Union Budget 2024
On July 23, Finance Minister Nirmala Sitharaman presented the Annual Budget 2024-25 in the Lok Sabha. He said that special attention has been given to the welfare of farmers, youth, women, poor and middle-class people. She will be the first Finance Minister to present the Union Budget for the seventh consecutive time, after Morarji Desai who has held the record six times in a row.
Some Key Numbers of Budget 2024
- The Fiscal deficit, which is the difference between government expenditures and income, for the current fiscal year is 5.1 percent, as projected in the Interim Budget in February, against 5.8 percent in the last fiscal year. Also, the government has projected a fiscal deficit of 4.5 percent of the GDP in FY26.
- Tax Revenue, The previous Interim Budget had attached the gross tax revenue at Rs. 38.31 lakh crore for FY24-25, which is 11.46 percent growth over the last fiscal year. It includes an estimated Rs. 21.99 lakh cr. form personal and corporate income taxes, and an extra Rs. 16.22 lakh cr. from GST, excise, and customs duty.
- GST, for FY24-25 Goods and Service Tax (GST) estimated collection will be Rs. 10.68 lakh cr., which is 11.6 percent more than the previous year.
Finance Minister reach to Ministry Office
- Finance Minister Nirmala Sitharaman arrives at the finance ministry offices. Earlier, Minister of State for Finance Pankaj Chaudhary and Chief Economic Advisor Ananta Nageswaran were also spotted.
#WATCH | Delhi: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance
— ANI (@ANI) July 23, 2024
She will present the Union Budget today at around 11 AM at the Parliament. pic.twitter.com/cCNWgf4cl0
Before Presenting Budget
- Finance Minister Nirmala Sitharaman along with her team showed the budget tablet because of paperless budget, outside the finance ministry’s office. The budget will be presented in the Lok Sabha at 11 am.
Stock Market reaction before Budget 2024
- Before Budget 2024 was announce Indian Stock Market, Sensex open with minimal gain at 80,766 and Nifty 50 Index at 24,582. But as of 10:15 am Nifty 50 loose near about 150 points and Sensex loose about 475 points.
Meeting with President
- Finance Minister Nirmala Sitharaman met President Droupadi Murmu, before presenting the Union Budget 2024.
- President Murmu then fed her sugar and curd.
Budget 2024 Jammu & Kashmir copies arrived in Perliament
- J&K budget copies arrive in Parliament.
PM Modi arrives Perliament
#WATCH | PM Modi in Parliament, ahead of the presentation of Union budget by Finance Minister Nirmala Sitharaman
— ANI (@ANI) July 23, 2024
(Video source: DD News) pic.twitter.com/T0RD4hBO2z
Union Cabinet approves the Budget 2024
- Union Cabinet approves the budget. Finance Minister Nirmala Sitharaman will introduce the budget to Parliament shortly.
Nirmala Sitharaman presents Union Budget 2024-2025
- With support of people Modi’s Government comes power in 3rd term.
- Country core inflation currently is 3.1 per cent.
- Pradhan Mantri Garib Kalyan Anna Yojana was extended to five years, which is benefitting more than 80 crore people.
Budget 2024: Rs.1.48 lakh crore for education, employment and
skilling
- Finance Minister Nirmala Sitharaman says “we particularly focus on employment, skilling, MSMEs, and the middle class. I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period.”
Union Budget 2024 foucsing on 9 Priorities
- Finance Minister Nirmala Sitharaman says, “In the interim budget, we promised to present a detailed roadmap for our pursuit of ‘Viksit Bharat’. In line with the strategy set out in the interim budget, this budget envisages sustained efforts on the following 9 priorities for generating ample opportunities for all.”
- Productivity and resilience in Agriculture
- Employment & Skilling
- Inclusive Human Resource Development and Social Justice
- Manufacturing & Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation, Research & Development and
- Next Generation Reforms
Rs. 1.52 lakh crore for Agriculture and Allied sector
- She said, “Our government will undertake a comprehensive review of the agriculture research setup to bring the focus on raising productivity and developing climate resilient varieties. New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.”
Launch three ‘Employment Linked Incentive’ schemes
- This scheme will provide one-month wage to all persons newly entering the workforce in all formal sectors. The direct benefit transfer of one-month salary in three instalments to first-time employees, as registered in the EPFO. Maximum payment will be Rs. 15,000. The eligibility limit will be a salary of Rs.1 lakh per month. This will be benefitted 210 lakh youth.
- This scheme will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees. Incentive will be provided after four years of contribution in EPFO. This will be benefitted 30 lakh youth.
- This employer-focussed scheme will cover additional employment in all sectors. All additional employment within a salary of Rs. 1 lakh per month will be counted. The government will reimburse to employers up to Rs. 3,000 per month for 2 years of EPFO contribution.
Women Empowerment
- FM says, “We will facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches.”
Student Loan
- Upto Rs. 10 lakh student loan will be given for higher education in domestic institutions.W-voucher will be given to 1 lakh students annually with annual 3 percent interest of loan amount.
Also read: Bengal CM Mamata Banerjee’s Bold Statement ‘Offers Shelter to Bangladeshi Refugees’
Financial support for Bihar
- FM says, ” we will formulate Purvodaya, for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh.”
- Development of an industrial node at Gaya Amritsar Kolkata Industrial Corridor.
- Rs. 26,000 crore for 2-lane bridge over river Ganga river at Buxar.
- Rs. 21,400 crore for 2400 MW power plant at Pirpainti.
- Also New airports, medical colleges and sports infrastructure in Bihar will be constructed.
Financial support fo Andhra Pradesh
- FM says, “Our government is fully committed to the the Andhra Pradesh Reorganization Act.”
- Rs. 15,000 crore support for amaravati development. Additional funds are also provided in future.
- Funds for Polavaram Irrigation Project.
- Funds fo water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor.
- Funds for backward regions of Rayalaseema, Prakasam and North Coastal Andhra, as stated in the Act, will also be provided.
Pradhan Mantri Awas Yojana
- Nirmala Sitharaman announce that, “Three crore additional houses under the PM Awas Yojana in rural and urban areas are being made.”
- Central assistance of Rs. 2.2 lakh crore in the next 5 years for one crore urban poor and middle-class families.
Rs. 2.66 lakh crore for Rural development
- Provision of Rs. 2.66 lakh crore for rural development including rural infrastructure.
Mudra loan increased to Rs. 20 lakh
- Mudra loan amount will be increased from Rs. 10 lakh to Rs. 20 lakh.
Internship in top companies for one crore youth
- Internship opportunities in top 500 companies to 1 crore youth in 5 years.
- Industrial parks on the lines of plug and play in 100 cities.
- Setting up of 12 wide-ranging industrial development centres.
- Construction of dormitory-like houses under PPP mode.
Solar Rooftop
- It enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications.
Development of indigenous technology for Advanced Ultra Super
Critical (AUSC)
- NTPC and BHEL both joint venture will set up a 800 MW commercial plant using AUSC technology.
- The government will provide the required fiscal support.
Rs. 11.11 lakh crore fo Infrastructure
- Infrastructure creation to be given a big push in the budget once again.
- Rs. 11.11 lakh crore allocated in the budget.
- It’s quivalent to 3.4 per cent of GDP.
States allowed to increase Stamp Duty
- States allowed to increase stamp duty.
- Reduction in stamp duty on registration of women’s properties.
Rs. 11,500 crore allocated to Bihar for Flood relief
- Bihar is losing every year due to floods.
- Rs 11,000 crore allocated for flood relief and irrigation programmes.
- Special funds for Assam, Himachal Pradesh for flood relief.
Changes in NPS
- Changes in NPS scheme.
- Possibility of joining minors.
Development of Spiritual Tourism
- Gaya’s development on the lines of Kashi.
- Comprehensive plan for development of Bihar Rajgiri Jain Temple.
- Nalanda to be developed as a tourism hub.
FDI norms to be simplified
- Fiscal deficit is expected to come down to 4.9 per cent of GDP.
- GST rates to be more rational.
- Foreign direct investment norms to be further simplified.
Relief for Cancer patients
- Fully exempt three more medicines from customs duties on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab.
- Changes in the BCD on x-ray tubes & flat panel detectors for use in medical x-ray machines.
Reduce the BCD on mobile phone
- Reduction in basic customs duty on mobile phones, mobile PCBA and mobile chargers by 15 per cent.
Reduce customs duty on Gold and Silver
- Reduction in customs duty on gold and silver.
- Cut in duty on gold, silver to 6 per cent.
- Reduction on platinum to 6.4 per cent.
Simplified in Capital gains tax
- Short-term capital gain tax increase to 20 per cent from 15 per cent.
- Long-term capital gain tax increase to 12.5 per cent from 10 per cent.
- The limit of exemption of capital gains on certain financial assets is increase to Rs. 1.25 lakh per year.
STT increase for Future and Options premium
- FM says that, “increase the rates of STT on sale of an option in securities from 0.0625 per cent to 0.1 per cent of the option premium, and on sale of a futures in securities from 0.0125 per cent to 0.02 per cent of the price at which such futures are traded.”
Budget 2024 disappoint Stock market traders
- The Union Budget has disappointed stock market investors. Two major domestic stock indices are trading in losses. At 12:30 pm, the Sensex was trading 1546 points lower at 79,224. The Broader NSE Nifty lost 508 points to close at 24,074. The increase in securities transaction tax (STT) on futures and options securities has disappointed the markets.
Increase Standard deduction
- Standard deduction increase for salaried person to Rs. 75,000 from Rs. 50,000.
- Relief for those who have opted for the new tax regime.
- Finance Minister not to make changes in old tax regime.
- For pensioner it increased to Rs. 25,000 from Rs. 15,000.
Changes tax rate in the new tax regime
- Finance Minister makes changes in new tax regime.
- Tax from zero to Rs 3 lakh is zero.
- 5 per cent tax between Rs. 3-7 lakh.
- Rs. 7-10 lakh to be taxed at 10 per cent.
- Rs. 10-12 lakh to be taxed at 15 per cent.
- Rs. 12-15 lakh 20 per cent tax.
- Rs. 15 lakh and above will be taxed at 30 per cent.
- A salaried employee in the new tax regime save up to Rs. 17,500 in income tax.
PM Modi on Budget 2024
- This is a budget that will fulfil the dreams of the youth, says PM Modi.
This budget will empower the Middle class: PM Modi
- PM Modi says, “Over the last 10 years, around 25 crore individuals have come out of poverty. Building on this momentum, this budget will further energise the aspirations of our neo-middle class. Our young generation will be unleashed with unprecedented opportunities. Education and skills development will achieve a new scale, fuelling our nation’s growth. Also, this budget will empower the middle class like never before!”
Over the last 10 years, around 25 crore individuals have come out of poverty.
— BJP (@BJP4India) July 23, 2024
Building on this momentum, this budget will further energise the aspirations of our neo-middle class.
Our young generation will be unleashed with unprecedented opportunities.
Education and skills… pic.twitter.com/7N0DNRJ0cs
This budget will empower the Middle class
- PM Modi says, “Over the last 10 years, around 25 crore individuals have come out of poverty. Building on this momentum, this budget will further energise the aspirations of our neo-middle class. Our young generation will be unleashed with unprecedented opportunities. Education and skills development will achieve a new scale, fuelling our nation’s growth. Also, this budget will empower the middle class like never before!”
Over the last 10 years, around 25 crore individuals have come out of poverty.
— BJP (@BJP4India) July 23, 2024
Building on this momentum, this budget will further energise the aspirations of our neo-middle class.
Our young generation will be unleashed with unprecedented opportunities.
Education and skills… pic.twitter.com/7N0DNRJ0cs
Rahul Gandhi views about Budget 2024
- Congress MP and leader of opposition in Lok Sabha Rahul Gandhi said, “This is a chair bachao budget. In order to appease the allies, the interests of other states have been set aside and they have been showered with boons. Without giving any relief to the common people. Assurances have been given to dependent investors. This is just a copypaste of previous budgets.”
Rs. 6.21 lakh crore for Defence
- For defence in the Union Budget was ₹6.21 lakh crore for FY24-25.
