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Finance Minister Nirmala Sitharaman on Tuesday (July 23) presented the Union Budget for the fiscal year 2024-25 at 11 am in Parliament, following the tabling of the Economic Survey. This budget marks a significant milestone as it is the first budget of Prime Minister Narendra Modi's third term in office.
Sitharaman’s presentation was her seventh consecutive Union Budget, surpassing the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget during his tenure as finance minister. She also surpassed former Prime Ministers Manmohan Singh and Pranab Mukherjee, both of whom presented five consecutive budgets.
The Economic Survey, which was tabled earlier, described the Indian economy as being on a "strong wicket and stable footing" despite ongoing geopolitical challenges. The Survey highlighted that the Indian economy has demonstrated resilience and has successfully consolidated post-Covid recovery. It emphasized that fiscal and monetary policies have played a crucial role in maintaining economic and financial stability.
"The Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges," the Survey stated. "The economy has consolidated post-Covid recovery with policymakers - fiscal and monetary - ensuring economic and financial stability."
In the new tax regime announced in Budget 2024, the tax rate structure has been updated as follows:
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%
Salaried employees under the new regime are expected to save up to Rs 17,500 in income tax.
In a bid to boost domestic value addition, Finance Minister Nirmala Sitharaman announced a reduction in customs duties in the Union Budget 2024. The duty on gold and silver will be cut to 6%, while the duty on platinum will be lowered to 6.4%.
In a bid to boost domestic value addition, Finance Minister Nirmala Sitharaman announced a reduction in customs duties in the Union Budget 2024. The duty on gold and silver will be cut to 6%, while the duty on platinum will be lowered to 6.4%.
In a move likely to be welcomed by smartphone users, the Union Budget 2024 has reduced the basic customs duty on mobile phones and chargers to 15%. This reduction is expected to lower the prices of these devices in the coming months, making them more affordable for consumers.
Foreign Direct Investment (FDI) rules will be further simplified to encourage greater inflow. This initiative aims to prioritise and promote the use of the Rupee for overseas investments, enhancing the ease of doing business and attracting more foreign capital into the country.
Finance Minister Nirmala Sitharaman addressed the issue of recurrent flooding in Bihar, highlighting the lack of progress on flood control structures in Nepal. The government has allocated Rs 11,500 crore for financial support. Assam, which faces annual floods, will receive aid for flood management projects. Himachal Pradesh, which has experienced extensive flood damage, will get support for reconstruction through multilateral assistance. Uttarakhand, impacted by landslides and cloudbursts, will also receive the necessary aid for recovery and rebuilding efforts.
Union Finance Minister Nirmala Sitharaman stressed energy security in her budget speech, announcing a forthcoming policy document on energy transition pathways that will focus on employment and sustainability. She also launched the PM Surya Ghar Muft Bijli Yojana, which aims to install rooftop solar plants and provide free electricity up to 300 units per month to 1 crore households.
Finance Minister Nirmala Sitharaman announced a substantial Rs 2.66 lakh crore allocation for rural development in the Union Budget 2024. This funding aims to enhance infrastructure and improve living standards in rural areas, reflecting the government's commitment to bolstering rural communities.
Finance Minister Nirmala Sitharaman announced a significant enhancement of the Mudra loan limit, doubling it from Rs 10 lakh to Rs 20 lakh. The budget also introduces a new mechanism to facilitate bank credit to MSMEs during stress periods, aiming to support small and medium enterprises in overcoming financial challenges.
Finance Minister Nirmala Sitharaman has announced targeted financial support for Andhra Pradesh in the Budget 2024. The state will receive Rs 15,000 crore, with further allocations planned for future years. Additionally, the budget confirms the government's commitment to financing and completing the Pollavaram irrigation project.
In her latest budget announcement, Finance Minister Nirmala Sitharaman unveiled significant developments for Bihar. The state will see the establishment of new airports, medical facilities, and sports infrastructure. Additionally, a substantial allocation of Rs 26,000 crore has been earmarked for highway projects in Bihar.
In her presentation of the Union Budget 2024, Finance Minister Nirmala Sitharaman stressed the government's commitment to addressing the needs of the poor, women, youth, and farmers. "Our priority is to support these key groups," she said. "For our farmers, we have already announced an increase in the Minimum Support Price (MSP) for all major crops last month, fulfilling our commitment."
Finance Minister Nirmala Sitharaman has outlined nine key priorities for the Modi 3.0 government in her Budget 2024 speech. These priorities include:
Productivity and resilience in Agriculture
Employment and skilling
Inclusive HRD and social justice
Strengthening manufacturing and services sectors
Urban development
Energy security
Expanding infrastructure
Fostering innovation and research & development
Next generation reforms
Finance Minister Nirmala Sitharaman commenced her speech by highlighting the strong public support for Prime Minister Narendra Modi, who was re-elected for a historic third term. Despite global economic uncertainties, Sitharaman stressed that India's economic growth stands out as a remarkable exception, showcasing resilience and stability under Modi’s leadership.
Union Finance Minister Nirmala Sitharaman presented her historic 7th Budget in the Parliament.
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Budget 2024 today, set to be announced by Finance Minister Nirmala Sitharaman.
Prime Minister Narendra Modi is leading a Cabinet meeting with Finance Minister Nirmala Sitharaman and other key members of the Finance Ministry. The meeting is set to approve the Union Budget for the fiscal year 2024-25, which will be presented in Parliament later today.
Union Finance Minister Nirmala Sitharaman will also present the budget for the Union Territory of Jammu and Kashmir (with legislature) in Parliament today. This presentation will follow her delivery of the Union Budget for 2024-25. The copies of the Jammu and Kashmir budget arrived at Parliament this morning, ahead of the scheduled presentation.
Dressed in a cream-coloured saree, Union Finance Minister Nirmala Sitharaman left for Parliament to present her seventh straight Budget.
Ahead of the Budget 2024-25 presentation in Parliament, Finance Minister Nirmala Sitharaman was seen holding the distinctive red tablet outside the Finance Ministry. This iconic image marks the final preparations for her Budget speech today.