Union Budget 2024 Live: Standard Deduction for salaried employees hiked to Rs 75,000
FM Nirmala Sitharaman presents Modi 3.0 govt's first budget
Finance Minister Nirmala Sitharaman Tuesday presented her seventh straight Union Budget (Photo: PTI)
CHENNAI: Finance Minister Nirmala Sitharaman Tuesday presented her seventh straight Union Budget.
FM Sitharaman marks her seventh consecutive budget eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.
All eyes are on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy.
Besides, the market also expects staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.
Sitharaman, who would be presenting her seventh straight budget, had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
This year's Budget would be in paperless form, as done in the last three years.'
Live Updates
- 23 July 2024 6:41 AM GMT
On Mobile phone industry, FM Sitharaman says, "I propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%."
- 23 July 2024 6:39 AM GMT
Union Finance Minister Nirmala Sitharaman says "The government has proposed to set up a venture capital fund of ₹1000 crore for the space economy."
- 23 July 2024 6:39 AM GMT
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%. "
- 23 July 2024 6:37 AM GMT
Union Finance Minister Nirmala Sitharaman says "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."
- 23 July 2024 6:35 AM GMT
Finance Minister Nirmala Sitharaman says, "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."
- 23 July 2024 6:35 AM GMT
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..."
- 23 July 2024 6:27 AM GMT
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..."
- 23 July 2024 6:27 AM GMT
On free solar electricity scheme, Finance Minister Nirmala Sitharaman says, "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."
