Union Budget 2024: Live News and Updates

The Union Budget 2024 is an Interim Budget which means a vote on account or temporary budget until the next general election. It is presented by Union Finance Minister Nirmala Sitharaman at 11:00 am today.  The Finance Minister says the fiscal deficit for 2024-25 stands at 5.1% of GDP, compared to 5.8% in the current financial year. There is no change in tax rates. Sitharaman highlights the economic triumphs of the Modi government over the last decade, stating that the country has been “put on a strong and sustainable growth path”.Several welfare schemes are expanded to benefit four priority groups: the poor, women, youth, and farmers.  The full budget is expected to be presented in July after the new government comes to power. Get all the live updates and news of Budget 2024 with Ebizfiling.

[At 12:09 pm]- Finance Minister Nirmala Sitharaman concludes her interim budget speech because it was just a few minutes short of an hour.

[At 12:06 pm]- In the interim Budget, the government has proposed withdrawing tax demand up to Rs 25,000 up to 2009-10 — move that Union Finance Minister Nirmala Sitharaman said could benefit 1 crore taxpayers. She further said that a big focus of the budget was improving services for taxpayers.

[At 12:04 pm]- FM Sitharaman talks about the benefits for startups:

[At 11:56 am]- “I do not propose to make any changes to taxation and proposed to retain same tax rates for direct and indirect tax rates including import duties” says FM Sitharaman.

[At 11:54 am]- Nirmala Sitharaman’s Budget Speech

• FY24 fiscal deficit seen at 5.8% of GDP
• FY24 total expenditure revised to ₹ 44.90 lakh crore
• FY 24 total receipts other than borrowings is ₹ 27.56 lakh crore
• FY24 tax receipts are ₹ 23.24 lakh crore
• FY25 fiscal deficit seen at 5.1%
• Aim to reduce fiscal deficit to below 4.5% by FY26
• FY25 gross market borrowing seen at ₹ 14.13 lakh crore

[At 11:52 am]- “FDI now means ‘First Develop India’,” said Finance Minister Nirmala Sitharaman, adding that bilateral trade treaties will be encouraged to boost FDI on cards.

[At 11:51 am]- FM Nirmala Sitaram says “Our government will present a detailed road map for Vikasit Bharat”.

[At 11:49 am]-  Outlay for infrastructure has been increased to Rs 11.11 lakh crores in FY25, says Finance Minister Nirmala Sitharaman.

[At 11:40 am]- “In the 75th year of Independence, we commit ourselves to new development, inspiration, and resolution as the country opens up immense opportunity, it is our Kartavya Kal”.

[At 11:37 am]- “India as a G20 host showed forward way and built consensus for solutions for problems being faced by the world “

[At 11:35 am]- Corpus of 1 Lakh Crore will established with 50 year interest-free loan. It will provide loan term financing and re-financing with long tenure and loan interest rates to encourage the private sector to scale up research and innovation. This scheme follows the resolve of the Prime Minister on the historic day of the consecration of Shri Ram Mandir in Ayodhya.

[At 11:33 am]- Finance Minister Nirmala Sitharaman said benefits of Ayushman Bharat will be extended to all ASHA and Anganwadi workers.

[At 11:30 am]- To enhance the target for Lakhpati Didi from 2 Cr. to 3 Cr.

[At 11:28 am]- The government will set up more medical colleges by utilizing the existing hospital department.

[At 11:25 am]- Our government will establish Rooftop Solarisation to give 1 crore households 300 units of free electricity per month.

[At 11:26 am]-  The government will launch housing schemes for the Middle-Class People. PM Modi Says ” Living in rented and slums is not the right way to live.

[At 11:24 am]- Finance Minister Nirmala Sitharaman quotes that: “Goods Service Tax enabled ‘one nation one market one tax’. “Tax reforms have led to deepening, widening of the tax base.”

[At 11:20 am]- “Making triple talaq illegal, reservation of 1/3 seats for women in Parliament and state assemblies, over 70 % houses under PM Awas Yojana to women have increased their dignity,” said Sitharaman.

[At 11:18 am]- Minimum support prices for ‘Annadata’ (farmers) increased periodically, appropriately … 11.8 crore farmers provided financial assistance under PM KISAN Yojana: FM Sitharaman.

[At 11:16 am]- “Garib Ka Kalyan, Desh Ka Kalyan”

[At 11:13 am]- PM Janman Yojana will help tribal groups who have remained outside the realm of development.

[At 11:11 am]- “We need to focus on – Garib, Mahilayen, Yuva, and Annadata; Their needs and aspirations are our highest priorities”.

[At 11:10 am]- DBT of Rs 34 lakh crore has led to savings of Rs 2.7 lakh crore for the government, says FM.

[At 11:03 am]- “Fruits of development started reaching the people at scale. The country got a new sense of purpose. In the second term under PM Modi, the government doubled down on its agenda”

[At 11:02 am]- FM Sitharaman on how the country has evolved in the last 10 years under PM Modi with “Sabka Sath, Sabka Vikas” Mantra.

[At 11:01 am]- Finance Minister Nirmala Sitharaman presents the 6th Union Budget in Parliament of her tenure.

[At 11:00 am]- Prime Minister Narendra Modi has arrived in Lok Sabha for the Union Budget 2024 presentation.

[At 10:40 am]- The Union Cabinet has approved the interim budget prepared by Finance Minister Nirmala Sitharaman’s team.

[At 10:34 am]- President Murmu offers curd to FM Nirmala Sitharaman ahead of Budget presentation.