LIVE Updates: Union Budget 2024-25

12:27 PM

New income tax slab announced

Up to 3,00,000: Nil From 3,00,001 to 7,00,000: 5% From 7,00,001 to 10,00,000: 10% From 10,00,001 to 12,00,000: 15% From 12,00,001 to 15,00,000: 20% Above 15,00,000: 30%

12:21 PM

Angel Tax to be abolished for all classes of investors

12:10 PM

The Finance Minister announced that long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.

12:09 PM

The Finance Minister stated that the Indian mobile industry has matured and proposed reducing the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Design Assembly (PCDA), and mobile chargers to 15%. A proposal to increase the duty on printed circuit board assemblies (PCBA) for specific telecom equipment by 10 to 15% was declared.

12:05 PM

GST has significantly reduced tax incidents for the common man and eased compliance for industry, marking a success of vast proportions. To further enhance the benefits of GST, we will strive to rationalize the tax structure.

12:02 PM

The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.

12:00 PM

The Finance Minister proposed supporting the development of corridors at the Vishnupad Temple and Mahabodhi Temple, modeled after the Kashi Vishwanath Temple project. Additionally, the government will support the development of Nalanda in Bihar as a tourist center. An economic policy framework will be introduced to drive next-generation reforms and boost economic growth. Furthermore, assistance will be provided to Odisha for tourism development, as announced by the Finance Minister in the Lok Sabha.

11:57 AM

The Finance Minister stated that a mechanism will be established to spur private-driven research at a commercial scale, supported by a financial pool of Rs 1 lakh crore, as announced in February. It is also stated that there will be a continued emphasis on expanding the space economy by five times over the next 10 years. To support this goal, a venture capital fund of Rs 1,000 crore will be established.

11:53 AM

The Finance Minister acknowledged Bihar's frequent flood issues and noted that plans to build flood control structures in Nepal have not yet advanced. The government will allocate approximately Rs 11,500 crore for this purpose. Assam, which faces annual flooding, will receive aid for flood management and related projects. Himachal Pradesh, which has experienced significant flood damage, will receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which suffered considerable damage from landslides and cloudbursts, will be provided with the necessary assistance.

11:51 AM

The Finance Minister announced that states with high stamp duty rates will be encouraged to lower their charges. Additionally, further reductions in duties for properties bought by women will be considered. These measures will be included as key elements of urban development schemes.

11:50 AM

The Finance Minister stated that the government will strive to sustain strong fiscal support for infrastructure. This year, Rs 11.11 lakh crore has been allocated for capital expenditure, representing 3.4% of India's GDP.

11:45 AM

Regarding the development of small and modular nuclear reactors, Finance Minister Sitharaman stated, "The government will collaborate with the private sector to establish Bharat small reactors, focus on the research and development of Bharat small modular reactors, and advance research and development in new nuclear energy technologies."

11:42 AM

Government Allocates Rs.2.2 Lakh Crore for Affordable Housing.

11:41 AM

The Finance Minister announced that an integrated tech platform will be established to enhance outcomes under the Insolvency and Bankruptcy Code (IBC). This platform is designed to provide greater consistency, transparency, and improved oversight for all stakeholders, including the National Company Law Tribunal (NCLT). The IBC has resolved over 1,000 companies, resulting in a direct recovery of ₹3.3 lakh crore for creditors. Additionally, 28,000 cases involving over ₹10 lakh crore have been resolved before admission.

11:39 AM

The Finance Minister stated that a critical mineral mission will be established for the recycling of critical minerals and their acquisition from overseas. She also mentioned that the government will initiate the auction of the first tranche of offshore blocks for mining based on prior exploration efforts.

11:37 AM

12 industrial parks will be sanctioned

11:34 AM

The Finance Minister announced that the MUDRA loan limit will be increased to Rs 20 lakh from the current Rs 10 lakh for individuals who have successfully repaid loans under the TARUN category.

11:32 AM

The Finance Minister affirmed the government's commitment to funding and completing the Pollavaram irrigation project, which is vital for Andhra Pradesh and its farmers. This year, additional funds will be allocated to support capital investment and foster economic growth.

11:28 AM

The Prime Minister stated that the request from the Bihar government for external assistance from multilateral development banks will be expedited.

11:25 AM

The Finance Minister announced that a key priority will be increasing women's participation in the workforce. This will be achieved by establishing hostels and creating partnerships to organize skill development programs specifically for women.

11:23 AM

The Finance Minister announced that job creation in the manufacturing sector will be encouraged through a scheme linked to the employment of first-time workers. This scheme will offer incentives to both employees and employers regarding EPFO contributions for the first four years of employment. It aims to benefit 30 lakh youths and cover additional employment across all sectors. The government will reimburse employers up to Rs 3,000 per month for two years for each additional employee's EPFO contributions. This initiative seeks to incentivize the employment of 50 lakh additional people.

11:20 AM

The Finance Minister announced employment-linked skilling schemes as part of the PM's package, aimed at supporting first-time employees entering the formal workforce. These schemes will be linked to EPFO enrolment and provide financial incentives to new workers. First-time employees will receive a direct benefit transfer equivalent to one month's wage, up to Rs 15,000, in three instalments. The eligibility for this benefit is limited to those earning up to Rs 1 lakh per month. This initiative is expected to benefit around 2.1 lakh youths, offering financial support as they begin their careers in the formal sector.

11:17 AM

The Finance Minister announced that the government will undertake a comprehensive review of the agricultural research setup with the goal of increasing productivity and developing climate-resilient crop varieties. This initiative is a strategic response to the pressing challenges faced by the agricultural sector, including the impacts of climate change and the need for enhanced food security.

11:11 AM

The budget includes a provision of Rs 1.48 lakh crore specifically earmarked for education, employment, and skilling initiatives. This allocation underscores the government's commitment to fostering human capital development and ensuring that the workforce is well-equipped to meet the demands of a rapidly evolving economy.

11:07 AM

The global economy, while performing better than initially anticipated, is currently beset by significant policy uncertainties. This environment poses notable downside risks to economic growth and upside risks to inflation, complicating the outlook for both policymakers and investors

11:05 AM

Overall, the budget's focus on renewable energy capacity additions underscores the government's commitment to achieving the 500 GW target by 2030, positioning India as a global leader in clean energy and sustainable development.

9:40 AM

Nirmala Sitharaman Reaches Rashtrapati Bhavan with Her 'Bahi-Khata' Like previous years, Finance Minister Nirmala Sitharaman continued her tradition as she headed towards Parliament on Tuesday with a computer tablet wrapped in the traditional 'bahi-khata' type pouch. She is presenting the entire Budget 2024–25 in a paperless form.

Sitharaman, along with her team of officials, posed for the customary "briefcase" photo outside her office before meeting with the President. Union Budget 2024 The Economic Survey 2023-24 demonstrates the resilience of the Indian economy and projects a GDP growth rate of about 6.6-7 percent for FY25. This recovery is seen as a strong rebound from the damages created by the pandemic and thus displays the economy's robustness.

Although the BJP could not win the majority in the recent Lok Sabha polls, it is now supported by JD(U) and TDP Political Turnaround. This may affect the budget, as reforms and populist measures could be combined to attract more voters.

Despite the real fiscal pressures building up, the Modi government has stuck to its commitment to fiscal consolidation, which continues into this budget, with an increased emphasis on capital expenditure toward infrastructure projects and PLI schemes extended to labor-intensive sectors. These would generate jobs and give a fillip to economic growth, making India a manufacturing hub as part of global rebalancing.

There are major concerns regarding unemployment, to which the budget may bring some solutions by skilling and reskilling youth and providing easy credit for new businesses. It is likely that the creation of jobs in the private sector will be underscored more in government policymaking and further promoted MSMEs.