Introduction

2024 Budget Live Updates: On Tuesday, July 23, Finance Minister Nirmala Sitharaman presented her first budget under the Modi 3.0 government. Sitharaman during her budget speech on Thursday introduced increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Apart from this, she announced cuts in customs duty on gold, silver, mobile phones, and other goods.

Centre's FY25 capex spending seen at ₹11.1 lakh crore and infrastructure spending at 3.4% of GDP are unchanged from the Interim Budget.

The revised income tax rate under the New Tax Regime is as under:

• ₹0-3 lakh-nil tax
• ₹3-7 lakh - 5%
• ₹7-10 lakh - 10%
• ₹10-12 lakh - 15%
• ₹12-15 lakh - 20%
• Above ₹15 lakh - 30%

Highlights on the Budget

Employment and Skilling

• Russing five schemes for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
• Internship program for 100 million young people in leading companies within five years.
• Incentives linked to employment, including one month's wage support for first-time employees.
• Women-centric skilling and more workforce participation

MSMEs and Manufacturing Support

• Emphasis on MSMEs and the manufacturing industry
• Credit guarantee scheme for MSMEs; term loans for the purchase of plant and machinery
• Technology support package for MSMEs
• Opening 24 new branches by SIDBI to serve MSME clusters

Financial Initiatives

• Previous borrowers can now avail of Mudra loans up to ₹20 lakh, doubling the previous limit of ₹10 lakh.
• Monetary assistance for educational loans in local institutions extended to ₹10 lakh
• Integrated technology system for IBC

Agriculture and Rural Development

• ″ 2.66 trillion rupees earmarked for rural development.
• Shifting agricultural research to prioritize high-yield and weather-resistant crop types.
• Effort to familiarize 1 crore farmers with natural farming within 2 years.

Infrastructure and Regional Developments

• Renting out residential units for industrial workers under a Public-Private Partnership (PPP) arrangement.
• Exclusive financial assistance of ₹15,000 crores for Andhra Pradesh
• Bihar will have updated airports, healthcare centers, and sports facilities.

Economic Outlook

• Inflation moving towards 4% target
• India's economy stands out as a "bright anomaly" in terms of growth.
• Emphasize on enhancing job opportunities and increasing spending, which could positively impact sectors such as consumer goods, real estate, and auto industries.

Nine Priority Areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms.

Women-Led Development: Over ₹3 lakh crore earmarked for the welfare of women and girls under various schemes.

Social Welfare: PMGKAY will be continued for the next five years so that over 80 crore beneficiaries can be covered.

Digital and Technological Advancements: Development of Digital Public Infrastructure—related applications about credit, e-commerce, law and justice, and corporate governance.