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.
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Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%
— ANI Digital (@ani_digital) July 23, 2024
Read @ANI Story | https://t.co/vYoHdoMqsq#UnionBudget2024#UnionBudget24#NirmalaSitharaman#BudgetSession#BudgetSession2024pic.twitter.com/5cqjHL8xeY
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.
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.
Sitharaman reveals an enhanced standard tax deduction from ₹50,000 to ₹75,000. The revised tax slabs are as follows:
#WATCH | On personal income tax rates in new tax regime, FM Sitharaman says, "Under new tax regime, tax rate structure to be revised as follows - Rs 0-Rs 3 lakh -Nil; Rs 3-7 lakh -5% ; Rs 7-10 lakh-10% ; Rs 10-12 lakh-15%; 12-15 lakh- 20% and above Rs 15 lakh-30%." pic.twitter.com/zQd7A4OsnT
— ANI (@ANI) July 23, 2024
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.
FM Sitharaman reveals customs duty exemption on three significant medicines for the treatment of cancer patients. The government also aims to:
Finance Minister Nirmala Sitharaman unveils financial support for flood-affected states:
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: Finance Minister announces special financial support to Andhra Pradesh, Rs 15000 cr allocated for Capital
— ANI Digital (@ani_digital) July 23, 2024
Read @ANI Story | https://t.co/l1xGVMqYO5#UnionBudget2024#UnionBudget24#NirmalaSitharaman#BudgetSession#BudgetSession2024pic.twitter.com/7aqPpb7jQk
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.
Finance Minister Nirmala Sitharaman says, "The government endeavours to maintain strong fiscal support for infrastructure over the next 5 years. Capital expenditure to be Rs 11,11 lakh crore at 3.4% of our GDP." pic.twitter.com/vGtLo8ZapQ
— ANI (@ANI) July 23, 2024
Micro, Small, and Medium Enterprises (MSMEs) will be supported by the government in the following ways:
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.
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:
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:
#WATCH | Presenting Union Budget, Finance Minister Nirmala Sitharaman says, "The Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000." pic.twitter.com/v95f2PKTwV
— ANI (@ANI) July 23, 2024
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.
Sitharam unveils allocating ₹1.52 lakh crore to the agriculture sector to benefit rural demand for automobiles, especially fundamental two-wheelers and tractors.
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.
#Budget2024 | Finance Minister Nirmala Sitharaman says, "Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support… pic.twitter.com/UiBOrcfNPY
— ANI (@ANI) July 23, 2024
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..."
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
Finance Minister Nirmala Sitharaman gears up to present her seventh consecutive Union Budget for FY 2024-24 at 11 am on July 23, 2024.
Union Finance Minister Nirmala Sitharaman presents the first Budget of the third consecutive Modi government
— ANI (@ANI) July 23, 2024
FM says, "The people of India have reposed their faith in the govt led by PM Modi and re-elected it for the historic third term..." pic.twitter.com/kgCcvEMECx
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.
FM Sitharaman announces the following focus areas for the 2024 Union Budget:
Before the Budget 2024 announcement begins at 11 am, Finance Minister Nirmala Sitharaman enters the Parliament with copies of the Budget.
#WATCH | Delhi | Copies of the Union Budget 2024 brought to the Parliament, ahead of presentation of first budget of Modi government in its third term pic.twitter.com/hWM1Jh2Wub
— ANI (@ANI) July 23, 2024
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