Updated 

Daijiworld Media Network – New Delhi 

New Delhi, Jul 23: Finance minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25 on Tuesda July 23, during the Budget Session of Parliament. In her announcement, she introduced increased standard deductions and revised tax rates for salaried individuals under the new tax regime. Additionally, she announced cuts on customs duties on gold, silver, mobile phones, and other goods. 

The revised tax rate under the new tax regime is as follows: for incomes ranging from Rs 0-3 lac, there is no tax; for Rs 3-7 lac, the tax rate is 5%; for Rs 7-10 lac, it is 10%; for Rs 10-12 lac, it is 15%; for Rs 12-15 lac, it is 20%; and for incomes above Rs 15 lac, the tax rate is 30%. 

The Centre's FY25 Capex spend is projected at Rs 11.1 lac crore, unchanged from the Interim Budget, with infrastructure spending at 3.4% of GDP. 

The budget outlines five schemes focusing on 4.1 crore youth over five years, with a central outlay of Rs 2 lac crore. It includes a comprehensive internship scheme for one crore youth in top companies over five years, employment-linked incentives such as one month's wage support for first-time employees, and women-specific skilling programmes to increase workforce participation. 

Special attention is given to MSMEs and the manufacturing sector, with a credit guarantee scheme and term loans for machinery purchases. A technology support package for MSMEs and the opening of 24 new SIDBI branches to serve MSME clusters are also included. 

The Mudra loan limit is increased from Rs 10 lac to Rs 20 lac for previous borrowers, and financial support for higher education loans up to Rs 10 lac in domestic institutions is provided. An integrated technology system for the Insolvency and Bankruptcy Code (IBC) is also introduced. 

A provision of Rs 2.66 lac crore is allocated for rural development. The transformation of agricultural research focuses on productivity and climate-resilient crop varieties, with an initiative to introduce one crore farmers to natural farming over two years. 

The budget includes rental housing in PPP mode for industrial workers and special financial support of Rs 15,000 crore for Andhra Pradesh. New airports, medical facilities, and sports infrastructure are planned for Bihar. 

Inflation is moving towards a 4% target, with India's economic growth described as a ‘shining exception’. The budget focuses on job creation and boosting consumption, potentially benefiting the consumer goods, real estate, and auto sectors. 

The budget outlines nine priority areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms. Over Rs 3 lac crore is allocated for schemes benefiting women and girls. The PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) is extended for five years, benefiting over 80 crore people. 

Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance is emphasized in the budget. 

Sitharaman also announced several significant changes and initiatives during her address. She revealed plans for a comprehensive review of the customs duty structure over the next six months and stated that the TDS rate on e-commerce will be reduced to 0.1%. Additionally, she proposed merging two tax exemption regimes for charities into one and suggested decriminalizing delays in TDS payments up to the filing date. 

Sitharaman also highlighted the exemption of 25 critical minerals from customs duties, with the Basic Customs Duty (BCD) on two of them being reduced. She announced a reduction in custom duties on gold and silver from 10% to 6%, and on platinum to 6.5%. The BCD on mobile phones, mobile PCBs, and mobile chargers will be decreased to 15%. 

The finance minister emphasized the expansion of the space economy, aiming to grow it fivefold over ten years, supported by an Rs 1,000 crore venture capital fund. She acknowledged the persistent flooding issues in Bihar and announced a financial support allocation of Rs 11,500 crore for flood control structures in Nepal. Assam will receive aid for flood management, Himachal Pradesh will get multilateral assistance for flood reconstruction, and Uttarakhand will be provided with aid for damage caused by landslides and cloudbursts.

Live Updates 

12.25 - Nirmala Sitharaman announces the proposal of abolishing the angel tax.

12.20 - No custom duty for 3 cancer drugs, announces Nirmala Sitharaman

12.17 - FM announces the reduction in the basic customs duty on mobile phones to 15 per cent

12.13 - Nirmala Sitharaman announces NPS Vatsalya scheme. Under this scheme, parents will be able to contribute on behalf of their kids. There is aspcial clause in this NPS Vatsalya scheme. It will convert into a regular NPS account automatically once the kid nominated in the scheme turns 18.

12.05 - Assam gets special package to battle flood woes, says FM

12 - Loan limit under MUDRA scheme will be doubled, says Nirmala Sitharaman

11.55 - PM Surya Ghar Muft Bijli Yojana is a hit, says Nirmala Sitharaman

11.50 - Nirmala Sitharaman announces a massive internship scheme that will target 1 crore youngsters across India. These young men and women will be placed for internship in 500 top companies in India, says Sitharaman

11.46 - Nirmala Sitharaman announces special scheme for MSME buyers. The government will lower the turnover threshold for MSME buyers required to onboard the TReds platform from Rs 500 crore to Rs 250 crore

11.42 - 100 India Post Payment Bank branches to be set up in North East, says Nirmala Sitharaman

11.40 - FM announces the launch of saturation drive under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan

11.35 - Nirmala Sitharaman has announced Rs 15,000 crore package for Andhra Pradesh to develop Amravati as state capital.

11.30 - Nirmala Sitharaman annouces Rs 26,000 crore package for roadways in Bihar in her Budget speech.

11.22 - Rs 1.48 lakh crore for education and employment, says Nirmala Sitharaman

11.19 - Modi 3.0 will put continued efforts on 9 priorities for job creation. These are – Infra, urban development, employment & skilling, energy security, manufacturing & services among others - FM

11.18 - FM says that what was said in the Interim Budget earlier this year, Modi 3.0 will keep the focus on key sections of society – women, youth, poor and farmers

11.17 - Nirmala Sitharaman announces Rs 2 lakh crore for five key schemes that will focus on middle class and skilling of youth over the period of five years.

11.16 - Kisan Credit cards to be introduced in five states: FM 

11.15 - Provision of 1.48 crore jobs, skilling will be made: FM 

11.13 - One crore farmers will be trained on climate-resilient varities: FM 

11.11 - Need to focus on women, poor, youth, and farmers, announces FM

11.09 - Employment, skilling, MSME, middle class are main focus: FM Sitharaman 

11.08 - Inflation low, stable, moving towards 4 per cent target: FM

Earlier update

Finance minister Nirmala Sitharaman to present her 7th Union Budget

Daijiworld Media Network – New Delhi

New Delhi, Jul 23: Union Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget on Tuesday, outlining a roadmap for 'Viksit Bharat' by 2047.

The Budget presentation will be followed by a press conference where Sitharaman, along with minister of state for finance Pankaj Chaudhary, finance secretary T V Somanathan, and chief economic adviser V Anantha Nageswaran, will address the media.

The upcoming Budget is expected to focus on several key areas, including supporting consumption through higher rural economy allocations, taxation reforms, infrastructure development, local manufacturing, job creation, and an increase in production-linked incentive (PLI) allocations to labour-intensive sectors.

A significant focus will likely be on modifying the income tax structure to benefit taxpayers and improving the ease of doing business. The Budget may also increase capital expenditure and aim for a more standardized taxation approach, as suggested by Moody's Analytics.

Experts emphasize the need for investment in districts and rural areas to boost both traditional and new economic activities, with a focus on sustainability and circularity.

The Economic Survey 2023-2024 projects India's GDP growth rate at 6.5 to 7 percent for 2024-25, highlighting the economy's resilience despite global challenges. Prime Minister Narendra Modi praised the Economic Survey for showcasing the strengths of the economy and identifying areas for further growth as India moves towards becoming a developed nation.

Gross Fixed Capital Formation has seen a nine percent increase in real terms in 2023-24, reflecting the government's focus on capital expenditure and private investment. The Economic Survey also underscores the importance of non-farm sectors in India's economic growth trajectory.