Keeping up with Budget 2024 live updates is important because the Union Budget outlines government spending, tax measures, and policy changes that directly affect citizens and businesses. The annual budget statement sets out the government’s financial plan for the coming fiscal year, covering key areas such as revenue, expenditure, policy initiatives, economic projections and tax proposals.
- Revenue
- Expenditure
- Policy initiatives
- Economic projections
- Tax proposals
Finance Minister Nirmala Sitharaman presented the Union Budget 2024–25 in Parliament on July 23, 2024. Below are the main highlights and important Budget 2024 updates to help you understand the changes and their potential impact.
Key Highlights of the Union Budget 2024–25
The Budget lays out the government’s priorities for spending, taxation and reforms for the coming year. Major announcements and policy directions include:
- The Finance Minister identified nine priority areas for this fiscal year and beyond: productivity and resilience in agriculture; employment and skilling; inclusive human resource development and social justice; manufacturing and services; urban development; energy security; infrastructure; innovation, research and development; and next-generation reforms.
- A comprehensive review of the agricultural research ecosystem will be undertaken to raise productivity and develop climate-resilient crop varieties.
- The government plans to bring approximately 6 crore farmers into formal farm and land registries and to expand Jan Samarth and Kisan Credit Card coverage across five states.
- Three Employment Linked Incentive schemes were announced under the Prime Minister’s package, focused on promoting first-time formal employment by linking benefits to Employee Provident Fund Organisation (EPFO) enrolment.
- An employer-employee incentive scheme will support manufacturing sector hiring by subsidising EPFO contributions for the first four years of employment. Employers may receive reimbursement up to ₹3,000 per month for two years per additional employee.
- Support for higher education includes increased availability of loans of up to ₹10 lakh for study at domestic institutions.
- A new credit guarantee scheme for manufacturing MSMEs will be launched with an initial outlay of ₹100 crore.
- MUDRA loan limits under the TARUN category have been raised to ₹20 lakh to support expanding small businesses and entrepreneurship.
- Under PM AWAS Yojana Urban 2.0, the government plans an investment package of ₹10 lakh crore to address housing needs for about 1 crore urban poor and middle-class families.
- Capital expenditure has been set at ₹11.11 lakh crore, representing approximately 3.4% of India’s GDP, to accelerate infrastructure development.
- To encourage overseas rupee transactions and investments, FDI rules will be further simplified.
- The NPS Vatsalya program will allow parents to open and contribute to National Pension System (NPS) accounts on behalf of their children.
- Basic Customs Duty (BCD) on mobile phones, mobile printed circuit design assembly and mobile chargers has been proposed to be reduced to 15%.
- Customs duty on gold and silver is proposed at 6%, with duty on platinum set at 6.4%.
- Capital gains tax rates have been revised: long-term capital gains on financial and non-financial assets are proposed to rise from 10% to 12.5%, while short-term capital gains tax is proposed to increase from 15% to 20%.
- An annual exemption limit for capital gains has been set at ₹1.25 lakh.
- Securities Transaction Tax (STT) on futures and options trading is proposed to increase to 0.02% and 0.01% respectively.
- The standard deduction under the new tax regime has been raised from ₹50,000 to ₹75,000.
- The new tax regime slab structure has been revised as follows:
- 0% for income up to ₹3 lakh
- 5% for income from ₹3 lakh to ₹7 lakh
- 10% for income from ₹7 lakh to ₹10 lakh
- 15% for income from ₹10 lakh to ₹12 lakh
- 30% for income of ₹15 lakh and above
Key Points from the Interim Budget 2024–25
Because 2024 was an election year, the government had presented an Interim Budget in February. During the full Budget presentation, the Finance Minister confirmed that administrative steps and implementation of measures announced in the Interim Budget are ongoing. Notable items from the Interim Budget include:
- A long-term vision to make India ‘Viksit Bharat’ by 2047, focusing on inclusive growth and infrastructure, with priority groups identified as the poor, women, youth and farmers.
- Over 11.8 crore farmers received direct aid through the PM-KISAN scheme, and several flagship programs contributed to lifting around 25 crore people out of multidimensional poverty.
- Skill India initiatives have trained and upskilled millions of youth, supported by expanded technical and higher education institutions, including new IIMs, IITs, AIIMS and universities.
- The Finance Minister highlighted that average real incomes have increased substantially while inflation has remained moderate.
- Under PM Mudra Yojana, 43 crore loans totalling ₹22.5 lakh crore were sanctioned to support entrepreneurship; complementary startup and credit guarantee schemes remain active.
- A ₹1 lakh crore R&D fund with a 50-year interest-free period will be established to provide long-term financing and encourage private sector investment in innovation and technology.
- Tax receipts for FY 2024–25 are estimated at ₹26.02 lakh crore. Processing time for income tax returns has been reduced, with refunds being issued more quickly.
- The Interim Budget maintained existing direct and indirect tax rates, including import duties, at that time.
- The government plans to raise ₹14.13 lakh crore through dated securities during 2024–25.
- Tax demand waivers were proposed for small outstanding assessments to benefit around 1 crore taxpayers.
When and Where the Budget 2024 Was Made Available
The Union Budget 2024–25 was presented on July 23, 2024 at 11:00 am. Real-time coverage and updates were available through national public broadcasters and media outlets. Common distribution channels for the Budget speech and live updates included:
- Live telecast on Doordarshan and Sansad TV
- Official YouTube channels of Doordarshan and Sansad TV
- Government information outlets and major news networks providing live updates and analysis
- News apps and websites offering real-time commentary, summaries and expert perspectives
The full Budget speech, key documents and summaries were published by official government channels and made available for public viewing. Stay informed by following verified sources and official releases for the latest Budget 2024 updates and detailed documents.