Union Budget 2024 - Live Updates

Nirmala Sitharaman, the finance minister, is delivering the Union Budget 2024 today - 23rd July.

Let us have a look at the Live Updates of Budget 2024:

12:26 PM: In new tax regime, tax rate structure to be revised

"Coming to personal income tax rates, I have two announcements to make for those opting for the new tax regime. First, the standard deduction for salaries employees is proposed to be increased from Rs 50,000 to Rs 75,000. Similarly, deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000. This will provide relief to about 4 crore salaries individuals and pensioners," finance minister Nirmala Sitharaman said.

• Up to Rs 3 lakh the tax is NIL
• From Rs 3 lakh to Rs 7 lakh the tax rate is 5%
• From Rs 7 lakh to Rs 10 lakh the tax rate is 10%
• From Rs 10 lakh to Rs 12 lakh the tax rate is 15%
• From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
• Above Rs 15 lakh income the tax rate is 30%
• Salaried employee in new tax regime will save up to Rs 17,500 in income tax

12:25 PM: FM announces changes in new tax regime - Standard deduction proposed to increase to Rs 75,000 from Rs 50,000.

12:23 PM: STT on F&Os proposed to be increased to 0.02% and 0.01% respectively.

FM announced an increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%.

12:21 PM: Govt announces that angel tax to be abolished.

12:20 PM: On long-term capital gains, LTCG on all financial and non-financial assets will attract a tax rate of 12.5%. The limit of exemption for capital gains will be set at Rs 1.25 lakh per year.

20% TDS on repurchase by MF or UTI has been withdrawn.

12:18 PM: FM announces review of income tax "I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months,"

12:16 PM: 2 tax exemption regimes for charities to be merged into 1.

12:14 PM: Govt to increase 10% to 15% on PCBA on specific telecom equipment.

TDS rate on e-commerce operators reduced from 1% to 0.1%.

12:11 PM: Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%.

12:10 PM: The government cuts the duty on mobiles and accessories to 15 % and mobile charges to 15%.

12:08 PM: On GST, govt says to rationalise the tax structure.

12:06 PM: FM announces NPS for minors.

12:04 PM: FM stated that rules and recognition for FDIs will be simplified to facilitate their inflow.

12:00 PM: FM said that there will be a strong emphasis on expanding the space economy by 5 times over the next 10 years. To support the same, a venture capital fund of Rs 1,000 crore will be established.

11:59 AM:  FM said that a mechanism will be established to spur private-driven research at a commercial scale, supported by a financial pool of Rs 1 lakh crore.

11:58 AM: FM said "Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches," she said.

11:57 AM: Regarding small and modular nuclear reactors, FM says, "The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy..."

11:55 AM: The FM said, “Bihar has frequently suffered from floods, noting that plans to build flood control structures in Nepal have yet to progress. The government will provide financial support with an estimated cost of Rs 11,500 crore. Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance.”

11:53 AM: FM highlighted the focus on energy security, announcing that a policy document on energy transition pathways will be released, emphasising employment and sustainability.

The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households.

11:51 AM: The FM said that states charging high stamp duty will be encouraged to moderate their rates for all.

11:50 AM: The FM stated that the government will continue to maintain strong fiscal support for infrastructure. This year, Rs 11.11 lakh crore has been allocated for capital expenditures, which amounts to 3.4% of India's GDP.

11:48 AM: The Finance Minister stated that under “PM Awas Yojana, Urban 2.0, the housing needs of the urban poor and middle class will be addressed with an investment of Rs 10 lakh crore.”

11:45 AM: Finance Minister Nirmala Sitharaman says, "...Power projects including setting up of a new 2400 MW power plant at Pirpainti will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar Govt for external assistance from multilateral development banks will be expedited...Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years. Our govt is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers."

11:43 AM: Govt announces Rs 2.2 lakh crore push to make housing more affordable

11:42 AM: An integrated tech platform will be set up to improve outcomes under the Insolvency and Bankruptcy Code (IBC). This platform aims to achieve greater consistency, transparency, and better oversight for all stakeholders, including the National Company Law Tribunal (NCLT).

11:39 AM: The FM stated that a critical mineral will be mission set up for the recycling of critical minerals and their overseas acquisitions. She also mentioned that the govt will launch the auction of the 1st tranche of Offshore blocks for mining, building on the exploration already carried out.

11:38 AM: Internship scheme for 1 crore youths announced.

To boost the employment and skill development sector, FM Sitharaman said that the government is set to launch an internship scheme for 1 crore youths in over 500 organisations.

"The Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000," she said.

11:37 AM: 12 industrial parks to be sanctioned

11:36 AM: Budget provides Rs 2.66 lakh crore for rural development

11: 35 AM: The limit of MUDRA loans will be enhanced to Rs 20 lakh from the current Rs 10 lakh for those who have availed and successfully repaid loans under the TARUN category.

11:34 AM: Government to provide Rs 26,000-cr boost to road connectivity projects.

11:33 AM: FM on credit guarantee schemes for MSMEs in manufacturing - FM said, "To facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, a new scheme will be introduced. This guarantee fund will provide guarantees of up to Rs 100 crore."

11:31 AM: FM said that “The government is committed to financing and completing the Pollavaram irrigation project, which is considered the lifeline for Andhra Pradesh and its farmers. Additional allocations will be provided this year to support capital investment for economic growth.”

11:27 AM: The Prime Minister stated that the Bihar government's request for external assistance from multilateral development banks will be expedited.

11:24 AM: The FM announced that increasing women's participation in the workforce will be a priority. This will be facilitated by setting up hostels and creating partnerships to organise women-specific skilling programs.

11:22 AM: Government announces financial support for loans up to Rs 10 lakh for higher education

11:21 AM: The FM said that “job creation in the manufacturing sector will be incentivised through a scheme linked to the employment of first-time employees. This scheme will provide incentives to both employees and employers concerning EPFO contributions for the first four years of employment. It will benefit 30 lakh youth and cover additional employment in all sectors. The government will reimburse employers up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee. This initiative aims to incentivise the additional employment of 50 lakh people.”

11:19 AM: FM announced employment-linked skilling through schemes as part of the PM's package. 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."

11:17 AM: Scheme for first timers - the government will provide 1 month's wage to all people newly entering the workforce in all sectors.

11:15 AM: FM Sitharaman stated that the government will undertake a comprehensive review of the agricultural research setup to increase productivity and develop climate-resilient varieties.

11:12 AM: The Finance Minister announced a PM Package of five schemes aimed at facilitating employment and skilling, with an allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made for education, employment, and skilling.

11:11 AM: Focus On 9 Priorities

1. Productivity and resilience in agriculture
2. Employment and skilling 
3. Improved human resources, social justice
4. Manufacturing and services
5. Urban development
6. Energy security
7. Infrastructure
8. Innovation, research and development
9. Next generation reforms

11:10 AM: Focus on employment, poor, women, youth and farmers.

"The people of India have reposed their faith in the govt led by PM Narendra Modi. We are grateful for their support, faith & trust in our policie," Union finance minister Nirmala Sitharaman said.

India's inflation continues to be low, stable, moving towards 4% target, says Nirmala Sitharaman.

11:09 AM: We need to focus on the garib, mahilaye, yuva, and annadata, says FM.

"The Finance Minister said, 'We need to focus on the garib, mahilaye, yuva, and annadata. For annadata, we announced higher MSP a month ago for all major crops, delivering on our promise. The PM Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people. Administrative actions for the approval and implementation of various schemes announced in the interim budget are well underway.'"

11:08 AM: Sitharaman announces Budget theme for this year on 5 factors such as — employment, poor, women, youth and farmers.

11:07 AM: India's economic growth continues to be the shining exception and will remain so in years ahead, says Nirmala Sitharaman

11:06 AM: Finance minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha.

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Research Analyst - Aakash Baid