Budget 2024 HIGHLIGHTS: Andhra Pradesh, Bihar major gainers; special focus on jobs, new tax regime

The government announced the Pradhan Mantri Janjatiya Unnat Gram Abhiyan on Tuesday to improve the socio-economic conditions of tribal communities in the country and increased the budgetary allocation for the ministry concerned by nearly 70 per cent.

HR and Ed-tech industry experts on Tuesday said budget proposals on skilling, internship and job creation will help address the need for a skilled workforce and boost employment generation for youth.

 Managing Director of Chalet Hotels Limited Sanjay Sethi said, "The budget focussed on inclusivity and creating employment and infra development...The budget will keep the momentum on for many years... The focus was on MSME and agriculture."

Union Finance Minister Nirmala Sitharaman arrived at BJP Headquarters, received warmly by women workers of the party.

Delhi Police has been allocated Rs 11,400. 81 crore in the Union Budget 2024-25, a decrease of six per cent from the last fiscal. For the financial year 2023-2024, the budget allocated to Delhi Police was Rs 11,932. 03 crore (4. 45 per cent decrease). However, the allocation was was later revised to Rs 12,128. 83 crore (6 per cent).

Unemployment is the biggest challenge facing the country and the response of the government is 'too little'. says former finance minister P Chidambaram, adding the budget will have little impact on grave situation.

Over Rs 200 crore have been earmarked for expenditure on "examination and selection" of the civil servants by the Union Public Service Commission (UPSC) in the 2024-25 Budget announced on Tuesday. The Commission conducts the civil services examination annually in three stages -- preliminary, main and interview -- to select officers of Indian Administrative Service (IAS), Indian Foreign Service (IFS) and Indian Police Service (IPS), among others. The UPSC has been given Rs 425. 71 crore for the ongoing fiscal in the Budget presented by Finance Minister Nirmala Sitharaman.

Provisions on employment and skilling, consumption boost, and support for rural and MSME sectors in the first budget of the Modi 3. 0 government have enthused NRI businessmen in the Gulf region. The budget, presented by Finance Minister Nirmala Sitharaman on Tuesday, has proposed Rs 2 lakh crore over five years for job and skill programs for 4. 1 crore youth, including internships and incentives for first-time employees and women.

Gujarat Chief Minister Bhupendra Patel on Tuesday hailed the Union Budget as "development-oriented" with a roadmap to make India a developed nation by 2047. "The Budget presented by Finance Minister Nirmala Sitharaman is a roadmap to realise the vision of Prime Minister Narendra Modi of a developed India by 2047," Patel stated on X (formerly Twitter).

Arunachal Pradesh Chief Minister Pema Khandu on Tuesday hailed the Union budget, saying it will help in achieving the dream of 'Viksit Bharat' (developed India).

Union Finance Minister Nirmala Sitharaman on Tuesday announced that comprehensive development of Vishnupad Temple corridor at Gaya and Mahabodhi Temple at Bodh Gaya in Bihar will be supported by the government to transform them into "world-class pilgrim and tourist destinations".

" - also for the capital gains. Second, if anything, the average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes...The point that we brought it down from below the average to 12.5% encourages investment in the markets," Union Finance Minister Nirmala Sitharaman said on 12.5% tax on long-term capital gains.

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853. 32 crore. This increase is primarily focused on enhancing welfare programmes for marginalised communities and improving infrastructure for social services.

Finance Minister Nirmala Sitharaman on Tuesday announced a credit guarantee scheme for facilitating term loans for MSMEs to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small & medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units.

Union Home Minister Amit Shah  said Budget 2024-25 will fuel the country's pace on the path of emerging as a developed nation by ushering in a new era of employment and opportunities. He also said the budget reflects Prime Minister Narendra Modi's "unwavering commitment" to driving economic growth by bolstering India's entrepreneurial power and ease of doing business.  

Khelo India, which is the government's flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union budget for the sports ministry as it was assigned Rs 900 crore from the overall allocation of Rs 3,442. 32 crore on Tuesday.

"This budget is more for just two people. They (BJP government) make a lot of promises but nothing happens, said Congress president Mallikarjun Kharge on Union Budget 2024.

On allocation for Bihar in Union Budget2024, Bihar CM Nitish Kumar said, "I have continuously spoken for this (special status), I told them as well (NDA). I told them to give us either a special status or a special package. As a follow-up, they have announced aid for a lot of things. We were speaking of special status and a lot of people said that the provision for special status has been done away with much earlier. So, instead of that, aid should be given for helping Bihar. They have now started it."

Congress leader Rahul Gandhi termed it as Kursi Bachao Budget. "Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets."

In his address, Prime Minister Modi stated that this budget is set to propel India on the path of development. He mentioned that the government will provide the first salary for the youth's first job. Additionally, the government will ensure the first job in top companies for the youth.

Prime Minister Narendra Modi hailed the Union Budget and termed it pro-village, poor and farmers. "In the last 10 years, 25 crore people have come out of poverty. This budget is for the empowerment of the new middle class. The youth will get unlimited opportunities from this budget. Education and skill will get a new scale from this budget. This budget will give power to the new middle class...This budget will help women, small businessmen, MSMEs," he added. 

Union Minister Rajnath Singh thanked Finance Minister Nirmala Sitharaman for giving the highest allocation to the defence sector to the tune of Rs 6,21,940.85 Crore, which is 12.9 % of the total Budget for FY 2024-25.

Uttar Pradesh CM Yogi Adityanath's reaction on Union Budget:

"Under the guidance of PM Modi, in the new parliament of the country, the Finance Minister has laid down the general budget of the country which is - inclusive, development-oriented and one which will fulfil the aspirations of 140 cr people. In this general budget, there is unlimited potential for development. In this budget, Rs 1,52,000 cr has been given for the prosperity of the farmers and also more than Rs 3 lakh crore for women's empowerment. These are definitely going to help Uttar Pradesh... The new tax slabs announced in the budget are welcoming."

"For youths, lakhs of job opportunities will be created, and for the middle class the new tax slabs for income tax announced in the budget are welcoming. This budget is a financial document that is a step towards India becoming a $ 5 trillion economy and it to be a growth engine for the world. This budget is dedicated to 140 cr people in the country. I would like to express my gratitude towards PM Modi and also to Finance Minister Nirmala Sitharaman and her entire team," he added. 

Uttar Pradesh Deputy CM KP Maurya's reaction: 

"This Budget is dedicated to the women, the youth and the farmers. It will lay a strong foundation on to make India the third-largest economy in the world. This Budget is better than our expectations."

Union Minister Jyotiraditya Scindia on Budget 2024:

"Every sector from agriculture, rural development, education, healthcare has been kept focussed in the budget...In the last 1 years, BSE Sensex has increased 20,000 points.  Our economic growth has reached 8.2 per cent, which has set a record in the world."

Union Minister Giriraj Singh's Reaction on Budget 2024

"This budget is a balanced one, having four pillars- women, youth, farmers, and poor. 'Bihar mei bahaar hai, NDA ki sarkaar hai'. Bihar has been given a super-package," he added. 

Union Minister Kiren Rijiju's reaction on budget 2024: 

"This is a dream budget for all sections especially for youth and women... Capital expenditure of more than Rs 11 lakh crore has been allocated... Announcements for Bihar, Jharkhand, West Bengal, Odisha, Andhra Pradesh, and North-East will give a boost to the economy of Eastern India... Announcements for skilling and employment generation are historic... Support schemes for women are appreciated... Banking services in the northeast have been taken care of. Financial mainstreaming of the northeast will be done... PM Modi's dream of Viksit Bharat by 2047 is clearly reflected in the budget... If the opposition has criticised the budget means it is a very good budget... All sectors have been covered and it is a growth-oriented budget... You can see the tax rebates for the middle class... Bihar's floods are not limited to Bihar, they are an issue of the country... Why is the opposition rattled at the grants given to Andhra Pradesh," he added. 

TMC MP Shatrughan Sinha's reaction on Union Budget:

"The relief that has been given on the medicines of cancer or other life-saving drugs is praiseworthy, it's a fact. What has been given to Bihar, as a resident it felt good, but you have to pay for it, but it was good. Bihar needed that, and it was in demand as well. You have given for Andhra Pradesh as well, which was expected, but what have you done for Telangana, Punjab and West Bengal?" he asked. 

Union Minister Kinjarapu Rammohan Naidu's reaction on Union Budget:

"The Govt has done the work of giving strength to the common people of the country. Stress has been given to job creation, employment generation, the private sector, and FDI. I want to thank PM Modi who had promised to take care of Andhra Pradesh and in the budget he has done that. In the last 5 years, Andhra Pradesh became a no-capital state. The people and farmers of the state want to thank PM Modi for providing a package of Rs 15,000 crore and to complete the Polavaram project which is the lifeline of Andhra Pradesh," he said. 

Samajwadi Party MP Dimple Yadav's reaction on Union Budget

"This government brings in schemes but does not pursue them... The main concern regarding women is their safety and this issue has not been addressed... The government does not want to take any steps to control inflation. Purchasing power in rural areas is constantly reducing," she added. 

Congress MP Shashi Tharoor's reaction on Union Budget. 

"It is an underwhelming budget. I didn't hear anything about the key issues facing the common man. There is no mention of MNREGA and insufficient mention of steps taken to improve the income of a common person. We have seen far too little from govt on addressing income disparity. On job creation, a token gesture was made. I welcome only one provision which is abolishing of tax on angel investors. I had recommended it to Arun Jaitley more than 5 years ago," he added. 

Reacting to the Union Budget, Samajwadi Party chief Akhilesh Yadav slammed the central government. "Sarkaar bachani hai toh acchi baat hai ki Bihar aur Andhra Pradesh ko vishesh yojnao se joda gaya hai'...They have increased unemployment in the last 10 years," he added. 

The Sensex plummeted 1,266.17 points to 79,235.91 following the Finance Minister's hike in Securities Transaction Tax (STT) on Futures and Options (F&O). The Nifty also dropped sharply, tumbling 435.05 points to 24,074.20.

Apex Industry Chamber Confederation of Indian Industry (CII) president Sanjiv Puri said there is a lot of focus on 'ease of doing business', and a lot of areas are getting simplified. "Very importantly a comprehensive paper on next-generation reforms to look at all the factor costs. These are very strong statements... It touches upon many areas that have come in the form of suggestions that members of the CII had presented. This is a very strong message for the industry and all the stakeholders of the economy. It is an extremely good budget. A lot of investments and yet the fiscal glide path being better than what was anticipated at 4.9 per cent," he added. 

HERE ARE THE DETAILS OF TAX SLABS:

The standard deduction will be increased from Rs 50,000 to Rs 75,000 for those who opted for the new tax regime.

0-3 lakh: Nil
3-7 lakh: 5%
7-10 lakh: 10%
1-12 lakh 15%
12-15 lakh 20%
Above 15 lakh: 30%

Nirmala Sitharaman announced a review of income tax in her Budget Speech. “I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months," she added. 

The government will launch three employment-linked schemes, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2024-25. These schemes will be based on enrolment in Employees' Provident Fund Organization (EPFO), Sitharaman said in the Lok Sabha. "Our government will implement three schemes for employment-linked incentives," she said. About scheme A, she said it will provide one month's wage to those entering the workforce in all sectors.

For promoting women-led development, Finance Minister Nirmala Sitharaman said the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls. Presenting the Union Budget for 2024-25 in the Lok Sabha, Sitharaman said this signals the government's commitment to enhancing women's role in economic development. "For promoting women-led development, the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls," she said. Sitharaman said the government will set up working women hostels to promote their participation in the workforce.

Finance Minister Nirmala Sitharaman said the government will come out with an economic policy framework to usher in next-generation reforms to boost economic growth. Presenting her seventh straight Budget for 2024-25, Sitharaman said the Centre will provide assistance to Odisha for the development of tourism. The government will operationalise the Anusandhan National Research Fund, she added. The finance minister also proposed to support the development of corridors at Vishnupad Temple and Mahabodhi Temple in line with Kashi Vishwanath Temple.

Finance Minister Nirmala Sitharaman allocated Rs 1.52 lakh crore to the agriculture and allied sectors while presenting the Union Budget for the fiscal year 2024-25 in Lok Sabha on Tuesday. Finance Minister Sitharaman emphasised the importance of research and development in the agriculture sector. She announced that substantial funding would be provided for R&D initiatives, particularly focusing on the production, storage, and marketing of pulses and oilseeds. "We will strengthen their production, storage, and marketing," she stated.

Priority 7 in Budget: Infrastructure

• Strong fiscal support to Infra over the next 5 years

• This Year’s CAPEX allocation: Rs. Eleven Lakh Eleven Thousand One Hundred and Eleven Crore Rupees. 3.4 percent of GDP. 

• Private Investment in INFRA: Have to be Promoted through VGF 

• PMGSY 4.0 will be launched: 25,000 new rural habitations. 

• Irrigation and Flood: Plans to build flood control structure through financial support of Rs.11,500 crore. Kosi-related flood mitigation will be taken

• ASSAM: Assistance to Assam for flood management. 

• HP: assistance to the state for reconstruction ravaged by floods

• Uttarakhand: Assistance to states

• Sikkim: Assistance to state

• Tourism: Vishnupath temple at Gaya and Mahabodhi temple in Bodhgaya will be constructed like the Kashi Vishwanath corridor. Rajgir: preservation of hot springs. Development of Naland

• Support for development of Odisha’s temples, scenic beauties, natural landscapes and pristine beaches;

• A policy document for energy pathways

• PM Suryaghar Muft Bijli Yojana: launched to install rooftop solar plants to enable one crore households to obtain free electricity for 300 units every month. Remarkable response from the public.

• Pump Storage Policy

• Newer tech for nuclear technology. 

• Advanced ultra super critical thermal power plants. 800 mw plants will be set up. 

• Dev of indigenous capacity

• Support to micro and small industries.

• Urban Housing: Urban 2.0. one crore houses for urban poor, allocation of ten lakh crore rupees. 

• Enabling policies and regulations for transparent renting house markets

• Services for 100 large cities for urban development

• Street Markets: Svanidhi has transformed the lives of street vendors. Support for urban haats 

• Stamp Duty: Encourage states to charge high stamp duty to moderate the rates for all. Slashing of duties for women

• Will make MSME to compete globally

• Credit Guarantee for MSME.

• Build In House capability for MSMEs. 

• Paradigm change in the New Credit assessment model for MSME for credit eligibility. 

• SMA Accounts for MSME in Stress. 

• MUDRA Loans: limit enhanced to 20 lakhs from 10 lakhs in the Tarun category. 

• Converting trade receivables to cash: turnover brought down from Rs.500 to Rs.250 crore

• SIDBI branches in MSME Cluster: new branches to be opened in 3 years in MSME clusters over 3 years

• E-commerce export hubs: to enable traditional artisans and MSMEs to launch their products in international markets 

• A scheme to provide internships in top 500 companies to 1 crore youth in 5 years. They will gain exposure to real-life business. Interns will be given Rs.5,000 per month along with one-time assistance of Rs.6,000. 

• 12 industrial parks under the National Industrial Corridor Program will be Sanctioned. 

• Rental housing for industrial workers will be facilitated in PPP Mode. 

• Shipping: Ownership leasing and flagging reforms will be initiated.

• Critical Minerals Mission: The mandate will include tech development, a skilled workforce and a suitable financing mechanism.

• DPI Applications: Development of DPI applications. 

• Integrated tech platform for IBC services: consistency, transparency and better oversight. 

• Voluntary closure for LLPS. 

• IBC has resolved more than 1, 000 companies- giving Rs.3.3 lakh crore to creditors

• Debt Recovery: Additional tribunals to be established

• PM Vishwakarma, Swanidhi, NRLM. 

• Purvodaya: A plan for all-round development for the regions of the country covering Bihar, Jharkhand, Odisha and Andhra Pradesh. This will cover human resource development. 

• Amritsar-Kolkata Corridor. It will catalyze industrial development for the eastern region, particularly Gaya. Vikas Bhi Virasat Bhi

• Patna Purniya, Buxar Bhagalpur, Bodhygaya-Rajgir-Dharbhnaga Expressways to be Developed and Bridge over Ganga in Buxar at Rs.2600 crore.

• New Medical Colleges and Sports Infra in Bihar will be constructed.

• Multilateral Bank Support to Bihar. 

• AP Reorganisation act: Recognizing the state’s need for capital financial support will be provided through multilateral agencies. Rs.15,000 crore will be arranged in future years. 

• PMAY: 3 crore additional houses in rural and urban areas in the country

• Women Development: The budget carries an allocation of more than Rs.3 lakh crore. 

• PM Jan Jatiya Unnat Gram Abhiyan: Adopting saturation coverage in tribal families and aspirational districts.

Finance Minister Nirmala Sitharaman said appropriate changes will be made to the Insolvency and Bankruptcy Code (IBC) and steps will be taken to strengthen tribunals in the country. She also proposed integrated technology platform for improving outcomes under the Code, besides additional debt recovery tribunals to be set up in the country. While presenting the Union Budget for 2024-25, she proposed the development of digital public infra application for productivity gains, business opportunities and innovation by the private sector. She informed that the IBC has resolved more than 1,000 cases, which has resulted in realisation of Rs 3.3 lakh crore to creditors.

On Urban Housing, Finance Minister Nirmala Sitharaman said the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores under the PM Awas Yojana-Urban 2.0. "This will include the central assistance of Rs 2.2 lakh crores in the next five years," she added. 

Finance Minister Nirmala Sitharaman said hostels will be set up for working women. "Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring a National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions," she added. 

In a significant move aimed at bolstering the Micro, Small, and Medium Enterprises (MSMEs) sector, the Small Industries Development Bank of India (SIDBI) will open new branches across the country over the next three years. This announcement was made by Finance Minister Nirmala Sitharaman, emphasising the government's commitment to supporting the growth and development of MSMEs. The expansion of SIDBI’s branch network is expected to enhance the accessibility of financial services for MSMEs, providing them with the necessary resources to thrive and contribute to the economy. This initiative is part of a broader strategy to ensure that MSMEs, which are crucial to India’s economic fabric, receive adequate support and opportunities for growth.

In her budget speech, Finance Minister Nirmala Sitharaman announced several key initiatives aimed at supporting entrepreneurship and youth development:

Enhanced Mudra Loan Limits: The limit for Mudra loans will be enhanced, making it easier for small and micro-enterprises to access financial support. This increase is expected to boost entrepreneurship and enable more individuals to start or expand their businesses, contributing to economic growth and job creation.

New Internship Scheme for Youth: A new internship scheme for youth will be introduced, providing valuable work experience and skill development opportunities. This initiative aims to bridge the gap between education and employment, equipping young people with the practical skills needed to succeed in the job market.

Finance Minister Nirmala Sitharaman announced Rs 26,000 crore for various road projects in Bihar. She also announced new airports, medical colleges and highways for the state.

In her budget announcement, Finance Minister Nirmala Sitharaman has allocated Rs 15,000 crore for the development of the new capital of Andhra Pradesh. This substantial funding is aimed at supporting the state's efforts to establish its new capital infrastructure, enhancing administrative efficiency, and promoting regional growth. "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," she added. 

Finance Minister Nirmala Sitharaman has unveiled several key initiatives in her budget speech aimed at enhancing skill development and housing. 

Revised Skilling Loan Scheme

The government will revise the model skilling loan scheme to facilitate loans up to Rs 7.5 lakh. This move is designed to make it easier for individuals to access financial support for skill development and education, ensuring that more people can benefit from training programs and enhance their employability.

New Centrally-Sponsored Skilling Scheme

A new centrally-sponsored scheme for skilling will be launched in collaboration with states and industry partners. This initiative aims to skill 20 lakh (2 million) youth over the next five years. By working closely with state governments and industry leaders, the program will provide targeted training that aligns with market needs, boosting job readiness and economic growth.

On Education loans, Sitharaman said the government is set to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions. She also said that one month's wage will be provided to all persons newly entering the workforce. 

In her budget speech, Nirmala Sitharaman said that the government is committed to launch three employment-linked schemes. "India's Inflation continues to low, stable and moving towards the 4 per cent target. Co-inflation, i.e. non-food and non-fuel, continues is 3.1 per cent. Steps are being taken to ensure supplies of perishable goods reach markets adequately. As mentioned in the Interim Budget, we need to focus on poor, women, youth and farmer," she added. 

Finance Minister Nirmala Sitharaman announced that the government will undertake a comprehensive review of research aimed at developing climate-resilient seeds. This initiative is part of the broader strategy to enhance agricultural productivity and address climate challenges, she added. In her budget speech, Sitharaman detailed the nine key priorities of the budget, which include agriculture, employment, inclusive HRD and social justice, manufacturing and services, urban development, energy, innovation and R&D, and next-generation reforms.

In her budget speech, Finance Minister Nirmala Sitharaman announced a significant new initiative aimed at fostering employment and skill development for India's youth. She revealed the Prime Minister's package, which includes five schemes designed to support 4.1 crore (41 million) young people over the next five years, with a substantial central outlay of Rs 2 lakh crore. Sitharaman highlighted that this year’s budget allocates Rs 1.48 lakh crore specifically for education, employment, and skill enhancement programmes. This funding aims to enhance opportunities for the youth, equipping them with the necessary skills and resources to thrive in the job market and contribute to the economy.

While presenting the budget, Finance Minister Nirmala Sitharaman emphasised that the new budget addresses the needs of four critical groups: the poor, women, youth, and farmers. In her address, Sitharaman outlined the government's commitment to these key demographics, ensuring that the budget includes targeted measures to support their well-being and development. For the poor, the budget proposes initiatives aimed at improving living conditions and providing financial assistance. Women will see enhanced support through programs designed to promote gender equality and economic empowerment.

In her budget address to the Lok Sabha, Finance Minister Nirmala Sitharaman highlighted that India's economic growth remains robust and promising. Her remarks emphasised the government's commitment to sustaining and enhancing economic momentum through strategic policies and budgetary measures.

Union Finance Minister Nirmala Sitharaman began her Budget speech in the Lok Sabha. 

Nirmala Sitharaman made history as she presented the 7th consecutive Union Budget in the Lok Sabha today. She surpassed the record of former Prime Minister Morarji Desai who has presented a total of six Union Budgets. 

Prime Minister Narendra Modi is present in Parliament as the stage is set for Finance Minister Nirmala Sitharaman to present the Union Budget. The Prime Minister’s presence underscores the significance of the budget presentation, which will outline the government’s financial strategy and priorities for the upcoming fiscal year. The budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation.

Copies of the Union Budget have been brought to Parliament in preparation for the presentation of the first budget of the Modi government in its third term. This marks a key step in the legislative process, as lawmakers and officials ready themselves for detailed budgetary discussions and announcements. This would mark Sitharaman's seventh consecutive budget and 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.

Ahead of the presentation of the Union Budget, Aam Aadmi Party MPs including Sanjay Singh and Raghav Chadha staged a protest at Parliament against the alleged "misuse of central agencies." "In the last 10 years, crores of Indians are suffering from inflation. Everyone will see what is done to curtail inflation. Farmers have been demanding MSP for a long time now... NDA allies are also demanding to revoke of the Agniveer Scheme... Employment, MSP, and inflation will be the major areas where the main focus will be... I can leak the budget of Delhi now. For the last 9 years, Delhi has not been receiving more than Rs 325 crores for the sole reason that the people of Delhi elected AAP," Sanjay Singh told media on budget. 

The Union Cabinet, led by Prime Minister Narendra Modi, convened in Parliament to approve the Union Budget before its official presentation by Finance Minister Nirmala Sitharaman. This crucial meeting ensured that the budgetary proposals were finalised and ready for unveiling, setting the stage for the upcoming financial discussions and policy announcements.

Finance Minister Nirmala Sitharaman, accompanied by her team, has arrived at Parliament with the Budget tablet in hand. She is set to present the Union Budget in the Lok Sabha today. The presentation marks a key moment in the legislative calendar, as the budget outlines the government's financial plans and priorities for the upcoming fiscal year. 

Finance Minister Nirmala Sitharaman met President Droupadi Murmu at Rashtrapati Bhavan, ahead of the Budget presentation at 11 am in Parliament. In a traditional gesture, the President also offered Sitharaman 'dahi-cheeni' (sweet curd), which is considered auspicious in Indian culture, symbolising good luck and success for new ventures or important tasks.

Congress MP Pramod Tiwari has raised critical questions regarding the upcoming Union Budget. He queried what measures the budget will propose to address pressing issues such as farmer welfare, unemployment, and inflation. Tiwari also expressed concern about the falling value of the rupee and the lack of support for medium and small industries.  He questioned whether the budget would prioritise the interests of a select few, akin to previous budgets, or if it would provide broader benefits.

The budget documents for the Union Territory of Jammu and Kashmir, including estimates for receipts and expenditures for the fiscal year 2024-25, have arrived in Parliament. Today, Union Finance Minister Nirmala Sitharaman is set to present these details in the parliamentary session. The budget will outline the financial projections and allocations for Jammu and Kashmir, providing insights into the fiscal plans and priorities for the region with its legislative assembly. This presentation is expected to be a significant part of the broader budget discussions in Parliament, reflecting the central government's focus on the financial management and development of the Union Territory.

Rickant Pitty, co-founder of Ezmai Trip, has commented on the Union Budget 2024, emphasising the crucial link between tourism, industry, and local communities. He noted that investment in India is on the rise, and his company is expanding within the tourism sector. Pitty expressed hope that the government will contribute to this growth, as the tourism industry has the potential to generate numerous employment opportunities.

Finance Minister Nirmala Sitharaman reached Rashtrapati Bhavan to call on President Murmu, ahead of the Budget presentation at 11 am in Parliament. The Finance Minister along with her team also posed for a photo opportunity along with the red 'Bahi Khatha' digital tablet before they left for Rashtrapati Bhavan.

On the day of the budget, the Indian stock market started on a positive note. The BSE Sensex opened at 80,724.30 points, marking an increase of 222.22 points, while the NSE Nifty rose by 63.90 points to 24,573.15 points. Key sectors such as banking, metal, power, and FMCG are experiencing notable growth.

Finance Minister Nirmala Sitharaman along with her team with the Budget tablet outside the Ministry of Finance in North Block.

Union Budget 2024: Finance Minister Nirmala Sitharaman arrived at the Ministry of Finance in the North Block. With this upcoming budget presentation, Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12.

Finance Minister Nirmala Sitharaman left her residence for Parliament. She will present the Union Budget today at 11 am in the Lok Sabha. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. She will table the budget one hour after the conclusion of the presentation of the Union Budget 2024-25 in the Lok Sabha. 

Minister of State Finance Pankaj Chaudhary reached the Ministry of Finance in North Block. Chaudhary was among the first from Finance Minister Nirmala Sitharaman's team to reach the North Block offices of the Finance Ministry ahead of the Budget Presentation. Vivek Joshi, Secretary, of the Department of Financial Services and Chief Economic Advisor V. Anantha Nageswaran have also reached the ministry ahead of Union Finance Minister Sitharaman. 

With Finance Minister Nirmala Sitharaman gearing up to present the first Budget of the Modi 3.0 government, industry players expect that the government would come out with proposals to boost the rural economy and earmark adequate funds for agri-infrastructure development. The government has a capital expenditure target of Rs 11.1 lakh crore in the Interim Budget Estimate (IBE), said Ashish Modani, Icra's senior vice president and co-group head - corporate ratings.

Ahead of the Union Budget, child rights activists and organisations have urged the government to put children at the centre of the development discourse and increase funding for their education, healthcare, and protection services. Child rights activists expressed hope that the government will heed their calls for a child-centric approach, ensuring the nation's youngest citizens receive the resources and protection they need to thrive.

Union Food Processing Minister Chirag Paswan feels that his ministry "deserves a good budget" allocation for setting up of processing units across the country which will help in providing job opportunities to local people and also boost farmers' income. Without disclosing contents of his ministry's request from Finance Minister Nirmala Sitharaman, Paswan said his ministry has sent the Budget wish list to the finance ministry and was not sure of how much of that will be accepted in this budget, considering the limitations.

Minister of State (MoS) Finance Pankaj Chaudhary left his residence ahead of the Union Budget presentation today. "This budget is based on PM Modi's mantra of Sabka Saath Sabka Vikas" he told the media. Notably, this year's Budget would be in paperless form, as done in the last three years.

Ahead of the presentation of the Union Budget 2024 today, Ajay Rai, the president of the Uttar Pradesh Congress Committee, has called for measures to address inflation. Rai emphasised the need for reduced prices of essential goods and services, particularly life-saving medicines and food items, which have seen a significant price increase. Rai urged the government to take decisive action to control inflation and focus on developing employment opportunities. He stressed that controlling rising costs and creating jobs should be key priorities in the upcoming budget to alleviate financial pressure on the common people and stimulate economic growth. 

This year's budget holds high expectations across various sectors. Economists assert that both traditional and new sector investments are crucial to invigorate the rural economy. Strengthening the rural economy is anticipated to benefit the nation's GDP. Experts highlight that 68 per cent of India's population is engaged in rural economic activities, yet its contribution to the country's GDP is less than half. Notably, 60 per cent of India's rural economy is concentrated in six states: Uttar Pradesh, Bihar, Maharashtra, West Bengal, Madhya Pradesh, and Rajasthan. Addressing the challenges in rural investment strategies requires a local approach to effectively resolve issues and enhance economic growth. This localized strategy aims to leverage the unique characteristics and needs of each region to foster sustainable development and economic advancement.

India's first Union Budget post-independence was presented on November 26, 1947, by RK Shanmukham Chetty, who was the Finance Minister at that time. This budget was presented just a few months after India gained independence from British rule on August 15, 1947. The budget aimed at stabilising the newly independent nation's economy, dealing with the financial implications of partition, and laying down the economic policies for the future.

Focus Areas:

Revenue and Expenditure: The budget focused on revenue generation and managing the expenditures of the nascent government.
Post-war Economic Scenario: Addressing the post-war economic scenario was crucial as World War II had left significant economic challenges.
Development and Growth: Initiating developmental projects and setting the groundwork for future economic policies was a priority.

The budget was relatively straightforward, considering the immediate financial stability needed for a newly independent country. It laid the foundation for the future economic planning of India.

As Finance Minister Nirmala Sitharaman set to present the budget today, Fisdom Research anticipates significant support towards the modernisation of the armed forces. This emphasis on upgrading military capabilities is expected to impact various defence stocks positively. 

Investors should particularly keep an eye on the following stocks, as highlighted by Fisdom Research:

• Bharat Electronics Ltd. (BEL)
• Hindustan Aeronautics Ltd. (HAL)
• Bharat Dynamics Ltd. (BDL)

According to reports, these companies are likely to benefit from increased government spending on defence modernisation initiatives, making them potential strong performers in the stock market following the budget announcement.

The government must remove or limit the 18 per cent Goods and Services Tax (GST) on mental health services, and allocate resources strategically to help India become a mentally resilient society, experts said. Mental health is a key area of concern that can have a significant impact on the productivity and economy of the country. “Mental health issues are highly prevalent, yet are poorly managed and are affecting a significant number of our population. In the upcoming Budget, we urge the government to remove or reduce the 18 per cent GST on mental health services,” Jyoti Kapoor, Founder & Director of Manasthali Wellness, told the media. 

According to the Indian parliamentary tradition, every year the Finance Minister of the country reads out the budget documents and presents them before the House. This budget document is printed in two languages (Hindi and English).

In today's budget presentation, there is a strong indication that the allocation for the health sector will see a significant increase. Adequate provisions are expected to be made for the National Health Mission (NHM), the National Health Authority (NHA), and the All India Institute of Medical Sciences (AIIMS). The National Health Mission, which aims to provide accessible, affordable, and quality health services to all, especially to the vulnerable and underserved sections of the population, is likely to benefit from this increased allocation. Enhanced funding for NHM could lead to better implementation of health programs, increased outreach, and improved health outcomes.

In a strategic move to boost economic growth, the government has undertaken broad-based capital expenditure (capex) in key sectors such as road transport and highways, railways, defence services, and telecommunications. This extensive spending aims to alleviate logistical bottlenecks and expand productive capacities, providing sustained impetus to growth. Furthermore, government capex has begun to attract private investment, creating a favourable environment for economic expansion. As highlighted earlier, this crowding-in effect is a crucial development in the current economic landscape. In addition to direct investments, the government continues to disburse grants-in-aid for the creation of capital assets to states. This initiative incentivizes states to increase their productive spending, further amplifying the overall impact on national growth and development.

The Union Finance Minister will also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers:
 
(i) Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement
 (ii) Macro-Economic Framework Statement.

Sitharaman will further lay on the table, statements (in English and Hindi) of the estimated receipts and expenditure (2024-25) of the union territory of Jammu and Kashmir (with legislature).

Union Finance Minister Nirmala Sitharaman will lay on the table, a statement (in English and Hindi) of the estimated receipts and expenditures of the government, for the year 2024–25 in the Rajya Sabha. She will table the budget one hour after the conclusion of the presentation of the Union Budget 2024-25 in the Lok Sabha.

Economists predict that the general budget may include significant announcements related to social security schemes such as the 'New Pension System' and 'Ayushman Bharat'. However, there is little hope for any substantial relief in terms of income tax. The New Pension System, which aims to provide financial security to citizens post-retirement, might see enhancements or new features that could benefit millions of employees in both the public and private sectors. This move is expected to bolster the government's commitment to ensuring a secure future for its aging population.

Prime Minister Narendra Modi said that this year's budget will be a significant budget for the 'Amrit Kaal.' "The five-year opportunity we have received, this budget will determine the direction of those five years," he added. 

The Union Budget is the annual financial statement presented by the Government of India. It details the government's estimated revenue and expenditure for the upcoming financial year, which usually runs from April 1 to March 31 of the following year. The Union Budget is a crucial instrument for the government to manage the economy, allocate resources, and implement policies aimed at promoting growth, reducing poverty, and ensuring fiscal stability.

The Lok Sabha's business advisory committee has allocated 20 hours to discuss the Union budget and issues related to the ministries of railways, education, health, MSME, and food processing. Opposition members have requested discussions on various issues, while the debate on demands for grants will cover related matters.