Union Budget 2024 Live: Finance Minister Nirmala Sitharaman to present seventh budget

Union Finance Minister Nirmala Sitharaman is set to present her seventh straight Union Budget on Tuesday, July 23. This is the first Budget after the Narendra Modi-led National Democratic Alliance (NDA) was elected to power for the third time. The Union Budget is likely to focus on supporting consumption via higher allocation for the rural economy, taxation reforms, infrastructure push, thrust on local manufacturing, job and skill creation and an increase in production-linked incentive (PLI) allocation to more labour-intensive sectors. The spotlight would likely be on changes in the income tax structure to benefit taxpayers across all segments and on improving the ease of doing business in the country.

Speaking to ANI ahead of the Union Budget announcement in Parliament, Congress MP and Congress Deputy Leader in the Lok Sabha said that PM Narendra Modi would help the 'crorepatis' who are close to him. "Whatever we have observed in the last few years will happen again. PM Modi via his budget will help his crorepati friends and these new friends will get access to reside in luxurious places, their companies will get relief from banks in the form of tax reliefs. As for the middle class, small scale shop owners and tax payers with integrity, they will get nothing but empty promises," he said.

PM Modi arrives at the Parliament ahead of the Budget session.

Congress MP and Leader of Opposition in Lok Sabha Rahul Gandhi arrives at the Parliament ahead of Union Budget.

Ahead of the Budget presentation, Finance Minister Nirmala Sitharaman met President Droupadi Murmu. “Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman along with Minister of State for Finance Shri Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget. The President extended her best wishes to the Union Finance Minister,” the president’s official social media handle posted.

Priority 1 - Productivity and resilience in agriculture

• Will undertake a comprehensive review of agricultural research setup to bring the focus on raising productivity and developing climate resilient varieties.

• New 109 high yielding and climate resilient varieties of 32 field and horticultural 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. 

• The issuance of Kisan credit cards will be enabled in five states.

Priority 2 - Employment and Skilling

Three schemes for employment linked incentives.

• First timers: One month wage to all persons newly entering the workforce in all formal sectors.

• Job creation in manufacturing: Will incentivise additional employment in the manufacturing sector linked to the employment of first time employees.

• Support to employers: Employers will get Rs 3000 per month for each additional employee for 2 years towards the EPFO contribution for each additional employee.

"Our government has made concerted efforts to fulfill the commitments in Andhra Pradesh Reorganisation Act. Recognising the state’s need for a capital, we will facilitate special financial support through multilateral development agencies. In the current financial year, Rs 15,000 crore will be arranged with additional amounts in future years": Finance Minister Nirmala Sitharaman.

MUDRA loans will be increased to Rs 20 lakhs from Rs 10 lakhs.

Rental housing with dormitory type housing for industrial workers will be facilitated in Public Private Partnerships mode with Viability Gap Funding (VGF) support and commitment from anchor industries.

Water supply and sanitation: In partnership with state governments and multilateral development banks, will promote water supply, sewage treatment and solid waste management projects and services for 100 large cities. These projects to envisage use of treated water for irrigation.

Research & Development for small nuclear reactors. Union govt to partner with private sectors for

1. Setting up Bharath small reactors

2. R&D for Bharath small modular reactors 

3. R&D of newer technologies for nuclear energy. 

Stating that Bihar has often been affected by floods, the Finance Minister said that the government will allocate financial support to the tune of Rs 11,500 crore.

Tourism: Vishnupad temple at Gaya, and Mahabodhi temple in Bodhgaya to be considered sites of “immense spiritual importance”. Corridors to be developed based on the model of the Kashi Vishwanath corridor “to make them a world-class tourist destination.”

Focus on Bihar and Odisha. Bihar’s Nalanda University to be revived and development initiative for Rajghir city in the pipeline. Support to be given to Odisha for encouraging tourism for the state's "scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches."

“GST has significantly reduced tax incidents for the common man and eased compliance for industry, marking a success of vast proportions. To further enhance the benefits of GST, we will strive to rationalize the tax structure,” the Finance Minister said.

Three cancer medicines fully exempted from customs duty.

“It has been our endeavour to simplify taxation”: Finance Minister Nirmala Sitharaman.

Finance Minister Nirmala proposes simplifying the regime for charity and taxation.

2% TDS is being withdrawn on Mutual funds.

Two announcements by Finance Minister for those opting the New Tax Regime:

1. Standard deduction for salaried employees increase from Rs 50,000 to Rs 75,000

2. Deduction on family pension for pensioners enhanced from Rs 15,000 to Rs 25,000

Up to Rs 3 lakhs -  nil

Rs 3-7 lakhs  -  5%

Rs 7-10 lakhs - 10%

Rs 10-12 lakhs -  15%

Rs 12-15 lakhs - 20%

Above Rs 15 lakhs -  30%