Union Budget Highlights 2024 25 India PDF: The Union Budget 2024 25 will be presented on the 23rd of July 2024 in the parliament. Finance Minister Nirmala Sitharaman will present her seventh budget in the Lok Sabha. The union budget 2024-25 mainly maintains the continuity of the previous year's budget without major changes. This union budget 2024 is the first budget presented by the finance minister in the BJP led NDA government since it was re-elected in June 2024. Union Budget 2024 25 Highlights were updated in this article. Download the Union Budget 2024 Highlights PDF and key highlights of union budget 2024 available in this union budget highlights 2024 pages provided with an in-depth analysis of the union budget highlights 2024. Union Minister Nirmala Sitharaman presented the Union Budget 2024 25 in the Parliament on 23rd July 2024 (11 AM). The union budget is presented in a paperless format for the third year in a row. The Budget 2024 highlights session has begun with the address of President Draupadi Murmu to both Houses of Parliament. Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2024 in the Lok Sabha. The union budget session will be held for 1.30-2 hours (approx). Candidates preparing for competitive exams can refer to the Union Budget 2024 highlights provided here. For both the main exam and interview sessions, knowing the union budget 2024 highlights and Union budget allocations in important fields is significant. This article deals with the Union Budget 2024 25 highlights pdf, Union Budget 2024 25 summary, Union Budget 2024 25, union budget 2024-25, union budget meaning, Union Budget 2024 expectations, Union Budget 2024 date and time, union budget analysis 2024, Union Budget 2024 analysis, Union Budget 2024 ppt, Union Budget 2024 25 date, Union Budget 2024 India, union budget of India, union budget 2024 date july, union budget date 2024, when is union budget, union budget 2024 after election, union budget 2024 25 in india, Union Budget 2024 upsc, union budget always presented first in, union budget and interim budget, union budget and state budget, union budget agricultural sector, Union Budget 2024 pdf in detail. Get to know the complete highlights of the union budget 2024, union budget 2024 highlights, and highlights of budget 2024,  here in this union budget 2024 article and union budget 2024 highlights pdf. 

 

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Union Budget Highlights 2024 25: Live Updates

Here you can check the union budget Highlights 2024 25 live updates from Finance Minister Smt. Nirmala Sitharaman presented in parliament on 23rd July 2024.

Finance Minister Nirmala Sitharaman has started the presentation of her 7th Union Budget in Lok Sabha.

• Part-A

  Budget Estimates 2024-25:

  • • Total receipts other than borrowings: `32.07 lakh crore.
    • Total expenditure: `48.21 lakh crore.
    • Net tax receipt: `25.83 lakh crore.
    • Fiscal deficit: 4.9 per cent of GDP.
  • Government aims to reach a deficit below 4.5 per cent next year.
  • Inflation continues to be low, stable and moving towards the 4% target; Core inflation (non-food, non-fuel) at 3.1%.
  • The focus of budget is on EMPLOYMENT, SKILLING, MSMEs, and the MIDDLE CLASS.

  Package of PM’s five schemes for Employment and Skilling

  •  Prime Minister’s Package of 5 Schemes and Initiatives for employment, skilling and other opportunities for 4.1 crore youth over a 5-year period.
    1. Scheme A - First Timers: One-month salary of up to `15,000 to be provided in 3 installments to first-time employees, as registered in the EPFO.
    2. Scheme B - Job Creation in manufacturing: Incentive to be provided at specified scale directly, both employee and employer, with respect to their EPFO contribution in the first 4 years of employment.
    3. Scheme C - Support to employers: Government to reimburse up to `3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee.
    4. New centrally sponsored scheme for Skilling
       • 20 lakh youth to be skilled over a 5-year period.
       • 1,000 Industrial Training Institutes to be upgraded in hub and spoke arrangements.
    5. New Scheme for Internship in  500 Top Companies  to 1 crore youth in 5 years

  Nine Budget Priorities in pursuit of ‘Viksit Bharat’:

  1. 1. Productivity and resilience in Agriculture
     2. Employment & Skilling
     3. Inclusive Human Resource Development and Social Justice
     4. Manufacturing & Services
     5. Urban Development  
     6. Energy Security
     7. Infrastructure
     8. Innovation, Research & Development and
     9. Next Generation Reforms

  Priority 1: Productivity and resilience in Agriculture

  • Allocation of  `1.52 lakh crore for agriculture and allied sectors.
  • New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops to be released for cultivation by farmers.
  • 1 crore farmers across the country to be initiated into natural farming, with certification and branding in next 2 years.
  • 10,000 need-based bio-input resource centres to be established for natural farming.
  • Digital Public Infrastructure (DPI) for Agriculture to be implemented for coverage of farmers and their lands in 3 years.

  Priority 2: Employment & Skilling

  • As part of the Prime Minister’s package, 3 schemes for ‘Employment Linked Incentive’ to be implemented - Scheme A - First Timers; Scheme B - Job Creation in manufacturing;  Scheme C - Support to employers.
  • To facilitate higher participation of women in the workforce,
    • working women hostels and crèches to be established with industrial collaboration
    • women-specific skilling programmes to be organized
    • market access for women SHG enterprises to be promoted

  Skill Development

  • New centrally sponsored scheme for Skilling under Prime Minister’s Package for 20 lakh youth over a 5-year period.
  • Model Skill Loan Scheme to be revised to facilitate loans up to
    `7.5 lakh.
  • Financial support for loans upto `10 lakh for higher education in domestic institutions to be provided to youth who have not been eligible for any benefit under government schemes and policies.

   

  Priority 3: Inclusive Human Resource Development and Social Justice

  Purvodaya

  • Industrial node at Gaya to be developed along the Amritsar-Kolkata Industrial Corridor.
  • Power projects, including new 2400 MW power plant at Pirpainti, to be taken up at a cost of  `21,400 crore.

• Andhra Pradesh Reorganization Act

  • Special financial support through multilateral development agencies of `15,000 crore in the current financial year.
  • Industrial node at Kopparthy along Vishakhapatnam-Chennai Industrial Corridor and at Orvakal along Hyderabad-Bengaluru Industrial Corridor.

• Women-led development

  • Total allocation of more than `3 lakh crore for schemes benefitting women and girls.

  Pradhan Mantri Janjatiya Unnat Gram Abhiyan

  • Socio-economic development of tribal families in tribal-majority villages and aspirational districts, covering 63,000 villages benefitting 5 crore tribal people.

  Bank branches in North-Eastern Region

  • 100 branches of India Post Payment Bank to be set up in the North East region.

  Priority 4: Manufacturing & Services

  Credit Guarantee Scheme for MSMEs in the Manufacturing Sector

  • A credit guarantee scheme without collateral or third-party guarantee in term loans to MSMEs for purchase of machinery and equipment.

  Credit Support to MSMEs during Stress Period

  • New mechanism to facilitate continuation of bank credit to MSMEs during their stress period.

  Mudra Loans

  • The limit of Mudra loans under ‘Tarun’ category to be enhanced to `20 lakh from `10 lakh for those who have successfully repaid previous loans.

  Enhanced scope for mandatory onboarding in TReDS

  •  Turnover threshold of buyers for mandatory onboarding on the TReDS platform to be reduced from `500 crore to `250 crore..

  MSME Units for Food Irradiation, Quality & Safety Testing

  • Financial support to set up 50 multi-product food irradiation units in the MSME sector .

  E-Commerce Export Hubs

  • E-Commerce Export Hubs to be set up under public-private-partnership (PPP) mode for MSMEs and traditional artisans to sell their products in international markets.

  Critical Mineral Mission

  • Critical Mineral Mission to be set up for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets.

  Offshore mining of minerals

  • Auction of the first tranche of offshore blocks for mining, building on the exploration already carried out.

  Digital Public Infrastructure (DPI) Applications

  • Development of DPI applications in the areas of credit, e-commerce, education, health, law and justice, logistics, MSME, services delivery, and urban governance.

  Priority 5: Urban Development

  Transit Oriented Development

  • Formulation of Transit Oriented Development plans and strategies to implement and finance 14 large cities above 30 lakh population.

  Urban Housing

  • Investment of  `10 lakh crore, including the central assistance of `2.2 lakh crore in next 5 years,  under PM Awas Yojana Urban 2.0 proposed to address the , housing needs of 1 crore urban poor and middle-class families.

  Street Markets

  • New scheme to support the development of 100 weekly ‘haats’ or street food hubs every year for the next 5 years in select cities.

  Priority 6: Energy Security

  Energy Transition

  • Policy document on ‘Energy Transition Pathways’ to balance the imperatives of employment, growth and environmental sustainability to be brought out.

  Pumped Storage Policy

  • Policy for promoting pumped storage projects for electricity storage to be brought out.

  Research and development of small and modular nuclear reactors

  • Government to partner with private sector for R&D of Bharat Small Modular Reactor and newer technologies for nuclear energy, and to set up Bharat Small Reactors.

  Advanced Ultra Super Critical Thermal Power Plants

  • Joint venture proposed between NTPC and BHEL to set up a full scale 800 MW commercial plant using Advanced Ultra Super Critical (AUSC) technology.

  Roadmap for ‘hard to abate’ industries

  • Appropriate regulations for transition of ‘hard to abate’ industries from the current ‘Perform, Achieve and Trade’ mode to ‘Indian Carbon Market’ mode to be put in place.  

  Priority 7: Infrastructure

  Infrastructure investment by Central Government

  • `11,11,111 crore (3.4 % of GDP) to be provided for capital expenditure.

  Infrastructure investment by state governments

  • Provision of `1.5 lakh crore for long-term interest free loans to support states in infrastructure investment.

  Pradhan Mantri Gram SadakYojana (PMGSY)

  • Launch of phase IV of PMGSY to provide all-weather connectivity to 25,000 rural habitations.

  Irrigation and Flood Mitigation

  • Financial support of  `11,500 crore to projects such as the Kosi-Mechi intra-state link and other schemes in Bihar.
  • Government to provide assistance to Assam, Himachal Pradesh, Uttarakhand and Sikkim for floods, landslides and other related projects.

   Tourism

  • Comprehensive development of Vishnupad Temple Corridor, Mahabodhi Temple Corridor and Rajgir.
  • Assistance for development of temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches of Odisha.

  Priority 8: Innovation, Research & Development

  • Anusandhan National Research Fund for basic research and prototype development to be operationalised.
  • Financing pool of  `1 lakh crore for spurring private sector-driven research and innovation at commercial scale.

  Space Economy

  • Venture capital fund of  `1,000 crore to be set up for expanding the space economy by 5 times in the next 10 years.

  Priority 9: Next Generation Reforms

  Rural Land Related Actions

  • Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands
  • Digitization of cadastral maps
  • Survey of map sub-divisions as per current ownership
  • Establishment of land registry
  • Linking to the farmers registry

  Urban Land Related Actions

  • Land records in urban areas to be digitized with GIS mapping.

  Services to Labour

  • Integration of e-shram portal with other portals to facilitate such one-stop solution.
  • Open architecture databases for the rapidly changing labour market, skill requirements and available job roles.
  • Mechanism to connect job-aspirants with potential employers and skill providers.

  NPS Vatsalya

  • NPS-Vatsalya as a plan for contribution by parents and guardians for minors.

 

• PART B

  Indirect Taxes

  GST

  • Buoyed by GST’s success, tax structure to be simplified and rationalised to expand GST to remaining sectors.

  Sector specific customs duty proposals

  Medicines and Medical Equipment

  • Three cancer drugs namely TrastuzumabDeruxtecan, Osimertinib and Durvalumab fully exempted from custom duty.
  • Changes in Basic Customs Duty (BCD) on x-ray tubes & flat panel detectors for use in medical x-ray machines under the Phased Manufacturing Programme.

  Mobile Phone and Related Parts

  • BCD on mobile phone, mobile Printed Circuit Board Assembly (PCBA) and mobile charger reduced to 15 per cent.

  Precious Metals

  • Customs duties on gold and silver reduced to 6 per cent and that on platinum to 6.4 per cent.

  Other Metals

  • BCD removed on ferro nickel and blister copper.
  • BCD removed on ferrous scrap and nickel cathode.
  • Concessional BCD of 2.5 per cent on copper scrap.

  Electronics

  • BCD removed, subject to conditions, on oxygen free copper for manufacture of resistors.

  Chemicals and Petrochemicals

  • BCD on ammonium nitrate increased from 7.5 to 10 per cent.

  Plastics

  • BCD on PVC flex banners increased from 10 to 25 per cent.

  Telecommunication Equipment

  • BCD increased from 10 to 15 per cent on PCBA of specified telecom equipment.

  Trade facilitation

  • For promotion of domestic aviation and boat & ship MRO, time period for export of goods imported for repairs extended from six months to one year.
  • Time-limit for re-import of goods for repairs under warranty extended from three to five years.

  Critical Minerals

  • 25 critical minerals fully exempted from customs duties.
  • BCD on two critical minerals reduced.

  Solar Energy

  • Capital goods for use in manufacture of solar cells and panels exempted from customs duty.

  Marine products

  • BCD on certain broodstock, polychaete worms, shrimp and fish feed reduced to 5 per cent.
  • Various inputs for manufacture of shrimp and fish feed exempted from customs duty.

  Leather and Textile

  • BCD reduced on real down filling material from duck or goose.
  • BCD reduced, subject to conditions, on methylene diphenyl diisocyanate (MDI) for manufacture of spandex yarn from 7.5 to 5 per cent.

  Direct Taxes

  • Efforts to simplify taxes, improve tax payer services, provide tax certainty and reduce litigation to be continued.
  • Enhance revenues for funding development and welfare schemes of government.
  • 58 per cent of corporate tax from simplified tax regime in FY23, more than two-thirds taxpayers availed simplified tax regime for personal income tax in FY 24.

  Simplification for Charities and of TDS

  • Two tax exemption regimes for charities to be merged into one.
  • 5 per cent TDS rate on many payments merged into 2 per cent TDS rate.
  • 20 per cent TDS rate on repurchase of units by mutual funds or UTI withdrawn.
  • TDS rate on e-commerce operators reduced from one to 0.1 per cent.
  • Delay for payment of TDS up to due date of filing statement decriminalized.

  Simplification of Reassessment

  • Assessment can be reopened beyond three years upto five years from the end of Assessment Year only if the escaped income is ₹ 50 lakh or more.
  • In search cases, time limit reduced from ten to six years before the year of search.

  Simplification and Rationalisation of Capital Gains

  • Short term gains on certain financial assets to attract a tax rate of 20 per cent.
  • Long term gains on all financial and non-financial assets to attract a tax rate of 12.5 per cent.
  • Exemption limit of capital gains on certain financial assets increased to ₹ 1.25 lakh per year.

  Tax Payer Services

  • All remaining services of Customs and Income Tax including rectification and order giving effect to appellate orders to be digitalized over the next two years.

  Litigation and Appeals

  • ‘Vivad Se Vishwas Scheme, 2024’ for resolution of income tax disputes pending in appeal.
  • Monetary limits for filing direct taxes, excise and service tax related appeals in Tax Tribunals, High Courts and Supreme Court increased to ₹60 lakh, ₹2 crore and ₹5 crore respectively.
  • Safe harbour rules expanded to reduce litigation and provide certainty in international taxation.

  Employment and Investment

  • Angel tax for all classes of investors abolished to bolster start-up eco-system,.
  • Simpler tax regime for foreign shipping companies operating domestic cruises to promote cruise tourism in India.
  • Safe harbour rates for foreign mining companies selling raw diamonds in the country.
  • Corporate tax rate on foreign companies reduced from 40 to 35 per cent.

  Deepening tax base

  • Security Transactions Tax on futures and options of securities increased to 0.02 per cent and 0.1 per cent respectively.
  • Income received on buy back of shares in the hands of recipient to be taxed.

  Social Security Benefits.

  • Deduction of expenditure by employers towards NPS to be increased from 10 to 14 per cent of the employee’s salary.
  • Non-reporting of small movable foreign assets up to ₹20 lakh de-penalised.

  Other major proposal in Finance Bill

  • Equalization levy of 2 per cent withdrawn.

  Changes in Personal Income Tax under new tax regime

  • Standard deduction for salaried employees increased from ₹50,000 to ₹75,000.
  • Deduction on family pension for pensioners enhanced from ₹15,000/- to ₹25,000/-
  • Revised tax rate structure:

  0-3 lakh rupees	Nil
  3-7 lakh rupees	5 per cent
  7-10 lakh rupees	10 per cent
  10-12 lakh rupees	15 per cent
  12-15 lakh rupees	20 per cent
  Above 15 lakh rupees	30 per cent

  • Salaried employee in the new tax regime stands to save up to ₹ 17,500/- in income tax.

Highlights of Interim Union Budget 2024

"The Indian economy has witnessed a great transmission in the last 10 years", said the Union Finance and Corporate Affairs Minister Nirmala Sitharaman. Also said that the government is working to make India a Viksit Bharat by 2047. In the full budget in July, our Government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’. This interim budget 2024 will empower all 4 pillars of Viksit Bharat. The 4 pillars are as follows,

• Yuva,
• Garib,
• Mahila, and
• Kisan.

This Interim Budget 2024 will guarantee to make India a developed nation by 2047.

The Finance Minister also says,

• The Capital Expenditure outlay for 2024-25 is increased by 11.1% to ₹ 11,11,111 crore rupees amounts to 3.4% of GDP.

• CapEx has a massive tripling over the last 4 years which made a huge impact on economic growth and employment creation.

• The Revised Estimate of the total receipts other than borrowings is ₹ 27.56 lakh crore, while the tax receipts are ₹ 23.24 lakh crore. The Revised Estimate of the total expenditure is ₹ 44.90 lakh crore.

• The revenue receipts at ₹ 30.03 lakh crore are expected to be higher than the budget estimate.

• The Revised Estimate of the fiscal deficit stood at 5.8 percent of GDP.

• The total receipts other than borrowings are estimated to be ₹ 30.80 lakh crore and the total expenditure is estimated at ₹ 47.66 lakh crore. The tax receipts are estimated at ₹ 26.02 lakh crore.

• The scheme of a fifty-year interest free loan for capital expenditure to states will be continued for 2024-25 with a total outlay of ₹1.3 lakh crore.

• The fiscal deficit in 2024-25 is estimated to be 5.1 percent of GDP.

• The fiscal deficit will be reduced below 4.5 percent by 2025-26.

• The gross and net market borrowings through dated securities are estimated at ₹ 14.13 lakh crore and ₹ 11.75 lakh crore

• The Government proposes to create an amount of ₹1 lakh Crore to boost private investment in sunrise technologies.

• Whole nation approach was taken to overcome the covid pandemic and free rations were provided for 80 crore people

• Direct financial assistance was extended to 11.8 crore farmers including marginal and small farmers

• Under PM Fasal Bima Yojana crop insurance is given to 4 crore farmers

• The interim budget 2024-25 has promised to step up value addition in the agricultural sector and boosting of farmer's income

• Electronic National Agricultural Market has connected 1361 mandis and provided services to 1.8 crore farmers by trading worth ₹ 3 lakh crore

• Minimum Support Price (MSP) for 'Annadata' (farmers) has increased periodically.

• 38 lakh farmers had benefited through Pradhan Mantri Kisan Sampada Yojana and generated 10 lakh jobs.

• 2.4 lakh Self Help Groups (SHGs) were assisted through PM Formalization of Micro Food Processing Enterprises Yojana and 60,000 individuals with credit linkages.

• After the successful adoption of Nano Urea, the application of Nano DAP on various crops will be expanded in all agro-climatic zones.

• Union Minister for Finance and Corporate Affairs Nirmala Sitharaman laid made the strategy for "Amrit Kaal".

• Enrolments under PMJJBY in Aspirational Districts increased from 1737 per lakh population in 2018 to 13195 per lakh population in October 2023.

• It is an important policy priority for our government to ensure timely and adequate finances, relevant technologies, and appropriate training for the Micro, Small, and Medium Enterprises (MSME) to grow and also compete globally. Orienting the regulatory environment to facilitate their growth will be an important element of this policy mix.”

• Aligning with the ‘Panchamrit’ goals, our government will facilitate sustaining high and more resource-efficient economic growth. This will work towards energy security in terms of availability, accessibility, and affordability.

• Sabka Saath in the last 10 years, the government has assisted 25 crore people to get freedom from multi-dimensional poverty.

• "Direct Benefit Transfer" worth Rs. 34 lakh crore from the Government using PM-Jan Dhan accounts has led to savings of Rs. 2.7 lakh crore for the Government and helped to provide more funds for "Garib Kalyan".

• PM-SVANidhi has provided credit assistance to 78 lakh street vendors and from that a total of 2.3 lakh have received credit for the third time.

• PM-JANMAN Yojana helps in the empowerment of particularly vulnerable tribal groups, who have remained outside the realm of development so far.

• The Minister announced 75,000 crore rupees as 50 year interest free loan to support the milestone-linked reforms by the State Governments for the growth and development enabling reforms needed in the states for realizing the vision of "Viksit Bharat".

• 1.4 crore youth in the country have been trained and 54 lakh youth were upskilled and reskilled, and 3000 new ITIs were established through the Skill India Mission.

• A huge number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 Universities have been set up in the country.

• PM Awas Yojana (Grameen) is close to achieving the target of 3 crore houses with an additional 2 crore houses targeted for the next 5 years. 

• The rooftop solarisation project will allow 1 crore houses to claim 300 units of free electricity every month. This will benefit in Savings up to 15,000 to 18,000 rupees annually, charging of electric vehicles, entrepreneurship opportunities, and employment opportunities.

• Green Energy, to achieve the commitment of ‘net-zero’ by 2070. The following measures have been taken,

  1. 1. Viability gap funding for harnessing offshore wind energy potential for the initial capacity of 1GW.

     2. Coal gasification and liquefaction capacity of 100MT to be set up by 2030.

     3. Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes.

     4. Financial assistance is to be provided for the procurement of biomass aggregation machinery to support collection.

• Payment security mechanisms will encourage the adoption of e-buses for public transport networks.

• A new scheme of bio-manufacturing and bio-foundry to provide environment friendly alternatives like biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs.

• Non-fossil fuel installed electric capacity increased from 32.3% in 2014 to 43.9% in 2023.

• Organizing G20 meetings in 60 places presented the diversity of India to a global audience and the economic strength has made the country an attractive destination for business and conference tourism.

• Projects for port connectivity, tourism, and infrastructure will be taken up on the island including Lakshadweep. 

• 5 integrated aquaparks will be set to boost the Fisheries sector. Since 2013-14, seafood exports have also doubled. 

• Implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to:

  1. 1. Enhance aquaculture productivity from existing 3 to 5 tons per hectare

     2. Double exports to 1 lakh crore

     3. Generate 55 lakh employment opportunities in the future

• India is the world’s largest milk producer but with low productivity of milch animals. To control foot and mouth disease new programs will be set up under the existing schemes such as Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry.

• It has been decided to enhance the target for Lakhpati Didi from  2 crore to 3 crore.

• 83 lakh SHGs with 9 crore women are transforming the rural socio-economic landscape with empowerment and self-reliance. It has assisted nearly 1 crore women to become Lakhpati Didi already.

• Empowerment of Women entrepreneurs with ease of living and dignity has increased in the last 10 years. While 30 crore MUDRA yojana loans have been provided to the women entrepreneurs. 

• In higher education, female enrolment has gone up to 28 percent in 10 years.

• STEM (Science, Technology, Engineering, and Mathematics) has registered girls and women enrolment of 43 percent, which is the highest in the world.

• To focus mainly on four major castes like

  1. 1. ‘Garib’ (Poor) - Garib Kalyan, Desh Ka Kalyan

     2. ‘Mahilayen’ (Women) - Nari Shakti

     3. ‘Yuva’ (Youth) - Empowering the Youth

     4. ‘Annadata’ (Farmer) - Welfare of Farmers

• The next generation reforms are ‘Reform, Perform, and Transform’.

• The government is working with an approach to development that is all-round, all-pervasive and all-inclusive (सर्वांगीण, सर्वस्पर्शी और सर्वसमावेशी).

• New Medical Colleges will be set up by utilizing the existing hospital infrastructure under various departments. 

• ASHA workers, Anganwadi workers, and helpers will also be covered under the Ayushman Bharat Scheme.

• In the last 10 years, the direct tax collections have more than trebled and the number of return filers swelled to 2.4 times.

• Under the new tax regime, the tax rates have been reduced and rationalized. There is now no tax with income up to ₹ 7 lakh, up from ₹ 2.2 lakh in the financial year 2013-14.

• The threshold for presumptive taxation for retail businesses was increased from ₹ 2 crore to ₹ 3 crore.

• The threshold for professionals eligible for presumptive taxation was increased from ₹ 50 lakh to ₹ 75 lakh.

• The corporate tax rate was decreased from 30 % to 22 % for existing domestic companies and to 15 % for certain new manufacturing companies.

• A new Form 26AS and pre-filling of tax returns have made filing tax returns simpler and easier by reducing the average processing time of returns from 93 days in the year 2013-14 to a mere 10 days in 2024.

• "Sabka Saath, Sabka Vikas, and Sabka Vishwas" as the country is proud of our youth scaling new heights in sports.

• Chess prodigy Praggnanandhaa put up a stiff fight against the World Champion Magnus Carlsson in 2023.

• India has over 80 chess grandmasters compared to a little over 20 in 2010.

• For our tech savvy youth, a corpus of rupees 1 lakh crore with a 50-year interest free loan will encourage the private sector to scale up research and innovation significantly in the sunrise domains.

• To enhance the dignity of women the government has made the ‘Triple Talaq’ illegal, reserved 1/3 of seats for women in the Lok Sabha and State legislative assemblies, and given over 70 percent of houses under PM Awas Yojana in rural areas to women as sole or joint owners.

• Rise in female labour force participation rate leading to women led development increased from 23.3% in 2017-18 to 37% in 2022-23.

• According to a recent survey by a leading consulting firm, 94 % of industry leaders view the transition to GST as largely positive and according to 80 % of the respondents, it has led to supply chain optimization.

• The tax base of GST more than doubled and the average monthly gross GST collection has almost doubled to ₹ 1.66 lakh crore this year.

• States SGST revenue in the post-GST period of 2017-18 to 2022-23, has achieved a buoyancy of 1.22. In contrast, the tax buoyancy of State revenues from subsumed taxes in the pre-GST four-year period of 2012-13 to 2015-16 was a mere 0.72.

• The steps taken in Customs to facilitate international trade have resulted in a decline in the import release time by 47 % to 71 hours at Inland Container Depots, by 28 % to 44 hours at air cargo complexes, and by 27 % to 85 hours at seaports, over the last four years since 2019.

• The government is committed to empowering Amrit Peedhi, the Yuva.

• The government is mainly focused on more comprehensive GDP, governance, development, and performance.

• The government has provided transparent, accountable, people-centric, and prompt trust-based administration with approaches like "citizen-first" and "minimum government, maximum governance".

• The exports will be doubled to ₹ 1 lakh crore rupees and this will generate 5 lakh new jobs.

• Implementation of three major economic railway corridor programmes will be implemented under PM Gati Shakti to enable multi-modal connectivity to improve logistics efficiency and reduce cost. They are as

  1. 1. Energy, mineral, and cement corridors,

     2. Port connectivity corridors, and 

     3. High traffic density corridors.                             

• Under maternal and child health care various schemes will be brought under a single roof and the improvement of Anganwadi Centres under Saksham Anganwadi and Poshan 2.0, development of U-Win platform and Mission Indradhanush will be carried out.

• The Indian government is encouraging vaccination for girls in the age group of 9 to 14 years to prevent cervical cancer.

• The average real income of the people has increased by 50 %, inflation is moderate.

• Goods and Services Tax has enabled ‘One Nation, One Market, One Tax’. Tax reforms have led to the deepening and widening of the tax base.

• To unlock the entrepreneurial aspirations of our youth, 43 crore loans aggregating to Rs. 22.5 lakh crore under PM Mudra Yojana have been sanctioned.

The above mentioned points are the budget values presented by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman. Candidates can download the important points of the interim budget 2024 for the preparation of their upcoming competitive exams.

Union Budget 2024 Date

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman presented the Union Budget 2024 on 1st February 2024 in the parliament.

"As the Lok Sabha election is near the complete budget will not be presented, after the formation of the new government the complete budget will be presented," said Prime Minister Narendra Modi.

Union Budget 2024-25: Halwa ceremony

The final stage of the Budget preparation process for the Interim Union Budget 2024 is called the Halwa ceremony. This ceremony was held in the presence of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman and Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad and Pankaj Chaudhary. Every year Halwa ceremony is performed before the lock-in process of Budget preparation begins. Like the previous three full Union Budgets, the Interim Union Budget 2024 will be delivered in a paperless form. 

All the Union Budget documents along with the Annual Financial Statement (Budget), Demand for Grants (DG), Finance Bill, etc. as per the Constitution will be updated on the "Union Budget Mobile App" for easy access to the Budget documents by the Members of Parliament (MPs) and the public using the simplest form of digital convenience. The information will be available on Bilingual (English and Hindi) and will be available on both platforms like Android and iOS. Union Budget Mobile App can be downloaded from the Union Budget Web portal. The Budget documents have been updated on the mobile app after the completion of the Budget speech by the Union Finance Minister in Parliament.

Union Budget 2023-2024 Highlights PDF Download Link

76th Union Budget of India 2024 25: Union Budget 2024 Highlights

Candidates preparing for the upcoming mains exams and interview rounds should be aware of the Union Budget 2024 highlights provided here. The regular updates will be available here in detail for the Union Budget 2024 25.

The Budget adopts the following seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.

• Inclusive Development

• Reaching Last Mile

• Infrastructure Investment

• Unleashing Potential

• Green Growth

• Youth Power

• Financial Sector

Expected Current Affairs Questions on Union Budget 2024

76th Union Budget of India: Union Budget 2024 Highlights

On Feb 01, 2024, The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman will table the Union Budget 2024 in Parliament. Check the union budget 2024 analysis tabulated below.

 

Budgetary Allocation to Ministries in India’s Union Budget 2024
Ministry	Amount (in Lakh Crore Rupees)
Ministry of Communications	₹1.37
Ministry of Chemicals and Fertilizers	₹1.68
Ministry of Agriculture and Farmers’ Welfare	₹1.27
Ministry of Rural Development	₹1.77
Ministry of Railways	₹2.55
Ministry of Home Affairs	₹2.03
Ministry of Road Transport and Highways	₹2.78
Ministry of Consumer Affairs, Food and Public Distribution	₹2.13
Ministry of Defense	₹6.1
Ministry of Education	₹1.24
Ministry of Health	₹90,171 Crore

 

To know all the key highlights of the budget 2024, Download the PDF given above.

 

History of Union Budget

• The Union Budget of India also referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it could be materialized before the beginning of the new financial year in April.

• Until 2016 it was presented on the last working day of February by the Finance Minister in Parliament. The budget division of the Department of Economic Affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget. 

• It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India's financial year.

 

First in Union Budget

• The first Indian Budget was presented 160 years ago in 1860, by a Scottish economist named James Wilson.

• The first union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947. Total revenues stood at ₹171.15 crore, and the fiscal deficit was ₹24.59 crore.

• Until 2016, every year it was presented on the last working day of February by the Finance Minister of India in Parliament. But after 2016 Government presented it on the first day of February.

• The first Indian governor of RBI who presented the Interim Budget In 1951-52 was C D Deshmukh

• The first PM who presented the Union Budget Pandit was Jawaharlal Nehru in 1958-59.

 

Nirmala Sitharaman Creates History

• Nirmala Sitharaman is the first full-time woman Finance Minister in India as this position was only held by Indira Gandhi as an additional responsibility when she served as the Prime Minister.  

• In 2020, FM Nirmala Sitharaman set a record for delivering the longest Budget speech ever. She spoke for nearly 2 hours and 40 minutes.

 

For more Union Budget 2024, Highlights & Updates Download the PDF... 

 

Union Budget 2023 24 Highlights PDF Download

Candidates can download the key features of the Budget 2023-2024 pdf provided here. All the in-depth details of the budget 2023-24 are provided here. This union budget 2023 - 24 pdf contains the important news on union budget 2023 -24 highlights which is the most important topic asked in various competitive examinations such as bank, UPSC, and more. So download this union budget 2023 - 24 highlights pdf which is attached to this union budget 2023 -24 page for your future reference. 

Expected Current Affairs Questions on Union Budget 2023-24

FAQs: Union Budget 2024 Updates

Q. Where can I get to know the Union Budget 2024 highlights?

A. Know the details of the Union Budget 2024 provided here in this article.

 

Q. When will the Union Budget 2024 be presented?

A. The Union Budget 2024 presenting date is presented on February 1, 2024.

 

Q. Who present the Union Budget 2024?

A. Union Finance and Corporate Affairs Minister Nirmala Sitharaman presented the Union Budget 2024.

 

Q. Where can I download the Union budget 2024 highlights pdf?

A. Candidates can download the Union budget 2024 highlights pdf from the direct link provided here.