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The Finance Minister has delivered a comprehensive speech, addressing various crucial aspects from taxes to urban development. This year’s budget outlines significant changes that will affect multiple facets of daily life and economic activity. Understanding these changes can be overwhelming, but we are here to make the Budget simple for everyone.
To see how the new tax policies might impact your life, click here. For a complete analysis of all budget-related updates and their potential impact, be sure to visit #BudgetSimpleHai.
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23rd July, 12:30 PM IST
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23rd July, 12:23 PM IST
The Finance Minister announced a 12.5% tax rate on long-term capital gains for all assets. The exemption limit for capital gains will be set at ₹1.25 lakh per year.
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23rd July, 12:23 PM IST
The standard deduction increased from Rs. 50,000 to Rs. 75,000, applicable for new tax regime..
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23rd July, 12:20 PM IST
The government abolishes the "Angel Tax" for startups
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23rd July, 12:19 PM IST
Long Term Capital Gains Tax hiked from 10% to 12.5%.
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23rd July, 12:17 PM IST
A detailed review of the Income Tax Act of 1961 is to be done in 6 months
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23rd July, 12:15 PM IST
Customs duty on gold and silver will be reduced to 6%, and on platinum to 6.4%.
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23rd July, 12:10 PM IST
FM proposed cutting Basic Customs Duty on mobile phones, PCDA, and chargers to 15%.
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23rd July, 12:10 PM IST
GST has greatly reduced tax burdens for individuals and simplified compliance for businesses, achieving significant success. To further enhance GST benefits, we aim to rationalize the tax structure.
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23rd July, 12:03 PM IST
FM proposed developing corridors at Vishnupad and Mahabodhi Temples, following the Kashi Vishwanath model, and supporting Nalanda and Odisha as tourist centers. An economic policy framework for next-gen reforms was also announced.
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23rd July, 12:03 PM IST
The projected Fiscal Deficit is at 4.9%.
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23rd July, 12:03 PM IST
Total receipts at Rs. 32.07 Lakh Crore. Expenditure at ₹48.21 Lakh Crore.
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23rd July, 12:03 PM IST
FM announced a mechanism for private-driven research at a commercial scale, supported by a ₹1 lakh crore fund.
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23rd July, 12:00 PM IST
FM Sitharaman announced government-private sector partnerships for Bharat small reactors, modular reactors, and advanced nuclear technology R&D.
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23rd July, 11:59 AM IST
The Finance Minister highlighted flood issues in Bihar, Assam, Himachal Pradesh, and Uttarakhand, committing ₹11,500 crore for flood control structures in Nepal, and providing support for flood management, reconstruction, and assistance in affected regions, including multilateral aid for Himachal Pradesh.
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23rd July, 11:47 AM IST
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23rd July, 11:47 AM IST
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23rd July, 11:47 AM IST
The Finance Minister announced the creation of an integrated tech platform to enhance the effectiveness of the Insolvency and Bankruptcy Code (IBC). This platform will aim to provide greater consistency, transparency, and better oversight for all stakeholders, including the National Company Law Tribunal (NCLT). The IBC has successfully 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 settled before admission.
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23rd July, 11:45 AM IST
FM Sitharaman said the budget provides special attention to MSMEs. Technology and infrastructure support for MSMEs. Credit guarantee schemes will be introduced! A guarantee cover will be ₹100 Crore!
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23rd July, 11:42 AM IST
The Finance Minister announced the establishment of a critical mineral mission focused on the recycling of essential minerals and their overseas acquisitions.
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23rd July, 11:41 AM IST
Nifty 50 dipped by 0.080% while the Sensex fell by 0.060% as Finance Minister's speech continues. Investors are closely monitoring the developments and assessing the implications of the announcements on the market.
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23rd July, 11:38 AM IST
The Finance Minister announced that the MUDRA loan limit will be increased to ₹20 lakh from the current ₹10 lakh for individuals who have availed and successfully repaid loans under the TARUN category.
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23rd July, 11:35 AM IST
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23rd July, 11:34 AM IST
Regarding credit guarantee schemes for MSMEs in manufacturing, the Finance Minister announced, "A new scheme will be introduced to facilitate term loans for MSMEs to purchase machinery and equipment without collateral and guarantee. This guarantee fund will provide coverage of up to ₹100 crore."
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23rd July, 11:34 AM IST
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23rd July, 11:33 AM IST
The Finance Minister confirmed the government's commitment to financing and completing the Pollavaram irrigation project, a crucial lifeline for Andhra Pradesh and its farmers. Additional funds will be allocated this year to support capital investment and economic growth.
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23rd July, 11:32 AM IST
FM Sitharaman: Over ₹3 lakh crore allocated for schemes benefiting women and girls.
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23rd July, 11:32 AM IST
The Prime Minister announced that the Bihar government's request for external assistance from multilateral development banks will be fast-tracked.
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23rd July, 11:30 AM IST
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23rd July, 11:26 AM IST
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23rd July, 11:30 AM IST
The Finance Minister emphasized prioritizing increased participation of women in the workforce. This will be supported by establishing hostels and forming partnerships to organize women-specific skill development programs.
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23rd July, 11:25 AM IST
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23rd July, 11:24 AM IST
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23rd July, 11:21 AM IST
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23rd July, 11:18 AM IST
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23rd July, 11:18 AM IST
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23rd July, 11:16 AM IST
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23rd july, 11:14 AM IST
TFM Sitharaman announces a comprehensive transformation of agricultural research focusing on enhancing productivity and developing climate-resilient crop varieties. A complete review of the current farm research setup will be undertaken to achieve these goals.
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23rd July, 11:13 AM IST
23rd July, 11:13 AM IST
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23rd July,11:13 AM IST
The priorities include:
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23rd July, 11:10 AM IST
The Modi Government's Major Focus Areas:
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23rd July, 10:00 AM IST
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23rd July, 9:30 AM IST
As Union Budget 2024 will be announced at 11 AM, the key aspects that are likely to be addressed include:
Tax Relief: Expected cuts in standard deductions, HRA exemptions, and wider tax slabs for salaried individuals, especially under the new tax regime, to boost consumption.
Boost Capex: Measures to enhance economic recovery, with strong infrastructure capex to foster growth and job creation.
Welfare Agenda: Utilising the RBI dividend payout for capex and welfare schemes like Mahatma Gandhi NREGA, PM Kisan, PM Awas Yojana, and PM Rozgar Yojana.
Agriculture Focus: Increased allocations for the farm sector and farmers' well-being.
Ease of Doing Business: Steps to improve business ease through tax rate rationalisation and regulatory reforms.
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22nd July, 10:00 AM IST
The government has unveiled its Amrit Kaal growth strategy, targeting six key areas for economic progress and sustainability:
Boosting Private Investment: Increasing private sector investment to stimulate growth.
Expanding MSMEs: Prioritising the growth of Micro, Small, and Medium Enterprises.
Agriculture as a Growth Engine: Removing policy impediments to unlock agriculture's potential.
Green Transition Financing: Securing financing for sustainable development.
Bridging the Education-Employment Gap: Ensuring the workforce has relevant skills.
Building State Capacity and Capability: Enhancing state institutions' capacity to implement policies effectively.
The Indian economy has rebounded to pre-COVID growth levels and is expected to grow by 6.5% to 7% this year. The Economic Survey 2024 predicts potential growth above 7% in the coming years but highlights the need to address inequality and unemployment as key policy priorities.
The Pre-Union Budget 2024 Economic Survey highlights Indian Railways as the fourth largest network globally under single management, with over 68,584 route km and 12.54 lakh employees. Capital expenditure increased by 77% over five years, reaching ₹2.62 lakh crore in FY24, focusing on new lines, gauge conversion, and doubling.
The Railways achieved record production of locomotives and wagons, introduced 51 Vande Bharat pairs, and emphasised environmental initiatives like bio-toilets, waste segregation, and reducing single-use plastic.
On July 22, Union Finance Minister Nirmala Sitharaman tabled the pre-budget document in Parliament. The Economic Survey 2024 was presented in Lok Sabha at 1 pm and in Rajya Sabha at 2 pm, followed by a press conference at 2:30 pm
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16th July, 10:00 AM IST
The Halwa Ceremony for Union Budget 2024 took place on July 16, 2024, in New Delhi. This traditional event marks the final stage of budget preparation, with Finance Minister Nirmala Sitharaman and other officials participating in the preparation and distribution of halwa. It symbolises the start of the “lock-in” period for officials involved in creating the budget.
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