The government is set to release the budget for 2024 later today. Finance Minister Nirmala Sitharaman will present the budget for the record seventh time in a row.
Viewers can catch the live stream of Sitharaman's budget speech on Sansad TV and DD News. You can also look for live updates on Benzinga India.
Sitharaman is set to break the record of former Prime Minister Morarji Desai by presenting her seventh consecutive budget later today.
Standard deduction for salaried employees from 50,000 to 75,000 under New Scheme Income Tax Slabs under New Tax Regime: 0-3 lakh: Nil 3-7lakh: 5% 7-10 lakh: 10% 10-12lakh: 15% 12-15 lakh: 20% Above 15 lakh: 30%
Both Nifty 50 and Sensex are down close to 1%.
Short-term gains on certain financial assets will be taxed at 20%, while others will be subject to the applicable tax rate. Long-term capital gains will be taxed at 12.5%, an increase from the earlier 10%. Listed financial assets held for more than a year will be classified as long-term. Securities transaction tax for futures and options up to 0.02% and 0.1%, respectively.
NPS-Vatsalya, a plan for contribution by parents and guardians for minors, to be launched. Plan can be seamlessly converted into a normal NPS account on minor becoming an adult.
The credit of TCS proposed to be given in the TDS to be deducted from salary.
Receipts for FY25 seen at ₹32.07 lakh crore and Expenditure for FY25 seen at ₹48.21 lakh crore
Custom duty on gold, and silver reduced to 6%. Platinum to 6.4%. PVC flex panels BCD raised from 10% to 25%.
Proposed reduction in BCD on mobile phones and related parts to 15%. To provide relief to cancer patients: 3 medicines exempted from customs duty.
Sithraman proposes to undertake a comprehensive review to rationalise and simplify custom duty rates.
The fiscal deficit is estimated at 4.9% of GDP. Aim to keep it below 4.5% of GDP by next year.
Multiple schemes announced to promote tourism in Rajgir, Gaya, and Nalanda.
The new mechanism was announced for facilitating the continuation of bank credit to MSMEs during their stress period Limit of Mudra loans increased from ₹10 lakh to ₹20 lakh.
JV between NTPC and BHEL will set up full-scale 800-megawatt commercial thermal plant using AUSC technology, govt will provide fiscal support
A new mechanism was announced for facilitating continuation of bank credit to MSMEs during their stress period Limit of Mudra loans increased from ₹10 lakh to ₹20 lakh
The housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹10 lakh crore.
Budget 2024 proposes a revision of the Model Skill Loan Scheme to help 25,000 students every year with E-vouchers for loans up to ₹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 the loan amount.
More than 100 branches of India Post Payment Bank to be set up in the North East region
Rental Housing with dormitory-type accommodations for industrial workers in PPP mode and commitment from anchor industries will be provided, Sitharaman in her budget speech.
Govt will launch a scheme to provide internship opportunities in the top 500 companies to 1 crore youth in 5 years.
Our government has made efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. Recognising the state’s need for capital, we will facilitate special financial support through multilateral agencies, the Finance Minister said.
Sitharaman announces more than ₹3 lakh crore for schemes benefiting women and girls.
In her budget speech, Nirmala Sitharaman announced the introduction of a Jan Samarth-based Kisan Credit Card in five states. The government will also provide financing for shrimp farming and marketing and aims to strengthen the production, storage, and marketing of pulses.
Big announcements for Bihar and Andhra.
The finance minister announces new airports, medical facilities, and sports infrastructure for Bihar. Additionally, ₹26,000 crore will be allocated to highways in Bihar, according to the Finance Minister.
₹1.52 lakh crore allotted for agriculture & allied sectors. New 109 high yielding & climate resilient varieties of 32 field and horticulture crops to be released for cultivation by farmers
We will support the development of an industrial node at Gaya.
Financial support for loans up to ₹10 lakh for higher education in domestic institutions.
First-time employees registered with EPFO and with a salary of up to 1 lakh per month will get direct benefit transfers of ₹15,000 in three instalments.
Sitharaman announces ₹2 lakh crore capital outlay for five new schemes. The focus will be on jobs and skilling of 4.1 crore youth.
11: 10 am- We need to focus on four major castes: the poor, women, youth, and farmers.
11: 08 am – Nirmala Sitharaman announced that inflation is moving towards the 4% target. Additionally, the PMGKAY has been extended for five years, benefiting more than 80 crore people.
11: 05 am – India's economic growth is a shining exception amid global headwinds, Nirmala Sitharaman in budget speech.
11: 00 am – Finance Minister starts her budget speech.
10:55 am – Leader of Opposition in Lok Sabha, Rahul Gandhi reaches Parliament ahead of Union Budget presentation.
10: 47 am – Lok Sabha Speaker Om Birla arrives at the parliament.
10:43 am – The rupee went up 4 paise to 83.62 against the US dollar in early trade today, ahead of the Budget.
10:35 am – Union Cabinet approves the budget.
10:30 am – Cabinet meeting is underway under the leadership of Prime Minister Narendra Modi.
Video of the Nirmala Sitharaman arriving at the Parliament.
10:15 am – Budget copies have been brought to the Parliament.
10:10 am- President shares pictures from her meeting with the finance minister today.
10:09 am – Home Minister Amit Shah reaches the Parliament.
10:07 am – Defence Minister Rajnath Singh arrives at the Parliament.
You can also follow live budget updates with Benzinga India on X as well.
9:54 am – Nirmala Sitharaman reaches the parliament. The cabinet meeting to approve the budget is expected to start soon.
9:47 am – Defence opened strongly in positive territory but has given up early gains. Cochin Shipyard is the only big defence stock to still be holding onto healthy gains; Zen Tech is up 4.3%.
9:45 am – Finance minister poses with the President.
9:43 am – Railway stocks such as IRCON, Railtel in green, RVNL and IRCTC are flat ahead of the budget. Read what you can expect.
Nirmala Sitharaman posed with her team carrying the iconic ‘bahi-khata’-styled pouch outside the Finance Ministry.
9:15 am – Markets open in green ahead of the budget.
9:14 am- Nirmala Sitharaman reaches Rashtrapati Bhawan to seek President Droupadi Murmu's approval for the interim budget.
9:10 am – Nirmala Sitharaman leaving the finance ministry. She will now go to the Rashtrapati Bhawan to meet the president.
Fun Fact: This is the first full budget to be presented at the new parliament.
9:07 am – Nifty in green pre-open ahead of the budget.
8:40 am – MoS Finance Pankaj Chaudhary at the North Block said the budget is based on Prime Minister Narendra Modi’s “mantra of Sabka Saath Sabka Vikas.”
Fun Fact: Sitharman holds the record for delivering the longest Budget speech which lasted for two hours and forty minutes in 2020.
8:38 am – Nirmala Sitharaman reaches the finance ministry. She will meet the budget team here.
8:28 am – Finance minister leaves her house, will reach the finance ministry soon.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.