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THE TIMES OF INDIA | Jul 24, 2024, 20:46:44 IST
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Budget 2024 Live Updates: Amit Shah hails internship programme decision as 'game-changing move'
Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman’s Union Budget 2024 saw her announcing several key projects across agriculture, manufacturing and services sector. She also announced major changes in the capital gains tax regime and income tax regimes. “The people have given a unique opportunity to our government to take the country on the path of strong development and all-round prosperity. In the interim budget, we promised to present a detailed roadmap for our pursuit of ‘Viksit Bharat’,” FM Nirmala Sitharaman.
She outlined nine key areas of focus for the government:
“This budget details some of the specific actions to be initiated in the current year towards fulfilment of these priorities with potential for transformative changes. The budget also covers some of the previously made announcements with an intent to strengthen them and step up their implementation for expediting our journey towards the goal of Viksit Bharat,” Sitharaman said.
Furthermore, the government announced a comprehensive review of the Income Tax Act to improve its clarity and readability. Sitharaman also announced changes to the new tax regime slabs and an increase in the standard tax deduction from Rs 50,000 to Rs 75,000. Track TOI’s Budget 2024 live blog for insightful coverage on Budget 2024, FM Sitharaman’s key announcements and expert analysis.
She outlined nine key areas of focus for the government:
- Productivity and resilience in Agriculture
- Employment & Skilling
- Inclusive Human Resource Development and Social Justice
- Manufacturing & Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation, Research & Development
- Next Generation Reforms
“This budget details some of the specific actions to be initiated in the current year towards fulfilment of these priorities with potential for transformative changes. The budget also covers some of the previously made announcements with an intent to strengthen them and step up their implementation for expediting our journey towards the goal of Viksit Bharat,” Sitharaman said.
Furthermore, the government announced a comprehensive review of the Income Tax Act to improve its clarity and readability. Sitharaman also announced changes to the new tax regime slabs and an increase in the standard tax deduction from Rs 50,000 to Rs 75,000. Track TOI’s Budget 2024 live blog for insightful coverage on Budget 2024, FM Sitharaman’s key announcements and expert analysis.
16:08 (IST) Jul 23
Budget 2024 Live: Defence minister Rajnath Singh thanks FM Nirmala Sitharaman for highest allocation to defence sector
Defence minister Rajnath Singh thanked finance minister Nirmala Sitharaman on Tuesday for allocating the highest budget to the defence sector. In a post on X, he expressed gratitude for the Rs 6,21,940.85 crore allocation, which makes up 12.9% of the total budget for FY 2024-25. Singh highlighted that the Rs 1,72,000 crore capital outlay will enhance the capabilities of the Armed Forces.
Singh also noted the Rs 1,05,518.43 crore earmarked for domestic capital procurement, which will boost the Atmanirbharta initiative. He mentioned a 30% increase in allocation for the Border Roads Organisation (BRO), with Rs 6,500 crore dedicated to accelerating border infrastructure. Additionally, Rs 518 crore has been allocated to the iDEX scheme to support startups, MSMEs, and innovators in the defence sector.
In another post, Singh congratulated Sitharaman for presenting an outstanding budget for FY 2024-25, which aims to create a prosperous and self-reliant 'Viksit Bharat'. Inspired by PM Narendra Modi's vision of inclusive and rapid development, the budget aims to elevate India's growth trajectory and help the country become a five trillion dollar economy by 2027. Singh emphasized that the budget will boost demand, create opportunities for youth, and propel India's economy onto the global stage.
Singh praised the budget's comprehensive approach, noting its focus on infrastructure, agriculture, banking, energy, industry, R&D, MSMEs, and defence. He highlighted the numerous policies and programs announced to support India's farmers, youth, women, and other vulnerable sections of society.
Singh also noted the Rs 1,05,518.43 crore earmarked for domestic capital procurement, which will boost the Atmanirbharta initiative. He mentioned a 30% increase in allocation for the Border Roads Organisation (BRO), with Rs 6,500 crore dedicated to accelerating border infrastructure. Additionally, Rs 518 crore has been allocated to the iDEX scheme to support startups, MSMEs, and innovators in the defence sector.
In another post, Singh congratulated Sitharaman for presenting an outstanding budget for FY 2024-25, which aims to create a prosperous and self-reliant 'Viksit Bharat'. Inspired by PM Narendra Modi's vision of inclusive and rapid development, the budget aims to elevate India's growth trajectory and help the country become a five trillion dollar economy by 2027. Singh emphasized that the budget will boost demand, create opportunities for youth, and propel India's economy onto the global stage.
Singh praised the budget's comprehensive approach, noting its focus on infrastructure, agriculture, banking, energy, industry, R&D, MSMEs, and defence. He highlighted the numerous policies and programs announced to support India's farmers, youth, women, and other vulnerable sections of society.
15:58 (IST) Jul 23
Budget 2024 Live: 'Testament to India's commitment to inclusive growth, sustainable development and economic resilience', says Union minister JP Nadda
Addressing the media, Union minister and BJP national president JP Nadda said, "The first Union Budget for 2024-25 in the third term of Narendra Modi government stands as a testament to India's commitment to inclusive growth, sustainable development and economic resilience. This visionary budget not only addresses the immediate needs of the nation but also lays down a robust framework for long-term prosperity, prioritizing infrastructure development, technological innovation and social welfare. It paves the way for a more prosperous and equitable India. The budgets, forward-looking policies and strategic investments are poised to accelerate growth, create jobs and enhance the quality of life for all citizens. This budget is a significant step towards realizing the aspirations of a dynamic and self-reliant India. I congratulate Narendra Modi, and I congratulate the Finance Minister and team for giving a budget which is focused on Gaon, Garib, Mahila, Yuva, Dalit, and Adivasi. This budget serves the aspirations of all sections of the society. This budget speaks of the economic and financial stability of India. It also demonstrates how resilient the Indian economy is to the external challenges in this budget".
15:49 (IST) Jul 23
Budget 2024 Live: Andhra CM Chandrababu Naidu thanks Centre for recognising Andhra's needs in Budget
Andhra Pradesh Chief Minister N Chandrababu Naidu expressed gratitude to the Central government for addressing the state's needs in the Union Budget for 2024-25. The budget focuses on key areas such as the capital city, the Polavaram project, industrial nodes, and the development of backward areas in the state of Andhra Pradesh.
While presenting the Union Budget, Finance Minister Nirmala Sitharaman announced a special financial support package of Rs 15,000 crore for the capital city. She also reaffirmed the government's "full commitment" to the Polavaram project and promised funds for infrastructure and the development of backward regions.
While presenting the Union Budget, Finance Minister Nirmala Sitharaman announced a special financial support package of Rs 15,000 crore for the capital city. She also reaffirmed the government's "full commitment" to the Polavaram project and promised funds for infrastructure and the development of backward regions.
14:49 (IST) Jul 23
Budget 2024 Live: Union health ministry allocated Rs 90,958.63 crore
The Union health ministry's budget allocation for the fiscal year 2024-2025 has been set at Rs 90,958.63 crore, marking a 12.96 per cent increase from the revised estimates of Rs 80,517.62 crore for the previous year.
In a move to provide relief to cancer patients, FM Nirmala Sitharaman announced three additional cancer treatment drugs - "Trastuzumab Deruxtecan, Osimertinib and Durvalumab" - will be fully exempt from Customs duties.
"To provide relief to cancer patients, I propose to fully exempt three more medicines from Customs duties. I also propose changes in the BCD (Basic Customs Duty) on X-Ray tubes and flat panel detectors for use in medical X-Ray machines under the Phased Manufacturing Program," Sitharaman said.
The AYUSH Ministry's budget allocation has seen a significant increase, rising from Rs 3,000 crore to Rs 3,712.49 crore. Of the total Rs 90,958.63 crore allocated to the Union health ministry, Rs 87,656.90 crore has been earmarked for the Department of Health and Family Welfare, while Rs 3,301.73 crore has been allocated to the Department of Health Research.
The budget allocation for schemes under the Department of Health and Family Welfare has witnessed an increase, rising from Rs 77,624.79 crore to Rs 87,656.90 crore.
In a move to provide relief to cancer patients, FM Nirmala Sitharaman announced three additional cancer treatment drugs - "Trastuzumab Deruxtecan, Osimertinib and Durvalumab" - will be fully exempt from Customs duties.
"To provide relief to cancer patients, I propose to fully exempt three more medicines from Customs duties. I also propose changes in the BCD (Basic Customs Duty) on X-Ray tubes and flat panel detectors for use in medical X-Ray machines under the Phased Manufacturing Program," Sitharaman said.
The AYUSH Ministry's budget allocation has seen a significant increase, rising from Rs 3,000 crore to Rs 3,712.49 crore. Of the total Rs 90,958.63 crore allocated to the Union health ministry, Rs 87,656.90 crore has been earmarked for the Department of Health and Family Welfare, while Rs 3,301.73 crore has been allocated to the Department of Health Research.
The budget allocation for schemes under the Department of Health and Family Welfare has witnessed an increase, rising from Rs 77,624.79 crore to Rs 87,656.90 crore.
14:46 (IST) Jul 23
Budget 2024 Live: Skilling and Education Loans
“The Model Skill Loan Scheme will be revised to facilitate loans up to ` 7.5 lakh with a guarantee from a government promoted Fund. This measure is expected to help 25,000 students every year
For helping our youth who have not been eligible for any benefit under government schemes and policies, I am happy to announce a financial support for loans upto Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount,” announced FM Sitharaman.
For helping our youth who have not been eligible for any benefit under government schemes and policies, I am happy to announce a financial support for loans upto Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount,” announced FM Sitharaman.
14:42 (IST) Jul 23
Union Budget 2024: Budget disappointment for farmers, women, neglected communities, says Mayawati
Mayawati, the leader of the Bahujan Samaj Party, expressed her dissatisfaction with the Union Budget 2024-25 on Tuesday, stating that it fails to address the needs of the poor, unemployed, farmers, women, and marginalized communities in India. In a post on X, she said, "The Union Budget presented in Parliament today follows the same old pattern, where except for a handful of rich and wealthy people, it offers little hope of good days for the country's poor, unemployed, farmers, women, labourers, marginalised and neglected communities and is more full of disappointment for them."
According to Mayawati, the government at the Centre lacks the necessary intentions to tackle the pressing issues of extreme poverty, unemployment, inflation, and underdevelopment that the country is currently facing. She questioned the government's commitment to uplifting the lives of the underprivileged sections of society.
In her post, she further added, "This new government also lacks the required reformist policies and intentions for the upliftment of over 125 crore underprivileged sections and the provision of basic facilities for them. Will people's lives become happy and prosperous with such provisions in the budget?."
According to Mayawati, the government at the Centre lacks the necessary intentions to tackle the pressing issues of extreme poverty, unemployment, inflation, and underdevelopment that the country is currently facing. She questioned the government's commitment to uplifting the lives of the underprivileged sections of society.
In her post, she further added, "This new government also lacks the required reformist policies and intentions for the upliftment of over 125 crore underprivileged sections and the provision of basic facilities for them. Will people's lives become happy and prosperous with such provisions in the budget?."
14:38 (IST) Jul 23
Budget 2024 Live: Union Budget for agriculture
“New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.
In the next two years, 1 crore farmers across the country will be initiated into natural farming supported by certification and branding. Implementation will be through scientific institutions and willing gram panchayats. 10,000 need-based bio-input resource centres will be established.
For achieving self-sufficiency in pulses and oilseeds, we will strengthen their production, storage and marketing. As announced in the interim budget, a strategy is being put in place to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower.
Large scale clusters for vegetable production will be developed closer to major consumption centres. We will promote Farmer-Producer Organizations, cooperatives and start-ups for vegetable supply chains including for collection, storage, and marketing.
Buoyed by the success of the pilot project, our government, in partnership with the states, will facilitate the implementation of the Digital Public Infrastructure (DPI) in agriculture for coverage of farmers and their lands in 3 years. During this year, digital crop survey for Kharif using the DPI will be taken up in 400 districts. The details of 6 crore farmers and their lands will be brought into the farmer and land registries. Further, the issuance of Jan Samarth based Kisan Credit Cards will be enabled in 5 states,” announced FM Sitharaman.
In the next two years, 1 crore farmers across the country will be initiated into natural farming supported by certification and branding. Implementation will be through scientific institutions and willing gram panchayats. 10,000 need-based bio-input resource centres will be established.
For achieving self-sufficiency in pulses and oilseeds, we will strengthen their production, storage and marketing. As announced in the interim budget, a strategy is being put in place to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower.
Large scale clusters for vegetable production will be developed closer to major consumption centres. We will promote Farmer-Producer Organizations, cooperatives and start-ups for vegetable supply chains including for collection, storage, and marketing.
Buoyed by the success of the pilot project, our government, in partnership with the states, will facilitate the implementation of the Digital Public Infrastructure (DPI) in agriculture for coverage of farmers and their lands in 3 years. During this year, digital crop survey for Kharif using the DPI will be taken up in 400 districts. The details of 6 crore farmers and their lands will be brought into the farmer and land registries. Further, the issuance of Jan Samarth based Kisan Credit Cards will be enabled in 5 states,” announced FM Sitharaman.
14:36 (IST) Jul 23
Budget 2024 Live: What did the Union Budget focus on?
“As mentioned in the interim budget, we need to focus on 4 major castes, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). For Annadata, we announced higher Minimum Support Prices a month ago for all major crops, delivering on the promise of at least a 50 per cent margin over costs. Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefitting more than 80 crore people.
Administrative actions for approval and implementation of various schemes announced in the interim budget are well underway. The required allocations have been made.
In this budget, 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 with a central outlay of Rs 2 lakh crore. I will speak about them shortly, while more details may be seen in the annexure. This year, I have made a provision of Rs 1.48 lakh crore for education, employment and skilling,” FM Nirmala Sitharaman.
Administrative actions for approval and implementation of various schemes announced in the interim budget are well underway. The required allocations have been made.
In this budget, 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 with a central outlay of Rs 2 lakh crore. I will speak about them shortly, while more details may be seen in the annexure. This year, I have made a provision of Rs 1.48 lakh crore for education, employment and skilling,” FM Nirmala Sitharaman.
14:35 (IST) Jul 23
Budget 2024 Live: Sharing a post on X, Congress leader Rahul Gandhi remarked, 'Kursi Bachao' Budget
Rahul Gandhi said, the recently announced budget, dubbed the "Kursi Bachao Budget," appears to prioritize political survival over the welfare of the nation. The government seems to be making empty assurances to its allies, potentially at the expense of other states' interests, in an attempt to maintain its grip on power.
:"Kursi Bachao Budget.
- Appease Allies: Hollow promises to them at the cost of other states.
- Appease Cronies: Benefits to AA with no relief for the common Indian.
- Copy and Paste: Congress manifesto and previous budgets." Rahul posted on X.
:"Kursi Bachao Budget.
- Appease Allies: Hollow promises to them at the cost of other states.
- Appease Cronies: Benefits to AA with no relief for the common Indian.
- Copy and Paste: Congress manifesto and previous budgets." Rahul posted on X.
14:28 (IST) Jul 23
Union Budget 2024: Budget has many provisions for making India's defence sector 'aatmanirbhar', has focus on tourism sector too, says PM Modi
14:27 (IST) Jul 23
Budget 2024 Live: PM Modi cites budget's stress on youth, says its measures will open many new opportunities for youngsters.
He said budget will bring new opportunities for start-ups, innovation sector.
14:19 (IST) Jul 23
Union Budget 2024: 'This budget will empower every section of society'
Prime Minister Narendra Modi said "This Budget strengthens every section of the society. It takes the country's poor, village and farmer on the path of prosperity. In the last 10 years, 25 crore people have come out of poverty. This is a budget of continuity of empowerment of the new middle class. The youth will get unlimited opportunities from this budget. Education and skill will get a new scale from this budget. This budget will give power to the new middle class...This budget will help women, small businessmen, MSMEs."
14:16 (IST) Jul 23
Budget 2024 Live: PM Modi on 'Employment Linked Incentive scheme'
PM Modi said, "In this Budget, the government has announced ‘Employment Linked Incentive scheme. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country's top companies under the apprenticeship program."
14:13 (IST) Jul 23
Budget 2024 Live: PM Modi in his remarks on Union Budget 2024
The Prime Minister said: "This Budget strengthens every section of the society. It takes the country's poor, village and farmer on the path of prosperity. In the last 10 years, 25 crore people have come out of poverty. This is a budget of continuity of empowerment of the new middle class."
14:11 (IST) Jul 23
Budget 2024 Live: This budget puts emphasis on manufacturing as well as infrastructure; will speed up growth, says PM Modi
14:06 (IST) Jul 23
Budget 2024 Live: PM Narendra Modi said, "The #BudgetForViksitBharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India."
13:54 (IST) Jul 23
Union Budget 2024: Budget will boost startup ecosystem in defence industries, says Rajnath Singh
"As far as the allocation to Ministry of Defence is concerned, I thank the Finance Minister for giving the highest allocation to the tune of Rs 6,21,940.85 Crore, which is 12.9 % of total Budget of GoI for FY 2024-25," he said taking to X.
"The capital outlay of Rs 1,72,000 Crore will further strengthen the capabilities of Armed Forces. Earmarking of Rs, 1,05,518.43 Crore for domestic capital procurement will provide further impetus to Atmanibharta," he added.
"I am pleased that Border Roads have been given 30% increase in allocation over the last budget under the capital head. This allocation of Rs 6,500 Crore to BRO will further accelerate our Border Infrastructure. To boost the startup ecosystem in Defence Industries, Rs 518 crore has been allocated to iDEX scheme to fund technological solutions given by startups, MSMEs and innovators," he said.
"The capital outlay of Rs 1,72,000 Crore will further strengthen the capabilities of Armed Forces. Earmarking of Rs, 1,05,518.43 Crore for domestic capital procurement will provide further impetus to Atmanibharta," he added.
"I am pleased that Border Roads have been given 30% increase in allocation over the last budget under the capital head. This allocation of Rs 6,500 Crore to BRO will further accelerate our Border Infrastructure. To boost the startup ecosystem in Defence Industries, Rs 518 crore has been allocated to iDEX scheme to fund technological solutions given by startups, MSMEs and innovators," he said.
13:42 (IST) Jul 23
Budget 2024: Budget not only exemplifies Bharat's newfound sense of purpose, says Union home minister Amit Shah
"The Budget 2024–25 not only exemplifies Bharat's newfound sense of purpose, hope and optimism under the PM Modi Ji -led NDA government but also fortifies them. Harnessing the power of Bharat's youth, Nari Shakti and farmers, the budget fuels the nation's pace on the path of emerging as a developed nation by ushering in a new era of employment and opportunities. My heartfelt gratitude to PM Shri @narendramodi Ji and FM Smt @nsitharaman Ji for the pro-people and pro-development visionary budget," home minister Amit Shah said in a post on X.
13:32 (IST) Jul 23
Budget 2024: FM proposes hike in STT on F&Os to discourage retail participation
Sithraman has proposed to increase the rate of securities transaction tax (STT) on futures and options (F&O) trade to discourage retail investors' participation in the risky instrument.
"It is proposed to increase the rates of STT on the 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," she said in the Union Budget speech.
This came after the Economic Survey flagged concerns over rising retail investors' interest in derivative trading. The survey stated that speculative trade has no place in a developing country.
"It is proposed to increase the rates of STT on the 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," she said in the Union Budget speech.
This came after the Economic Survey flagged concerns over rising retail investors' interest in derivative trading. The survey stated that speculative trade has no place in a developing country.
13:20 (IST) Jul 23
Budget live: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%
In a move aimed at benefiting consumers, finance minister Nirmala Sitharaman announced a significant reduction in the Basic Customs Duty (BCD) on mobile phones during her presentation of the Union Budget for the fiscal year 2024-25 in Parliament on Tuesday. The BCD on mobile phones will be lowered to 15 per cent, a decrease of 15 per cent from the previous rate.
The reduction in BCD will not be limited to mobile phones alone. Sitharaman also stated, "With a threefold increase in domestic production and almost a 100-fold jump in exports of mobile phones over the last 6 years, the Indian mobile industry has matured. In the interest of consumers I now propose to reduce the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Board Assembly (PCBA) and mobile charger to 15 per cent."
This means that mobile PCBAs and chargers will also see a similar reduction in BCD, bringing their rates down to 15 per cent as well.
The government's decision to lower the BCD is expected to have a positive impact on the affordability of mobile phones and related accessories for consumers. By reducing the cost of imported components and finished products, the government hopes to ensure that the benefits of these reductions are passed on to end-users, potentially resulting in lower retail prices for mobile phones and accessories in the market.
The reduction in BCD will not be limited to mobile phones alone. Sitharaman also stated, "With a threefold increase in domestic production and almost a 100-fold jump in exports of mobile phones over the last 6 years, the Indian mobile industry has matured. In the interest of consumers I now propose to reduce the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Board Assembly (PCBA) and mobile charger to 15 per cent."
This means that mobile PCBAs and chargers will also see a similar reduction in BCD, bringing their rates down to 15 per cent as well.
The government's decision to lower the BCD is expected to have a positive impact on the affordability of mobile phones and related accessories for consumers. By reducing the cost of imported components and finished products, the government hopes to ensure that the benefits of these reductions are passed on to end-users, potentially resulting in lower retail prices for mobile phones and accessories in the market.
13:10 (IST) Jul 23
Union Budget 2024: What's cheaper and what's dearer? Here's the full list
Finance Minister Nirmala Sitharaman announced the Union Budget 2024 on Tuesday, adopting a grassroots approach. The Budget emphasises making medicines, especially for cancer patients, more affordable, and reduces customs duty on precious metals like gold and silver to 6% and platinum to 6.5%.
Here are the goods that became cheaper:
- Cancer medicines: Customs duties on three cancer medicines have been exempted.
- Mobile phones and chargers: Basic customs duty (BCD) on mobile phones, PCBAs, and mobile chargers reduced to 15%.
- Precious metals: Customs duty on gold and silver reduced to 6%, and on platinum to 6.5%.
- Fish feed and shrimp: BCD on fish feed and shrimp reduced to 5%.
- Minerals: Customs duties exempted on 25 critical minerals.
12:53 (IST) Jul 23
Budget 2024: Chidambaram takes a dig at FM Nirmala Sitharaman
Congress leader P Chidambaram took a jibe at the government regarding the Union Budget on Tuesday and said that he was glad that finance minister Nirmala Sitharaman had apparently referred to the Congress 2024 manifesto following the Lok Sabha election results.
Sitharaman delivered the Budget for 2024-25, marking her seventh consecutive presentation and surpassing the record previously held by former prime minister Morarji Desai. This Budget was the first one presented during the third term of the Prime Minister Narendra Modi-led government.
In a post on X, Chidambaram stated, "I am glad to know that the Hon'ble FM has read the Congress Manifesto LS 2024 after the election results. I am happy she has virtually adopted the Employment-linked incentive (ELI) outlined on page 30 of the Congress Manifesto."
"I am also happy that she has introduced the Apprenticeship scheme along with an allowance to every apprentice spelt out on page 11 of the Congress Manifesto. I wish the FM had copied some other ideas in the Congress Manifesto. I shall shortly list the missed opportunities," he added.
Sitharaman delivered the Budget for 2024-25, marking her seventh consecutive presentation and surpassing the record previously held by former prime minister Morarji Desai. This Budget was the first one presented during the third term of the Prime Minister Narendra Modi-led government.
In a post on X, Chidambaram stated, "I am glad to know that the Hon'ble FM has read the Congress Manifesto LS 2024 after the election results. I am happy she has virtually adopted the Employment-linked incentive (ELI) outlined on page 30 of the Congress Manifesto."
"I am also happy that she has introduced the Apprenticeship scheme along with an allowance to every apprentice spelt out on page 11 of the Congress Manifesto. I wish the FM had copied some other ideas in the Congress Manifesto. I shall shortly list the missed opportunities," he added.
12:46 (IST) Jul 23
Union Budget 2024 live: Congress accused Sitharaman of borrowing internship program from Congress's manifesto
After the Union Budget was presented by finance minister Nirmala Sitharaman, Congress leader Jairam Ramesh accused her of borrowing the scheme from Congress's poll manifesto.
"The finance minister has taken a leaf out of the INC's Nyay Patra 2024, with its internship program clearly modelled on the INC's proposed Apprenticeship Program that was called Pehli Naukri Pakki," he said.
"It's far too late, and as it turns out, far too little - the Budget speech is more focused on posturing than action," he added.
The Congress's poll manifesto had said, "Apprentices will get Rs 1 lakh a year. The apprenticeship will impart skills, enhance employability and provide full-time job opportunities for millions of youth."
"After ten years of denial -- where neither the non-biological PM nor his party's Lok Sabha Elections Manifesto would even mention jobs -- the Union Government seems to have finally come around to tacitly admitting that mass unemployment is a national crisis that requires urgent attention," Ramesh further said.
"The finance minister has taken a leaf out of the INC's Nyay Patra 2024, with its internship program clearly modelled on the INC's proposed Apprenticeship Program that was called Pehli Naukri Pakki," he said.
"It's far too late, and as it turns out, far too little - the Budget speech is more focused on posturing than action," he added.
The Congress's poll manifesto had said, "Apprentices will get Rs 1 lakh a year. The apprenticeship will impart skills, enhance employability and provide full-time job opportunities for millions of youth."
"After ten years of denial -- where neither the non-biological PM nor his party's Lok Sabha Elections Manifesto would even mention jobs -- the Union Government seems to have finally come around to tacitly admitting that mass unemployment is a national crisis that requires urgent attention," Ramesh further said.
12:35 (IST) Jul 23
Budget 2024: Income Tax slabs under new income tax regime
Income Tax slabs for FY 2024-25 for the new income tax regime have been revised. The new income tax regime tax slabs are:
Up to Rs 3 lakh the tax is NIL
From Rs 3 lakh to Rs 7 lakh the tax rate is 5%
From Rs 7 lakh to Rs 10 lakh the tax rate is 10%
From Rs 10 lakh to Rs 12 lakh the tax rate is 15%
From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
Above Rs 15 lakh income the tax rate is 30%
Up to Rs 3 lakh the tax is NIL
From Rs 3 lakh to Rs 7 lakh the tax rate is 5%
From Rs 7 lakh to Rs 10 lakh the tax rate is 10%
From Rs 10 lakh to Rs 12 lakh the tax rate is 15%
From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
Above Rs 15 lakh income the tax rate is 30%
12:34 (IST) Jul 23
Union Budget 2024 live: Government abolishes Angel tax in a bid to boost investment
"Monetary limit for filing Tax appeals increased to Rs 60 lacs for ITAT, Rs 2 crores for high courts and Rs 5 crores for Supreme Court...I propose to abolish the Angel tax abolished for all classes of investors. Corporate tax rate to be reduced on foreign companies from 40 to 35 per cent," she said.
This comes after commerce and industry minister Piyush Goyal said that the angel tax was implemented to prevent fraudulent entities from artificially inflating valuations and raising capital. He had emphasized the importance of increasing domestic funding for startups, expressing concern that foreign investors often end up owning a significant portion of companies founded by talented young entrepreneurs.
"If someone wants to come back to India, they will have to pay the tax, as discrimination would be very difficult to justify. They (startups) did not go out because of pressure or any reason. They went out for better tax planning. If they pay some tax here, it will help us give some more scholarships to poor children, it will help us make a few houses for the poor, it will help us replace slums with proper housing," he had said.
This comes after commerce and industry minister Piyush Goyal said that the angel tax was implemented to prevent fraudulent entities from artificially inflating valuations and raising capital. He had emphasized the importance of increasing domestic funding for startups, expressing concern that foreign investors often end up owning a significant portion of companies founded by talented young entrepreneurs.
"If someone wants to come back to India, they will have to pay the tax, as discrimination would be very difficult to justify. They (startups) did not go out because of pressure or any reason. They went out for better tax planning. If they pay some tax here, it will help us give some more scholarships to poor children, it will help us make a few houses for the poor, it will help us replace slums with proper housing," he had said.
12:34 (IST) Jul 23
Budget 2024: Standard deduction for Salaried employees to be increased from Rs 50,000 to Rs 75000 under new tax regime
"Coming to personal income tax rates, I have two announcements to make for those opting for the new tax regime. First, the standard deduction for salaries employees is proposed to be increased from Rs 50,000 to Rs 75,000. Similarly, deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000. This will provide relief to about 4 crore salaries individuals and pensioners," finance minister Nirmala Sitharaman said.
"Second, in the new tax regime, the tax rate structure is proposed to be revised as follows: Rs 0-3 lakh - Nil; Rs 3-7 lakh - 5%; Rs 7-10 lakh - 10%; Rs 10-12 lakh - 15%; Rs 12-15 lakh - 20%; and Rs 15 lakh and above - 30%," she added.
"Second, in the new tax regime, the tax rate structure is proposed to be revised as follows: Rs 0-3 lakh - Nil; Rs 3-7 lakh - 5%; Rs 7-10 lakh - 10%; Rs 10-12 lakh - 15%; Rs 12-15 lakh - 20%; and Rs 15 lakh and above - 30%," she added.
12:24 (IST) Jul 23
Budget 2024: TDS rate on e-commerce operators reduced from 1% to 0.1%, says FM Nirmala Sitharaman
"A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date," Sitharaman said.
12:22 (IST) Jul 23
Union Budget 2024 live: Government reduces basic customs duty on mobile phones, mobile chargers to 15%
Meanwhile, the finance minister said that the government would strive to further simplify and rationalise GST tax structure. She also said that the government would exempt customs duty on 25 critical minerals.
12:18 (IST) Jul 23
Budget live: FM announces review of income tax
"I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months," Sitharaman said.
12:17 (IST) Jul 23
Union Budget 2024 live: Custom duties on gold, silver reduced to 6%
"I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum," she said.
12:15 (IST) Jul 23
Union Budget 2024 live: R&D in nuclear energy sector to form a crucial part of 'Viksit Bharat'
Providing information about this, finance minister Nirmala Sitharaman said, "Research and development of small and modular nuclear reactors - nuclear energy is expected to form a very significant part of the energy mix for 'Viksit Bharat'. Towards that pursuit, our government will partner with private sector for
1.) Setting up Bharat Small Reactors;
2.) Research and development of Bharat Small Modular Reactor;
3.) Research and development of newer technologies for nuclear energy. The R&D funding announced the in the interim Budget will be made available for this sector also."
1.) Setting up Bharat Small Reactors;
2.) Research and development of Bharat Small Modular Reactor;
3.) Research and development of newer technologies for nuclear energy. The R&D funding announced the in the interim Budget will be made available for this sector also."
12:15 (IST) Jul 23
Budget live: Fiscal deficit estimated at 4.9% of GDP, says FM Sitharaman
Finance minister Nirmala Sitharaman says, "Fiscal deficit 2024-25 is estimated at 4.9% of GDP. The aim is to reach the deficit below 4.5%.
12:12 (IST) Jul 23
Budget 2024 Live: Capex for infrastructure along Interim Budget lines
CRISIL View: The capex for infrastructure sectors is along the lines of the announcement in the interim budget. Over the past three years, the number is higher in absolute terms but lower as a percentage of allocation.
12:10 (IST) Jul 23
Union Budget 2024 live: Will develop corridors in Gaya on the model on Kashi Vishwanath model, said FM
This came in an effort to promote tourism across India with major focus on Bihar and Odisha.
"Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches," she said.
"Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches," she said.
12:09 (IST) Jul 23
Budget 2024 live: Govt announces loans up to Rs 10 lakh for higher education in domestic institutions
Sitharaman announced that the government will offer financial assistance for loans up to Rs 10 lakh for higher education in domestic institutions. This support will be provided through e-vouchers, which will be directly given to one lakh students annually, along with an interest subvention of 3 per cent of the loan amount. In addition to this, the finance minister also outlined several initiatives for the Skill Development sector. These include the upgrading of 1,000 Industrial Training Institutes (ITIs) using the hub and spoke model, aligning course content with the skill requirements of the industry, and revising the model skill loan scheme.
The Union Budget for 2024-25 has allocated Rs 1.48 lakh crore for education, employment, and skilling initiatives in the country, demonstrating the government's commitment to empowering the youth and enhancing their skills for better employment opportunities.
The Union Budget for 2024-25 has allocated Rs 1.48 lakh crore for education, employment, and skilling initiatives in the country, demonstrating the government's commitment to empowering the youth and enhancing their skills for better employment opportunities.
12:05 (IST) Jul 23
Union Budget 2024 live: Government provides Rs 11.11 lakh crore towards capex for FY25, announced Sitharaman
The finance minister also said that the government would maintain a strong fiscal support for infrastructure projects for the next 5 years.
Private sector investment in infrastructure would be facilitated via Viability Gap Funding, she announced. Further, the govt is set to launch Phase IV of PM Gram Sadak Yojana in 25 rural habitations, due to population increase in the population.
Private sector investment in infrastructure would be facilitated via Viability Gap Funding, she announced. Further, the govt is set to launch Phase IV of PM Gram Sadak Yojana in 25 rural habitations, due to population increase in the population.
12:01 (IST) Jul 23
Union Budget 2024 live: Free electricity upto 300 units per month for 1cr household under solar panel scheme
Finance minister Sitharaman announced scheme for rooftop solar panels that would enable 1 crore households to have electricity free of cost upto 300 units per month.
"PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it," she said.
Further she said that a "joint venture between NTPC and BHEL will set up 100 MW commercial thermal plant using AUSC (advanced ultra supercritical) technology."
"PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it," she said.
Further she said that a "joint venture between NTPC and BHEL will set up 100 MW commercial thermal plant using AUSC (advanced ultra supercritical) technology."
12:01 (IST) Jul 23
Budget 2024 live: Rs 2 lakh crore allocated to employ 4.1 crore youth over next 5 years
In her Budget speech, Union finance minister Nirmala Sitharaman outlined a plan to generate employment opportunities for approximately 4.1 crore youth over the next five years. To support this initiative, the government has allocated Rs 2 lakh crore.
Additionally, the finance minister proposed Rs 1.48 crore for skilling citizens to create job opportunities, with the goal of skilling 20 lakh youth over a five-year period. She also announced the upgrading of 1,000 industrial training institutes. Sitharaman proposed providing a one-time wage to all first-time employees across all sectors, with the incentive being delivered through Direct Benefit Transfer (DBT). The finance minister announced the launch of internship opportunities in 500 companies for one crore youth over five years. "Interns will get exposure to real-life environment and an allowance of Rs 5000 per month," she said. The companies will cover the training costs, with 10 percent of the training cost coming from CSR funds.
Additionally, the finance minister proposed Rs 1.48 crore for skilling citizens to create job opportunities, with the goal of skilling 20 lakh youth over a five-year period. She also announced the upgrading of 1,000 industrial training institutes. Sitharaman proposed providing a one-time wage to all first-time employees across all sectors, with the incentive being delivered through Direct Benefit Transfer (DBT). The finance minister announced the launch of internship opportunities in 500 companies for one crore youth over five years. "Interns will get exposure to real-life environment and an allowance of Rs 5000 per month," she said. The companies will cover the training costs, with 10 percent of the training cost coming from CSR funds.
11:58 (IST) Jul 23
Budget 2024 Live: Union Budget a big positive for consumer sector
“Huge push to consumption through increased focus and outlay for agriculture reforms, employment generation, urban housing, etc is a big positive for the consumer sector,” says Paresh Parekh, Tax Leader - Consumer Products and Retail Sector, EY India
11:57 (IST) Jul 23
Budget 2024 live: Budget provides Rs. 2.66 lakh crore for rural development
In her Budget speech for 2024-25, finance minister Nirmala Sitharaman announced that a substantial sum of Rs. 2.66 lakh crore has been earmarked for the development of rural areas, which includes the enhancement of rural infrastructure.
This allocation is expected to significantly improve the living conditions and economic opportunities in rural regions across the country.
Furthermore, the Finance Minister announced an ambitious plan to build an additional three crore houses under the PM Awas Yojana. These houses will be constructed in both rural and urban areas, providing affordable housing solutions to a large number of people.
"This year I have made a provision of Rs. 2.66 lakh crore for rural development, including rural infrastructure," Sitharaman stated while presenting the Budget in the Lok Sabha.
This allocation is expected to significantly improve the living conditions and economic opportunities in rural regions across the country.
Furthermore, the Finance Minister announced an ambitious plan to build an additional three crore houses under the PM Awas Yojana. These houses will be constructed in both rural and urban areas, providing affordable housing solutions to a large number of people.
"This year I have made a provision of Rs. 2.66 lakh crore for rural development, including rural infrastructure," Sitharaman stated while presenting the Budget in the Lok Sabha.
11:53 (IST) Jul 23
Union Budget 2024 live: PM Awas Yojana-Urban 2.0 to fulfill housing needs of 1 crore people, said Sitharaman
Finance minister Nirmala Sitharaman announced PM Awas Yojana-Urban 2.0 that would fulfill housing requirements of 1 crore poor and middle-class families.
Further, the government will facilitate dormitory type rental housing for industrial workers in PPP mode as announced by the finance minister in the Parliament.
"Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores. This will include the central assistance of Rs 2.2 lakh crores in the next five years," she said.
Further, the government will facilitate dormitory type rental housing for industrial workers in PPP mode as announced by the finance minister in the Parliament.
"Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores. This will include the central assistance of Rs 2.2 lakh crores in the next five years," she said.
11:51 (IST) Jul 23
Budget 2024 Live: Major fillip to the Eastern Dedicated Freight Corridor
CRISIL View: The development of the Gaya node along the Amritsar-Kolkata route will offer a major fillip to the Eastern Dedicated Freight Corridor. Ports in eastern India will benefit over the medium term.
11:51 (IST) Jul 23
Budget 2024 Live: 10,000 need-based bio-inputs units
CRISIL View: The establishment of 10,000 need-based bio-inputs units will support the area under organic farming, which has increased at a compound annual growth rate of 23% between 1990 and 2023. This comes at a time when chemical fertilisers have been significantly affecting the crop response ratio (quantity of fertilisers used versus yield)
11:51 (IST) Jul 23
Budget 2024 Live: Boost for digital agriculture infrastructure
CRISIL View: Setting up of digital agriculture infrastructure, annual digital crop survey and mapping of farmers to their land parcels will facilitate better credit risk assessment, and enhance formal credit penetration in agriculture, which stands at around 60% today
11:50 (IST) Jul 23
Budget 2024 Live: Introduction of 109 high-yielding, climate-resilient varieties of seeds is salutary
CRISIL View: The introduction of 109 high-yielding, climate-resilient varieties of seeds is salutary. It will reduce production volatility and help stabilise prices over the medium term. This is crucial considering the increasing incidents of inclement weather over the past few years, which have impacted crop yields and contributed to food inflation.
11:48 (IST) Jul 23
Budget 2024 live: Special attention to MSMEs
A new mechanism announced for facilitating continuation of bank credit to MSMEs during their stress period. Limit of Mudra loans increased from Rs 10 lakh to 20 lakh. Turnover threshold of buyers for mandatory onboarding on TREDS platform to be reduced from Rs 500cr to & Rs 250cr. Financial support for 50 multi-product food irradiation units in MSME Sector. E-Commerce export hubs to be set up in PPP* mode to enable MSMEs & traditional artisans to sell their products in international markets.
11:47 (IST) Jul 23
Union Budget 2024 live: Internship scheme for 1 crore youths announced
In a major boost to the employment and skill development sector, finance minister Sitharaman said that the government is set to launch an internship scheme for 1 crore youths in over 500 firms.
"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," she said.
"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," she said.
11:43 (IST) Jul 23
Union Budget 2024 live: Credit guarantee scheme for MSMEs to be introduced, announced Sitharaman
"For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger," she said.
11:41 (IST) Jul 23
Budget 2024: Mega infra boost announced for Andhra Pradesh
Government will facilitate special financial support for development of capital city in Andhra Pradesh. Government will also arrange Rs 15,000cr this fiscal and in future years for development of capital city of Andhra Pradesh.
"Andhra Pradesh Reorganisation Act- 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," Sitharaman said.
"Andhra Pradesh Reorganisation Act- 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," Sitharaman said.
11:40 (IST) Jul 23
Budget 2024 Live: Formalisation of jobs in the country gets a boost
“The three schemes proposed by the government for encouraging employment for new candidates shall propel the employment scenario in the country. The wage subsidy for the employees and the support to the employers shall encourage employers to hire fresh candidates for their organisations; furthermore, the linkage to EPFO registration shall help the cause of Formalisation of Jobs in the country. A welcome move. The education loans being proposed shall solve multiple purposes - help the needy students get the financial support with the interest subvention scheme; at the same time, it will help domestic institutions with healthy growth as the loan is available only if the student admits himself/herself in a domestic institution,” says Shantanu Rooj, Founder & CEO, TeamLease Edtech.
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