Finance Minister Nirmala Sitharaman will table the Union Budget 2024 today. This is the second budget this year, the first being the Interim Budget that was tabled in February, ahead of the Lok Sabha Elections 2024. FM Sitharaman's Union Budget 2024 would be her seventh consecutive budget.
The Interim Budget 2024 focussed on the upliftment of four major groups: ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer). However, FM Sitharaman proposed to retain the same tax rates for direct taxes as well as indirect taxes.
She said that outstanding direct tax demands up to Rs 10,000 for financial years 2010-11 to 2014-15 will be withdrawn, benefitting 1 crore taxpayers. She announced that the tax benefits for startups, investments made by sovereign wealth funds will now be extended to March 31, 2025, while tax exemption on certain income of IFSC units will be extended by a year to March 31, 2025 from March 31, 2024.
Meanwhile, in the Economic Survey that was released on Monday, a day before the budget announcements, Chief Economic Advisor V Anantha Nageswaran and his team who authored the survey, predicted the economic growth to be at 6.5-7 per cent in FY25 versus 8.2 per cent in 2023-24. It added that the Indian economy is on a “strong wicket” and “stable footing” despite the global uncertainties.
While short-term inflation outlook remains benign, India faces persistent deficit in pulses and consequent price pressures, it stated. Challenges arising out of higher food prices for poor and low-income consumers can be addressed through direct benefit transfers or coupons for specific purchases that are valid for certain periods., it added.
The Economic Survey 2024 stated that the outlook for India’s financial sector appears bright but cautioned that as it undergoes critical transformation, it must brace for likely vulnerabilities.
The survey highlights that tax compliance gains, expenditure restraint, and digitisation have helped India achieve a fine balance in the government's fiscal management. It notes that the advent of AI is creating significant uncertainty regarding its impact on workers across all skill levels. The survey suggests that increased FDI inflows from China could enhance India's participation in the global supply chain and boost exports.
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Budget 2024: Budget estimates for 2024-25
Union Budget 2024: FM announces NPS-Vatsalya, a plan for contribution by parents and guardians for minors. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account.
Budget 2024: Investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies and regulations. A market-based financing framework will be brought out, says FM
Budget 2024: Rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP mode with VGF support and commitment from anchor industries, says FM
Union Budget 2024: Twelve industrial parks under the National Industrial Corridor Development Programme will be sanctioned, says FM Sitharaman
Budget 2024: New tax regime revised by FM Sitharaman:
Union Budget 2024: FM Sitharaman concludes 85-minutes speech
Budget 2024: Standard deduction to be increased from Rs 50,000 to Rs 75,000 in the new tax regime
Union Budget 2024: FM Sitharaman proposes to “hugely” simplify Capital Gains Tax
STCG will be taxed 20 per cent on some assets
LTCG on financial and non financial assets at 12.5 per cent
Budget 2024: FM Sitharaman announces comprehensive review of the I-T Act
Union Budget 2025: FM Sitharaman says 5 per cent TDS rates on many payments will be merged with 2 per cent TDS rate, and 20 per cent TDS rate on re-purchase of units by mutual funds or UTI will be withdrawn
Budget 2025: FM Sitharaman says TDS delays will be decriminalised under certain conditions
Union Budget 2024: FM Sitharaman proposes the reduction of BCD on mobile phones, mobile chargers to 15 per cent
Budget 2024: Three cancer medicines will be exempted from customs duty, said FM Sitharaman
Union Budget 2024: FM Sitharaman announced the reduction of the number of customs duty rates, and reviewing the rate structure in next 6 months for GST
Budget 2024: Fiscal deficit for FY24-25 at 4.9 per cent of GDP, says FM Sitharaman
Union Budget 2024: FM Sitharaman wants to make leasing of aircraft and ships easier. She further added that rules for FDI and overseas investment will be simplified
Budget 2024: FM Sitharman announces the setting up of a venture capital fund of Rs 1,000 crore for space economy in the next 10 years
Union Budget 2024: FM Sitharaman announced support for the development of Nalanda as a tourist centre, besides reviving Nalanda University
Budget 2024: Vishnupad Temple in Gaya and Mahabodhi Temple in Bodh Gaya will be supported and transformed into world class heritage, says FM Sitharaman
Union Budget 2024: FM Sitharaman says Rs 11.5k crore to be spent on flood control measures to reduce flooding in Bihar. Assam will be provided assistance and flood management. Himachal Pradesh will be provided assistance for reconstruction for last years floods. Uttarakhand and Sikkim will be provided assistance by centre for flood related damage, says FM
Budget 2024: Phase 4 of the Pradhan Mantri Gram Sadak Yojana will be launched to provide all weather connectivity to 25,000 rural habitation, says FM Sitharaman
Union Budget 2024: FM Sitharaman maintains Rs 11.11 lakh capex for FY25
Budget 2024: Govt will ask states which charge high stamp duty to moderate their charges, says FM. She says govt will bring out a policy document PM Surya Ghar Muft Bijli Yojna
Union Budget 2024: FM Sitharaman announces Rs 10 lakh crore allocation for urban housing needs of urban, poor and middle class
Budget 2024: FM Sitharaman says IBC resolved more than 1,000 complaints, which resulted in recovery of Rs 3.3 lakh crore to creditors
Union Budget 2024: FM Sitharaman increases the limit of MUDRA loans to Rs 20 lakh from Rs 10 lakh
Budget 2024: FM announces the launch of a comprehensive scheme for providing internships to 1 crore youth
Union Budget 2924: FM announces credit guarantee scheme for MSMEs in the manufacturing sector. Guarantee cover of upto Rs 100 crore. Bank credit for stressed MSMEs, says FM
Budget 2024: FM announces 3 crore additional houses under PM Awas Yojana
Union Budget 2024: FM Sitharaman announces Rs 2.66 lakh crore allocation for rural development
Union Budget 2024: Special financial support through multi-lateral support for Andhra Pradesh. Rs 15,000 crore will be arranged with additional support, says FM
Budget 2024: FM announces a slew of road infra projects for Bihar at outlay of Rs 26,000 crore
Union Budget 2024: Financial support for loans upto Rs 10 lakh for higher education in domestic institutions. E-vouchers to be given to 1 lakh students every year, says FM
Budget 2024: 20 lakh youth to be skilled over 5 years, says FM Sitharaman, announcing new centrally-sponsored scheme for skilling in collaboration with states, and industry
Union Budget 2024: FM Sitharaman says three employment-linked incentive schemes would be launched. These schemes will be based on enrolment in the EPFO, focusing on recogniSing first-time employees. First-timers will receive one month's wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month's salary, up to Rs 15,000, will be provided in three instalments. The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths, says FM
Budget 2024: Govt to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution, says FM Sitharman
Union Budget 2024: Agriculture research to be transformed to focus on raising productivity and climate resilient varieties. Comprehensive review of farm research setup to be undertaken to developing climate resilient crop varieties, says FM Sitharaman
Union Budget 2024: Sitharaman announces Rs 1.48 lakh crore for education, jobs and skilling
Budget 2024: FM Sitharaman announces sustained efforts on nine priorities:
Union Budget 2024: "Continued focus on employment, skilling, MSMEs, middle class. Five schemes for employment, skilling and other opportunities for 4.5 crore youth for five years with an outlay of Rs 2 lakh crore," says FM.
Union Budget 2024: India's economy continues to be the shining exception, says Nirmala Sitharaman
FM SITHARAMAN BEGINS HER UNION BUDGET 2024 SPEECH
Cabinet clears the Union Budget 2024, to be presented shortly
Union Budget 2024: Murmu meets Sitharaman
“Union Minister of Finance and Corporate Affairs Nirmala Sitharaman along with Minister of State for Finance Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget. The President extended her best wishes to the Union Finance Minister,” said the President's office.
Nirmala Sitharaman and her team pose for a photo ahead of Budget 2024
Union Budget 2023: Sitharaman surpasses Desai
Finance Minister Nirmala Sitharaman, with her seventh consecutive budget, surpasses former Prime Minister Morarji Desai, who holds the distinction of presenting six consecutive budgets.
Budget 2024: Sitharaman's paperless budget in red pouch
Finance Minister Nirmala Sitharaman on Tuesday carried a digital tablet wrapped in a traditional 'bahi-khata' style pouch as she headed for Parliament to present the Budget 2024 in a paperless format. Sitharaman, had in July 2019 replaced the Budget briefcase with the traditional 'bahi-khata'. She continued this in the following year and in 2021 switched to a digital tablet for her Budget presentation.
Union Budget 2024: Will the Income Tax rebate limit be hiked?
Will FM Sitharaman hike the Income Tax rebate limit from Rs 7 lakh to Rs 7.5 lakh, a move expected to help low-income earners? The limit was previously raised from Rs 5 lakh to Rs 7 lakh in the Union Budget 2023. Currently, taxpayers in India have two tax regimes to choose from. The old tax regime offers a wide range of deductions and exemptions. The new tax regime provides a lower tax rate but has limited deductions and exemptions, except for the standard deduction.
Finance Minister leaves for Rashtrapati Bhavan to call on President Murmu ahead of the Budget 2024
Sitharaman at finance ministry ahead of Budget 2024
Union Budget 2024: FM Sitharaman's A-team
CEA, V Anantha Nageswaran
Secretary, Finance, Dr TV Somanathan
Secretary, DEA, Ajay Seth
Secretary, Revenue, Sanjay Malhotra
Chairman, CBDT, Ravi Agarwal
Chairman, CBIC, Sanjay Kumar Agarwal
Secretary, DFS, Vivek Joshi
Secretary, DIPAM, Tuhin Kanta Pandey
Secretary, DPE, Ali Raza Rizvi
MoS Finance, Pankaj Chaudhary
Budget 2024: FM Sitharaman reaches finance ministry ahead of budget presentation
Union Budget 2024: Left calls the EcoSurvey 'disconnected from reality'
Left parties called the Economic Survey 2024 "disconnected from reality". They said that issues like price rise and unemployment have not been addressed. Communist Party of India (Marxist) General Secretary Sitaram Yechury said the survey was a "mega exercise in data fudging". "Neither our economic fundamentals nor tackling people's woes like price rise, unemployment, hunger and poverty have shown any improvement. On the contrary, worsened," he said.
Budget 2024: FICCI on EcoSurvey growth projection
“While a projected growth rate of 6.5 to 7 per cent for the fiscal 2024-25 may appear a bit conservative, we feel that for a country of the size of India and which has been growing at a fast clip, this growth is encouraging. Having said that, let me also add that with many path breaking reforms such as GST and IBC having now matured, it is time that we look at the next leap on the reforms trajectory that would prepare India for achieving even higher growth”.
Union Budget 2024: Welfare schemes in the last budget
FM Sitharaman in the Interim Budget 2024 said that government assisted 25 crore people out of multi-dimensional poverty in last 10 years. Direct Benefit Transfer of Rs 34 lakh crore, using PM-Jan Dhan accounts led to savings of Rs 2.7 lakh crore for the government. PM-SVANidhi provided credit assistance to 78 lakh street vendors.
Budget 2024: PM urges MPs to work for the country
Ahead of the Budget Session that started on Monday, PM Modi, in a customary address, urged all the MPs of the country to now focus on the development of the nation. He said everyone fought as hard as they could since January, and now since the period is over and the verdict of the public is out, it is time to focus on work. He said come January 2029, they are free to 'play the game' as they see fit but till then it is work they should focus on.
Union Budget 2024: FM's agenda for the day
Finance Minister is scheduled to head to the Rashtrapati Bhawan to meet with President Murmu at 9 am. She would address the Parliament to present the Budget 2024 at 11 am. She would address a post-budget press conference at 3 pm along with Ministers of State for Finance, Finance Secretary, Secretaries of Ministry of Finance and Chief Economic Advisor.
Budget 2024: Gender Budget, ahoy!
The Economic Survey on Monday revealed that the gender budget has increased from Rs 97,134 crore in Financial Year 2014 to Rs 3.1 lakh crore in FY 2025. This marks a 38.7-per cent rise compared to FY24 and a 218.8-per cent increase over FY14, now constituting 6.5 per cent of the total Union Budget. Social empowerment initiatives, such as 'Beti Bachao, Beti Padhao', Pradhan Mantri Matru Vandana Yojana, Mission Saksham Anganwadi, Poshan 2.0, 'Sambal' scheme, alongside educational and skilling programmes, gender parity in school enrolment, increased participation in skill-development programmes, supportive infrastructure such as safe transport and childcare, representation of women in STEM fields, their participation in non-conventional sectors like the military and police forces, Nari Shakti Vandan Abhiniyam, Prime Minister Jan Dhan Yojana, rural microfinance initiatives through self-help groups, female entrepreneurship have shown positive impacts, it said.
Union Budget 2024: Brace for a volatile market on Tuesday
Dalal Street is expected to be volatile on Tuesday, as markets are expected to remain abuzz with the key Budget announcements by FM Sitharaman. Ahead of the D-Day, Indian headline indices saw some profit booking. Strong action is expected in specific sectors and stocks.
Union Budget 2024: Fiscal deficit and capex
The fiscal deficit for the current fiscal is 5.1 per cent as projected in the February budget as against 5.8 per cent in the last fiscal year. This budget, however, is expected to provide better-than-expected projections due to tax buoyancy. The government is aiming for fiscal deficit at 4.5 per cent of the GDP in FY26.
The government had planned a capital expenditure of Rs 9.5 lakh crore in the last fiscal year, and is Rs 11.1 lakh crore for this fiscal year. This comes amid its push for ramping up of infrastructure.
Budget 2024: The BIG Question - What's in store for taxpayers?
The biggest question in the minds of the salaried class today is if FM Sitharaman would provide some much-needed relief to taxpayers. In the Interim Budget announced in February, FM Sitharaman had retained the same tax rates for both direct and indirect taxes, as well as for import duties. She had, however, stated that the government would improve taxpayer services.
Union Budget 2024: What to look out for
Finance Minister Nirmala Sitharaman will present her 7th straight budget today. It is expected to lay the roadmap for 'Viksit Bharat' or developed India by 2047. It is also expected to give a lowdown of the government's performance in the past 10 years.