Union Budget 2024: Key Highlights Updates

Knowing the Budget 2024 live updates is crucial as it reveals updates about government schemes and taxes that benefit citizens. The Union Budget is the annual statement outlining the financial plan that the government proposes for the upcoming fiscal year. It provides detailed information about the following: 

• Revenue
• Expenditure
• Policy initiatives
• Economic projections
• Tax proposals

Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Parliament on July 23, 2024. To know the key highlights and other Budget 2024 updates, read on.

Key Highlights of the Union Budget 2024-25

The Finance Minister outlined the government’s plans for spending and taxation for the coming year. Check out the key highlights of the Budget 2024 live updates-

• The Finance Minister outlined nine priorities for this fiscal year and the coming years. 
• These include productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next-generation reforms.
• The Union Government will undertake a comprehensive review of the agricultural research setup to increase productivity and develop climate-resilient varieties.
• The government will bring 6 crore farmers into the farm and land registry and enable Jan Samarth and Kisan Credit Cards in 5 states. 
• Nirmala Sitharaman announced 3 schemes for the ‘Employment Linked Incentive’ as part of the PM’s package. These will be based on enrolment in the Employee’s Provident Fund Organisation, focusing on first-time employees. 
• Another scheme will provide incentives to both employees and employers from the manufacturing sector for EPFO contributions for the first four years of employment. The Union Government will reimburse employers up to ₹3,000 per month for two years for each additional employee.
• The Union Government has also announced financial support for higher education in domestic institutions by offering loans of up to ₹10 lakhs.
• The Government will introduce a new scheme with an outlay of ₹100 crores as part of a credit guarantee scheme for MSMEs in the manufacturing sector.
• The Finance Minister has announced enhancing the limit of MUDRA loans to ₹20 lakhs under the TARUN category.
• Under PM AWAS Yojana Urban 2.0, the government will make an investment of ₹10 lakh crore for the housing needs of 1 crore urban poor and middle class. 
• The Finance Minister has allocated ₹11.11 lakh crore for capital expenditure, which amounts to 3.4% of India’s GDP.
• To promote Rupee investment overseas, Sitharaman has announced further simplification of the Foreign Direct Investment (FDI) rules.
• The Government will also roll out the NPS Vatsalya program. This will allow parents to invest in NPS on behalf of their children.
• The Finance Minister has also proposed to reduce the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Design Assembly, and mobile charges to 15%.
• The Union Government will also reduce the customs duty on gold and silver to 6% and the duty on platinum to 6.4%.
• The Budget proposes an increase in the long-term capital gains on all financial and non-financial assets from 10% to 12.5%. Additionally, an increase in the short-term capital gains tax rate from 15% to 20% was announced.
• The Finance Minister has also set the limit of exemption for capital gains at ₹1.25 lakh per year.
• The Union Budget has also proposed to increase the Securities Transaction Tax (STT) on the Futures and Options trading to 0.02% and 0.01%, respectively.
• The Finance Minister has proposed an increase in the standard deduction under the new tax regime from ₹50,000 to ₹75,000.
• The Union Budget also proposes revision in tax rate structure in the new tax regime. Here is the revised tax rate
  • 0% for income from zero to ₹3 lakhs 
  • 5% for ₹3 lakhs to ₹7 lakhs 
  • 10% to ₹7 lakhs to ₹10 lakhs 
  • 15% for 10 lakhs to ₹12 lakhs 
  • 30% for ₹15 lakhs and above

Key Highlights of the Interim Budget 2024-25

Since 2024 was an election year, the government presented an Interim Budget in February. During the Union Budget announcement, the Finance Minister mentioned that administrative actions and implementation of schemes announced in the Interim Budget are underway. The following are some key points announced in the Interim Budget:

• The government is working towards making India ‘Viksit Bharat’ by 2047, enabling opportunity and growth for all with needed infrastructure and development. The focus groups for this social justice initiative are Garib (Poor), Mahilayen (Women), Yuva (Youth) and Annadata (Farmers). 
• Over 11.8 crore farmers received direct financial assistance through the PM-KISAN SAMMAN Yojana, and the government helped 25 crore people be free from multidimensional poverty through schemes like the PM-Jan Dhan Yojana, PM-SVANidhi, PM-JANMAN Yojana.
• The Skill India Mission has helped train 1.4 crore youth, upskill and reskill 54 lakh youth and establish 3000 ITIs. Moreover, 7 IIMs, 7 IITs, 15 AIIMSs, 16 IIITs, and 390 universities have been established to meet the needs of higher learning. 
• The Finance Minister also announced that the average real income of the people increased by 50% while inflation has remained at moderate levels. 
• Around 43 crore loans amounting to ₹22.5 lakh crore were sanctioned under PM Mudra Yojana to give wings to the entrepreneurial dreams of India’s youth. In addition, Fund of Funds, Startup India and Startup Credit Guarantee Schemes also help support the youth and their entrepreneurial aspirations. 
• A fund of ₹1 lakh crore will be established with a 50-year interest-free period to encourage the private sector to scale R&D. The corpus will be for providing long-term financing and refinancing at low or nil interest rates to boost innovation and technology. 
• The tax receipts for FY 24-25 are estimated at ₹26.02 lakh crore, and the average processing time for ITR has been reduced to 10 days this year, facilitating quicker refunds
• The Finance Minister proposed that there be no change in the direct and indirect rates, including import duties.
• The government will raise ₹14.13 lakh crore by issuing dated securities during 2024-25.
• The Finance Minister proposed to withdraw tax demands of up to ₹25,000 up to 2009-10 and up to ₹10,000 for FY 2010-11 to 2014-15, which is expected to benefit 1 crore taxpayers.

Budget 2024: When and Where Was it Available

Finance Minister Nirmala Sitharaman presented the Budget for the financial year 2024-2025 on July 23, 2024 at 11:00 am. The real-time showcase of the interim budget presented by Nirmala Sitharaman was available in the following ways:

• Live telecast by Doordarshan and Sansad TV 
• YouTube channels of Doordarshan and Sansad TV 
• YouTube channel of The Press Information Bureau (PIB) 
• Website and YouTube channels of various news networks

The real-time updates of Budget 2024-25 are also available on the apps of news channels. Some also offer an analysis of the Budget, which can help you better understand its impact. You can also view the Budget 2024-25 speech and key highlights on the official website (https://www.indiabudget.gov.in/) or app (Union Budget). Stay tuned for the latest Budget updates for 2024 on Fibe.