Budget 2024 Highlights: Fiscal Deficit Estimated At 4.9% Of GDP, Mobile Phones To Be Cheaper

Union Finance Minister Nirmala Sitharaman today presented the first budget of the third consecutive Modi government. This budget, being a significant document, outlines the government's revenue and expenditure plans for the upcoming financial year, focusing on driving economic growth and stability across the nation.

In her address, Finance Minister Sitharaman emphasized the trust and confidence the people of India have shown in the Modi-led government. She remarked, "The people of India have reposed their faith in the government led by PM Modi and re-elected it for the historic third term. This budget is a testament to our commitment to fulfilling the aspirations of our citizens and driving the nation towards greater prosperity."

The presentation of this budget marks a crucial moment for the government, reflecting its ongoing dedication to the country's economic development and overall progress.

Budget 2024 Highlights:

12:20 PM: Standard deduction for those under new regime raised from Rs 50,000 to Rs 75,000

New tax slabs - No tax up to Rs 3 lakh, Rs 3-7 lakh at 5%, Rs 7-10 lakh at 10%, Rs 10-12 lakh at 15%, Rs 12-15 lakh at 20% and above Rs 15 lakh 30%

Short-term gains on some financial assets to attract 20% tax

Long-term capital gain on financial, non-financial assets to be taxed at 12.5%

Unlisted bonds, debentures, debt mutual funds, market-linked debentures to be taxed at slab rate

Angel tax removed from all classes of investors

12:17 PM: "25 critical minerals to be exempted from customs duties & BCD on two of them to be reduced, says FM Sitharaman.

12:16 PM: "A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date..."

12:15 PM: On TCS & TDS, FM Sitharaman says," TDS rate on e-commerce operators reduced from 1% to 0.1%"

12:08 PM: Union Budget 2024: Internship with Rs 5000 monthly allowance announced for 1 crore youth

12:06 PM: Finance Minister Nirmala Sitharaman says, "Fiscal deficit 2024-25 is estimated at 4.9% of GDP. The aim is to reach the deficit below 4.5%. "

12:05 PM: "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."

12:01 PM: "The government endeavours to maintain strong fiscal support for infrastructure over the next 5 years. Capital expenditure to be Rs 11,11 lakh crore at 3.4% of our GDP."

11:59 AM: Finance Minister Nirmala Sitharaman says, "PM Gram Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural habitats...Bihar has frequently suffered from floods. Plans to build flood control structures in Nepal are yet to progress. Our 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..."

11:57 AM: "Integrated technology platform will be set up for improving the outcomes under Insolvency & Bankruptcy Code. Debt recovery tribunals will be strengthened & additional tribunals will be established to speed up recovery."

11:56 AM: "Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4% of our GDP...Private investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies..."

11:55 AM: A joint venture between NTPC and BHEL will set up 100 MW commercial thermal plant using AUSC (advanced ultra supercritical) technology."

11:52 AM: On development of small and modular nuclear reactors in the country, FM Sitharaman 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..."

11:50 AM: "PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it."

11:49 AM: "Urban Housing: Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores. This will include the central assistance of Rs 2.2 lakh crores in the next five years..."

11:48 AM: "Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions"

11:47 AM: Rs 10 Lakh Crore For Urban Poor Housing: Nirmala Sitharaman

11:46 AM: "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."

11:45 AM: "...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."

11:42 AM: Delhi: Congress MP Jebi Mather says, "The expectations and the buildup given by the government are so high. But what would be the reality of the budget and how they are going to implement will be the biggest question and the challenge for the government... We are at a 45% high unemployment. How are we going to address that?.. The general government debt is about 80% of the GDP. So how are they going to address all these things?.. If it is going to be a people's budget, how they would implement it when the government is in such a high debt position?..."

11:41 AM: TMC MP Shatrughan Sinha says, "... Youth, women, farmers, unemployment, and inflation are the major issues."

11:40 AM: Union Minister Anupriya Patel says, "FM Nirmala Sitharaman is presenting the Union Budget for the 7th time now... This budget will cater to all sections of the society. Guarantees of the Modi government and all our election promises will be fulfilled. India will become the third-largest economy in the world. The economic survey also predicts a 7% growth rate..."

11:35 AM: "For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger..."

11:32 AM: "Andhra Pradesh Reorganisation Act- 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."

11:30 AM: "On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. It will catalyse the development of the easter region. We will also support the development of road connectivity projects- Patna -Purnea expressway, Buxar- Bhagalpur highway, Bodhgaya- Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for Rs 26,000 crores."

11:21 AM: "1 month wage to all persons newly entering workforce in all sectors": Nirmala Sitharaman in Budget speech

11:20 AM: Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions.

11:19 AM: New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding...

11:18 AM: I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh

11:17 AM: "India's economic growth continues to be the shining exception and will remain so in years ahead. India's inflation continues to be low and stable moving towards the 4% target..."

11:15 AM: Union Finance Minister Nirmala Sitharaman says "As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer/ For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people."

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