally, the government will reimburse up to ₹3,000 per month for 2 years to employers for each new employee's EPFO contributions, to induce the creation of 5 million jobs.

Budget 2024 Live Updates:₹1.52 Lakh Crore To Be Dedicated To Agriculture, Related Sectors

FM Sitharaman unveils a dedicated budget of ₹1.52 lakh crore for the agriculture sector and related industries.

Finance Minister Nirmala Sitharaman says, "New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding..."

Budget 2024 Live Updates:Budget 2024 Theme Announcement

The theme of Budget 2024 has been divided into 4 factors — Employment, skilling, MSMEs, and middle class, announced Sitharaman. She adds that India's inflation continues to be low, and stable and moving towards the 4% target.

Don't Miss:Union Budget 2024: Decoding Key Announcements For Women

Budget 2024 Live Updates:Finance Minister Nirmala Sitharaman Presents Budget 2024

Finance Minister Nirmala Sitharaman gears up to present her seventh consecutive Union Budget for FY 2024-24 at 11 am on July 23, 2024.

Budget 2024 Live Updates:PM Modi Announces ₹2 Lakh Crore Package For Youth Empowerment

Sitharaman unveils 5 schemes and initiatives to expedite opportunities like employment, skilling, and more for 4.1 crore youth over the next 5 years with a budget of ₹2 lakh crores. ₹1.48 lakh crores has been dedicated to education, employment, and skilling.

Budget 2024 Live Updates:Sitharaman Announces Budget 2024 Goals

FM Sitharaman announces the following focus areas for the 2024 Union Budget:

  • productivity and resilience in agriculture
  • employment and skilling
  • inclusive human resource and development, and social justice
  • manufacturing services
  • urban development
  • energy security
  • infrastructure
  • innovation research and development
  • next generation reforms

Budget 2024 Live Updates:Budget 2024 Copies Enter The Parliament

Before the Budget 2024 announcement begins at 11 am, Finance Minister Nirmala Sitharaman enters the Parliament with copies of the Budget.

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