Union Budget 2024 Live Updates, Complete Budget Analysis

The Union Budget outlines the government’s plans for the upcoming financial year, highlighting priorities and setting the course for future development. It emphasizes economic growth, social welfare, infrastructure projects, and fiscal management, aiming to enhance the overall prosperity of the nation.

Union Budget 2024 is being presented by Finance Minister Ms. Nirmala Sitharaman for the 7th consecutive year. With this, she will become the first finance minister to do so, surpassing Morarji Desai, who had presented the budget six times

Union Budget 2024 Live Updates

let’s explore the procedures being followed before presenting the Union Budget by Finance Minister

1. Finance ministry issues circulars inquiring about the estimates of budget from all the departments to which all ministries reply with their estimates outlining the expenditure and revenue plans.
2. Finance Minister engages with the stakeholders from the state representatives, agriculturist, economist, banking, trade union to take recommendation on various topics these recommendations  are then discussed with the Prime Minister. for the final approval.
3. Around 10 days before the budget is to be presented the government has a tradition of Halwa Ceremony.
4. The Economic Survey headed by the Chief Economic Advisor is presented a day before the budget.
5. The Economic Survey contains various chapters and is now released in a single volume it includes detailed analysis of all factors impacting Indian economy like GDP growth rate, Forex reserves, Banking, Government policies, Logistics, Remittances, Inflation, Retail and Institutional investments for the market and many more.
6. On the budget day before presenting the union budget the finance minister meets the secretaries at ministry of finance headquaters in the north block followed by the visit to Presidents residence.
7. Finance minister seeks permission from president to present the budget after which the budget is presented.

Highlights of Budget 2024

1. Fiscal Deficit for FY2024-25 is estimated to be 5.1% of the total GDP. Government aims to bring it below 4.5% till 2030.
2. India’s economic growth despite of unstable conditions in the world is shining in the growth rate of 8.2%
3. theme – Viksit bharat 2024
4. Priority of the union Budget as stated by the finance minister

a) Productivity in Agriculture

FM has approved Rs 1.52 lakh crore for agri and allied sectors. She said in the next two years, 1 crore farmers will be initiated into natural farming

b)  Employment and skilling

The Union Budget 2024, presented by Finance Minister Ms. Nirmala Sitharaman, introduces several new schemes aimed at boosting economic growth and supporting various sectors. The first scheme involves the direct transfer of the first month’s salary to eligible beneficiaries. The second scheme incentivizes the manufacturing sector, particularly concerning the Employees’ Provident Fund Organization (EPFO). The third scheme focuses on supporting employers, with the government reimbursing up to ₹3000 per month per employee. Additionally, a fourth Centrally Sponsored Scheme under the PM package aims to assist 20 lakh beneficiaries, further enhancing the government’s support initiatives.

c) Inclusive Social Devlopment 

Union Budget 2024, presented by Finance Minister Ms. Nirmala Sitharaman, introduces several new schemes aimed at boosting economic growth and supporting various sectors. The budget focuses on four key groups: Garib (the poor), Yuva (youth), Anndata (farmers), and Mahila (women), with a special emphasis on the development of the Eastern region of India. The budget operates under the theme “Vikas bhi Virasat bhi” (Development along with Heritage) and includes an allocation of ₹59,000 crores

d) Manufacturing and Services

providing credit support to MSME at low intrests and limit of Mudra loan will be increased to 20 lakhs. E commerce export hubs will be set up to promote and help MSME in exporting. 12 industrial parks will be sanctioned.  Critical mineral mission will be set up. Additional tribunals will be set up for better resolving of the companies

e) Urban Devlopment 

Rs 2.2 lakh crore boost for urban housing. Union Finance Minister Nirmala Sitharaman announced that housing needs of 1 crore urban poor and middle class families will be addressed with investment of Rs 10 lakh crore in her Budget speech. Improving water sanitation in the cities.

f) Energy Security

FM highlighted the success of PM Surya Ghar scheme and also highlighted the setup of small nuclear power plants and dvlopment and advancements in metallurgical sector.

g) Infrastructure 

Finance Minister Nirmala Sitharaman highlighted the Centre’s substantial infrastructure investments in recent years, emphasizing their multiplier effect on the economy. “This momentum will continue over the next five years,” she stated. For the current year, ₹11,11,111 crore has been allocated for capital expenditure, accounting for 3.4% of GDP. She urged states to match this commitment by providing support for infrastructure development aligned with their priorities.

To further bolster infrastructure growth, the government will promote private investment through Viability Gap Funding. Additionally, a market-based financing framework will be introduced to attract more private sector participation. This strategic approach aims to create a robust and sustainable infrastructure ecosystem, leveraging both public and private resources. The minister’s focus on infrastructure is part of a broader vision to drive economic growth and development across the country, ensuring long-term benefits and improved living standards for all citizens.

5. Tax slabs –

6. hike in Long Term Capital Gains tax has been announced, from 10% to 12.5%. and Short Term Capital Gains tax is also increased to 20%.

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