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Union Budget 2024 - LIVE Updates

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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

New Income Tax Slab Announced in Budget 2024

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

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23rd July, 12:23 PM IST

FM Sitharaman on LTCG

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

Personal Income Tax Update

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

Angel Tax Update

The government abolishes the "Angel Tax" for startups

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23rd July, 12:19 PM IST

Capital Gains Tax Update

Long Term Capital Gains Tax hiked from 10% to 12.5%.

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23rd July, 12:17 PM IST

Income Tax Act Update

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

Gold, Silver, and Platinum Update

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

Govt Reduces Duty on Mobiles and Accessories to 15%

FM proposed cutting Basic Customs Duty on mobile phones, PCDA, and chargers to 15%.

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23rd July, 12:10 PM IST

On GST, Govt Plans to Rationalize Tax Structure

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

Sitharaman Advances Spiritual Tourism

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

Fiscal Deficit

The projected Fiscal Deficit is at 4.9%.

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23rd July, 12:03 PM IST

Receipts and Expenses

Total receipts at Rs. 32.07 Lakh Crore. Expenditure at ₹48.21 Lakh Crore. 

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23rd July, 12:03 PM IST

Govt Promotes Private-Driven Research

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

Development of Small Nuclear Reactors in Focus

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 

Flood Concerns Dominate Parliament

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

FY'25 Capex at ₹11.11 Lakh Crore Rupees for the Union Budget

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23rd July, 11:47 AM IST

PM's Urban Housing Plan of ₹10 Lakh Crore

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23rd July, 11:47 AM IST

Focus on IBC

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

Credit Guarantee Schemes 

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

FM Sitharaman Announces Critical Mineral Mission

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

Market Update: Nifty 50 and Sensex React to FM Speech

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

Govt Increases MUDRA Loan Limit to ₹20 Lakh

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

₹26,000 crore to be allocated for highways in Bihar

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23rd July, 11:34 AM IST

MSME Update

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

PMAY: Allocation for 3 Cr more houses under the PM Awas Yojana

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23rd July, 11:33 AM IST

Funding for Andhra's Pollavaram Project

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

Government to Prioritise Women-Led Development

FM Sitharaman: Over ₹3 lakh crore allocated for schemes benefiting women and girls.

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23rd July, 11:32 AM IST

Bihar Sees Significant Budget Moves

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

₹2.66 Lakh Crore Rupees for Rural Infrastructure and Development

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23rd July, 11:26 AM IST

FM announces ₹15,000 Crore financial support for new Andhra Capital in FY25

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23rd July, 11:30 AM IST

Budget 2024 LIVE Updates: Govt's Initiative for Women in Workforce

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

FM Sitharaman announces new airports, medical infrastructure and sports boost for the state of Bihar

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23rd July, 11:24 AM IST

₹26,000 crore to be allocated for highways in Bihar

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23rd July, 11:21 AM IST

Schemes for Artisans, Craftsmen, SC, ST, Women, and Others will be stepped up

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23rd July, 11:18 AM IST

Education Loans: Financial support for loan up to 10 Lakh rupees for higher education in domestic institutions

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23rd July, 11:18 AM IST

Centrally sponsored scheme for skilling program. 20 Lakh Youth will be skilled over a 5-year period!

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23rd July, 11:16 AM IST

Employment Update: 1 Month Wages to all new persons entering the workforce in the formal sector

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23rd july, 11:14 AM IST

Union Budget 2024: FM on Agriculture Scheme

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

FM says: National Cooperation Policy for the development for the cooperative sector. Fastrack growth and employment opportunities

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23rd July, 11:13 AM IST

1.52 Lakh Crore for agriculture and allied schemes

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23rd July,11:13 AM IST

FM Outlines Roadmap for Nine Key Priorities for India's Future

The priorities include:

  • Agriculture
  • Employment
  • Inclusive Development
  • Manufacturing and Services
  • Urban Development
  • Energy
  • Infrastructure
  • Innovation and R&D
  • Next-Gen Reforms

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23rd July, 11:10 AM IST

FM Announcement: PMGKAY was extended for five Years, benefiting over 80 crore people

The Modi Government's Major Focus Areas:

  • Farmers
  • Women
  • Youth
  • Poor

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23rd July, 10:00 AM IST

FM Nirmala Sitharaman reaches the parliament with her Red Tab to present the Union Budget 2024

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23rd July, 9:30 AM IST 

Union Budget 2024: Key Aspects

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 

Economic Survey 2024 Highlights

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.

Economic Survey 2024 - GDP Growth Expectations

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.

Economic Survey 2024 Other Important Highlights

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.

Economic Survey 2024

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

Halwa Ceremony 

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.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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