By Budget 2024 Key Highlights Live Updates: Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the parliament today. This was the first budget of Prime Minister Narendra Modi’s third term in the government. The budget 2024 envisaged sustained efforts on 9 priorities for generating ample opportunities for all. While on the macro front FM Sitharaman reduced FY25 fiscal deficit target to 4.5%, she also announced a revised income tax structure in the new regime while hiking the long-term capital gains tax. Stay tuned to our Budget 2024 Key Highlights live blog for the latest updates. Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions.
Budget 2024 Key Highlights Live: Where does the government spend?
Budget 2024 Key Highlights Live: The government spends 21% of every rupee earned into states’ share of taxes and duties and 19% towards interest payments.
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Budget 2024 Key Highlights Live: How does the government earn?
Budget 2024 Key Highlights Live: Around 27% of every rupee earned by the government comes from borrowing and other liabilities, while 19% comes from Income tax.
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Budget 2024 Key Highlights Live: What gets costlier after Budget 2024?
Budget 2024 Key Highlights Live: FM Sitharaman also announced hikes in custom duties for certain products. These things are likely to get costlier after Budget 2024:
- Ammonium Nitrate
- PVC Flex Films/Flex Banners
- Laboratory Chemicals
- Solar Glass for manufacture of solar cells or modules
- Non-Biodegradable Plastic
Budget 2024 Key Highlights Live: What gets cheaper after Budget 2024?
Budget 2024 Key Highlights Live: FM Sitharaman announced cuts in custom duties for a slew of products. These are the things that are likely to get cheaper after Budget 2024:
- Mobile phones and chargers
- Printed Circuit Board Assembly (PCBA) and Oxygen Free Copper for use in manufacture of Resistors
- Precious metals like Gold, Silver and Platinum
- Blister Copper and Ferro-Nickel
- Cancer drugs – Trastuzumab Deruxtecan, Osimertinib and Durvalumab
- Components for manufacture of vessels
- Solar energy parts
- Certain brood stock, shrimp and fish feed
- Medical products like orthopedic implants, artificial parts of the body
Budget 2024 Key Highlights Live: Tax on real estate sales
Budget 2024 Key Highlights Live: Budget 2024 announced removal of indexation benefit on sale of property along with lowering on of long term capital gains tax to 12.5%.
LTCG arising from sale of property was earlier taxed at 20% with indexation benefit. Now, sale of property will attract a new LTCG tax rate of 12.5% without indexation benefit.
Budget 2024 Key Highlights Live: A look at changes in tax slabs
Budget 2024 Key Highlights Live: Here’s a look at the comparison between the tax slabs in the old and new Income Tax regime.
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Budget 2024 Key Highlights Live: Budget expenditure on major sectors
Budget 2024 Key Highlights Live: Here are budget expenditure on major sectors:
- Defence – ₹4,54,773 crore
- Rural Development – ₹2,65,808 crore
- Agriculture and Allied Activities – ₹1,51,851 crore
- Home Affairs – ₹1,50,983 crore
- Education – 1,25,638 crore
- IT and Telecom – ₹1,16,342 crore
- Health – ₹89,287 crore
- Energy – ₹68,769 crore
- Social Welfare – ₹56,501 crore
- Commerce & Industry – ₹47,559 crore
Budget 2024 Key Highlights Live: Other key proposals on taxes
Budget 2024 Key Highlights Live: Other key proposals on taxes
- Abolish Angel tax for all classes of investors
- Simpler tax regime to operate domestic cruise
- Provide for safe harbour rates for foreign mining companies (Selling raw diamonds)
- Corporate tax rate on foreign companies reduced from 40% to 35%
Budget 2024 Key Highlights Live: Budget Estimates 2024-25
Budget 2024 Key Highlights Live: Here are the Budget Estimates 2024-25:
- FY25 Total Receipts estimated at ₹32.07 lakh crore
- FY25 Total Expenditure estimated at ₹48.21 lakh crore
- Net tax receipts estimated at ₹25.83 lakh crore
- Gross market borrowings estimated at ₹14.01 lakh crore
- Net market borrowings estimated at ₹11.63 lakh crore
- FY25 Fiscal deficit estimated at 4.9% of GDP
The fiscal consolidation path announced by me in 2021 has served our economy very well, and we aim to reach a deficit below 4.5% next year. The Government is committed to staying the course. From 2026-27 onwards, our endeavour will be to keep the fiscal deficit each year such that the Central Government debt will be on a declining path as percentage of GDP, Finance Minister Nirmala Sitharaman said.
Budget 2024 Key Highlights Live: Changes in sector specific customs duty
Budget 2024 Key Highlights Live: Here are the changes in sector specific customs duty announced in the Budget 2024:
- Basic Custom Duty (BCD) on mobile phone, mobile PCBA and mobile charger cut to 15%.
- Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics are made fully exempt and reduce BCD on two of them.
- BCD on certain broodstock, polychaete worms, shrimp and fish feed reduced to 5 %.
- Customs duty on various inputs for manufacture of shrimp and fish feed has been exempted.
- BCD on real down filling material from duck or goose reduced
- Customs duties on gold and silver reduced to 6% and that on platinum to 6.4%.
- BCD on ferro nickel and blister copper removed
- BCD on oxygen free copper for manufacture of resistors removed
- BCD on ammonium nitrate reduced from 7.5% to 10%
- To promote domestic aviation and boat & ship MRO, the period for export of goods imported for repairs has been extended from 6 months to 1 year.
Budget 2024 Key Highlights Live: Tax on share buyback, STT on F&O
Budget 2024 Key Highlights Live: Taxes announced on Buy-back of shares and Securities transaction tax (STT) rates on F&O transactions
Budget 2024 proposed that the income from buy-back of shares by companies be chargeable in the hands of the recipient investor as dividend, instead of the current regime of additional income-tax in the hands of the company. Further, the cost of such shares shall be treated as a capital loss to the investor.
- Securities transaction tax (STT) rates
It is proposed to increase the rates of STT on sale of an option in securities from 0.0625% to 0.1% of the option premium, and on sale of a futures in securities from 0.0125% to 0.02% of the price at which such futures are traded.
Budget 2024 Key Highlights Live: Cut in income tax for foreign companies
Budget 2024 Key Highlights Live: FM Sitharaman announced reduction of tax rate on foreign companies. The Budget 2024 proposed to reduce the rate of income-tax chargeable on income of foreign company (other than that chargeable at special rates) from 40% to 35%.
Budget 2024 Key Highlights Live: Incentives to IFSC
Budget 2024 Key Highlights Live: FM Sitharaman announced certain incentives to IFSC. Here are those:
- Retail schemes and Exchange Traded Funds in IFSC, shall enjoy tax exemptions along similar lines as available to specified funds.
- Exemption of certain income of Core Settlement Guarantee Fund set up in IFSC.
- Exclusion of the applicability of section 94B to certain finance companies located in IFSC.
- Where a venture capital fund (VCF) located in IFSC extends a loan / other amount to an assessee, it shall no longer be called upon to explain the source of funds.
- Surcharge shall not apply on income-tax payable on income from securities by specified funds.
Budget 2024 Key Highlights Live: Changes in Capital Gains Taxes
Budget 2024 Key Highlights Live: The taxation of capital gains is proposed to be rationalised and simplified, FM Sitharaman said.
- Short term gains tax on specified financial assets raised to 20% from 15%, while that on all other financial assets and non-financial assets shall continue to attract the applicable tax rate.
- Long term gains tax on all financial and non-financial assets raised to 12.5%. It is proposed to increase the limit of exemption of capital gains on certain listed financial assets from ₹1 lakh to ₹1.25 lakh per year.
- Listed financial assets held for more than a year will be classified as long term, while unlisted financial assets and all non-financial assets will have to be held for at least two years to be classified as long-term.
- Unlisted bonds and debentures, debt mutual funds and market linked debentures, irrespective of holding period, will attract tax on capital gains at applicable rates.
Budget 2024 Key Highlights Live: Announcements on TDS and TCS
Budget 2024 Key Highlights Live: Here are some of the announcements on TDS and TCS:
TDS on payment to a partner
- Payments made by a firm to its partner shall be subject to TDS at 10% for aggregate amounts more than ₹20,000 in a financial year.
TCS on notified luxury goods
- Levy TCS of 1% on notified goods of value exceeding 10 lakh rupees.
TDS on Floating Rate Savings (Taxable) Bonds (FRSB) 2020
- TDS is proposed on interest exceeding ₹10,000 on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 or any other notified security of the Central or State Governments
Budget 2024 Key Highlights Live: Tax rate structure revised in new regime
Budget 2024 Key Highlights Live: FM Sitharaman revises tax rate structure in the new income Tax regime. The revised tax slabs will result in ₹17,500 saving in income tax, Sitharaman said. Here’s the revised tax structure:
- ₹0-3 lakh – Nil
- ₹3-7 lakh – 5%
- ₹7-10 lakh – 10%
- ₹10-12 lakh – 15%
- ₹15 lakh and above – 30%
Budget 2024 Key Highlights Live: Announcements on Capital gain taxes
Budget 2024 Key Highlights Live: Here are the announcements on Capital gain taxes
- Short term capital gain tax on certain financial assets revised to 20%
- Long term capital gain tax revised to 12.5% on Financial assets
- TDS rate on e-commerce operators to be cut to 0.1% from 1%
Budget 2024 Key Highlights Live: Cut in Custom Duties
Budget 2024 Key Highlights Live: FM Sitharaman announces cut in Custom Duties:
- Customs duties on gold, silver cut to 6%, platinum to 6.4%
- Lithium, Copper, Cobalt exempted from Custom Duty
- Expand the list of exempted capital goods used in manufacturing of solar cells, panels
- Reduce BCD subject to conditions on MDI for manufacturing of spandex yarn from 7.5% to 5%
- Exempt customs duty on manufacturing of connectors
- Exempt customs duty on Oxygen-fused copper
Budget 2024 Key Highlights Live: FY25 Fiscal Deficit projected at 4.9% of GDP
Budget 2024 Key Highlights Live: FM Sitharaman projects FY25 fiscal deficit at 4.9% of GDP as against 5.1% in Interim Budget. She says government is committed to reduce deficit below 4.5%.
- Expenditure for FY25 seen at 48.21 lakh crore
- Receipts for FY25 32.07 lakh crore
- FY25 Fiscal Deficit projected at 4.9% of GDP versus 5.1% in Interim Budget
- Aim to reach a fiscal deficit of below 4.5% next year
Budget 2024 Key Highlights Live: Industrial parks to be developed in or near 100 cities
Budget 2024 Key Highlights Live: FM announced that industrial parks will be developed in or near 100 cities. Here are the proposals:
- Investment-ready “plug and play” industrial parks to be developed in or near 100 cities
- 12 industrial parks sanctioned under National Industrial Corridor Development Programme
- Critical Mineral Mission to be set up for domestic production, recycling of critical minerals, & overseas acquisition of critical mineral assets
Budget 2024 Key Highlights Live: Package in a boost to skilling
Budget 2024 Key Highlights Live: FM Sitharaman announced a package in a boost to skilling. Here are the highlights
Skilling Programme and Upgradation of Industrial Training Institutes
- 1,000 ITIs to be upgraded in hub & spoke arrangements in 5 years
- Focus on outcome and quality in collaboration with states and industry
Internship in Top Companies
- 1 crore youth to be skilled by India’s top companies in five years
- 12-month Prime Minister’s Internship with monthly allowance of ₹5,000
Budget 2024 Key Highlights Live: FY25 Capex at ₹11.11 lakh crore
Budget 2024 Key Highlights Live: Finance Minister Nirmala Sitharaman keeps capex for FY25 at ₹11.11 lakh crore or 3.4% of GDP, same as announced in Interim Budget
Budget 2024 Key Highlights Live: Announcements for MSMEs
Budget 2024 Key Highlights Live: Here are the announcements for MSMEs:
- New mechanism for facilitating continuation of bank credit to MSMEs during their stress period
- Limit of Mudra loans increased from ₹10 lakh to ₹20 lakh
- Turnover threshold of buyers for mandatory onboarding on TReDS platform to be reduced from ₹500 crore to ₹250 crore
- Financial support for 50 multi-product food irradiation units in MSME sector
- E-Commerce Export Hubs to be set up in PPP mode to enable MSMEs and traditional artisans to sell their products in international markets
Budget 2024 Key Highlights Live: Revision of Model Skill Loan Scheme
Budget 2024 Key Highlights Live: FM Sitharaman proposes revision of Model Skill Loan Scheme to help 25,000 students every year. Here are the announcements:
- Setting up of working women’s hostels and creches in collaboration with industry
- Model Skill Loan Scheme to be revised to facilitate loons up to & ₹7.5 lakh with a guarantee from a government-promoted fund: expected to help 25,000 students every year
- E-vouchers for loans upto ₹10 lakh for higher education in domestic institutions to be given directly to 1 lakh students every year for annual interest subvention of 3% of loan amount
Budget 2024 Key Highlights Live: 3 schemes announced for ‘Employment Linked Incentive’
Budget 2024 Key Highlights Live: FM Sitharaman announces three schemes for employment-linked incentives. These schemes will be based on enrolment in the EPFO and focus on recognizing first-time employees.
Scheme A: First timers
First-timers to 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 ₹15,000, to be provided in three instalments.
Scheme B: Job creation in manufacturing
Job creation in manufacturing sector to be incentivized through a scheme linked to the employment of first-time employees. Incentives to be provided to both employees and employers as per their EPFO contributions for the first 4 years of employment.
Scheme C: Support to employers
Reimbursement to employers up to ₹3,000 per month for 2 years towards their EPFO contribution for each additional employee. The eligibility limit for this will be a salary of ₹1 lakh per month, and it is expected to benefit 2.1 lakh youths
Budget 2024 Key Highlights Live: Announcements for Agriculture sector
Budget 2024 Key Highlights Live: Here are the announcements made so far for the agriculture and allied sectors:
- Provision of ₹1.52 lakh crore for the agriculture and allied sectors
- 10,000 bio research centres will be established
- Next two years, 1 crore farmers will be initiated into natural farming supported by branding and certification
- Vegetable production and supply chain, large clusters to be developed closer to consumption centres
- Financial support for shrimp breeding centres to be provided, export to be facilitated through NABARD
- Kisan Credit Cards to be launched in 5 states
- To release 109 varieties of 32 crops
- Will help Natural Farmers with verification and branding
- To ensure self-sufficiency in pulses and oil seeds6 crore farmers and their land will be brought into the farmer and land registry,
Budget 2024 Key Highlights Live: FM Sitharaman announces Budgetary priorities
Budget 2024 Key Highlights Live: FM Nirmala Sitharaman announces Budgetary priorities. These are –
- Productivity in Agri sector
- Employment and Skill Development
- Inclusive priority and Social Justice
- Manufacturing and Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation and Research
- Next Generation Reforms
Budget 2024 Key Highlights Live: ₹2 lakh crore for 5 new schemes
Budget 2024 Key Highlights Live: FM Sitharaman announces ₹2 lakh crore for 5 new schemes. The focus will be on jobs and skilling of 4.1 crore youth.
Budget 2024 Key Highlights Live: India’s economy continues to shine in uncertain global economy, says FM Sitharaman
Budget 2024 Key Highlights Live: FM Sitharaman begins her Budget speech. She says –
- Global economy is still in the grip of uncertainty
- People have reposed faith and elected NDA government for the third time
- India’s economy continues to shine even in uncertain global economy
- India’s inflation continues to be low, stable
- Poor, woman, youth and farmer are focus areas of this government
Budget 2024 Key Highlights Live: FM Nirmala Sitharaman presents Budget 2024
Finance Minister Nirmala Sitharaman presents the Union Budget for the financial year 2024-2025 in the Lok Sabha.
Budget 2024 Key Updates Live: Cabinet approves Union Budget 2024-2025
Budget 2024 Key Updates Live: The Union Cabinet has approved the Union Budget for the financial year 2024-2025. This is the first full budget of the Modi 3.0 government. Finance Minister Nirmala Sitharaman will present the budget 2024 at 11 am in Lok Sabha. This will be her seventh straight Budget speech.
Budget 2024 Key Updates Live: Increase in retail investors in stock market calls for careful consideration: Economic Survey 2024
The Economic Survey 2024 tabled in the parliament on Monday raised concerns over the significant increase in the participation of retail investors in the Indian stock market, calling for careful consideration.
“This is crucial because the possibility of overconfidence leading to speculation and the expectation of even greater returns, which might not align with the real market conditions, is a serious concern,” the Economic Survey said.
Budget 2024 Key Updates Live: Trading strategy for Bank Nifty today
Budget 2024 Key Updates Live: Rahul Ghose, CEO of Hedged.in advises a low risk strategy in the Bank Nifty index that can be employed to play the budget day. Speaking on the Budget trading strategy for Bank Nifty options, Ghose recommends Cross Calendar Spread.
Here’s the budget trading strategy for Bank Nifty by Rahul Ghose:
Trade name:
Bank Nifty Cross Calendar spread
Trade Structure:
- Buy 51000PE August 28th expiry
- Sell 50500PE July 31st expiry
Trade rules:
The capital required in the trade is approximately ₹20,000. According to Ghose, this trade can be entered if Bank Nifty is between 52,500 and 51,500 on or before the budget day.
The maximum loss in the trade is ₹3,000 and the target in the trade should be 4-5% on the capital depending upon the time and individual risk appetite, he said.
Trade Modifications:
The trade is protected with a limited risk, but one can further bring down the risk by constantly selling weekly expiry puts of subsequent weeks.
For example: At the end of July, one can buy back the 31st July PE and sell the 7th August or week after that PE. Just make sure that you get at least ₹80 when you are selling the Puts, Ghose added.
Budget 2024 Key Updates Live: Where and how to watch Budget speech?
Budget 2024 Key Updates Live: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 in the parliament shortly. You can watch the Budget speech live on Livemint’s YouTube channel here.
Budget 2024 Key Updates Live: Highlights of Economic Survey 2023-24
Budget 2024 Key Updates Live: Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 on July 22. Here are the key highlights from the Survey:
- Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges.
- India’s sustained post-Covid recovery, stable inflation, and a positive investment climate driven by both the public and private sectors.
- India’s real GDP in FY24 was 20% higher than the pre-Covid (FY20) levels, implying a 4.6% CAGR from FY20, despite a 5.8% decline in FY21.
- Real GDP growth for FY25 projected at 6.5% – 7.0% for FY25.
- Public investment has sustained capital formation in the last several years even as the private sector shed its balance sheet blues and began investing in FY22.
- Headline inflation rate is under control, supported by the Central Government’s timely policy interventions and the RBI’s price stability measures. However, elevated food inflation is worrisome.
- India’s inflation targeting framework should consider targeting inflation, excluding food. Higher food prices are, more often, not demand-induced but supply-induced.
- India would require significant job creation until 2036 (at an average of 8 million non-farm jobs per annum) to accommodate its growing workforce, emphasizing the need for strategic planning in employment generation.
- The fiscal balances of the central and state governments taken together have improved progressively despite expansionary public investments.
- Current Account Deficit stood at 0.7% of GDP in FY24, an improvement from the deficit of 2% of GDP in FY23.
Budget 2024 Key Updates Live: Key highlights from Interim Budget 2024
Budget 2024 Key Updates Live: Finance Minister announced an Interim Budget on February 1 ahead of the Lok Sabha elections 2024. Here are the key highlights from the Interim Budget:
- Fiscal deficit target for FY25 set at 5.1% of GDP
- Total receipts projected at ₹30.80 lakh crore; expenditures at ₹47.66 lakh crore
- Market borrowings set at ₹14.13 lakh crore
- Infrastructure spending increased to ₹11.1 lakh crore
- No changes to income tax rates
- 2 crore more houses to be taken up in next five years under PM Awas Yojana (Grameen)
- Under PM Fasal BimaYojana, crop insurance is given to 4 crore farmers
- 1 crore households to obtain 300 units free electricity every month through rooftop solarization
- Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers
Budget 2024 Key Updates Live: Sensex, Nifty open higher ahead of Budget 2024
Budget 2024 Key Updates Live: Indian stock market benchmark indices, Sensex and Nifty 50, opened higher on Tuesday ahead of the announcement of Union Budget 2024.
Budget 2024 Key Updates Live: Budget to focus on ‘Viksit Bharat’ by 2047
Budget 2024 Key Updates Live: The Budget 2024 is expected to provide focus on the government’s roadmap for ‘Viksit Bharat’ by 2047. While maintaining the path of fiscal prudence, the government is likely to focus on capex spending to help create jobs and targeted social sector spending. Budget is also expected to be themed on improving access to physical, social and digital infrastructure.
Budget 2024 Key Updates Live: FM Sitharaman to begin Budget speech at 11 am
Budget 2024 Key Updates Live: Finance Minister Nirmala Sitharaman will begin her Budget speech at 11 am in the Lok Sabha today. After presenting the Budget, Sitharaman and her Finance Ministry team will address the media on the Budget 2024.
Budget 2024 Key Updates Live: Budget 2024 to be Sitharaman’s 7th, Modi government’s 13th
Budget 2024 Key Updates Live: Union Finance Minister Nirmala Sitharaman will present her seventh consecutive Union Budget today in the Lok Sabha, the lower house of the Parliament, surpassing former FM Morarji Desai’s record. The Budget 2024 will be the first full budget of the National Democratic Alliance (NDA) government in its third term led by Prime Minister Narendra Modi. However, it will be Modi government’s 13th Budget since taking charge in 2024.
Budget 2024 Key Updates Live: FM Sitharaman to present Union Budget 2024 today
Budget 2024 Key Updates Live: Finance Minister Nirmala Sitharaman is set to present the Union Budget for the financial year 2024-25 in the parliament today. This will be the first budget of Prime Minister Narendra Modi’s third term in the government.
