Budget 2024 LIVE Updates: Nirmala Sitharaman Arrives at Ministry of Finance Ahead of Presenting Her 7th Budget

By siliconindia | Tuesday, 23 July 2024, 08:19 Hrs

06:33:58 PM

Finance Minister Nirmala Sitharaman arrives at BJP Headquarters, received warmly by women workers of the party

06:26:22

Budget is inclusive with thrust on quality job creation, skilling, says FICCI President

Commenting on the Union Budget 2024-25, Dr Anish Shah, President, FICCI said, “FICCI congratulates the Hon’ble Finance Minister for delivering a growth-oriented budget that has delivered both short term demand stimulus and actions focused on medium to long term growth imperatives, while maintaining fiscal discipline. The budget is inclusive, with a strong thrust on quality job creation and skilling. It also strikes a balance between agriculture and manufacturing, with elements of services”.

There is continuity in policy announcements. The focus on simplification and ease of doing business, boost to manufacturing, focus on research and innovation, thrust on public capex, use of technology, support to women, farmers and MSMEs, and promoting sustainability are the key themes that resonate once again in this Union Budget proposals.

“The focus areas of budget are very much in line with the FICCI’s key priorities for the industry and we are happy to note that many of FICCI’s suggestions have been considered in this budget, as seen in the proposals for accelerating agriculture research, enhancing participation of women workforce in manufacturing, factor market reforms for improving manufacturing competitiveness as well as measures to promote green economy”, he added.

06:08:02 PM

MK Stalin to Boycott NITI Aayog Meet

Tamil Nadu Chief Minister MK Stalin has announced his decision to boycott the NITI Aayog meeting scheduled for July 27. This move is in protest against the Union Budget, which he claims has ignored the interests of Tamil Nadu.

06:01:33 PM

Amit Shah on Budget 2024

Union Home Minister Amit Shah commented on the Budget 2024, though specific details of his statement were not provided in the initial content.

05:51:46 PM

Piyush Goyal on Gold Import Duty Cut

Commerce and Industry Minister Piyush Goyal stated that the Budget's decision to reduce import duty on gold will help curb smuggling, boost domestic manufacturing, and promote jewellery exports. He emphasized that this move, along with the removal of the angel tax, will strengthen the startup ecosystem, especially with the high demand for gold during the upcoming marriage season.

05:48:34 PM

Industry Response to Union Budget

Industry leaders, including Emami Group director Aditya V Agarwal, praised the Union Budget presented by Finance Minister Nirmala Sitharaman. They highlighted its role in promoting inclusive growth, providing economic resilience, and offering tax relaxations and reform initiatives aimed at sustainable growth and empowerment.

05:23:12 PM

Review of Pension System

Finance Minister Nirmala Sitharaman announced significant progress by the committee reviewing the National Pension System (NPS). She acknowledged the constructive approach of the Staff Side of the National Council of the Joint Consultative Machinery for Central Government Employees. While no timeline was provided, the minister assured a balanced solution. The committee, formed last year and led by Finance Secretary TV Somanathan, aims to evaluate and suggest changes to the NPS. The new NPS Vatsalya scheme was also introduced, allowing contributions to minors' pension funds, which will convert to regular NPS accounts upon reaching adulthood.

05:13:32 PM

Budget Allocations for Assam, Sikkim, and Manipur

Finance Minister Nirmala Sitharaman announced budgetary assistance for Assam's flood management projects in the 2024-25 budget. Recognizing Assam's annual flood challenges due to the Brahmaputra River, the government will support related projects.

05:12:08 PM

Telecom Ministry Budget Allocation

The government has earmarked Rs 1.28 lakh crore for telecom projects and public sector firms under the telecom ministry. A significant portion, over Rs 1 lakh crore, is allocated for BSNL and MTNL, including Rs 82,916 crore for BSNL's technology upgrades and restructuring.

04:50:22 PM

P. Chidambaram’s Perspective on the Budget

P. Chidambaram remarked that the Finance Minister has essentially incorporated key ideas from Congress proposals into the Budget, including the employment-linked incentive scheme, apprenticeship programs, and the abolition of the angel tax.

04:47:14 PM

"This budget is like an empty vessel given to Karnataka by Nirmala Sitharaman. Only Andhra Pradesh and Bihar have been given funds. Nothing has been given to other states because he (PM Modi) needs to have the confidence of those two states to remain as PM", says Karnataka CM Siddaramaiah.

04:34:37 PM

No state is going to be left out, says FM Sitharaman

I have not named all the states in the Budget speech, says FM

04:31:31 PM

Nitish Kumar on Budget allocations to Bihar

On Budget allocation to Bihar, CM Nitish Kumar said, "I have continuously spoken for this (special status), I told them as well (NDA). I told them to give us either a special status or a special package...As a follow-up, they have announced aid for a lot of things...We were speaking of special status and a lot of people said that the provision for special status has been done away with much earlier. So, instead of that, aid should be given for helping Bihar. They have now started it".

04:27:17 PM

Naidu thanks FM Sitharaman for Andhra share in Budget

In a post, Andhra Pradesh CM Chandrababu Naidu expressed gratitude on behalf of the people of Andhra Pradesh, thanking Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for addressing the state's needs in the FY 24-25 Union Budget. He also highlighted the focus on key areas such as the capital, Polavaram, industrial nodes, and the development of backward areas in Andhra Pradesh. Naidu noted that this support from the Centre will significantly aid in rebuilding the state and congratulated them on presenting a progressive and confidence-boosting budget.

04:19:04 PM

Sitharaman on 12.5% Tax Rate for Long-Term Capital Gains

Union Finance Minister Nirmala Sitharaman elaborated on the 12.5% tax rate for long-term capital gains, stating, "Our goal was to simplify the tax approach, including for capital gains. In fact, the average tax rate has decreased with this new 12.5% rate. We've calculated this for various asset classes... Reducing the rate from below the average to 12.5% is intended to encourage more investment in the markets".

04:15:11 PM

Finance Minister Discusses Chinese Investments

In recent updates, Finance Minister Nirmala Sitharaman addressed the topic of Chinese investments, referencing the Economic Survey’s viewpoint on the issue. She clarified that investments from China, similar to those from other neighboring countries, are subject to a review process. Although the survey proposed potentially opening up these investments, she emphasized that this idea is still under careful consideration and does not mean she is abandoning it.

04:07:52 PM

Nirmala Sitharaman says can’t take a call on old tax regime's future, aim is to make tax regime simpler

04:03:41 PM

Finance Minister on Future of Old Tax Regime

In the latest update, the Finance Minister acknowledged uncertainty about the future of the old tax regime but emphasized a commitment to simplifying the tax system.

03:58:10 PM

Finance Secretary on National Pension System Review

Finance Secretary T.V. Somanathan announced that a committee is currently reviewing the National Pension System. The goal is to develop a solution that is both financially responsible and meets the needs of employees.

03:50:46 PM

Expenditure towards railways is the highest ever, said Finance Secretary TV Somanathan

03:48:59 PM

There has been a consistent effort to relax FDI, says Nirmala Sitharaman

03:47:11 PM

Finance Secy on fiscal deficit

Finance Secretary T.V. Somanathan stated that it is highly likely the fiscal deficit will not exceed 4.5% in FY26.

03:45:10 PM

Finance Secretary on Debt-to-GDP Ratio Reduction

Finance Secretary T.V. Somanathan affirmed that there is a firm commitment to continuously work towards lowering the debt-to-GDP ratio each year.

03:41:14 PM

Rupee weakens to end at record closing low against US dollar

03:39:38 PM

FM on Rs 15,000 Crore Allocation to Andhra Pradesh

Finance Minister Nirmala Sitharaman announced during a Budget media briefing that the Rs 15,000 crore allocated to Andhra Pradesh will be provided through multi-lateral assistance.

03:31:06 PM

Angel tax introduced in UPA-II, says Nirmala Sitharaman

03:29:05 PM

Looking to generate resources from newer areas, says Nirmala Sitharaman

03:27:57 PM

The revision in the Securities Transaction Tax (STT) for Futures and Options (F&Os) will take effect starting October 1.

03:26:47 PM

The Finance Ministry addressed the removal of Angel Tax, noting that although it was successful in curbing money laundering, it unintentionally obstructed investment opportunities in India.

03:25:08 PM

Real rate of return earlier was about 6-16% in real estate, says Finance Secy TV Somanathan

03:24:05 PM

From 20% with indexation to 12.5% without indexation for unlisted assets, says Finance Secretary TV Somanathan

03:23:13 PM

Revenue mobilisation is not just tax based, says NirmalaSitharaman

03:20:51 PM

Short term capital gains has gone up, says Finance Secy

03:18:25 PM

LTCG has not gone up, it has been rationalised, says Finance Secy

03:16:41 PM

Lower Capital Gains Tax to Boost Investment, Says Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman mentioned that reducing the capital gains tax is geared toward pushing investments by making it more attractive for investors.

03:12:35 PM

Nirmala Sitharaman Addresses Media Post-Budget Presentation

Nirmala Sitharaman gave a briefing on the essential budgetary points and their implications of Union Budget 2024. Immediately after presenting the budget.

03:11:02 PM

Reduction in TDS Rate for E-Commerce Operators

It has also brought a reduction in the TDS rate for e-commerce operators from 1% to 0.1%. Moreover, it is proposed to include the credit of TCS in the TDS deductions on salaries.

03:08:07 PM

NSE CEO Comments on STT and STCG Adjustments

Ashish Chauhan, chief executive of NSE, termed the changes in STT and STCG in the Budget as "minor tinkering" and believes that it will not have any major impact on the markets. He said that the recent correction in the market was due to investors' misattribution of the effect of budget.

03:04:54 PM

NSE CEO Describes STT and STCG Changes as Minor Adjustments

Ashish Chauhan, CEO and Managing Director of NSE, commented that the Union Budget's adjustments to the securities transaction tax (STT) and short-term capital gains tax (STCG) are 'minor tinkering' that are unlikely to significantly impact the markets. He attributed the market’s recent decline to investors’ misunderstanding of the budget’s implications.

03:02:26 PM

Price Increases Post-Budget

Following the Union Budget, the following items have become more expensive:

Polyvinyl chloride (PVC) flex films
Garden umbrellas
Laboratory chemicals
Solar glass for the manufacture of solar cells or modules
Tinned copper interconnect for the manufacture of solar cells or modules

02:54:22 PM

Government Lowers Borrowing Target

In response to increased tax revenue, the government has reduced its borrowing target for the current fiscal year to ?14.01 lakh crore. To meet its budget deficit goals, the government will issue dated securities.

02:50:56 PM

Mobile Phones Become Cheaper

Finance Minister Nirmala Sitharaman announced a 15% reduction in the Basic Customs Duty (BCD) on mobile phones. Additionally, BCD on mobile chargers and Printed Circuit Board Assembly (PCBA) will also be lowered to 15%.

02:47:48 PM

Sensex Rebounds After Drop

The Sensex has recovered 1,500 points from its day’s low, and the Nifty index has climbed back above 24,500.

02:44:11 PM

Reduction in Customs Duties on Critical Minerals

Customs duties on 25 critical minerals used in sectors such as nuclear energy, renewable energy, space, defense, telecommunications, and high-tech electronics have been fully exempted or reduced. This move is expected to boost the processing and refining of these minerals and ensure their availability for strategic sectors.

02:31:21 PM

Rahul Gandhi Slams Sitharaman's Budget

Rahul Gandhi called Nirmala Sitharaman's Budget a 'Kursi Bachao' Budget in his post on X. He thrashed it for making hollow promises only to placate its allies at the cost of other states, benefiting cronies without giving relief to the common Indian, and it was just another copy-and-paste job from the Congress manifesto and earlier budgets.

02:24:31 PM

Increase in Employer NPS Contribution Deduction Proposed

For extending the social security benefits, the deduction for the contribution by an employer towards the National Pension System is proposed to be increased from 10 percent to 14 percent of the salary of the employee.

02:20:57 PM

PM Modi Highlights Employment Linked Incentive Scheme

While presenting the Budget, PM Modi mentioned the 'Employment Linked Incentive scheme'. He said it will create many jobs. In this scheme, the government will bear the first salary of the new workforce which joins the system. In this apprenticeship initiative, rural youth will be able to work in top companies all over the country.

02:19:33 PM

Telecom Infrastructure Stocks Fall

Shares of telecom infrastructure companies dropped over 4 percent following the finance minister, Nirmala Sitharaman, increasing the base customs duty on certain kinds of telecom equipment from 10% to 15%.

02:16:44 PM

PM Modi on Budget's Focus on Education and Skills

PM Modi said that the Budget is going to further strengthen education and skill development, it will also empower the middle class. He said that the budget has strong schemes concerning tribals, dalits, and backward classes' welfare, along with financial partnership for these classes.

02:13:59 PM

This budget puts emphasis on manufacturing as well as infrastructure; will speed up growth, says PM Modi

02:11:16 PM

This Budget is for the empowerment of the new middle class, says PM Modi

Prime Minister Narendra Modi said "In the last 10 years, 25 crore people have come out of poverty. This budget is for the 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..."

02:08:33 PM

This budget will give power to every section of the society..- PM Modi

02:04:41 PM

PM Modi addresses the nation after Budget presentation

02:03:58 PM

Phase IV of Pradhan Mantri Gram Sadak Yojana

The government has announced the launch of Phase IV of Pradhan Mantri Gram Sadak Yojana to provide all-weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase.

02:01:26 PM

Monetary limits for tax appeals raised

Monetary limits for filing appeals related to direct taxes, excise and service tax in the Tax Tribunals, High Courts and Supreme Court have been increased to Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively. paraphrase all with title

01:58:03 PM

CBI Sees Slight Budget Dip

Over Rs 951 crore has been allocated to the Central Bureau of Investigation in the 2024-25 Budget. This is a slight dip of 1.79 percent against the last fiscal year's Rs 968.86 crore.

01:52:29 PM

Major Employment Push Announced

In the 2024-25 Budget, Finance Minister Nirmala Sitharaman provided Rs 2 lakh crore for multiple initiatives. This would increase the scope of employment and skill development by targeting 4.1 crore youth.

01:48:18 PM

Rs 42,277 crore to Jammu and Kashmir

The Union Territory of Jammu and Kashmir has been pegged at Rs 42,277 crore in the 2024-25 Budget. Other allocations are—Rs 5,985 crore for Andaman and Nicobar Islands, Rs 5,862 crore for Chandigarh, and Rs 5,958 crore for Ladakh.

01:44:07 PM

Customs Duty Exemptions for Cancer Drugs

In relief to cancer patients, the Finance Minister announced waivers of custom duties on three cancer medicines: Osimertinib, Durvalumab, and Trastuzumab Deruxtecan.

01:40:50 PM

Corporate Tax Rate for Foreign Firms Slashed

The corporate tax rate has been slashed from 40% to 35% for foreign companies with an announcement in the FY25 Budget.

01:35:04 PM

WEAKS IN PROPERTY SALE TAXES

The 2024 Budget takes away the benefit of indexation in case of sale of property. Earlier, there was a basic tax rate of 20% on LTCG with indexation benefits. Under the new regime, there will be a slab of 12.5 per cent for LTCG from property sales but without the benefit of indexation.

01:26:27 PM

Amit Shah's Remarks on Budget

Amit Shah hailed the budget, terming it the epitome of the new sense of purpose, hope, and optimism that Bharat espouses under the Modi government and strengthens it further.

01:19:54 PM

Immediate Effect of Tax Changes

The changes in capital gains tax and customs duties will come into effect immediately, according to the budget announcement.

01:17:06 PM

Jewellery Stocks Surge

The stock prices of gold and jewellery shops surged following the announcement. Reduced customs duty on gold and silver has come down to 6%.

01:14:26 PM

Import Tax on Gold, Silver Slashed

India slashed import levies on gold and silver from 15% to 6%, a move that industry officials said will help drive retail demand, reduce smuggling, and also bump up the trade deficit, thus weakening the rupee. This could further raise global gold prices.

01:11:54 PM

Rupee Hits Record Low

The rupee hit an all-time low against the US dollar at 83.69 after the government announced an increase in the capital gains tax rate.

01:08:50 PM

Government's Major Expenditures

The government's expenditure on major items under Budget 2024-25 stood at the following:

Defence: Rs 4,54,773 cr
Rural Development: Rs 2,65,808 cr
Agriculture and Allied Activities: Rs 1,51,851 cr
Home Affairs: Rs 1,50,983 cr
Education: Rs 1,25,638 cr
IT and Telecom: Rs 1,16,342 cr
Health: Rs 89,287 cr
Energy: Rs 68,769 cr
Social Welfare: Rs 56,501 cr
Commerce & Industry: Rs 56,501 cr

12:58:20 PM

Government Announcements for Urban Development

Stamp Duty:The government is encouraging states to reduce stamp duties on properties purchased by women.
Street Markets: A scheme is being planned to develop 100 weekly ‘haats’ or street food hubs in select cities.
Transit-Oriented Development: Plans are underway for Transit-Oriented Development in 14 major cities with populations over 30 lakh.
Water Management: The government aims to promote water supply, sewage treatment, and solid waste management projects in 100 large cities through bankable initiatives.

12:53:46 PM

Andhra Pradesh's Budget Allocations Under Modi 3.0

Big tickets dole outs for Andhra Pradesh in Modi 3.0 Budget:

Rs 15,000 crore earmarked for FY24-25
The Polavaram Irrigation Project shall be taken to its completion at the national level for food security
Provision of water, power, railways, and roads infrastructure – all that's needed for Kopparthy on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal on the Hyderabad-Bengaluru Industrial Corridor.

12:51:02 PM

D-Street Rebounds but Stays Down

D-Street recovered from its trough and was still down 500 points after the presentation of the Budget by Finance Minister Nirmala Sitharaman.

12:44:26 PM

Higher Allocation to Defence Budget

The defence outlay for the year has been pegged at Rs 4.56 lakh crore, marginally higher than the Rs 4.55 lakh crore allocated last time.

12:41:39 PM

Increase in Defence Budget Allocation

The Union Budget 2024 has pegged the defence outlay at Rs 4.56 lakh crore, marginally higher than the Rs 4.55 lakh crore in the previous year, making quite clear the fact that national security has not been compromised.

12:39:36 PM

Withdrawal of TDS on Repurchases by Mutual Funds

Withdrawal by the government of 20 percent TDS on repurchases by MF or UTI.

12:39:36 PM

Hike in STT on Futures and Options

The finance minister increased the Securities Transaction Tax on F&O. STT on futures will rise from 0.0125 percent to 0.02 percent; on options, the hike in STT will be from 0.0625 percent to 0.10 percent.

12:26:33 PM

Revised Tax Rates in New Tax Regime

The Finance Minister has proposed a new revised tax rate structure under the new tax regime:

Income up to Rs 3 lakh: 0%
Rs 3-7 lakh: 5%
Rs 7-10 lakh: 10%
Rs 10-12 lakh: 15%
Rs 12-15 lakh: 20%
Above Rs 15 lakh: 30%

Under the regime, salaried employees will save up to Rs 17,500 in income tax.

12:25:50 PM

Increase in Standard Deduction

The standard deduction under the new tax regime is proposed to be hiked to Rs 75,000 from Rs 50,000.

12:23:35 PM

Increase in STT on F&Os

STT on F&Os will be increased to 0.02% and 0.01%, respectively.

12:24:25 PM

Abolition of Angel Tax

The government announces the abolition of angel tax.

12:23:02

PM Market Reaction

A sharp fall is seen on Dalal Street and Sensex drops nearly 700 points.

12:20:12 PM

New Tax Rate for Long-Term Capital Gains

The Finance Minister declares that long-term capital gains on all financial and non-financial assets shall be subjected to 12.5%. The annual exemption limit is decided at

1.25 lakh.

12:14:56 PM

Duty Hike on Telecom Equipment

Budget proposing to raise duty on printed circuit board assemblies to 10-15% for some telecom equipment.

12:13:25 PM

Duty cut on precious metals

Rate of Customs Duty on gold, silver to be reduced to 6% and on platinum to 6.4%, to aid domestic value addition.

12:10:10 PM

Cut in duties for Mobile phones

On mobile phones, mobile PCBA, and mobile chargers, BCD is slashed to 15% reflecting the maturity of Indian mobile industry.

12:08:05 PM

Rationalisation of GST Tax Structure

To further reduce tax incidents and ease compliance, the government will rationalize the GST tax structure.

12:10:39 PM

Introduction of NPS for Minors

The NPS Vatsalya program lets parents invest on behalf of their children, with the account transferring to the child coming of age.

12:05:15 PM

Fiscal Deficit Target

The fiscal deficit is seen at 4.9% of GDP.

12:04:47 PM

Simplified FDI Rules

Rules on Foreign Direct Investment or FDI will be rationalized to encourage more inflows and to prefer the Rupee for investment in India by non-resident Indians.

12:02:46 PM

Spiritual Tourism

It also encourages the development of tourist corridors around key temples and Nalanda in Bihar, along with a policy framework for next-generation economic reforms.

12:00:55 PM

Expansion of Space Economy

The government will create a venture capital fund of Rs 1,000 crore to expand the space economy fivefold over the next decade.

11:59:05 AM

Push for Private Research

A Rs 1 lakh crore financial pool will be co-shared in order for private-driven research at a commercial scale.

11:57:28 AM

Small and Modular Nuclear Reactors

The Government would develop and research small and modular nuclear reactors in association with the private sector.

11:55:44 AM

Flood Management Initiatives

Bihar, Assam, Himachal Pradesh, and Uttarakhand would be provided adequate financial support for flood management and re-construction.

11:53:49 AM

Energy Security and Solar Initiative

Policy on energy transition pathways will be attempted. Free electricity will make accessible under the PM Surya Ghar Muft Bijli Yojana up to 300 units per month for 1 crore households.

11:51:49 AM

The states will be incentivized for Reduction in Stamp Duty

The states that are having more than 1% stamp duty will reduce Stamp Duty and an extra reduction if a property is acquired by women.

11:50:15 AM

Capex Target Unaltered on

It retains the capital expenditure target at Rs 11.11 lakh crore, which is 3.4 percent of GDP.

11:48:42 AM

Focus on Urban Housing

Rs 10 lakh crore shall be invested under PM Awas Yojana, Urban 2.0 for such urban infrastructure needs for the poor and middle class.

11:47:12 AM

Rural Push Boosts Agri Stocks

Fertilizer and agri-firm stocks jumped 9% as the government allocated Rs 1.52 lakh crore for agri-ironies.

11:45:01 AM

Andhra and Bihar Dev projects

Funds will be allocated to the new energy plant acquired by Bihar and other infrastructure projects. Andhra Pradesh gets the nod for Polavarm irrigation and other obligations.

11:42:31 AM

Housing Affordability effort

Government comes out with Rs 2.2 lakh crore measure to make housing more affordable.

11:42:10 AM

IBC Improvement

Creation of an integrated platform of tech to help improve IBC result, increase in the speed with cohesion and reduce the cost with adding lesser number of processes.

11:39:32 AM

Critical Mineral Mission

To reprocess the critical minerals and exploit the offshore mining in case of acquiring and managing the minerals.

11:36:05 AM

Rs 2.66 Lakh Crore Allocated for Rural Development

The Union Budget 2024 has allocated Rs 2.66 lakh crore for rural development initiatives.

11:35:14 AM

MUDRA Loan Limit Hiked to Rs 20 Lakh

Thereafter, the finance minister enhanced the MUDRA loan limit to Rs 20 lakh from the current Rs 10 lakh for those who repay loans under the TARUN category.

11:34:18 AM

Rs 26,000 Crore Boost for Road Connectivity

More than Rs 26,000 crore has been committed for improving road connectivity.

11:33:06 AM

New Credit Guarantee Scheme for MSMEs

The Finance Minister presented a new scheme with a guarantee of up to Rs 100 crore for the MSME sector in manufacturing to facilitate term loans for machinery and equipment without any collateral.

11:31:30 AM

Extra Funding for Pollavaram Project in Andhra

The government is also committed to funding and completion of the Polavaram irrigation project in Andhra Pradesh, which gets additional allocations that will support economic growth.

11:27:49 AM

Bihar's Request for External Assistance Fast-Tracked

The Prime Minister has promised to expedite Bihar's request for external assistance from multilateral development banks.

11:24:29 AM

Initiative to boost women's workforce participation

Hostels to be established, tie-ups with private partners for women-specific skilling programmes to boost women's participation in the workforce, said the Finance Minister.

11:21:52 AM

Financial Support for Higher Education Loans Up to Rs 10 Lakh

It will also extend financial support for higher education loans up to Rs 10 lakh.

11:21:11 AM

Sops for job creation in manufacturing sector

A new scheme will shortly propel job creation in the manufacturing sector by way of refund to employers to such an amount of Rs 3,000 per month towards EPFO contributions for first-time employees. Under this program, there is a requirement to create 50 lakh jobs and benefit 30 lakh youth.

11:19:41 AM

Employment-Linked Skilling Programs Announced

The Finance Minister brought in the PM's package with employment-linked skilling schemes. The first-time employee would be given direct benefit transfer of one month of salary up to Rs 15,000 in three installments in the form of DBT. The eligible salaries would be up to Rs 1 lakh per month, focusing on benefitting 2,10,000 youth.

11:16: AM

Sitharaman Announces Agricultural Research Review

Citing the agricultural research framework, Union Finance Minister Nirmala Sitharaman informed that its structure would be subject to a thorough review for increased productivity and development of weather-resilient crop varieties. The research would, hence, be managed by people with expertise in the domain so that it is effectively relevant.

11:13 AM

Nine Key Priorities for This Year and Beyond

These are the nine priority areas as enumerated by the Finance Minister for this year and years ahead:

Productivity and resilience in Agriculture
Employment and skilling
Inclusive HRD and social justice
Mfg & services
Urban development
Energy security
Infra
Innovation, R&D
Next generation reforms

11:11 AM

PM announces Rs 2 lakh cr employment and skilling package

Union Finance Minister Nirmala Sitharaman announced a package of five PM Package schemes to enhance employment and skilling. These would cost Rs 2 lakh crore. In this year's Budget, she allocated Rs 1.48 lakh crore for education, employment, and skilling-related activities.

11:09 AM

FM Bats for Underprivileged

Through her speech, Finance Minister Nirmala Sitharaman laid special focus on those sections that are poor, women, youth, and farmers. She said that the MSP for major crops has increased in recent times, PM Garib Kalyan Anna Yojana extended by five years, and continuous administrative actions underway for the implementation of schemes announced in the interim budget.

11:07:38 AM

"India's economic growth continues to be the shining exception and will remain so in the years ahead", says, Nirmala Sitharaman.

11:07 AM

FM Points at Risks to Growth

Union Finance Minister Nirmala Sitharaman said that while the global economy seems to be doing somewhat better than anticipated, it would be marked with policy uncertainties. She also stressed huge downside risks to growth and upside risks to inflation.

11:05 AM

Nirmala Sitharaman Presents Historic 7th Budget

Through her historic seventh budget presentation, Finance Minister Nirmala Sitharaman informed the nation that it reposed its trust in the leadership offered by Prime Minister Modi and resulted in his re-election for a historic third term.

11:04 AM

Power Stocks and Green Energy Take Centre-stage

The budget would further accentuate capacity additions in solar, wind, hydro, nuclear, and other renewable energy sources for achieving the objective of 500GW of renewable energy capacity by 2030. According to Prabhudas, the government has sanctioned Rs 7,500 crore viability gap finance for 1GW of offshore wind capacity. Power stocks that are likely to be in the limelight include NTPC, Power Grid, Coal India, Tata Power, and CESC.

11:02 AM

Historic Bazaar Returns Post-Budget

The month post-Budget has returned an average of about 5.7 per cent on bourses, driven by materials, energy staples, and industrials sectors. It is likely that this year's Budget will mirror a similar trend.

10:58 AM

Railway Stocks in Focus

Large capital expenditure that the Railways has on its plans will benefit companies like Ircon, RVNL, Siemens, Timken India, HBL Power, ABB, BEML, BHEL, Jupiter, and Titagarh, reckons Nuvama. Price as of 10:58 a.m.; click on company names for live prices.

10:55 AM

Projections for Remittance in India

Remittances to India are likely to rise by 3.7 percent to USD 124 billion in the Economic Survey for the year 2024, and a further 4 percent to USD 129 billion in 2025.

10:51 AM

Rahul Gandhi in Parliament ahead of Budget Presentation

Congress MP and LoP in the LS, Rahul Gandhi arrives at Parliament ahead of the Union Budget presentation to be presented by FM Sitharaman today.

10:50 AM

Auto Sector to get Record Investment Proposals under PLI Scheme

PLI Scheme for the automobile and auto component sector received a record number of investment proposals, says Economic Survey 2023-24. Planned investments under the scheme have reached Rs 67,690 crore, while actual investments have been pegged at Rs 14,043 crore up to March 2024. Against the target of 148,000 jobs, a total of 28,884 jobs had been created by March 31, 2024. A total of 85 applicants were approved under the scheme.

10:44 AM

India to cash in its 'Silver Dividend'

Pointing out the urgency to tap into this, the Economic Survey said that the 'silver dividend' can be reaped from the presently underutilized potential workforce of 60- to 69-year-olds. According to a report by the Asian Development Bank, enzyme older persons into the workforce in jobs tailored to their needs with opportunities for continued learning could add about 1.5 per cent on average to the GDP in Asian economies.

10:42 AM

Budget Copies Arrive in Parliament

Copies of the Union Budget 2024 have been delivered to Parliament ahead of the presentation of Modi government's first budget in its third term.

10:40 AM

Defence Stocks Analysis Ahead of Budget

Brokerages are tracking the outlook for defence stocks ahead of the Union Budget. Prabhudas sees market interest continuing in these companies- HAL, BEML, BEL, MDL, BDL, GRSE, Data Pattern, and Cochin Shipyard. HAL, BEL, and Bharat Forge remain part of Sharekhan's top picks. Choice Broking is also 'buy' on BEL, BDL, and HAL.

10:38 AM

AAP Attacks Govt Ahead of Budget

Slashing out at the government hours before the presentation of the budget, AAP MP Sanjay Singh raised issues of inflation, MSP demands from farmers, and calls from NDA allies for the revocation of the Agniveer Scheme. The focus, he said, must be on employment, MSP and inflation. He further mentioned that Delhi has got not more than

325 crores in the past nine years because of AAP governance.

10:34 AM

India's market cap-to-GDP ratio stokes fear

The Economic Survey expressed its concern for the market capitalization-to-GDP ratio of India. It, in turn, warned investors that a high ratio does not signify economic progress or sophistication.

"Financial assets are claims on real goods and services. If equity market claims on the real economy are excessively high, it is a harbinger of market instability rather than market resilience", the Economic Survey said.

10:29:30 AM

Cabinet Approves Modi 3.0's First Budget

The Cabinet, headed by Prime Minister Narendra Modi, has approved the Union Budget 2024 that will be presented by Finance Minister today. This becomes the seventh straight budget of Finance Minister Nirmala Sitharaman, breaking the record of six straight budgets presented by late Morarji Desai.

10:27 AM

Market Shows Weakness

HDFC Bank and RIL lead the market lower as Sensex and Nifty now retreats into the red, after opening.

10:26 AM

Congress MP Critical of Budget Focus

Congress MP Gaurav Gogoi criticized the Union Budget, saying it will benefit the wealthy ('crorepatis') close to PM Modi while the middle class and honest taxpayers get only 'hollow promises'.

10:24 AM

Accessing the Budget Document

The Union Budget 2024 is going to be paperless like in recent times. Budget documents may be accessed through the 'Union Budget Mobile App', which is available for download from Android and iOS, or through the web portal of Union Budget. The documents will be made available in both English and Hindi.

10:20 AM

PM Modi, Union Cabinet Meet Ahead of Budget Presentation

The Cabinet meeting presided by PM Modi at the Parliament has taken place to revise and finally approve the Union Budget prior to its presentment by Union Finance Minister Nirmala Sitharaman.

10:15 AM

Possible demands from Naidu, Nitish Kumar

With Finance Minister Nirmala Sitharaman slated to focus on fiscal prudence when she presents the budget at 11 AM today, the Modi government is reportedly under pressure from its key coalition allies. Sources indicated that Chandrababu Naidu is seeking in excess of Rs 1 lakh crore for Andhra Pradesh, while Nitish Kumar is asking for Rs 30,000 crore in the budget.

10:11 AM

Amit Shah, Rajnath Singh reach Parliament

Union Home Minister Amit Shah and Defence Minister Rajnath Singh have arrived at the Parliament. Finance Minister Nirmala Sitharaman is to present the Union Budget today in the Lok Sabha.

10:04:07 AM

The Budget in Historic Timing

Traditionally, the Indian budget used to be presented at 5:00 PM on the last day of February. This was in continuation of a colonial practice that aligned announcements in London and India. Since India is four hours and thirty minutes ahead of British Summer Time, a 5 PM presentation in India ensured that the budget was announced during the day in the UK.

In 1999, under the then Finance Minister Yashwant Sinha and the Atal Bihari Vajpayee government, the timing changed to 11:00 AM.

10:01 AM

Sitharaman holds record of longest budget speech

In her two-hour and forty-minute speech on 1 February 2020, Finance Minister Nirmala Sitharaman took the record for the longest Budget address. She paused the speech with two pages still remaining.

09:59 AM

Historical note on the first Budget of India

The first independent India's Union Budget was presented on 26 November 1947 by RK Shanmukham Chetty, the country's first finance minister.

09:56 AM

FM Reaches Parliament

Finance Minister Nirmala Sitharaman has arrived at the Parliament hours before she is to present her seventh Union Budget.

09:55 AM

Sitharaman Meets President Before Budget Presentation

Right before the budget presentation at 11 a.m. in Parliament, finance minister Nirmala Sitharaman met with President Droupadi Murmu at the Rashtrapati Bhavan.

09:54 AM

Likely Impact on Markets from Capital Gains Tax Changes

Chris Wood, global head of equity strategy at Jefferies, has warned that any "adverse changes" relating to the capital gains tax on shares in Budget 2024 could result in a bigger sell-off in markets compared to the post-poll fallout.

09:50 AM

Rupee inches up a bit before the budget

The Indian rupee opened a tad higher at 83.6250 against the US dollar at 9:30 AM IST compared to the previous session close of 83.6575. This gain comes in tandem with the gains in other Asian currencies due to the optimism among investors before India's budget today.

09:47 AM

UP Finance Minister's Expectation

Hailing the Union Budget 2024, Uttar Pradesh Finance Minister Suresh Kumar Khanna said that there is a lot of hope riding on the budget and that it could be a major milestone in the journey towards a developed India. He informed about the recent economic survey where the growth rate had increased to 8.2 percent from 6.5 percent, a fall in the unemployment rate, and strengthening of economic activities in general. Khanna hopes that the budget would benefit Uttar Pradesh at large.

09:45 AM

Shiv Sena MP Seeks Relief from Inflation

According to Shiv Sena MP UBT Priyanka Chaturvedi, the Finance Minister Nirmala Sitharaman would consider soaring inflation and unemployment in the Union Budget 2024. She further urged that this time, the government has to raise the public's concerns 'Jan ki baat', instead of PM's personal agenda 'Mann ki Baat'.

09:40:00 AM

J&K Budget Copies Reach Parliament

Copies of Jammu and Kashmir budget reached Parliament. The estimated receipts and expenditure for 2024-25 for the UT of Jammu and Kashmir with legislature is scheduled to be presented by the Union finance minister Nirmala Sitharaman in the Parliament today.

09:40:00 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.

Dressed in a magenta-bordered white silk saree, Sitharaman, along with her team of officials, posed for the customary "briefcase" photo outside her office before meeting with the President.

09:36:46 AM

Stop Thinking of Food Inflation while Setting Interest Rates: RBI

Economic Survey said the Reserve Bank of India must keep food inflation out of its interest rate decisions and instead the government should provide coupons or cash transfers to those below the poverty line who are hit by food price rise.

09:32:36 AM

Fillip to Electronics Manufacturing Industry

The electronic manufacturers are hopeful to get friendly policies from the hands of the Finance Minister in Budget 2024. Although under the 'Make In India' initiative, this sector has gained a lot and is going to achieve a record $115 billion market in FY24. Experts have been insisting that GST on air conditioners and television needs to be cut to 18% from the current rate of 28%.

The segment has also sought the government's support in pruning tariff lines and making the duty structure on input parts and sub-assemblies rational.

The industry has also asked for scrapping the 2.5 per cent nuisance tariffs imposed on several electronic parts.

09:31:42 AM

Will FM Sitharaman Address Derivatives Trading?

Government and regulators think of derivatives trading as speculative and risky, but it has been the impetus behind a lot of the rise in the stock market since the pandemic. As Jefferies points out, any actions designed to halt it such as raising taxes will hurt the market, reduce volumes, and impact brokerages/trading platforms.

09:35:37 AM

Banking Stocks Ahead of Budget

Ahead of presentation of Budget, SBI, PNB, ICICI Bank, and Axis Bank were in the green, while HDFC Bank was in the red during the opening session.

At 11 a.m. this morning, the budget presentation of Finance Minister Sitharaman will reveal that which can potentially alter the Indian economic landscape. Opening in green, it indicates optimism in the markets, and the sectors that are likely to witness key announcements include rural consumption, EV subsidies, and affordable housing.

Union Finance Minister Nirmala Sitharaman is scheduled to present her seventh consecutive Union Budget today, which remains the mega financial blueprint for the first full budget of the third term of the Narendra Modi government. The Budget, according to Prime Minister Modi, would provide the big push in making a 'Viksit Bharat', and become a big milestone in the 'Amrit Kaal' which can take India forward on all fronts.

There are rife high expectations, especially from different segments of society, particularly the middle classes who are looking forward to seeking income tax relief. Inflation has been rising and income disparities have been increasing; therefore, much is expected from the budget. Fiscal strategies and interventions are expected to offer the much-needed respite required by salaried individuals and those in the middle class. Chartered accountants believe that there could be major changes in tax slabs under the old regime and may just turn out to be a bonanza for small taxpayers who did not get much relief since the 2020 Budget.

The Economic Survey 2023-24 demonstrates the resilience of the Indian economy and projects a GDP growth rate of about 6.6-7 per cent for FY25. This recovery is seen more as a strong rebound from the damages created by the pandemic and thus displays the robustness of the economy.

Although BJP could not cross the majority mark in the recent Lok Sabha polls, it is now supported by JD(U) and TDP Political Turnaround. This may affect the budget, as there could be a mixing of reforms and populist doses to attract more takers.

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 solution by skilling and reskilling of youth and provision of easy credit for new businesses. It is likely that the creation of jobs in the private sector is going to be underscored more in government policymaking and further promote MSMEs.