Live Updates of Union Budget 2024-2025

Finance Minister Nirmala Sitharaman presented her seventh straight Budget on July 23 for the fiscal 2024-25, surpassing the record of former Prime Minister Morarji Desai. The presentation on July 23 will be the first Budget by the BJP-led NDA government since it was re-elected in June. The Budget is an annual financial statement from the centre which outlines its proposed expenditures and revenues for the upcoming fiscal (FY25) — from April 1, 2024 to March 31, 2025.

Here are the Live Updates of the Union Budget 2024-2025:

• The budget theme this year on 5 factors — Employment, skilling, MSMEs and middle class, says Sitharaman.
• Inflation moving to 4 per cent target: FM Nirmala Sitharaman
• PMGKAY was extended for five years benefitting more than 80 crore people: FM

Focus On 9 Priorities

1. Productivity and resilience in agriculture
2. Employment and skilling
3. Improved human resources, social justice
4. Manufacturing and services
5. Urban development
6. Energy security
7. Infrastructure
8. Innovation, research and development
9. Next generation reforms

• Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore: FM
• Agri research to be transformed to focus on raising productivity and climate resilient varieties: FM Sitharaman
• Transforming agri research: Comprehensive review of farm research setup to be undertaken, to developing climate resilient crop varieties.
• Atmanirbharta for oilseeds underway: FM Sitharaman
• Large-scale clusters will be developed closer to the FPO centres: FM Sitharaman
• Vegetable production and supply chain, large clusters will be developed closer to consumption centres: FM Sitharaman
• Promote farmer producer centres, cooperatives and start ups: FM Sitharaman
• The Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people: FM Sitharaman
• Digital public infrastructure: Digital crop survey for kharib crops in 400 districts: FM Sitharaman
• Financial support for shrimp breeding centres to be provided: FM Sitharaman
• Three schemes for employment linked incentive: FM Sitharaman
• We will implement 3 schemes for Employment linked incentives: FM Sitharaman
• ₹1.52 lakh cr provision for agriculture and allied sectors: FM Sitharaman
• National Co-operation Policy to be brought out: FM Sitharaman
• Shrimp production and exports: Finances for shrimp farming, exports through NABARD: FM Sitharaman
• Job creation in Manufacturing scheme will incentivise additional employment in the manufacturing sector. Scheme to benefit 210 lakh youth: FM Sitharaman
• Scheme A: First time: 1 month wage for all persons newly entering the workforce in all sectors: FM Sitharaman
• Direct benefit transfer of one month salary in three instalment: FM Sitharaman
• Incentive to be provided at specified scale for employer and employee: FM Sitharaman
• Scheme C: support to employers it will cover additional employees in all sectors: FM Sitharaman
• Skilling programme: New centrally sponsored scheme under the PM package for skilling. 20 lakh youth to be skilled over 5 years: FM Sitharaman
• 1,000 industrial training institutes will be upgraded. Model Skilling loan scheme will be revised: FM Sitharaman
• A financial support for loans upto 10 lakh rupees for higher education in domestic education: FM Sitharaman
• E-vouchers to be given to 1 lakh students every year for 3 per cent interest subvention on loans: FM Sitharaman

Prime Minister’s Package for employment and skilling: 3 schemes announced for ‘Employment Linked Incentive’

1. Scheme A: First Timers
2. Scheme B: Job Creation in manufacturing
3. Scheme C: Support to employers

• New airports, medical colleges and sports institutions in Bihar will be constructed: FM Sitharaman
• Rs 26,000 crore allocated to Bihar road projects: FM Sitharaman
• Power Projects: 2400 MW power plant Peer Panti: FM Sitharaman
• Education loans of ₹10 lakh for students those who are not eligible for any government schemes: FM Sitharaman
• New industrial centre in Gaya, Bihar. On Amritsar-Kolkata route: FM Sitharaman
• Ancient centres of cultural importance will be developed into modern centres of economy: FM Sitharaman
• Skilling loans to be provided up to 7.5 lakh ₹ and held 25,000 students every year: FM Sitharaman
• For promoting women-led development: Allocation of more than Rs 3 lakh crore for schemes benefiitting women and girls
• 3 crore houses in PMAY2, both rural and urban areas, necessary allocation being made
• Modi govt recognises a need for the development of a capital for Andhra Pradesh. Rs 15k will be arranged
• Recognising APs need for capital, Rs 50,000 cr will be arranged through multilateral arrangement
• Industrial route in Gaya to be financed by government, Request of Bihar govt for external assistance from multilateral banks will be expedited
• For the first time in 10 years, Andhra Pradesh seems to have found some attention in the Union Budget. It is among the few Eastern seats that are marked for special focus.
• AP Reorganisation Act: recignising the state’s need for capital
• More than 1000 branches of India Post Payments Bank to be set up in North East
• More coverage for Tribal families in FY25 budget. Cover 63,000 villages with 5 crore people.
• New assessment model for msme credit suggested. Public banks to develop their own in-house models. Criteria will be based on asset and turnover criteria
• A separate guarantee fund will provide Rs 100 crore to MSMEs
• Credit guarantee scheme for MSMEs in manufacturing
• Facilitating term loans for machinery and equipment without collateral: Credit Guarantee scheme
• SIDBI to open more branches to cover MSME clusters. 24 branches to be opened the year
• Road connectivity projects with Outlay of Rs 26,000 crore for Highways in Bihar to benefit construction companies — ICRA
• Focus on improving connectivity and infrastructure development a positive for tourism sector — ICRA
• Mudra Loans will be enhanced to Rs 20 lakh from Rs 10 lakh, who have paid previous loans
• To provide internship opportunities to 5 crore youths in 500 top companies over five years
• Continued thrust on PM Avas Yojna positive for affordable housing — ICRA
• Launch comprehensive scheme for providiing in internships opportunities to 500 top companies to one crore youthFocus on PMAY with 3 crore additional houses a positive for cement sector — ICRA
• E-commerce export hubs for MSME and traditional artisans
• Setting up of NABL-accredited food safety labs will be facilitated
• Financial support for 50 multi-product of food irradiation units
• Integrated technology platform for better resolution of IBC cases
• Integrated Tech platform will be set up for improving outcomes under IBC code for transparency
• Services Sector: development of DPI scheme at population scale in various fields
• Rental Housing: Industrial workers will be given in PPP mode with VGF support
• Rental Housing with dormitory type accommodation for industrial workers will be facilitated
• industrial parks: plug and play mode; complete infra near 100 cities, 12 industrial parks
• Under the PM Awas Yojana-Urban housing for 1 crore dwellings wil be addressed with an investment of Rs 10 lakh crore
• 14 large cities with over 30 lakh population to be developed
• SIDBI to open new branches to cover all MSME clusters. 24 new branches this year
• Transit oriented development for 14 large cities
• Creative redevelopment of cities: Brownfield: Formulate a framework for enabling policies
• Additonal Tribunals will be established to decide cases under Companies Act
• National Company Law Tribunal: 3.3 lakh crore to creditors recovered. 28,000 cases involving Rs 10,00,000 crore disposed
• Voluntary closure of LLPs: Accelerated corporate exit extebded for voluntary closure of LLPs
• PMP storage: Policy to be brought for pumped storage
• PM Suryaghar Yojna: Roof top solar: enable 1 crore households for free electricity
• Scheme to launch rooftop solar panels and get upto 300 units of free electricity has been launched
• In line with interim budget announcement, PM Surya Ghar Muft Yojana have been launched for roof-top solar plants
• Energy transition: we will bring out a policy on energy transition pathways
• Women purchasing property will be charged lower stamp duty, in talks with states for that
• In partnership with states, sewage treatment for 100 large cities to be facilitated
• States to be encouraged to lower stamp duty
• Scheme to support development of 100 weekly haat of street food hubs in select cities
• Water supply and sanitation: Promote sewage treatment and solid waste management for 100 large cities
• Pradhan Mantri Janjatiya Unnat Gram Abhiyan to be launched for improving the socio-economic condition of tribal communities
• Housing needs of 1 crore urban poor to be met
• Critical mineral recycling, overseas mining acquisition will help their availability for Green projects in India — ICRA
• Development of indigenous capacity for high grade steel production
• Advanced Ultra super critical thermal power plants: JV between NTPC and BHEL will set up a 800 MW commercial plant using AUSE tech.
• Support for Development of indegenious capacity of production of high grade steel
• Greater thrust on developing 14 large cities with population above 30 lacs to support demand for public transport — ICRA
• SMR: Nuclear energy: Small and modular reactors: Partner with private for setting up Bharat small reactors
• This year, over 11 lakh crore capital expenditure allocated on infrastructure, 3.4 per cent of GDP
• Priority 7: infrastructure investment by central government
• Energy audit of MSME in 60 clusters to be facilitated. Financial support to help clusters to shift to cleaner energy sources.
• Investment grade energy audit of traditional msmes will be facilitated including in glass and ceramic industry clusters
• Appropriate regulations for transitions for hard to abate insutry will be put in place
• Roadmap for hard to abate industry: roadmap to be prepared
• IT based system for property records will be established
• Urban land record will be digitised with GIS mapping.
• Road connectivity projects to be developed at the cost of ₹ 26,000 Cr
• Space economy to be expanded by five times over next 10 years
• An outlay of Rs 10 lakh crore towards PMAY – Urban is a positive for residential real estate sector — ICRA

Union Budget 2024-25 proposes Prime Minister’s Package in a boost to skilling:

1. Skilling Programme & Upgradation of Industrial Training Institutes
2. Internship in Top Companies

• Nalanda to be developed as a tourist centre
• Industrial node at Gaya on Amritsar Kolkata Industrial Corridor to be developed
• Land related reforms in urban and rural areas wil cover land administration, planning and management
• Govt to facilitate wide array of services to labour including skilling
• E-sharm portal will be linked to other portals to enhance it reach, connect job aspirants with potential employers
• Sharm Suvidha and Samadhan portal to be revamped
• Financial sector vision: meeting financing needs. Financial sector vision and strategy document to be released
• Promote opportunities for using Indian rupee for investment overseas
• Taxonomy for climate finance to be developed
• Will facilitate flexible leasing of aircraft and ship through variable company structure
• Leasing of aircraft and ships to be pushed through a pooled company structure
• Budget 2024 live updates: Custom duty rate review for next six months
• Strive to simplify the GST tax structure
• GST: decreased tax incidence on common man
• GST has reduced tax incidence on common man, enhanced revenues of Centre and State governments
• In FY27 to keep fiscal deficit such that centrals debt on a declining path as percentage of GDP
• Fiscal consolidation path in 2021. served economy very well. aim to reach 4.5 per cent in FY26
• fiscal deficit targeted at below 4 per cent next year
• fiscal deficit at 4.9 per cent of gdp
• Budget estimate: total receipts at Rs 32.07 lakh crore
• New pension scheme: committee to review NPS made considerable progress
• Jan vishwas bill 2.0: States to be incentivised
• Step up adoption of tech for digitisation of business