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Union Budget Live: Finance Minister rises to present the Union Budget 2024-25

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Union Budget Live: Finance Minister rises to present the Union Budget 2024-25

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  • FM Nirmala Sitharaman presents the Union Budget for the 7th time after NDA returns to power for the third time.
  • Global economic environment is under the grip of uncertainty but the Indian economy shows resilience.
  • Rs 2 lakh crore package announced for five schemes.
  • These 5 schemes will focus on jobs and skilling of 4.1 crore youth of the country.
  • The Union Budget makes a provision of Rs 1.52 lakh crore for agri and allied sectors.
  • The Union Budget puts a strong focus on skilling initiatives. 20 lakh youth to be skilled in the next five years.
  • Fresh graduates 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 installments to eligible youth. This benefit will be provided to those youth who are getting a salary up to Rs 1 lakh per month. It is expected to benefit 2.1 lakh youths.
  • Financial Support of Rs 15,000 crore for Andhra Pradesh in the current financial year (FY25)
  • The central government will provide financial support up to Rs 10 lakh for pursuing higher education.
  • Job creation in the manufacturing sector will be incentivized. Under a new scheme, employment of first-time employees will be supported by providing financial incentive concerning EPFO contributions for the first four years of employment. It will benefit 30 lakh youth and cover additional employment in all sectors.
  • MSME Sector: Loan limit under MUDRA scheme to be raised to Rs 20 lakh from current Rs 10 lakh.
  • Rural Development: Rs 2.66 lakh crore allocated for Rural Development
  • MSME: New MSME credit guarantee scheme up to Rs 100 crore announced for purchase of machinery by MSMEs.
  • Bihar: Rs 26,000 crore to be allocated for development of highways in Bihar.
  • Andhra Pradesh: Union Budget to provide financing support to Pollavaram Project.
  • 9 priorities of the Union Budget: Nine priorities include agriculture, employment, social justice, manufacturing, urban development, energy, infrastructure, research and development, and next-generation reforms.
  • Critical Mineral: Govt to set up Critical Mineral Mission for recycling of critical mineral and its acquisitions overseas.
  • Industry: Union Budget has provision for setting up 12 industrial parks.
  • Energy: Free solar power up to 300 units to be provided to 1 crore households.
  • Infrastructure: Capex spend for FY25 at Rs 11.11 lakh crore or 3.4% of GDP.
  • Road: Govt to launch phase 4 of PM Sadak Yojana.
  • Infrastructure: Rs 1.5 lakh crore will be provided to states as loans for infrastructure development.
  • Banking: Government to set up integrated technology system for IBC for better outcomes.
  • Housing: Rental housing with dorm-like accomodation for industrial workers will be facilitated in PPP (Public Private Partnership) mode.
  • Odisha: Govt to provide financial support for boosting tourism sector.
  • Himachal Pradesh: Govt to provide support for mitigating flood-related devastation.
  • Assam: Govt to provide support for reducing risks arising from floods.
  • Education: 1000 ITIs will be upgraded in Hub and Spoke arrangements with outcome orientation.
  • Education: Under Model Skill Loan scheme, youth can now get loans up to Rs 7.5 lakh with a guarantee from government promoted fund.
  • Space; A VC fund with a corpus of Rs 1,000 crore will be set up.
  • Fiscal Deficit: Projected fiscal deficit at 4.9% of GDP.
  • Banking: Govt allows NPS (National Pension Scheme) for minors.
  • Customs Duty: Govt to reduce import duty on gold and silver to 6%.
  • Phone Buyers: Good news for phone buyers as phone prices are likely to decline. The Union Budget proposes BCD (Basic Custom Duty) on mobile phones, and chargers to 15%.
  • Customs Duty: The Union Budget to reduce customs duty on leather.
  • Income Tax: Govt plans comprehensive review of Income Tax Act.
  • Nuclear Energy: The govt will partner with the private sector players for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy.
  • TDS: TDS (Tax Deducted at Source) on e-commerce to be reduced to 0.1% from current 1%.
  • Capital Gains: Short-term capital gain tax on some assets to be imposed at 20%.
  • Capital Gains: Long-term capital gain tax exemption on certain assets to be raised to Rs 1.25 lakh.
  • STARTUP: ANGEL TAX ABOLISHED.
  • STARTUP: ANGEL TAX TO BE ABOLISHED FOR ALL KINDS OF INVESTORS.
  • Security Transaction Tax: STT on F&O (Future & Options) to be hiked to 0.02% and 0.1%.
  • INCOME TAX: STANDARD DEDUCTION FOR SALARIED EMPLOYEES TO BE INCREASED TO RS 75,000 FROM CURRENT RS 50,000/.
  • INCOME TAX: STANDARD DEDUCTION TO BE INCREASED ONLY ON NEW TAX REGIME.
  • INCOME TAX: LOWEST SLAB IN NEW TAX REGIME RAISED TO RS 3 LAKH FROM RS 2.5 LAKH EARLIER.
  • Market: Sensex & Nifty on red after proposal to raise capital gains tax.
  • Foreign Companies: Taxation on foreign companies to be reduced to 25%.
  • INCOME TAX:
  • Revised tax slabs under the new regime
  • 0-3 lakh – Nil
  • 3-7 lakh – 5%
  • 7-10 lakh – 10%
  • 12-15 lakh – 20%
  • Capital Gains Tax: Long-term capital gains 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.

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